Wake Up to Money Devolution Revolution?
Mar 18, 2026
Russ Mould, AJ Bell investment director, gives market context on yields, geopolitics and regional finance. Olivier Picard, community pharmacist and chair of the National Pharmacies Association, describes the surge in demand for meningitis vaccines and pharmacy supply strains. Vic Stewart, CFO of The Alchemist, talks about hospitality’s response, location choices and how local funding shapes investment.
AI Snips
Chapters
Transcript
Episode notes
Hospitality Sees Direct Benefits From Proactive Mayors
- Vic Stewart describes how mayoral attitudes shape night-time economy support, late-night levies and transport integration for his Alchemist venues.
- He contrasts Manchester's integrated Metro with Leeds' weaker public transport as a practical business factor for location decisions.
Prefer Reallocating Central Funding Over Complex Local Taxes
- Vic Stewart recommends simpler funding changes rather than complicating local tax rules, favouring a different split of the national pot.
- He warns that fragmented city-level revenue might not deliver intercity connectivity needed across northern metros.
Geopolitical Shock Dampens Consumer Confidence Quickly
- Ongoing Middle East conflict raises costs and dents consumer confidence, which directly lowers hospitality spending and investment.
- Vic says prolonged uncertainty could reverse initial green shoots and delay planned business investment tied to lower rates.