The Hawkins Hatton annual dinner, which has been held at Weston Park for the last 14 years, has become a firm fixture in the regional professional service sector and client calendars alike.

The 2023 F1 Dinner hosted by HH over two consecutive weeks in November did not disappoint in any way. The theme put a new spin on the event and instead of creating debate around business matters and economic trends, it drew on comparisons between the F1 and HH to demonstrate the power of being niche.

The F1 comprises of supercars which do not seek to compete with conventional vehicles which are more readily available. Moreover notwithstanding a supercar may have similar horsepower as a heavy goods vehicle, the difference is a supercar’s ability to accelerate, decelerate and navigate. This is analogous of HH in the legal sector in that HH is niche and nimble. Continuing with this analogy, a supercar needs:

• A strong chassis – in the same way business clients, when purchasing or exiting a business, need strong, clear advice to give certainty and HH’s corporate department provides this in an abundance.
• An engine – this is equivalent to a business’ power plant being its commercial property, which enables a business to expand, and HH supports this growth through its real estate department, leaving no stone unturned.
• Fuel – to drive the engine and turn the wheels. Commercial finance fuels a business and HH’s banking and finance team efficiently deliver the cash back into businesses from banks and other lenders.

In a race, there are times when others break the rules and drivers turn to the stewards, when rules are broken in business, our clients turn to the HH dispute resolution department to right the wrongs.

HH’s explosive, electrifying and polished dinners ended with guests commenting on the unique style of corporate gifts, which caught the essence and spirit of the evening being HH branded engine oil, given HH provides its clients’ business engines with F1 treatment to keep them running at optimum efficiency.

This is the million question which leads to many other questions around the interest rate cycle and whether or not it has hit its peak. We can speculate about the false dawn of falling inflation, now wage growth is higher than inflation, but many would not agree that we are in a feel good economy which is expected from wages being higher than inflation, and people having more disposable income. 

The autumn statement later this week has been trailed as leading to tax cuts, but is this the wrong time to consider tax cutting and should we instead be looking at investment? The headroom the Chancellor is looking to exploit for political gain for the next election should not be squandered on inflationary tax cuts, but instead directed to long term changes in the investment culture within the UK for businesses. 

The sting in the tail for the inflationary story is that core inflation is not getting the intention it deserves within the current debate, as it remains very sticky and close to 6%. This core inflation is important as this is the figure which the Bank of England looks at when deciding interest rates. 

If anything, the core inflation will mean that interest rates will not come down as quickly as some may anticipate. This could mean the economy for UK PLC will slow down, with predictions that there will be a recession in 2024 given the backdrop of economic data surrounding retail sales, job vacancies and mortgage approvals. The question then is, without investment, how long and deep will the recession be?

If the direction of travel is clear in terms of interest rates, this has to be the right time to invest as you want to catch those productivity gains when the economy slows down to be in a position where your business is stronger, coming out of any slowdown. Where wage growth is higher, this has to be a situation where investment reduces wage cost, whether through new machinery, or through the new revolution of AI.

If this productivity can be captured, there will be change to working practises which may mean a four day week according to Autonomy within the next 10 years, so jobs which the UK have in abundance for management and data processing could soon disappear. But these productivity gains should not just be focused on a shorter working week, but look to enhance the service offerings of businesses to create a more robust business environment especially as the UK operates within a global economy. It is this global economy that has given the US the advantage of the Inflation Reduction Act and the EU the European Green Deal, these policies which aim to push capital investment and long-term growth through clean energy need to be replicated within the UK. This is where the Chancellor should focus any tax surpluses on and try to give back to businesses through full expensing for capital expenditure.

In a backdrop of China slowing down and global consumer spending contracting, have the Brexit ripples started to dissipate when we measure the health of UK PLC. There is a plethora of economic information which has just come out. The chattering classes are saying that the UK is hitting the top of the inflationary cycle but there are no indications whether interest rate heights will now slow down. All we have is a rearview mirror which indicates that GDP figures showed that the UK economy shrank by 0.5% in July which was greater than the expected 0.2% contraction. Yes, we could blame this on the inclement weather and industrial strife.

Yet, when looking further back in the rearview mirror, GDP in June was stronger than expected. With all this inconsistent data, are we on the precipice of the R-word which economic superstition does not allow you to say just like theatrical superstition only allows you to refer to the Scottish play. Will the Governor of the Bank of England hike interest rates at the risk of tipping UK PLC into recession?

