MRM PRE-BUDGET BULLETIN

Please find below expert comment from a selection of our clients’ key spokespeople, including  IFAs and fund managers, on what they would like to see in the upcoming budget. If you would like any further comment from the below people or companies just let us know. Stephen Young, Chief Operating Officer, Sesame Bankhall: “The stark reality is that Britain needs to save more yet the FSA is set on a course which will reduce the very profession which encourages consumers to make long-term savings and to provide for their own futures. So I would like to see announced a new statutory objective for the FSA to encourage a savings culture within the UK. This would at least indicate that the government had woken up to the fact that a cultural change away from State to private provision of benefits will, unless accompanied by compulsion, require a large and healthy advice profession. Additionally as the previous government threatened the long-term viability of pension schemes and created a “tax trap” for earnings between £100-£150k, by removing pension tax relief for higher earners, I’d like to see these changes replaced by a simple annual cap on contributions to pension schemes.” Ryan Hughes, Senior Fund Manager, Skandia Investment Group: “I would like to see the Chancellor outline a credible plan for dealing with the debt crisis that is sufficient to reassure markets and investors (both home and abroad) that the UK will retain its AAA status. If they succeed in this then this will be a boost for equity and bond markets. I also think the Government should remove the burden of Stamp Duty...