Winter Newsletter 2024

Shona Robison’s final Scottish Budget for 2026/27 was delivered yesterday after a delay caused by the late UK Budget, marking a pivotal moment ahead of the May Holyrood elections and her departure from frontline politics. The Budget sets out tax, welfare, and public‑service plans that will shape Scotland’s political debate over the coming months.

We enter 2026 with US stocks dominating the global market while trading on expensive valuations. A small number of tech stocks account for a large portion of US returns and they are increasingly tied to the fortunes of the AI industry. These are certainly risks to be aware of.

Stocks had a small dip in November, before recovering back towards their previous highs. The longest US government shutdown in history had a negative effect, before coming to an abrupt end and allowing stocks to rally.

We welcome new colleagues, congratulate long service and achievements, and wish good luck to a retiring colleague.