Courtesy of James Clerk Maxwell

The Master Investor Podcast

Courtesy of CNBC

Courtesy of YouTube

Yellow Cake is a London-quoted company, providing investors with direct exposure to the uranium market through our physical holding of uranium oxide concentrate (U3O8) and by entering into transactions where beneficial commercial opportunities arise from uranium ownership. Yellow Cake’s physical uranium holdings provide an opportunity to profit from an anticipated rise in the uranium price arising from the short- and medium-term supply and demand asymmetry.

Courtesy of Yellow Cake PLC

TR-1: Notification of Major Holdings – 07:00:13 29 Jun 2026 – YCA News article | London Stock Exchange

Courtesy of The London Stock Exchange

WISDOMTREE NRGT Stock | London Stock Exchange

WisdomTree Energy Transition Metals is a fully collateralised, UCITS eligible Exchange-Traded Commodity (ETC) designed to provide investors with a total return exposure to a basket of Thematic Metals Baskets futures contracts. The ETC provides a total return comprised of the daily performance of the WisdomTree Energy Transition Metals Commodity Index index (WTETMCTR)

Courtesy of British Telecommunications PLC

Courtesy of John Carpenter

1954 HITS ARCHIVE: Bandstand Boogie – Les Elgart (‘American Bandstand’ theme)

The US Telecommunications giant Verizon, who’s roots can be traced back to the merger of the 2 “baby bells”, NYNEX and Bell Atlantic, today is giant in the global telecommunications landscape.

https://www.verizon.com

It carries debt as part of its financing operation of the overall business

https://www.verizon.com/about/sites/default/files/Verizon-IR-Debt-Portfolio-033126.pdf

Courtesy of Verizon.

Total Debt that Verizon carries is $177 Billion dollars

The 2025 Annual Report has some salient information:-

https://www.verizon.com/about/sites/default/files/2025-Annual-Report-on-Form-10k.pdf

Courtesy of Verizon.

Now the annual report is up to Dec 2025. Debt was stated at $147 Bn, (see below) and then 3 months later, the debt has increased to $177 Bn. In a quarter, the debt has grown by $30 Bn in just 3 months

Courtesy of Verizon.

You can see above, Debt Interest = Financing Costs are $6.694 Billion

From the Income statement we see:-

Courtesy of Verizon

Verizon has revenues of $106 Bn (income) and while the income stream is huge, it still needs $6.694 Bn to simply pay interest on its debt to its Bond Holders (the creditor)

AT&T, the name that “rings a bell” in the world of Telecommunications.

Its annual revenue is:- $125 Billion

Debt Details | AT&T $138 Billion of Debt (see below)

Courtesy of AT&T

The interest costs are $6.386 Billion

Courtesy of AT&T

Courtesy of Forbes

Watch CNBC’s full interview with Berkshire Hathaway Chair Warren Buffett

Courtesy of CNBC

Courtesy of Bloomberg

Courtesy of Bloomberg

The L&G Emerging Markets Quality Dividends Equal Weight UCITS ETF contains stocks that have positive dividend growth, a relatively higher forward dividend yield and enhanced quality exposure.

https://fundcentres.landg.com/en/uk/adviser-wealth/fund-centre/ETF/Emerging-Markets-Quality-Dividends-Equal-Weight/#index

Courtesy of Legal & General Investment Management

Courtesy of Legal & General Investment Management

Courtesy of Bloomberg

Across developed markets, bond markets are staging a slow-motion car wreck. As Opinion columnist and senior markets editor John Authers puts it, the phenomenon is truly global. Authers and Robin J. Brooks, a senior fellow at the Brookings Institution and former chief economist at the Institute of International Finance, join host Stephanie Flanders to explain why investors have turned sharply against government bonds across the world’s major developed economies — and how the fallout could affect us all.

The Columbia Threadneedle Healthcare Trust PLC, has the investment objective of the Company is to provide shareholders with capital growth and income over the long term, through investment in listed or quoted global healthcare companies.

Courtesy of Columbia Threadneedle

CT Healthcare Trust AGM 2026

Courtesy of Interactive Investor

[1] Ishares Ii PLC ISHRS GLOBAL C ENERGY TRA ETF USD (DIST) (INRG)

Courtesy of AJ Bell

[2] The Renewables Infrastructure Group Limited (TRIG)

Courtesy of AJ Bell

[3] Foresight Environmental Infrastructure Limited (FGEN)

Courtesy of AJ Bell

[4] Legal & General Ucits Etf Public Limited Company L&G CLEAN ENERGY ETF (RENG)

Courtesy of AJ Bell

[5] Greencoat UK Wind PLC (UKW)

Courtesy of AJ Bell

[6] Gresham House Energy Storage Fund PLC (GRID)

Courtesy of AJ Bell

Rolls-Royce CEO Tufan Erginbilgiç Shares His Turnaround Playbook

Courtesy of Bloomberg

The Wisdom Tree Megatrends UCITS ETF seeks to track the price and yield
performance, before fees and expenses, of the Wisdom Tree Global Megatrends Equity Index.

Courtesy of Wisdom Tree

Courtesy of Interactive Investor

WISDOMTREE WMGG Stock | London Stock Exchange

[1] Legal & General Ucits Etf Public Limited Company LG ARTIFICIAL INTELLIGENCE ETF (AIAG)

Courtesy of AJ Bell

[2] Legal & General Ucits Etf Public Limited Company ROBO GLOBAL ROB&AUTO GO UCITS ETF (GBP) (ROBG)

Courtesy of AJ Bell

[3] Legal & General Ucits Etf Public Limited Company L&G ISE CYBER SECURITY GO UCITS ETF (ISPY)

On Thursday 4th June, the UK’s largest money manager, Legal and General PLC paid out its June 2026 dividend.

https://www.legalandgeneralgroup.com

15.67p a share.

https://www.londonstockexchange.com/news-article/LGEN/total-voting-rights/17618085

The total number of voting rights in the Company, is 5,555,160,658, thus:-

5,555,160,658 x £0.1567 = £870,493,675.1086

That is £870 Million paid to shareholders in Legal and General PLC

Courtesy of AJ Bell

LEGAL & GENERAL GROUP PLC LGEN Stock | London Stock Exchange

Today, Rolls Royce PLC pays out its June 2026 dividend.

https://www.rolls-royce.com

5p a share

https://www.londonstockexchange.com/news-article/RR./total-voting-rights/17617809

the total number of voting rights in the Company is 8,365,139,456

Thus:-

8,365,139,456 x £0.05 = £418,256,972.80

That is £418million paid to shareholders.

Courtesy of AJ Bell

ROLLS-ROYCE HOLDINGS PLC RR. Stock | London Stock Exchange

Courtesy of Everyday Inspiration

The L&G GBP Corporate Bond 0-5 Year Screened UCITS ETF (the “ETF”) aims to track
the performance of the J.P. Morgan GCI ESG Investment Grade GBP Short-Term Custom
Maturity Index. It provides expo sure to the short-term Pound Sterling-denominated investment grade corporate bond market.

Courtesy of Legal & General Investment Management

Courtesy of Legal & General Investment Management

Courtesy of Interactive Investor

abrdn Future Raw Materials UCITS ETF is a London listed ETF, its investment aim is to generate growth over the long-term (5 years or more) by investing primarily in companies with alignment to the Future Raw Materials Theme.

The Investment Manager actively identifies a short list of key minerals (which may include, but are
not limited to, copper, nickel, lithium, aluminium and rare earth minerals)

Courtesy of Abrdn

Courtesy of Trustnet

The ETF has grown by 83% in the past 12months

ISHARES INRG Stock | London Stock Exchange

Courtesy of Google Finance

Courtesy of The London Stock Exchange

The WisdomTree Copper ETF is a fully collateralised, UCITS eligible Exchange Traded Commodity (ETC)
designed to provide investors with a total return exposure to Copper futures contracts

https://www.wisdomtree.eu/en-gb/products/ucits-etfs-unleveraged-etps/commodities/wisdomtree-copper

Courtesy of Interactive Investor

A few days ago, on Wednesday 20th May, Standard Life (formerly Phoenix Group PLC) paid out its May 2026 dividend.

https://www.standardlife.com

28.05p a share.

https://www.standardlifeplc.com/investors/announcements?news=total-voting-rights%E2%80%932053793

the total number of voting rights in the Company is 1,006,635,476

Thus:-

1,006,635,476 x £0.2805 = £282,361,251.018

That is £282 million paid to shareholders

https://www.londonstockexchange.com/stock/SDLF/standard-life-plc/company-page

Courtesy of AJ Bell

Courtesy of Cashflow Mindset

The Lithium & Battery Tech ETF from Global X invests in the full lithium cycle, from mining and refining the metal, through battery production. The Global X Lithium & Battery Tech ETF (LIT) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium Index.

Courtesy of Global X

Courtesy of Global X

Courtesy of Global X

Courtesy of Global X

GLOBAL X ETFS ICAV LITG Stock | London Stock Exchange

The Kotak Indo-Pacific Defence UCITS ETF  (QUAD) aims to provide exposure to Indo-Pacific defence spending, ex-China. China’s military expansion has kick-started the most significant rearmament drive in the Indo-Pacific since the Cold War. In response, countries from India to Japan are not only increasing defence budgets but also accelerating efforts to localise arms production. This shift – from imports to domestic sourcing – presents a growing opportunity for Indo-Pacific defence companies.

Courtesy of HAN ETF

Courtesy of Interactive Investor

HANETF ADEF Stock | London Stock Exchange

Yesterday, the UK Asset Manager and Composite Insurer, Aviva PLC paid out this May 2026 dividend

https://www.aviva.com

£0.262 pence per share

Total Voting Rights – 16:00:00 01 May 2026 – AV. News article | London Stock Exchange

the total number of voting rights in Aviva plc was 3,020,347,812

Thus:-

3,020,347,812 x £0.262 = £791,331,126.744

That is £791 million paid to the shareholders

https://www.londonstockexchange.com/stock/AV./aviva-plc/company-page

Courtesy of Interactive Investor

The Legal & General Asia Pacific Equity Income Fund has the objective to provide income in excess of the income generated by the FTSE Asia Pacific ex-Japan TR Net Index, the “Benchmark Index”, measured before the deduction of any charges and over rolling five year periods, whilst aiming for capital growth over the long term (at least five years)

Courtesy of Legal and General Investment Management

Courtesy of Legal and General Investment Management

On Tuesday 5th May, NatWest Bank PLC paid out its May 2026 dividend.

https://www.natwest.com

23p a share.

