Good morning and welcome to your Morning Briefing for Friday 10 October 2025. To get this in your inbox every morning click here.
Andy Bell: A brave chancellor would grasp the nettle on spending
When things go wrong, too many people look out of the window, when they should be looking in the mirror. But politicians don’t do mirrors, they do blame, and right now, the government – particularly the chancellor’s – favourite punchbag is the previous lot.
Apparently, the Tories left behind a £22bn “black hole”, and now, in the latest chapter of this fairy tale, it’s ballooned to £30bn. If ever a chancellor needed some of Jack’s magic beans….
The official story is that Rachel Reeves was supposed to be the hero who patched things up. She’d stride into the Treasury, slay the dragon of fiscal irresponsibility, and put the UK back on the road to glory.
Research reveals generational divide over triple lock
The triple lock has become a flashpoint for a deepening generational divide, with new research revealing a stark contrast in attitudes towards the policy’s future.
The findings from PensionBee highlight a growing challenge for the government as it grapples with strained public finances ahead of its Autumn Budget.
Despite repeated assurances that the triple lock will be maintained, the survey exposes a significant age-related chasm in support.
MMI London: Targeted support will not reduce importance of advice, says FCA
Targeted support will not reduce the importance of holistic financial advice, but it will narrow the advice gap.
This is what FCA head of department, consumer investments Kate Tuckley said at Money Marketing Interactive conference in London today (9 October).
Tuckley added that the FCA’s financial lives survey has consistently showed that only 9% of those in the UK receive advice.
Quote Of The Day
Market attention is increasingly focused on these companies, and the potential for bad news to send ripple effects through the market is growing
-Ben Barringer, global head of technology research at Quilter Cheviot, comments on growing concerns over a potential bubble in AI-focused stocks and the risk of a wider market correction
Stat Attack
CEO confidence in the global economy has fallen to a five-year low, according to KPMG’s 2025 Global CEO Outlook. The annual survey of more than 1,300 global business leaders reveals a more cautious mood among CEOs, driven by persistent geopolitical tensions and economic uncertainty. Key findings include:
68%
of CEOs are confident in the current trajectory of the global economy — down from
72%
last year, continuing a long-term trend of declining optimism.
92%
plan to increase headcount over the next 12 months, with many still upbeat on earnings growth and M&A activity.
40%
expect earnings to rise by more than 2.5% in the coming year, while
89%
anticipate merger or acquisition opportunities.
Top concerns remain consistent with last year: cybercrime and cybersecurity (79%), AI workforce readiness and upskilling (77%), and successful AI integration (75%).
Source: KPMG
In Other News
Clifton Asset Management has appointed Christian Markwick as Senior Manager for Adviser Development and T&C Supervision, strengthening its senior leadership and compliance team.
Markwick, with more than 20 years of industry experience, joins from Verve Group, where he led adviser support, training, and due diligence. He also held senior compliance roles at Chartered Financial Planners, Kellands Gloucester, and Apricity Compliance.
His hire follows Jo Swain joining as Chief Risk Officer and Alex Kocach as Chairman, reinforcing Clifton’s leadership.
Clifton Asset Management, part of the Clifton Group, oversees £2.5bn AUM and serves over 12,000 clients across pensions and investments.
ING has named Gary Prince as head of its London Financial Markets business, overseeing a team of 150 covering foreign exchange, credit, commodities, equity derivatives, and financing.
With over 30 years in global markets, Prince joined ING London in 2000 and most recently served as global head of FX & Rates Trading. He is also a member of the ING Group Management Council and Wholesale Bank Leadership Team, contributing to strategy, DE&I, talent development, digitalisation, and digital assets initiatives.
He succeeds Guy Thomas, who retired after nearly 30 years at ING.
From Elsewhere
Fears rise over $3tn shadow banking crisis (The Telegraph)
Investors flock to ‘ex-US’ stock funds in drive to diversify (Financial Times)
Raising income tax is ‘least damaging’ option for Reeves, says think tank (The Independent)
Did You See?
Lloyds Banking Group has taken on full ownership of Schroders Personal Wealth.
Lloyds announced on Thursday (October 9) that it has acquired the remaining 49.9 per cent of share capital from Schroders in what was a joint venture, set up in 2019.
In exchange, Schroders has acquired the 19.1 per cent stake in Cazenove Capital, thereby re-establishing full ownership.
Both parties said it was “the right time” for SPW to transition fully to Lloyds.
Schroders will continue to manage and grow SPW’s customer assets and manage the Scottish Widows mandates as part of a new multi-year.