The signposts all around us indicate trouble ahead when you look at Europe’s largest local council going bust, the HS2 debate about the Manchester leg, Barclays laying off 450 staff and the recent fall of Wilko. From experience, I know clients who have invested in training employees are reluctant to lay off people, so is this the start of a wider cutting back for UK PLC in employment costs? You have to bear in mind that wage data is showing that wage inflation has caught up with headline inflation, even though unemployment is slightly up from this time last year.

By way of comparison, when we look at UK’s biggest trading partner, you can see the Euro has had its tenth continuous increase in interest rate hikes to 4% which means that since the launch of the Euro over 20 years ago, this is the highest rate for the Euro.

With a similar picture across Europe, it is clear that you do not have to be a soothsayer to know that the earliest we can hope for a fall in interest rates, whether or not we are at the pique of the cycle, is going to be in 2025.

The good news is that UK and EU relations have started to thaw from an all-time low, such that the UK is now joining the Horizon Europe Scientific Research Initiative and the EU’s space programme known as Copernicus. An agreement has also been reached on the Northern Ireland Protocol.

With a fair wind, headline inflation could drop by the end of the year to may be 5% as a result of deceleration in increasing energy costs and food inflation. So as long as businesses have time to normalise the input costs despite no clear indications of travel from the available data, the silver lining is that it was harder twelve months ago and in twelve months we should be in a better position.

We are all familiar with that phrase and if we apply it to world events, we can clearly see more bumps than smooth tarmac ahead. But with businesses, how do they cope with these bumps? Being a business advisor and an owner, the answer is simple, it is “foresight”.

None of us are able to predict the future, otherwise we would choose the correct lottery numbers this Saturday. But, what we can all do as business leaders, is look at factors which may affect the UK, such as the domestic economy, the workforce, inflation and factors further afield. Once you know what these factors are, we can all start to cater for them.

Global economic factors as simple as influenced by factors such as the Ukraine war and now the conflict in the Middle East and whether or not this will spill into the wider region, not forgetting that Russia and China are still looking to form a stronger alliance. These all affect global sentiment.

When looking at the UK itself, we are all well aware of the interest rates increase, but what we do not realise is that we now pay more as a country for interest payments than we do on defence. In the short term, none of this will change, as interest rates will take more time to rebalance, maybe that is why M&A transactions in terms of value are on the decline, as are IPOs, whilst corporate insolvencies are on the rise.

In the current uncertain climate, private equity may be more cautious and foreign investment may slow down, but we have to also look forward and consider that there is a good chance there may be a change of government in the new year with the election looming. This will bring with it new policy changes.

Therefore, the message to business owners is to focus on increasing productivity and continue to invest in R&D and purchases of equipment. Without these commitments, businesses may not be cushioned from the bumps in the road that will be faced in the next 12 months. It is like the old adage, do not fix the roof when it is raining, fix it when the sun is shining. Even though it may be raining now, there are clearly storms ahead.

In a backdrop of China slowing down and global consumer spending contracting, have the Brexit ripples started to dissipate when we measure the health of UK PLC. There is a plethora of economic information which has just come out. The chattering classes are saying that the UK is hitting the top of the inflationary cycle but there are no indications whether interest rate heights will now slow down. All we have is a rearview mirror which indicates that GDP figures showed that the UK economy shrank by 0.5% in July which was greater than the expected 0.2% contraction. Yes, we could blame this on the inclement weather and industrial strife.

Yet, when looking further back in the rearview mirror, GDP in June was stronger than expected. With all this inconsistent data, are we on the precipice of the R-word which economic superstition does not allow you to say just like theatrical superstition only allows you to refer to the Scottish play. Will the Governor of the Bank of England hike interest rates at the risk of tipping UK PLC into recession?

The signposts all around us indicate trouble ahead when you look at Europe’s largest local council going bust, the HS2 debate about the Manchester leg, Barclays laying off 450 staff and the recent fall of Wilko. From experience, I know clients who have invested in training employees are reluctant to lay off people, so is this the start of a wider cutting back for UK PLC in employment costs? You have to bear in mind that wage data is showing that wage inflation has caught up with headline inflation, even though unemployment is slightly up from this time last year.