Total Voting Rights – 15:48:02 30 Apr 2026 – NWG News article | London Stock Exchange

31,891,990,016 are the total voting rights, thus:-

7,972,514,364 x £0.23 = £1,833,678,303.72

That is £1833 Million = £1.833 Billion paid to shareholders in NatWest PLC

NATWEST GROUP PLC NWG Stock | London Stock Exchange

The David Rubenstein Show: Charlie Scharf

Courtesy of Bloomberg

The Invesco Wind Energy UCITS ETF Acc is London listed ETF that aims to track the
net total return performance of the WilderHill Wind Energy Net Return Index, less fees.

Courtesy of Invesco.

Courtesy of Invesco

Courtesy of Invesco

Total Holdings:-

LS ELECTRIC CO LTD KRW5000 KR7010120004 2.6796%
Taihan Cable & Solution Co Ltd KRW 1000 KR7001440007 2.3363%
FURUKAWA ELECTRIC CO LTD NPV JP3827200001 2.2577%
SMA SOLAR TECHNOLOGY AG NPV DE000A0DJ6J9 2.0197%
CS WIND CORP KRW500 KR7112610001 1.9346%
NORDEX SE NPV DE000A0D6554 1.8689%
FUJIKURA LTD NPV JP3811000003 1.8424%
RENOVA INC JPY NPV JP3981200003 1.7961%
ENLIGHT RENEWABLE ENERGY LTD ILs 0.0100 IL0007200111 1.7151%
BORALEX INC -A NPV CA09950M3003 1.7039%
OSAKI ELECTRIC CO LTD NPV JP3187600006 1.6793%
HD HYUNDAI ELECTRIC & Energy System Co Ltd KRW5000 KR7267260008 1.6453%
INFINEON TECHNOLOGIES AG NPV DE0006231004 1.6274%
ACCIONA SA EUR1 ES0125220311 1.5958%
ALFEN BEHEER B.V. EUR0.1 NL0012817175 1.5607%
SINBON ELECTRONICS CO LTD TWD10 TW0003023008 1.5348%
PRYSMIAN SPA EUR0.1 IT0004176001 1.5253%
VESTAS WIND SYSTEM DKK 0.20 DK0061539921 1.5227%
MERSEN EUR2 FR0000039620 1.511%
LITTELFUSE INC USD0.01 US5370081045 1.4822%
WESCO INTERNATIONAL INC USD0.01 US95082P1057 1.4608%
GRENERGY RENOVABLES NPV ES0105079000 1.4429%
VAISALA OYJ- A SHS NPV FI0009900682 1.4178%
LG ENERGY SOLUTION KRW 500.0000 KR7373220003 1.4134%
ORSTED A/S DKK10 DK0060094928 1.4063%
ATKORE INC. USD 0.01 US0476491081 1.3963%
ENERGIX-RENEWABLE ENERGIES NPV IL0011233553 1.3911%
NKT A/S DKK20 DK0010287663 1.385%
NEXANS SA EUR1 FR0000044448 1.3821%
IMCD NV EUR0.16 NL0010801007 1.3747%
SUMITOMO ELECTRIC INDUSTRIES NPV JP3407400005 1.3712%
TKH GROUP NV-DUTCH CERT EUR0.25 NL0000852523 1.3632%
DAIHEN CORP NPV JP3497800007 1.3588%
VALMONT INDUSTRIES USD1 US9202531011 1.3545%
CADELER A/S NOK 1.0000 DK0061412772 1.349%
TOCALO CO LTD NPV JP3552290003 1.3441%
ENERGIEKONTOR AG NPV DE0005313506 1.333%
ELIA GROUP NPV BE0003822393 1.3317%
WASION GROUP HOLDINGS LTD HKD0.01 KYG9463P1081 1.3131%
ARCADIS NV EUR0.02 NL0006237562 1.3094%
HYDRO ONE LTD NPV CA4488112083 1.3031%
SCATEC ASA NOK0.025 NO0010715139 1.298%
EDP RENOVAVEIS SA EUR5 ES0127797019 1.2876%
CORP ACCIONA ENERGIAS RENOVA EUR NPV ES0105563003 1.2819%
ERG SPA EUR0.1 IT0001157020 1.2809%
DEME GROUPEUR NPV BE0974413453 1.2786%
SSAB AB-A SHARES SEK8.8 SE0000171100 1.2762%
TERNA SPA EUR0.22 IT0003242622 1.2561%
HUBBELL INC USD0.01 US4435106079 1.2467%
TIMKEN CO NPV US8873891043 1.2435%
TOYO TANSO CO LTD NPV JP3616000000 1.2425%
LANDIS+GYR GROUP AG CHF10 CH0371153492 1.2396%
ALLIS ELECTRIC CO LTD TWD10 TW0001514008 1.2266%
SPIE SA EUR0.47 FR0012757854 1.2222%
MERIDIAN ENERGY LTD NPV NZMELE0002S7 1.2124%
SCHNEIDER ELECTRIC SE EUR4 FR0000121972 1.2038%
SHIHLIN ELECTRIC & ENGINEER TWD10 TW0001503001 1.1856%
FORTUNE ELECTRIC CO LTD TWD10 TW0001519007 1.1756%
REXEL SA EUR5 FR0010451203 1.1691%
QUANTUMSCAPE CORP USD 0.0001 US74767V1098 1.1546%
TORAY INDUSTRIES INC NPV JP3621000003 1.117%
LEM HOLDING SA-REG CHF0.5 CH0022427626 1.1071%
VOLTRONIC POWER TECHNOLOGY TWD10 TW0006409006 1.086%
JL MAG RARE-EARTH CO LTD -H HKD 1.0000 CNE1000055Y4 1.0855%
TECO ELECTRIC & MACHINERY TWD10 TW0001504009 1.0711%
TA YA ELECTRIC WIRE & CABLE TWD10 TW0001609006 1.0581%
SKF AB-B SHARES SEK2.5 SE0000108227 1.0569%
CHINA DATANG CORP RENEWABL-H HKD 1.0000 CNE100000X69 0.9743%
BELDEN INC USD0.01 US0774541066 0.9259%
FLUENCE ENERGY INC USD 0.0100 US34379V1035 0.8817%
WILLDAN GROUP INC USD 0.0100 US96924N1000 0.8062%
EOS ENERGY ENTERPRISES INC USD 0.0001 US29415C1018 0.7373%
Cash and/or Derivatives -0.0287%

Full name ISIN Weight
LS ELECTRIC CO LTD KRW5000 KR7010120004 2.6796%
Taihan Cable & Solution Co Ltd KRW 1000 KR7001440007 2.3363%
FURUKAWA ELECTRIC CO LTD NPV JP3827200001 2.2577%
SMA SOLAR TECHNOLOGY AG NPV DE000A0DJ6J9 2.0197%
CS WIND CORP KRW500 KR7112610001 1.9346%
NORDEX SE NPV DE000A0D6554 1.8689%
FUJIKURA LTD NPV JP3811000003 1.8424%
RENOVA INC JPY NPV JP3981200003 1.7961%
ENLIGHT RENEWABLE ENERGY LTD ILs 0.0100 IL0007200111 1.7151%
BORALEX INC -A NPV CA09950M3003 1.7039%
OSAKI ELECTRIC CO LTD NPV JP3187600006 1.6793%
HD HYUNDAI ELECTRIC & Energy System Co Ltd KRW5000 KR7267260008 1.6453%
INFINEON TECHNOLOGIES AG NPV DE0006231004 1.6274%
ACCIONA SA EUR1 ES0125220311 1.5958%
ALFEN BEHEER B.V. EUR0.1 NL0012817175 1.5607%
SINBON ELECTRONICS CO LTD TWD10 TW0003023008 1.5348%
PRYSMIAN SPA EUR0.1 IT0004176001 1.5253%
VESTAS WIND SYSTEM DKK 0.20 DK0061539921 1.5227%
MERSEN EUR2 FR0000039620 1.511%
LITTELFUSE INC USD0.01 US5370081045 1.4822%
WESCO INTERNATIONAL INC USD0.01 US95082P1057 1.4608%
GRENERGY RENOVABLES NPV ES0105079000 1.4429%
VAISALA OYJ- A SHS NPV FI0009900682 1.4178%
LG ENERGY SOLUTION KRW 500.0000 KR7373220003 1.4134%
ORSTED A/S DKK10 DK0060094928 1.4063%
ATKORE INC. USD 0.01 US0476491081 1.3963%
ENERGIX-RENEWABLE ENERGIES NPV IL0011233553 1.3911%
NKT A/S DKK20 DK0010287663 1.385%
NEXANS SA EUR1 FR0000044448 1.3821%
IMCD NV EUR0.16 NL0010801007 1.3747%
SUMITOMO ELECTRIC INDUSTRIES NPV JP3407400005 1.3712%
TKH GROUP NV-DUTCH CERT EUR0.25 NL0000852523 1.3632%
DAIHEN CORP NPV JP3497800007 1.3588%
VALMONT INDUSTRIES USD1 US9202531011 1.3545%
CADELER A/S NOK 1.0000 DK0061412772 1.349%
TOCALO CO LTD NPV JP3552290003 1.3441%
ENERGIEKONTOR AG NPV DE0005313506 1.333%
ELIA GROUP NPV BE0003822393 1.3317%
WASION GROUP HOLDINGS LTD HKD0.01 KYG9463P1081 1.3131%
ARCADIS NV EUR0.02 NL0006237562 1.3094%
HYDRO ONE LTD NPV CA4488112083 1.3031%
SCATEC ASA NOK0.025 NO0010715139 1.298%
EDP RENOVAVEIS SA EUR5 ES0127797019 1.2876%
CORP ACCIONA ENERGIAS RENOVA EUR NPV ES0105563003 1.2819%
ERG SPA EUR0.1 IT0001157020 1.2809%
DEME GROUPEUR NPV BE0974413453 1.2786%
SSAB AB-A SHARES SEK8.8 SE0000171100 1.2762%
TERNA SPA EUR0.22 IT0003242622 1.2561%
HUBBELL INC USD0.01 US4435106079 1.2467%
TIMKEN CO NPV US8873891043 1.2435%
TOYO TANSO CO LTD NPV JP3616000000 1.2425%
LANDIS+GYR GROUP AG CHF10 CH0371153492 1.2396%
ALLIS ELECTRIC CO LTD TWD10 TW0001514008 1.2266%
SPIE SA EUR0.47 FR0012757854 1.2222%
MERIDIAN ENERGY LTD NPV NZMELE0002S7 1.2124%
SCHNEIDER ELECTRIC SE EUR4 FR0000121972 1.2038%
SHIHLIN ELECTRIC & ENGINEER TWD10 TW0001503001 1.1856%
FORTUNE ELECTRIC CO LTD TWD10 TW0001519007 1.1756%
REXEL SA EUR5 FR0010451203 1.1691%
QUANTUMSCAPE CORP USD 0.0001 US74767V1098 1.1546%
TORAY INDUSTRIES INC NPV JP3621000003 1.117%
LEM HOLDING SA-REG CHF0.5 CH0022427626 1.1071%
VOLTRONIC POWER TECHNOLOGY TWD10 TW0006409006 1.086%
JL MAG RARE-EARTH CO LTD -H HKD 1.0000 CNE1000055Y4 1.0855%
TECO ELECTRIC & MACHINERY TWD10 TW0001504009 1.0711%
TA YA ELECTRIC WIRE & CABLE TWD10 TW0001609006 1.0581%
SKF AB-B SHARES SEK2.5 SE0000108227 1.0569%
CHINA DATANG CORP RENEWABL-H HKD 1.0000 CNE100000X69 0.9743%
BELDEN INC USD0.01 US0774541066 0.9259%
FLUENCE ENERGY INC USD 0.0100 US34379V1035 0.8817%
WILLDAN GROUP INC USD 0.0100 US96924N1000 0.8062%
EOS ENERGY ENTERPRISES INC USD 0.0001 US29415C1018 0.7373%
Cash and/or Derivatives -0.0287%

