09 October 2008

“Brewin Dolphin welcomes the steps taken yesterday by the UK Government.  The measures are the first really forthright attempt to deal specifically with the very complex set of problems facing our banking system and the wider economy. These coupled with the first interest rate cut – and we expect to see more rate cuts, demonstrate that the authorities are doing their utmost to revitalise the financial system and this should bring some calm and stability to markets. The banking crisis has taken years to evolve and we can’t expect it to be fixed in an instant, but we do think this should stop the bleeding and that things should start to improve slowly from here."
 
"While it is possibly too late to avoid recession, we believe share prices are now discounting a sharp downturn and while the market will undoubtedly continue to be volatile, it is worth remembering that volatility can bring opportunities for long term investors.”

For further information please contact:
 
Charlotte Black 

0845 213 3026