Merryn Somerset Webb speaks with Kurt Björklund, Executive Chairman of Permira, about where we are in the private equity cycle after several tough years and why he still believes in the asset class for the right kind of investor.

They discuss what “real” private equity is, how governance and long-term value creation—not just leverage—drive returns, and the impact of higher rates, tech and AI on future opportunities. Kurt also explains who private equity is (and isn’t) suitable for, and what the shift from public to private markets means for savers, pension funds and wealthy individuals.

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On this week's markets roundup, hosts Merryn Somerset Webb and John Stepek unpack silver's climb to a record high, oil’s weakness and why it raises the prospect of an energy rebound, and the latest memo on AI from Oaktree Capital Management co-founder Howard Marks.

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Host John Stepek speaks with leading economist Gerard Lyons about the UK’s latest budget and why he believes it lacks both vision and credibility. Lyons discusses the risks facing the UK economy—ranging from rising public debt to sticky inflation—while also outlining where interest rates, markets, and global growth may be heading in 2026. He closes with reasons for cautious optimism, including resilient corporate balance sheets and opportunities arising from global diversification and AI.

This interview was taped at the Edelman Smithfield Investor Summit at the London Stock Exchange on Dec. 4, 2025.

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Host John Stepek speaks with Helen Jewell, International CIO of Fundamental Equities for EMEA at BlackRock, about an unexpectedly strong year for global equity markets — one in which most regions outside the US outperformed. Jewell explains why widespread diversification, renewed strength in European banks, and accelerating demand for energy infrastructure—driven largely by AI—are shaping her outlook for 2026. She also highlights key risks, including investor complacency, and argues that selective opportunities in European quality growth and UK small caps remain compelling despite recent volatility.

This interview was taped at the Edelman Smithfield Investor Summit at the London Stock Exchange on Dec. 4, 2025.

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On this week’s markets roundup, hosts Merryn Somerset Webb and John Stepek dig into the collapse of the proposed HICL–TRIG merger and the resurgence of shareholder activism reshaping the investment trust sector. They also explore the dramatic breakout in silver, gold’s renewed monetary significance, and Bitcoin’s latest bout of volatility—potentially tied to the unwinding yen carry trade and shifting global rate expectations.

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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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