Tim Service, Investment Manager, UK Small and Mid Cap Equities
“Chancellor Rachel Reeves opted for stealth tax rises and symbolic measures targeting wealth and property, while avoiding the inflationary consequences of new business taxes. It was a budget shaped by a tricky political backdrop and the need to reassure markets of fiscal discipline, even as voters face tighter conditions.
The real test will be whether the government can now grasp the mettle on supply-side reform and spending discipline — unlocking productivity and private-sector confidence rather than relying on fiscal fixes. The UK’s challenge is not a lack of potential, but a complex political environment that makes execution difficult. For investors, it’s worth remembering that listed UK small and mid caps encompass a remarkably diverse range of businesses: domestic market leaders, world-class niche industrials and technology companies, and innovative growth businesses across multiple sectors and geographies — offering active managers rich ground for stock selection and alpha generation.’’
The value of active minds: independent thinking
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