John Stepek

The UK Already Has Quite a Few Wealth Taxes Taxing wealth is harder than taxing income. We still seem to manage it pretty successfully.

Taxing wealth isn't easy. But whaddaya know? We still manage to do it pretty well in the UK www.bloomberg.com/news/newslet...

Are We Heading for a Rachel Reeves Moment? The gilts market has taken fright at a series of confusing mixed messages on the upcoming budget.

Are we heading for a Rachel Reeves moment?
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Cheers Andy, yeah it's enough to make you weep

What UK Political Instability Means for Markets Hopes for a period of relative calm were dashed some time ago. Is yet another Prime Minister on the cards?

How much do markets really care about the turmoil at the top of the Labour government, and the resulting continuation of Britain's years of political chaos? Today's artisanal, home-brewed Money Distilled has a look www.bloomberg.com/news/newslet...

Is Gold a Bubble Yet? And When Will It Burst? What can the previous two gold bubbles of the late 1970s and early 2010s tell us?

Is gold a bubble yet? And if so, when will it burst?

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

Scrapping Stamp Tax on UK Homes Is a Great Idea It’s one of the clearest examples of a tax cut that would boost growth.

Scrapping stamp duty on houses is a great idea - let's hope we don't have to wait until 2029. Meanwhile, the latest RICS survey suggests the UK housing market will enter a period of stasis as buyers and sellers both wait nervously for the November budget. www.bloomberg.com/news/newslet...

We Need to Reverse the London Market's Decline The dearth of new listings points to deeper problems with the UK equity market.

The stock market may only represent a small element of London's global financial centre status, but having slipped below Oman in terms of IPO activity we might want to have a think about actually doing something to arrest the decline. www.bloomberg.com/news/newslet...

A Boring Housing Market Is Good News for Buyers Sellers appear to realise that “peak” pricing is now in the past.

The UK housing market is in the unusual position of being one of the dullest asset markets around right now. This is a good thing. www.bloomberg.com/news/newslet...

Yes Ann I did. Very disappointed frankly.

Don’t Bet on the Manifesto Surviving the Budget Rachel Reeves bolstered her authority with her party, but we’re none the wiser about her tax plans.

Rachel Reeves can be pleased with her conference performance yesterday (and it was good of Andy Burnham to take one for the team). But for all the chatter, we're none the wiser about the Budget www.bloomberg.com/news/newslet...

Can Gold’s Record-Breaking Streak Continue? Investors have been buying at the fastest rate since the last gold peak in 2020.

Can't believe I'm getting mildly edgy about the gold price when a $30k baby naming service exists ('it's "baby name branding" ackchewually'), but I've always been a cautious fellow.

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How Not to Be In Hock to the Bond Markets Be more productive, cut unnecessary spending or raise taxes. Or all three.

How not to be in hock to the bond markets: a beginner's guide, or, Blofeld is You www.bloomberg.com/news/newslet...

What Could Put an End to This Gold Bull Market? Gold has been smashing records this week, and it’s only Tuesday. How much longer can it continue?

Gold! What could possibly put a stop to its relentless record setting? www.bloomberg.com/news/newslet...

Rachel Reeves Might Have To Break Her Promises Given the options on the table, the manifesto pledge is looking vulnerable.

UK chancellor Rachel Reeves has another black hole to fill in the November Budget. With major tax rises ruled out (in theory) and spending cuts off the table, something has to give. But what? www.bloomberg.com/news/newslet...

The Real Reason UK Energy Prices Are Skyrocketing Podcast Episode · Merryn Talks Money · 15/09/2025 · 32m

I'm a big fan of the Merryn Talks Money podcast (sometimes I'm even on it!) but this is one of the best episodes yet. I don't think I've heard a clearer or more comprehensive explanation of the UK's energy problems than this interview with Professor Dieter Helm podcasts.apple.com/gb/podcast/t...

What's Changed in Markets So Far This Month? And will this week’s Federal Reserve meeting mark a turning point?

Returning to my desk after a fortnight away, it's useful to take a look at what's changed and what hasn't. At least two things stand out, for different reasons - gold and gilts... www.bloomberg.com/news/newslet...

Tidal is completely impractical and the idea that nuclear is not climate friendly but ever larger wind turbines are? Sorry James I don't feel you're a good faith dissident here

How to Prevent AI From Causing an Economic Catastrophe Podcast Episode · Merryn Talks Money · 01/09/2025 · 40m

How can we prevent AI from causing a jobs catastrophe? This was a really fascinating (and slightly unnerving) session of Merryn's Adam Smith Fringe show at Panmure House in Edinburgh - listen in here podcasts.apple.com/gb/podcast/h...

OK so a better option than the current ones. And reliable baseload that is climate friendly - I feel there's reason to be a little more optimistic than you are making out

I'm struggling to parse what that even means in the context

I take that point. But are there no benefits at all to them relative to a "big" non modular reactor?

Ah OK so no different then. I mean I guess you have to look after them. I'm struggling to get your overall point here I have to admit.

"Shoot on sight"?

Rolls-Royce Exploring Funding Options for Reactor Unit, FT Says Rolls-Royce Holdings Plc has held exploratory talks with advisers over funding options, including an initial public offering, for its small nuclear reactor unit, according to the Financial Times.

Realise it looks a long shot just now, but I'm not sure I can think of anything that would better reinvigorate the UK stock market and give us a "Tell Sid" retail investor moment than an IPO of Rolls-Royce's SMR division. And think of the YIMBY boost. www.bloomberg.com/news/article...

A lot of them are entertaining but I get your point, there's an element of "let's make Dr Who grittier" about it all

The Latest Budget Rumour Whacks Britain’s Banks The political risks of allowing an information “black hole” to open up are becoming all too clear.

An information "black hole" has opened up ahead of the pending autumn Budget, creating an emotional rollercoaster for anyone subject to UK tax.
www.bloomberg.com/news/newslet...

The ideal tax system should be simple enough that the rewards accruing to those both willing to, and in a position to engage in complex admin, are just insufficiently high to be worth the effort. We are very far away from that ideal.

I reject the premise that I would ever be picked for a ball-related sport

A Warning From 1300s England on Wage Controls Government intervention in prices tends to have negative side effects.

Today's Money Distilled is on post-Black Death inflation controls in 1350s England, the minimum wage, and wage compression, and comes with a massive hat tip to Dr Anton Howes www.bloomberg.com/news/newslet...

What AI Job Disruption Might Mean For Markets We may not be facing a machine takeover, but the threat to certain sectors is real.

AI is coming for at least some jobs. (Not mine, obviously. But yours? Looks iffy, I hate to say it).
www.bloomberg.com/news/newslet...