INVESCO WNDE Stock | London Stock Exchange

The The Invesco GBP Corporate Bond UCITS ETF (distribution) aims to provide the total return performance of the Bloomberg Sterling Liquid Corporate Bond Index.

£317,607,777 = £317 million size fund.

Courtesy of Invesco

Courtesy of Invesco

Courtesy of https://www.dividenddata.co.uk/

Yesterday, the UK banking giant, The Hong Kong and Shanghai Banking Corporation paid out its April 2026 dividend.

US$ 0.45 a share = £0.333016 a share

https://www.hsbc.com

https://www.londonstockexchange.com/news-article/HSBA/total-voting-rights/17526486

The total number of voting rights in HSBC Holdings plc is 17,183,546,359, thus:-

17,183,546,359 x £0.333016 = £5,722,395,874.288744

That is £5722 Million = £5.722 Billion paid to shareholders.

HSBC HOLDINGS PLC HSBA Stock | London Stock Exchange

The L&G Global Quality Dividends UCITS ETF is a London listed ETF whose investment objective of the Fund is to provide exposure to companies with higher than average dividend and quality characteristics in developed market countries

Fund size (24 Apr 2026) $152.1m

Courtesy of Legal and General Investment Management

Courtesy of Legal and General Investment Management

Courtesy of Interactive Investor

Earlier last week, the mining giant, Rio Tinto paid out its April 2026 dividend, on April 16th.

https://www.riotinto.com

$2.54 (a share) = 191.770479p

Total Voting Rights – 16:30:00 01 Apr 2026 – RIO News article | London Stock Exchange

The total number of voting rights in Rio Tinto plc is 1,254,956,574

Thus:

1,254,956,574 x £1.91770479 = £2,406,636,233.201789

That is £2406 Million = £2.406 Billion

https://www.londonstockexchange.com/stock/RIO/rio-tinto-plc/company-page

Courtesy of Interactive Investor

Courtesy of [A brief guide to the public finances – Office for Budget Responsibility]

Courtesy of [A brief guide to the public finances – Office for Budget Responsibility]

Source: Understanding the National Debt | U.S. Treasury Fiscal Data

In 2025: Debt Interest for the full year was:- $1.22 Trillion

Source: Interest Expense and Interest Rates | U.S. Treasury Fiscal Data

In 2026: So far, debt Interest for the current year is:- $623 Billion

Source: Interest Expense and Interest Rates | U.S. Treasury Fiscal Data

Courtesy of Bloomberg

The Legal & General Mixed Investment 40-85% Fund is a fund of funds, that invests in other funds from Legal and General.

Courtesy of Legal and General Investment Management

Courtesy of Legal and General Investment Management

Courtesy of Legal and General Investment Management

Courtesy of [A brief guide to the public finances – Office for Budget Responsibility]

Courtesy of [Guidance and methodology: Benefit expenditure and caseload tables – GOV.UK]

Salient points:-

[1]. £138bn of borrowing to bridge the gap from Tax Revenue into HM Treasury and HM Government spending is £11.5bn a month. Yes, the Government has to borrow £11.5bn a month as tax revenues are not enough.

[2]. Government spending on Welfare = £322bn and total Government spending of £1370bn means:

(£322bn/1370bn) = 23.5% of all Government spending is on Welfare payments.

The CQS New City High Yield Fund Limited is a Jersey domiciled closed ended investment company whose objective is to provide investors with a high dividend yield and the potential for capital growth by investing mainly in high-yielding fixed interest securities.

NCIM – CQS New City High Yield Fund LTD – Fund Page

Courtesy of New City Investment Managers

Courtesy of New City Investment Managers

Courtesy of New City Investment Managers

Courtesy of CyberDyne Systems

Courtesy of Norges Bank Investment Management

The Amundi UK Government Inflation-Linked Bond UCITS ETF is a UCITS compliant
exchange traded fund that aims to track the benchmark index FTSE Actuaries Govt Securities UK
Index Linked TR All Stocks.

Assets Under Management (AUM) : £79.72 ( million GBP )

https://www.londonstockexchange.com/stock/GILI/amundi

Courtesy of Interactive Investor

Courtesy of Amundi

Courtesy of InsightfulValue Official

THE RENEWABLES INFRASTRUCTURE GROUP LIMITED TRIG Stock | London Stock Exchange

The Foresight Solar Fund is a London listed investment trust investing in solar and battery storage assets to build income and growth

Home | Foresight Solar

Foresight Solar’s aims to provide investors with a sustainable, progressive quarterly dividend and enhanced capital value, whilst facilitating climate change mitigation and the transition to a lower carbon economy.

Courtesy of Foresight Solar

Courtesy of Interactive Investor

Courtesy of https://www.dividenddata.co.uk/

The M&G India Fund is an investment fund, The fund aims to provide combined income and capital growth that is higher than that of the Indian stockmarket (as measured by the MSCI India Index), net of the ongoing charge figure, over any five-year period. At least 80% of the fund is invested in the shares and equity-related instruments of companies that are incorporated, listed, domiciled or do most of
their business in India

Top Ten Holdings:-

Courtesy of HL

Courtesy of Trustnet

Courtesy of M&G plc

The Octopus Renewables Infrastructure Trust plc is a London listed investment trust. It is an investment company focused on providing investors with an attractive and sustainable level of income returns, with an element of capital growth, by investing in a diversified portfolio of Renewable Energy Assets across Europe, the UK and Australia

Octopus Renewables Infrastructure Trust

Courtesy of Octopus Renewables Infrastructure Trust plc

Courtesy of Interactive Investor

Courtesy of https://www.dividenddata.co.uk/

Courtesy of Bloomberg

Tomorrow, UK’s largest oil company pays out its quarterly dividend

https://www.shell.com

Courtesy of Shell PLC

$0.372 a share = 27.87p

https://www.londonstockexchange.com/news-article/SHEL/voting-rights-and-capital/17481340

Shell plc’s capital as at February 27, 2026, consists of 5,663,769,613 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury, thus:-

5,663,769,613 x £0.2787 = £1,578,492,591.1431

That is £1578 million = £1.578 billion paid to shareholders of Shell PLC

Courtesy of https://www.dividenddata.co.uk/

SHELL PLC SHEL Trade recap – Stock | London Stock Exchange

Today, the UK oil major BP PLC, pays out its March 2026 quarterly dividend

https://www.bp.com

$0.0832 a share = 6.226p a share

https://www.londonstockexchange.com/news-article/BP./total-voting-rights/17483530

The total number of voting rights in BP p.l.c. is 15,705,552,313, thus:-

15,705,552,313 x £0.06226 = £977,827,687.00738

That is £977 million, paid to shareholders of BP

courtesy of https://www.dividenddata.co.uk/

BP PLC BP. Stock | London Stock Exchange

larry-fink-annual-chairmans-letter.pdf

“Third, there’s a real risk artificial intelligence could widen wealth inequality if
ownership does not broaden alongside it. When we talk about the economic disruption of AI, most of the conversation is about jobs. That’s an enormously important question, and one that goes beyond economics. Work provides income, purpose, and dignity. But history suggests that transformative technologies create enormous value—and much of that value accrues to the companies that build and deploy them, and to the investors who own them. The economy is rewarding scale like never before. In industry after industry, we’re seeing more divergent, “K-shaped” outcomes, where leading firms pull further ahead while others struggle to keep pace. The contrast can be striking: Walmart reached its highest-ever valuation, two weeks after Saks went bankrupt. AI may accelerate this trend further. The companies with the data, infrastructure, and capital to deploy AI at scale are positioned to benefit disproportionately. That is not unusual, and none of this is inherently problematic. Market leadership has always shifted with technological change. The broader question is who participates in the gains. When
market capitalization rises but ownership remains narrow, prosperity can feel increasingly
distant to those on the outside.”

AI boom risks widening wealth divide, says BlackRock’s Larry Fink | AI (artificial intelligence) | The Guardian

Courtesy of Blackrock

The Foresight Environmental Infrastructure Limited is a London listed investment trust.

Foresight Environmental Infrastructure, formerly JLEN Environmental Assets Group and John Laing Environmental Fund, is a large British investment trust dedicated to investments in Renewable Energy Infrastructure.

Courtesy of Foresight Environmental Infrastructure PLC

The discount is 38%.

The dividend yield is over 10%

Courtesy of https://www.dividenddata.co.uk/

FORESIGHT ENVIRONMENTAL INFRASTRUCTURE LIMITED FGEN Stock | London Stock Exchange

The NextEnergy Solar Fund is a London listed investment trust. NextEnergy Solar Fund (“NESF”) is a renewable energy investment company listed on the main market of the London Stock Exchange and is a constituent of the FTSE 250. NextEnergy Solar Fund invests primarily in utility scale solar assets, alongside complementary ancillary technologies, like energy storage.

