Phone fun

Article Abstract:

British taxes may fall as a result of sales of mobile phone licenses which have raised funds for the government. Lower taxes will mean increased consumption, which should help push up stock prices. Taxes may not fall, however, if government spending increases.

Taxation

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UK equities: a tough year

Article Abstract:

BZW forecasts a difficult year for UK equities in 1996, after a strong start to the year. Equities have been affected by views that interest rates are likely to fall, rather than by corporate results, and government securities and equities have become linked. Equities are vulnerable for a number of reasons. Low interest rates are dependent on low growth, which will affect results. Interest rates may not fall as much as expected, and they could be raised if growth revives during 1996.

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Why Footsie isn't listening

Article Abstract:

The United Kingdom government has announced spending plans for the three years from 1998, and this should help stock prices because the government is aiming for a long term view and only plans to borrow in order to invest. Macro-economic stability should help stock prices. Markets have reacted in a luke-warm way and this is partly because critics argue that spending should be flexible to help offset changes in private sector demand. Such a policy could destabilize rather than add to stability. Government spending is just one factor affecting stability, and this is another reason for the market's reaction.

Legislative Bodies, Budget

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