WEBVTT - Oman Leapfrogs London, Pension Funds and Private Assets, Executive Pay 

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. Welcome to the Merin

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<v Speaker 1>Talks Money Weekly round up, our debrief on the biggest

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<v Speaker 1>stories and markets and economics and a few other things too,

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<v Speaker 1>because sometimes we get sidetracked. I'm Meren Sumsp, Web Editor

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<v Speaker 1>at Large for Bloomberg UK Wealth.

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<v Speaker 2>And I'm joined Stepics in your report and author of

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<v Speaker 2>the Money Distilled newsletter.

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<v Speaker 1>That is the second time in two years you've managed

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<v Speaker 1>to read your own bit.

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<v Speaker 3>And tell everyone who you are.

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<v Speaker 2>I almost forgot it now, but.

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<v Speaker 1>I think it's proof were anyone listening and saying that

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<v Speaker 1>sometimes we're stuck in our ways so we don't have

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<v Speaker 1>any ability to learn, and that kind of thing you

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<v Speaker 1>live in proof that we have ability.

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<v Speaker 2>To learn on this podcast, That's what I'd like to hear.

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<v Speaker 1>Yes, so listen with confidence, everybody. Now, some of the

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<v Speaker 1>things that we've been worried about for ages, they're really

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<v Speaker 1>coming to fruition now.

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<v Speaker 3>You know.

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<v Speaker 1>One of our our sister newsletter, the London Rush, one

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<v Speaker 1>of its headlines this week was the London Rush Oman

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<v Speaker 1>leapfrogs London and it's all about have we just haven't

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<v Speaker 1>got any IPOs here anymore?

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<v Speaker 3>So Malaysia, Luxembourg as well as a one of.

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<v Speaker 1>All raised more IPOs this year than here in London,

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<v Speaker 1>which is now twentieth in the list.

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<v Speaker 3>Of global listening venues.

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<v Speaker 1>You know, and a few years ago we would have

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<v Speaker 1>been in the top couple, well maybe top five or six,

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<v Speaker 1>and twenty years ago.

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<v Speaker 3>We would have been one or two.

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<v Speaker 2>It's good.

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<v Speaker 3>That's pretty miserable.

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<v Speaker 1>And only this week we've seen another one of our

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<v Speaker 1>big companies just go ashted, right you wrote about this.

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<v Speaker 2>Yeah, Acetate is a too high a company and it's

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<v Speaker 2>called Diestad because it started to do in Ashted and

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<v Speaker 2>Sudy in England for American musters. But no, it is

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<v Speaker 2>something like me. It's like ninety eight percent it's profit

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<v Speaker 2>in the US. It's the second biggest to higher industrial

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<v Speaker 2>equipment hired company out in the US called the sun Belt.

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<v Speaker 2>And they've decided after I think they denied it maybe

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<v Speaker 2>about a year ago, but they have been talking about

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<v Speaker 2>it for a while and now they've decided that they're

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<v Speaker 2>going to shift a primary listening to the US. They'll

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<v Speaker 2>keep a secondary one here. But the point is it's

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<v Speaker 2>like this is this is like the twenty fifth biggest

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<v Speaker 2>company in the foots one hundred, so we're not talking

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<v Speaker 2>about a little company here, and there's a lot of

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<v Speaker 2>logic to the move. I think that's reasonable, we say,

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<v Speaker 2>because obviously it's fundamentally it is now a US company

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<v Speaker 2>with a UK subsidiary. And also they did experience a

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<v Speaker 2>bit of pushback when they were looking to give the

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<v Speaker 2>chief exec a bigger pay packet, and by American standards,

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<v Speaker 2>you know, that's that won't happen when they go away,

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<v Speaker 2>and I think that I think that's quite an important

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<v Speaker 2>thing to remember, because they sort of mentioned that in passing,

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<v Speaker 2>but they didn't go big on it. But when you

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<v Speaker 2>think about it, the people who are making these decisions