By way of comparison, when we look at UK’s biggest trading partner, you can see the Euro has had its tenth continuous increase in interest rate hikes to 4% which means that since the launch of the Euro over 20 years ago, this is the highest rate for the Euro.

With a similar picture across Europe, it is clear that you do not have to be a soothsayer to know that the earliest we can hope for a fall in interest rates, whether or not we are at the pique of the cycle, is going to be in 2025.

The good news is that UK and EU relations have started to thaw from an all-time low, such that the UK is now joining the Horizon Europe Scientific Research Initiative and the EU’s space programme known as Copernicus. An agreement has also been reached on the Northern Ireland Protocol.

With a fair wind, headline inflation could drop by the end of the year to may be 5% as a result of deceleration in increasing energy costs and food inflation. So as long as businesses have time to normalise the input costs despite no clear indications of travel from the available data, the silver lining is that it was harder twelve months ago and in twelve months we should be in a better position.

Natwest Legal Report 2023

The UK legal sector continues to be hugely important within NatWest. We have a long and proud history of supporting legal firms throughout the UK, helping them develop successful and sustainable businesses.
I’m delighted to present our ninth edition of the NatWest Legal Report. This year PKF Francis Clark have been commissioned to write the report. I’d also like to recognise Robert Mowbray for his vital contribution and ongoing development to the NatWest Legal Report in prior years. I’m incredibly grateful to all the firms who’ve contributed and provided insights that will help others within our sector during these challenging times.

Our report focuses primarily on firms that operate at the SME level across England, Scotland and Wales. By comparing the financial performance of firms from across the UK, we’ve identified some interesting trends and valuable insights. Firms can use these findings to target areas of improvement, with the aim of enhancing profitability and management of working capital.

I think the challenge for everyone in the  current environment is finding the time to focus not just on the immediate now, but also on longer term vision, thinking about sustainability in its widest sense and having a future proof mindset – which, ultimately, I believe helps build better businesses as a result.

With this in mind, we’ve concluded this report with a top tips for business success and growth, which we hope will give you a useful framework to help navigate challenges and leverage new opportunities to pivot, innovate and grow your business.

It’s encouraging that despite the recent and ongoing challenges, the legal sector continues to show remarkable resilience, with many firms demonstrating record profitability in the last three years.
I hope you enjoy this report.

Download the full report here.

Apologies for the cricket pun, but this was the “perfect six” when Batt Cables (“Batt”/“Company”), one of Europe’s leading distributors of electrical cables, was acquired by private equity investor Chiltern Capital (“Chiltern”).

Batt is a UK headquartered, global specialist in the management and distribution of electrical cables, with facilities in the UK, mainland Europe, USA and Asia. It holds a wide range of over 8,000 different products in stock, serving industries including infrastructure, construction, renewables, offshore, telecommunication and transport.

Batt was founded in 1952 by previous majority shareholder, Peter Holm’s father, Jens Holm, and his business partner, Robert ‘Bobby’ Batt. As part of the transaction, Peter Holm will remain as an adviser to Batt and it will continue to be run by its existing management team who will become shareholders in the Company. As part of the transaction Chiltern will also introduce industry veteran, Jeremy Ling, as Executive Chair to support the management team in driving the Company through its next phase of growth.

Peter Holm said: “From the age of 18, I have spent my entire career building Batt from a small UK focused distributor, into the £200+ million revenue international company it is today. I’m enormously grateful to all the people who have supported me on this journey over the years, from customers, suppliers and not least my fantastic staff and management team. Whilst there will be a touch of sadness, I know now is the right time to hand over the reins and I have no doubt that the business will thrive following Chiltern’s investment, and I will enjoy supporting them on that journey.”

Peter Holm was assisted throughout this transaction by Hawkins Hatton Corporate Lawyers (“HH”) and Colin Rodrigues (Partner at HH) said: “The global footprint of Batt may seem daunting when it comes to a corporate transaction but the quality of the operation and people within Batt made this transaction seamless as they had all of the information we required at their fingertips so negotiating and delivering a deal like this was like “hitting the perfect six”.”

Joe Bennett, Investment Director at Chiltern Capital, added: “We feel privileged to be taking ownership of a company with such a long history in the UK cable distribution market. With the pressing requirement for ESG-driven electrification to support countries’ net-zero targets, now is an exciting time to be investing in the sector. We will seek to protect Peter’s legacy, whilst also investing to take the Company through the next stage of its growth journey.”

