9 Burst results for "Bridget Phillipson"
Bloomberg Radio New York
"bridget phillipson" Discussed on Bloomberg Radio New York
"For the show. Well, indeed, I mean, to be fair, I got serving before our work would be very complicated. We very dark. A little dangerous. Okay, let's turn now to the Bank of England, and we had those hawkish comments from Catherine Mann earlier this week. There were dovish swati dengue though, has warned against further interest rate rises, saying it could damage a weak UK economy. This comes as we get more hints as to what the Chancellor is set to an end in next week's budget. Our UK correspondent Lizzie Burton's with us for more now. Lizzie, now you were speaking two swati dinger at that panel at the resolution foundation yesterday. What did you take away from what she had to say? This is covered here at Bloomberg. I had the dove francine LaCroix had the big hawk on the committee, the day before Catherine Mann. But what was great to hear from swatted dinger was clarity on how there can be such a gap between them when they're looking at exactly the same data. So you'll know she's already voted to keep interest rates on hold twice. She said she's going to do it again because she is worried about the risk of over tightening denting the economy. Now we're going to get more data on GDP tomorrow, but the latest survey from the British chambers of commerce suggests that the UK is just going to sputter along below pre-pandemic levels until late next year, and even though you've got inflation running in double digits in the UK, dinger is point is that the hawks like man are too focused on domestically driven inflation, wage and profit growth when actually, because she's a trade expert on the committee, she's looking at the inflation problem that's coming from outside this imported into the UK, and she emphasized that because of this time lag in monetary policy, the jumbo hikes, the bank has already done, are still filtering through. And that actually chimes with what some of the former hawks of the committee have told Bloomberg in the past week. So Michael Saunders on the UK politics podcast said that it's time to ease to 25 basis points and Andy haldane in the former chief economist, told our colleague Tom Reese at the bank needs to tread cautiously ahead. So even he thinks that the Tiger is nearly tamed. Okay, the Tiger is only saying it's fascinating. This conversation about lags, long and burial as they are monetary policy lags, but what they look like when you're coming out of a pandemic and people and people and businesses are sitting on steel on post pandemic balances in their accounts. In aggregate, not everybody, of course. So it's a fascinating conversation. So we are just two weeks away then, from the next Bank of England meeting, how do we square this seeming dovishness from at least what he dinger at the Bank of England, with what we're hearing elsewhere, which is more hawkishness, certainly from the fed and parts of the ECB. Although Jerome pearl is just an Andrew Bailey and put a foot in the dovish camp as well. Bailey also sitting on the fence somewhat in his latest remarks. It is strange that you've got this dovish wind blowing in the UK and it's something that I discussed with swati dinger yesterday. The UK seems to have the worst of both worlds. It's got the tight labor market of the U.S. and the energy shock of the Eurozone. And if you think about that Venn diagram, you might conclude that in the UK we should therefore be doubly hawkish, but actually dinger's argument was that there are huge differences between, for example, France and Germany, the U.S. is far more consumer driven than the UK, and she says she's not as concerned as man about a potential drop in Sterling against the dollar, because she says most of our imports aren't actually priced in dollars, and so this is how you can explain the three way split on the committee but I have to say it's going to come down to the men at the march decision. You've got the women external members at the extremes of the spectrum. We need to see how the likes of Ben broadbent and Hugh pill are going to vote. Okay, so that's the Bank of England. Meanwhile, over in Westminster, we're getting more clues as to what Jeremy hunt is likely to announce in the budget next week. Yes, it's the time to fly kites. So the government is trailing various policies it might or might not do in the newspapers and you can expect them to tone them up or tone them down based on the response they get over the coming days. The Financial Times is reported that the government's drawing up plans to loosen immigration rules to plug some of these holes in the labor market we've been talking so much about Stephen, especially in the construction industry, other things that Bloomberg's reported are likely to happen is extra defense spending, 360 million pounds to make Britain a science superpower, but no consolation of the planned corporation tax rise. Meanwhile, labor today is expected to pledge to set up a modern child care system because of course this is an issue that's climbed up the agenda so labor's spied an opportunity and the shadow education secretary Bridget phillipson is set to announce more funding for child care between parental leave until children finish primary labor also talking about investment in chips, aren't they? Lizzie, thank you very much. Are you kicker response at Lizzie Burton joining us with the monetary policy and the fiscal story out of the UK? Up next, EY partner split on this bless a less than many cash injection and get back to the office on Mondays
Bloomberg Radio New York
"bridget phillipson" Discussed on Bloomberg Radio New York
