35 Burst results for "Liz Truss"
America First with Sebastian Gorka Podcast
Steve Hilton: It's Not Enough to Have the Right Ideas in Politics
"That was clear from what happened with Liz truss is that in politics and in government, it's not enough to have the right ideas. You've also got to have proper preparation professional implementation and good communication to sell your. And with Liz trusts, she had the first part, I completely agreed with the idea that she set out, which very clearly in her leadership campaign, the equivalent of the primary for the leadership of the Conservative Party, where she said, look, we've had too many years of stagnant growth, a low growth, low productivity economy. We've got to get growth going, got to cut taxes, cut regulation, we're out of the EU, we got Brexit done. That's great. But now we've got to make the most of it. We've got to make the most of the freedoms that we have. Now that we've left the EU. And that was completely correct. Couldn't agree more. But then the way she announced it and implemented it just suddenly taking everyone by surprise, the actual substance of what she announced. In fact, wasn't that much of a surprise. If you look in the details of the announcement, the biggest new thing that she announced, which was a cut to the higher rate of tax, not a huge amount when you look at the overall impact of her mini budget. But it took the markets by surprise they weren't expecting it to colleagues in the government weren't expecting it. And it all unraveled incredibly quickly and I'm afraid she paid the price for just poor a poor rollout, which seems unfair and it seems crazy, but they are. Now the problem is, will the new prime minister Rishi sunak go in the same direction of a pro growth economy? He was the one that was pushing one of the worst single measures that she actually decided to reverse, which was an increase in business taxes, which to me seems completely insane.
The Charlie Kirk Show
Nigel Farage on Why Liz Truss Was the Victim of a 'Globalist Coup'
"Nigel Farage joins us right now. Nigel, welcome back to the program for our American listeners. Can you offer some clarity about what the heck is going on in your beautiful sister country across the pond? An astonishing four months, Boris Johnson, the elected prime minister goes because, frankly, he wasn't truthful with the British public about many things. And elected as a conservative, he rather governed as a liberal, and people got upset. Then the queen dies. You know, she'd been there for 70 years. That was very destabilizing. We then got a new prime minister who attempted to introduce conservative philosophy. She wanted to reduce the size of a state and cut taxation. And the world went to war against her. The International Monetary Fund spoke about our mini budget in a way they'd never spoken about any country ever before. The American administration piled in. The German Chancellor piled in, and in the end, you might argue that some of their tax cuts weren't very well thought through, but we have been through in the course of the last two weeks. Nothing less than a globalist coup, we get a mangled Jeremy hum, out of left field, becomes Chancellor of the exchequer, and now we have a new prime minister. He's taken over today, our third and 7 weeks, but the name of Richie sunac, I can pronounce it, even if Joe Biden can't. And he of course is our first former Goldman Sachs prime minister. He's a globalist. He's a supporter of Central Bank, digital currencies. He's barely conservative at all. And it all goes to show that the British Conservative Party isn't conservative at all. And we have a real problem on our hands.
The Trish Regan Show
The Lesson Joe Biden Should Learn From Liz Truss
"Liked the sort of Margaret Thatcher enthusiasm of Liz truss, but let's be realistic what she wanted to do was completely out of line with what the Federal Reserve or their equivalent of the Federal Reserve that would be the Bank of England was trying to do. And as such, she didn't have the ability or the political capital to go forward with those massive tax cuts at a time when they were doing everything they could to reign in inflation and therefore drag all the money out of the system rather than put more in. It's a good thing for Joe Biden to notice. Only in that, what he's trying to do right now, and by the way, it's getting held up for legal reasons with the student loan program, is very similar to what she was trying to do with tax cuts. In other words, it's free money giveaways. All while, our Federal Reserve is doing everything it can. Well, not everything. I think it could. And should be doing a whole lot more. But doing what it can to restrict that money supply. And rain and inflation. And so you have the left hand and the right hand, basically not talking to each other at all. And working against each other, that's what was happening in the UK. It's people. And in fact, that's exactly what's happening here.
AP News Radio
Rishi Sunak becomes UK prime minister, faces economic crisis
"Rishi sunak has swiftly become Britain's prime minister replacing Liz truss who was in charge for less than two months I've just been to Buckingham Palace and accepted his majesty the king's invitation to form a government in his name Sunac's next move is to appoint a new team tasked with tackling a wide range of challenges not just economic Right now our country is facing a profound economic crisis The aftermath of COVID still lingers Putin's war in Ukraine has destabilized energy markets and supply chains the world over Mimi Montgomery London
AP News Radio
Rishi Sunak: UK's ex-Treasury chief gets his shot at PM job
"Britain's ex treasury chief Rishi sunak gets his shot as prime minister Sunak ran for Britain's top job and lost Then he got a second chance He will be Britain's first leader of color the first Hindu to take the job and the youngest prime minister for more than 200 years Victory in the conservative leadership contest is also vindication for sunak who warned that former p.m. Liz truss tax cutting economic plans were reckless and would cause havoc Praised for overseeing billions in support to workers and businesses during the coronavirus pandemic he is promising to ease Britain's cost of living crisis
AP News Radio
Next UK prime minister: Sunak closes in after Johnson balks
"Former treasury chief Rishi sunak is the strong favorite to be Britain's next prime minister Sunak could well be offered the post after former lead up Boris Johnson dropped out of the Conservative Party leadership contest The government party is choosing a replacement for Liz truss who quit last week sunak is the only candidate with confirmed support for more than 100 lawmakers the number needed to run in the election House of Commons leader penny Morton has so far fewer expressions of support but is aiming to reach the threshold by the time nominations close later in the day Charles De Ledesma London
WNYC 93.9 FM
"liz truss" Discussed on WNYC 93.9 FM
"This is all things considered from NPR news. I'm sure I'll W Thompson. We've been talking about the chaos that's taken over the UK government in the days since prime minister Liz truss resigned. And now we want to focus on how the British are coping. People are upset. People are angry, but the good thing about Britain is we like to laugh at our problems and that is where the lettuce came in. That's Andrew gilpin, he's an editor with the British tabloid the daily star, and yes, he said lettuce. The lettuce origin story right. One of our senior editors saw a piece in The Economist which likened Liz truss is premiership to having the shelf life of a lettuce. Staff at the daily star couldn't resist capitalizing on this comparison, and that's how the lettuce versus Liz truss, live stream, came to be. They sent a reporter to get ahead of lettuce for this sarcastic experiment. But there was just one problem. He got a printout of a picture of Liz truss and put it next to the said lettuce. The lettuce at that time was a bit nude, the 40 needed a bit of a bit of brightening up. So he put out a call on WhatsApp and got some goggle eyes. He liked that. He kept on going by the end of the first day. The lettuce had gog eyes. It had a mouth and he'd also purchased a wig of eBay. And a viral sensation was born in no time the live stream took off, bringing in thousands of viewers, and of course social media erupted. It's quite hard to think that you're going to get something so viral through the medium of vegetables, and we never really thought there would be that much interest in it. But there was. And the anticipation of who would last longer, the lettuce or Liz truss, grew each day, then on Thursday, the world got its answer. The lettuce was victorious. To honor the moment, the daily star live stream
AP News Radio
Boris Johnson returns to UK amidst rumors he will run for PM
"Former prime minister Boris Johnson has returned to Britain ahead of a possible tilt at reclaiming his former job Johnson was ousted by a series of ethics scandals just three months ago but boarded a flight back to London from his vacation in the Dominican Republic just days after the dramatic resignation of his successor Liz truss Johnson has not officially said he's running but some allies in the parliamentary party had been loudly calling for his return Tory lawmakers wishing to enter the race must secure the backing of 100 of their colleagues by 2 p.m. on Monday Charles De Ledesma London
WCPT 820
"liz truss" Discussed on WCPT 820
". Wow. You had a girlfriend in your bed. Yes. In my cozy earth sheets. Wow. Wow. Okay, so here was a rural area. Stephanie rule played the clip. This was less than a month ago. So she did last in office 44 days. She came under fire immediately after introducing a budget that would have given wealthy Brits substantial tax cuts that were to pay for by borrowing lots of money. Her plan was roundly rejected, sent markets tumbling and the interest rates soaring. Yes, Stephanie ruhle said, it's her economic plan to send everyone running for the hills and why that should matter here is there's a whole lot of Republicans who love that economic plan and want to share it. It was just a couple of weeks ago, Larry kudlow was a party. Yes, he said. And I quote, do we did we send the drunk music to bob sessler, or did he send the drunk music to us? But I think he sent the Trump music to us. Really? Because that's what we play every time. We think about all our color. And being defended. And any related. See, that works. Maneuvers, prime minister Liz truss has laid out terrific supply side economic growth plan. Which looks a lot like the basic trust of Kevin McCarthy's commitment to America plan. Let's start with Trump. She's slashing his tax rates and during the energy. I just love it. Okay, and also Nicole Wallace played Stephen Moore who was also a Trump economic adviser. Yeah, presumably was sober, but said, I love what Liz truss is doing. I think it's exactly the right agenda of cutting taxes, reducing government spending, deregulating, moving back towards fossil fuels, it's exactly what the United States should be doing. Just there you go. That's Kevin McCarthy's plan. For America. Yeah? Let's Liz trust him. It's less than three weeks now. Let's Liz trust him. And the rest of the Republicans, shall we? Okay, all right. Let's do it. Night, okay. We have a rich angle among the bags will be stumbling down. Bringing it. One or two large breasted women with him. They'll be who to go down here. Yes. Yeah. And they just run back and forth behind him in the camera. Yeah. With towels wrapped around them. They're not early risers. Yes. Right. But Ron will keep us abreast of all the news about sex equivalent. Okay. And then I know try to calm down. Everything's a little caddy campus because it's a special weekend. Right, in less than an hour in the second hour and then hour three Glen kirshner live in studio. Oh my God. We already had the house parks and the John fugal saying this week. I mean, it's a sexy level. Oh, great. More than you can handle. 20 minutes after the hour, this portion of
Bloomberg Radio New York
"liz truss" Discussed on Bloomberg Radio New York
