AJ Bell Money & Markets

On this episode of the AJ Bell Money & Markets podcast, Dan Coatsworth and Danni Hewson discuss the ongoing fallout from last week’s Budget including the resignation of the head of the OBR. [2:00] They discuss the OECD’s judgement of the impact tax and spending will have on the UK economy over the next few years. The pair also chat about a new warning about AI and how a bubble bursting could have a significant impact on global growth. [10:55] The Bank of England has proposed the biggest rule change for UK banks since the financial crash. [17:15] A zero-tariff deal has been struck between the UK and US on pharmaceuticals but what’s in the small print and what might it mean for companies like GSK and AstraZeneca? [19:30] Luxury goods maker Prada has bagged itself a Black Friday bargain, picking up Versace at a fraction of what its previous owner paid for it. [25:00] Plus, the latest on Netflix bid speculation for Warner Bros Discovery [26:45] and not one but two guest interviews: John Lamb from Capital Group with interesting thoughts on where interest rates might go in Europe [31:53] and friend of the pod, Ben Rogoff from Polar Capital Technology Trust on Google’s AI breakthrough. [36:30]

Ashley Thomas from Winterflood discusses potential regulatory changes that could impact renewable energy investment trusts. Evy Hambro, co-manager of the BlackRock World Mining Trust, shares insights on gold's impressive rally and the bullish outlook for copper driven by electrification. He also touches on the dynamics of mining sector M&A, warning of past mistakes while noting a newfound discipline. Nick Britton highlights the appeal of capital preservation trusts, emphasizing their strategy to protect investors during market downturns.

Rachel Reeves' autumn Budget took everyone by surprise with a leaked OBR report causing market chaos. Expect higher taxes on dividends, savings, and property income, which could lead to increased rents. Cash ISAs face a new limit, while the Lifetime ISA might be replaced by a fresh first-time-buyer option. Homeowners with properties valued over £2 million should brace for a mansion tax. There’s also good news, like energy bill support and rail fare freezes, as well as concerns around small business pressures.

Worried about the state of the stock market and the potential for a crash? You’re not alone as Dan Coatsworth discusses in this episode of the AJ Bell Money & Markets podcast. He looks at what’s happening in the UK and US markets, and why investors have reacted in a certain way. [01:35] Fundsmith chief executive Terry Smith is on the show to give his thoughts on the plethora of market worries. [08:04] Charlene Young explains why the economy and the markets are not the same thing. Especially in the context of recent poor growth figures, the unemployment rate creeping up, yet the FTSE 100 recently hitting new record highs. [11:48] Dan has good news for people worried if their money is protected in the event of a bank or investment platform going bust. [14:41] There is a lot of talk about home insurance becoming much more expensive in recent years, so Charlene and Dan explore the reasons why premiums have shot up. [20:23] Anticipation around the Budget is causing jitters in the UK property market, as the pod team discuss. [25:36] Finally, we’re debuting a new series celebrating interesting companies on the UK stock market. Our first guest is Ronnie George, chief executive of Volution, a ventilation products group which has made twice as much money for shareholders over the past year than a fund tracking the US stock market. [28:17] Sign up to the free AJ Bell Budget webinar on 27 November 2025 at 1pm GMT: https://register.gotowebinar.com/register/6453427819562096725

The battle between active and passive managers has been going in earnest for over a decade now, and the passive machines are winning. In this Deep Dive, Laith Khalaf and Dan Coatsworth explore the active and passive fund landscape, and ask if there is a way back for active fund managers. Dan and Laith discuss why passive funds have become so popular and share some stats on fund flows and figures from AJ Bell’s Manager versus Machine report, which pits active and passive funds against each other. [01:01] Laith catches up with Craig Baker who chairs the investment committee for Alliance Witan, one of the biggest investment trusts in the UK, to find out why they have chosen a distinctive active investment strategy and how it’s been performing. [22:28] Paul Angel, Head of Investment Research at AJ Bell joins Dan and Laith to talk about how to pick active and passive funds. [34:05] Paul, Dan and Laith discuss whether the rise of passive funds is bad for the stockmarket and consider the future of active management. [48:17]