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<v Speaker 2>fundamentally are the management team, and you know, they're the

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<v Speaker 2>ones who are not only seeing you know, the benefits

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<v Speaker 2>the extra liquidity, the benefits of perhaps a higher valuation,

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<v Speaker 2>which I think is debatable for this kind of company anyway,

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<v Speaker 2>but also the benefit of a directly higher pay packet

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<v Speaker 2>without getting criticism from the press, or criticism from proxy

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<v Speaker 2>advisors or kind of feigned criticism from fund managers. So

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<v Speaker 2>I think that's actually an issue that we really need

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<v Speaker 2>to pay a bit more attention to. Whether you know

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<v Speaker 2>whether we like it or not. I know there have

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<v Speaker 2>certainly been times in the past whenever me and you

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<v Speaker 2>have both questioned the size of CEO's pay packets. But

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<v Speaker 2>I think maybe we've kind of or think maybe the

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<v Speaker 2>atmosphere has swung too much in the opposite direction, because

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<v Speaker 2>it's definitely a big factor whenever people are choosing where

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<v Speaker 2>they're going to list.

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<v Speaker 1>Yeah, now I get that. I mean, I I see

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<v Speaker 1>why companies want to move. They move to deeper, more

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<v Speaker 1>liquid markets, markets that investors are more a market should

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<v Speaker 1>I say that investors are much more interested in one

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<v Speaker 1>where they know they can get a much higher evaluation

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<v Speaker 1>and also one where they know they can be paid more.

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<v Speaker 3>And you and I, you know, we're pragmatic.

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<v Speaker 1>We thoroughly disapprove of people being paid enough to, as

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<v Speaker 1>we always say, transform the fortunes of their family for

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<v Speaker 1>many generations, purely for stepping into running company that somebody

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<v Speaker 1>else started and somebody else innovated into greatness.

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<v Speaker 3>And we don't approve of that.

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<v Speaker 1>But we also we'd take that any day over the

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<v Speaker 1>collapse of our own equity markets, wouldn't we? Yeah?

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<v Speaker 2>Absolutely? I mean I think the other issue and I

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<v Speaker 2>guess this leads we're going to talk about. But there's

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<v Speaker 2>a couple of things you've got If a did can

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<v Speaker 2>make the argument that is basically a US business with

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<v Speaker 2>you know what kind of UK unit, No, the promise

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<v Speaker 2>is a lot other see one hundred companies that could

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<v Speaker 2>basically make the same argument. Yeah, that's something closer ties

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<v Speaker 2>to UK. But one that one of the guys that

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<v Speaker 2>follow on Twitter was mentioning to me yesterday was like

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<v Speaker 2>Pearson for example. So Pearson's sort of changed itself from

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<v Speaker 2>being a kind of slightly you know, stuck in the

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<v Speaker 2>MUD's educational publisher and obviously went through an awful lot

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<v Speaker 2>of problems in that transformation, but now it's sort of

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<v Speaker 2>a digital education company and it does make something like

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<v Speaker 2>seventy percent of his money in North America, and you know,

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<v Speaker 2>I think you could make a strong argument that it

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<v Speaker 2>would fetch a higher multiple in the US because it

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<v Speaker 2>is a kind of techy company relative to what it

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<v Speaker 2>might fetch in the UK. So that you know, and

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<v Speaker 2>that's just one example. So if they all sort of

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<v Speaker 2>start to think the same way, then you know, we

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<v Speaker 2>are kind of in trouble because the pipeline and this

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<v Speaker 2>is I mean, this is the fundamental problem, the fundamental promise.

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<v Speaker 2>The pipeline isn't getting refilled. A UK company makes it

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<v Speaker 2>big in America, that's a good thing. If it then

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<v Speaker 2>chooses to go and listen in because most of its

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<v Speaker 2>management team and employees are there, then you know, fear enough.