"When she made these quite interesting comments. What was your takeaway from this big speech she made? Yeah, we like to cover all our bases here at Bloomberg. We had the big hawk head now the big dove. Yesterday. Dinger, as you know, Caroline has already voted for too hikes. She's also planning to hold two holds and she's planning to hold again at the next meeting because she says that there's a risk if you over tighten is going to dent the economy. Now we're going to get more GDP data tomorrow, but the latest survey from the British chambers of commerce suggests that the UK is just going to sputter along below pre-pandemic levels until late next year. And even though you've got inflation in double digits, dinger's point is that the hawks like man are too focused on domestically driven inflation. Wage and profit growth when actually because she's the trade expert of the committee. She used a bread loaf, in fact, to show that still much of our inflation problem in the UK is imported. And she emphasized that because of the lag in monetary policy, the time lag, the jumbo hikes at the banks already done, I still filtering through and actually that chimes with what we've heard from some of the former arch hawks of the committee. Michael Saunders told us on the UK politics podcast that even he would ease the pace of hikes to a quarter point next time and then Andy haldane the former chief economist, told our colleague Tom Reese in a print interview that the bank needs to tread cautiously that. So if even he's saying the tigers nearly taped the nerves are showing. Unless he look, we're two weeks away from that next BOE meeting. How do you square this dovishness out of the BOE with the hawkishness, say, on the other side of the Atlantic with the fed, the other side of the channel with the ECB? Yeah, it seems crazy, doesn't it? Obviously, we've had Jerome Powell turning a bit more dovish since the hawkish comments that actually meant that at one point yesterday traders were fully pricing a 5% peak rate in the UK for November. So it is strange and it's something that we talked about with swati dinger on yesterday's panel. You could see it as the UK is in the middle of a Venn diagram. It's got the worst of the labor market issues in the U.S. and it's also got the energy supply crunch from Europe. And if it's in the middle, then it ought to be doubly hawkish, right? Dinger's argument back to that is that there are huge differences even between France and Germany. The U.S. is much more consumer driven than the UK and she's not so concerned about a potential drop in Sterling as Catherine man was when she was on Bloomberg TV because dingo showed that most of our imports aren't actually priced in dollars, and so this is how you can have such a split in the thinking on the committee when you've got members looking at the same data, but it's going to come down to the internal members. You've got these extremes between the externals. It's the man actually who are going to make the decision in March. Okay, we are also getting more clues as to what Jeremy hunt may include or not include in the budget next week. Yeah, it's the time to fly kites for the government. They will you can very much expect in the next couple of days be telling the newspapers that things might happen, gauging the reaction and then scaling them up or toning them down ahead of the actual budget. So the FT is reporting that the government's drawing at plans to loosen immigration rules to try to plug some of these holes in the labor market that we've been talking about for so long, especially in the construction industry. But I have to say, that's going to be a hard one to get past the Home Secretary suela bravo man and all the MPs who support her who the prime minister needs to get onside given the Windsor framework still in the pre vote stage. But I do understand that there's going to be a focus in the budget on this labor market in activity, including by tweaking the benefits and pension systems to try to nudge people back into work. We're also expecting today labor to pledge to set up a modern child care system, which is, of course, is an issue that's climbed up the agenda we've been talking about it on the UK politics podcast and the shadow education secretary Bridget phillipson is going to announce more funding for child care between parental leave until children finish primary school. Yeah, which I think is very, very interesting given how much UK child care costs have climbed in the last decade or so. Lizzie, thank you so much for being with us our UK correspondent Lizzie burden. Now up next, EY partners split on the split are less than mini cash injection and get back to the office on Mondays. Now
Bloomberg Radio New York
"bridget phillipson" Discussed on Bloomberg Radio New York
"The story that our Patrick winters is reporting this morning about how much firms in Sydney are willing to pay. Well, there were a few catches to it though. You do have to obviously have a maths and science background according to people familiar that we've spoken to. Sydney has become this perhaps an unlikely Asia Pacific hub, but yeah, it's apparently now a really quite big tech driven trading hub in Asia, which I do think is interesting. Also, I spotted though a bit closer to home the house price survey, the latest of which, from Rick's, I think it is quite interesting. That despite the kind of interest rate challenges that we were just hearing about in terms of the Bank of England, there are flickers of life in the UK housing market at least according to the latest survey of surveyors in Britain. Yeah, interesting to see that perhaps the housing market holding up better than had been expected, although house prices declining in the latest survey from Rick's, the sign that in fact those higher mortgage costs don't seem to be impinging on the future picture anyway, at least looking at these latest numbers, so near term expectations expected to be subdued, but things looking like that we might see the decline in buyer inquiries moderating. That's what Tara Parsons from X is saying anyway. So an interesting one to watch. Yep, absolutely. Right. We