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Merryn Talks Money

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Merryn Talks Money with Bloomberg senior columnist Merryn Somerset Webb is your key to understanding how markets work – and how you can make them work for you. Every episode features a relaxed but in-depth conversation with a fund manager, a strategist, a Bloomberg expert or just someone Merryn finds particularly interesting in any given week. Listen in for the kind of insights and explanations everyone can use to help them make better saving and investing choices.

294 Episodes
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On this week’s market round-up edition of Merryn Talks Money, Bloomberg senior reporter and author of the award-winning Money Distilled newsletter, John Stepek and Bloomberg Opinion columnist Marcus Ashworth discuss why falling London flat prices but rising costs mean bargains may still be illusory. They also dissect the latest moves in commodities and UK Chancellor Rachel Reeves's cunning plan to quietly reshape the gilt market.See omnystudio.com/listener for privacy information.
  Most people spend their working lives earning and saving toward a financial goal. This goal can be a number or something more tangible like a paid-off mortgage. But when you’ve spent decades feeding the same frugality habit, entering retirement and reversing that addiction can be an unfamiliar challenge. Retirement also has a tendency of throwing up questions of status, belonging—and of course, mortality.In this week’s personal finance edition of Merryn Talks Money, hosts Merryn Somerset Webb and John Stepek confront a difficult listener question on the topic of retirement spending. How can a person start spending freely when their attitude toward spending has been the opposite most of their life? Chartered financial planner and Director at Flying Colours Advice, George Agan joins this episode to share his insights on what to do.Resources from George to check out if you want to learn more: This is a video with an overview on how to build your own model:https://youtu.be/7Wkr5QtY-G8?si=5ev22MOHQhl5Qvgq Course to consider: https://meaningfulacademy.com/rp-1/ And a link to George's firm: https://fcadvice.co.uk/  See omnystudio.com/listener for privacy information.
Societe Generale Head of FIC and Commodity Research Michael Haigh joins Merryn Somerset Webb to break down why the US attack on Venezuela and any subsequent attempt to reboot its energy industry is unlikely to change oil prices near-term. He explains why markets are more influenced right now by OPEC’s supply decisions and China’s rapid strategic petroleum reserve buying—and warns prices could fall if China slows purchases. The conversation then turns to a bullish outlook for copper, driven by electrification, artificial intelligence and data centers, as well as defense spending. Plus, Haigh argues gold and silver still have upside—gold on sustained central-bank demand and silver on persistent deficits—while noting key risks if central-bank buying or global uncertainty meaningfully eases.See omnystudio.com/listener for privacy information.
On this week’s markets roundup, hosts Merryn Somerset Webb and John Stepek discuss the strong performance of the FTSE 100, which has finally closed above 10,000. While it may not remain at that level, it marks a bright start. They also explore the key investment themes of 2025 and explain why equities in these areas are likely to remain elevated throughout 2026, driven by geopolitical tensions—particularly in defence, commodities, and precious metals.See omnystudio.com/listener for privacy information.
Merryn Somerset Webb and senior reporter John Stepek kick off the year by arguing that, amid political pessimism, personal finances remain one area where individuals can still take control. They run through six practical financial resolutions for 2026, from budgeting time for regular money check-ups and avoiding costly mortgage and insurance traps to improving tax efficiency, understanding pensions, and making sure wills and paperwork are in order. The message is clear: small, proactive steps now can make a meaningful difference to long-term financial security.See omnystudio.com/listener for privacy information.
Merryn Somerset Webb is joined by Saxo Bank’s Chief Macro Strategist John Hardy to unpack Saxo’s annual list of “outrageous predictions” — unlikely events that could still shake markets if they hit. They explore a potential “Q-Day” quantum-computing breakthrough that could undermine encryption and trigger a crypto-led confidence crisis, alongside space-economy scenarios like a SpaceX IPO and even lunar real estate mania. The conversation also turns to the ripple effects of widespread GLP-1 weight-loss drugs — including cheaper pill forms and the possibility they expand beyond humans into the pet world.See omnystudio.com/listener for privacy information.
Here it is! The second in our special two-part series, where John Stepek and Merryn Somerset Webb tell the extraordinary story of John Law: a fugitive Scots gambler who became the most powerful financier in France and helped invent the modern monetary system. From murder and exile to paper money, banking revolutions and spectacular collapse, Law’s life reveals why today’s financial system works the way it does—and why it sometimes blows up. It’s history, scandal and monetary theory rolled into one irresistible tale.Correction: In an earlier version of this podcast, John suggested that the term "bougie," meaning a wax candle, gave rise to the modern-day slang term "bougie," meaning "fancy." In fact, "bougie" is derived from the term "bourgeoisie". Our sincere apologies for this error. We used a range of sources for this podcast but two key books to read if you'd like to find out more are:John Law: A Scottish Adventurer of the Eighteenth Century (2018), by James BuchanJohn Law: Economic Theorist and Policy-Maker (1997), by Antoin MurphySee omnystudio.com/listener for privacy information.
