Aberdeen feedback; Investec Thoughts; UK Chancellor; IFRS17 strengths; Wise Overweight

Research evidence excerpt

Aberdeen feedback; Investec Thoughts; UK Chancellor; IFRS17 strengths; Wise Overweight

Gigi Sparling - Specialist Sales - European Financials AC (44-20) 7134-0355 Europe Specialist Sales J P M O R G A N

ghislaine.sparling@jpmorgan.com JPM | EU Financials: Aberdeen

J.P. Morgan Securities plc feedback; Investec Thoughts; UK

Chancellor; IFRS17 strengths; Wise

Overweight

26 June 2026

UK: Choice of Chancellor will offer clues on fiscal strategy. Thoughts from Allan Monks where Andy Burnham has indicated

several ambitious changes if he were to become Prime Minister, including plans for the devolution of power, reforms to the voting

system and nationalizations in some key industries. On fiscal policy the messages have been more mixed, with preferences for

increased spending but without breaking fiscal rules and manifesto pledges on tax. His upcoming choice of Chancellor will be

insightful in indicating Labour’s fiscal strategy later this year. One popular view is that little will change substantively, as

Burnham seeks to build credibility with markets at his first Budget later this year. A second view which Allan thinks could have

weight ahead of the budget this year is that Burnham will row back on some of his prior assurances and both increase spending

whilst raising taxes. There is also a third option of reforming the tax system. Allan runs through the different options available

here.

Investec Plc - DLC structure is a legacy enabler now presenting simplification opportunity. Thoughts from Baron Nkomo

onInvestec which operates a Dual Listed Companies (DLC) structure (Investec Limited in South Africa and Investec plc in the

UK) which was formed in 2001. The structure is designed to make the two listed parents function as a single economic enterprise