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Bulletin Issue 8 : November 2014
This Month : A lesson from the Euro Zone

Welcome to our Latest Bulletin!

Dear Client,

We hope this bulletin will keep you up-to-date with topical financial matters that can directly affect you… and your money!

Euro Zone banks "stress-tested"

Exercise book

Last month the European Central Bank subjected all banks across the Euro Zone to "stress testing" and the majority seemed to fare well. 

However, this seems almost at odds with the fact that the European mainland has enjoyed very little growth when compared with the UK or the US... and doesn't explain why unemployment in Europe is so high, particularly amongst its young people.

One answer might actually be found in the taxing and spending habits of the respective European Governments.

Every country takes a different percentage of national income through various forms of taxation, ranging from about 35% in the US (on average) to more than 60% in France... money which is then subsequently spent by the respective Governments.

The worst performing economies are essentially seen to be those where Government has taken the highest level of tax.

Tax levels versus economic growth

Exercise book

It can surely be no coincidence that France, Italy and Greece (with an average tax level between them of 60%) are amongst those countries with the greatest economic problems. Whereas the US economy is growing faster than any other, despite having the lowest rate of tax and the lowest rate of Government spending.

Of course this is not the whole story, things are never quite that simple. But it does seem to illustrate that Governments may not be the best people in whom to trust when it comes to spending our money.

Perhaps something to reflect upon as we listen to the various spending promises which will undoubtedly be made by our own politicians in the run up to next year's General Election.

We continue to review your investments on a regular basis, taking into consideration the prevailing economic conditions and how they might impact on the funds that make up your portfolio.

As always we are happy to discuss the matter further on an individual basis. Please do not hesitate to get in touch via the usual methods.

regards, Jeremy Hill


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Integra Financial Services Limited is authorised and regulated by the Financial Conduct Authority (FRN 612749). Registered in England & Wales at 1 Summerwood, Charters Road, Sunningdale, Ascot, Berkshire, SL5 9SQ. Company Registered Number - 6390466