Before any meeting of the powerful Monetary Policy Committee, the Bank goes to considerable efforts to find out what is happening in the market from those who are doing business in the UK on a day to day basis. They talk to 700 businesses across all regions to make sure they get a real time, realistic view.
With a large number of owner managed business as clients and a strong international outlook, the lawyers at Sherrards are ideally placed to contribute to Bank of England’s research. Their impressions of what UK businesses, both domestic and international, are doing have for a second year been canvassed by Lai Wah Co, Deputy Agent at the Bank of England for Greater London who gave thanks to Sherrards “for sharing their informative insights into the UK economy from a legal perspective.”
In true Sherrards style, Antony Mao, property lawyer, provided a quote from his favourite film, La Haine, “Heard about the guy who fell off a skyscraper? On his way down past each floor, he kept saying to reassure himself: So far so good… so far so good… so far so good. How you fall doesn’t matter. It’s how you land!”.
So as matters stand at the moment, in addition to the recognised overseas monies supporting the property market, UK based professional investors are continuing to invest in the UK. There is still buoyancy in the market but it’s how we land after the Brexit negotiations which will determine what happens in the long term.
Jean-Paul da Costa and Geraldine Fabre, both corporate lawyers, reported a positive M&A environment, including a fair amount of international interest in the UK, but with businesses reflecting concerns over the uncertainties of what lies ahead. Andrew Cooke, part of the same team, reported the SME market as relatively buoyant and that the FinTech sector in particular remains robust. Having said that deal values are beginning to reflect the uncertainty.
Somewhat topically, given the loss of our judge at the International Court of Justice in the Hague in the last couple of days, litigation specialist, Paul Marmor talked about Britain’s role as a leading jurisdiction of choice for dispute resolution and its ongoing ability to attract international parties to the UK.
Whatever else, one common view which emerged from team Sherrards is their continued support for the leadership that has been provided in these challenging times by the Bank’s Governor, Mark Carney.