Laurence Hulse

Some of the PMI numbers are at pandemic levels.

You listen to the house builders, the bricklayers.

These are all real companies that we talk to on the stock market.

They're tearing their hair out with frustration.

It's just so incredibly unhelpful.

And that's before you can get to some of the policy decisions that then get made so late.

I think the Brit ISA genuinely would.

But again, there's the frustration.

It was kind of semi-announced it was going to happen, and then it wasn't.

So if you're a wealth management business or a wealth manager, it adds to this image of confusion and flip-flopping and unpredictability, uncertainty.

And I think if there's one word you could use to define the UK over the past 10 years, it would be uncertainty.

you know whatever the prime minister we've had loads whatever the housing minister whichever department it's been uncertain hasn't it and you know businesses crave certainty even if it's a bad number at least then they can adjust the model accordingly and make a decision even if it's to build slightly less homes or in a different cost base um so i think the british ice had structured the right way is a good idea i know some listeners some commentators will say oh

You're commanding capital.

You're not, because I don't think anyone's saying you can't invest in other stocks.

I think what people are saying is in an increasingly polarized, splintered world and world economy,

A big tax incentive should be domiciled, especially at a time when our economy and our market, and the stock market, by the way, isn't this sort of casino that some politicians would have voters, listeners believe.

It's a capital allocation mechanism.

Myself, my team, we decide which companies to put money in so they can go and do things in the economy.

And we need to be encouraging that, incentivizing that.

A British ISA, something around pensions, those can only be good things and signals, as you say, because of course, what I think would most likely happen is fast, dynamic, informed capital would follow that because one of the big challenges of the UK stock market would be being fixed.