In this special two-part series, John Stepek and Merryn Somerset Webb tell the extraordinary story of John Law: a fugitive Scots gambler who became the most powerful financier in France and helped invent the modern monetary system. From murder and exile to paper money, banking revolutions and spectacular collapse, Law’s life reveals why today’s financial system works the way it does—and why it sometimes blows up. It’s history, scandal and monetary theory rolled into one irresistible tale. We used a range of sources for this podcast but two key books to read if you'd like to find out more are:John Law: A Scottish Adventurer of the Eighteenth Century (2018), by James BuchanJohn Law: Economic Theorist and Policy-Maker (1997), by Antoin MurphySee omnystudio.com/listener for privacy information.
On this week's markets roundup, hosts Merryn Somerset Webb and John Stepek look back at an unexpectedly strong year for global markets, with equities, gold and even silver delivering standout performances. They dig into whether 2025’s surprising rotations—from US mega-caps to value, energy and long-ignored small caps—could carry into next year, and what persistent inflation, UK rate cuts and shifting attitudes toward net zero might mean for investors. See omnystudio.com/listener for privacy information.
In this episode of Merryn Talks Your Money, Merryn Somerset Webb sits down with veteran financial planner Hamish Leng to unravel one of the trickiest issues in personal finance: how to pass wealth to your children without undermining their drive, confidence, or future independence. From the psychology of raising financially capable kids to the smartest, tax-efficient ways to gift money, Hamish shares four decades of insight into what actually works for families.See omnystudio.com/listener for privacy information.
Merryn Somerset Webb speaks with Kurt Björklund, Executive Chairman of Permira, about where we are in the private equity cycle after several tough years and why he still believes in the asset class for the right kind of investor. They discuss what “real” private equity is, how governance and long-term value creation—not just leverage—drive returns, and the impact of higher rates, tech and AI on future opportunities. Kurt also explains who private equity is (and isn’t) suitable for, and what the shift from public to private markets means for savers, pension funds and wealthy individuals.Not yet a Bloomberg subscriber? Subscribe now!www.bloomberg.com/podcastofferSee omnystudio.com/listener for privacy information.
On this week's markets roundup, hosts Merryn Somerset Webb and John Stepek unpack silver's climb to a record high, oil’s weakness and why it raises the prospect of an energy rebound, and the latest memo on AI from Oaktree Capital Management co-founder Howard Marks. See omnystudio.com/listener for privacy information.
Host John Stepek speaks with leading economist Gerard Lyons about the UK’s latest budget and why he believes it lacks both vision and credibility. Lyons discusses the risks facing the UK economy—ranging from rising public debt to sticky inflation—while also outlining where interest rates, markets, and global growth may be heading in 2026. He closes with reasons for cautious optimism, including resilient corporate balance sheets and opportunities arising from global diversification and AI. This interview was taped at the Edelman Smithfield Investor Summit at the London Stock Exchange on Dec. 4, 2025.See omnystudio.com/listener for privacy information.
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.See omnystudio.com/listener for privacy information.
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. See omnystudio.com/listener for privacy information.
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.See omnystudio.com/listener for privacy information.
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. See omnystudio.com/listener for privacy information.
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. See omnystudio.com/listener for privacy information.
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.See omnystudio.com/listener for privacy information.
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.See omnystudio.com/listener for privacy information.
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Comments (5)

Granny InSanDiego

Thanks for this incredibly useful and easy to comprehend discussion on how best to invest in capital markets for the long term. I was happy to see that crypto currencies had no part in the strategy. Of course this is partly due to the short timeframe in which they have existed. I look forward to reading the analysis by Jim Reid and his team at Deutsche Bank and applying it when I rebalance my portfolio in 2026.

Dec 28th
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Daniel Maxon

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Jul 31st
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nollag

She has been crying wolf on a UK house price crash since 2009. One day she will be right, but we may all be retired by then

Jun 8th
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May 15th
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