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There's no debate.

We keep people... um and there are other companies that do that but there's also a world where you just let autonomous units figure it out for themselves and i do think the centralization of pay the centralization of the budgets the centralization of the architecture in big companies it disenfranchises managers to truly be managers so when so if you look at the other extreme which is fully decentralized companies like hire or morning star in america or um new core as well as fairly decentralized or uh Handelsbanken in Sweden, these companies don't have centralized pay.

They limit centralization to the absolute minimum legal requirements, which with pay transparency legislation is growing a little bit.

But I think if you're a manager and you are given pay and pay is transparent, maybe that would be the thing I would centralize.

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Find out more at handelsbanken.co.uk. [upbeat music] Hello, and welcome to Handelsbanken Insights.

I'm Daniel Marney.

We have a special episode this week looking at our global macro forecast, which was published on the 9th of September.

It's obviously an especially volatile time to be publishing a forecast, but nonetheless, we'll be talking through our thinking in the report and we'll be hearing from two of our regular in-house experts.

And I'm delighted to be joined by Johan Lof, Handelsbanken's global head of forecasting.

And in the past, we've talked about how different markets are difficult, but actually if you take a long-term approach, then how it doesn't matter too much.

However, however, this new story is interesting from Handelsbanken.

If you're not familiar with Handelsbanken, it's a bank that really just operates with high net worth.

So people with money, professional investors, if you like.

And they surveyed their clients, and what was really interesting from that investor money, that smart money, if you like, experienced money, is that 71%, and I'm surprised by how high this is, 71% are planning on buy-to-let investments in the next 12 months.

That value play is there, and it's starting to get noticed.

It is striking, and it's yet more evidence of this trend that we've been talking about for a while now, but I think there's a lot further to run or where you are gonna get a smaller number of bigger landlords.

Now that's not saying huge companies are gonna come in and own everything, but Handelsbanken scale, you're probably talking about people who are gonna be building up portfolios of, I don't know, like sort of five to 50 would probably be their kind of size.

Then a deep dive into the UK context, what's been driving the UK gilt yield and how have commercial property yields responded to the new environment in bond markets.

And I'm delighted to be joined by James Sproul, Handelsbanken UK's chief economist on our first episode of the season.

James.

Thank you, Daniel.

New Core Steel is a great example in America.

your Handelsbanken as well, which I include in the appendix of this book, all companies that were existentially threatened or started from scratch and did it from a different set of assumptions about how people work.

But I do think, to go back to your initial question, if you even remember it at this point, I think if you are in HR, in this world of HR right now, it's difficult to envisage a path to a different operating system, as Aaron Dignan would call it, a different assumption.

To go back to your example, you've got to start testing limits at some point.