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Articles

17
Jul 2022
Debt Advisory Update
What a summer of live action!  Hot on the heels of England’s amazing cricket revival (in the Test form at least), we’ve had Wimbledon, sparkling rugby internationals, Women’s Euros and now the Tories have decided to play It’s a Knockout for the next couple of months.
Keep safe in the heat – I’m expecting a pretty full house in our air-conditioned office tomorrow.
 
23
Jun 2022
Debt Advisory Update
Since we last wrote, the world has realised that inflation really is ‘a thing’.  Currently UK CPI has reached 8.6% but for like-for-like comparison, RPI is now already 11.1%% (while RPI is bad statistics, pension funds are current suing the Govt to reinstate this for index-linked bonds).
So last week, we saw the Fed raise by 75bp, leaving the Red Funds Rate at 1.75%, well below its level throughout the 1990s.  While the BoE was expected to raise rates by at least 50bp, instead they opted for 25bp, deciding that base rates of 1.25% is enough to quell inflation; for reference, this means that UK real rates are now -ve 7.25%. It’s good to see the Bank of England having its independence tested but, like my waiting for my children’s end of year exam results, I’m worried about the outcome.
24
May 2022
Debt Advisory Update
This month has seen the 25-year anniversary of the ‘independence’ of the Bank of England, just days after the historic election that brought Tony Blair to power.  Gordon Brown’s prolix letter setting out the framework which is long on price stability and short on quantitative easing.  In other news this week, the Governor of the Bank of England warned of “apocalyptic” food price rises and inflation over 10%, which is still better than the 15% inflation at the Queen’s Silver Jubilee in 1977.
24
May 2022
Debt Advisory Update

This month has seen the 25-year anniversary of the ‘independence’ of the Bank of England, just days after the historic election that brought Tony Blair to power.  Gordon Brown’s prolix letter setting out the framework is here, which is long on price stability and short on quantitative easing.  In other news this week, the Governor of the Bank of England warned of “apocalyptic” food price rises and inflation over 10%, which is still better than the 15% inflation at the Queen’s Silver Jubilee in 1977.

19
May 2022
Q&A with Inclusive Numis Network (INN) co-founder and chair Robyn Hawkins
The Inclusive Numis Network (INN) is an employee-led, board-sponsored initiative focused on building a diverse and inclusive workplace. It focuses on professional networking, community support, career development and charitable causes and is vital to our business succeeding in its ambitions.