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UK Retail: relief on relatively unharmful 2025 budget
The tax increases outlined in the UK's 2025 budget have proved to be skewed towards corporates and wealthy households with the prospect of manageable extra-staff costs for Tesco (Buy) and Deliveroo (Neutral) and better purchasing power prospects, fuelling a continued recovery in grocery volume &
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Bryan Garnier
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
Clement Genelot
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