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<v Speaker 2>But we need to have more companies coming through at

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<v Speaker 2>the bottom end to replace them, and we just don't,

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<v Speaker 2>you know, we don't.

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<v Speaker 1>Yeah, So we're losing companies to listing abroad, but we're

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<v Speaker 1>also losing this forget what we've talked about a lot

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<v Speaker 1>on this podcast. We're losing companies to the private markets relentlessly,

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<v Speaker 1>some some just merging, some mem and a of course,

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<v Speaker 1>but also that are leaving the market all together. And

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<v Speaker 1>that just comes and comes and comes, and the number

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<v Speaker 1>of stocks on the UK market just falls and falls.

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<v Speaker 3>And I just had one.

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<v Speaker 1>You know how, sometimes John, when we talk about the NHS, Yes,

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<v Speaker 1>we always say where is the CEO?

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<v Speaker 3>Why is she never out there? Why is you never

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<v Speaker 3>hear on the radio, never hear.

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<v Speaker 1>Her on the teally explaining how she managed to make

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<v Speaker 1>such a MESSI of the whole thing, right.

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<v Speaker 3>Just not there, just not there.

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<v Speaker 1>We have to listen to, you know, various government ministers

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<v Speaker 1>who have any limited control over this vast organization, or

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<v Speaker 1>people from groups outside the NHS, but we very rarely

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<v Speaker 1>hear from the person actually in charge. And it makes

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<v Speaker 1>me really irritated because anyone doing a lousy job should

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<v Speaker 1>be called out.

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<v Speaker 3>For that publicly, right, Yes.

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<v Speaker 1>And the other person when I'm looking at this is

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<v Speaker 1>I'm thinking, well, I want to check who is the

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<v Speaker 1>CEO of the London Stock Exchange, you know, And here

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<v Speaker 1>she is, Julia Hoggan, and I'm sure she's very nice

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<v Speaker 1>and all that, but I don't hear her voice out

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<v Speaker 1>there publicly fighting for the Stock Exchange, fighting for our

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<v Speaker 1>ecoity markets.

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<v Speaker 2>I mean, I think that's a fat point.

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<v Speaker 1>Oh good, good, good, because I suddenly felt, God, Mary,

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<v Speaker 1>you're being really mean here.

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<v Speaker 3>Stop this. But actually, I you know this.

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<v Speaker 1>The Stock Exchange is such an important part of the

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<v Speaker 1>UK's financial ecosystem. I mean, it's absolutely vital. This is

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<v Speaker 1>as vital to the continuation of the UK as the NHS,

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<v Speaker 1>possibly more so. Why aren't we hearing her voice? I mean,

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<v Speaker 1>maybe there's lots going on behind the scenes. I don't know,

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<v Speaker 1>but if there is a lot going on, behind the scenes,

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<v Speaker 1>it's not going very well, is it.

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<v Speaker 2>I think you're read in terms of the visibility, because

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<v Speaker 2>I mean the people I eat into your most a

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<v Speaker 2>bit less topic of the like, you know, the guys

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<v Speaker 2>that people hunt, the sorts of people talking about, you know,

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<v Speaker 2>people who have broke us to smaller companies. I think

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<v Speaker 2>what you normally hear is that the IPO pipeline is

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<v Speaker 2>looking healthy. Well whats to that? On mutter links to

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<v Speaker 2>that effect, But I have to see that looking at

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<v Speaker 2>the statistics, it's like it's one of these things like, oh,

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<v Speaker 2>it's all going to get better than six months time,

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<v Speaker 2>and then six months comes and goes and nothing's happened.

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<v Speaker 2>So no, I mean, I think this is a big

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<v Speaker 2>issue and that more campaign and from that front would

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<v Speaker 2>probably be helpful.

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<v Speaker 1>Oh maybe more obvious campaigning.

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<v Speaker 3>Anyway.

