Caroline Let, FED, Bp Shell discussed on Bloomberg Daybreak Europe


The push higher in energy prices oil prices in particular but were also watching coal and a host of other commodities as well Brent prices touching $80 during the Asian trading session So 80 23 is where we trade up by 9 tenths of a percent compared to the previous close 76 12 is where we trade on the WTI price and a big focus on bond markets once again as we busted out of that previous trading range up over one and a half percent on the U.S. ten year We went over 1% on the U.S. 5 year as well So watching those yields drifting just a little bit higher amidst all of that the dollar is entirely stable Caroline Let's go to our top stories this morning as the UK's fuel crunch continues the military has officially been put on standby to help deliver supplies to petrol stations a limited number of army tanker drivers will be trained up in case they're needed It's the latest emergency measure as the government grapples with supply chain reactions that have drained petrol pumps But a group of companies including BP Shell and esso say that they expect demand to ease in the coming days and there's no shortage of fuel at refineries and terminals Meanwhile plenty of jobs coming up for grabs at the U.S. Federal Reserve the Dallas fed president Robert caplan has joined Boston's Eric Rosenberg in early retirement both had been under scrutiny over securities trading activity last year Kaplan will depart on the 8th of October saying that the recent focus on his financial disclosures risks becoming a distraction Rosenberg will retire this week due to an ongoing health condition Meanwhile the recent message from Jerome Powell and fed officials is that the Central Bank will probably begin winding down its bond buying program soon though the economic recovery still has a way to go before the interest rate increases are appropriate The New York fed president John Williams cited progress on both the inflation and labor market front in arguing for a moderation in the pace of bond buying I think it's clear that we made substantial further progress in achieving our inflation goal It's also been very good progress towards maximum employment Now assuming the economy continues to improve as I anticipate a moderation in the pace of asset purchases may soon be warned But pal says that inflation is elevated and will likely remain so in coming months before moderating that's in preparation in prepared remarks rather ahead of Powell's Senate appearance today The US Treasury secretary Janet Yellen also testifies Those are a few of our top stories for you this morning Let's go on to one of our top interviews The Labor Party is gearing up here in the UK for a potential snap election as soon as next year That's according to one senior party figure With the annual party conference in full swing we're awaiting the key speech form care starmer The Chancellor shadow Chancellor Rachel Reeves has been making the case for a more business friendly Labor Party saying the party will scrap business rates replace it with a new business taxation system Now a Bluebird Westminster yesterday you imports and I spoke to Bridget phillipson MP She set out what the party is trying to achieve We've seen obviously a really terrible 18 month old for businesses and for workers And what do we believe the approach that should be taken the product that racial reefs will be setting out in her speech is that labor will tax fairly will spend wisely and will get the economy firing on all cylinders Now that means government working with business to create jobs and opportunity and every part of our country but it also means that when the government spending money is always focused on the value that you get out of every single pound making sure it has best possible effect We've seen extraordinary waste of public money during this pandemic and we would do things differently Is there enough real policy in what is being discussed at the party conference I noticed that the shadow Chancellor former shadow Chancellor John McDonald he's been on the program before and he's never won not to throw some criticism at Keir Starmer He loved this that the pamphlet that starmer wrote and published just before the party conference last week he described that as banality after banality that there was a lot of writing a lot of words but not enough politics in there What would you say in response to that I mean not for the first time I happened to disagree with them on that And I think what we're seeing today from our shadow Chancellor Rachel Ray is a focus not just on the fiscal rules and the approach that labor would take to the public finances on the office of AD for money but also already ambitious agenda around completely overhauling the way in which business rates operate in our country So we will put forward a different system the better reflects the change that taken place in the economy so more modern system of taxation that understands both how high streets but also our online businesses too So we would end business rate in the long run but in the short term we think this should be for all of them and for smaller businesses to be cut to really support our high street to thrive once more So I think we're setting out quite a big agenda around the different choices that are labor government would be taking How will labor get the likes of Amazon to pay more tax when others haven't managed it Well part of that course is around.

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