Hello.
The Budget occurred. A much leaked lengthy run-up culminated in the ultimate leak as the Office for Budget Responsibility shared its assessments on the chancellor’s policies ahead of time, assessments which are supposed to be published after Rachel Reeves has finished speaking.
The bond market was initially in a bit of a tizz but seemed to recover, then came the realisation that a lot of the tax rises and headroom is backdated, which has introduced an element of skittishness into the picture.
Analysis on the front pages ranged from characterising the Budget as taxing wealth, some creative claims about it amounting to socialism, and the mention of ‘Benefits Street’ in big letters.
Some felt billionaires and multinationals emerged relatively unscathed. Some thought it was a Budget with Labour at its heart, some thought it kicked the can down the road and there was some crying in middle class.
Some of the papers in Scotland bemoaned the windfall tax on oil and gas remaining. The Courier covers the much overlooked investment in Kirkcaldy, perhaps the wee laddie Geordie Munro may not have left for Idaho if he had known. The Herald was rather sanguine.
I have read pieces from all the above papers. Sometimes I get stuff from them, sometimes I don’t, sometimes I agree, sometimes I don’t. It’s not always this black and white, sometimes I agree with something that’s been written in spirit, but it’s been poorly argued or vice versa.
This is why some of us create newsletters with contrasting ideas and viewpoints, even within our niche of financial services. So when you’re sitting mulling the Budget, you may find something useful in a piece that challenges your interpretation. Better still, challenge the assumptions made in the ones that you do agree with.
A range of challenging and insightful thinking:
LANG CAT & CLIENT MENTIONS
Paraplanners: lang cat’s State of The Advice Nation needs you! – IFA Magazine
The call goes out to go to paraplanners.
Source: IFA Magazine
Regulators urged to hold pension transfer ‘bad actors’ to account
Mike quoted as one of the experts in this one.
Source: Professional Adviser
‘It’s been frantic – in a good way’: Orbis’ Matt Spencer on maintaining momentum
Orbis head of UK retail speaks to PA.
Source: Professional Adviser
Copia Capital’s Peter Wasko: Investor conversations about Japan are all wrong
The senior portfolio manager looks beyond the election of the country’s first female prime minister.
Source: Investment Week
7IM launches technology partnership with Cloud Direct – Money Age
Cloud Direct will work with 7IM to build new cloud-based infrastructure that aims to enable better scalability and improve the client experience.
Source: Money Age
BUDGET
OBR calls in cyber expert over botched release of Budget analysis – BBC News
A notable story of the year. The ultimate leak in a period largely characterised by them.
Source: BBC News
Dividend tax hike hits retiree gifting strategies | Money Marketing
The “Bank of Gran and Grandad” is a new one on me.
Source: Money Marketing
Experts say windfall tax decision to cost Aberdeen oil jobs | The Herald
The north east of Scotland continues to be frustrated with business leaders in the “Oil Capital of Europe”.
Source: The Herald
Rachel Reeves’ Budget fails her own 3 claims
Stephen Bush looks at the Budget from the angle of Reeves’ three claims that she “cut the cost of living, cut NHS waiting lists, and cut debt and borrowing.”
Source: FT
This bodge-it Budget does not give Britain what it needs
The Economist goes through the stages of grief in its post-Budget analysis.
Source: The Economist
Advisers question why Hargreaves Lansdown got a shout out in Budget – FTAdviser
“It is, frankly, deeply inappropriate for Reeves to endorse Hargreaves Lansdown or Vanguard as an ‘expert’ for people to turn to for investment decisions, given that it is primarily a direct-to-consumer, execution-only platform rather than a provider of holistic, independent financial advice,” argued one adviser.
Source: FT Adviser
Can this Budget revive economic growth? – Investors’ Chronicle
Overall conclusion? Not as bad as last year’s Budget.
Source: Investors’ Chronicle
Budget 25: Government to allow DB schemes to pay surplus funds directly to members
Measure will make it easier for trustees and employers to agree surplus extraction.
Source: Professional Pensions
Budget 25: VCT sector blindsided by ‘appalling’ tax relief cut to 20%
The industry has called for an urgent rethink [already] of Reeves’ plans to cut upfront income tax relief for VCTs from 30% to 20% as of April 2026, amid concerns about a hit to fundraising.
Source: Investment Week
Govt to consult on Lifetime ISA in early 2026 – Money Age
Everybody cheers.
Source: Money Age
Richard Buxton: A Klarna Budget reliant on growth it does little to promote
Get it: buy now, pay later. Because this is a Budget where spending is more imminent and more tax is coming later.
Source: Citywire NMA
Phil Wickenden: Picking apart Budget noise and client behaviour | Money Marketing
Phil Wickenden attempts to cut through the noise.
Source: Money Marketing
ADVISERS
New initiative launched to ease adviser shortage | Money Marketing
The programme, developed by LIBF in partnership with Future Financial Adviser, offers advice firms a 95% funded, fully managed pathway to attract, train and retain the next generation.
Source: Money Marketing
335,286 client accounts closed by advisers
According to FCA data.
Source: Financial Planning Today
INVESTING & WEALTH MANAGERS
Savers miss out on £1.9tn by backing cash over stocks | Money Marketing
Savers seem to be turning to cash at the worst times says Darius McDermott.
Source: Money Marketing
Crypto hoarders dump tokens as shares tumble
Those raising equity to buy bitcoin are feeling the pain – who’d have thought. Amongst the eyebrow raising elements of this article is Michael Saylor, who is the biggest corporate holder of bitcoin, has seen his company’s value fall to the point to where the crypto currency he holds is worth more than his company. Japan’s biggest bitcoin hoarder has seen its valuations drop 80% since July.
Source: FT
REGULATION & POLICY
Analysis by LCP highlights a concerning rise in financial insecurity and stress among UK employees.
Source: IFA Magazine
The Consumer Duty solution hiding in plain sight
The secret ingredient is data.
Source: Professional Adviser
AI
Investors expect AI use to soar. That’s not happening
A good look into a few of the reasons why businesses aren’t adopting AI as much as expected.
Source: The Economist
China leapfrogs US in global market for ‘open’ AI models
China is encouraging its AI start-ups to pursue open models as opposed to the closed approach of many US models. This naturally could have an implication for learning.
Source: FT
TRADE & ECONOMY
Industry warning as Reeves hikes sugar tax ahead of budget | The Herald
Irn-Bru looks set to be hit by the sugar tax for the first time after ministers confirmed a major tightening of the levy ahead of the Budget.
Source: The Herald
CRAZY CAT STORIES
A cat named Pepper and her 700 mile journey
Lindsay and Jeffery Lang thought their little kitty Pepper was gone. After nearly two months of searching they received a call from an animal shelter 700 miles away in the mission district of San Francisco, California saying they found their cat.
Source: KBOI Boise
OUTSIDE THE TRADE
Sewage fears grow on the Water of Leith, campaigners warn | The Herald
Bit close for comfort.
Source: The Herald
Hmm.
Source: The Guardian
Sean McKinven is PR account executive at the lang cat
