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.

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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. 

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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. 

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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.

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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.

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Host Merryn Somerset Webb speaks to Jim Reid, head of Macro and Thematic Research at Deutsche Bank, to unpack why too much cash is risky over the long run and why starting valuations drive real investment outcomes. They dig into 200 years of data on equities versus cash, the role of 60/40 portfolios, gold’s surprising century and today’s artificial intelligence-fueled market dynamics—with practical pointers on cheap versus expensive markets and time horizons.

Find the report here: https://www.dbresearch.com/PROD/RI-PROD/PDFVIEWER.calias?pdfViewerPdfUrl=PROD0000000000607211

Don't forget to sign up for our live podcast taping in London on November 27:
https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/

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In this week’s Merryn Talks Money market wrap, Merryn Somerset Webb and John Stepek dissect the latest UK housing trends ahead of the budget, exploring why falling mortgage rates might not be enough to lift property prices amid growing uncertainty. They also touch on the sluggish UK economy, the FTSE 100’s near-record run, and whether the AI boom in US markets is showing shades of a bubble.

Don't forget to sign up for our live podcast taping in London on November 27:
https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/

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Merryn Somerset Webb sits down with Richard Staveley, manager of the Rockwood Strategic, to unpack why UK smaller companies are so unloved—and why that may be a big opportunity. Richard explains Rockwood’s playbook: concentrated, benchmark-agnostic, value investing with hands-on “constructive engagement” to unlock change. They cover liquidity myths, the impact of passives and private equity, and where he sees near-term catalysts—plus what could reignite IPOs and domestic flows (think ISAs, pensions, and momentum).

Don't forget to sign up for our live podcast taping in London on November 27:
https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/

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Veteran market strategist Albert Edwards says we’re in a full-blown AI bubble—one powered by a story so seductive even skeptics are getting swept up. On this week’s Merryn Talks Money, the Société Générale global strategist explains why today’s tech optimism echoes the 1990s mania and warns that both earnings and valuations may be more fragile than they seem. His message: enjoy the ride, but stay near the exits—and maybe keep an eye on gold.

Don't forget to sign up for our live podcast taping in London on November 27:
https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/

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Hosts Merryn Somerset Webb and John Stepek, senior reporter and author of the Money Distilled newsletter, unpack the week’s biggest market stories — from the Bank of England’s latest rate decision and Rachel Reeves’s fiscal “reset” to whether the AI boom is starting to wobble.

Don't forget to sign up for our live podcast taping in London on November 27:
https://go.bloomberg.com/attend/invite/post-budget-merryn-talks-money/

See omnystudio.com/listener for privacy information.