launched into the commentary that we had this morning. Hawkish comments from the Bank of England policy Catherine Mann, those came earlier this week have been followed now by these more dovish comments from swati dinger, who has warned against further interest rate rises, saying that it could actually damage a week UK economy. This comes as we get more hints as to what the Chancellor is expected to announce in next week's budget, our UK correspondent Lizzie Bern, of course, is here with us. Lizzie, what was your key takeaway because these comments, of course, were at a panel event, and the resolution foundation yesterday you were there in person, so you heard from what you did, but what did you take away from that panel? Well, as you know, swati dinger has already voted to keep interest rates on hold twice. And she said that she'd do it again because over tightening risks denting the economy. Now we're going to get more data on GDP tomorrow, but the latest survey from the British chambers of commerce as Ewan told you there suggests that the UK is going to sputter along below pre pandemics until late next year. And even though inflation is in double digits, dinger's point was that the hawks are too focused on domestically driven inflation in other words wage and profit growth. When actually, because she's the trade expert of the committee, she showed that actually much of our inflation problem in the UK is still important, and she was emphasizing that because of the lag, the time lag in monetary policy, the jumbo hikes, the banks already done, are still filtering through and actually that chimes with what the committee's two former arch hawks have told us in the past week here at Bloomberg. So Michael Saunders told us on the UK politics podcast Caroline that it's time to ease to 25 basis points. And even Andy haldane told our colleague Tom Reese that the bank needs to quote tread cautiously ahead. So there is a dovish wind in the air even among the hawks. Okay, we are two weeks away from the next Bank of England decision. How do we square this dovish wind as you put it, Lizzie out of the Bank of England with the hawkishness we're getting out of the central banks like the fed and the ECB? It's a good point because off the back of the other central banks hawkishness at one point yesterday, traders were fully pricing a 5% peak in the UK from the Bank of England for November. So it's strange, isn't it? And this is something I did discuss with swati dinger. You could look at it as it is. You could look at it as the UK has the worst of both worlds. You've got the tight labor market of the U.S. and the energy price spike of Europe. And then you could conclude, therefore, if we're in the middle of this Venn diagram, we should be doubly hawkish, but her argument was that there are huge differences even between say Germany and France, and the U.S. is far more consumer driven than the UK, and she says she's not so concerned about a further potential drop in Sterling against the dollar, which contrasts to Catherine Mann the hawk of the committee who, as you say, we had on Bloomberg TV this week. Because dinger showed that most of our imports aren't actually priced in dollars. And so this is the way you could have a three way split on the committee when economists are looking at the same data sitting next to each other and yet reaching such different conclusions. Yeah, that is very interesting, isn't it? Okay. So how does the kind of how does this square with the government, I suppose, we've got the big spring budget, of course, next week from Jeremy hunt, what do we think might be in it? Well, it's kite flying season Carolina. I wouldn't believe everything you read in the papers. It's the season for the government to tell the newspapers things that might happen, gauge the reaction and then tone up or tone down the policies for the actual budget. So the Financial Times reports that the government's drawing at plans to loosen immigration rules to try to plug some of the holes in the labor force that we've been talking about for months, especially in the construction industry. I have to say, speaking to people who are close to the Chancellor's thinking, it's going to be very difficult to get a policy like that past the Home Secretary solar Brabham, whose wing of the party, of course, the prime minister needs to tread carefully around given the Windsor framework still in the pre vote stage. But I do understand that there's going to be a focus in the budget on the labor market in activity in the labor market, including tweaking the benefit and pension systems to try to nudge people back into work and Bloomberg, of course, already reported that there's going to be extra defense spending, 360 million pounds to make Britain a science superpower, but no planned cooperation tax cancellation of the planned corporation tax rise. Meanwhile, labor today is expected to pledge to set up a modern child care system, something we've been talking about on the UK politics podcast. And this, of course, is an issue that's climbed up the agenda so labor's spotted an opportunity, we're expecting to hear from the shadow education secretary Bridget phillipson today announcing more funding for
Bloomberg Radio New York
"bridget phillipson" Discussed on Bloomberg Radio New York
