You may have noticed that there have been some developments in the political world. Boris Johnson has stepped down as leader of the Conservative Party.
The Economist reviews his legacy here. (Harshly)
The sentiment among advisers – at least those quoted here by Professional Adviser is also ‘good riddance!’
The resignation, despite feverish speculation about a last stand, makes it next to inevitable that Johnson will stop being Prime Minister in the next couple of months.
The Chancellor at the end of a week of manoeuvring, resignations, sackings and reappointments is Nadhim Zahawi though he faces something of an HMRC inquiry into his tax affairs regarding family holdings in a market research and polling company he founded. Not ideal, even if everything is found to be in order.
The former Chancellor Rishi Sunak is running though the sitting PM is reported to be trying undermine Sunak’s campaign.
The former chancellor has by and large been defending his record including his approach to taxing and spending while most of the other candidates are attacking it and suggesting, without many details, how they would cut the tax burden.
A few circles are being squared in terms of not running up debt or cutting services alongside these cuts.
There have been criticisms – legitimate in my view – about a lack of ideas for dealing with the cost of living crisis and indeed the related energy crisis amid concerns that the energy cap is going to rise by £300 more than expected due to developments in energy markets.
Obviously IFAs will have to help clients deal with the real world consequences whatever happens at Westminster.
Sustainable investment advocates have asked the FCA to act faster following news that the sustainable investing consultation paper with details of fund labels and climate disclosures is to be delayed until the third quarter.
Stuart Kirk, the global head of sustainable investments at HSBC Global Asset Management has resigned claiming the firm’s behaviour has made his position (ahem) “unsustainable”.
He had questioned some of the assumptions of sustainable investing including the risk to portfolios and asset prices from climate change and whether all brown assets would really do badly.
FTAdviser asks where did it all go wrong at Jupiter. Interesting observation from Jason Hollands that older investors are withdrawing their money and it is not being replaced with new AUM.
One for the asset management sector to think about.
The FCA is considering a six-month extension before it brings in the consumer duty rules as New Model Adviser reports.