"Actions by the government. Our managing editor for European economy and government Ben still speaking to us, this is Bloomberg. Now the paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. Band managed to not mention the lattice, which is in the front page of one of the newspapers this morning, the famous letters that lasted longer than Liz truss. We are looking at the newspapers, which of course they're all focusing on those trusses departures short not sweet, have the longest the shortest serving p.m. Liz trust went from 45 P tax cut to P 45 and 45 days of the headline in the sun newspaper, the telegraph, asking if Boris Johnson could be about to make the world king of all comebacks and the shattering of the UK's credibility is the editorial in the Financial Times Leon Garrett is here with us with more on all of those stories. Let's start then with how the sun is telling this story. Yes indeed, but before we get there, I just want to say the letters picture has changed on the daily star website, the letters now has a glass of champagne, so there we are. This is a reference with lizzo. She hosted a glass of wine. I feel sad I'm never going to say fizz with Liz again, you know, her charm offensive, but anyway. Let's move on the sun newspaper. The pouring rain in which Liz truss arrive at 10 Downing Street was clearly a bad omen writes Harry Cole. He's a journalist for the sun newspaper. Actually also co writing Liz truss biography. And he makes the case at the shortest premiership in British history started in raiden delayed chaos and, well, it actually never recovered two days later, the beloved queen died, Britain had a new prime minister and a new king that's all according to Cole. However, things got worse after truss's own tax cutting spree, which was cooked up and secret which caused economic shock and or with little regard for the treasury and Tory MPs and the public have really concluded, according to Cole that trust was the storm not the solution. Okay, well, let's take a look next at the telegraph and what they're saying about Boris Johnson, a newspaper he knows well. Yes, indeed, Camilla Tom Lee of the telegraph asked the question can one of the most divisive politicians in recent conservative memory really returned to lead his fractious party in the next general election, as Boris Johnson pulls ahead in the polls to replace Liz truss Camilla argues he needs to neutralize his opponents but also galvanize his supporters. Johnson is facing a privileges committee investigating he's also in a marginal seat, meaning the superior, you know, this comeback is a pretty tall order according to Camilla tomley, so we have to see if he flies back from the Caribbean and gets 100 MPs to back him. Okay, Leon Goran's thank you very much no time to talk about the FT editorial but it is worth
The Breakdown
"liz truss" Discussed on The Breakdown
"The 10% number they hit was frankly held in check by price controls on energy, which had been due to expire in October. The Bank of England estimated that inflation would hit 13 to 14% after those restrictions were eased and major investment houses were guessing even higher. Britain has been particularly impacted by restrictions to the flow of liquefied natural gas, stemming from sanctions following Russia's invasion of Ukraine. While the UK imports less than 4% of its gas from Russia, there is a cumulative effect. Germany, for example, previously got 55% from Russia. And as part of their adaptation had to turn to Norway, which was Britain's primary source in the past. Hence creating new competition and price increases. On top of that though, the UK is just more dependent on gas because it has fewer alternatives. 85% of British households use gas for heating, which is the most in Europe outside of Italy. The result is that there has been a massive rise in fuel poverty, where families dip under the poverty line after they pay their energy bills. Fuel poor households have more than doubled from 3.2 million in 2020 to 6.7 million in 2022. On average, people are paying 2100 to 2800 pounds more per year on energy, and that's expected to rise to more than 4000 pounds per year. So right here we've obviously hit the idea that what trust confronted wasn't just UK problem. But a global geopolitical and economic problem that had a specific manifestation in her country. So, trust comes to power and what would be her big policy announcement. Many anticipated it would be roughly in line with what she had been campaigning on, a cancel in the rise on national insurance and corporation tax, and a continued energy price freeze. The Guardian today wrote those pledges would have been plenty for the new government to announce in the supposedly stripped back tax and spending event. Instead, what came on Friday, September 23rd from trust and her finance minister quasi quartan, amounted to a massive tax cut. In fact, the biggest in Britain since 1972, 50 years. Funded by an incredible expansion in borrowing with almost no real attempt to suggest that it could be paid for. The quote unquote mini budget effectively lopped off the top tax bracket in the country. To the cost of 45 billion pounds a year to the British government. Britain and the world literally couldn't believe it. The IMF came out with a massive political rebuke saying that the UK needed to reconsider this tax cut and try to find something that would actually impact the poor and middle income households being the worst hit by inflation and the energy crisis. The pound fell to its lowest level against the dollar ever, almost hitting parity. Long dated government bond yields, which move inversely to price, Rosen four days more than the annual increase in 23 of the last 27 years. And of course, as we heard, it compelled one of the first major Central Bank interventions since the central banks of the world started moving towards tightening at the beginning of this year. That was when the BOE stepped in and promised to buy up to 60 billion pounds worth of bonds. Now the bank wasn't exactly bringing a lot of confidence with this promise, as they had already primed markets to be suspicious with a smaller than expected interest rate rise the day before the mini budget was announced. What's more, people quickly started to realize that the impacts of this were more than just on financial markets. According to the resolution foundation, think tank, the rise in bond prices could lead to an increase in annual mortgage payments in the UK of 1200 pounds. Over the next year and a half, based on the so called moron premium of the mini budget. Subsequently markets have been roiling for the month since. One of the first political casualties was quasi quark Tang. He was fired last Friday on October 14th. His replacement Jeremy hunt effectively reversed everything that he and trust had talked about, the moment that he came in. Again, from The Guardian. Quote, Jeremy hunt has shredded Liz truss plans in one of the most astonishing U turns in modern political history, including slashing the energy price freeze which the prime minister had repeatedly championed. The new Chancellor dismantled almost all of the platform that trusses leadership victory had been built on, including the majority of her tax cuts and hinted a new windfall tax was in his sights. A move the p.m. had previously said she would not countenance. But the biggest shock came when the Chancellor said he would no longer guarantee energy prices for the next two winters, and that more targeted measures would replace the universal guarantee from next spring after a treasury review. It means the average annual energy bill will rise to more than 4000 pounds from April, according to the sector's leading forecaster, and analysts said it could lead to a rise of almost 5 percentage points in the annual inflation rate. So now the UK is flummoxed and figuring out who's next. The last thing I read before this recording actually was reports that Boris Johnson was going to stand in again as a candidate for Tory leadership. Meanwhile, I can't believe I'm about to quote Ben Shapiro in this show, but here we are. He wrote today, Liz truss miniscule stint as p.m. should teach all of us one very important thing. Systemic economic problems created by out of control spending over the course of decades are going to claim a lot of scalps and create a lot of volatility across the west in coming years. Now, I think if you are a liberal, do me a favor and remove the created by out of control spending. So it just reads, systemic economic problems created over the course of decades are going to claim a lot of scalps and create a lot of volatility. The main point remains that this was not just a British domestic problem. And then the rest of the world we can see that just like the UK political space is being increasingly constrained by bigger forces. What would President Biden have wanted these midterm elections to be about? Certainly not runaway inflation in Russia, but that's where we are. And you can see how it's shaping basically every decision. One of the big points of conversation this week has been Biden's release of more barrels of oil from the strategic petroleum reserve. On Wednesday the administration announced that they would further release 15 million more barrels of oil from the SPR. Nominally this is a response to the OPEC plus announcement that they would cut production, but really it was about prices. Biden said prices weren't quote falling fast enough, and that the drawdown in the SPR could continue into December and even further if it needed to. Quote, this allows us to move quickly to prevent oil price spikes and respond to international events. Biden also announced that the government would start refilling the SPR once oil fell to $70 per barrel. The goal of course was to make sure oil companies kept ramping production. Quote, this means oil companies can invest to ramp up production now with confidence that they will be able to sell their oil to us at that price in the future. Now, as you might expect, this has led to accusations that this is all politically motivated. That higher gas prices are showing up as a major political issue for the Democrats, that inflation has only come down because of the use of the SPR, and that may be helping people with prices at the pump isn't really what the SPR is for. Now, I am not here to debate the politics of that. It is way outside the scope of this show. It's not particularly a sophisticated political discourse if you look to Twitter, and there are plenty of other people who will give you all of that juice if that's what you seek to drink. The point I'm trying to make is that right now all politics everywhere is fundamentally driven by forces that are quite a bit larger than the domestic issues of whatever place the politics happen to be happening. It makes me think of a famous political quote. In 1992, political strategist James carville hung a sign and Bill Clinton's campaign headquarters. It read one, change versus more of the same, two, the economy stupid, and three, don't forget healthcare. Carville later used the it's the economy stupid line on TV and it became not only a de facto slogan for the successful Clinton campaign, but a constant reminder for years and years on for politicians. At a time when every economy in the world has been subject to massive exogenous forces that have shattered not only short term expectations, but also unleash your accelerated seismic changes in how we work and live and how we consider our strategic alliances and alignments. Everyone is forced to race to catch up, and this right now is what politics everywhere is about. Liz trusts tried to do some stuff that normal conservatives would. A big tax cut. I got absolutely hacked because of it because it ran afoul of the time that she was in. And forces greater than Britain. Meanwhile, she caused boatloads of chaos and turmoil for markets around the world on her way out, but that's another one of the costs of the moments that we're in. For now, I want to say thanks again to my sponsors next to IO, circle and FTX, and thanks to you guys for listening. Until tomorrow be safe and take care of each other. Peace
America First with Sebastian Gorka Podcast
Have the 'Thatcherites' Died Out? Mike Graham Weighs In
"There enough decent real I would call if I were in the UK now? I call myself a Thatcher ride. At the saturates died out, are they living a good life in the private sector? Are there enough to have the back of the next prime minister if they're a real conservative? Well, do you know the ex Home Secretary, Sue a brave man who basically resigned her job because she wasn't being allowed to run the immigration policy and to stop the illegal migration onto the shores of our country from France. She wasn't allowed to do that so she resigned, the accusations made against Liz truss was that she was a far right leader. I mean, incredible stuff. This was coming from inside the Conservative Party because it is unfortunately has always been driven by the European question. And people have started to say that they want actually to make sure that there is still a relationship with the European Union, which is absolutely a basket case. I mean, inflation in France is worse than it is in the UK, having blacked out in Germany. You know, it's absolutely horrendous over any has never been a better science and lead the European Union. Donald Trump said Germany was too reliant on Russian gas. And so it proved. So we need to get to a return and there's plenty of thatcherites who are voting conservative and they're not getting the conservative government. They're asking for.
