--- title: JP Morgan Isn’t Waiting for Permission, They’re Positioning for What’s - Britannia Bullion description: "When Promises Get Expensive: What Rachel Reeves' Spending Review Signals for Savers and Retirees By Kane White, CEO and Founder of Britannia Bullion and Montford Group Every politician promises growth. Every budget talks about investment. But behind the headlines, there’s always a deeper question worth asking: Who’s pa" image: https://www.britanniabullion.com/hubfs/Blog%20post%20images%20(1).svg --- [Skip to content](https://www.britanniabullion.com/blog/jp-morgan-isn-t-waiting-for-permission-they-re-positioning-for-what-s-next#main-content) [Call: +44 20 4572 2034](tel:+442045722034) [![Britannia Bullion](https://www.britanniabullion.com/hs-fs/hubfs/britannia-bullion-theme/logo-crisp.webp?width=235&height=175&name=logo-crisp.webp "Britannia Bullion")](https://www.britanniabullion.com/) - [Home](https://www.britanniabullion.com/) - [Our Approach](https://www.britanniabullion.com/our-approach) - Gold - [Why Gold](https://www.britanniabullion.com/why-gold) - [Why Now](https://www.britanniabullion.com/why-now) - [Buying Gold](https://www.britanniabullion.com/buying-gold) - [Selling Gold](https://www.britanniabullion.com/selling-gold) - [Tax Advantages](https://www.britanniabullion.com/tax-advantages) - [Live Pricing & MKT Trends](https://www.britanniabullion.com/live-pricing-mkt-trends) - [About Us](https://www.britanniabullion.com/about-us) - Resources - [Insights](https://offers.britanniabullion.com/blog) - [Case Studies](https://145917567.hs-sites-eu1.com/case-studies) - [Podcast](https://www.britanniabullion.com/podcast) - [In The Media](https://www.britanniabullion.com/in-the-media) - [FAQs](https://www.britanniabullion.com/faqs) - Free Guides - [Beginners Guide To Investing In Gold](https://www.britanniabullion.com/beginners-guide-to-investing-in-gold) - [Company Brochure](https://www.britanniabullion.com/company-brochure) - [The Farmers Guide To Investing In Gold](https://www.britanniabullion.com/farmers-guide-to-investing-in-gold) - [The Great British Banking Betrayal](https://www.britanniabullion.com/the-great-british-banking-betrayal) - [The Beasts Series](https://www.britanniabullion.com/the-beasts-series) - [Gold Products](https://shop.britanniabullion.com/) [Start a conversation](https://cta-eu1.hubspot.com/web-interactives/public/v1/track/click?encryptedPayload=AVxigLL67YmIxDE5BOBykXJASBZ1Br9wqbzoT3YjA9TYH4gzMGnS5%2FgNv5tIcVKcYtSFBzkzqsZ7x9hedI1%2FSjh7cYTnxEnncNOzAx%2Bh8aP4R9gytSDizysh9TIQLId5ulORJh1xVsrVqJ4J3VND5EgqkMX9pgZpCVMjEui7sL88dXVx1c53FW3dE0MM4Eyv1g9v7iI40CpGLyawhD%2FdjxB2aFVtdDc4KSRTANV8wAtbyBN%2BzQ%3D%3D&portalId=145917567) - [Home](https://www.britanniabullion.com/) - [Our Approach](https://www.britanniabullion.com/our-approach) - Gold - [Why Gold](https://www.britanniabullion.com/why-gold) - [Why Now](https://www.britanniabullion.com/why-now) - [Buying Gold](https://www.britanniabullion.com/buying-gold) - [Selling Gold](https://www.britanniabullion.com/selling-gold) - [Tax Advantages](https://www.britanniabullion.com/tax-advantages) - [Live Pricing & MKT Trends](https://www.britanniabullion.com/live-pricing-mkt-trends) - [About Us](https://www.britanniabullion.com/about-us) - Resources - [Insights](https://offers.britanniabullion.com/blog) - [Case Studies](https://145917567.hs-sites-eu1.com/case-studies) - [Podcast](https://www.britanniabullion.com/podcast) - [In The Media](https://www.britanniabullion.com/in-the-media) - [FAQs](https://www.britanniabullion.com/faqs) - Free Guides - [Beginners Guide To Investing In Gold](https://www.britanniabullion.com/beginners-guide-to-investing-in-gold) - [Company Brochure](https://www.britanniabullion.com/company-brochure) - [The Farmers Guide To Investing In Gold](https://www.britanniabullion.com/farmers-guide-to-investing-in-gold) - [The Great British Banking Betrayal](https://www.britanniabullion.com/the-great-british-banking-betrayal) - [The Beasts Series](https://www.britanniabullion.com/the-beasts-series) - [Gold Products](https://shop.britanniabullion.com/) [Start a conversation](https://cta-eu1.hubspot.com/web-interactives/public/v1/track/click?encryptedPayload=AVxigLL67YmIxDE5BOBykXJASBZ1Br9wqbzoT3YjA9TYH4gzMGnS5%2FgNv5tIcVKcYtSFBzkzqsZ7x9hedI1%2FSjh7cYTnxEnncNOzAx%2Bh8aP4R9gytSDizysh9TIQLId5ulORJh1xVsrVqJ4J3VND5EgqkMX9pgZpCVMjEui7sL88dXVx1c53FW3dE0MM4Eyv1g9v7iI40CpGLyawhD%2FdjxB2aFVtdDc4KSRTANV8wAtbyBN%2BzQ%3D%3D&portalId=145917567) [← All insights](https://www.britanniabullion.com/blog) # JP Morgan Isn’t Waiting for Permission, They’re Positioning for What’s Next Jun 18, 2025 · HubSpot Author ![](https://www.britanniabullion.com/hubfs/Blog%20post%20images%20(1).svg) **When Promises Get Expensive: What Rachel Reeves' Spending Review