Home – NextEnergy Solar Fund

Courtesy of NextEnergy Solar PLC

Currently the dividend yield is over 18%

Courtesy if https://www.dividenddata.co.uk/

With the dividend being cut from an annual 8.43p to 4.6p, the yield will fall to a still very decent 9%

Courtesy of Wisdom Tree and Barrons

Courtesy of AJ Bell

SHELL PLC SHEL Stock | London Stock Exchange

Global X SuperDividend UCITS ETF Review: High Yield or Value Trap? 💸

The Global X SuperDividend ETF accesses up to 100 of the highest dividend paying equities around the world. The ETF seeks to make distributions on a monthly basis

Courtesy of Mirae Asset Management

Courtesy of Mirae Asset Management

Full Holdings:-

Courtesy of Mirae Asset Management

Courtesy of The National News

The Bluefield Solar Income Fund is a London listed investment trust that invests in UK solar farms. Bluefield Solar Income Fund (BSIF) is a pioneer in the renewable energy space. It primarily targets utility-scale solar, wind and energy storage assets and portfolios on greenfield, industrial and/or commercial sites. BSIF aims to deliver long-term stable dividends and has one of the most successful track records in the sector.

BSIF seeks to provide shareholders with an attractive return. This is mainly in the form of quarterly income distributions through being invested primarily in renewable energy assets in the UK.

Investors – BSIF

Courtesy of Bluefield Solar

Courtesy of https://www.dividenddata.co.uk/

BLUEFIELD SOLAR INCOME FUND LIMITED BSIF Stock | London Stock Exchange

Courtesy of AJ Bell

The BlackRock American Income Trust Plc in a London listed investment trust whose objective is to provide long-term capital growth, whilst paying an attractive level of income.

BlackRock American Income Trust plc – BRAI | BlackRock

Courtesy of Interactive Investor

Courtesy of BlackRock

Courtesy of BlackRock

The iShares World Equity High Income UCITS ETF USD (Dist) is a London listed ETF

iShares World Equity High Income Active UCITS ETF | WINC

Courtesy of BlackRock

A yield of over 9% per year….

Courtesy of https://www.dividenddata.co.uk/

The L&G Clean Energy UCITS ETF (the “ETF”) aims to track the performance of the Solactive Clean Energy Index NTR (the “Index”).

Courtesy of Legal and General Investment Management

The Top Ten Holdings are:-

Courtesy of The London Stock Exchange

Courtesy of Interactive Investor

The L&G Market Neutral Commodities UCITS ETF has the investment objective to provide a long/short exposure to a broad base of futures contracts on physical commodities.

L&G Market Neutral Commodities UCITS ETF | L&G Fund Centre

It’s holdings:-

CBOT Soybean Oil Future
CBOT Corn No 2 Future
NYBOT Cocoa Future
NYMEX Crude Oil Future
IPE Brent Crude Future
NYBOT Cotton No 2 Future
COMEX Copper Future
NYMEX Heating Oil No 2 Future
NYMEX Heating Oil No 2 Future
NYBOT Coffee Future
KCBT Wheat Future
LME Aluminium Future
CME Live Cattle Future
CME Lean Hogs Future
LME Lead Future
LME Nickel Future
LME Zinc Future
NYMEX Natural Gas Future (Henry Hub)
NYMEX Natural Gas Future (Henry Hub)
IPE Gas Oil Future
IPE Gas Oil Future
CBOT Soybean Future
NYBOT Sugar No 11 Future
CBOT Soybean Meal Future
CBOT Wheat Future
NYMEX RBOB Gasoline Future
CBOT Soybean Oil Future
CBOT Corn No 2 Future
NYBOT Cocoa Future
NYMEX Crude Oil Future
IPE Brent Crude Future
NYBOT Cotton No 2 Future
COMEX Copper Future
NYMEX Heating Oil No 2 Future
NYBOT Coffee Future
KCBT Wheat Future
LME Aluminium Future
CME Live Cattle Future
CME Lean Hogs Future
LME Lead Future
LME Nickel Future
LME Zinc Future
NYMEX Natural Gas Future (Henry Hub)
IPE Gas Oil Future
CBOT Soybean Future
NYBOT Sugar No 11 Future
CBOT Soybean Meal Future
CBOT Wheat Future
NYMEX RBOB Gasoline Future

LEGAL AND GENERAL ASSET MANAGEMENT CMNG Stock | London Stock Exchange

On 28th June2024, the share price of Novo Nordisk was 1005 Danish Krona, see the graph below:-

Courtesy of Google Finance

Now, wind the clock forward to the end of Feb 2026, and the shareprice is 239 Danish Krona, 75% of the value has been lost from its peak, see below:-

Courtesy of Google Finance

Courtesy of Bloomberg

Courtesy of Google Finance

The US Central Bank has recently began increasing its balance sheet. See the graphs

Federal Reserve Board – Recent balance sheet trends

Potentially Quantitive Easing may have re-started

The Return of Quantitative Easing  | The Daily Economy

On the 15th Dec 2025 it was US$ 6,556,861 Million

Courtesy of the US Federal Reserve

As shown below, on the 9th Feb it stood at US$6,662,382 Million

Courtesy of the US Federal Reserve

The HAN -GINS Tech Megatrend Equal Weight UCITS ETF invests to provide exposure to the disruptive technology companies in “Industry 4.0” that are changing the world through global megatrends. The tech megatrend ETF provides equal weight access to companies that are driving innovation in eight sub -sectors including Robotics & Automation, Cloud Computing & Big Data, Cyber Security, Future Cars, Genomics, Social Media, Blockchain, Digital Entertainment, Defence Technology and
Quantum Computing.

Courtesy of Interactive Investor

Courtesy of Han ETF

HANETF ITEP Stock | London Stock Exchange

Courtesy of YouTube

CT GLOBAL MANAGED PORTFOLIO TRUST PLC – Review of 2025 and outlook for 2026

Courtesy of Columbia Threadneedle

Courtesy of Columbia Threadneedle

Courtesy of Columbia Threadneedle

The UK’s baking giant, HSBC has been on a trajectory of huge share price growth

https://www.hsbc.com

Courtesy of Interactive Investor

Courtesy of Interactive Investor

HSBC HOLDINGS PLC HSBA Stock | London Stock Exchange

Today, Wed 11th Feb, BT Group PLC, pays out its Feb 2026 Dividend.

https://www.bt.com

The UK’s premier telecoms group pays out 2.45p per share.

The market leader in the UK, rewards its long term shareholders.

https://www.londonstockexchange.com/news-article/BT.A/total-voting-rights/17439530

The total number of voting rights in BT Group plc on the 30th Jan 2026 was 9,967,630,290

Thus:-

9,967,630,290 x £0.0245 = £244,206,942.105

£245 million paid to shareholders.

https://www.londonstockexchange.com/stock/BT.A/bt-group-plc/company-page

Courtesy of Interactive Investor

The iShares MSCI Korea UCITS ETF USD (Acc) is a fund that gives exposure to a broad range of companies in Korea, that gives the investor a single country exposure and offers a direct investment in Korean companies.

Courtesy of BlackRock

Courtesy of Interactive Investor

The UK’s largest bank is The Hong Kong and Shanghai Banking Corporation

https://www.hsbc.com

The Q3 annual results make interesting reading:-

All reporting – Group | HSBC Holdings plc

Courtesy of HSBC Holdings PLC

The Balance Sheet reports total asset of US$ 3,324,223 Million = £2,425,518 Million

£2,425,518 Million = £2425 Billion

£2425 Billion = £2.425 TRILLION

The HSBC balance sheet of £2.425 Trillion is larger than the annual UK GDP

Today, Thursday 5th Feb 2026, Vodafone, the UK’s 2nd telecommunications company (BT being the premier player https://www.bt.com), pays out its dividend.

https://www.vodafone.com

£0.0195116 per share

https://www.londonstockexchange.com/news-article/VOD/total-voting-rights/17441902

The total number of voting rights in Vodafone is 23,413,913,916

Thus:

23,413,913,916 x £0.0195116 = £456,842,922.7634256

£456,842,922.7634256 = £456 Million paid to shareholders

VODAFONE GROUP PLC VOD Stock | London Stock Exchange

Courtesy of Berkshire Hathaway

Courtesy of Cyber Dyne Systems

The fund (iSHARES COPPER MINERS UCITS ETF) aims to achieve a return on your investment, through a combination of capital growth and income on the Fund’s assets, which reflects the return of the STOXX Global Copper Miners Index, the Fund’s benchmark index (Index).

Courtesy of BlackRock

Courtesy of BlackRock

ISHARES MINE Stock | London Stock Exchange

Courtesy of BlackRock

The JPM Natural Resources Fund aims to provide capital growth over the long-term (5-10 years) by investing at least 80% of the Fund’s assets in the shares of companies throughout the world engaged in the production and marketing of commodities.

Fund size: [As of 23/01/2026] GBP £1.12 Billion

Top holdings

As of 31/12/2025

Courtesy of JP Morgan Asset Management

JPM Natural Resources Fund B – Net Accumulation | J.P. Morgan Asset Management

ISHARES SSLN Stock | London Stock Exchange

Courtesy of The London Stock Exchange

Courtesy of The London Stock Exchange

Courtesy of the late great Freeman Dyson

Courtesy of CNBC

Courtesy of Bloomberg

US Government Sold $654 Billion of Treasuries, week commencing Monday 12th January 2025.

In the week, the US Government sold $654 billion in Treasury securities spread over 9 auctions, including 10-year Treasury notes and 30-year Treasury bonds.

Of these auction sales, $500 billion were Treasury bills with maturities from 4 weeks to 26 weeks, most of them to replace maturing T-bills.

And of these $654 billion in auction sales, $154 billion were notes and bonds, including $50 billion in 10-year Treasury notes.

Added up, this is $654 Billion, in US Government borrowings. The US Government has to borrow, as the taxes collected are not enough to fund the US Federal Government’s spending commitments, and thus borrows.

Courtesy of The London Stock Exchange

Top Ten Holdings:-

Top Ten Holdings make up 37% of the fund.

ABRDN III ICAV ARAW Stock | London Stock Exchange

On Monday 12th Jan 2026, the listed infrastructure investor, 3i Infrastructure PLC paid out its dividend.

https://www.3i-infrastructure.com/

6.725p a share.

the total number of voting rights for 3i Infrastructure plc was 922,350,000

Thus:-

922,350,000 x £0.06725 = £62,028,037.5

That is £62 million paid to shareholders in 3i Infrastructure PLC

Courtesy of The London Stock Exchange

3I INFRASTRUCTURE PLC 3IN Stock | London Stock Exchange

On Friday 9th Jan 2026, the UK Flagship high street retailer paid out its Jan 2026 dividend.

https://corporate.marksandspencer.com

1.2p a share.

https://www.londonstockexchange.com/news-article/MKS/total-voting-rights/17396499

The Company’s capital consists of 2,057,140,555 ordinary shares with voting rights

Thus:-

2,057,140,555 x £0.012 = £24,685,686.66

That is £24million paid to shareholders in Marks & Sparks

Courtesy of The London Stock Exchange

MARKS AND SPENCER GROUP PLC MKS Stock | London Stock Exchange

The iShares Nasdaq US Biotechnology UCITS ETF seeks to track the investment results of an
index composed of biotechnology and pharmaceutical equities listed on the NASDAQ.

