Chancellor Rachel Reeves is right to identify excessive risk aversion as a critical issue in UK pensions. Her solution is consolidation, but while boosting scale this way is helpful, it is no magic wand.

While Labour’s first Budget was a surprise in terms of the scale of the fiscal loosening, there remain grounds for cautious optimism about UK equities.

Global property prices have broadly stabilised. With interest rates heading lower, is real estate at a turning point?