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Our Weekly Newsletter

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Our Weekly Newsletter

Across Instinctif Partners’ Financial Services team, we are always keeping an eye on the key developments taking place across the sector to evaluate their impact on the many businesses we work with. Here we share our picks of the week’s most interesting news, and our expert views.

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UK mortgage lending jumps to record high in March

UK mortgage lending rose by the highest monthly amount on record in March, driven by a rush of people seeking to buy property ahead of the expected ending of the Stamp Duty holiday. According to the Bank of England, net mortgage borrowing was £11.8bn, the strongest since records began in April 1993. The temporary Stamp Duty relief, exempting buyers from paying tax on the first £500,000 of the residential property purchase, was extended to the end of June in the March Budget. (From Financial Times, 4 May 2021)

Eurozone suffers double-dip recession as pandemic impact continues  

Europe’s economies have fallen back into recession, caused by a renewed surge in infections this year and Covid-related restrictions as the impact of the pandemic continues to hit activity. The eurozone shrank by 0.6% between January and March, and this second consecutive contraction is also widely known as a double-dip recession. However, among the national economies that have reported data so far, that pattern was repeated only by Italy, with other countries reporting some growth across the last two quarters. (From BBC, 1 May 2021)

Savers want to put pensions to work to tackle climate change 

Receptiveness toward investing pensions in green assets is strong among investors, according to a new survey by YouGov. Figures show 44% of savers, if given the option by their provider, would switch to a green pension to help fight climate change, while three-fifths of savers want their pension to play a role in tackling the climate emergency. (From FTAdviser, 5 May 2021)

FCA tables proposals to draw SPACs to London 

The Financial Conduct Authority has tabled several proposals to make London a more attractive location for special purpose acquisition vehicles (SPAC) to list. One of the key proposals includes scrapping the suspension in trading of SPAC shares once the shell company has identified a target company to acquire. The rules are intended to help the LSE ride the current wave of global IPO activity driven by SPAC listings. (From City A.M., 30 April 2021)

Venture capitalists see profits rise sharply  

Funders of early stage, high-growth companies are basking in a bumper crop of profits this year. Venture capitalists have seen their holdings in nascent firms rise sharply recently, driven partly by the favourable financing conditions as a result of ultra-loose monetary policy providing the resources to grow rapidly. Small tech firms have benefited from pandemic-induced shutdowns as demand for items such as remote-working tools has skyrocketed. (From Private Equity News, 5 May 2021)

 

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