ISHARES BTEK Stock | London Stock Exchange

FromToTotal ReturnThis is an input box to enter up to four benchmarks that you want to compare with the base ric.Use left and right arrow keys to navigate, enter to create, delete to delete tags Only list items can be added as tagsThis is an input box to enter up to ten indicators.Use left and right arrow keys to navigate, enter to create, delete to delete tags Use up and down arrow keys to navigate list items and enter to add a new tag Only list items can be added as tags

Top holdings, as of 30 November 2025

Courtesy of the London Stock Exchange

Net Assets of Fund (M) : 859.37 Million USD

Courtesy of the London Stock Exchange

The L&G S&P 100 Equal Weight UCITS ETF aims to provide equally weighted exposure to the large cap equity market in the United States.

Fund size (31 Dec 2025) $22.6m

Courtesy of Legal and General Investment Management

Courtesy of The London Stock Exchange

Cordiant Digital Infrastructure is the first UK-listed investment company to provide investors with dedicated exposure to the core infrastructure of the digital economy.

Home – Cordiant Digital Infrastructure Limited

On the 22nd Dec 2025 it paid out:-

CORD_Factsheet_Nov2025vF.pdf

Shares In Issue: 765,715,477 thus:-

765,715,477 x £0.02175 = £16,654,311.62475

That is £16.654 Million

Courtesy of The London Stock Exchange

CORDIANT DIGITAL INFRASTRUCTURE LIMITED CORD Stock | London Stock Exchange

ISHARES SGLN Stock | London Stock Exchange

Courtesy of The London Stock Exchange

iShares Physical Gold ETC | SGL

Last week, on Friday 19th December, the UK Oil Major, paid out its December 2025 dividend

https://www.bp.com

Total Voting Rights – 12:00:01 01 Dec 2025 – BP. News article | London Stock Exchange

The total number of voting rights in BP p.l.c. is 15,657,405,169.

Thus:-

15,657,405,169 x £0.062394 = £976,928,138.114586 Million

£976,928,138.114586 Million = £976 Million paid to shareholders

BP PLC BP. Stock | London Stock Exchange

Courtesy of The London Stock Exchange

Srinivasa Ramanujan – Wikipedia

On Thursday 18th December, Shell PLC, the UK’s largest oil company and one of the world’s largest oil companies, paid out its December 2025 dividend.

$0.358 = 26.85p a share.

Voting Rights and Capital – 16:41:33 28 Nov 2025 – SHEL News article | London Stock Exchange

Shell plc’s capital as at November 28, 2025, consists of 5,750,420,233 ordinary shares of €0.07 each. Shell plc holds no shares in Treasury.

Thus:-

5,750,420,233 x £0.2685 = £1,543,987,832.5605 Million

1,543,987,832.5605 Million = £1.543 Billion paid to shareholders

SHELL PLC SHEL Stock | London Stock Exchange

Courtesy of The London Stock Exchange

Yesterday, Thursday 18th December, one of the world’s largest banks, HSBC Holdings PLC, paid out its December 2025 dividend.

https://www.hsbc.com

$0.1 = 7.5079p a share.

Total Voting Rights – 15:01:01 28 Nov 2025 – HSBA News article | London Stock Exchange

The total number of voting rights in HSBC Holdings plc is 17,175,239,862

Thus:-

17,175,239,862 x £0.075079 = £1,289,499,833.599098 Million

£1,289,499,833.599098 Million = £1.289 Billion paid to shareholders.

HSBC HOLDINGS PLC HSBA Stock | London Stock Exchange

Courtesy of The London Stock Exchange

Micron Technology | Global Leaders in Semiconductors | Micron Technology Inc.

ISHARES SSLN Stock | London Stock Exchange

Courtesy of The London Stock Exchange

Last week the UK defence contractor, BAE Systems paid its Dec 2025 dividend

https://www.baesystems.com

13.5p a share.

https://www.londonstockexchange.com/news-article/BA./total-voting-rights/17350280

On the 28th November 2025, BAE had total voting rights of 3,002,516,095

Thus:-

3,002,516,095 x £0.135 = £405,339,672.825

That is £405million paid to BAE Shareholders.

https://www.londonstockexchange.com/stock/BA./bae-systems-plc/analysis

Courtesy of The London Stock Exchange

On 4th Dec 2020 The Dow was 30,218 Points.

On 1st Dec 2025 The Dow was 47,289 Points

The US telecommunications carrier, Verizon has announced 13,000 job losses:-

https://www.verizon.com

• Verizon job cuts are equal to 20% of non-union employee wage costs
• Wireless company to convert 179 company-owned retail stores to franchise operations
• Verizon to create $20 million fund to assist laid off employees with job search, skills in AI era

WASHINGTON, Nov 20 (Reuters) – U.S. wireless carrier Verizon (VZ.N) on Thursday said it will cut more than 13,000 jobs in its largest single layoff as it works to shrink costs and restructure operations.

Verizon cutting more than 13,000 jobs as it restructures | Reuters

However, it has a huge debt level: $151,501 Million = $151.5 Billion

From the 2024 annual report (the latest one published) we can see the interest payments on Verizon’s total debt is $7612 Million = £7.612 Billion.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (annual report)

DEBT MATURING WITHIN ONE YEAR:-

Commercial Paper $0 $0
Verizon Communications Inc. $686 0.850% 20-Nov-2025
Verizon Communications Inc. $826 1.450% 20-Mar-2026
Verizon Communications Inc. $206 SOFR + 0.79% 20-Mar-2026
Verizon Communications Inc. $4 1.100% 15-Jun-2026
Verizon Communications Inc. $2 1.050% 15-Jun-2026 1,723
Private Placements $17,530 $17,530
TOTAL DEBT MATURING WITHIN ONE YEAR: $ 19,253