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<v Speaker 1>The other thing that we should talk about is these

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<v Speaker 1>companies going private and what that means, not just in

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<v Speaker 1>the UK but in the US and our colic John

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<v Speaker 1>Authis is written about that this morning.

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<v Speaker 3>Rather go just leave here writes about everything.

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<v Speaker 2>Rather well, yes, yes he does. I feel a stab

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<v Speaker 2>of professional jealousy reading this particular one, But you don't.

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<v Speaker 3>We've written all this stuff too.

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<v Speaker 1>We've been talking about, you know, pensions having been forced

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<v Speaker 1>into private et cetera.

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<v Speaker 3>For ages.

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<v Speaker 2>There's a very good start in the Low I don't

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<v Speaker 2>know if you saw. There's a wee chart in it,

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<v Speaker 2>and this is basically the piece. It's all about why

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<v Speaker 2>pensions going into private companies rather than public companies. And

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<v Speaker 2>the basic point is that, well, the number of public

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<v Speaker 2>companies has actually created well, the number of private companies

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<v Speaker 2>is rocketed, but I hadn't realized the extent it's. In

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<v Speaker 2>two thousand, the number of US public companies listed companies

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<v Speaker 2>was about seven thousand. The number of private companies was

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<v Speaker 2>two thousand, and this is accordinated some research by a

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<v Speaker 2>Munday and pitchbook can create research. And in twenty twenty one,

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<v Speaker 2>the number of listed companies it's four thousand, eight hundred

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<v Speaker 2>and five, so you know, it's dropped by what about

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<v Speaker 2>a third more than a third, And the number of

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<v Speaker 2>private companies is nine nine hundred and fifty eight, so

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<v Speaker 2>it's almost five times as many as they were in

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<v Speaker 2>two thousand. And you look at that and you're kind

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<v Speaker 2>of like, well, okay, no wonder you know, the kind

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<v Speaker 2>of appetite for private markets has gone up. That's where

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<v Speaker 2>all the companies are now.

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<v Speaker 1>Yeah, I mean, the one thing that we should say

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<v Speaker 1>about that is that, I mean, I don't know if

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<v Speaker 1>the numbers were in this article.

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<v Speaker 3>You read it more heavily than I did.

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<v Speaker 1>But it's also true that the listed companies tend still

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<v Speaker 1>to be bigger. So the overall value of the lifted

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<v Speaker 1>markets is still very significantly higher than the overall value

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<v Speaker 1>of the private markets. Is that fair?

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<v Speaker 2>Yees? So the value is still higher. But what is

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<v Speaker 2>also interesting is that I'm trying to what this properly

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<v Speaker 2>because this Andrew apthor On at Sockchain, who always does

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<v Speaker 2>a lot of interest in sort of stuff on this Yeah,

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<v Speaker 2>basically points out the ratio is stock market's total market

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<v Speaker 2>cup to the price has basically been flat for about

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<v Speaker 2>twenty years. So basically what he's saying is the evaluations

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<v Speaker 2>are going up rather than the size of the market.

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<v Speaker 3>Yeah.

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<v Speaker 2>Yeah, that's been in process for ABD twenty, isn't it.

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<v Speaker 2>And that's obviously to do with de equitization, and it's

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<v Speaker 2>more pronounced than the US, but it's you know, it's

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<v Speaker 2>happening in Europe as well, and the and yeah, I mean,

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<v Speaker 2>it's just, well, we know the reasons are. The reasons

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<v Speaker 2>are primarily because of the low interest rate era making

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<v Speaker 2>it easier to swap kind of shares for debt. Basically,

0:11:19.040 --> 0:11:22.600
<v Speaker 2>de equitizations are problem everywhere, and I think that it

0:11:22.679 --> 0:11:25.559
<v Speaker 2>is worth looking at the issues in the UK specifically

0:11:25.640 --> 0:11:29.440
<v Speaker 2>in that context. I do think the UK could be

0:11:29.480 --> 0:11:33.600
<v Speaker 2>doing a much better job of getting its share of

