TMT sector to make mark on the future

In the early 1970's, unit trust groups typically only had a UK growth fund and a UK income fund to offer and only a few had an international fund. But it must be remembered the FT-30 Index (the UK benchmark of the time) between May 1972 and December 1974 fell 75.5%, so there was little encouragement for fund managers to launch new funds. The other big problem holding back UK investors looking overseas was the penalty imposed by the then dollar premium. This was a British government tax that in effect imposed a tax of around 20% for switching from sterling into dollars. It was a penalty ...