America First with Sebastian Gorka Podcast
Sebastian and Mike Graham Discuss Liz Truss' Resignation
"Given the situation, I can not deliver the mandate on which I was elected by the Conservative Party. I have therefore spoken to his majesty the king to notify him that I am resigning as leader of the Conservative Party. No U turns this lady's not for turning, I remember that catch phrase from Margaret Thatcher when I lived in the UK well, this one didn't just do U turn. She got off the highway, a record 44 days in office, shortest serving prime minister ever, gone, goodbye, Liz truss. What does it all mean? How did it happen? We stay on top of international news as much as anything else. I'm your host Sebastian gorka, and you're listening to America first on the Salem news channel. Who do we rely upon? Our good friend across the Atlantic, the man who speaks truth and common sense on the fastest growing channel there. It is talk TV. It's our good friend. Mike Graham, welcome back to America first. Sebastian, thank you very much. Indeed, well, it's been quite a day. It's been quite a week. It's been quite a 44 days. You might say, as you said, the shortest period ever, some think this has been a remainder plot. There are those in this country who still can't take the fact that Brexit was a success and that we left the European Union. You know, we now have Jeremy hunt, who's had Chancellor, who voted to remain in the EU. Let's trust was a remainer who changed into a brexiter and is now out. Boris Johnson, however, is the big name on everybody's lips tonight because but hang on, hang on, hang on, didn't you just get rid of him, Mike? Yeah. We might be getting him back. It could be the greatest political comeback of all time. You know how he's very much like Donald Trump. They're trying to get him every single step of the way. They are terrified of Boris Johnson coming back because he is the one man who can unite the Tory party who can win an election against the Labor Party and who could actually restore everything for them. Nobody's quite sure if he's going to run, but he's already in the lead in the polls and he's already in the league in the House of Commons as far as MPs is supported.
Skimm This
"liz truss" Discussed on Skimm This
"Let's start with some headlines from the week's news. And give you some context on why they matter. First up, I recognize though, given the situation, I can not deliver the mandate on which I was elected by the Conservative Party. That's UK prime minister Liz truss, or should we say former prime minister? Today, she resigned after only 44 days in office. One tabloid is set up a live stream of a head of letters to see if it outlasts the beleaguered leader. Here's a quick skim of what happened. Trust took over from former p.m. Boris Johnson, who resigned in scandal back in July. There was this thing where his administration was caught ignoring their own COVID-19 rules and throwing parties. And then he promoted a lawmaker even though he allegedly knew the guy had been accused of sexual misconduct. After he stepped down, the Brits were hoping for a peaceful transition and a break from the drama. Especially considering many were still mourning the passing of Queen Elizabeth II last month. But bad news Brits, because trust came into office and caused a ruckus immediately. She announced a series of very controversial tax cuts that caused the British pound to plummet and UK markets to go crazy. And considering the UK was already dealing with inflation that's higher than it is here in the U.S., hovering around 10%. That economic turmoil was about as welcome as an American saying, I love your British accent. Truss own party started to turn against her. Calls mounted for her to leave her post, and today she finally did it. As for what's next for the UK, well, people are hoping the country finds some political stability ASAP. Conservative Party leaders have to decide on a replacement, and there are even rumors that Boris Johnson could come out of retirement to lead the party once again. Up next, we're covering something a little closer to home. Big news from the IRS overnight announcing a change that will lower the tax bill for many Americans. Finally, some good money news. Everyone's been feeling the pinch from inflation, and it looks like the internal revenue service is taking notes. This week, they released new tax brackets adjusted for inflation. That means next year, you might end up paying a lower tax rate, even though your real income stayed the same. Technically, the IRS adjust tax brackets every year for inflation. But the changes are usually so small, we don't notice. The IRS does this to account for bracket creep, which is what happens when inflation outpaces your increase in pay. And this year, thanks to record high inflation and wages not keeping up, experts say Americans are about to save some real money on their taxes. So here's what you need to know. Number one, the threshold for each federal income tax bracket jumped higher by about 7%. That means, for example, that single filers making around $89,000 in 2022 can now save around $6000 more in 2023 on their federal income tax. NPS, we're going to leave a link to the new brackets in our show notes. The second thing to know is that the standard deduction is also getting a makeover. And it's going to be beefier. Now, married couples filing together can claim a standard tax deduction of $27,700. That's up from $25,900. For singles, that tax deduction will also jump about a thousand bucks. So while we never really look forward to tax season, it seems like 2023 could be the year that changes. For our final headline, we're diving into the drama filled year for Netflix. Streaming giant Netflix announced it was still losing subscribers. Nearly a million in the last three months. But the streamer is trying to prove it can make a Hollywood comeback. Netflix shares shot up about 14% this week. After the company revealed better than expected earnings on Tuesday. It's been a long year for the OG streamer. As a reminder, stock prices tumbled this spring after the company reported it lost almost a million subscribers. Netflix also faced criticism that its productions were too expensive. And not premium enough for what audiences want. No kissing. No heavy petting. And no sex of any kind. I don't even know how I'm gonna make it through these next few weeks. I hope I don't die. But now, it's looking like things might be back on track. On Tuesday, Netflix revealed they added almost two and a half million global subscribers in the third quarter, particularly coming from the Asian markets. Execs hinted that the success of Stranger Things season four, and the movie the gray man helped move the needle. Plus, while their numbers may be up, it also looks like Netflix is going after password sharing once and for all. So spoiler, starting next year, you won't be able to use your exes cousins exes account. Starting in 2023, users will be prompted to make sub accounts for profiles Netflix things are outside of your household. But if that's got you stressed about your budget, don't worry. You can still say some cash and watch Bridgerton with another new option from Netflix. Their basic with ad subscription. You can sign up for an ad supported account that'll cost you about 6 9 9 per month. And that new plan drops this November. A few weeks ago, President Biden made a splash when President Biden announced his long awaited student loan debt forgiveness plan. At highly anticipated announcement today by President Biden on student loan debt forgiveness. Giving relief to millions of Americans, but not everyone is happy. Seeking to deliver on one of his biggest campaign promises, that plan would forgive up to $20,000 in loan debt for borrowers. And this week, the U.S. government officially launched the application. For people to apply to get up to $20,000 of federal student loans forgiven. Since the application's soft launch last Friday, over 8 million Americans have already hit submit. That's not quite breaking the Internet, but it's close. And people keep saying that this form takes less than a minute to fill out. So we're putting that theory to the test and skimming the app plus who qualifies in 60 seconds. Okay, before we get to the form, let's do a quick refresher on who's eligible. About 95% of Americans with federal college loans are expected to qualify for forgiveness. That's about 40 million people. Americans who have federal student loans who earn less than $125,000 per year, or married couples who earn less than $250,000, can say goodbye to as much as $10,000 in loans. And pell grant recipients are eligible for up to $20,000 of loan forgiveness, too. But heads up here, some people who thought they might qualify actually don't. Specifically, people who have an older kind of student loan, known as a federal family education loan, or fell. People with those loans got excluded from this plan. After a series of legal challenges to Biden's forgiveness program. All right, now it's time to fill out that form. I'm heading to student aid da of slash debt hyphen relief slash application. Okay, it seems like I need some basic info on hand, but not much else, like my full name, contact info, date of birth, social security number, and confirmation that you meet the income
CoinDesk Podcast Network
"liz truss" Discussed on CoinDesk Podcast Network
"The breakdown is sponsored by nexo IO, circle, and FTX, and produced and distributed by coindesk. What's going on guys? It is Thursday, October 20th, and today we are talking about how a head of lettuce outlasted British prime minister Liz truss. Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it, give it a rating, give it a review or if you want to dive deeper into the conversation. Come join us on the breakers Discord. You can find a link in the show notes or go to bit dot LY slash breakdown pod. Also a disclosure as always, in addition to them being a sponsor of the show, I also work with FTX. All right guys well, we had so much to talk about today. There are interesting machinations in Washington as it relates to crypto policy. We've got more and more legal challenges from the crypto sector coming to government agencies like the SEC, we've got the SEC embroiled in some questions around its staffing. But there was a historic event this morning that I thought was worth digging into a little bit. Not because it exactly hits what we normally talk about on the surface of it. In fact, on the surface of it, it's quite far outside of what our normal conversations are. But I think it has something to tell us about the state of the world. And so here we are. In The Economist magazine on October 11th, a clever writer noted that between the almost immediate political implosion around trust and the ten days of mourning after Queen Elizabeth II died, new British prime minister Liz truss political authority had, quote, roughly the shelf life of a lettuce. A few days later, on October 14th, British tabloid the daily star started a live video feed on YouTube, focused on a head of lettuce that had been purchased at a Tesco. A portrait of Liz truss sat next to the lettuce and the screen read will Liz truss outlast this lettuce. As of this morning, the lettuce has won. The moment of the announcement of truss resignation on the live stream had much fanfare. The photo of trust that had been next to the lettuce was flipped face down, colorful lights swirled all around and God save the king played on repeat. More than 20,000 people tuned in live. So yes, Liz trust has resigned as prime minister of the UK after just 45 days, marking the shortest tenure in history for that position. And again, if you're wondering why an American show about Bitcoin and crypto and power shifts is covering British politics, well, I think there are broadly speaking two ways to look at this news. The first is through the lens of a domestic political story in Britain. An unpopular politician proposing some even less popular policies after coming to power in an already politically complicated way without any sort of mandate being ousted by her party to save face. All of that is certainly true in a legitimate way to look at this. But I think there's another context for perspective as well. And that is the view trust as a