"In Berlin I'm Tom McKenzie And I'm Caroline Hepburn We'll welcome to blue beg day break One of the data points for watching out for ECB minutes from the last meeting hitting the terminal at 1230 Yeah as officials at that European Central Bank increasingly voice support for a rate rise in July and that is being priced into these markets talking of these markets the route just continues after a sell off of more than 5% on the NASDAQ yesterday The S&P 500 seeing the biggest drop in almost two years the futures pointing to further bloodletting the S&P E minis now down more than 1% and the NASDAQ futures down 1.3% when it comes to European equities then that hand off has certainly been absorbed by investors here You're looking at a drop of 1.7% Across the benchmark here in the UK losses are more than 2% currently trading at 7282 the FTSE 100 the cat can meanwhile is down 1.7% Similar picture over in Germany on the Dax and the FTSE mip is lower by 1.2% of terms of your currencies You're looking at the Bloomberg dollar index Softer by three tenths of a percent Euro dollar is at one O four that's up actually up three tenths of a percent and Sterling the pound is at one 24 just gaining 5 tenths of a percent after dropping more than 1% yesterday of course inflation and fares remain pronounced here We heard from the Chancellor Rishi sunak talking yesterday suggesting that the pain will continue for households when it comes to your sovereign debt you've got to move into U.S. sovereign the U.S. tenure currently at two 84 lower by four basis points similar moves that you're seeing in German bonds as well The German ten year bund 6 yields lower and the guilt here in the UK and move lower by 5 basis points on the ten year commodities one O 9 on Brent not much moved there WTI similarly priced one O 9 down three tenths of a percent in crypto Bitcoin below 30,000 29,142 down by two tenths of 8% Those are the markets this hour let's get over to bribery and gowns with today's top stories highly uncommon Caroline good morning and thank you Here in the UK the Chancellor's warning that extra government spending to help ease cost of living pressures risk stoking even more inflation Rishi sunak has told business leaders there are tough months ahead for the country's economy He said the war in Ukraine has contributed to what he called an extremely serious economic situation There is no measure that any government could take No law we could pass that can make these global forces disappear overnight The next few months will be tough But where we can act we will We are providing 22 billion pounds of direct support Soon also said the government is ready to do more to tackle the cost of living crisis as inflation hit of 40 year high and promised tax cuts for companies in the autumn budget but labor MP Bridget phillipson says more assistance is needed right now I don't quite know what he's waiting for I mean it's all frequent and well to say that he's standing ready but families are absolutely desperate right now They urgently need help So labor has said that we think the government should bring forward a windfall tax on oil and gas producers who both are on admission have got more money than they know what to do with And the liberal Democrats are accusing ministers of being tone deaf as millions of UK households do struggle with the cost of living Almost 6 years after the UK voted to leave the EU banks are still sparring with regulators on how many of they staff need to move out of London Bloomberg's UN Potts has more Since Brexit thousands of jobs in financial services have moved from London to mainland Europe but Bloomberg has learned that the EU's top regulator thinks more need to go The ECB has been mapping where senior francia's live and work is concluded that aren't enough within the EU to manage their business The review means the ECB could well urge global banks to relocate more exec roles into the block in London I mean spin birthday break Europe In the U.S. the fed's Patrick harkers anticipating half point interest rate increases at the Central Bank's next two meetings followed by a series of hikes at a measured pace Going forward if there are no significant changes in the data in the coming weeks I expect two additional 50 basis point rate hikes in June and July The Philadelphia Federal Reserve bank president also said he sees economic growth of about 3% this year officials are quickly raising rates in response to high inflation which in recent months has jumped to the hottest levels in 40 years The U.S. Senate has confirmed Bridget brink as the next ambassador to Ukraine and move that comes after the country's embassy in Kyiv was reopened following a three month hiatus Finland and Sweden meanwhile have formally handed in their NATO applications However Turkish president Recep Tayyip Erdoğan has made clear he will block the accession process over the Nordic nation's policy towards Kurdish groups that he does consider as terrorists and in corporate news target shares plunged the most in 35 years after a cut profit forecast due to soaring inflation the U.S. retailers CEO says a surging cost show little sign of easing operating profit is expected to come at only 6% of sales this year two percentage points below the previous forecast this a day after Walmart a stock plunged on disappointing numbers Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries and neon garands this is Bloomberg Tom Leon thank you Let's get to the airline sector now and British low cost airline EasyJet has reported a headline pre-tax loss of 545 million pounds That was for the first half of the year and it matched the average analyst estimate The airline reported a surge in summer bookings but said there's still too much uncertainty over demand to provide an outlook for its fiscal year ending September CEO Johan lundgren spoke with Bloomberg TVs and at Edwards and Mark card Well I think first of all I think it's a little bit two things to bear in mind now I know that we know that there's a huge pent up demand for the summer So we're seeing that in the bookings and we expect to fly close to 2019 levels of capacity in our Q four July August September And the run rate of the book is that we see for the last ten weeks to give you an example is a way over and above what it was at the same point in time in 2019 And this is because there's a pent up demand and people have really been looking forward to take their holiday and go visiting friends and families really across the sector So.
