News and views that keep you one step ahead
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We asked our independent economic consultant Peter Stanyer for a brief overview of his first impressions.
- A business friendly Budget, which will help employment.
- Tax deductibility of child care costs will also help employment.
- It supports current high levels of house prices by subsidising mortgages (which is probably not a good thing in the long run) but by directing first time buyers towards new build homes, it will help the construction industry and employment.
In a hostile environment, the Budget offered about as much as could be hoped for. By the time of the next election, growth will probably still be disappointing, the deficit will still be depressingly high, but unemployment may be much lower than many might have feared.
Will there be knock on effects?
Cyprus is now the fifth eurozone country to require a bail out to recapitalise the country’s banking sector.
One of a number of measures currently being proposed is a one-time tax on bank deposits, which will unnervingly extend to deposits below the €100,000 compensation limit and ‘guarantee’ which applies across Europe. Savers will be ‘compensated’ with bank equity as well as bonds linked to natural gas revenues, but this has not eased the anger that many Cypriots (and ex-pats) feel.
Reaction to the bail-out plan has been mixed with Germany not surprisingly in favour of the plan, whereas Russia is strongly opposed with President Vladimir Putin calling the measures “unfair, unprofessional and dangerous”.
Car parts distributor acquired in multi-million pound deal
FPC clients, Howard Warren and Charles Colton recently welcomed a significant investment into their business from HgCapital, a London-based private equity firm. They remain directors in the business and are actively supporting HgCapital in its growth strategy with three further acquisitions already completed.
An integral part of our success
Howard Warren and Chas Colton:
“FPC has been an integral part of our success for over 20 years. When we met, our turnover was £3 million and we had 50 staff; by 2013, we had achieved a turnover of £50 million and a team of 500!
Moira and the team at FPC have been by our side throughout our journey, helping us to deal with all the challenges along the way. Their straight talking and understanding of us as a company and as individuals, has meant our financial planning has always focused on the needs of both.
Thanks to FPC’s sound investment advice, we have achieved the financial independence we aspired to whilst securing the long term future of the business we care so passionately about.
We would encourage fellow business owners to take action to review their position and make their own personal financial planning their priority in 2013.”
The culmination of careful planning
Partner, Moira O’Shaughnessy advises many of our corporate clients on business succession and exit planning issues. She explains how FPC can help clients plan the future they want for themselves and their business.
A downgrade that’s more a reminder than a surprise
According to Peter Stanyer, our independent economist, the downgrade simply reminds us that economic progress has been disappointingly slow. We asked Peter to put Moody’s downgrade into perspective and explain what it really means.
An economist’s view: Peter Stanyer
This Autumn Statement from the Chancellor is in effect a mini-budget. There were important announcements about the detail of tax, but from an economic perspective, the main message was “more of the same”, with further downgrading of forecasts for future growth and for cutting the budget deficit.