Stock markets reached new highs in January, but US shares continued to lag Europe and Asia. Sentiment remained optimistic, the pound strengthened, and bond markets held steady. Prices for gold and silver reached new peaks as international tensions rose. 

In this update we reflect on 2025, outlining what’s worked and what hasn’t, what needs to change and what doesn’t. We set out the conclusions we have reached and our confident outlook for 2026. 

A monthly market update from our investment team. 

A monthly market update from our investment team. 

Ahead of the upcoming budget, journalists will fill many column inches speculating what the chancellor may or may not do, should or shouldn’t do. Instead of speculating, here’s what the government’s finances actually look like, and a helpful rule of thumb.

A monthly market update from our investment team. 

A monthly market update from our investment team. 

A monthly market update from our investment team. 

Trade policy risk, the government’s finances and rising defence spending have shaped financial markets this year. With the first half of the year behind us, now is a good time to reflect on the remainder of 2025. What long-term options does the Chancellor of the Exchequer have to stimulate investment in her Autumn Budget? And after its August interest rate cut, what role can the Bank of England play?

A monthly market update from our investment team.