political casualty of global macro and geopolitical forces. In that view, we might see Liz and her government's proposed policies as smashing into a wall of reality, created not by domestic politics in Britain, but instead, by global economic and geopolitical forces in which Britain and by extension the trust government was just one subject. That's obviously the lens that will be exploring today. Now what's more, bringing a market's dimension into this conversation, it's clear that what has been happening in the UK has been internalized by markets much more widely. Trader Alex Kruger made this point on Tuesday, October 18th. When he tweeted a chart with a comment quote, the UK has been firmly in the market's driver's seat since late September. The chart he shares showed the incredible correlation over the last month of four charts. The UK ten year bond or guilt, the price of Bitcoin, S&P 500 futures, and the British pound in dollar terms. The charts march in lockstep starting at the end of September on the 23rd. That of course is when Britain's tax cut and borrowing plan cratered all of these markets at once. That bleeding was stemmed a few days later on the 28th when the Bank of England announced the $75 billion bond buying program. That recovery lasted about a week before confidence in the bond buying program lagged and all of the markets started to turn down once again. Now keep in mind, these disparate charts are all moving roughly together. On October 12th, another bottom was hit around speculation that the trust government might ditch their plans for the budget entirely. A Tory MP text was released which said quote, I think we're headed for the most humiliating U turn in modern political history. The entire mini budget. Want to keep more profits when trading? Get the best possible prices and trade with 50% lower fees on nexo pro. The new spot and futures trading platform uses aggregated liquidity of
Bloomberg Radio New York
"liz truss" Discussed on Bloomberg Radio New York
"Inventories are at their lowest seasonal level since 2008. In Washington I made me more as Bloomberg radio 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 Nancy Lyons now back to Carol and Mike. All right, Nancy Lyons. Thank you so much. Carol master, along with Mike Regan in for Tim stenbeck on this Thursday, and as we mentioned at the top, really, the news heard round the world, and that was the resignation of UK prime minister Liz truss. A top story without a doubt. So with what you need to know in the implications of the instability, let's get to Ed price principle for geopolitical forecasting at ergo. It's a global consulting and forecasting firm. Ed is a former British trade official representing the UK government to Wall Street and the U.S. official sector. That was from 2017 to 2021, and he has also advised members of the European and British parliaments and worked in the City of London. I lay it all out because this is why you want to listen to him. He joins us in our Bloomberg interactive broker studio. Welcome. How are you? I've been better. I'm not going to lie to you. Busy man these days, I imagine. I feel slightly busy right there. I have to say, going around the newsroom, we've all kind of laughed and not laughed, that this whole idea of what's going on in the UK is making the U.S. and its politics that are not always so stable as well. Looking rather good at this point, explain what is going on in the UK. Okay, so what's going on in the UK is that a prime minister has resigned after 20 minutes, which is never a good look for 20 minutes you can read 44 45 days depending on how you count. And that obviously is the result of a period of some confusion over UK fiscal policy. The former Chancellor quasi Quartet decided that it would be a good idea to cut taxes during an inflationary spiral. The macro textbooks will tell you that's not in fact a very good idea, which he found out, unfortunately. But now we're seeing that filter through into the prime minister and really see her sort of bear the brunt of that on a delayed action. You know, Ed, I think the most surprising that news event of the day for me after Liz truss is resignation was the possibility that Boris Johnson might throw his hat in the ring. You know, I have this image of borus when he was mayor of London and on that zipline with the two British flags. You know, what are the odds of him actually ziplining on the Downing Street again and taking the job right? I'm sorry that image is still in your mouth. I'd like to apologize on the behalf of the trouble. A troubled nation. I think they're relatively low. They're very high that he will stand. It's a very high chance in my mind that a lot of people will think, you know, let's get him back in. I mean, that's not something that hasn't happened. Churchill was out and back in, heath was out and back in. So the so called big beasts have done it before, but it does seem to me if you look at the betting houses that Rishi sunak is leading, which I mean you guys tell me that seems like a problem in its own right because of course Rishi just lost the popular vote within the Conservative Party to Liz truss and if there's something about Brexit, it's democracy and populism. So I don't know if that's quite going to work. So help us understand what went so wrong so quickly for Liz truss. Is it a case of unpopular policies? I mean, I get the whole idea of, as someone who studied economics, like there's just certain policies you don't do in certain environments. Right. But is it her misread bad advisers? What went so wrong? Because safe to say all leaders, many leaders in developed nations are in a tricky spot right now. We feel it in the United States with high inflation, talks of recession, global central bankers, continue to raise rates. It's not popular. Well, that's a profound point. Like the outcome of populism isn't necessarily popular, but that doesn't mean that populism won't continue apace. If indeed it might actually be pushed further because of that because of those wobbles. What went wrong ideology, you don't get to decide what the bond markets think. That's the whole point of the bond markets. Right. They decide for themselves. And I know a lot of advisers in the UK system and I know a few bond traders, they're pretty smart people. What you don't do is get up in front of everybody and say, this is how it will be. We have a 45 then 43 billion unfunded tax cut. Everything's going to be fine because my copy of out the shrub told me it was going to be fine. It doesn't work like that, right? Am I wrong? No, she totally disregarded so much, right? Within the system in the UK system and probably warnings, right? And understanding what the implications were for her policies. I think it's that simple. And so, but you know, I think there's an optimistic tone to take, which is that the system's wrenched her out. So, you know, we can't do that with Putin, and we can't do that with Xi Jinping. The system to markets, the democracy that we have. It's turned around and it said, no, that doesn't quite work. Reality check it's time for the next person. So it looks bad on the surface and I'm not going to tell you otherwise, but smart fiscal policy is such a linchpin of British politics. I guess politics everywhere in general. And I wonder, does this give labor sort of the upper hand, you know, enough to sort of change the balance in the next election or our attention spans short enough that it shouldn't matter. You're asking me if the Labor Party is going to win the next election. Basically. 100%. Yes. I think we've got to the point in an objective opinion. Of course, that's my forecasting. Well, look, the Tories have been in for 12 years. I mean, if a custom mines back to Thatcher, she began her supply side reforms at the very start of a political cycle. So she had time for that pain to go through the labor market and for things
AP News Radio
Truss resigns following 1922 Committe talks
"To the Conservative Party's latest leader has ended a short tenure as prime minister British prime minister Liz truss has resigned bowing to the inevitable after a tumultuous 6 week term in which her policies triggered turmoil in financial markets and a rebellion in her party obliterated her authority She says I can not deliver the mandate on which I was elected just a day earlier just had vowed to stay in power saying she was a fighter and not a quitter her departure leaves a divided party seeking a leader who can unify its warring factions Charles De Ledesma London
AP News Radio
Liz Truss resigns after brief, disastrous spell as British leader
"Many say Britain's government is in chaos and the conservatives leader should quit British prime minister Liz truss is hanging on to power by a threat After a senior minister quit with a barrage of criticism and a key policy vote descended into chaos and a criminally a botched economic plan unveiled by the government last month triggered financial turmoil and a political crisis that seen the replacement of trust's treasury chief multiple policy U turns and breakdowns of discipline many conservatives say trust must now resign but she's remained defiant saying she's a fighter and not a quitter While one conservative Simon hall says the government is simply in disarray
AP News Radio
UK PM Truss vows to stay, but on the brink as minister quits
"Embattled British leader Liz truss tells lawmakers she's not a quitter In the first prime minister's questions since new chance that Jeremy hunt perform U turns on almost all of the tax cuts announced three weeks ago trust had fiery exchanges with opposition leader Keir Starmer who listed the full range of policy terms The formula Chancellor He's gone as well They're all gone So why is she still here Mister speaker Mister speaker I am a fighter and not a Quetta Trust has apologized to parliament and admitted she's made mistakes so far during her short tenure as Britain's head of government Charles De Ledesma London
AP News Radio
Liz Truss' waning power brings political plots, and jokes
"Prisons prime minister Liz truss has been scrambling to regain her grasp on power after a tumultuous week that has left many believing she will leave the top job soon Powerless humiliated labeled a ghost prime minister and compared unfavorably to a head of lettuce This is not a good week for his trust Trusses original economic plans affect a strongly negative reaction by global financial markets which saw the value of the pound plummets as a result trust was forced to appoint a treasury chief who has ripped up her original plans and left her in a much weaker position than when she started just weeks ago Trust admitted she slipped up Now I recognize we have made mistakes I'm sorry However her apology may be too little too late as lawyer Patrick caron de Lion predicts I think Liz trusts will be gone by the end of the week consultant Owen Eddie shore thinks British politics have become a joke The entire world as per usual Trust remains in office for now largely because her Conservative Party is divided over how to replace her Karen Chammas London
AP News Radio
UK leader Liz Truss goes from triumph to trouble in 6 weeks
"British prime minister Charles has seen a turbulent start to her premiership with many saying her leadership is now hanging by a thread at just 6 weeks in power trusses time at the top has been bumpy to say the least Her libertarian economic policies have triggered emergency Central Bank intervention multiple U turns and the firing of her treasury chief conservative member of parliament Robert hauptmann described the last few weeks as a series of horror stories The government has looked like libertarian jihadists and treated the whole country as a kind of laboratory mice in which to carry out ultra ultra free market experiments The financial secretary to the treasury Andrew Griffith defended the prime minister This is a time when we need stability Nevertheless with new Chancellor Jeremy hunting power many say truss is still prime minister in name but powering government has shifted to hunt hunt has signaled he plans to rip up much of her remaining economic plan when he makes a medium term budget statement at the end of October Karen Chammas London
AP News Radio
Media: UK Treasury chief out as prime minister plans U-turn
