Russ Mould of A J Bell and author of the Telegraph's Questor column wonders why the Chancellor gave a speech about giving a speech, comparing it to Hugh Dalton having to resign in 1947 for letting slip something in the Budget. But the Budget will be important for affecting the 10-year gilt yield, seen as the risk-free rate. Any other investments should be priced to provide higher returns. As examples, utilities are seen as bond proxies as there's little expected capital growth, whereas discounted cash flow models are used to price tech stocks. If the 10-year yield rises, it decreases the value of equities and vice versa. Investors should always bear in mind its importance.

Guests: Russ Mould

Published: Thu 6 November 2025