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Unlearning what you think you know about government budgets
Last Updated: September 30, 2025
You will have heard a lot of criticism from politicians lately of the ‘other party’s’ policies. The charge that they are ‘unaffordable’ can gain a lot of credence. Voters listen because they spend a lot of time worrying about the budgets of their own households or businesses, and make the intuitive leap that government budgets are the same — that there is a certain tolerable limit to how much debt you can take on, and there are some things you just can’t afford.
Review of the week: No love lost
Last Updated: September 30, 2025
This year Valentine’s Day was clouded by news of Chancellor Sajid Javid leaving Number 11 and the ongoing spread of coronavirus around the globe. But the markets took it all in their stride, notes chief investment officer Julian Chillingworth.
Review of the week: Fear spreads too
Last Updated: September 30, 2025
As economic fears spread along with the widening global outbreak of coronavirus, our chief investment officer Julian Chillingworth considers the implications for investors. He also ponders whether the economy will continue to be a ‘Trump’ card for the US President as November elections approach.
Review of the week: A long shadow
Last Updated: September 30, 2025
As markets take a respite from their worst week of selling since the dark days of the Lehman’s collapse, our chief investment officer Julian Chillingworth considers the longer-term implications for investors, and also looks at the narrowing Democratic primary race to take on Donald Trump.
Review of the week: Markets slip on oil
Last Updated: September 30, 2025
As Saudi Arabia fires the first shot in an oil price war, our chief investment officer Julian Chillingworth considers the longer-term implications in light of the Covid-19 epidemic. He also looks at the surprising results of Super Tuesday and the narrowing Democratic race for the White House.
Update on market volatility: Covid-19 remains key
Last Updated: September 30, 2025
A plunge in oil prices has sent markets reeling, but the epidemic is still the main concern.
Review of the week: The fury of the storm
Last Updated: September 30, 2025
The pandemic has pounded global markets, spreading fear and upending commerce and people’s lives. Chief investment officer Julian Chillingworth plots a path through the chaos.
Review of the week: Throwing the kitchen sink
Last Updated: September 30, 2025
The UK government has unveiled a phenomenal package of support to try to stem layoffs and backstop society. Now people have to lend their support to each other, argues our chief investment officer Julian Chillingworth.
Will Markets close, and what happens if they are?
Last Updated: September 30, 2025
Market volatility has been through the roof, with US stocks first falling rapidly and then shooting higher faster than at any time since the 1930s. Despite these jarring moves, financial markets are unlikely to close, argues our head of asset allocation research Ed Smith. Will the markets be closed, and what happens if they are?
Review of the week: The cavalry (finally) arrives
Last Updated: September 30, 2025
The pandemic is spreading rapidly in the US, which is now following the rest of the West into self-isolation. Beware of leverage and expect dividend cuts, warns our chief investment officer Julian Chillingworth.
Trading places
Last Updated: September 30, 2025
Like Eddie Murphy and Dan Aykroyd in John Landis’s classic film Trading Places, it pays to walk a while in someone else’s shoes. It gives you perspective and leads to questions that would never have occurred to you before. It gives you the opportunity to lunch with Jay-Z. It can also lead to pain, embarrassment and discomfiture in pursuit of a dollar bill.
Review of the week: The Eye of the Storm
Last Updated: September 30, 2025
Europe’s COVID-19 cases seem to be peaking, the UK has at least another fortnight to go and America’s problems seem to be only beginning. The world is now in a race against the clock, notes our chief investment officer Julian Chillingworth.