"The UK has a new treasury chief the fourth in a year Embattled prime minister Liz truss has installed a new lawmaker to run the economy as she struggles to calm markets and hang on to her job following the release of a controversial economic plan trust has appointed former cabinet minister Jeremy hunt to the post replacing quasi quantang three weeks after quantang announced a tax cutting mini budget the scent ban plunging to record lows against the dollar immediate market reaction however has been muted investors already baked in the notion that the government would back down on some of its key proposals
AP News Radio
Kwasi Kwarteng Is Fired as U.K. Finance Minister
"The treasury chief is out as prime minister Liz truss plans an economy U turn Sky News and the BBC report that quasi quantang is ousted It appears trust has parted ways with her treasury chief as she struggles to car markets and hang on to her job the sudden shift comes three weeks after quantang announced a tax cutting mini budget that sent the pound plunging to record lows against the dollar Charles De Ledesma London
AP News Radio
Shaken UK Conservatives seek unity after Truss' rocky start
"UK government ministers have implored conservative colleagues to rally behind their prime minister British prime minister Liz truss has had a rocky start to her premiership and misfiring economic plan marred trusses tumultuous first month in office and through her party into disarray cabinet minister Nadine sahai said with two years until the next general election the party should start rallying behind trust to ensure their reelected trust first bold move and power was a $50 billion tax cut stimulus which was to be funded by government borrowing the move spooked the markets and helped the opposition Labor Party take a commanding lead in opinion polls the police for unity come as lawmakers are set to return to parliament from a two week break Karen Chammas London
ToddCast Podcast with Todd Starnes
Paul Goodman: A Huge Blow to Liz Truss' Authority
"Goodman was asked about this was asked about this issue. He is an English journalist with the Conservative Party, cut number four, please. Never forget that tomorrow looks different from today. So I'm going to enter the proviso at the start that if Vladimir Putin explodes a tactical nuclear weapon in Ukraine before Christmas, the entire domestic political conversation will change. So having laid that marker down, let's try to look at the facts as we know them today. The facts as we know them today is a huge blow has been struck to Liz truss's authority. We don't know whether or not she can recover it. And we will find out whether she can, not at what is left of this conference, but when parliament resumes next week. Now, Russia is on the record just a few moments ago. Kremlin spokesman comes out and says, hey, look, we're not bluffing here. I mean, if you guys are going to come after us, we do have the right to use those nukes, but we're committed to avoiding nuclear war. Most of the war talk is coming from Ukraine and the Biden administration.
Bloomberg Radio New York
"liz truss" Discussed on Bloomberg Radio New York
"Essential. Let's cross out to Bloomberg's Leon Garrett and London Leon. So what's changed here for traders is we count down to potentially additional context in the coming hour. So youssef, as you just said, the pound had a rally. So Sterling almost back up to where it was before quasi quantum gave that speech Can you believe it was just a week ago? And one of the reasons that this speculation, the Sterling is up today, is that because Liz truss and quasi quatre the Chancellor of set to meet the head of the OBR today. So that's the office for budget responsibility. The UK's financial watchdog. And one of the key issues that has caused market trauma here in the UK since that mini budget was announced not so many we saw those absolutely massive tax cuts. Was people were concerned about the forecast. We didn't get an OBR forecast with that budget and people were worried about where the money was going to come from to pay for what Liz truss as government is suggesting and also yesterday we saw Liz truss come out defending her mini budget and the tax cuts that are coming and she was speaking to BBC local radio and saying this is absolutely the right thing for the country right now. And as you have seen, we have seen Sterling rise, but this could possibly not be the end for turmoil. I mean, I'm looking here at the Tory party conference, right? We're going into that. There seems to be a lot of momentum in terms of the polling numbers that speak in favor for some gains for the toy party and what they might be able to do or actually not be able to do rather. The other way around. I know Tory party conference just ahead of us. We were on the brink of that. Of course, we saw labor's last week and labor seemed to pick up loads of momentum during that conference. Now we are seeing that in the polling today, I bet you the Tories are going to be looking at these grim numbers that you gave have reported today saying labor is actually the biggest party at the moment, so it's leading the conservatives by 33 points, which is massive, and that's the biggest lead for labor since the 1990s in the polling. So I guess going into this conference, a lot of the Conservative Party are going to be concerned about the future of their government and how long they're going to stay in power. And what's also really interesting is we have seen some betting places here like ladbroke saying that Liz truss might not even last until the end of the year. So we're going to keep a close eye on this polling and we're going to be watching out for that conference. That is coming up. It's going to be extremely tough for Liz truss because now we're getting reports in the newspaper today that benefits could be cut in order to pay for this new package that she's brought in, which could affect people even more at a time of crisis. Yeah, thank you for that. I know you'll be very close to this story throughout the morning. That's not Bloomberg's land guarantees in London. I want to get to the markets again more broadly because we're looking here at caution, risk aversion, not to the extent that we saw overnight in the U.S. saw significant drawdown a 22 month low. That is a new low as well. Of course, for the year 2022, Apple, Nike, and a few others in focus and it tells us a story of weakening demand and perhaps more adjusted realistic expectations for future economic performance. But here's the story on the wild ride that's been in terms of the liquidity levels. This is something I mentioned at the top of the show. One of the world's deepest markets, the daily swings and interest rate swaps, right? So this is the gap between the floating and the fixed rate legs of longer dated swaps tied to what is famously known as the secured overnight financing rate that went down to 7 bps, -75 bps of 7 bit move, and then it went back up. These moves are not normal. It tells us a story of liquidity drying up. I was talking about equity futures at the moment. I'm just going to visually get that for you now. This is the state of play on the S&P 500 mini, down about a 5th of 1%. But from the equity futures I take you to some of the yields moves we've seen as fed hawks continue to stick to the rate hiking script on the U.S. tens we're not back below 3.8%. It's also fascinating to see the round trip that we've experienced. Whereas 4.01%, the route this week now, just under 3.8. And then India as well over the last 30 minutes, the headlines continue to cross from the RBI governor after removing higher with a 50 basis
Bloomberg Radio New York
"liz truss" Discussed on Bloomberg Radio New York
"Us for live coverage of that fed decision tomorrow on a special edition of Bloomberg surveillance starting at one 30 p.m. Wall Street time on Bloomberg radio and television. Well, the fed isn't the only Central Bank making policy decisions this week, Karen, in Europe, Sweden, Central Bank, hiked rates, a larger than expected hundred basis points over in Asia, the bank of Japan will have to decide whether to continue monetary stimulus this week after inflation accelerated to the fastest pace in more than three decades. We also get a Bank of England decision on Thursday. On a geopolitics now, Nathan, where world leaders meeting at the UN this week are in the spotlight. And ahead of her meeting with president Joe Biden, UK prime minister Liz truss says she does not expect a trade deal between the two countries anytime soon. In the meantime, the war in Ukraine rages on Karen in that country's foreign minister, dmytro kuleba says Ukraine will continue its counter offensive against Russia in the east. He's calling on Western Allies to send more weapons. Sometimes I'm being asked whether there is enough of weapons that we have received. I always say, I will be able to say it was enough, only after Ukraine wins. Until then, we will be asking for more. Ukrainian foreign minister Dimitrov spoke with Bloomberg ahead of the UN general assemblies annual meeting last week, President Biden announced another $600 million drawn down from U.S. Military stockpiles to provide aid to Ukraine. Incorporate news now, Nathan, Twitter, cofounder Jack Dorsey will be questioned under oath today in the lawsuit filed by Twitter against Tesla founder Elon Musk. And shares of Ford are down 5% in early trading Karen after the automaker announced inflation is pushing supplier costs a $1 billion higher than expected in the current quarter. And again, futures are lower with S&P futures down about ten points and straight ahead your latest local headlines. Plus, a check of sports and this is Bloomberg. Thank you, Karen 5 33 on Wall Street 69° in Central Park still dealing with the accident westbound cross Bronx at the shared and expressway, more coming up in traffic first Michael Barr with what else is going on in New York and around the world. Michael. Thank you very much, Nathan. New York mayor Eric Adams says he will soon have a plan to deal with the bus loads of migrants arriving in the city from the southern border. Mayor Adams says he'll first examine the issues then come up with a plan to deal with the migrant crisis landing in a city. We are not telling anyone that New York can accommodate every migrant in the city. We're not encouraging people to send 8, 9 buses a day. That is not what we're doing. Mayor Adams says the city has taken in more than 11,000 asylum seekers and migrants, processing 8500 of them, while opening 23 emergency shelters, but Adam says, among the many next steps could be litigation. We are strongly in support of race right to shelter, but there's aspects of it that we want to look at. And so we're looking at our legal options on all of what we are seeing. How to address this. Mayor Adams also confirms one migrant sent to New York committed suicide over the weekend. Hurricane Fiona is barreling toward the Turks and Caicos Islands as it strengthens into a category three storm. The intensifying storm also kept dropping rain over the Dominican Republic and Puerto Rico. One person has died and more than a million people remain without power in Puerto Rico. In New York governor Kathy hochul said Cruz are ready to go down to help. We are continuing to monitor the situation. We have assets ready to be deployed. We are anxious to provide the support that the people of Puerto Rico and the Dominican Republic need at this time. Governor hochul says the people in Puerto Rico are our fellow citizens and need aid. UN secretary general Antonio Guterres is warning that the world is in great peril. He says world leaders meeting in person for the first time in three years at the UN General Assembly in Manhattan, must tackle conflicts and climate catastrophes, increasing poverty and inequality and divisions among major powers. Global news, 24 hours a day on air and on Bloomberg quicktake, powered by more than 2700 journalists and analysts and more than a 120 countries, I'm Michael Barr and this is Bloomberg, Nathan. Thanks, Michael. 5 35 on Wall Street, John as the Bloomberg sports update. All right, Nathan after the Yankees spent this past weekend in Milwaukee, the mets went there. They took Max Scherzer off the injured list. He went
Bloomberg Radio New York
