Another day, another drop
There’s another week shooting by, and another tumultuous five days in the banking and financial sector. Interest rates are down to 5% - of which, how many banks will pass the saving on to the public at large?
Howver, is there light at the end of the tunnel?Confidence amongst stockmarket investors may be returning according to new figures from the Investment Management Association (IMA).
Sales of unit trusts and open-ended investment companies (OEICS) to private investors rose from £1.88bn in September to £2.14bn in October.
Investment ISA sales also picked up during the month rising to £385m from £375m the previous month.
In addition, banks and other financial institutions invested £620m into unit trusts during October, up from £148m the month prior.
The IMA attributed rising investment sales figures to investors recovering confidence after a bad September.
Does this reflect an upturn? Does this reflect the consesus of opinion? No? All i know is that the economy is there to serve and progress our society. People spend less time worrying about finance and mortgages, they think ethereal thoughts? I digress; I am a hippy at heart! For most of us, the thing that counts is the amount of money left in our pockets at the end of the month. Does what the IMA say mean a thing? Does the fact the A Darling et al repeat the statement, that we (UK economy)are ready for the choppy water, convince us? I don’t know. All I do know is that, at the moment, I have a pocket full of change at the end of the month - enough to buy a nice chablis and a ticket to the odd Rugby match. I’m off to think ethereal thoughts! Bye for now.