Merryn Talks Money

Latest Episodes:

Why Europe’s Banks and Energy Stocks May Lead the Next Rally with Blackrock's Helen Jewell Dec 08, 2025

Show notes

Host John Stepek speaks with Helen Jewell, International CIO of Fundamental Equities 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.

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Investment Trust Turmoil, Silver’s Surge, and Bitcoin’s Wild Ride Dec 05, 2025

Show notes

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.

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Dambisa Moyo on Why the AI Bubble Still Has Room to Grow Dec 01, 2025

Show notes

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.

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UK Budget Special: What Will It Cost You? Nov 27, 2025

Show notes

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.

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The UK Government Must Cut Spending - Here's Why (with Kallum Pickering) Nov 24, 2025

Show notes

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.

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Why This Controversial Investment Trust Deal Has Riled Key Shareholders Nov 21, 2025

Show notes

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.

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Offshore Bonds: What They Are and Who They’re For Nov 19, 2025

Show notes

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.

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Jim Reid on Why Cash Is the Riskiest Investment of All Nov 17, 2025

Show notes

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/

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UK Housing Jitters, Market Moves, and "Psychic Wealth" Nov 14, 2025

Show notes

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.

Why UK Small Caps Could Soar — Rockwood’s Richard Staveley on Value, Catalysts & Momentum Nov 12, 2025

Show notes

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).

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.