Rathbones Review Winter 2015

One of the most enduring axioms in finance is that when America sneezes the rest of the world catches a cold. The events of recent months suggest that the same reasoning might now be applied to China.

Paul Chavasse, Head of Investment Management

According to one measure of GDP used by the International Monetary Fund, China has finally surpassed the US as the world’s largest economy. In this edition we reflect on the wider implications of this shift and whether it is wise to respond with congratulations, caution or a combination of the two.

That is a matter for the future, of course, but we also give due thought to the past. Twenty-five years after she left office, we assess Mrs Thatcher’s legacy. This is not straightforward task: we have tried to be fair and objective, rather than add to the polemical debate.

Elsewhere we examine some of the most pressing issues that currently confront Britain and the world. We examine the causes of and potential solutions to the UK housing crisis; and more widely we look at the question of corporate governance and the delicate balance between the necessary use of the Earth’s resources and the broader environmental impact of their exploitation.

We also feature articles on subjects as diverse as oil prices, e-publishing, the growth of the British wine industry, the long-term devastation of flooding and the impact of the digital revolution on the charity sector.

Finally, we have two pieces on cycling — the first an update on the Rathbones-sponsored University of Liverpool Velocipede team, the second an account of how our own James Maltin tackled the gruelling route of the 2015 Tour de France to raise money for Cure Leukaemia.

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