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Stephen Bailey, Macro-Thematic: H2B or not to be?

This was the question for many recently as criticism of the government’s Help to Buy (‘H2B’) mortgage guarantee scheme mounted following its announcement in the March 2013 Budget. With a slated start date of January 2014, there was always the possibility that political pressure may have resulted in the scheme being watered down to a less effective form prior to its implementation. The surprise decision not to dilute the scheme but to bring its launch forward to 8 October is certainly a fillip for some of our holdings, but it is only one element, albeit a very topical and emotive one, of our broader Prudence and the Rise of the Challenger Banks theme.


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