Bloomberg Radio New York
"bridget phillipson" Discussed on Bloomberg Radio New York
"Leanne garin's Steven thank you and good morning The Chancellor's warning that extra government spending to help ease cost of living pressures risk stoking even more inflation where she sunak has told business leaders there are tough months ahead for the country's economy He said the war in Ukraine has contributed to what he called an extremely serious economic situation There is no measure that any government could take No law we could pass that can make these global forces disappear overnight The next few months will be tough But where we can act we will We are providing 22 billion pounds of direct support Soon echo also said the government is ready to do more to tackle the cost of living crisis as inflation head to 40 year high and promised tax cuts for companies in the autumn budget But labor MP Bridget phillipson says more assistance is needed now I don't quite know what he's waiting for I mean it's all very good and well to say that he's standing ready but families are absolutely desperate right now They urgently need help So labor has said that we think the government should bring forward a windfall tax on oil and gas producers who both are on a mission of got more money than they know what to do with And the liberal Democrats are accusing ministers of being tone deaf as millions of UK households struggle with the cost of a living Almost 6 years after the UK voted to leave the EU banks are still sparring with regulators on how many of they staff need to move out of London Bloomberg's UN Potts has more Since Brexit thousands of jobs in financial services have moved from London to mainland Europe but Bloomberg has learned that the EU's top regulator thinks more need to go The ECB has been mapping where senior francia's live and work is concluded that aren't enough within the EU to manage their business The review means the ECB could well urge global banks to relocate more exec roles into the block in London I'm you and Potts bimbo daybreak Europe Now in the U.S. the fed's Patrick harker is anticipating half point interest rate increases at the Central Bank's next to meetings followed by a series of hikes at a measured pace Going forward if there are no significant changes in the data in the coming weeks I expect two additional 50 basis point rate hikes in June and July The Philadelphia Federal Reserve bank president also says he sees economic growth in the U.S. of about 3% this year officials are quickly raising rates in response to higher inflation which in recent months has jumped to the hottest levels in 40 years The U.S. Senate has confirmed Bridget brink as the next ambassador to Ukraine a move that comes after the country's embassy in Kyiv was reopened following a three month high 8 to hiatus for London Sweden meanwhile have formally handed in their NATO applications However Turkish president Recep Tayyip Erdoğan has made clear he will block the accession process over the Nordic nation's policy towards Kurdish groups that he does consider terrorists And a top corporate news target shares plunge the most in 35 years after it cut profit forecasts due to soaring inflation the U.S. retailers CEO says surgeon costs show little sign of easing operating profit is expected to come at an only 6% of sales this year two percentage points below the previous forecast This day after Walmart stock plunged on disappointing numbers Global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries and Jan guerins this is Bloomberg Anna Thanks very much Leigh Anne The British low cost airline EasyJet has reported a headline pre-tax loss of 545 million pounds for the first half of the year matching the average analyst estimates the airline reported a surge in summer bookings while saying there's still too much uncertainty over demand to provide a financial outlook for its fiscal year ending in September The CEO Johan lundgren spoke to me a little bit earlier and to my colleague Mark cudmore I think first of all I think it's a little bit two things to bear in mind now I know that we know that there's a huge pent up demand for the summer So we're seeing that in the bookings and we expect to fly close to 2019 levels of capacity in our Q 4 July August September And the run rate of the bookings that we've seen for the last ten weeks to give you an example is way over and above what it was at the same point in time in 2019.
