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The adage by Ronald Reagan oft quoted but seldom heeded, in as being the most terrifying words in the English language: The increased tax on carbonated drinks is a case in point, forcing large producers of well-known drinks such as Irn-Bru, Vimto and Lucozade to alter the life-long recipes, and the National Trust its flapjacks, whereas studies by Czarnikow show no increase in per head consumption of sugar sinceonly an increasingly inactive and over-fed populace.

Sadly the financial sector faces similar challenges, where MiFID II is the ogre on melwins stern horizon, and its implementation in January is likely to lead to a vast array of complications and unintended consequences, not least the devastation of the stockbroking research sector, as payment will have melwins stern be apportioned for research received, rather than bundled up with commission fees.

We sense melwins stern blunders of Brussels, aided by a British bureaucracy only too keen to usurp the market mechanisms that have successfully managed the monitoring for many years.

It will be very hard to rebuild the structures and firms that have grown over the years, if this bulldozer approach flattens the whole sector, or at least its smaller participants.

We even hear of some major players moving their traders overseas to avoid the new regulations, inflicting more damage on the City of London, already threatened by the fall-out from Brexit.

The interference of the FCA melwins stern the running of hitherto successful companies has been demonstrated by its refusal to allow Hargreaves Lansdown to pay melwins stern customary special dividend, in order to safeguard its reserves.

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We would consider that capable and long-standing executives have a better grasp of their business than recently-appointed bureaucrats reading new guidelines. The European Union, with 7. Melwins stern wonders whether Britain will emerge melwins stern better once its departure from the EU is assured.

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Seeing occupants of some London tower blocks, one cannot but be impressed by the strength of a system that allows melwins stern many new-arrivals to be housed melwins stern proximity to one of the wealthiest areas in the world; whilst at the same time reflecting on the abolition in of the role of District Surveyor, who monitored Building regulations rigorously and impartially.

It is disturbing to see the only people being taken to court following the banking collapses melwins stern are those who kept their bank out of the grasp of the Government; a somewhat topsy-turvy version of justice to the uninitiated.

The latest addition to the board of the Monetary Policy Committee is an Argentine opponent of Brexit and austerity, from the National University of Tucuman: Some well-known and long-established estate agents have already gone bust, and the slow-down in housing activity and the rate of construction, has been exacerbated by the removal of tax allowances on buildings bought for buy-to-let, and increased stamp duty on purchases of second homes.

A well-ordered market has been brought to melwins stern knees by myopic revenue-raising to plug short—term spending targets. The failure of large housebuilders to build melwins stern a rate to satisfy the needs of the younger generation also threatens the social fabric of the country, and is grist to the Corbyn mill of State Socialism.

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This is being exacerbated by a huge fall in melwins stern lending, as demonstrated by Nationwide recently. Boot, supplying reasonably priced houses in the Midlands, are a sanctuary at this time.

This would seem a sector ripe for a reaction to excessively lenient lending, both in the UK and the United States.

The unpredictable character of Donald Trump, the revenge-seeking of his erstwhile opponents, and the continuing failure of any of his reforms to be enacted into law, mean that some melwins stern the uplift originally expected from infrastructure spending and tax reform may never occur.

Demand for industrial metals such as copper and lithium, and even coal, seems set to melwins stern and indeed rise, as long as the much-predicted slow-down in China is yet again deferred; gold may well flourish amongst angst and uncertainty in World affairs.

At all costs the departure must not be seen to be a success, hence the suggestion of skyhigh leaving bills, and other malignant manoeuvres. Concomitant with this uncertainty, the good economic figures Britain has enjoyed up to now are beginning to fade, under the burden of rising import prices, and cost increases resulting from apprenticeship levies, living wage and a variety of extra regulations.

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Sadly also our important invisible export of student education has fallen prey to the attack on migration numbers, melwins stern much so that Britain now lags Australia as a location for further education, despite possessing more than twice the number of its universities.

It seems perverse to stymy one of the glories of Britain imperilling long-established relations with melwins stern Commonwealth and other countries, whose brightest and best may well, in the future, pursue careers in other more welcoming countries.

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Meanwhile, Eton continues to draw its intake from around the World, at the expense of native-born sons. We are therefore somewhat sanguine on the melwins stern for UK centred companies, although our overseas investments should benefit from any further weakness of the pound.

Melwins stern Board are currently evaluating a number of proposals for the future of your company and hope to be able to advise shareholders accordingly in due course.



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