Signals for Savers and Retirees** *By Kane White, CEO and Founder of Britannia Bullion and Montford Group* Every politician promises growth. Every budget talks about investment. But behind the headlines, there’s always a deeper question worth asking: Who’s paying for it, and how? Like I say to people purchasing Gold with us... ![Instagram\_post\_style\_18](https://www.britanniabullion.com/hs-fs/hubfs/Blog/Instagram_post_style_18.webp?width=249&height=311&name=Instagram_post_style_18.webp) Rachel Reeves, Labour’s Shadow Chancellor, has laid out her vision for Britain’s economy. More government spending. More “investment-led growth.” A plan that aims to stimulate the economy and modernise the country. But let’s not lose sight of the mechanics. When a government spends more than it earns, it borrows. And when it borrows too much, your money quietly starts to lose value, as suggested. In a world where inflation has already outpaced savings rates, these announcements shouldn’t be seen as political strategy; they’re financial signals. J.P.Morgan has written a brilliant piece analysing what Reeves’ proposals could mean for ordinary savers and retirees. I’ve included the link below, and I encourage you to read it in full. But I also want to offer my take. ### **Here’s what stands out to me:** 1. *We’re being sold growth, but it’s funded by debt.* That debt doesn’t stay in Parliament; it filters through the system. It devalues the pound, weakens trust in cash, and quietly erodes the real-life buying power of everyday families. Everything costs us more money! 1. *Savers are stuck in a silent trap.* Banks may offer up to 4% interest, but your bills might be up to 20 or 30%. So while your savings grow on paper, you’re still falling behind. Inflation isn’t just a number; it’s a loss of control. I have always referred to Inflation as the silent stealth tax! You can not hear it, but can we feel it?... I know I can. 2. *Retirees are especially vulnerable.* People who’ve spent decades doing the right thing, saving, planning, and staying cautious, are penalised by a system that rewards risk and punishes patience. 3. *This isn’t about panic. It’s about positioning.* We’re not making predictions. We’re not offering advice. But when governments start using words like “reform,” “reset,” or “investment-led,” we should all stop and think, what does that mean for the value of what I already hold? Here’s the full breakdown from J.P.Morgan: [**What Rachel Reeves’ Spending Review Means for Everyday Savers & Retirees**](https://www.jpmorgan.com/insights/global-research/commodities/gold-prices) *My view is simple.* *Trust is shifting.* *And when trust moves, so does value.* This blog, as always, is educational. It is not advice. But it is a call to think carefully about how political promises ripple into financial consequences. Especially if your wealth, however large or modest, is sitting in a system where the rules keep changing. [![3-1](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/145917567/interactive-394296197326.png)](https://www.britanniabullion.com/hs/cta/wi/redirect?encryptedPayload=AVxigLLkkrc28CPTlCp1f2KiNnbKt7STjoU2EU9tKn46EX2cyWg6JD5Uko%2Bx7jz2%2BLgnAVsjdQtSxaPSxBRrVKZsmp9LUah3QBhm63jvyPE7cqu5POyZeOp%2FPRtbshJ95jIAvZZ%2B%2BH%2FlQGDic62TKly%2FQ2gPV5vLKqjI5brT64ejAfjp4LlIUyVZUsux04hQaJKsdV7wMBRXvPTSKqWJGRt9%2F9w0GJnOyArzYNFGeah1OxUmzQ%3D%3D&webInteractiveContentId=394296197326&portalId=145917567) Until next time, **Kane White** CEO & Founder Britannia Bullion and Montford Group ![Kane\_Matthew\_480x480](https://www.britanniabullion.com/hs-fs/hubfs/Blog/Kane_Matthew_480x480.webp?width=384&height=480&name=Kane_Matthew_480x480.webp)   Topics - [British](https://www.britanniabullion.com/blog/tag/british) - [Gold Coins](https://www.britanniabullion.com/blog/tag/gold-coins) - [News](https://www.britanniabullion.com/blog/tag/news) - [UK](https://www.britanniabullion.com/blog/tag/uk) - [Inflation](https://www.britanniabullion.com/blog/tag/inflation) - [Capital Gains Tax](https://www.britanniabullion.com/blog/tag/capital-gains-tax) - [security](https://www.britanniabullion.com/blog/tag/security) - [Budget](https://www.britanniabullion.com/blog/tag/budget) - [Taxfree](https://www.britanniabullion.com/blog/tag/taxfree) - [Digital ID](https://www.britanniabullion.com/blog/tag/digital-id) - [Control](https://www.britanniabullion.com/blog/tag/control) - [Women](https://www.britanniabullion.com/blog/tag/women) - [isa](https://www.britanniabullion.com/blog/tag/isa) - [Kitco](https://www.britanniabullion.com/blog/tag/kitco) ### Stay informed Physical Gold · Wealth Protection A British gold consultancy helping clients decide whether physical gold has a role in protecting what they have built. 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