"liz truss" Discussed on Bloomberg Radio New York
"Binky charter of Deutsche Bank came out yesterday I said this. If you get a recession on the S&P, we'll see 3000. If you don't get a recession, we might rally back to 47 50. How far binky needs a chat? Conversation, please. The difference between a recession, not a recession, it's three K or 47 50. Looking forward to catching up with binky chowder in the next couple of weeks, futures, unchanged on the S&P 500 on the NASDAQ right now, basically unchanged as well into the bond market. You've heard the news from Goldman, they're on board with 75 for a decision from the Federal Reserve later this month. You're two year right now, three 42, 49. Basically unchanged there, going into the ECB, the Euro basically unchanged as well. Even with some verbal intervention from the Japanese authorities, Dolly yen, not doing a whole lot in their favor, Dolly yen right now, one 43 54, just the tiniest bit of Japanese yen strength and we're all looking at Sterling at one 1535. Yesterday, the lower the session, one 1406, that took out the pandemic lows for cable, the weakest currency, the weakest Sterling. We've seen against the U.S. dollar time going all the way back to the mid 80s. And what we heard from the prime minister Liz truss in the last hour at home to cap energy bills. The exact exact price of this plan is hard to say because it all depends on where gas prices will be. But it could be termed 200 billion plus over the next two years. We'll see. John, I think this is so great. I'm so glad we had this moment with you. A former prime minister speaking from behind the bench to the new prime minister John, I believe I have to go back to John Quincy Adams for an American equivalent. John, explain this. This is to Americans. This is as foreign as it gets. What some of you are an MP
Bloomberg Radio New York
"liz truss" Discussed on Bloomberg Radio New York
"Your podcast app and have a listen to it if you want to know in greater detail, but it does mean that the government basically is in flux for the whole of this summer, and it had been talk about an emergency budget things like that. Are there policy remedies? What do we know about trust genomics? There we are. Liz truss now has her own little moniker for her economic perspective. So we know bits and bobs don't. We know she's very keen to cut taxes. We know she's going to have a look at the Bank of England's mandate. But I think in the very near term and we've sort of touched on it there in the previous previous question, but it's really about what she does about the cost of living. She said, reversing the increase in national insurance, that's part of the package, but to be honest with you, I think it needs to be a lot more similar to what sunac announced at the end of May. So it has to be essentially grants to people into people's bank accounts really, really quickly to plug the gap as quickly as possible. And I think that's what that will be what any emergency budget, which I think is almost certain to come, whether even if it's soon act, I think it's pretty likely that he'll hold a budget pretty soon after if he were to become leader, but it looks like it's going to be trust. And I think it has to be direct payments to households, very similar to what he announced, and it just in terms of ballpark figures, but it wouldn't surprise me if they doubled the amount of support that they announced another 15 billion pounds to go into people's bank accounts again. As I say, that's really important. It's going to be really key to whether the economy essentially makes it through the winter. Further ahead, of course, she's talking about canceling the CT carts. The CT rise, and there are broader set of measures. So you're just going to get a lot more borrowing if she does become thus become leader. But at the moment, it's really about that cost of living crunch and really getting through October and the winter. Thank you so much, Dan for being with us walking us through what to expect from the GDP figures that we get in the coming days here in the UK, whether or not the UK goes into recession indeed, how long it might last. My thanks to Bloomberg senior UK economist Dan Hansen. I'm Caroline Hepburn here in London. You can catch us every weekday morning here for Bloomberg daybreak Europe that beginning at 6 a.m. in London, 1 a.m. on Wall Street, John. Caroline, thanks a lot. Just to hit up Bloomberg, daybreak weekend, Samsung gearing up for its big galaxy unpacked event. Some opportunity there, but also some challenges on John Tucker. This is Bloomberg.
Bloomberg Radio New York
"liz truss" Discussed on Bloomberg Radio New York
"Largest cryptocurrency. Okay, so those are our top stories this morning, but they're still plenty ahead today. Let's bring in Bloomberg to the anger and good morning. Leanne, what's ahead this morning? Caroline good morning to you so what you guys were just discussing will be watching Italy extremely closely after the prime minister Mario Draghi has told the Senate that he's going to meet with the president today the expectation is that he is going to offer his resignation in that very meeting. So we'll be watching that story closely. Then at one 15 p.m., the ECB will reveal its latest rate decision that will quickly be followed at one 30 p.m. by data from the U.S., including initial jobless claims, and parliament summer recess does begin today but campaigning just doesn't stop with Liz truss and Rishi sunak now going head to head and we should have a new prime minister on the 5th of September, so lots to keep a close eye on. Thanks, leann garand. That's our look ahead for the news coming up and next we have the London rush where we can carve out some time to highlight UK businesses that are making announcements in London, joining us for that is Bloomberg's breaking news editor Charles capel. Morning Charles, Ocado good morning to be suffering from all these consumer behavior changes. Yeah, exactly. It's a classic inflation era statement here from Ocado. Their retail sales are down about 8% in the first half of the year. And what's driving that is actually smaller basket sizes. And during the pandemic, obviously everyone started ordering their food for delivery, all of their groceries. They were going out less. And so the basket sizes increased. And now they're starting to perhaps go out to restaurants again. And perhaps eat in less. And as a result, the average basket size is now dropped to a 120 pounds from about a 138 pounds previously. Now, rising prices have done something to mitigate that, but people are actually cutting less individual items in their baskets. And Ocado's EBITDA has now really suffered a hit from the retail side. They previously had about a 100 million pounds worth of EBITDA. It's now down to about 30 million pounds. And it's also compounded by the rising cost of living in the UK. So a bit of a grown statement here from Ricardo and their shares have been hit this morning as a result. Yeah, absolutely. So that from Ocado, but then there's also another bit of retailing news M and S's CFO leaving. Yeah, exactly. Their CFO and Tong, he's going to leave and we only joined about two years ago. But he's going to be joining associated British foods. Now, of course, that is the owner of primark. Now, I think this is a really interesting move because it matches up quite well. M and S has this food side of their business. They have the closing clothing side of their business. So does AB food. And then also pro Mark has indicated earlier this year that they're going to be trialing some more online shopping, perhaps. And if they, if they decide to move into that space, then perhaps Owen Chung would be really well set up to guide them through that from a financial point of view. And then they also do appear to be strengthened enough for their primark division. Their currency is going to step down from the board. And he's going to become the chairman of the new strategic advisory board and also a senior adviser for primark. So it could be really interesting to see how they plan to develop that business over the coming years. And Charles in our last minute here, Leon keeps telling us that everyone's going teetotal, but it seems like there's been progress for clubs. How does that add up? Yeah, exactly. I mean, I don't know about you, but I'm a fan of a non alcoholic beer. And even when I could go to the pub, I've been having one of them, but maybe that's what's going on, but fuller Smith and Turner, they say that their sales are continuing to recover. And they have singled out the City of London and the West End sort of propping up that recovery, which if you take a walk around the city or Soho these days, you do see a lot of people out, particularly in this nice sunny weather. Their total sales are actually above group pandemic by about 3%. And up 81% on the same period last year, although of course that was heavily affected by the pandemic. One of their peers, Mitchell and butler's also say that they seem strong sales, although they did partly fall back. But if you think about the last sort of quarter or so, we've had so much that could affect pub. We've had the jubilee weekend, but we've also had industrial action making people stay at home, perhaps not going into the city where they would have after work through. And very recently, we've had very hot weather, which sends people to the clubs as well. So there's a lot going on there. Charles cape with the London rush thanks so much for being with us. This is Bloomberg. Wake up. There's something different
FT Politics
"liz truss" Discussed on FT Politics
"To see enterprise succeed. They want to be proud of what they produce. One of the reasons that trade is popular in the uk is people like seeing that products from there like larrea being enjoyed around the world it. We just launched a new campaign called made in britain sold to the world now whether it satellites from glasgow whether it's a buses from falkirk whether it's a whiskey all lives eve pro. People want to see that happening and they want to see opportunities inara when one of the things we're doing is previously a lot of the trade support law. The investment support was focused on london in the southeast. When our pinning would justice opened a new office in darlington is passive is going to be part of the economic campus. We're basing a lot more of our support an enterprise help. In the north of england t help seed that industrial opportunity. They do not leave the region development agencies that tony blair's government opened will close down by the conservative survivor. Coal this is different. This is about involving local businesses in our trade negotiations in our investment discussions. This is not about the idea that you can manage the local economy from a development agency. It's about involving businesses engaging them in as opportunities around the world and they might view is. We do need to export more as a country. We know that jobs in exporting industries. Pay more they pay seventy seven percent more. We know they're twenty one percent more productive on average. Those jobs have been concentrated in london. In the southeast won't people want everywhere in the country is jobs that pay well with a strong purpose now finding ways. We've got a couple of minutes left so have to ask you. Of course you're very happy. No doubt and you'll come. And trade roof is international trade secretary. When could you imagine running for the party leadership. I am extremely happy as trade sexual. I think i've got the best job in government. Striking these new trade deals for the first time in fifty years and being able to which is made you very popular. Who is a conservative party. Grassroots it is pulse of a team effort. You as you said you. The prime minister's given huge supports to this gender. It's part of our vision for global britain and the prime minister's doing a fantastic job. And i'm sure he'll be in office for many years to come on when that day comes to an end on this. Avid joined by joel sebastian. Liz trust thank you very much for joining us. And that's it for this week's episode of paint politics. If you'd like the podcastone we'd recommend subscribing. You can find all these channels apple. Podcasts spotify google and your small speaker.
