Richard Butler Creagh: How are the UK’s talks with the EU going?

Here is the latest news from Richard Butler Creagh.

EU officials say the UK is “dancing around the issues” in talks in Brussels on a Brexit deal. Boris Johnson’s government is seeking to renegotiate the withdrawal deal agreed by his predecessor, Theresa May, but discussions so far have been at a very general level. The EU maintains the text of the withdrawal agreement is closed but it is still listening.

“The UK wants a less involved relationship,” says one EU source close to the talks, “but it’s not clear what that means in practice.” The prime minister’s Brexit envoy, David Frost, is back in Brussels this week for further talks but time is running short. UK officials say criticism of their approach, from the EU side, is unfair.

“We’re having conversations this week which pick up on last week’s discussions,” one official says, “and we’ve agreed where to focus talks in the future.” That means the focus is still in Brussels.

So far this week, the UK side says it has presented ideas on customs and manufactured goods, while there has been further discussion on the non-binding political declaration which sits alongside the withdrawal agreement and outlines the future relationship between the two sides. But while the government says progress is being made, the EU insists no formal proposals have been tabled.

Clock ticking

There is also a sense from those involved in the talks the UK’s desire for a looser relationship involves not just economic issues but defence and security too. All of this exasperates the EU. There is plenty of churn behind the scenes but little certainty about anything.

Philip Rycroft, who was until recently the permanent secretary at the Department for Exiting the European Union, says it will be very difficult to get a deal done by mid-October.

If the EU were to shift position on any issue, it would want some degree of confidence a new deal could win the approval of the UK Parliament. That could mean waiting for a general election – but if anything is going to be achieved in these talks, it is going to have to happen pretty quickly.

Future relationship

As well as replacing the backstop, Boris Johnson wants a clearer path to what he calls a “best-in-class” Canada-style free-trade agreement with the EU in the future.

But it has been made clear during the talks in Brussels that this would involve the UK getting rid of many “level playing field” elements – promises agreed by Theresa May to stick close to EU rules on things such as subsidies for business, workers’ rights and environmental rules.

Richard Butler Creagh is the founder of Henley Finance and has been one of the first people in the UK to identify the need for reliable and fast bridging finance. In all its forms, Richard Butler Creagh also designed this blog for readers who want to know what’s going on in the British news helping you to keep abreast of events and form your own opinion of the latest issues. Richard Butler Creagh also gathers and reflects on news as it happens, adding depth and context to breaking stories on the Richard Butler Creagh Twitter page here. Keep up to date with what’s happening on the Richard Butler Creagh Linkedin page here.

Is this technology safe?

The blockchain as a transaction book with the current technology and computing power of computers cannot be created. It is estimated that a computing power equal to half the Internet is needed to break a blockchain network. However, the introduction of quantum computers will require the implementation of new cryptographic security features according to Forbes. Blockchain transactions in the blockchain are irreversible. Attempting to change one block involves changing the entire blockchain following it. In the event that someone tries to cheat, change or enter an unauthorized transaction, the blockchain nodes in the verification and reconciliation process will discover that one of the copies of the book has a transaction that is incompatible with the records in the network and refuses to include it in the blockchain. Data, transactions and their order are resistant to counterfeiting and all kinds of manipulations. The blockchain philosophy, advanced mathematical methods, and cryptographic security allow us to trust the data contained in the accounting books of the transaction. On the other hand, is the chain because can’t get any point because of nature it works, the entire block needs to be rewritten or scrapped but for this happens this is to be identified. It is difficult to identify it the chain is many many many blocks away.

The financial industry was the first to recognize the potential of blockchain, but also the risk for its status quo that this technology brings. Since 2014, we have seen a huge flood of start-ups, which develop crypt-based technology for block-based currencies. A new industry is emerging, named for finance and technology in the FinTech industry, and in the insurance industry Insurance Tech (or InsurTech). There is a lot going on in the traditional financial industry. In 2015, a consortium of Banks and FinTech was established with the aim of developing blockchains. The consortium for September 2016 included, among others, Citi, Bank of America, Morgan Stanley, Societe Generale, Deutche Bank, HSBC, Barclays, Credit Suisse, Goldman Sachs, JP Morgan, and ING. In July 2016, Citi announced that it had developed its own crypto-currency, which he named Citicoin. FinTech start-up Chain.com received on October 30 million USD co-financing (from Nasdaq, Visa, CapitalOne, Orange and Citigroup) in order to build a solution that will allow you to send various valuable assets in the network (loyalty points, shares, vouchers and various financial instruments).