LONG TERM DEBT:
Verizon Pennsylvania LLC $44 6.000% 1-Dec-2028
Verizon Pennsylvania LLC $31 8.350% 15-Dec-2030
Verizon Pennsylvania LLC $35 8.750% 15-Aug-2031 $110
Verizon Maryland LLC $20 8.000% 15-Oct-2029
Verizon Maryland LLC $21 8.300% 1-Aug-2031
Verizon Maryland LLC $139 5.125% 15-Jun-2033 $180
Verizon Virginia LLC $9 8.375% 1-Oct-2029 $9
Verizon Delaware LLC $2 8.625% 15-Oct-2031 $2
Verizon New Jersey Inc. $45 7.850% 15-Nov-2029 $45
Verizon New England Inc. $133 7.875% 15-Nov-2029 $133
Verizon New York Inc. $35 6.500% 15-Apr-2028
Verizon New York Inc. $99 7.375% 1-Apr-2032 $134
Alltel Corporation $38 6.800% 1-May-2029
Alltel Corporation $56 7.875% 1-Jul-2032 $94
Verizon Communications Inc. € 746 (a) 1.375% 27-Oct-2026
Verizon Communications Inc. $2,357 4.125% 16-Mar-2027
Verizon Communications Inc. $463 3.000% 22-Mar-2027
Verizon Communications Inc. € 623 (a) 0.875% 8-Apr-2027
Verizon Communications Inc. CHF 400 (a) 1.000% 30-Nov-2027
Verizon Communications Inc. $2,130 2.100% 22-Mar-2028
Verizon Communications Inc. CAD 1,000 (a) 2.375% 22-Mar-2028
Verizon Communications Inc. CHF 375 (a) 0.193% 24-Mar-2028
Verizon Communications Inc. $250 6.940% 15-Apr-2028
Verizon Communications Inc. $2,786 4.329% 21-Sep-2028
Verizon Communications Inc. € 750 (a) 1.375% 2-Nov-2028
Verizon Communications Inc. € 60 (a) 1.375% 2-Nov-2028
Verizon Communications Inc. € 250 (a) 1.375% 2-Nov-2028
Verizon Communications Inc. € 600 (a) 1.125% 3-Nov-2028
Verizon Communications Inc. $1,000 3.875% 8-Feb-2029
Verizon Communications Inc. € 1,000 (a) 0.375% 22-Mar-2029
Verizon Communications Inc. $2 3.500% 15-Apr-2029
Verizon Communications Inc. $105 6.800% 1-May-2029
Verizon Communications Inc. $1 4.000% 15-May-2029
Verizon Communications Inc. $3 4.150% 15-May-2029
Verizon Communications Inc. $0 3.900% 15-May-2029
Verizon Communications Inc. $1 5.100% 15-May-2029
Verizon Communications Inc. $1 5.000% 15-May-2029
Verizon Communications Inc. $1 5.000% 15-May-2029
Verizon Communications Inc. $2 3.950% 15-Jun-2029
Verizon Communications Inc. $1 3.800% 15-Jun-2029
Verizon Communications Inc. $0 3.850% 15-Jun-2029
Verizon Communications Inc. $0 4.300% 15-Jun-2029
Verizon Communications Inc. $0 5.000% 15-Jun-2029
Verizon Communications Inc. $2 5.000% 15-Jun-2029
Verizon Communications Inc. $1 5.000% 15-Jun-2029
Verizon Communications Inc. $0 3.800% 15-Aug-2029
Verizon Communications Inc. $1 4.000% 15-Aug-2029
Verizon Communications Inc. $0 3.900% 15-Aug-2029
Verizon Communications Inc. $2 4.600% 15-Aug-2029
Verizon Communications Inc. $0 4.450% 15-Aug-2029
Verizon Communications Inc. $1 4.400% 15-Aug-2029
Verizon Communications Inc. $1 4.100% 15-Sep-2029
Verizon Communications Inc. $0 4.500% 15-Sep-2029
Verizon Communications Inc. $1 4.500% 15-Sep-2029
Verizon Communications Inc. $1 4.800% 15-Sep-2029
Verizon Communications Inc. $1 4.150% 15-Sep-2029
Verizon Communications Inc. $2 4.050% 15-Sep-2029
Verizon Communications Inc. $2 4.050% 15-Oct-2029
Verizon Communications Inc. € 750 (a) 1.875% 26-Oct-2029
Verizon Communications Inc. $1 5.550% 15-Nov-2029
Verizon Communications Inc. $3 5.600% 15-Nov-2029
Verizon Communications Inc. $3 5.150% 15-Nov-2029
Verizon Communications Inc. $3,366 4.016% 3-Dec-2029
Verizon Communications Inc. $3 5.000% 15-Dec-2029
Verizon Communications Inc. $0 4.700% 15-Dec-2029
Verizon Communications Inc. $1 4.700% 15-Dec-2029
Verizon Communications Inc. $1 4.800% 15-Feb-2030
Verizon Communications Inc. $1 5.050% 15-Mar-2030
Verizon Communications Inc. $1 5.150% 15-Mar-2030
Verizon Communications Inc. $1 5.150% 15-Mar-2030
Verizon Communications Inc. $1,151 3.150% 22-Mar-2030
Verizon Communications Inc. € 1,250 (a) 1.250% 8-Apr-2030
Verizon Communications Inc. $1 1.900% 15-May-2030
Verizon Communications Inc. $1 2.050% 15-May-2030
Verizon Communications Inc. $1 4.650% 15-May-2030
Verizon Communications Inc. $0 4.700% 15-May-2030
Verizon Communications Inc. $1 4.700% 15-May-2030
Verizon Communications Inc. CAD 1,000 (a) 2.500% 16-May-2030
Verizon Communications Inc. $0 1.850% 15-Jun-2030
Verizon Communications Inc. $1 5.000% 15-Jun-2030
Verizon Communications Inc. $1 5.050% 15-Jun-2030
Verizon Communications Inc. $1 5.000% 15-Jul-2030
Verizon Communications Inc. $1 5.250% 15-Aug-2030
Verizon Communications Inc. $0 5.300% 15-Aug-2030
Verizon Communications Inc. $0 5.150% 15-Aug-2030
Verizon Communications Inc. $0 5.400% 15-Aug-2030
Verizon Communications Inc. $1 5.400% 15-Sep-2030
Verizon Communications Inc. $1 5.450% 15-Sep-2030
Verizon Communications Inc. $1 5.500% 15-Sep-2030
Verizon Communications Inc. $1,000 1.500% 18-Sep-2030
Verizon Communications Inc. £550 (a) 1.875% 19-Sep-2030
Verizon Communications Inc. $2 5.600% 15-Oct-2030
Verizon Communications Inc. $784 1.680% 30-Oct-2030
Verizon Communications Inc. € 1,250 (a) 4.250% 31-Oct-2030
Verizon Communications Inc. $2 1.650% 15-Nov-2030
Verizon Communications Inc. $2 5.900% 15-Nov-2030
Verizon Communications Inc. $1 5.550% 15-Nov-2030
Verizon Communications Inc. $2 5.650% 15-Nov-2030
Verizon Communications Inc. $529 7.750% 1-Dec-2030
Verizon Communications Inc. $0 1.600% 15-Dec-2030
Verizon Communications Inc. $2 5.300% 15-Dec-2030
Verizon Communications Inc. $1 5.000% 15-Dec-2030
Verizon Communications Inc. $4 5.100% 15-Dec-2030
Verizon Communications Inc. $2,173 1.750% 20-Jan-2031
Verizon Communications Inc. $0 4.900% 15-Mar-2031
Verizon Communications Inc. $0 4.900% 15-Mar-2031
Verizon Communications Inc. $0 4.800% 15-Mar-2031
Verizon Communications Inc. $3,608 2.550% 21-Mar-2031
Verizon Communications Inc. CHF 325 (a) 0.555% 24-Mar-2031
Verizon Communications Inc. £500 (a) 2.500% 8-Apr-2031
Verizon Communications Inc. $5 2.350% 15-May-2031
Verizon Communications Inc. $4 2.350% 15-Jun-2031
Verizon Communications Inc. $3 2.200% 15-Jun-2031
Verizon Communications Inc. $1 2.650% 15-Aug-2031
Verizon Communications Inc. $2 2.000% 15-Aug-2031
Verizon Communications Inc. $2 2.150% 15-Sep-2031
Verizon Communications Inc. € 1,000 (a) 2.625% 1-Dec-2031
Verizon Communications Inc. $4,467 2.355% 15-Mar-2032
Verizon Communications Inc. € 800 (a) 0.875% 19-Mar-2032
Verizon Communications Inc. € 1,000 (a) 0.750% 22-Mar-2032
Verizon Communications Inc. $107 7.750% 15-Jun-2032
Verizon Communications Inc. € 1,000 (a) 3.500% 28-Jun-2032
Verizon Communications Inc. $101 7.875% 1-Jul-2032
Verizon Communications Inc. € 1,000 (a) 3.500% 29-Oct-2032
Verizon Communications Inc. $1,000 5.050% 9-May-2033
Verizon Communications Inc. $7 2.550% 15-May-2033
Verizon Communications Inc. € 1,350 (a) 1.300% 18-May-2033
Verizon Communications Inc. $2 2.550% 15-Jun-2033
Verizon Communications Inc. $2 2.550% 15-Jun-2033
Verizon Communications Inc. $0 5.100% 15-Jun-2033
Verizon Communications Inc. $2 2.300% 15-Jul-2033
Verizon Communications Inc. $2,137 4.500% 10-Aug-2033
Verizon Communications Inc. $4 2.200% 15-Aug-2033
Verizon Communications Inc. $1 2.200% 15-Aug-2033
Verizon Communications Inc. $354 6.400% 15-Sep-2033
Verizon Communications Inc. $1 2.200% 15-Sep-2033
Verizon Communications Inc. $3 2.250% 15-Sep-2033
Verizon Communications Inc. $2 2.450% 15-Nov-2033
Verizon Communications Inc. $1 2.350% 15-Nov-2033
Verizon Communications Inc. $1 2.450% 15-Nov-2033
Verizon Communications Inc. $2 2.550% 15-Dec-2033
Verizon Communications Inc. $1 2.400% 15-Dec-2033
Verizon Communications Inc. £457 (a) 4.750% 17-Feb-2034
Verizon Communications Inc. $151 5.050% 15-Mar-2034
Verizon Communications Inc. $1 5.000% 15-Mar-2034
Verizon Communications Inc. $1 4.950% 15-Apr-2034
Verizon Communications Inc. $0 4.300% 15-May-2034
Verizon Communications Inc. $1 4.550% 15-May-2034
Verizon Communications Inc. $1 5.300% 15-May-2034
Verizon Communications Inc. $1 5.150% 15-May-2034
Verizon Communications Inc. $2 5.150% 15-May-2034
Verizon Communications Inc. $0 5.100% 15-Jun-2034
Verizon Communications Inc. $0 5.150% 15-Jun-2034
Verizon Communications Inc. $1 5.150% 15-Jun-2034
Verizon Communications Inc. € 1,250 (a) 4.750% 31-Oct-2034
Verizon Communications Inc. $1,888 4.400% 1-Nov-2034
Verizon Communications Inc. $2,191 4.780% 15-Feb-2035
Verizon Communications Inc. $2,250 5.250% 2-Apr-2035
Verizon Communications Inc. $278 5.850% 15-Sep-2035
Verizon Communications Inc. $142 5.850% 15-Sep-2035
Verizon Communications Inc. € 750 (a) 1.125% 19-Sep-2035
Verizon Communications Inc. £450 (a) 3.125% 2-Nov-2035
Verizon Communications Inc. $1,290 4.272% 15-Jan-2036
Verizon Communications Inc. € 1,000 (a) 3.750% 28-Feb-2036
Verizon Communications Inc. $5 5.050% 15-Aug-2036
Verizon Communications Inc. $1 5.000% 15-Aug-2036
Verizon Communications Inc. $1 4.900% 15-Aug-2036
Verizon Communications Inc. £1,000 (a) 3.375% 27-Oct-2036
Verizon Communications Inc. $1,095 5.250% 16-Mar-2037
Verizon Communications Inc. $241 6.250% 1-Apr-2037
Verizon Communications Inc. $2,162 5.401% 2-Jul-2037
Verizon Communications Inc. € 1,000 (a) 3.500% 6-Aug-2037
Verizon Communications Inc. € 1,500 (a) 2.875% 15-Jan-2038
Verizon Communications Inc. $172 6.400% 15-Feb-2038