On this episode of the AJ Bell Money and Markets podcast, Laura Suter delivers some good news on pension tax free cash after it’s reported that the Chancellor won’t alter allowances at the Budget. [2:10] But with a merry-go-round of speculation every year impacting savers’ decisions, AJ Bell is calling for the government to take seriously its calls for a pension tax lock. As the FTSE 100 breaks more records and edges closer to the psychologically important 10,000 mark, Danni Hewson digs into what’s behind this latest run of good form. Spoiler: it’s not all good news. [4:40] An anticipated end to the US government shutdown has helped offset renewed nerves about an AI bubble after Softbank sold its entire stake of Nvidia. [9:32] And former Tesco boss Dave Lewis will be hoping every little can help him turn around the fortunes of drinks maker Diageo. [13:30]  Tom Sieber joins the team to talk about changes to AJ Bell’s Shares magazine [16:30] With talk about potential changes to the cash ISA limit to try and get more of us to move away from cash savings and into investing, Laura’s been crunching the numbers to find out exactly how investing in cash or stocks and shares compares over time [21:30]. Plus HMRC has been clamping down on benefits fraud – but they’ve not always been getting things right. [28:30] And our guest interview this week is a catch up with Ayush Abhijeet, Investment Director at Ashoka India Equity, who explains why returns have been a bit lacklustre over the past year and why that creates an opportunity for investors. [30:30]

Simon Edelsten, the Fund Manager of the Goshawk Global fund, sheds light on the fascinating world of robotics and factory automation. He discusses the evolution of robotics, from heavy industrial arms to more delicate tasks, highlighting the integration of AI as the 'brains' behind smarter robots. Edelsten also shares insights on picking winning investments in this sector and addresses the competitive landscape, including the influence of leading Japanese companies and the catch-up efforts of China. A must-listen for tech and investment enthusiasts!

In this insightful discussion, James Carthew, a research analyst specializing in renewables and infrastructure trusts, dives into the challenges facing these sectors, including how rising interest rates impact NAVs. David Bird, manager of Octopus Renewables Infrastructure Trust, shares details about their strategic pivot toward growth and construction projects aimed at improving shareholder outcomes. Pieter Staelens discusses CVC Income & Growth's credit-focused strategy, highlighting successful opportunistic purchases that generate steady income while managing risks.

Martin Gamble, AJ Bell shares and markets writer, shares insights on the latest US earnings from major players like Microsoft and Alphabet, highlighting AI's impact on market reactions. He also discusses the Federal Reserve's rate cut and its implications. Stuart O'Reilly from the Royal Mint dives into the booming gold market, discussing drivers behind current prices and various investment options like coins and ETFs. The conversation touches on the relationship between silver and AI, alongside the changing landscape of consumer behavior in precious metals.

The AJ Bell Money & Markets podcast team give you the latest insights on issues affecting your personal finances, investments and pensions.  Dan Coatsworth explains why there has just been a brief shock on the markets around fears of a new banking crisis. [2:10]. You can also hear why Unilever won’t be splitting off its ice cream arm in mid-November as previously planned. [4:05] Dan and Charlene dissect the latest UK inflation data and explain why it was treated with widespread celebration. The inflation figure strengthens the argument for interest rate cuts and gives people in retirement clarity on how much the state pension will pay from next April, as September’s inflation result is used in the calculation. [8:25] The government has issued a white paper that points to changes around the costs of going to university, and the funding methods available. [14:02] Tom Sieber talks about the latest property market trends [17:14], while Dan tunes into the latest results from Netflix [26:10 ]. Charlene has some worrying statistics about pensioners being hit by tax on savings accounts. [21:05] To round things off, we conclude our conversations with various experts on what could happen if there is an AI bubble and that bubble bursts. Danni Hewson caught up with Julian Bishop from Brunner Investment Trust [32:02] while Dan talks to Marcel Stötzel from Fidelity European. [40:54]