Good morning and welcome to your Morning Briefing for Monday 10 November 2025. To get this in your inbox every morning click here.
Wealth industry slams ‘reckless’ 20% ‘exit tax’ proposal
Chancellor Rachel Reeves’s reported plan to impose a 20% ‘exit tax’ on wealthy individuals leaving the UK has been met with fierce opposition from business leaders and the wealth management industry, who have branded it “reckless and self-defeating”.
Reeves is understood to be considering the “settling-up charge” on business assets left in the UK as part of this month’s Budget, as she attempts to fill a multibillion-pound hole in the nation’s finances.
The move could reportedly generate £2bn for the Treasury.
Only 2% of advisers confident in government’s economic agenda
Just 2% of financial advisers are confident in the UK government’s economic policy agenda over the next 12 months, new research from Unbiased Pro has revealed.
The study, conducted ahead of the Autumn Budget, found that 57% of advisers actively lack confidence in the government’s economic direction.
This widespread uncertainty appears to be driving client demand, with 36% of advisers reporting an increase in enquiries ahead of the Budget. In contrast, only 19% reported a decrease in demand.
ESG Accord: What’s COP got to do with financial advice?
In our latest Accord Talks podcast, we discuss the COP30 climate conference in Belém, Brazil, starting today (10 November). It is likely to dominate headlines – but beyond the political theatre and photo ops, what does it actually mean for financial advisers?
The answer: more than you might think.
Understanding what a COP is (and isn’t) helps advisers navigate the investment landscape, make informed product selections and engage clients in more credible, values-aligned conversations.
Quote Of The Day
While the standoff hasn’t turned into the market drag many feared a few weeks ago, the prospect of clarity is still welcome
– Matt Britzman, senior equity analyst, Hargreaves Lansdown, comments on the end of the US shutdown coming into sight
Stat Attack
A new poll by Rathbones highlights a significant level of disillusionment among the UK’s small and medium-sized business leaders regarding the current tax burden.
The findings suggest that this is not just a minor grievance, but a critical factor pushing many entrepreneurs to actively consider relocating themselves, their companies, or both, out of the country, with serious potential consequences for the UK economy.
The stats show:
63%
say the Government is not doing enough to incentivise business creation and growth.
42%
believe Government policy is unsupportive of business.
12%
of SME leaders are actively planning to relocate themselves, their businesses, or both due to the tax burden.
26%
of business leaders are concerned about the tax environment, although they are not planning to move.
33%
plan to move both themselves and their business abroad.
34%
plan to move only their business, while they remain in the UK.
49%
want tax breaks to encourage business growth and staff hiring.
25%
support incentives for business owners to take risks.
Source: Rathbones
In Other News
HLPartnership (HLP) has expanded its lender panel with the addition of Handelsbanken, bolstering support for advisers tackling complex cases.
The network said the move enhances its commitment to delivering good Consumer Duty outcomes.
Handelsbanken’s relationship-led model, featuring decentralised, local decision-making, will give advisers direct access to underwriters.
Matt Brown, propositions director at HLP, said the bank’s focus on “individual case assessment” provides an “additional route to support clients whose circumstances may not fit a standard profile”, ensuring responsible lending and positive outcomes for a diverse range of borrowers.
Rich countries have lost enthusiasm for tackling climate crisis, says Cop30 chief (The Guardian)
US Senate advances bill to end federal shutdown (Reuters)
Reeves warned against trashing the jobs market as AI hits hiring (The Telegraph)
Did You See?
Last month, I took my two older kids to London’s Bloomsbury Theatre to see New Dawn Fades, a play about the post-punk band Joy Division. They already knew the backstory, having discovered the music about a year ago.
The play was an odd mix of historical soundbites about the band’s Manchester homeland, over-the-top music biz stereotypes, amusing one-liners and tragedy rooted in fact.
We all knew how it was going to end. Lead singer Ian Curtis took his own life in 1980, and the rest of the band carried on under a different name: New Order.
Men’s physical and mental health is in the spotlight this month due to Movember, an annual awareness campaign where men grow a moustache to highlight the importance of looking after their health.
We now hear more men talking about their health, sharing their personal stories about surviving cancer, living with an addiction and getting through mental-health struggles. But things are still far from perfect, especially on the mental-health front.