0:11:33.640 --> 0:11:36.920
<v Speaker 2>that decreasing pie, if you like. But at the same time,

0:11:36.960 --> 0:11:39.080
<v Speaker 2>I think it is worth flagging up that it's not

0:11:39.679 --> 0:11:43.080
<v Speaker 2>a UK only issue. And one of the reasons we

0:11:43.160 --> 0:11:45.800
<v Speaker 2>feel it more is because we used to be the

0:11:45.840 --> 0:11:50.880
<v Speaker 2>top financial market alongside New York and now that's just

0:11:51.040 --> 0:11:52.080
<v Speaker 2>not the case anymore.

0:11:52.559 --> 0:11:52.760
<v Speaker 3>Yeah.

0:11:52.800 --> 0:11:54.800
<v Speaker 1>But the other thing I would say is that this

0:11:56.160 --> 0:12:00.400
<v Speaker 1>this should be reversible. I mean, John quote one of

0:12:00.440 --> 0:12:04.640
<v Speaker 1>the attention upon executive speaking to the Amundi researchers who

0:12:04.640 --> 0:12:06.720
<v Speaker 1>wrote this report, and if you look at the list

0:12:06.760 --> 0:12:09.960
<v Speaker 1>of things that they list of reasons they give for

0:12:10.120 --> 0:12:12.600
<v Speaker 1>not wanting to be listed, and these are all things John,

0:12:12.600 --> 0:12:12.880
<v Speaker 1>that you and.

0:12:12.880 --> 0:12:15.240
<v Speaker 3>I have talked about on this podcast before.

0:12:14.840 --> 0:12:16.679
<v Speaker 1>Don't know many times how many times, but here they

0:12:16.720 --> 0:12:21.280
<v Speaker 1>are growing investors. Short term is bureaucratic listing requirements and

0:12:21.480 --> 0:12:23.199
<v Speaker 1>excessive regulatory scrutiny.

0:12:23.240 --> 0:12:24.680
<v Speaker 3>These have been augmented.

0:12:24.679 --> 0:12:27.720
<v Speaker 1>Lately by the share buy backboon that enhances earning perst share,

0:12:27.840 --> 0:12:30.439
<v Speaker 1>the contracting pipeline of IPOs. It means that fewer growth

0:12:30.440 --> 0:12:33.720
<v Speaker 1>companies are seeking listing and the cheap availability of capital

0:12:33.760 --> 0:12:36.880
<v Speaker 1>elsewhere's interest rates plunged in the last decade. There are

0:12:36.920 --> 0:12:38.920
<v Speaker 1>few public companies now that we're forty years ago. They

0:12:38.920 --> 0:12:41.079
<v Speaker 1>are on average much larger and older. We know all that,

0:12:41.440 --> 0:12:43.360
<v Speaker 1>but if you look at the list of reasons why

0:12:43.400 --> 0:12:45.520
<v Speaker 1>people don't want to list companies.

0:12:45.320 --> 0:12:46.320
<v Speaker 3>These are reversible.

0:12:47.080 --> 0:12:48.960
<v Speaker 1>You know. There are lots of ways to make investors

0:12:49.000 --> 0:12:51.840
<v Speaker 1>less short term. There's lots of ways to change the

0:12:51.880 --> 0:12:55.240
<v Speaker 1>listing requirements to make it less bureaucratic, make it less onerous,

0:12:55.360 --> 0:12:58.000
<v Speaker 1>make it less expensive, make people more willing to be

0:12:58.080 --> 0:13:01.840
<v Speaker 1>directed on listed companies, et cetera. There are lots of

0:13:01.880 --> 0:13:03.400
<v Speaker 1>things that can be done here. I mean, I don't

0:13:03.400 --> 0:13:05.480
<v Speaker 1>want to come over the stamp duty argument again, but

0:13:06.000 --> 0:13:07.760
<v Speaker 1>listeners go back and look at what John and I

0:13:07.760 --> 0:13:09.760
<v Speaker 1>have written and spoken about when it comes to stamp

0:13:09.840 --> 0:13:12.400
<v Speaker 1>duty on UK equities on another thing out there.

