Merryn Talks Money

In this special two-part series, John Stepek and Merryn Somerset Webb tell the extraordinary story of John Law: a fugitive Scots gambler who became the most powerful financier in France and helped invent the modern monetary system. From murder and exile to paper money, banking revolutions and spectacular collapse, Law’s life reveals why today’s financial system works the way it does—and why it sometimes blows up. It’s history, scandal and monetary theory rolled into one irresistible tale. We used a range of sources for this podcast but two key books to read if you'd like to find out more are:John Law: A Scottish Adventurer of the Eighteenth Century (2018), by James BuchanJohn Law: Economic Theorist and Policy-Maker (1997), by Antoin MurphySee omnystudio.com/listener for privacy information.

On this week's markets roundup, hosts Merryn Somerset Webb and John Stepek look back at an unexpectedly strong year for global markets, with equities, gold and even silver delivering standout performances. They dig into whether 2025’s surprising rotations—from US mega-caps to value, energy and long-ignored small caps—could carry into next year, and what persistent inflation, UK rate cuts and shifting attitudes toward net zero might mean for investors. See omnystudio.com/listener for privacy information.

In this episode of Merryn Talks Your Money, Merryn Somerset Webb sits down with veteran financial planner Hamish Leng to unravel one of the trickiest issues in personal finance: how to pass wealth to your children without undermining their drive, confidence, or future independence. From the psychology of raising financially capable kids to the smartest, tax-efficient ways to gift money, Hamish shares four decades of insight into what actually works for families.See omnystudio.com/listener for privacy information.

Merryn Somerset Webb speaks with Kurt Björklund, Executive Chairman of Permira, about where we are in the private equity cycle after several tough years and why he still believes in the asset class for the right kind of investor. They discuss what “real” private equity is, how governance and long-term value creation—not just leverage—drive returns, and the impact of higher rates, tech and AI on future opportunities. Kurt also explains who private equity is (and isn’t) suitable for, and what the shift from public to private markets means for savers, pension funds and wealthy individuals.See omnystudio.com/listener for privacy information.

On this week's markets roundup, hosts Merryn Somerset Webb and John Stepek unpack silver's climb to a record high, oil’s weakness and why it raises the prospect of an energy rebound, and the latest memo on AI from Oaktree Capital Management co-founder Howard Marks. See omnystudio.com/listener for privacy information.

Host John Stepek speaks with leading economist Gerard Lyons about the UK’s latest budget and why he believes it lacks both vision and credibility. Lyons discusses the risks facing the UK economy—ranging from rising public debt to sticky inflation—while also outlining where interest rates, markets, and global growth may be heading in 2026. He closes with reasons for cautious optimism, including resilient corporate balance sheets and opportunities arising from global diversification and AI. This interview was taped at the Edelman Smithfield Investor Summit at the London Stock Exchange on Dec. 4, 2025.See omnystudio.com/listener for privacy information.

Host John Stepek speaks with Helen Jewell, International CIO of Fundamental Equities for EMEA at BlackRock, about an unexpectedly strong year for global equity markets — one in which most regions outside the US outperformed. Jewell explains why widespread diversification, renewed strength in European banks, and accelerating demand for energy infrastructure—driven largely by AI—are shaping her outlook for 2026. She also highlights key risks, including investor complacency, and argues that selective opportunities in European quality growth and UK small caps remain compelling despite recent volatility. This interview was taped at the Edelman Smithfield Investor Summit at the London Stock Exchange on Dec. 4, 2025. See omnystudio.com/listener for privacy information.

On this week’s markets roundup, hosts Merryn Somerset Webb and John Stepek dig into the collapse of the proposed HICL–TRIG merger and the resurgence of shareholder activism reshaping the investment trust sector. They also explore the dramatic breakout in silver, gold’s renewed monetary significance, and Bitcoin’s latest bout of volatility—potentially tied to the unwinding yen carry trade and shifting global rate expectations. See omnystudio.com/listener for privacy information.

AI mania may be driving markets to new heights, but economist and author Dambisa Moyo argues the real question isn’t whether we’re in a tech-driven bubble—it’s what stage. Speaking with Merryn Somerset Webb, Moyo says that while valuations look stretched and investor excitement is unmistakable, there may still be a ways to go before things get bad. Turning to the UK, Moyo, a member of the House of Lords, argues that the country’s central challenge is weak growth, held back by two chokepoints: high energy costs and underperforming capital markets that fail to attract investment or nurture emerging companies. What’s needed, she says, is not just policy fixes but a stronger, more optimistic national story that makes the UK a natural magnet for capital.See omnystudio.com/listener for privacy information.