Theresa May (the former Prime Minister) once said “there isn’t a magic money tree that we can shake that suddenly provides for everything people want”. We all know that the country is in a debt crisis we only have to look around to see the ravages of inflation and the pressures on household spending.

In the same way, a Prussian diplomat once said “when America sneezes, the world catches a cold”. So, will the UK get a bad case of influenza as a result of the current state of the American economy?

The central banks in both the UK and the US have worked very hard since the financial crisis to ensure their respective economies stay out of intensive care. Their solution was creating cheap debt which ultimately has had repercussions leading up to this current debt crisis, hence the magic money tree. With any vaccine, you usually administer a small amount of the pathogen, perhaps the magic money tree was shaken too hard such that there was too much cheap debt which lead to more borrowing and ultimately inflationary pressures.

In the US, the jobs market is still strong but the undercurrents of a slowdown in consumer spending and increase in credit card debt are starting to become more pronounced. Are these an indicator that the US will be admitted as a patient suffering from pre-recession symptoms? The last time the US suffered from what was called ‘the Great Recession’ (because that recession lasted from December 2007 to June 2009) was clearly some time ago, so do current conditions mean the recurrence of a new recession? The problem with this diagnosis is that it has been put forward by economists for some time and there have been no signs of the US economy faltering though you should bear in mind that whenever someone’s not sure about a diagnosis they get a second opinion and the New York Fed has apparently predicted that there is a 62% chance of a US recession in the next 12 months which apparently is the highest for the last 40 years. You should also bear in mind that there is a 38% chance of no recession and the thing about economics is that no one ever really knows. What is certain is that these are interesting economic turns to be navigating in the business sector.

Hawkins Hatton Newsletter June 2023

Even without an engineering background, we all know machines need to be lubricated with oil, and where better to find a business based in oil, which is not in the Middle East, or in the North Sea, but in the heart of the Black Country being the birth place of the Industrial Revolution.

Midland Oil, has a national reputation for the production of its extensive range of high performance lubricants covering a wide range of application areas which cover almost any grade of industrial, metalworking or automotive lubricant. Richard Parry and Mark Hayes who have worked in Midland Oil for many years and have an intimate knowledge of the business, found it a natural step to take over the reins of Midland Oil when its founders were looking to take a step back.

As with any management buyout, knowledge of the business is important, but more than that, is the determination of a management team to continue the success and direction of the business and to build on what are firm foundations to take the business into new directions and continue to strengthen its core offerings.

When Richard and Mark decided to start their management buyout, they instructed Hawkins Hatton Corporate Lawyers. Colin Rodrigues of Hawkins Hatton said, “it is unusual to have a new client simply pick up the phone and decide to instruct our firm, as we have built a strong and reputable brand through reputation, which in turn, has led to repeat business from its professional network and clients. Richard and Mark did just that, made an initial call and the rest, as they say, is history.”

Richard and Mark said, “just like the oils we sell which are of different grades which do different things for different machines, having key advisors who you know you can rely on is a recipe for success. Being new to the world of M&A, everything is a school day, but you know you are in safe hands when you can talk to your lawyers in simple terms and get clear guidance.”

It is hoped that the management buyout which was funded by Cynergy with a £3.4 million facility will really help to boost the prospects of growth for Midland Oil in the next few years.

No this article is not about his Majesty King Charles III who we all wish a long and happy reign. Instead, it is about the London Stock Exchange (“LSE”) and lack lustre ability to attract companies for listing. The LSE did actually have its roots in a Royal Exchange which was set up for merchants to conduct financial dealings back in 1571. However, local stock brokers were not permitted to trade from it so instead they traded in coffee houses and that was what lead to the creation of the LSE in 1773.

The LSE is just about keeping its position in the top 10 stock exchanges in the world by size and it is now finding it’s bigger rivals from the US, Hong Kong, Shanghai and India and even the Euronext just to name a few are bigger than the LSE and attract more listings. This may come as a surprise but it should not when you think about the size of the companies that are listed on the US stock exchanges such as Saudi Arabian oil, Google, Microsoft, Amazon and Apple just to name a few.

It is like the old adage of “money makes money” and in a bid to attract more capital to the UK, could be the main reason why the Financial Conduct Authority are looking to change the listing rules for the LSE. These changes are now looking to move the focus of listing to enable entrepreneurs to cash out of their business as well as enabling companies to attract more capital to fund the next stage of their growth.