0:13:12.440 --> 0:13:14.520
<v Speaker 3>So all this is reversible.

0:13:14.640 --> 0:13:18.080
<v Speaker 1>Are you listening, Julia, So it seems to me that

0:13:18.440 --> 0:13:21.400
<v Speaker 1>I don't understand why we're not working harder and faster

0:13:21.520 --> 0:13:24.040
<v Speaker 1>on this. I'm constantly hearing about all the conversations that

0:13:24.080 --> 0:13:26.120
<v Speaker 1>are going on behind the scenes to try and make

0:13:26.160 --> 0:13:28.080
<v Speaker 1>the UK a better place to list and a better

0:13:28.120 --> 0:13:30.920
<v Speaker 1>place to be a listed company, But I don't see

0:13:30.920 --> 0:13:34.480
<v Speaker 1>any progress, and I simply don't understand it. Given the

0:13:34.520 --> 0:13:38.400
<v Speaker 1>importance of our acculty market to our entire infrastructure, as

0:13:38.400 --> 0:13:41.600
<v Speaker 1>I keep saying, why would you not find a way

0:13:41.640 --> 0:13:43.840
<v Speaker 1>to support it, Why would you not find a way

0:13:44.080 --> 0:13:45.280
<v Speaker 1>to help it grow?

0:13:45.440 --> 0:13:47.000
<v Speaker 3>Mysteries, John, mysteries?

0:13:47.360 --> 0:13:49.080
<v Speaker 2>I mean the incentives that all stacked in the Lorong

0:13:49.080 --> 0:13:53.240
<v Speaker 2>direction is that genuinely think it's that simple. We've got

0:13:53.280 --> 0:13:58.000
<v Speaker 2>a culture safetyism, and the safetyism comes about from the

0:13:58.000 --> 0:14:01.520
<v Speaker 2>fact that all the regulators and all of the politicians

0:14:02.080 --> 0:14:06.079
<v Speaker 2>would rather be told off mildly for having two weak

0:14:06.200 --> 0:14:10.600
<v Speaker 2>growth than be told off aggressively for something blowing up

0:14:10.679 --> 0:14:13.280
<v Speaker 2>at some point in the future. And that that's literally it.

0:14:13.440 --> 0:14:16.320
<v Speaker 2>And it's been like that since two thousand and eight

0:14:16.600 --> 0:14:19.640
<v Speaker 2>for obvious reasons, and it's only got worse. So it's

0:14:19.720 --> 0:14:25.120
<v Speaker 2>just we have a very compliance heavy world, and I

0:14:25.200 --> 0:14:28.520
<v Speaker 2>mean we had plenty of box ticking before two thousand

0:14:28.560 --> 0:14:30.680
<v Speaker 2>and eight. I mean, I think anyone who talks about

0:14:30.720 --> 0:14:33.160
<v Speaker 2>light touch regulation that's kind of just you know, away

0:14:33.160 --> 0:14:36.680
<v Speaker 2>with the fairies. But the point is the overall attitude

0:14:36.720 --> 0:14:41.960
<v Speaker 2>has changed, and so it's nobody the people who can

0:14:42.280 --> 0:14:46.320
<v Speaker 2>allow this to happen don't see any real benefit from

0:14:46.800 --> 0:14:50.360
<v Speaker 2>allowing more risk tas taking a more risk taking culture.

0:14:52.360 --> 0:14:55.520
<v Speaker 2>And I think that's a major problem, and I think

0:14:55.520 --> 0:15:00.400
<v Speaker 2>that's probably only going to change with politics. Actually we

0:15:00.760 --> 0:15:04.880
<v Speaker 2>need something that's more can to can the Trump mosque

0:15:04.880 --> 0:15:06.640
<v Speaker 2>merely shift that.