Merryn is joined by Stephanie Flanders, Head of Economics and Government at Bloomberg, Helen Thomas, founder and CEO of Blonde Money, and Money Distilled newsletter author John Stepek, to break down key announcements from the November Budget and what those changes mean for markets, investors and households.The conversation was recorded in front of an audience at Bloomberg's European Headquarters in London. See omnystudio.com/listener for privacy information.

UK consumers used to save very little — now they’re saving a lot, perhaps too much. Why? Kallum Pickering, Peel Hunt chief economist, joins host Merryn Somerset Webb to explain. He points to a “wealth shock”: when gilt yields surged in 2022, pension values fell sharply. At the same time, mortgage rates climbed and house prices stalled. This shift matters. It’s one reason the UK economy remains sluggish. But it’s not the only factor — our strained public finances and the sheer size of the state also play a role. Can it be fixed? Kallum thinks so. He shared his long-term ideas for turning things around — and even offered a few suggestions for Chancellor Rachel Reeves. Correction: At the end when Kallum discusses financing pensions, he refers to a policy that includes a one-year tax cut for young people at £2,000. That is incorrect. His calculations account for £2,000 cuts for years one and two for pensions, and £1,000 cut in healthcare. It starts for everyone at age 20 but anyone under 40 would get the chance to partake. See omnystudio.com/listener for privacy information.

In this week’s Merryn Talks Money market wrap, Merryn Somerset Webb and John Stepek sit down with Chris Clothier, Co-CIO of CGAM to discuss the proposed merger of two of the largest infrastructure investment trusts on the London market, HICL Infrastructure Company and The Renewables Infrastructure Group (TRIG). Fund managers at CGAM are "appalled" by the proposal. Clothier sits down with our usual hosts to explain why and what investors can do about it. The trio also talk about the upcoming budget and the collapse in central London house prices.See omnystudio.com/listener for privacy information.

Curious about how offshore bonds really work, and whether they’re worth it? In this week’s Merryn Talks Your Money, Merryn Somerset Webb sits down with veteran financial adviser Paula Steele, director at John Lamb Hill Oldridge, to unpack the truth behind this often-misunderstood investment wrapper. From hidden tax traps to smart long-term planning strategies, this episode will inform how you think about where (and how) to grow your wealth.See omnystudio.com/listener for privacy information.

Host Merryn Somerset Webb speaks to Jim Reid, head of Macro and Thematic Research at Deutsche Bank, to unpack why too much cash is risky over the long run and why starting valuations drive real investment outcomes. They dig into 200 years of data on equities versus cash, the role of 60/40 portfolios, gold’s surprising century and today’s artificial intelligence-fueled market dynamics—with practical pointers on cheap versus expensive markets and time horizons. Find the report here: https://www.dbresearch.com/PROD/RI-PROD/PDFVIEWER.calias?pdfViewerPdfUrl=PROD0000000000607211 Don't forget to sign up for our live podcast taping in London on November 27:https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

In this week’s Merryn Talks Money market wrap, Merryn Somerset Webb and John Stepek dissect the latest UK housing trends ahead of the budget, exploring why falling mortgage rates might not be enough to lift property prices amid growing uncertainty. They also touch on the sluggish UK economy, the FTSE 100’s near-record run, and whether the AI boom in US markets is showing shades of a bubble. Don't forget to sign up for our live podcast taping in London on November 27:https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

Merryn Somerset Webb sits down with Richard Staveley, manager of the Rockwood Strategic, to unpack why UK smaller companies are so unloved—and why that may be a big opportunity. Richard explains Rockwood’s playbook: concentrated, benchmark-agnostic, value investing with hands-on “constructive engagement” to unlock change. They cover liquidity myths, the impact of passives and private equity, and where he sees near-term catalysts—plus what could reignite IPOs and domestic flows (think ISAs, pensions, and momentum).See omnystudio.com/listener for privacy information.