Bloomberg Radio New York
"bridget phillipson" Discussed on Bloomberg Radio New York
"Leanne garin's Steven good morning and thank you here in the UK the Chancellor's warning that extra government spending to help ease cost of living pressures risk stoking even more inflation Rishi sunak has told business leaders they are tough months ahead for the country's economy He said the war in Ukraine has contributed to what he called an extremely serious economic situation There is no measure that any government could take No law we could pass that can make these global forces disappear overnight The next few months will be tough But where we can act we will We are providing 22 billion pounds of direct support Sunac also said the government is ready to do more to tackle the cost of living crisis as inflation hit of 40 year high and promised tax cuts for companies in the autumn budget but labor's MP Bridget phillipson says more assistance is needed now I don't quite know what he's waiting for I mean it's all very good and well to say that he's standing ready but families are absolutely desperate right now They urgently need help So labor has said that we think the government should bring forward a windfall tax on oil and gas producers who both are on admission of got normally than they know what to do with Now almost 6 years after the UK voted to leave the EU banks are still sparring with regulators on how many of their staff need to move out of London Bloomberg's UN Potts has more Since Brexit thousands of jobs in financial services have moved from London to mainland Europe but Bloomberg has learned that the EU's top regulator thinks more need to go The ECB has been mapping where senior francia's live and work It's concluded that aren't enough within the EU to manage their business The review means the ECB could well urge global banks to relocate more exec roles into the block in London I mean it's been big day break Europe Over in the U.S. the fed's Patrick harker is anticipating half point interest rate increases at the Central Bank's next two meetings followed by a series of hikes at a measured pace Going forward if there are no significant changes in the data in the coming weeks I expect two additional 50 basis points rate of heights in June and July The Philadelphia Federal Reserve bank president also said he sees economic growth of about 3% of this year in the U.S. officials are quickly raising rates in response to high inflation which in recent months has jumped to the hottest level in 40 years NATO has failed to move forward with Sweden and Finland's session process that was yesterday Turkish president Recep Tayyip made clear he'd block the two countries joining due to Nordic nations policy towards Kurdish groups he does consider as terrors the leaders of Finland and Sweden travel to The White House today to meet Joe Biden who has given them strong support And in top corporate news target shares plunge the most in 35 years after a cut profit forecast due to soaring inflation the U.S. retailers CEO says surging costs show little sign of easing operating profit is expected to come in at only 6% of sales this year two percentage points below the previous forecast This day after Walmart stock plunged on disappointing numbers global news 24 hours a day on air and on Bloomberg quicktake powered by more than 2700 journalists and analysts in more than 120 countries I'm Leigh Anne gerrans this is Bloomberg Caroline Thanks so much I guess with our top stories including that story around Vichy sunak who is warning of these tough months ahead for the economy inflation here we know has hit a 40 year high Now although the Chancellor told the commons that no option is off the table when it comes to tackling sewing energy prices he told the business audience last night at the CBI event that ex were governed spending to help in the cost of living crisis risks fueling more inflation Now Bloomberg Westminster we spoke to one of sunac's conservative colleagues Mike wood conservative MP for Dudley south who said that while a windfall tax should be seriously considered we should also be aware of the risks that come with it Have a listen to that Tory MP The Chancellor and the prime minister are both set that they're looking at all options including a windfall war tax I mean I spoke in yesterday's debate I think it is something we should be seriously considering but we should also be aware Firstly actually the cost the risks windfall tax as well as what it will do what it won't do I think the party suggesting that it will pay for 600 pounds per household It won't pay for about 4.50 a month I think So it's close to 50 pounds and 600 pounds I think We just seen in the latest inflation figure is the effect of the energy price cap going up It's like he's a rise again in October So is it now time to look at more fundamental reforms to the way the electricity markets work or at least to have the government pay green levers and other charges Well I think there is going to need to be the broader reform of not just electricity but energy markets in general in terms of obviously from generation through to play I think that needed to happen anyway Obviously rising prices around the world particularly Western Europe North America brought that into much sharper focus But I don't think we can wait for those reforms to come into place and take effect Obviously we are going to need to.
