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\u201cWhilst Great Britain is booming it comes as no surprise that the cash strapped EU are now seeing investors move their cash to the UK\u201d.<\/p>\n
He warned: \u201cOnly the Conservatives will deliver investment for post Brexit Britain, while all Labour want is to drag us back into the EU kicking and screaming\u201d.<\/p>\n
Top Brexiteer and former Secretary of State Dr Liam Fox said the news is \u201cMore good news for Britain as the Left\u2019s narrative of doom unravels\u201d.<\/p>\n
MP for Thanet South Craig Mackinlay said: \u201cIt is rare that a true tricolour-flying French institution like BNP Paribas is recommending investment away from the Eurozone and into the UK\u201d.<\/p>\n
\u201cOur economy, whilst having its own difficulties, is showing resilience whilst many EU economies are stalling.<\/p>\n
\u201cThis is a vote of confidence in UK plc and I\u2019m delighted to see it.\u201d<\/p>\n
Don’t miss… <\/strong> We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info<\/p>\n Mr Mackinlay explained that the cause of France’s problem is the \u201croots of the Euro\u201d.<\/p>\n \u201cIt is a good times currency but has no inherent support mechanism or safety valve when the going gets tough, measures which are available to economies with true sovereign currencies like the pound, dollar or yen.<\/p>\n Viktor Hjort, the head of credit research at BNP Paribas , told The Telegraph: \u201cThe outlook for UK equities is not bad at all. The FTSE is a value market. It has lots of energy and materials and a lot of banks. You can look at the oil price to see where energy is going.\u201d<\/p>\n Oil price rises have provided a boon to the FTSE 100, with BP and Shell comprising around 13 percent of the market\u2019s value.<\/p>\n Interest rates rises have also boosted banks\u2019 profit margins, financial stocks accounting for almost 20 percent of the FTSE100.<\/p>\n BNP Paribas economists expect Britain to fall into a mild recession in the first six months of 2024, but noted the UK economy is faring better than the Eurozone and has proved far more resilient than expected.<\/p>\n The Eurozone meanwhile faces the prospect of a double dip recession, at the same time as optimism grows about the UK post-Liz Truss.<\/p>\n BNP Paribas has assets of more than \u20ac2.5 trillion, so the change in official investment advice is a major boost of the UK economy.<\/p>\n
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