Veteran market strategist Albert Edwards says we’re in a full-blown AI bubble—one powered by a story so seductive even skeptics are getting swept up. On this week’s Merryn Talks Money, the Société Générale global strategist explains why today’s tech optimism echoes the 1990s mania and warns that both earnings and valuations may be more fragile than they seem. His message: enjoy the ride, but stay near the exits—and maybe keep an eye on gold.Don't forget to sign up for our live podcast taping in London on November 27:https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

Hosts Merryn Somerset Webb and John Stepek, senior reporter and author of the Money Distilled newsletter, unpack the week’s biggest market stories — from the Bank of England’s latest rate decision and Rachel Reeves’s fiscal “reset” to whether the AI boom is starting to wobble.Don't forget to sign up for our live podcast taping in London on November 27:https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

Bloomberg personal finance reporter Suzanne Woolley is back on Merryn Talks Your Money. She discusses her latest in the 'Where to Invest' series, where investment experts share suggestions on where they'd put $1 million right now. Ideas include precious metals, luxury real estate and healthcare.https://www.bloomberg.com/features/how-to-invest-a-million-dollars-q4-2025/?srnd=undefined See omnystudio.com/listener for privacy information.

Is the AI boom just a bubble or the start of something bigger? Host Merryn Somerset Webb sits down with Rob Arnott, founder and chairman of the board of Research Affiliates, to compare artificial intelligence mania with the dot-com era, unpack sky-high valuations and market concentration while exploring what rising competition, power constraints and Capex mean for Nvidia and the “Magnificent Seven.” Arnott shares a pragmatic playbook—fade frothy winners, favor fundamentals (including his RAFI approach) and look to small caps, the UK and emerging markets—plus candid takes on Bitcoin and holding a little gold as insurance.See omnystudio.com/listener for privacy information.

US economist Arthur Laffer — the man behind the famous “Laffer Curve” — joins Merryn Talks Money to explain why he thinks Western economies, especially the UK, have pushed taxes too far. As Chancellor Rachel Reeves prepares for her next budget, Laffer warns Britain is heading for stagnation, not growth. He makes the case for a radical rethink: lower taxes, less red tape, and a return to pro-growth policies inspired by Reagan, Kennedy, and Thatcher. Tune in to hear why he believes the UK could be on the brink of an economic revival — if it dares to change course. Sign up for the UK Budget event: https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/See omnystudio.com/listener for privacy information.

Host John Stepek and author of the Money Distilled newsletter is joined by Bloomberg reporter Helen Chandler-Wilde and Stuart Trow, author of “Young, Poor and Totally Screwed” to unpack one of the Labour government's key reforms; the Renters’ Rights Act. The act, which has just received Royal Assent, aims to moderate rent increases, ban “no-fault” evictions, and end fixed-term tenancies. But without any meaningful supply side reforms, there are questions over how effective the new policy will be. Indeed, there are risks that it could do more harm than good, particularly to those already struggling to find accommodation, as tighter regulation and higher costs encourage more landlords to leave an already overly-tight market.Read more: https://www.bloomberg.com/explainers/how-to-uk-landlord-new-renters-rights-bill?utm_source=website&utm_medium=share&utm_campaign=copy Sign up for the budget event: https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/ See omnystudio.com/listener for privacy information.

On this week’s market wrap, host and author of the Money Distilled newsletter, John Stepek is joined by Bloomberg Opinion columnist Marcus Ashworth to dissect the latest market moves. The pair discuss the pullback in gold and other precious metals, falling bond yields amid expectations of rate cuts from the Federal Reserve and Bank of England, and consider how the election of Japan’s new Prime Minister, Sanae Takaichi, could shape the country’s markets and investor sentiment.See omnystudio.com/listener for privacy information.

Neil Shearing, group chief economist at Capital Economics and author of The Fractured Age, argues hyper-globalization is giving way to a world split into US- and China-centric blocs, reshaping trade, technology, and security. He explains why de-risking will likely be concentrated in strategic sectors (chips, batteries, biotech), bringing more volatile inflation and new portfolio implications—from being cautious on China exposure to watching critical minerals and long-run AI-driven U.S. tech.See omnystudio.com/listener for privacy information.