It is hoped that the changes to the listing rules will make the LSE more nibble especially when the LSE got snubbed by Arm (that famous Cambridge technology company) when they decided to list on the Nasdaq despite the overtures of the UK government. The removal of some of the listing hurdles will encourage more companies to consider listing on the LSE. But why are these changes important and do not forget we already had an update to the listing rules recently through Big Bang 2.0 whose main architect was Lord Hill. Clearly the LSE is important to the UK economy so that is why there are more changes as without the LSE, UK Plc will lose a vital engine that creates economic growth through the promotion of economic development and investment which attracts capital into the UK.

However, these structural changes to the listing rules may still not achieve the desired goal notwithstanding as laudable as they are, simplifying the listing rules and having one standard rather than a standard and premium listing will simplify listing rules and regulations. Coupled with allowing companies to list when they only have 3 years audited accounts will also encourage companies to list at an early stage. Though this may still not be the answer that policymakers are looking for. This is because there is great swathe of money sitting in pension funds which needs to be encouraged to invest in higher risk equities. Therefore there needs to be a cultural shift if the LSE is to not to lose its crown and drop out of the top ten stock exchanges in the world.  

I wanted to share with you some of my thoughts on the UK Real Estate landscape.

No one could have predicted that the legacy of the pandemic would leave in its wake the high level of unoccupied office space despite employers encouraging workers back to work. The retail sector continues its decline in the face of inflationary pressures, which has had a knock on effect for large online retailers who have halted the acquisition of sites to build “large sheds”.

From a landlord’s perspsective, legislative and tax reforms have made it less attractive for investors to retain commercial or private rented accommodation, especially with the move to a zero carbon world, resulting in Energy Performance Certificates (“EPC”) bands continually moving up. This will inevitably lead to the repricing of properties where work is going to be required to upgrade EPC ratings. The smart money in commercial property has moved to properties with strong green credentials.

There is a correlation between the cost of borrowing and the sharp decline in the demand for commercial loans, but this has not translated to a fall in values of commercial property as yet. Maybe this is because landlords are increasing incentive packages to tempt prospective tenants.

Prudent landlords are checking their insurance policies to make sure that they are not unintentionally underinsuring because of the inflationary world we are living in is leading to higher costs of repair. These landlords also have seen the unpredictable weather trends and have made sure their insurance cover extends to fire, flooding and subsidence. This is because weather related losses due to fire are one of the key threats for commercial property, as is flooding for residential property in certain areas.

Notwithstanding the uncertainty in the year ahead, there will always winners and losers, but I suspect forced sales will still be limited unless the types of properties are located in an unattractive part of the high streets or large office space and older industrial buildings which cannot be repurposed. If you want to read more about this, go to https://chambers.com/law-firm/hawkins-hatton-corporate-lawyers-ltd-uk-1:71360

Arm is that famous semiconductor company, which is so big that it has a part to play in everything we use which contains a silicon chip, from mobile phones to scientific and defence equipment, to cars and even your TV. The literal ‘arm wrestle’ between the London and New York stock exchanges came out in favour of New York for the listing of Arm rather than London.

Why did Arm choose New York when Arm is a British company and London is Europe’s oldest and one of the biggest stock markets in the world. Is this a sign that London does not have the ability to raise capital in the same way that New York does?

Ultimately, when a company decides to move to a country for listing, this then means that the Company’s profits, intellectual property and net worth will eventually reside in the jurisdiction in which it is listed. Put another way, that Company’s tax take will also fall into that jurisdiction.

Maybe, one of the reasons why the New York stock exchange is favoured over London stock exchange is because of the narrow range of investors in the London stock exchange. In London, the investors are predominantly very large pension funds, whilst in New York, the money comes from much more diverse sources hence those investors may be prepared to take greater risks.

The high liquidity in New York means it has a wider global group of investors who are prepared to invest in those companies. When looking at valuations, there is no doubt that New York tends to be higher than that in the UK, but this then translates into a larger gap when you seek to raise millions of pounds.

When Rishi Sunak was the Chancellor of the Exchequer prior to his elevation to Prime Minister, he put forward Big Bang 2.0 in a bid to help de-regulation and innovation within the London stock exchange in order to help London have a more worldwide focus casting its gaze on the far east and America rather than just looking at Europe. At the moment, these changes are just focused on helping small-cap companies seeking listings in London.

