Worldwide Financial Planning

May retail sales in the UK fell by 2.7% from April and consumer borrowing on credit cards increased noticeably. However, consumer sentiment has improved, with expectations about personal finances notably better.

In a world where investors might be searching for the ‘least dirty shirt’, the UK can benefit from capital rotation away from the US/dollar. London still has legal credibility, deep capital markets, and familiarity. Don’t underestimate that.

The attacks were condemned by allied countries on both sides, but the uncertainty has been felt in markets. Equity markets were down on Friday
morning and the dollar strengthened a little after recent weakness.

The winners are already positioning themselves, trading in their own currencies, issuing digital money, and anchoring growth to real assets. The losers are waiting for the old world to return.

In the US, more import tariffs and concerns about the rising deficit were punctuated by a very public falling out between President Donald Trump and his largest financial backer, Elon Musk. UK domestic politics saw an even greater focus on defence spending, although the pledge by Keir Starmer to increase military spending to 3% of GDP had no timescale attached.

One of the great illusions is that money is paper, or coins, or those numbers you see on your online banking app. In reality, money is code. In a post-dollar world that’s rapidly taking shape - it’s the one who controls the software, the rails, and the rules embedded in the system which has the power.