3rd March 2017
Positivity ahead of the budget
With the Spring Budget on the horizon, we’re pleased to have seen some positivity when it comes to the financial and economical state of the UK, despite Brexit. Continuous good news for the manufacturing industry as growth remains solid, and more backing for the UK from Range Rover to the super-rich in general, so read on to find out the latest this week.
Budget windfall expected
A study from the Resolution Foundation think-tank has forecast that stronger tax receipts and the resilience of the economy in the wake of the Brexit vote will hand the Chancellor a £29bn windfall in next week's Budget.
The Daily Telegraph, Business, Page: 2
Range Rover commits to UK
Jaguar Land Rover has confirmed that its latest model, the Range Rover Velar, will be built exclusively at its Solihull plant in the West Midlands – good news for the UK amidst Brexit uncertainty.
The Guardian
UK manufacturing growth remains solid
British manufacturing growth slowed slightly last month, despite the weaker pound boosting overseas orders for the ninth consecutive month. IHS Markit’s manufacturing PMI eased to 54.6 in February, from a downwardly revised 55.7 in January, as domestic orders slowed. However, IHS Markit pointed out that the PMI was “firmly above its long-run average of 51.6” and signalled expansion in the sector for a seventh month following an initial shock after the Brexit vote. Rob Dobson, senior economist at IHS Markit, said the robust start to the year put the sector on course to grow by around 1.5% in the first quarter of 2017.
The Daily Telegraph, Business, Page: 3
US and UK Markets hit record highs
The pound fell below $1.23 for the first time since January 23 yesterday, on the back of a resurgent dollar, contributing to a fresh intraday record high of 7,383.05 for the FTSE 100. It closed at a new peak of 7,382.9, up 119.46 points on the day, while on Wall Street the Dow Jones crossed the 21,000 mark for the first time ever.
The Daily Telegraph, Business, Page: 1
London will remain magnet for global super-rich
A report by Knight Frank has suggested that the global super-rich will continue to flock to London despite Brexit. The number of UK-based ultra-high-net-worth individuals (UHNWIs) - those with more than $30m in assets - is expected to increase by 30% to 12,310 over the next decade. Liam Bailey, Knight Frank’s head of research, said London would remain “the city of choice” for the super-rich from Asia and the Middle East which is great news for the economy.
The Guardian, Page: 28 The Independent, Page: 49
That’s it for this month’s financial summary, but there will be plenty to discuss after next week’s budget so look out for an overview from the Davenham team. In the meantime, if you have any queries regarding the above or how we may be able to support you through asset finance, don’t hesitate to get in touch on 0161 832 8484 or enquiries@davenham.co.uk.
Budget windfall expected
A study from the Resolution Foundation think-tank has forecast that stronger tax receipts and the resilience of the economy in the wake of the Brexit vote will hand the Chancellor a £29bn windfall in next week's Budget.
The Daily Telegraph, Business, Page: 2
Range Rover commits to UK
Jaguar Land Rover has confirmed that its latest model, the Range Rover Velar, will be built exclusively at its Solihull plant in the West Midlands – good news for the UK amidst Brexit uncertainty.
The Guardian
UK manufacturing growth remains solid
British manufacturing growth slowed slightly last month, despite the weaker pound boosting overseas orders for the ninth consecutive month. IHS Markit’s manufacturing PMI eased to 54.6 in February, from a downwardly revised 55.7 in January, as domestic orders slowed. However, IHS Markit pointed out that the PMI was “firmly above its long-run average of 51.6” and signalled expansion in the sector for a seventh month following an initial shock after the Brexit vote. Rob Dobson, senior economist at IHS Markit, said the robust start to the year put the sector on course to grow by around 1.5% in the first quarter of 2017.
The Daily Telegraph, Business, Page: 3
US and UK Markets hit record highs
The pound fell below $1.23 for the first time since January 23 yesterday, on the back of a resurgent dollar, contributing to a fresh intraday record high of 7,383.05 for the FTSE 100. It closed at a new peak of 7,382.9, up 119.46 points on the day, while on Wall Street the Dow Jones crossed the 21,000 mark for the first time ever.
The Daily Telegraph, Business, Page: 1
London will remain magnet for global super-rich
A report by Knight Frank has suggested that the global super-rich will continue to flock to London despite Brexit. The number of UK-based ultra-high-net-worth individuals (UHNWIs) - those with more than $30m in assets - is expected to increase by 30% to 12,310 over the next decade. Liam Bailey, Knight Frank’s head of research, said London would remain “the city of choice” for the super-rich from Asia and the Middle East which is great news for the economy.
The Guardian, Page: 28 The Independent, Page: 49
That’s it for this month’s financial summary, but there will be plenty to discuss after next week’s budget so look out for an overview from the Davenham team. In the meantime, if you have any queries regarding the above or how we may be able to support you through asset finance, don’t hesitate to get in touch on 0161 832 8484 or enquiries@davenham.co.uk.