Episode 21 of Mergerspresso, Addleshaw Goddard’s corporate finance podcast, delivers an emergency Budget special unpacking the key announcements and what they really mean for markets, businesses and investors. Host Simon Wood is joined by guest Paul Concannon, Addleshaw Goddard’s Head of Tax, to review the Budget in the time it takes to make your coffee.

Simon and Paul discuss why the Budget felt chaotic in its build-up, despite delivering significant tax rises largely driven by fiscal drag rather than structural reform. They explore what this means for confidence, policy credibility and the broader economic narrative, as well as why many of the headline-grabbing measures amount to relatively modest change in practice.

The episode focuses in particular on the implications for public markets, including the introduction of a stamp duty holiday for new listings and changes to Cash ISA limits. Simon and Paul assess whether these measures are genuinely market-friendly or simply tentative steps, and why deeper reform, particularly around pensions and long-term liquidity, remains critical for the UK’s capital markets.