Learn more about Richard Butler Creagh, the founder of Henley Finance here. Read more about Henley Finance which is a bridging lender company that invests in UK property here.

What is blockchain?

Blockchain technology is used to store and send information about transactions concluded on the Internet. Those are arranged in the form of consecutive blocks of data. One block contains information about a specified number of transactions, after its saturation with information, another block of data is created, followed by the next block, creating a kind of chain. In the chain, on average, a new block appears every 10 minutes, in which information about various transactions, eg trade, stocks, shares, stocks, sales, purchase of electricity, purchase or sale of currencies, including cryptocurrencies, ie currencies, may be sent.

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The essence of blockchain is to maintain a joint and collective accounting book of transactions, in a digital form, scattered across the entire network, in the same copies. This technology is based on a peer-to-peer network without central computers, management, and transaction verification systems. Every computer in the network can participate in the transfer and authentication of transactions. In the case of blockchains, they will be blocks within the transaction book. The book is open to everyone, but it is fully protected against unauthorized access by complex cryptographic tools. The user can view only their transactions. Thanks to this record, transactions are public, but available only within the access rights for a given user and their entire history, from the very beginning of the existence of the blockchain to this day, you can review and verify.

Currently, blockchain can be used to handle various transactions (trade, currency, stocks, shares, electricity market), but work is underway to use the blockchain, as an accounting book in banking, document authentication system, digital signature in state administration and notarization. All these transactions may take place outside the system functioning for centuries – without the participation of public trust institutions, directly between the parties to the transaction. You can store any type of transaction in blockchain block data blocks. One of the applications are cryptocurrencies, e.g. Bitcoin. While the future of Bitcoin itself is under question, blockchain, as a technology and transaction platform, has found recognition in many industries, including financial, energy or trade.

Essentially cryptocurrencies market has given birth to blockchain and while the markets itself undergoes a slight slowdown, the technology is now used in many banks not only other verification tool but also as a tool to investigate and predict market behavior. A new market has formed where banks offer security services based on the Blockchain technology four example BNP Paribas.

Richard Butler Creagh is the founder of Henley Finance. Find out more about getting the right finance for you on the Henley Finance website here. Follow the Richard Butler Creagh Twitter page for the latest news on bridging finance here. Learn more about the work of Richard Butler Creagh here.

About Henley Finance

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Richard Butler Creagh is the founder of Henley Finance. Henley Finance was established in 2013 and is a short-term bridging finance company specializing in loans between three months to a year, of between £100,000 to £1,000,000 for the professional property developer. This approach is borne out when Richard attended a Risk Management Seminar at the Van Tharp Institute in the USA. The learning Richard took from this informs all decisions at Henley Finance, from the core of how the investments are placed to ensure our borrowers have the best exit strategy. Having this insight had also led to the development of some of the company’s own lending products.

The relationship with our client is the key to being able to understand their requirements and deliver our promises. Consistent communication is an element that is present throughout the life of the loan so Henley Finance relies on people who share its values in business, making the process transparent and understandable for everyone involved.

“We make sure our investors are protected so that no one project can affect another.  The borrower gets protection on the basis that we don’t take anything on unless it has stood up to our due diligence process and is viable. We are rigorous but in the end everyone benefits.  Our aim is to help all sides of the project thrive.” – Richard Butler-Creagh, 2017

If you are interested in purchasing a property then contact a reputable bridging finance company like Henley Finance. Follow Richard Butler Creagh on Twitter and read the latest Richard Butler Creagh news here.

You can also watch Richard Butler Creagh video here:

 

Where is the Pound really heading to?

One of the biggest questions is everyone’s mind nowadays is where is the pound heading to.

