Good morning and welcome to your Morning Briefing for Friday 1 August 2025. To get this in your inbox every morning click here.
Caledonian brings in BGF veteran to lead investments
Caledonian Holdings has appointed Keith Barclay as investment director as part of its plans to strengthen its investment team following a recent fundraising.
Barclay, a private equity specialist with a background in growth capital investing, is set to join the board of the AIM-listed firm, subject to regulatory approval.
He brings extensive experience in deal origination, execution and portfolio management, having most recently served as a senior investor at the Business Growth Fund (BGF) from 2015 to 2024.
Adam Norris: Is the tide turning for emerging markets?
Over recent years, investing in emerging markets has been a sobering experience, writes Adam Norris, investment manager at Columbia Threadneedle Investments.
Despite well-covered long-term themes such as superior GDP growth, urbanisation of workforces and overall favourable demographics, investment returns have been lacklustre.
Many commentators often begin the year banging the table for emerging market equities, yet through the course of the year are disappointed by the lack of earnings growth achieved.
Quote Of The Day
If our Country was not able to protect itself by using TARIFFS AGAINST TARIFFS, WE WOULD BE ‘DEAD,’ WITH NO CHANCE OF SURVIVAL OR SUCCESS
– President Donald Trump reacts on Truth Social to the legal challenges against tariffs
Stat Attack
A new study, conducted by FCA-regulated fintech and financial services provider Trade Nation, has unveiled the most traded financial markets of the year so far, alongside the most popular trading instruments by age group.
The top 10 most traded markets in 2025 are:
Source: Trade Nation
In Other News
Trading platform IG has launched a new podcast, The Art of Investing, aimed at helping beginner and intermediate investors better understand financial markets.
Hosted by IG commentator and former hedge fund manager Richard McDonald, the show features seasoned investors Chris Fellingham (ex-BlackRock, Soros Fund Management) and Mark Holden (formerly of Standard Life).
Together, the trio bring more than 100 years of investment experience.
In each episode, they debate market trends, break down complex topics and share stories from their careers to provide listeners with practical insights.
The podcast also follows the real-time construction of a ‘model portfolio’, with the team explaining asset allocation decisions across equities, bonds, commodities and cryptocurrencies.
McDonald said: “This isn’t just another investing podcast. It’s about real decisions, in real time, with real consequences.”
Trump’s global tariffs ‘victory’ may well come at a high price (BBC News)
Banks brace for key Supreme Court ruling on car finance commissions (Reuters)
The pension triple lock isn’t choking Britain (Bloomberg)
Did You See?
There are policy missteps and then there’s this — a wheezing, exhaust-belching car wreck of an idea being pushed uphill by a government too proud to admit the handbrake’s still on.
The plan to drag unspent pensions into the inheritance tax (IHT) net isn’t about fairness or simplicity or revenue, writes AJ Bell co-founder Andy Bell.
It’s about not looking weak. About avoiding yet another headline screaming “U-turn!”, as if that’s somehow worse than wrecking one of the few bits of the tax system that vaguely works.
In its apparent quest to make life as difficult as possible for financial advisers, bereaved families and anyone with a pension, the Labour government is hellbent on bulldozing through this change. Not because it’s a good idea. Not because it’s workable. But because they’re terrified of appearing indecisive.
Let’s recap. Back in April, chancellor Rachel Reeves — without any hint of consultation — announced that from 2027, unspent pensions will be subject to IHT. Further, if the deceased dies age 75 or over, the recipient will also pay income tax on the proceeds. An effective tax rate of 54%, 64% and 67% for basic, higher and additional rate tax payers.
Cue annoyance and a hint of panic among advisers, clients, providers and anyone with a functioning frontal lobe.
The original plan, drawn up on the back of a fag packet in some Treasury broom cupboard, made pension providers responsible for paying the tax. That’s right — companies with no control over probate delays were going to be on the hook for late interest payments. It was like fining the RAC because you got stuck in traffic.
Realising this was borderline insane, HMRC has now decided to dump the admin disaster on grieving families instead. Sensible? Slightly. Cruel? Definitely. And still an utter mess.
