An Inconvenient Financial Truth
Peter Hargreaves, Chief Executive of discount broker firm Hargreaves Lansdown, has his say on who bears responsibility for the recent and sudden downturn in the stock markets. He states that for the last ten years the British Government has 'squandered billion to little effect other than employed a huge number of people artificially reducing the unemployment figures'. He points to other incidences of Governments precipitating financial crises, such as in 1974 and prior to the 1990s period of stock market malaise.
Mr Hargreaves believes that higher interest rates are unlikely, and that 'the stock market will be the first area where savers should benefit'. This is despite the fact that global stock markets are extremely volatile at the moment.
UK Chancellor Alistair Darling announced new legislation in the coming weeks, relating to bank deposits and financial regulation. I suspect that Mr Hargreaves is correct in his assertion that politicians are prone to making a mess of things, and would be interested to hear his views on this latest announcement.
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