FT Politics
"liz truss" Discussed on FT Politics
"That development what we want to do and we've just launched a consultation on more liberal trading schemes. We wanted to make it easier for developing countries to gain an economic independence. Three trade so that is a very important part of our overall development work. We couldn't be talking about foreign policy without mentioning the key moment which the situation in afghanistan is wet tool king on tuesday. Oversee evacuations are still continuing. The uk government is made it quite clear and public and private. It does not agree with the american withdrawal. Are you disappointed. In america as someone who's sort of believed in the transatlantic alliance and the fact. They've pulled out. We have to deal with the world as his. I think we have to be practical about the way we're dealing with the situation People have done a fantastic job on the ground and very proud of our armed forces and our other personnel who are working nights in day to bring people back to the base. Uk citizens but also those in afghanistan who've helped us in the work we've done for the past twenty years but we have to now move forward and deal with the situation as it is. What do you think this means for the future of liberal intervention though you know. Did you support going to have gas on iraq back in the early two thousands. I mean i wasn't involved in politics. And i'm sure you had a view then though well i think it was a different world. We were in in those days. And of course what happened on nine eleven was completely shocking and i think we will remember that devastating and event and you we were right to take action and we have made achievements over. The last twenty years in progress has been made. I in afghanistan i sent. He didn't think that efforts have been wasted. But as i've said we've got to deal with the world as it is today in the challenges we face now and the idea that the uk could have continued in the absence. Solve the united states. And i know my colleagues looked walk could be done with other nato. Nato parties the idea. We continued his. The it wasn't possible. And i think we need realism as we're looking at the situation. Now i'm just wondering if in a few in the near future if another such question popped up on. The governor is in your in the cabinet and the prime minister. Says you know look thinking of sending a force intervening in this. Could you imagine any whatever happens or do you think that's it for intervention by western countries elsewhere. I mean is it completely hypothetical question of the country and you can't make judgments on but on the corner pool you can in all of these situations we have to look at it. What is the author of the possible given the situation now and say what is the response of our allies games. Being we were talking earlier. Sebastian about using trade more as part of our role foreign policy and as part of having a positive impact on the world and i think that is a very important plank. Of what what we do say for me. It's not just about whether or not we intervene as a coalition with authors. It's also about. How do we use the tools at our disposal to move things in the direction. We want to see what i want to see is free and fair trade. I want to see the system. That we thrive under democracies freer supporting free enterprise. I want to see those systems thrive and not be undermined and that is really important. Principle that some principle that the united states also supports now would you use. The lot is free and liberal. Those are the kind of principles that you very much enjoy but not necessarily shared by everyone in this current government that people look at it and say. It's not the kind of buccaneering thatcherite free-market government that you would approve of. And of course the kotha britannia unchained book in twenty twelve. Which was commissioned by many of the people in this government that set out the need for the party take cusco liberal direction. You might call. You have feel uncomfortable. Things going on government. And the way that conservatism is developing in this country. We have to be realistic than we are going through. A global pandemic where upper for your free association is difficult in no circumstances and there have had to be restrictions placed because of a diet health emergency. But i'm setting of the view that we're now in the phase of moving out of that. I was very supportive of opening up on july. The nineteenth of getting back into the office getting back into school and getting on with what you're talking about which is living as a free society and the conservatives achieved huge under boris johnson huge electoral success in two thousand nineteen. Winning avenue pulse the country. And i think one of the reasons that people those parts of the country voted for the conservatives. They do want to see that kind of buccaneering. Approach that free enterprise approach. They want to see jobs opportunities in their town or city. And they want to see that enterprise thriving and of course that is what the trade agendas about we talked about. It's relevant for policy but its primary purpose is delivering greater prosperity and opportunities around the uk and all of the trade deals were talking about the static analysis that you referred tease in boston. The the biggest beneficiaries are the north east of england. The midlands scotland. These are the biggest beneficiaries of free trade and these are the enterprises that will benefit mace. Whether it's the car industry the whisky industry the ceramics industry they use the opportunities each we have now and the vaccination campaign has been a huge success and we need to build on that opening things up and getting out there into the world selling what we do and i think t- much of the trade debate is often quite defensive about what we might potentially lease. I am much more of the view that we've got huge amount to gain that we have been quite closed off. The european union is not been forward leaning on trade is not being forward leaning in financial services or digital definitely hasn't been forward leaning in areas like agriculture but i think from all of our industries wherever it's feed and drink whether it's financial service. I think we're well beating. We should be going out there and doing that. Do you think the people in those places actually just one oodles of government cash. They want money spent on the areas that infrastructure improving the social calf fixed. All the things they can see around them jobs disappearing physical environment below the stands the rest of the country. And how can you reconcile that without vision. You just put forward that we need to see infrastructure improved as somebody who grew up leads. I can tell you. The infrastructure wasn't enough and it does need to be improved on a. We are putting money into that. But i think people also you want to see enterprise succeed. They want to be proud of what they produce. One of the reasons that trade is popular in.
FT Politics
"liz truss" Discussed on FT Politics
"Is becoming less important now. We'll mother concerned about is india as well because obviously tied into the cova crisis. Why because we know. The government is very keen for trade deal with india and there's been lots of backwards and forwards and that crucial point when the borders were kept open or not as tight as they may be. Some commentators. said. This is because we don't want to annoy india because we want to get a trade deal. Do you think knows any truth to that nazis. That sort of that cost pollenisation of different was a policy going into trey that you know. Obviously i think. In retrospect moves from the government that it wasn't the right idea to keep that border open even if the government's wider aims is to try and get a deal with india as soon as possible. That was not a factor at all. All of the subconsciously. Milivoje decisions on keva to be made. According to the best evidence available out the time when we've constantly worked very hard to deal with some of these international issues and in fact we're currently consulting on the trade deal with india. I'd encourage people to submit their views as soon as possible. The consultation classes on the thirty first of august and we'll be launching the full negotiations awesome. And it really is very exciting prospect for the uk particularly in areas like digital. Where of course endures extremely strong. We are assan syntax. Superpower injuries also science and tech superpower the ability to exchange ideas which is ultimately what is about about exposing yourself your industry east to the best ideas around the world. The best technology and that's what helps also develop and become more prosperous so the phasing wettest goes next you've got new zealand. Which nearly done then we've got. Cptv and then. America is that how the next few years of this policy looks like. So we've got cbp is already negotiations. They were in the negotiations. We are concluding very soon soon. Hopefully the new zealand negotiations will be shortly launching negotiations with canada and mexico which has just been consulting on. And they're all part of cpt pp so alongside the core see atp negotiations will also be negotiating separately with all of the members eras market access for goods. I'm various various different aspects of these negotiations so that that is one set of negotiations. Doing we're all say launching the agreement with india. We're all say looking at the gulf. We're looking at an agreement with israel As well and of course we are reggie to stop those. Fda negotiations with the united states when they're ready to start these negotiations. And when you get out of the united states how you going to do with the very thorny issue of food stan this because we had a lot of stuff about chlorinated chicken and hormone fed beef and the one of the reasons often cited that we didn't align with the eu on food standards because it would make a us trade impossible because they're two blocks that are very different than how you going to navigate that well the united states is of course looking at its areas like animal welfare and food standards as well and we we have discussions with the us. I met the agriculture ministry When i was over in washington. dc recently and there is still some british products abound from the us since last year. We successfully got access to british beef to the us market. But we're still pushing for us lamb. Of course the important principle for me is that in any negotiations undertake. We don't undermine british farmers with their high standards. So i will be factoring those in two on negotiations with the united states when they take place. But i'm very confident. There is a deal to be done now. All this is part of global britain. Which is the government strategy to reengage with other countries outside the eu after that vote in twenty sixteen how closely does trae tie in with diplomacy and hard power as well because even in the whitehall minds that you've got your department you've got the phone. Call montana velopment office. How do you bring that all together when you've got some very different secretaries of state with very different views and north central powers. I do think you'll department for example should be voting with the phone office. One day or i think the department of trade has demonstrated its value over the five years that it's been in existence we've successfully go to laze deals. The eu had covering sixty seven countries. We've secured the deal of australia. We've got huge pipeline of opportunity. And i think you're right in what you say which is trey. Dad's an extra string to all bow in terms of already all diplomatic efforts because we can use trade to achieve our objectives to achieve our economic domestic objectives but also to influence the world in a positive way to work with our allies as we were doing with the united states to challenge unfair practices whether that's intellectual property violations force technology transfer whether it's unfair subsidies by state-owned enterprises the days of the types of things that we weren't able to actively do as part of the european union that was a digi trade issue that's capability is now in the hands of the department of trade and we can make a real difference. I worked very closely with the foreign secretary. New trade was a key part of the integrated review of foreign policy now. I think it's an effective additional capability that we now have a more able to deploy. Well that's particularly so given the cuts to the uk's aid budget. The wind from north point seven to nine point five percent of gdp and we've seen the reports of of you know toilets left unbuilt school shutdown all those things across the developed world. How can you make the argument that we are reengaging with the world while so cussing money to help the poorest we already we still have a very strong development contribution and the fact that is now part of the f. c. d. o. Make sure it's much more integrated with our broader foreign policy. Which i think is a good thing is still the hard numbers though despite that integration which Which you can get away from a mall. I'm very focused on..