Maybe more radical ideas need to be implemented, though bear in mind the backdrop of the insolvency of the Silicon Valley Bank. It is only government policy that can lead it to a policy change to change the investment culture of the UK, if we are to try to match New York’s appetite for risk, rather than maintain the prudence of the Europeans.

As ever we are proud to be listed highly in the Legal 500 world rankings.  Please download a copy of it here..  https://hawkinshatton.co.uk/wp-content/uploads/2023/02/legal500.pdf

Rollins, Inc. (NYSE:ROL) ("Rollins"), a premier global consumer and commercial services company, through one of its subsidiaries, has again demonstrated its ability to find key acquisition targets, and so expand its presence in the UK. During December 2022, the company finalised its latest acquisition of Pestproof Ltd (“Pestproof”).

Pestproof was established in 1993 by Steve Ivell and David Harrison. Pestproof offers a full range of pest and bird control services, in addition to specialist cleaning and washroom hygiene services. A complete pest prevention package is offered to customers ranging from domestic householders through to leading high street companies.

Commenting on the sale, Steve Ivell said, “Having had numerous discussions with the Rollins team, we came to appreciate the numerous synergies between the two companies. So, it was a really simple decision to decide to sell to them. I believe they will continue to invest in the business and allow it to continue to grow, whilst also supporting all our key employees and customers.”

Caspar Appeldoorn (MD of Rollins Europe and Middle East) said "The acquisition of Pestproof extends our coverage into the North West of England. I could see the opportunities to help support and grow this business as it shares the same high standards and core values. Everyone at Rollins UK is looking forward to working with Pestproof and developing the business.”

Hawkins Hatton Corporate Lawyers represented Pestproof and said “We have done a number of transactions where we have acted for Sellers who have acted for Rollins and we have always found that the negotiation has always been fair and every deal has been amicable delivering what each party is expected of the other.”

Pestproof is just the latest addition to the growing number of Rollins companies in the UK. This began with the acquisition of Safeguard Pest Control in 2016. Since then, AMES Group, Kestrel Pest Control, Baroque Pest Services, the Guardian Group, Albany Environmental, Van Vynck Environmental, Enviropest, IPM, NBC Environment, and Europest have all been added to the Rollins family of businesses.

It has now been three years since Brexit on 31 January 2020, when every debate was dominated by “Brexit” being prefixed with “hard”, “soft”, “deal” or “no deal” etc. Then another word took over which was “Covid-19” which continued until the new word of the moment which is “Ukraine”. It is safe to say these words have dominated the political landscape in the last three years.

Without wishing to judge whether or not Brexit was a success and to avoid the political rhetoric, it would be interesting to ponder whether Brexit will stand the test of time. In order to do this, we need to look forward and take a circumspect view of what has happened as it is  impossible to compare what the position would be if the UK had stayed within the EU.

Could we improve on what has happened, but this would be pure conjecture. Brexit was supposed to deliver freedom for the UK to break free from the shackles of EU bureaucracy. There was no deal on financial services, a shrewd ploy on part of the EU’s chief negotiator Michel Barnier clearly intended to weaken the UK economy as a punishment for leaving the EU. At this time Rishi Sunak, as the then Chancellor of the Exchequer, came up with the “Big Bang 2.0”.

The UK intended to gain a comparative advantage by deregulation of the financial services industry akin to what occurred in the 1980s. To do this now, there has to be an implementation of deregulation in order to seize the opportunity and to simulate growth which the UK economy desperately needs. Otherwise the International Monetary Fund’s (“IMF”) prediction that the UK economy shrinking by 0.6% may become reality. IMF predictions of the UK economy have previously been wrong so there is still room for re-evaluation. This will depend on Rishi Sunak turning the Big Bang 2.0 into reality now that he is the UK’s prime minister as he can influence the UK’s destiny. The signs are all looking good with growth in exports for financial services to Singapore, Switzerland and the USA. With less barriers to entry, the theory is there will be more innovation and more market entry which will lead to an increase in long term productivity, not only is the pace at which this deregulation slow but certain decisions of late the UK Government’s desire to regulate cryptocurrency seems counterintuitive to Big Bang 2.0.