Verizon Communications Inc. $152 6.900% 15-Apr-2038
Verizon Communications Inc. £600 (a) 1.875% 3-Nov-2038
Verizon Communications Inc. $107 8.950% 1-Mar-2039
Verizon Communications Inc. $1,136 4.812% 15-Mar-2039
Verizon Communications Inc. $6 4.250% 15-Mar-2039
Verizon Communications Inc. $112 7.350% 1-Apr-2039
Verizon Communications Inc. $2 4.050% 15-Apr-2039
Verizon Communications Inc. $6 4.000% 15-May-2039
Verizon Communications Inc. $5 4.000% 15-May-2039
Verizon Communications Inc. $5 4.000% 15-May-2039
Verizon Communications Inc. € 500 (a) 1.500% 19-Sep-2039
Verizon Communications Inc. € 800 (a) 1.850% 18-May-2040
Verizon Communications Inc. $2,552 2.650% 20-Nov-2040
Verizon Communications Inc. $3,003 3.400% 22-Mar-2041
Verizon Communications Inc. $122 6.000% 1-Apr-2041
Verizon Communications Inc. $1,000 2.850% 3-Sep-2041
Verizon Communications Inc. $488 4.750% 1-Nov-2041
Verizon Communications Inc. $634 3.850% 1-Nov-2042
Verizon Communications Inc. $803 6.550% 15-Sep-2043
Verizon Communications Inc. $910 4.125% 15-Aug-2046
Verizon Communications Inc. $2,360 4.862% 21-Aug-2046
Verizon Communications Inc. $457 5.500% 16-Mar-2047
Verizon Communications Inc. $173 4.900% 15-May-2047
Verizon Communications Inc. $25 4.750% 15-Jun-2047
Verizon Communications Inc. $26 4.700% 15-Jun-2047
Verizon Communications Inc. $12 4.550% 15-Jul-2047
Verizon Communications Inc. $42 4.800% 15-Aug-2047
Verizon Communications Inc. $18 4.800% 15-Aug-2047
Verizon Communications Inc. $33 4.900% 15-Aug-2047
Verizon Communications Inc. $25 4.850% 15-Aug-2047
Verizon Communications Inc. $14 4.750% 15-Sep-2047
Verizon Communications Inc. $13 4.750% 15-Sep-2047
Verizon Communications Inc. $26 4.700% 15-Sep-2047
Verizon Communications Inc. $35 4.700% 15-Nov-2047
Verizon Communications Inc. $32 4.700% 15-Nov-2047
Verizon Communications Inc. $14 4.650% 15-Nov-2047
Verizon Communications Inc. $18 4.650% 15-Nov-2047
Verizon Communications Inc. $15 4.550% 15-Dec-2047
Verizon Communications Inc. $12 4.500% 15-Dec-2047
Verizon Communications Inc. $20 4.500% 15-Dec-2047
Verizon Communications Inc. $12 4.550% 15-Feb-2048
Verizon Communications Inc. $4 4.450% 15-Feb-2048
Verizon Communications Inc. $4 4.550% 15-Feb-2048
Verizon Communications Inc. $11 4.750% 15-Feb-2048
Verizon Communications Inc. $8 4.750% 15-Mar-2048
Verizon Communications Inc. $6 4.750% 15-Mar-2048
Verizon Communications Inc. $6 4.750% 15-Mar-2048
Verizon Communications Inc. $7 4.800% 15-Mar-2048
Verizon Communications Inc. $15 4.850% 15-Apr-2048
Verizon Communications Inc. $4 4.850% 15-May-2048
Verizon Communications Inc. $6 4.850% 15-May-2048
Verizon Communications Inc. $9 4.900% 15-May-2048
Verizon Communications Inc. $4 4.850% 15-May-2048
Verizon Communications Inc. $47 5.000% 15-Jun-2048
Verizon Communications Inc. $8 4.950% 15-Jun-2048
Verizon Communications Inc. $10 4.900% 15-Jun-2048
Verizon Communications Inc. $34 5.050% 15-Jul-2048
Verizon Communications Inc. $5 4.800% 15-Aug-2048
Verizon Communications Inc. $2 4.700% 15-Aug-2048
Verizon Communications Inc. $2 4.650% 15-Aug-2048
Verizon Communications Inc. $4 4.800% 15-Aug-2048
Verizon Communications Inc. $2 4.650% 15-Aug-2048
Verizon Communications Inc. $1,247 4.522% 15-Sep-2048
Verizon Communications Inc. $4 4.850% 15-Sep-2048
Verizon Communications Inc. $3 4.700% 15-Sep-2048
Verizon Communications Inc. $2 4.700% 15-Sep-2048
Verizon Communications Inc. $2 4.750% 15-Oct-2048
Verizon Communications Inc. $7 5.000% 15-Nov-2048
Verizon Communications Inc. $5 5.000% 15-Nov-2048
Verizon Communications Inc. $1 4.900% 15-Nov-2048
Verizon Communications Inc. $6 5.000% 15-Dec-2048
Verizon Communications Inc. $1 4.900% 15-Dec-2048
Verizon Communications Inc. $2 4.850% 15-Jan-2049
Verizon Communications Inc. $5 4.550% 15-Feb-2049
Verizon Communications Inc. $3 4.500% 15-Mar-2049
Verizon Communications Inc. $1 4.550% 15-Mar-2049
Verizon Communications Inc. $3 4.500% 15-Mar-2049
Verizon Communications Inc. $697 5.012% 15-Apr-2049
Verizon Communications Inc. $2 4.050% 15-May-2049
Verizon Communications Inc. $2 4.100% 15-Jun-2049
Verizon Communications Inc. $4 4.050% 15-Jun-2049
Verizon Communications Inc. $4 3.500% 15-Aug-2049
Verizon Communications Inc. $3 3.500% 15-Aug-2049
Verizon Communications Inc. $1 3.300% 15-Sep-2049
Verizon Communications Inc. $5 3.550% 15-Sep-2049
Verizon Communications Inc. $6 3.550% 15-Oct-2049
Verizon Communications Inc. $7 3.550% 15-Oct-2049
Verizon Communications Inc. $2 3.500% 15-Nov-2049
Verizon Communications Inc. $2 3.550% 15-Nov-2049
Verizon Communications Inc. $3 3.500% 15-Nov-2049
Verizon Communications Inc. $2 3.450% 15-Dec-2049
Verizon Communications Inc. $2 3.450% 15-Dec-2049
Verizon Communications Inc. $2 3.400% 15-Dec-2049
Verizon Communications Inc. $2 3.000% 15-Mar-2050
Verizon Communications Inc. $1,138 4.000% 22-Mar-2050
Verizon Communications Inc. $0 2.750% 15-May-2050
Verizon Communications Inc. $1 2.950% 15-May-2050
Verizon Communications Inc. $1 2.950% 15-May-2050
Verizon Communications Inc. CAD 300 (a) 3.625% 16-May-2050
Verizon Communications Inc. $3 2.800% 15-Jun-2050
Verizon Communications Inc. $950 5.150% 15-Sep-2050
Verizon Communications Inc. $3 2.750% 15-Nov-2050
Verizon Communications Inc. $2,239 2.875% 20-Nov-2050
Verizon Communications Inc. $1 2.650% 15-Dec-2050
Verizon Communications Inc. $510 5.000% 15-Mar-2051
Verizon Communications Inc. $3,593 3.550% 22-Mar-2051
Verizon Communications Inc. CAD 500 (a) 4.050% 22-Mar-2051
Verizon Communications Inc. $4 3.350% 15-May-2051
Verizon Communications Inc. $4 3.400% 15-May-2051
Verizon Communications Inc. $3 3.350% 15-Jun-2051
Verizon Communications Inc. $3 3.400% 15-Jun-2051
Verizon Communications Inc. $4 3.350% 15-Jun-2051
Verizon Communications Inc. $4 3.250% 15-Jun-2051
Verizon Communications Inc. $3 3.050% 15-Jul-2051
Verizon Communications Inc. $1 2.950% 15-Aug-2051
Verizon Communications Inc. $4 3.000% 15-Aug-2051
Verizon Communications Inc. $4 3.000% 15-Aug-2051
Verizon Communications Inc. $3 3.000% 15-Sep-2051
Verizon Communications Inc. $4 3.050% 15-Sep-2051
Verizon Communications Inc. $1 2.950% 15-Sep-2051
Verizon Communications Inc. $2 2.900% 15-Sep-2051
Verizon Communications Inc. $4 3.100% 15-Nov-2051
Verizon Communications Inc. $2 3.000% 15-Nov-2051
Verizon Communications Inc. $2 3.050% 15-Nov-2051
Verizon Communications Inc. $1 3.050% 15-Dec-2051
Verizon Communications Inc. $1 3.050% 15-Dec-2051
Verizon Communications Inc. $0 2.900% 15-Dec-2051
Verizon Communications Inc. $1 3.050% 15-Dec-2051
Verizon Communications Inc. $1,000 3.875% 1-Mar-2052
Verizon Communications Inc. $1 4.000% 15-Apr-2052
Verizon Communications Inc. $0 4.550% 15-May-2052
Verizon Communications Inc. $0 4.800% 15-May-2052
Verizon Communications Inc. $0 4.650% 15-May-2052
Verizon Communications Inc. $0 4.650% 15-Jun-2052
Verizon Communications Inc. $0 4.450% 15-Jun-2052
Verizon Communications Inc. $0 4.450% 15-Jun-2052
Verizon Communications Inc. $1 4.600% 15-Aug-2052
Verizon Communications Inc. $0 4.650% 15-Aug-2052
Verizon Communications Inc. $0 4.650% 15-Aug-2052
Verizon Communications Inc. $0 4.850% 15-Sep-2052
Verizon Communications Inc. $730 5.320% 2-May-2053
Verizon Communications Inc. $1 5.450% 15-Jun-2053
Verizon Communications Inc. $2 5.400% 15-Jul-2053
Verizon Communications Inc. $1 5.500% 15-Aug-2053
Verizon Communications Inc. $1 5.800% 15-Aug-2053
Verizon Communications Inc. $1 5.800% 15-Aug-2053
Verizon Communications Inc. $0 5.900% 15-Aug-2053
Verizon Communications Inc. $0 5.750% 15-Sep-2053
Verizon Communications Inc. $0 5.800% 15-Sep-2053
Verizon Communications Inc. $1 5.900% 15-Sep-2053
Verizon Communications Inc. $0 5.950% 15-Oct-2053
Verizon Communications Inc. $3 6.400% 15-Nov-2053
Verizon Communications Inc. $0 6.100% 15-Nov-2053
Verizon Communications Inc. $1 6.050% 15-Nov-2053
Verizon Communications Inc. $1 5.750% 15-Dec-2053
Verizon Communications Inc. $1 5.450% 15-Dec-2053
Verizon Communications Inc. $1 5.400% 15-Dec-2053
Verizon Communications Inc. $1,000 5.500% 23-Feb-2054
Verizon Communications Inc. $0 5.300% 15-Mar-2054
Verizon Communications Inc. $5 5.400% 15-Mar-2054
Verizon Communications Inc. $1 5.300% 15-Mar-2054
Verizon Communications Inc. $1 5.300% 15-Mar-2054
Verizon Communications Inc. $0 5.250% 15-Apr-2054
Verizon Communications Inc. $794 5.012% 21-Aug-2054
Verizon Communications Inc. $3 5.150% 15-Sep-2054
Verizon Communications Inc. $3 5.100% 15-Sep-2054
Verizon Communications Inc. $2 5.050% 15-Oct-2054
Verizon Communications Inc. $655 4.100% 4-Mar-2055
Verizon Communications Inc. $723 4.672% 15-Mar-2055
Verizon Communications Inc. $3,651 2.987% 30-Oct-2056
Verizon Communications Inc. $2,385 3.600% 24-Feb-2060
Verizon Communications Inc. $1,123 3.000% 29-Sep-2060
Verizon Communications Inc. $1,894 3.000% 20-Nov-2060
Verizon Communications Inc. $2,978 3.700% 22-Mar-2061 $114,591
Private Placements $16,949 $16,949
TOTAL LONG TERM DEBT: $ 132,248
TOTAL DEBT AS OF September 30, 2025 $ 151,501

