The latest inflation figures confirm that the Bank of England will likely have more space to cut interest rates this year than markets had expected. That could be good news for the UK economy - assuming we can keep a lid on political risk. https://t.co/rioUN7EOp6 ...

BOE rate-setter Catherine Mann said the UK economy is “sluggish” and “tepid,” with consumers “scarred” by high inflation and spending less as a result. “Key elements" for growth are missing, she told the Telegraph in an interview. https://t.co/ym1q2w4UCw ...

Governor, thank you so much for speaking. Good to see you. Now, markets definitely ramped up bets on a march cuts after the decision.They now see it more as a 5050. Does that feel right. Were they underpriced ahead of this.Well, you may have seen it in my submission, in my paragraph in the minutes I said that I will be you know, I said, I think there is, you know, a prospect of, you know, some further some further cuts in interest rates. And I said I think in my last sentence, I said, I'll go into each meet ...

Gilt markets have taken fright this morning at a flood of chaotic policy leaks and counter-leaks emanating from the government and Treasury. With the chancellor's tax plans apparently in shambles, what now for the UK economy and markets? https://t.co/jaHHvuxGL9 ...

This week has been a useful reminder that the UK economy is not doomed https://t.co/QzxSHFr2Rl ...

Pension Investment & Policy - UK chancellor threatened to force pensions to invest in the UK [1] - There are signs that pensions are getting ahead of the chancellor's plan [1] - Rachel Reeves's pension gamble is being questioned regarding its potential payoff [1]

Core Viewpoint - The interim management statement for Hargreave Hale AIM VCT PLC highlights a strong recovery in equity markets, particularly in the AIM sector, despite ongoing economic challenges in the UK. The company has reported its best quarterly performance in four years, driven by positive investment returns and strategic positioning in the market [2][4][6]. Investment Performance - The unaudited NAV per share increased by 1.95 pence from 34.48 pence to 36.43 pence, resulting in a total return of 5.66% for the quarter [7]. - Qualifying investments returned 1.42 pence per share, while non-qualifying investments gained 0.71 pence per share [7]. Market Overview - Following Liberation Day, market volatility was replaced by a more constructive outlook, with expectations of tariffs on US imports settling between 15-20%, which is lower than initial fears but higher than historical averages [3]. - The UK market benefited from an early trade deal with the USA, leading to strong gains in equity markets, particularly in AIM, which recorded a 12.1% increase [4][6]. Economic Context - The UK economy continues to face challenges, with a rising unemployment rate and mixed consumer confidence. However, June PMI data indicates a potential improvement after two months of contraction [5]. - Inflation is expected to peak in the current quarter, allowing for potential interest rate cuts, which could positively impact small company valuations [5]. Qualifying Investments - Cohort saw a significant increase of 29.5% in valuation, supported by a strong order book and positive trading outlook [9]. - The Property Franchise Group reported a 31.0% increase in valuation, driven by strong EBITDA growth following strategic mergers and acquisitions [10]. - Gousto's valuation increased by 51.8% due to good operating performance and rising peer valuations [11]. - Eagle Eye experienced a decline of 44.8% due to the loss of a significant contract, impacting revenue forecasts [12]. - Oberon Investments Group and Maxcyte saw declines of 18.6% and 22.5%, respectively, with Maxcyte de-listing from AIM [13][14]. Non-Qualifying Investments - The non-qualifying portfolio saw an increase of £1.28 million, with Chemring and Wickes performing well, while Shell and Hollywood Bowl faced declines [15]. Portfolio Structure - The VCT ended the period at 93.25% invested, comfortably above the HMRC defined investment test [16]. - The market for new qualifying investments remains subdued, with only two VCT qualifying IPOs in the last 12 months [17]. Share Buybacks and Discount Control - The company acquired 1.5 million shares at an average price of 33.54 pence, with the share price increasing from 33.8 pence to 34.10 pence during the quarter [22]. Post Period End - As of 18 July 2025, the unaudited NAV per share decreased slightly to 36.34 pence, while AIM increased by 0.54% [23].