As the song says… Things can only get betterJan 30, 2021
Tony Byrne, managing director of Wealth & Tax Management.
Inspired by Winston Churchill, D:Ream and Ian Drury and the Blockheads, wealth management specialist Tony Byrne says there are reasons to be cheerful amid the Covid gloom.
Things Can Only Get Better was a top hit song by the Northern Irish group D:Ream back in the early 1990s. I think it is particularly appropriate to remind you of it today.
As I write, a new more virulent strain of coronavirus is spreading the country and most of us are now in Tier 4. Things couldn’t get much worse for businesses. Or could they?
Fortunately, a number of vaccines have now been approved by governments globally including the UK government and the vaccination campaign is starting to be rolled out across the UK. A trade deal between the UK and the EU has just been agreed on Christmas Eve.
So Reasons To Be Cheerful, Ian Drury and the Blockheads, eh? I’m clearly showing my age here with reference to some old hit songs.
If you run a business and it has survived so far, then congratulations to you. You deserve it. If, on the other hand, you have a business that has failed because of the coronavirus all is not lost for you either. Why am I being so optimistic?
Well as Winston Churchill once said “I am an optimist. It does not seem too much use being anything else.” Like all of Churchill’s quotes, it is hard to argue with his faultless logic.
I expect the effect of the vaccine programme to all but eradicate Covid-19 by the Summer in the UK including the new strain of it. World-wise it is likely to have been cured too though the elimination of coronavirus in the Third World will take longer.
We will also begin to reap the rewards of the UK and EU trade deal by the Summer in my opinion. Why? Because as with the Covid-19 reporting we only ever read, hear and watch the bad news about Brexit from the mainstream media. It’s completely one-sided, frightening and worrying.
To my mind, it is irresponsible journalism. I know bad news sells but the quality of news coverage today is worse than it has ever been. The bias is extraordinary. What’s more, it is virtually all negative.
Well, let me put a more positive slant on everything for once.
There is massive pent-up demand for spending especially on dining out, travel and entertainment. There will be a huge amount of consumer spending in 2021 which will gradually build up over the next six months or so. That’s good news for businesses.
As month after month passes by and we gradually start trading more and more with non-EU countries everyone will start to realise that, hey, there is a whole world out there with cheaper goods and services than the EU.
People will start to see that we will have less need to trade with the EU than before,
Confidence in our economy will increase.
I am very confident that things can only get better. You know it makes sense.
- Tony Byrne is managing director of Wealth & Tax Management, a chartered and certified financial planner, a chartered wealth manager and author of Wealth Magic.
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