FT Politics
"liz truss" Discussed on FT Politics
"New trading arrangements in these deals where securing tariff-free trade fear for products like whisking cars. We explore aver ten thousand caused australia particularly from the northeast of england. But of course when we get those tariffs removed. We're going to be able to do more of that. But it takes time to ramp up production shedules. It takes time to build the industries. See we do have to look was future. Demand for what britain producers rather than looking backward which. I think it's six years. I think since people voted to leave the european union. We've got to start looking at the future. Ralph oven this backward-looking analysis. Now we have not had a real debate about trade in britain for four decades because when we joined the eu in the nineteen seventies we handed over our trading policy. That's now back in the government's control here that clip we played of the prime minister the top that he loves this vision of britain being a beacon for free trade and obviously you share with him within. But how do you sell that back at home. Because reducing tabs on. Something's yes it can quit. Cheaper goods and more trading flows but it can also means invite difficult decisions and of course the big example and this was far as when you doing battle with australia to get that deal over the line. Who's a lot of backwards and forth about what the agriculture sector was going to get. I'm just wondering where do you draw the line on those trade offs is a sort of totally free market approach. Well it's just the best thing trade or are you still going to have limits and quotas and tariffs to protect when necessary. Win the case of australia new zealand. These are two countries that have very similar standards to the uk. The high wage economies high standards in areas like the environment labor animal welfare. See that's why we've been able to strike deals that have fundamentally liberalizing because we have a common way of operating very similar systems the rich huge benefits to both sides into being able to trade more freely for british exporters but also imports. Whether it's of wine or the other coalition produced in australia new zealand now that will be different depending on the type of agreement when negotiating also he would negotiating with because australia new zealand have very low tariffs an fundamentally free trading nations. So that is why we were able to achieve not meet trudell. But there'll be other countries he did take that approach and i'm not in favor of unilateral disarmament are in favor of creating these bilateral relationships. Where the trade is slowing in both directions. Well let's talk about one of those other countries which is america and that is really the big prize that you want to get in terms of a trade deal because the effect that would have on the uk economy would be would outstrip all the others. You've done put together also going to be one of the toughest how you found this early. Stage negotiations changed since the binding administration came in because we know president trump was a big fan of a beautiful trade deal with the. Uk's he described it. that's not quite the rhetoric. That president biden the democrats using well. I'd slightly correct where you said. said in that there are many exciting trade deals that we are looking at. So we're we're ready in negotiations of the trans-pacific partnership which is a nine trillion pound trade area very exciting stretches all the way from vietnam and malaysia to chile and peru to know that that's on the other side of the world what's exciting about it is new countries joining it. Say the uk a is it is like to the first new country that join it since it was established in two thousand eighteen but there are others. Who are interested whether it's the philippines whether it's thailand so you can see that as a growing grape of countries he believe in free trade whether it's the strong digital and services chapter which benefits the uk or indeed. There is like goods creating much more. Stable supply chains which is in the caved crisis. Shane us how much we need. Those supply chain so that is an agreement. Of course the united states were one of the initial parties in the trans-pacific partnership and the new administration not indicated. They want to join it but who knows what might happen in the future. I think india is also very exciting prospect for the uk historically we have lost market share to other countries like japan who have trade agreements with india and raise a huge benefit to a trade agreement with india which unlike australia and new zealand has very very high tariffs. I wouldn't say the. Us is the new game in town. There were more than enough trade negotiations to keep the department of trade extremely busy over the next few years but of course the united states is a number one single country trade partner. We've ready made progress. Getting rid of the tariffs on whiskey. And dealing with the airbus boeing dispute. Were working break lacey. Now with the americans or large civil aircraft and challenging those countries who. Don't play by the rules. I'm going come out to mile in the moment. But just on the cpt p. What's the timeline on not you. Could you imagine being joined up in that by the next general election sunday when i hope we will be able to have concluded negotiations by the end of next year. And does it matter on the other side of the world that yes is growing importance in terms of trade. But you know in your view does joke avista matter joe. Goofy matters but it matters less and people talk about the tyranny of geography in trade but of course when you have digital trade when you have a lot of a sixty six percent of the uk services delivered remotely that delivered digitally since becoming less important and you you'll seeing this trend in things like remote working. It matters less exactly where you are. Now you can operate your podcast from your living room or away from being in a different part of the country and that is true of trade as well and it will increasingly true of trade in the future. I'm not saying geographies irrelevant. But it.
FT Politics
"liz truss" Discussed on FT Politics
"After leaving the eu. What is brexit. Britain's trading role in the world. Boris johnson has declared the country will be a beacon of liberal principles. We are reemerging after decades of hibernation as a campaigner the global free trade. And frankly the moment to suit because the argument for this fundamental liberty is now not being made welcome to paint politics. You're inside a guy to british politics from the financial times. I'm sebastian pain in fifth and final. Some interview special. I'm delighted to be joined by liz. Trust the secretary of international trade. I missed for women inequalities. According to the conservative home website trust is the most popular member of boris johnson. Government a keen advocate of buccaneering policy of striking free. Trade deals with anyone and everyone will be exploring the economic worth of such agreements. What's coming down the tracks and how the agenda may play through political future list. Welcome to paint politics boston greats. The're how's your some being. Have you have much of a break from departmental work. I didn't get away on holiday. But there's been quite a little work to be done in the department as well say you'll kind of always on is a cabinet minister. Indeed there's been lots of discussion of that in news reports recently as well now. Let's talk about that clip. We heard from bowie's johnson at the very beginning that that what he calls global britain where leaving the eu then trade with the rest of the world. Why do you think this agenda matters. Melissa gender is incredibly important and this is a very important time. For britain to be making the case for free trade on the world stage because we saw a rise in protectionism even before the caved crisis the number protectionist measures being taken by governments across the world were increasing and what the uk is doing is showing the is alternative that having freer trade help deliver jobs and growth and ultimately prosperity across the world and we've demonstrated that with our program of trade agreements. We just launched on new developing countries trading scheme making it easier for the poorest countries to trade with the united kingdom and we are believers that free trade helps deliver increased prosperity now. The first major trade signed was with australia not came a couple of months ago. Next worn any is new zealand. How's that one going. That's why i mean we've we've signed deals covering sixty eight countries. The role hirola rollovers. Japan went further and faster the eu deal particularly in areas like digital data. Which is a real strength for the uk. Australia was the first from scratch deal which covers every single area of the economy very liberal trade deal and we are close to sealing the deal with new zealand as well now of course. When do you assign. I'm looking to that. I actually wrote about the hatay Being signed any essentially says fifteen years to reduce tariffs but the key thing is. How much is that going to benefit the british economy. The key points about the analysis that we conduct is static. Comparative analysis doesn't predict. The future is simply says in the state where we all now. How can we expect things to change across the economy. So isn't a forecast of the future. If you look at future countries like australia new zealand and the broader pacific region a huge areas of growth. Saying there is a difference between a static. Comparative analysis which is useful for comparing trade deals with each other is not necessarily very useful about predicting where we will be in twenty thirty or forty years time and what we are. Seeing is a huge growth in asia. Pacific two-thirds the wells middle classes again to live in asia by thirty and the types of products that demanding the types of things produces whether there's a high value manufactured goods quality food and drink digital and date products financial services. There is rising demand and that isn't captured in those type of comparative static analyses. Say i think you've gotta be careful saying that. That is forecast northville cost because obviously when you see the headline numbers of doing this deal which also you very pleased with and the government was that gives you don't point one percent glued to gdp p you can see why people shrug their shoulders and say what's the point of all that then but that is that is a static analysis of where we all now. This is about making britain a global hub for trade particularly in areas like digital services. Where we reggie the second largest services expert in world and what these analysis share is. The world is where we are now. All economic analysis is based on history. What i'm interested in is the future by twenty. Fifty fifty percent of the world's trade is likely to be digital. And if we're the country will go to digital trade agreement with india. If we're part of the cpt the trans-pacific partnership with its strong digital chapter than we are incredibly well positioned for that future economy. And you can't capture that. In a static analysis valuable there is to compare different trade deals. So do you think obviously this is often juxtaposed in the reporting between what leaving the eu single mark in customs union would do so various internal government estimates which were leaked to the media by. I'm back during the exit. Wars said that there would be you know a knocked the gdp because of raising those trading barriers in. Do you believe that forecast what we've achieved in the deal with. The new is a strong agreement. Tara free trade good agreements. In other areas we've secured data adequacy agreement with the eu. But again these types of analysis compare the world is a ball's not the world as it's going to be in the eu is going to be a smaller proportion. The world economy in twenty thirty years time and countries like vietnam which malaysia which part of cpt p are going to be a bishop. Mexico air is rising up the world. Economic league tables very fast. And that's also part of the trans-pacific partnership say saying that. The relative strengths of the economy was his wrestling world. Economy in two thousand ten should dictate our economic policy for the next five decades seems to me wrong and fundamentally trade policy as long term it takes a while for businesses to adjust to.