0:15:06.640 --> 0:15:07.440
<v Speaker 3>Makes complete sense.

0:15:07.480 --> 0:15:09.160
<v Speaker 1>But if that's the case, you know, there's four more

0:15:09.240 --> 0:15:11.560
<v Speaker 1>years of this, more more years, more than four more years,

0:15:11.720 --> 0:15:13.520
<v Speaker 1>Well we just have to say and watch our stop

0:15:13.560 --> 0:15:16.440
<v Speaker 1>markets slowly die. And with it, you know, there goes

0:15:16.480 --> 0:15:20.000
<v Speaker 1>shareholder democracy. They're going to shaholder capitalism. There goes the

0:15:20.040 --> 0:15:23.400
<v Speaker 1>way that that we think that ordinary people can be

0:15:23.520 --> 0:15:26.800
<v Speaker 1>pulled into supporting markets and supporting capitalism because of their

0:15:26.840 --> 0:15:30.200
<v Speaker 1>participation in those markets. Those markets go. So does that

0:15:30.280 --> 0:15:32.120
<v Speaker 1>rather nice theory? Read my book on the matter.

0:15:32.840 --> 0:15:33.640
<v Speaker 2>Yeah, it's very good.

0:15:34.240 --> 0:15:38.600
<v Speaker 1>Yeah, So you know, there's so much to worry about it,

0:15:38.760 --> 0:15:41.040
<v Speaker 1>but we will watch it.

0:15:41.160 --> 0:15:43.160
<v Speaker 3>We will hope for progress. Julia call us.

0:15:43.200 --> 0:15:44.920
<v Speaker 1>If you have any thoughts on this, or perhaps if

0:15:44.960 --> 0:15:47.640
<v Speaker 1>you're doing anything, we'd love to hear about it before

0:15:47.640 --> 0:15:49.040
<v Speaker 1>we go. I just want to talk about one other

0:15:49.040 --> 0:15:51.360
<v Speaker 1>piece of misery. One of the platforms is sent round

0:15:51.520 --> 0:15:54.520
<v Speaker 1>a a few calculations on how much all our taxes

0:15:54.560 --> 0:15:56.800
<v Speaker 1>are going to go up in twenty twenty five. Tax

0:15:56.840 --> 0:15:59.480
<v Speaker 1>burden is set to rise by one thy two hundred

0:15:59.480 --> 0:16:01.800
<v Speaker 1>and sixty one pounds for mid learners and three eight

0:16:01.880 --> 0:16:04.000
<v Speaker 1>hundred and thirty six pounds for those on one hundred

0:16:04.000 --> 0:16:07.440
<v Speaker 1>thousand pounds in twenty twenty five due to a triple

0:16:07.520 --> 0:16:11.600
<v Speaker 1>wormy of tax changes. And so they've looked at let's

0:16:11.600 --> 0:16:14.320
<v Speaker 1>look at the bottom one someone earning this is Interactive Investor,

0:16:14.360 --> 0:16:16.720
<v Speaker 1>by the way, showing that someone earning an annual salary

0:16:16.720 --> 0:16:19.440
<v Speaker 1>of thirty five thousand pounds, who also realizes a ten

0:16:19.480 --> 0:16:23.040
<v Speaker 1>thousand pounds capital game and receives two thousand pounds in

0:16:23.080 --> 0:16:26.560
<v Speaker 1>dividends in twenty twenty five, will pay one two hundred

0:16:26.600 --> 0:16:27.680
<v Speaker 1>and sixty one pounds more.

0:16:27.880 --> 0:16:29.880
<v Speaker 3>So you know it's quite a lot of money.

0:16:30.240 --> 0:16:34.080
<v Speaker 2>Yeah, I mean would I mean it's it's a good

0:16:34.120 --> 0:16:37.120
<v Speaker 2>reason to make sure that you're using your annual allowances

0:16:37.360 --> 0:16:39.360
<v Speaker 2>and trying to make sure that you don't have any

0:16:39.400 --> 0:16:41.280
<v Speaker 2>capital gains exposed.