Courtesy of The FT

Courtesy of The BBC

Tomorrow the Chancellor of the Exchequer will announced the long awaited budget. For weeks we have seen the bond market reacting to ill timed and ill advised leaks, undermining confidence in the UK Gilt market. Lenders to UK Government have to have confidence in the UK able to pay on the debts outstanding, and also lenders need to have confidence in the UK to lend new money.

When the government spends more than it receives in tax and other revenues it borrows to cover the difference. This borrowing is known as ‘public sector net borrowing’ but is often referred to as the deficit.

Total public sector net debt in the United Kingdom from 2010/11 to 2024/25

Courtesy of [UK government debt 2025| Statista]

One can see each year the HM Government has been spending more than it earns in taxation over the last 15 years. This is NOT sustainable. Consequently, debt interest payments are now above £100 billion a year, and the OBR has warned that, without action, debt could rise to 270 per cent of GDP by the early 2070s. Note, £100 billion interests is money that can NOT be paid finance our brave armed forces, or build new schools.

In 2024-25, it is expected public spending to amount to £1,278.6 billion, and thus out of that £1278 billion, £100 billion is on debt interest.

Also we are seeing huge media speculation on whether the Chancellor of the Exchequer will break the election promise in the party manifesto of not increase taxes, and this speculation has now become normalised on social media with arm chair political economists saying the Chancellor of the Exchequer will break an election pledge, these ‘experts’ have zero knowledge of the importance of the bond market or a decent grasp of economics.

However in the interests of fairness and equality it was David Cameron who maintained his promise and manifesto pledge to ask the UK population for the referendum on the UK continued membership the European Union, and he kept his promise:-

Courtesy of John Major

As shown above, keeping manifesto pledges is NOT a holy or sacred act.

The UK needs to raise taxes to be able to fund the annual budget deficit, if not, the UK Government can not actually fund day to day operations. It needs that funding to finance public services, and if we do NOT, we face a Liz Truss / Kwasi Kwarteng moment, where the UK struggles to raise money, with borrowing costs surge, as lenders get worried over economic competence and stewardship of the UK economy. Sadly, taxes will have to rise, and breaking that manifesto pledge is the right things to do for the UK Government to be able borrow from on the Bond Market and fund public services.

Are Higher Taxes Inevitable for the UK? Economic Analysis from IFS Director | Pod Save the UK

Are Higher Taxes Inevitable for the UK? Economic Analysis from former IFS Director.

UK Taxes NEED to rise, to keep confidence with our creditors.

Courtesy of the Peter G Peterson Foundation

Why is the National Debt so high?
America’s growing debt is the result of simple math — each year, there is a mismatch between spending and revenues. When the federal government spends more than it takes in, it has to borrow money to cover that annual deficit. And each year’s deficit adds to the USA’s growing national debt.

Historically, the largest deficits were caused by increased spending around national emergencies like major wars or the Great Depression. Today, deficits are caused mainly by predictable structural factors: our aging baby-boom generation, rising healthcare costs, higher interest rates, and a tax system that does not bring in enough money to pay for what the government has promised its citizens. Moving forward, it will be critical for America’s leaders to address our rising debt, and its structural factors, which are described below.

Courtesy of the Peter G Peterson Foundation

Peter G. Peterson Foundation

Today, Tesco PLC pays out its November 2025 dividend.

https://www.tescoplc.com

4.8p a share

https://www.londonstockexchange.com/news-article/TSCO/total-voting-rights/17308359

The Company’s share capital as at 31 October 2025 consisted of 6,467,582,349 ordinary shares of 6 1/3 pence each

thus:-

6,467,582,349 x £0.048 = £310,443,952.752

That is £310 Million paid to Tesco shareholders

https://www.londonstockexchange.com/stock/TSCO/tesco-plc/company-page

Courtesy of the London Stock Exchange

Courtesy of Bloomberg

The L&G Clean Energy UCITS ETF aims to track the performance of the Solactive
Clean Energy Index NTR

Courtesy of Legal and General Investment Management

LEGAL AND GENERAL ASSET MANAGEMENT RENG Stock | London Stock Exchange

Courtesy of Yahoo Finance

Courtesy of Norges Bank Investment Management

In the beginning, there is basically no difference between making a choice that is 1 percent better or 1 percent worse. (In other words, it won’t impact you very much today.) But as time goes on, these small improvements or declines compound and you suddenly find a very big gap between people who make slightly better decisions on a daily basis and those who don’t.

Here’s the punchline:

If you get one percent better each day for one year, you’ll end up thirty-seven times better by the time you’re done.

How to Master the Art of Continuous Improvement

The L&G Multi-Strategy Enhanced Commodities ex-Agriculture & Livestock UCITS ETF is a London Listed ETF that aims to track the performance of the Barclays Backwardation Tilt Multi-Strategy Ex-Agriculture & Livestock Capped Total Return Index.

Fund size $88.4m

The fund provides broad-based exposure to commodities via a diversified basket of commodity futures with different expiry dates of up to 1 year.

The upside point of this fund:-

-Diversification Commodities are a distinct asset class with returns that are largely uncorrelated with stock and bond returns
-Inflation hedge Commodity indices tend to benefit from rising inflation
-Broad commodities exposure Basket of commodity futures, excluding Agriculture and Livestock, with dynamically determined expiry dates

Courtesy of Legal and General Investment Management

L&G Multi-Strategy Enhanced Commodities ex-Agriculture & Livestock UCITS ETF | LGIM Fund Centre

Courtesy of CNBC

LEGAL AND GENERAL ASSET MANAGEMENT XAGZ Stock | London Stock Exchange

The highly regarded Institute of Fiscal Studies is a wealth of information:-

Pressures on public sector pay | Institute for Fiscal Studies

“The public sector employs 5.9 million people in the UK, at an annual cost of £270 billion in 2023–24 (including salaries, employer pension contributions and employer National Insurance contributions) – 10% of national income and 22% of total UK government spending. The employment, pay and productivity of these employees are therefore an important determinant of the material standard of living of millions of families, as well as a crucial input into the provision of public services. Public sector pay growth is an important pressure on public spending.”

The Vanguard Sterling Short-Term Money Market Fund (the “Fund”) seeks to provide stability in the value of investments, liquidity and exposure to a variety of investments that typically perform differently from one another while maximising income earned from distributions such as interest

https://www.vanguardinvestor.co.uk/investments/vanguard-sterling-short-term-money-market-fund-investor-gbp-income-shares/overview

Courtesy of Vanguard

Courtesy of Vanguard

4.35% effective interest rate, the total assets £1.9 Billion in the fund.

Ray Dalio & Andrew Ross Sorkin on His New Book “1929” and How Debt Drives Every Crash

The Royal London Short-Term Money Market Fund is a £9,808.20m fund, holding near cash assets.

https://www.rlam.com/uk/intermediaries/funds/fund-centre/Royal-London-Short-Term-Money-Market-Fund/?search=GB00B8XYYQ86&shareClass=YAccGBP#overview

Courtesy of Royal London Asset Management

The Fund’s investment objective is to preserve capital and provide an income over rolling
12-month periods by predominantly investing (at least 80% of its assets) in cash and cash
equivalents. The Fund’s comparator benchmark is the Bank of England Sterling Overnight
Interbank Average (SONIA).

Courtesy of Royal London Asset Management

Courtesy of Understanding the National Debt | U.S. Treasury Fiscal Data

Courtesy of Understanding the National Debt | U.S. Treasury Fiscal Data

The iShares MSCI World ex-USA UCITS ETF is a London listed fund aims to achieve a total return, taking into account both capital and income returns, which reflects the return of the MSCI World ex USA Index, the Fund’s benchmark index.

https://www.ishares.com/uk/individual/en/products/340748/ishares-msci-world-ex-usa-ucits-etf

Courtesy of BlackRock

Courtesy of BlackRock

Courtesy of BlackRock

The Vanguard FTSE Emerging Markets UCITS ETF is a London listed ETF

https://www.vanguardinvestor.co.uk/investments/vanguard-ftse-emerging-markets-ucits-etf-usd-accumulating/overview

Courtesy of Vanguard

Top Ten Holdings:-

The abrdn Future Raw Materials Fund is an ETF that invests in the global raw materials.

Investment objective is to generate growth over the long term (five years or more) by investing primarily in companies aligned with the future raw materials theme.

ABRDN III ICAV ARAW Stock | London Stock Exchange

Courtesy of The London Stock Exchange

Fund Holdings:-

WisdomTree Energy Transition Metals is a fully collateralised, UCITS eligible Exchange-Traded Commodity (ETC) designed to provide investors with a total return exposure to a basket of Thematic Metals Baskets futures contracts. The Index is designed to track the performance of a diversified basket of metal commodities that are associated with the energy transition theme, which include, but are not limited to Electric Vehicles, Transmission, Charging, Energy Storage, Solar, Wind, and Hydrogen production.

Courtesy of Wisdom Tree

WISDOMTREE NRGT Stock | London Stock Exchange

Courtesy of The London Stock Exchange

Courtesy of The BBC

Their is a LOT of talk about the UK impending budget and why taxes will have to rise.

Rachel Reeves says she is looking at tax rises ahead of Budget – BBC News

However lets look at the rising national debt in the UK and see how it rose over the past 15 years.

Number are in UK £Pounds: Trillion.

Courtesy of Statista

Government debt in the United Kingdom reached over 2.81 Trillion British pounds in 2024/25, compared with 2.69 trillion pounds in the previous financial year. Although debt has been increasing throughout this period, there is a noticeable jump between 2019/20, and 2020/21, when debt increased from 1.82 trillion pounds, to 2.15 trillion. The UK’s government debt was the equivalent of 95.8 percent of GDP in 2024/25, and is expected to increase slightly in coming years, and not start falling until the end of this decade

Now, the big issue is looking at the total debt of £2810 Billion = £2.81 Trillion. Thus when carrying this level of debt, there is huge public sector expenditure on public sector debt interest in the United Kingdom from 2010/11 to 2024/25, see below:-

Courtesy of Statista

As you can see above, in 2024/25, total interest payments on HM Government debt was £124.7 Billion, money that is paid to the creditors of the UK (the lenders), which means, money that can NOT be used on the UK, e.g. not able to use £124.7 Billion on new hospitals or new schools or better roads. Servicing the debt is now a large part of HM Government expenditure.

Courtesy of The Financial Times

Renewables overtake coal as world’s biggest source of electricity – BBC News

“Renewable energy overtook coal as the world’s leading source of electricity in the first half of this year – a historic first, according to new data from the global energy think tank Ember.

Electricity demand is growing around the world but the growth in solar and wind was so strong it met 100% of the extra electricity demand, even helping drive a slight decline in coal and gas use”

ISHARES INRG Stock | London Stock Exchange

Courtesy of The London Stock Exchange

Courtesy of The Financial Times

Courtesy of The Royal Mint: Price per Oz.