One of the biggest questions is everyone’s mind nowadays is where is the pound heading to.  Does this mean things will definitely go down this route that I envision? Absolutely not. When it comes to economics, politics and foreign exchange rates (all closely tied) no one really knows what’s coming

What will make or break the pound?

The thing that will make the pound make, or break, is whether a Brexit agreement will be formed in the coming months, before the people, the EU, and the market will reach a definite conclusion that there is no agreement (i.e. a hard Brexit). Will any agreement of an orderly Brexit will bring back confidence to the pound? Probably not, but once an agreement has been reached, it is likely that the downslide of the pound will stop (but not sure going to recover its rates).

What are the chances of an agreement taking place?

The EU’s stances on the Brexit negotiation were very rigid right from the beginning, and it doesn’t seem, or at least not reflected back to the media, that these stances have changed over the course of the year. The EU is well aware of the fact a hard Brexit will be devastating to the British economy, and they will make the best out of the situation (which is ill-favored to them, to begin with, because the EU would have been better off with the UK). The disarray and fear rising in the UK will only refuel the flames, it is now more apparent than ever than that the EU will essentially decide on the state of the economy in the UK for the next 5-10 years at least.

Where should be pound be heading to in each scenario?

  • If a deal is made by October, it passes and regarded as a good deal for the British economy, the Sterling may jump 5-7% back to the 1.20’s (against the Euro).
  • If a deal is made by October, passes but it is seen as the kind of deal that May was forced into complying with and is not favorable enough with the economy, we are seeing the 1.15-1.18 range as fit (pretty much where it’s been at over the past few months).
  • If a deal is made by October, but PM May is unable to pass it, it signals a “no-deal” and pound will shift below 1.10 against the Euro and may reach parity by year’s end.
  • If no deal is made by October, it signals a “no-deal” and pound will shift below 1.10 against the Euro and may reach parity by year’s end.

Out of these scenarios, there is almost no upside to the pound. Only if the best scene takes place we will be experiencing 5-7% increase, but in every other situation, the GBPEUR will either stay where it is now or decline. Hence, if you are considering exchanging your GBP to EUR and waiting for the “rates to improve”, we think it’s unrealistic. Better to pull the trigger now than to expect big hopes from a nation that voted “leave”.

If you are a business in need of finance, then you can consult Richard Butler Creagh at Henley Finance. Connect with Richard Butler Creagh on his Linkedin page here if you want financial support for your business. Learn more about the work of Richard Butler Creagh here.

Costing the country: Britain’s finance curse

‘Finance curse’ sucks talent and investment from other industries, costing £67,500 per person over the course of two decades, say, researchers.

‘Finance curse’ sucks talent and investment from other industries, costing £67,500 per person over the course of two decades, say, researchers.

The UK has lost out on a “staggering” £4.5 trillion over the course of two decades because of an oversized financial sector, a new study has found. The “gravitational pull” of the City of London has damaged economic growth by sucking talent and investment from other productive uses such as manufacturing and research while inflating asset prices, particularly property, a paper from The Sheffield Political Economy Research Institute concluded. Between 1995 and 2015 this “finance curse” has lowered cumulative GDP by 14 percent compared to what it would have been with a leaner financial services sector, the researchers found.

Between 1995 and 2015 this “finance curse” has lowered cumulative GDP by 14 percent. They drew on previous academic studies from economists at the International Monetary Fund among others, who observed that as the level of credit to the private sector increases it generally boosts the economy as funds are allocated to people and businesses that need it.

According to the new research, the UK, which has a very large financial sector, has foregone a “staggering” £4.5 trillion of economic growth – equivalent to two and a half years of GDP or £67,500 per person.The researchers concede that the results are approximate and that further work is needed to confirm the size of this effect in the UK and its causes. Meanwhile, financial services firms reaped an estimated £400bn in excess profits.

These booming profits and salaries pushed up the relative value of the UK’s currency, making manufactured goods and agricultural products more expensive to overseas buyers. Because the price of those goods is set internationally some businesses in those sectors have become less competitive or even unviable. There are many different financing options available to real estate investors. If you are a business in need of finance, then you can consult Richard Butler Creagh at Henley Finance. Follow Richard Butler Creagh on Twitter and connect with Richard Butler Creagh on his Linkedin page here.