On this week's markets wrap, hosts Merryn Somerset Webb and John Stepek unpack a series of headlines that seem to confirm their long-standing warnings — from fiscal cracks and risky lending to energy costs and gold’s sudden rise. They connect the dots between market anxiety, political inaction, and the “outbreaks of reality” shaping the UK economy.Read more: https://www.bloomberg.com/news/articles/2025-10-15/uk-s-top-energy-suppliers-warn-bills-will-surge-on-grid-upgrades Check out that video: https://parliamentlive.tv/event/index/b8c78c69-0d5b-46eb-8692-68ce2c5cf274Listen back: https://podcasts.apple.com/gb/podcast/why-new-rules-are-needed-to-avoid-war-in-space-pippa-malmgren/id1654809850?i=1000638621310 See omnystudio.com/listener for privacy information.

In this episode of Merryn Talks Your Money, Merryn Somerset Webb and John Stepek unpack the FCA’s decision to lift its ban on retail access to crypto exchange-traded notes (ETNs). They discuss what ETNs are, how investors can buy them, and whether these regulated products really make crypto investing safer—or simply more accessible. Along the way, they debate crypto’s place in a portfolio, regulatory motivations, and the ongoing risks behind this “innovative finance” frontier.See omnystudio.com/listener for privacy information.

Activist investing is back. On this week's episode of Merryn Talks Money, Merryn Somerset Webb speaks with Joe Bauernfreund, chief executive of Asset Value Investors, about buying quality companies at deep discounts—and actively forcing a catalyst. The conversation spans Japan’s ongoing governance-driven rerating, South Korea’s push to be the new Japan and moneymaking special situations from Mitsubishi Logistics to News Corp. They also unpack why AVI tilts away from the US, how private-equity trusts and buybacks can unlock value and what the future might be for the UK’s ailing investment trust industry.See omnystudio.com/listener for privacy information.

On this week's markets roundup, Merryn Somerset Webb and John Stepek dive into the surging precious metals market — from gold’s decades-long shine to silver’s sudden rally — and what the “debasement trade” says about global confidence in fiat currencies. They unpack investor psychology, fiscal risks facing the UK, and why even major institutions are rethinking the classic 60/40 portfolio. Plus, a discussion on stamp duty and whether cutting it could truly revive Britain’s housing and equity markets.See omnystudio.com/listener for privacy information.

John Stepek, senior reporter and author of the Money Distilled newsletter, is joined by pensions expert Tom McPhail to talk about pension protection. It's no secret that UK Chancellor Rachel Reeves is looking for ways to raise cash to balance the nation's books in the upcoming November budget. Stepek and McPhail discuss ways to keep your pension protected and keep more of your money.See omnystudio.com/listener for privacy information.

Gold’s on a tear — and host Merryn Somerset Webb asks Dominic Frisbee, investor and author of the investment newsletter The Flying Frisbee and a new book The Secret History of Gold why. They dig into central-bank buying, de-dollarization, and the metal’s timeless allure, from Roman coins to modern ETFs, plus the case for $7k gold and the pivotal $50 line in silver. Practical takeaways include how physical sovereigns, miners, and ETFs can fit into a portfolio today.See omnystudio.com/listener for privacy information.

In this week's markets round up, hosts Merryn Somerset Webb and John Stepek discuss the news that London has slipped out of the world’s top 20 initial public offering markets as the third quarter ends, overtaken by Mexico and Singapore. Meanwhile, US tech stocks surge despite bubble worries, and Japan’s market hits fresh highs with renewed investor enthusiasm.Become a Bloomberg.com subscriber today. Check out our special intro offer right now at bloomberg.com/podcastofferSee omnystudio.com/listener for privacy information.

This week, host Merryn Somerset Webb and senior reporter John Stepek examine the policy signals coming out of the Labour Party conference—and what they could mean for your finances. They break down why a standalone wealth tax looks unlikely, the risks of lowering the VAT threshold for small businesses, and the political realities shaping pension reform. Plus, they consider whether proposals to tackle youth unemployment could shift the debate on work and welfare.See omnystudio.com/listener for privacy information.

Roger Lee, head of equity strategy at Cavendish, joins Merryn Somerset Webb to explain why he thinks the UK’s worsening public finances could morph from “slowly, then suddenly” into a fiscal event, and what that means for the Labour government, Britain’s international standing and investors.See omnystudio.com/listener for privacy information.

