The major bullish development for British shares recently has been the signing of the free trade agreement with the European Union. Now that Britain has secured a large measure of independence, can I appeal to the Treasury and to MPs to look at how they might get rid of the oppressive and unwelcome aspects of past EU regulations that affect private investors?
The big issue for me is the difficulty – created by EU regulations called Mifid II – in getting hold of brokers’ reports on companies. I used to be able to get them relatively easily. Long ago I could simply walk into a NatWest bank on Oxford High Street and look at brokers’ reports lying on a table.
Now they are treated like dangerous documents that no private investor should be allowed to see. This puts us at a serious disadvantage and is, to put it more grandly, an infringement of our personal freedom. An extra problem is that overregulation has driven out smaller stockbroking firms. The firms have to be monsters to be able to cover the overhead cost of dealing with the piles of legislation. Deregulate, bring back small firms and thus allow competition and personal service to flourish again, please.
And so another year of investment begins. Good luck to us all!