Top Facts about London’s Property Market

gI_66742_hf logoAt Henley Finance we bring you the latest news from the world of bridging finance and specialist property lending. Leading property agent “Portico” has recently launched out a fun quiz to find out what Londoners actually know about the capital’s property market.
“How many days, on average, does it take for a London property to go under offer?” is the question from the quiz that has the most incorrect answers. 67% of the quiz takers has thought the average time it takes for a property in London to go under offer was 32 days or fewer. But based on actual fact, because of subdued market conditions, the correct answer was almost double to what the people know, it is 60 days and only 27% of the quiz takers answered correctly. Despite of the fact that the Bank of England has recently voted to keep interest rates unchanged, there were a lot of uncertainties surrounding the rate. Only 25% of the respondents were not able to correctly recall the UK’s present base rate of .25%
The respondents were also asked “How many active London rentals are currently on Airbnb?”. An enormous amount of 66% of quiz takers were not aware of the number of Londoners using the short-term let site, instead choosing for much lower figures.
The findings were indeed surprising. The quiz showed that Londoners know their house prices, it has 80% able to identify which property among the four choices was currently on the market for £300,000 or less. Londoners are also clearly clued up on buying properties. 52% were able to answer how much “Stamp Duty” would be due on a £500,000 additional property and only 77% was aware of the minimum deposit needed for a London Help to Buy equity loans.
London is one of the best cities in the world to work, whether it is in the financial institutions or a trendy design company. London office space has some of the most expensive in the world at 250 dollars per square foot. This is twice as expensive as the 5th most expensive place which is Shanghai at 136 dollars per square foot.
Specialist lenders have witnessed the total value of their lending increase to £17bn per year in 2016 – more than a three-fold increase from the low base of £5bn recorded in 2009.
Specialist lenders are now in a position of strength following the market’s turbulent past and are effectively catering for the growing number of ‘non-standard’ borrowers in the UK who fall outside mainstream lenders’ criteria.
If you are interested on London’s property market, visit the official page of Henley Finance and Richard Butler Creagh here. Know more about Richard Butler Creagh and read more industry updates on his Twitter page. Watch this video to find out more:

Benefits of the Credit Card

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Are you planning to get a credit card?

Being able to handle credit responsibly is one way to know you are mastering your finances. It’s like learning to start a fire and not let it burn you or get out of control. For someone that is committed to that growth process, it’s not a trap to be avoided at all cost. It’s an excellent sign that they have the personal control to reach their own financial success and accomplishments. Seek out a financial expert like Richard Butler-Creagh to help you manage your financial status. Richard Butler-Creagh is a professional property developer based in London, UK. He is a consultant and a major shareholder at Mainstream Commercial Finance Ltd., which has been in business since 2006.

Fire can be one of the most devastating forces in the world, and yet some say civilization began when we figured out how to control its power. Credit cards are the same. Ask anyone you know if credit cards are good for anything, and you might get a response like: “They’re to be ripped up and burned!”

There was good reason to hold that opinion back then. In the days leading up to the Great Recession, a lot of consumers were getting burned by the trap of easy credit and perceptible consumption.

We can line up two crowds of people right now, one for each side of the argument. In both crowds, you will find people successful in their money matters and people who are not successful. It is not just people with debt who mess up their money. It is a valid criticism based on the facts. Most people are aware of the dangers of debt and have arranged their lives in a way which minimizes those dangers.

The simple fact is that you don’t have to get into debt if you own a credit card, but to handle credit appropriately you need to exercise financial control. It’s a natural part of financial growth, which comes with certain benefits if you learn how to manage your finances well.

These are some benefits to credit cards that debit cards do not offer:

Credit history:
Because a credit card is regarded as a credit instrument, you build a credit history even if you pay off the entire bill every month. Using a debit card offers no credit-rating advantage. Chances are you will buy a house and car on credit, which makes a good credit rating imperative in this day and age.