Kindbody, one of the largest fertility companies in the US, sought to disrupt egg freezing and IVF by combining spa vibes with Silicon Valley efficiency. The startup raised millions, opened dozens of clinics, and became a billion-dollar unicorn. But its ambition came with consequences. In IVF Disrupted: The Kindbody Story, reporter Jackie Davalos takes listeners beyond Kindbody’s millennial-friendly waiting rooms and into the clinics themselves, showing the sometimes-heartbreaking consequences of bringing the “move fast and break things” mentality to the business of creating life.See omnystudio.com/listener for privacy information.

In this week’s Markets Wrap, hosts Merryn Somerset Webb and John Stepek weigh Greater Manchester mayor Andy Burnham’s bond-market remarks against fiscal reality, unpack financial services group Gavekal’s so-called “Turkish Portfolio” of equities, and consider gold’s role as a hedge in an increasingly crowded market.As always, questions and comments welcome at merrynmoney@bloomberg.netSee omnystudio.com/listener for privacy information.

In lieu of a personal finance episode this week, Merryn Somerset Webb and John Stepek host a mailbag session answering listener questions on pensions, taxation, absolute return funds, and the risks around UK debt. They clarify common misconceptions, discuss practical investment considerations, and explore how policy decisions could shape the financial outlook.As always, send thoughts to merrynmoney@bloomberg.net See omnystudio.com/listener for privacy information.

Is US exceptionalism over? Pictet Asset Management's Chief Strategist Luca Paolini joins host Merryn Somerset Webb to explain why the world is entering an “age of convergence.” They cover why America’s market dominance may fade, where Europe and China are heading, what AI hype really means and why it might be time to rethink bonds, gold and diversification.See omnystudio.com/listener for privacy information.

In this week's market wrap, Merryn Somerset Webb and John Stepek unpack Next’s half-year report to reveal what falling vacancies, rising applications, and higher labor costs say about jobs, productivity, and AI. They also break down the Bank of England’s rate hold, the Fed’s cut, and what diverging policies mean for growth, inflation, and investors.https://www.nextplc.co.uk/~/media/Files/N/next-plc-v4/documents/2025/half-year-results-july2025.pdf See omnystudio.com/listener for privacy information.

Merryn Somerset Webb sits down with  Mark Wood, Chairman of Everest Funeral Concierge, Chair of PensionBee, and former CEO off Prudential UK and AXA, to discuss how sweeping pension reforms could transform the way UK earners save and draw down their pensions.Update: We wanted to add clarification to a point made in the show. In the interview, it was suggested that taking your 25% tax-free lump sum at age 55 or later means you’ve “retired” and can no longer put money into your pension with tax relief. It is correct that from the normal minimum pension age (currently 55, rising to 57 in 2028), you can access up to 25% of your pension pot tax-free. The restriction only arises if you also start taking taxable income (for example, via drawdown or as a lump sum payment). At that point, the Money Purchase Annual Allowance (MPAA) rules apply, and your future tax-relievable contributions are capped at £10,000 per year (current rules). However, withdrawing this lump sum alone does not mean you are treated as retired. You can continue to contribute to your pension and receive tax relief on those contributions, subject to the standard annual allowance.Thanks as always to those who wrote in seeking clarification.See omnystudio.com/listener for privacy information.

These days, UK energy policies arguably seem more ideological than anything else. But that doesn’t seem to be working, so perhaps it’s time for it to be practical instead? With that in mind we invited Dieter Helm, a professor of economic policy at the University of Oxford, to join this week’s Merryn Talks Money podcast. He discusses how the UK, which consistently ranks among the most expensive countries for consumer electricity prices, should address its energy problem. See omnystudio.com/listener for privacy information.

In this week's markets roundup, host Merryn Somerset Webb, editor-at-large for Bloomberg UK Wealth, sits down with Noor Al Ali from Bloomberg Markets Live to unpack gold’s remarkable rally and its implications for global markets. See omnystudio.com/listener for privacy information.

September signals the end of summer in the UK and the start of the school year. Gearing up to start university can be a daunting time for many young people, often catapulted into a situation of continuous firsts—first time living away, first time having to cook all their own meals and the first time having to manage their own money. On this personal finance episode of Merryn Talks Money, host Merryn Somerset Webb is joined by award-winning journalist Marc Shoffman to discuss all things student finance.https://www.bloomberg.com/news/audio/2024-09-09/merryn-talks-your-money-paying-university-fees-podcast See omnystudio.com/listener for privacy information.