Bloomberg Radio New York
"bridget phillipson" Discussed on Bloomberg Radio New York
"Get over to Bloomberg's lean guaranteed all the latest in world news good morning Caroline good morning and thank you Chinese president Xi Jinping has pledged to supply another 1 billion doses of vaccines to African countries Bloomberg's Lucille Lou says comes as the world's poorest continent grapples with the new COVID-19 variant How fast China is able to deliver those doses remains to be seen given that it has only delivered just over 100 million doses so far China's financial pledge to Africa declined for the first time in over a decade with China pledging $40 billion in financing support during the forum on China Africa cooperation on Monday down from $60 billion in 2018 when the triennial summit was last held In Beijing I'm the Silvio Bloomberg daybreak Europe Let's go to the U.S. where president Joe Biden has said that oma cron variant is a cause for concern but not panic the U.S. will focus on new vaccines and boosters to protect the country from its spread I'll be putting forward a detailed strategy outlining how we're going to fight COVID this winter Not with shutdowns or lockdowns Go with more widespread vaccinations boosters testing and more Biden also says medical advisers believe the vaccines will continue to provide a degree of protection against severe disease In other news here in the UK you vet Cooper is returning to the role of shadow Home Secretary on the labor front branch She is a headline appointment in Keir Starmer's reshuffle David lamme becomes shadow foreign secretary while Bridget phillipson and Wes streeting take on education and health the labor leader shook up his team to take advantage of Boris Johnson's tumbling popularity and Tory infighting And Jack Dorsey is stepping down as chief executive of Twitter handing over control of the company he cofounded in 2006 Agra wall is promoted from chief technology officer at the age of 37 He becomes a world the youngest CEO on an S&P 500 company just ahead of Mark Zuckerberg Dorsey will remain head of digital.
Bloomberg Radio New York
"bridget phillipson" Discussed on Bloomberg Radio New York
"Situation is any better than it was several years ago In fact on the English Channel it's certainly deteriorated Yes The situation in the English Channel is an unfolding human tragedy and there are huge economic and social forces that work globally that means that people are making their way to Europe and in particular they are seeking to get passage to the United Kingdom and I think it's fair to say that we haven't as a government found an effective way to address this problem hitherto We're acutely aware of that in government And we certainly won't find the kind of workable solutions we need if we're in a state of Cold War frosting us with France and something I've been talking about over the last few weeks is the need to really fix the relationship with the French It is difficult to be present Macron is facing reelection He has all kinds of domestic political pressures on him I thought the way they reacted ahead of the weekend and disinvited our Home Secretary from participating in an international summit meeting about the magro council I thought that was a fit of peak that didn't help Anybody And somehow we've got to get past these some partly Brexit related but somehow we've got to get past the raw politics of this to actually find lasting durable solutions And that's going to mean hard work rolling of our sleeves with our international neighbors And I'm sitting down with them So that was Stephen crab conservative MP for presiding pembrokeshire speaking to a saint Bloomberg Westminster Yesterday we'll have more today 12 noon tune in Right Leanne guerin says the world news good morning Caroline good morning and thank you Let's start in the U.S. where president Joe Biden has said that omo cron variant is a cause for concern but not panic The U.S. will focus on new vaccines and boosters to protect the country from its spread I'll be putting forward a detailed strategy outlining how we're going to fight COVID this winter Not with shutdowns or lockdowns To go with more widespread vaccinations boosters testing and more Biden also says medical advisers believe the vaccines will continue to provide a degree of protection against severe disease Meanwhile speaking to Bloomberg Pfizer's chief executive says a drunk maker will know within weeks How well its vaccine handles the variant He says a jab specifically designed for the variant should be available within a hundred days If the virus escapes the protection of our vaccine after it boosts those which will be very difficult I think but we need to check it We have already lost Friday started the process of developing a tailored mate Vaccine but not only we have very high level of confidence that we will have it ready hundred days But we have very high level of confidence that we can manufacture it by billions evening That was Pfizer's CEO Albert berla In other news here in the UK yvette Cooper's returning to the role of shadow Home Secretary on the labor front bench She is a headline appointment in Keir Starmer's reshuffle David lammy becomes shadow foreign secretary while Bridget phillipson and Wes streeting take on both education and health Global news 24 hours a day on air and on Bloomberg quick take Powered by.
Bloomberg Radio New York
"bridget phillipson" Discussed on Bloomberg Radio New York
"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.