JPM | BEST OF BRITISH - Fiscal patriotism, Food Retail competition, Cyber risk...Plus RELX, Rightmove & Vodafone

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JPM | BEST OF BRITISH - Fiscal patriotism, Food Retail competition, Cyber risk...Plus RELX, Rightmove & Vodafone

rise in the

Budget. And the focus of these taxes will likely be wealth, assets higher income.

Tax solutions are proffered from many sources. Former England striker turned political commentator Gary Lineker is a leading

ight in a movement called Patriotic Millionaires. This group have altruistically declared themselves rich and happy to pay 2% of

their wealth above £10m every year. They believe it will raise £24bn pa. Which sounds great...but only if all £10m+ wealthy

individuals were signatories. What about the less patriotic millionaires? The ones who might decide an annual charge of £200k +

is poor reward for the right to feel patriotic and egalitarian. As ever with wealth taxes, the thorny topic of quantifying an

individual’s stock of net worth is ignored. This difficulty alone derailed wealth taxes across Europe and in the UK in the 70s.

Quantifying ‘wealth’ is hard, but aggregating the growth impact of high-value emigration against revenue take after behavioral

change is even tougher.

Who knows what the new regime will decide… Nothing suggests deficits might be smaller or that fiscal drag on growth will be

reduced. I don't want to assume an nihilist stance, but the article here from the FT summarizes a personal view. Nothing

significant will change until we have a crisis.

The last word should go to our CEO. Jamie Dimon was asked on the Master Investor podcast what advice he would offer Mr

Burnham. He repolied...“I want him to succeed. I want to see the UK thrive. I want London to succeed…. you need a strong

economy to do that. A strong economy will benefit all of your citizens….. So the new opportunities are going to be good policies