0:16:41.560 --> 0:16:43.800
<v Speaker 1>There's literally nothing I can say on this podcast that

0:16:43.840 --> 0:16:46.320
<v Speaker 1>doesn't bring you back to advising people to use their allowances.

0:16:46.400 --> 0:16:51.479
<v Speaker 2>Is that well gain No, it says the it's the

0:16:51.840 --> 0:16:54.880
<v Speaker 2>it's the stereotypical financial advice, but it's also about the

0:16:54.920 --> 0:16:56.000
<v Speaker 2>only thing that you can do.

0:16:56.600 --> 0:16:57.280
<v Speaker 3>It's also up.

0:16:57.360 --> 0:17:00.240
<v Speaker 1>I mean, it is the best advice. Could you your

0:17:00.240 --> 0:17:02.960
<v Speaker 1>sixty grand a pension, You've got your twenty grand of ISA,

0:17:03.320 --> 0:17:06.440
<v Speaker 1>if you're married in a simple partnership, you've got both of.

0:17:06.359 --> 0:17:07.160
<v Speaker 3>Those things, right.

0:17:07.440 --> 0:17:07.960
<v Speaker 2>Yeah.

0:17:08.040 --> 0:17:10.000
<v Speaker 1>Anyway, this is a good reason, by the way, everyone

0:17:10.040 --> 0:17:12.120
<v Speaker 1>to go back and listen to our podcast from earlier

0:17:12.160 --> 0:17:15.560
<v Speaker 1>in the week about why to get married, because again

0:17:15.600 --> 0:17:19.920
<v Speaker 1>there's a list underneath a spreadsheet from the platform about

0:17:19.960 --> 0:17:21.960
<v Speaker 1>all the ways that you can try and cut this liability,

0:17:21.960 --> 0:17:23.720
<v Speaker 1>and one of them is you get at.

0:17:23.600 --> 0:17:24.679
<v Speaker 3>The marriage allowance.

0:17:25.320 --> 0:17:28.199
<v Speaker 1>Yes, yes, go back and listen to our podcast earlier

0:17:28.200 --> 0:17:30.640
<v Speaker 1>in the week, and for heaven's sake, get married anything

0:17:30.680 --> 0:17:31.679
<v Speaker 1>to save tax.

0:17:31.520 --> 0:17:34.080
<v Speaker 2>Right, yeah, absolutely, just go out there, faint somebody.

0:17:33.880 --> 0:17:37.680
<v Speaker 1>It's easy, yeah, anyone, and then if exactly, your happiness

0:17:37.680 --> 0:17:39.600
<v Speaker 1>will go up as well. Remember all those studies we

0:17:39.640 --> 0:17:41.680
<v Speaker 1>talk about those earlier in the week. Two get married,

0:17:41.720 --> 0:17:42.480
<v Speaker 1>be happy.

0:17:42.480 --> 0:17:46.640
<v Speaker 2>Or you know, maybe not, make sure it's the one.

0:17:47.480 --> 0:17:49.320
<v Speaker 3>Yeah, nothing is simple. Nothing is simple.

0:17:54.000 --> 0:17:56.600
<v Speaker 1>Thanks for listening to this week's Maren Talks Money debrief.

0:17:56.720 --> 0:17:59.119
<v Speaker 1>If you like our show, rate review, and subscribe wherever

0:17:59.160 --> 0:18:01.240
<v Speaker 1>you listen to podcasts. Also be sure to follow me

0:18:01.240 --> 0:18:03.440
<v Speaker 1>in John on x or Twitter at marins w and

0:18:03.520 --> 0:18:04.640
<v Speaker 1>John Underscore steppec.

0:18:04.880 --> 0:18:06.400
<v Speaker 3>This episode was produced.

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