In this special Budget edition of Bassline, Dave is joined by Adrian and Lance for a frank, occasionally exasperated, unpacking of what was billed as one of the most hyped UK budgets in years. That hype, they agree, was largely fuelled by weeks of political kite-flying, leaks, reversals, and noise. When the moment finally arrived, the reality felt underwhelming.

All three describe a budget shaped more by political caution than genuine economic strategy — with major measures postponed years into the future, uncertainty built in, and little that resembles a credible plan for growth. The ongoing freeze on allowances (‘fiscal drag’) is likely to be the largest source of revenue, yet it affects nearly everyone. Meanwhile, adjustments to dividend, savings, and rental income tax are seen as regressive and unlikely to generate much revenue.

They also question the logic of changes such as reducing the cash ISA allowance and the long-term introduction of a “mansion tax”-style measure, which appears more like the start of a wealth-tax conversation than a serious revenue raiser.

From a market perspective, Lance explains that gilts and FX barely reacted, suggesting relief more than confidence. He notes the UK remains inexpensive by global standards but faces structural headwinds, so he has been rotating some exposure towards Asia and emerging markets.

Bright spots do exist — mostly things not done. Pension tax-free cash remains intact, inheritance tax reforms didn't materialise, and some pension rules have now been clarified, providing advisers with a clearer path for future planning. However, nothing in the budget prompts immediate action from clients.

The conversation closes with a shared sense of anticlimax. The UK’s entrepreneurial backbone — small businesses — receives little meaningful support, and uncertainty hangs over almost every long-dated measure. “Meh” becomes the most honest verdict.

In this episode, Dave Wallace sits down with Cavendish Ware advisers Mat Bonney and Jenny Earl to unravel one of the most misunderstood areas of financial planning: trusts.

What begins as Dave’s personal curiosity quickly turns into a clear and engaging masterclass on how trusts work, why they exist, and how they can protect and preserve wealth across generations.

Mat and Jenny explain the origins of trusts — dating back to the Crusades, when knights transferred their land to trusted friends while away at war — and show how these same principles of protection, control, and legacy still apply today.

Listeners learn how trusts can help families:

• Control when and how money is used, such as for education or property purchases.
• Protect assets from divorce, bankruptcy, or mismanagement.
• Reduce inheritance tax exposure through strategic lifetime gifting.
• Preserve wealth across generations by keeping assets outside of estates.

Mat uses a vivid “river and island” analogy to illustrate how a trust acts as a legally separate entity, bridging the gap between giver and beneficiary — ensuring that wealth flows at the right time and to the right people.

Jenny adds practical insights on different types of trusts, how to set them up, and the responsibilities of trustees, stressing the importance of professional advice and long-term planning.

By the end of the conversation, what once seemed complex feels logical, even empowering — a reminder that trusts aren’t just for the wealthy, but for anyone who wants to plan wisely and provide for future generations.

In this episode, Dave is joined by Rory Maguire from Fundhouse and our very own Lance Peltz for a candid discussion on the state of the economy in the wake of “Liberation Day.”

They unpack the real impacts of US tariffs, shifting market sentiment, and the delicate balance between economic forecasts and investment decisions.

From the dominance of mega-cap tech stocks to the volatility of crypto, the conversation explores how uncertainty, valuations, and investor behaviour are shaping portfolios — and what AI, jobs data, and global politics might mean for the future.

In this insightful episode of Bassline, David Wallace sits down with Lance Peltz for an in-depth exploration of the current global economic landscape, focusing particularly on the implications of recent developments in the United States and their broader impact on international markets.

Lance shares his expert analysis of the uncertainties surrounding President Trump's economic policies, particularly the introduction and fluctuations of tariffs, and their potential impacts on markets, businesses, and global trade dynamics. They delve into how uncertainty and unpredictability are shaping investment strategies, emphasising the importance of navigating through short-term volatility by maintaining a disciplined, long-term outlook.

Additionally, the discussion covers significant macroeconomic shifts, including globalisation's retreat into regional trade blocs, the evolving dynamics between the US, China, and Europe, and their influence on global financial stability and investment decisions.

David and Lance also briefly discuss the UK’s economic positioning amidst global tensions, including Brexit's long-term effects, trade relations, and the evolving political and economic strategies under Keir Starmer’s leadership.

Join David and Lance for this compelling conversation, providing essential insights for investors, market watchers, and anyone seeking to understand the economic forces shaping today's rapidly changing world.

In this episode, Dave and Lance break down the 2024 U.S. presidential election results, which saw Donald Trump secure a decisive victory.

They discuss the key factors behind this outcome, including voter dynamics, economic pressures, and niche community mobilisation. The conversation also examines the global trend of incumbents facing backlash, the economic and geopolitical implications of Trump’s win, and what it means for sectors like technology, crypto, and energy.

Join us as we unpack how this election reflects broader shifts in globalisation, trade, and security and what it could mean for markets and businesses in the future.

In this episode, Lance and Adrian delve into last week’s budget with a detailed analysis. Lance breaks down the numbers, exploring how Rachel Reeves has raised the borrowing threshold and what it means for fiscal policy. Adrian then highlights key aspects of the budget, discussing its potential impacts on Cavendish Ware’s clients.

In this episode of Bassline, Dave is joined by Lance, to discuss the dramatic fluctuations in the financial markets that occurred shortly after Lance returned from his holiday. Lance dives into the unexpected movements in the Japanese yen and its significant impact on global markets. He explains the concept of the "yen carry trade" and how a surprise rate hike by the Bank of Japan triggered a sharp appreciation of the yen, causing a major sell-off in equities.

The episode explores the complexities of currency trading, particularly the yen carry trade, where investors borrow in a low-interest-rate currency like the yen to invest in higher-yielding assets elsewhere. Lance also shares insights into the broader implications of these market dynamics, touching on potential risks, including the unwinding of leveraged positions and the delicate balance of global economic conditions.

Throughout the discussion, Lance offers a clear breakdown of the recent market turmoil, shedding light on how unexpected events can create ripple effects across global financial systems. This episode is a must-listen for anyone interested in understanding the intricate mechanisms of currency trading and the factors influencing market stability. Tune in to get a comprehensive view of the financial landscape and what investors should watch for in the coming months.

In this episode, Lance and Dave discuss the current geopolitical landscape and its impact on global markets. They focus on energy prices, the Middle East, and the ongoing COVID-19 pandemic. Lance highlights the significance of the equity market, emphasising corporate profitability, valuations, and dividend growth. He delves into the investment strategies for the 'Fab Four' technology stocks, including understanding their underlying factors.

The duo then discuss how inflation affects the economy, including slower interest rate expectations and faster pay increases for lower-paid cohorts. They also discuss how inflation has fallen sharper than expected, leading central banks to signal possible rate cuts.