Protection:
When you buy something with a debit card, that money is taken out of your account instantly. If you get home and discover a defect, you are dependent on the vendor’s conscience to get your money back. With a credit card, you have a fallback position. If you are unable to resolve the dispute, you can get the credit card company to refuse payment to the vendor and you are never charged.

Rewards:
Affinity credit cards offer rewards not available to debit card holders. Although a few debit card issuers offer points or rewards, they are not nearly as common as for credit cards, even those that aren’t part of an affinity program.

Read more Richard Butler Creagh news here, learn more about Richard Butler Creagh here and watch Richard Butler Creagh video here

 

Ways to Avoid Being Surprised by Taxes

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Richard Butler-Creagh is the founder of Henley Finance which is a short- term bridging finance company. Here is Henley Finance advice about getting your taxes right:

Being an entrepreneur and establishing your own business provides tremendous freedom that you just can’t get working for someone else. When tax time arrives, entrepreneurs must take a totally different approach to taxes than the average worker. For example, when you work for someone else, your employer takes care of withholding taxes from your checks. But when you’re self-employed, that tax requirement falls only on your shoulders.

Know and calculate your self-employment tax obligations.

As mentioned above, you have to pay self-employment tax if you work for yourself. Part of this tax goes to Social Security and part to government medical insurances. This is in addition to individual income tax. If this is the first year that you’re in business for yourself, you’ll need to estimate how much money you expect to earn by December 31st. Otherwise, you can use online worksheet programs to help you figure out your tax obligation based on your prior year’s tax return.

 Seek advice from your accountant

Once per quarter, see to it that you sit down with your accountant, and review several items. First, check to make sure you are setting aside the right percentage of funds in your accounts.

Also take a look at the changes in your business since your last meeting with your accountant. Looks at trends, and discuss the company’s status. Finally, know of any changes in tax laws that might affect the way you are currently operating. This meeting doesn’t take a lot of time, but make sure you are doing the right things and heading in the right direction. This gives you time to make course corrections before you stray too far.

 Know Your Tax Laws

Your accountant is your best, most consistent source of information about important changes to the tax code. But you can’t get lazy and expect a third party to do everything for you. If you’re an active partner in making sure you’re up to date on the tax laws that affect you, you can be better positioned to take advantage of opportunities to reduce your liability and ensure you’re not caught short when it’s time to write the government a check.

Know Your Tax Deductions

This is another area where it pays to use an accounting service, so talk with certified tax accountants as necessary. While you certainly want to pay all the taxes you owe, there’s no sense in paying more than you’re legally obligated to. Consult with your accountant to make sure you’re positioned to take advantage of the tax breaks you’re entitled to. Just make sure you’re claiming all of your available deductions; many entrepreneurs don’t. While none of us particularly enjoys paying taxes, it’s far less painful when you have the funds to cover your obligation. Careful planning and regular checkups can help ensure you’re never surprised to see your taxes again.

.Learn more about Richard Butler-Creagh here, Visit Richard Butler-Creagh CrunchBase page here, connect with Richard Butler-Creagh on his Linkedin page here and visit Richard Butler- Creagh website here. 

Le Mans 2017 – The Results

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Henley Finance recently announced sponsorship of the Beechdean Aston Martin team at Le Mans race. Henley Finance are very pleased with the Beechdean Aston Martin team who came in 4th position at gt3 amateurs race and only came 76 seconds behind 3rd position.

Olly Bryant said of the race:

We made it! P4 , only 76 seconds behind P3, fantastic result for the team, and Aston won the Pro-class too after a fantastic battle with Corvette. 

Here’s a guide of the different classes in the race:

  • LMP1: These are the top level of endurance racing prototypes in the world and the fastest class at Le Mans.
  • LMP2: These are slightly slower, cost-controlled prototype class open to amateur drivers. No manufacturers are allowed in this class anymore. The cars are a bit faster this year, and it still attracts some amazing drivers, so there was 24 hours of ruthless racing in this class.
  • LM GTE Pro: This is the class where the manufacturers bring their latest, best production-based race cars.
  • LM GTE Am: This is the GTE class which is open to amateur drivers and the machinery has to be at least one year old to be used here. This year showed Ydiverse field of cars in this class.

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