UK

Andy Burnham is set to become UK Prime Minister unopposed from within his own Labour Party, but he may face tougher opposition in the form of the bond market.

Reading recent headlines in the financial press, in addition to recent proposals from both US and European regulators, you could be forgiven for thinking banks are undergoing a wave of deregulation.

The Office for National Statistics (ONS) recently published the UK’s net migration figures for the second half of 2025. The data shows that the downward trend from the extreme post-Covid levels continues.

UK government bond yields have pushed higher this month as markets have digested a building political crisis, with the prime minister, Sir Keir Starmer, now set to face a Labour Party leadership contest following dire local election results on May 7.

Fixed income markets have shown a degree of resilience this year, with credit spreads remaining tight and demand for income holding up, despite ongoing geopolitical tension, inflation uncertainty and growing fiscal concerns.

In our latest closed-ended investment company update, George Curtis, Partner, Portfolio Management, and Aza Teeuwen, Partner, Co-Head of ABS, shared their insights on our TwentyFour Select Monthly Income Fund and TwentyFour Income Fund.

Data published by the Bank of England (BoE) on Friday shows an interesting trend in consumers’ approach to interest rates.

News of governments achieving their budgetary objectives or borrowing less than market forecasts has been a rarity in the last few decades.

After a constructive 2025 for fixed income markets, marked by falling interest rates and steady global growth, investors are looking ahead to what’s in store for 2026.

It is the nature of financial markets that the trends and risks investors have their eye on at the start of the year are seldom the trends and risks they have their eye on by the end. Below is a selection of charts depicting some key trends we have seen develop in 2025, all of which we believe will have implications for investors heading into 2026.

Late last month, the UK’s Office for National Statistics (ONS) published updated migration numbers for the year to June 2025. As we argued here, immigration will be an important variable to monitor when it comes to assessing the health of labour markets.

After solid stress test results from UK insurers last week, on Tuesday it was the banks’ turn as the Bank of England (BoE) published its 2025 stress test results along with December’s Financial Stability Report.