John Stepek

Is a Glum Britain Heading for a Repeat of 1992? Anatole Kaletsky of Gavekal suggests that today’s “non-negotiable” fiscal rules are analogous to the ERM.

Is Britain heading for a repeat of the ERM ejection in 1992? Let's hope so www.bloomberg.com/news/newslet...

The US-EU Tariff Deal and Reeves vs Bailey Podcast Episode · Merryn Talks Money · 30/07/2025 · 21m

On this week's Merryn Talks Money market roundup, Marcus Ashworth joins me to explain why the EU deal was better than it could've been, and why Rachel Reeves is right on regulation (even if she's going about fixing it the wrong way). podcasts.apple.com/gb/podcast/t...

We've found the solution to the global fertility problem - make everyone a billionaire

Active Funds Are Scoring In The Great Rotation Most passive funds are momentum plays — and momentum has stalled this year.

Active funds are having a much better start to the year than normal. Some of them are even beating passive funds. What's going on? www.bloomberg.com/news/newslet...

Are US Trade Tariffs the Ultimate Stealth Tax? The US trade deal has left the EU feeling hard done by. But consider who’s the real winner from tariffs.

Rachel Reeves must look at Donald Trump with envy - he's managed to push through a massive stealth tax and still gets lauded for it as a top negotiator and patriot www.bloomberg.com/news/newslet...

What the US-EU Trade Deal Means for Your Money Any deal is better than no deal, it seems.

Girvan is a lovely part of the world. I have very fond memories of driving to the coast, seeing Ailsa Craig on the horizon and realising the weekend had begun. I can't think of a better place to sign a transatlantic trade deal. Even this one. www.bloomberg.com/news/newslet...

NIMBY and Tax The Rich are manifestations of the same issue: "something must be done, but not by me and not at my expense"

I mean to be fair, people (mostly the same ones, I'm guessing) object to every single one of those other objects you mention. In fact, thinking about it, people object to everything

How to Protect Your Wealth From Tariff Turmoil Trade turbulence is unlikely to go away anytime soon, despite market exuberance.

A trade deal with Japan and hopes for one with the European Union have sent stocks soaring to new highs. But given that the "new normal" is worse than the "old normal", is the exuberance warranted? Today's Money Distilled takes a look. www.bloomberg.com/news/newslet...

Cheers Julian!

Why Rachel Reeves Should Resist a UK Wealth Tax It’s impractical, it’s self-defeating, and it would make Britain’s already narrow tax base even more fragile.

A neat reminder of why Labour MPs should stop demanding a wealth tax - in today's Money Distilled newsletter from @johnstepek.bsky.social...

www.bloomberg.com/news/newslet...

The latest Rightmove data points to another flat year for UK house prices, which is no bad thing. At this rate, property might even be affordable again (at some point). www.bloomberg.com/news/newslet...

Rule of thumb: if it's your only emergency money, or it's for a house deposit or something you need cash for soon, that's one thing. If it's for your retirement or something more than, say, five years away, it's worth your while to spend less than an hour of your time at least googling index funds.

How Much Further Can the Bank of England Cut Rates? Using the Bank’s old target inflation measure, Bank rate is already slightly negative in “real” terms.

I have to say, the idea of another two Bank of England interest rate cuts this year seems ambitious to me. Here's why. www.bloomberg.com/news/newslet...

Does the US Stock Rally Mean Exceptionalism Is Back? The US has enjoyed a stunning recovery since April’s lows. Can the rest of the world keep up?

Does the storming US rally since April mean US exceptionalism is back? www.bloomberg.com/news/newslet...

All you need to know about the importance of air conditioning for climate change summers via @jburnmurdoch.ft.com

What UK Homes and Private Equity Have in Common No one is terribly keen to be forced to mark the value of their assets to market.

The problems afflicting the UK housing market are very similar to those plaguing private equity - no one wants to mark their assets to market. More in today's Money Distilled. www.bloomberg.com/news/newslet...

Here’s The UK Wealth Tax to Really Worry About Podcast Episode · Merryn Talks Money · 09/07/2025 · 16m

Everyone loves a wealth tax until it's their family home that's being eyed up by the chancellor. In today's market roundup, Merryn and I discuss why the wealth taxes we end up getting may not look like the ones everyone is theoretically in favour of now. podcasts.apple.com/gb/podcast/h...

It’s Time For UK Politicians To Tackle The Triple Lock We don’t need to cut state pensions but we do need to reform the ratchet mechanism.

Time for the UK's politicians to tackle the triple lock. It doesn't mean taking any money from pensioners (not even in "real" terms, let alone nominal), it just means making it at least a little more predictable and affordable in the long run. www.bloomberg.com/news/newslet...

UK May Need a Crisis to Get Serious About Debt Politicians won’t focus on the tough trade-offs needed unless markets force the issue.

The UK's public finances are in an ugly, but far from unsalvageable, state. Unfortunately, none of our politicians - government or opposition - are willing to discuss the trade-offs needed to get us back on track. But I guess that's what markets are for...
www.bloomberg.com/news/newslet...

An Appealing, Cheap Alternative to Private Equity Private assets have been all the rage, but in many cases, their listed counterparts look far better value.

Private equity isn't all it's cracked up to be. Here's a cheaper, somewhat more liquid alternative.
www.bloomberg.com/news/newslet...

The UK Is Now Between a Rock and a Hard Place The gilts market may have calmed for the moment, but tough choices lie ahead.

Now that the UK government is in a political headlock, the financial choices the country has to make are only going to get tougher - the next budget will be no fun, regardless of who delivers it. www.bloomberg.com/news/newslet...

Yes, an overly tight focus on casting the Tories as economic villains appears to have backfired quite badly. This memo explains a lot

What If London Loses One Of Its Top Companies? Suggestions that AstraZeneca might cross the Atlantic should act as a huge wake-up call.

What happens if one of the FTSE 100's biggest companies, AstraZeneca, actually goes ahead and ditches London for the US? www.bloomberg.com/news/newslet...

None of this is true but clearly I'm not going to change your mind

James, you can look up the historic data on real returns for various asset classes, and over the long run, equities beat all comers. For some people, cash will be the best bet, but they should choose it consciously with knowledge of the risks involved, rather than just defaulting to it.

UK Housing Has Seen a ‘Beautiful Deleveraging’ Some of the heat has come out of house prices, without cratering the wider economy.

This won't be much comfort to frustrated first-time buyers - particularly those in or near the UK capital - but British house prices appear to have undergone a "beautiful deleveraging", as hedge fund billionaire Ray Dalio might put it. www.bloomberg.com/news/newslet...

James, believe it or not, you can say the same for cash. And over time (we're talking a decade plus) a diversified basket of equities (which is easy and cheap to buy) has historically beaten both inflation and cash. So it makes sense if you have money, and time, and you understand the risks

You've jumped the gun a bit (I get it! There's a pay wall). There's an element of encouraging investment in the UK market (potentially) but it's also about creating a more knowledgeable investment culture (as opposed to the "stock market is a casino" mentality)

Why Cutting the Cash ISA Allowance Makes Sense Savers could enjoy better returns, while improving market conditions for UK-listed stocks.

Not sure this will be one of my more popular posts but here's why I think Rachel Reeves is right to cut the cash ISA allowance (remember, this is the annual amount you can put in, not the total you can hold; and that the overall allowance is still £20k) www.bloomberg.com/news/newslet...