26 Burst results for "Philip Hammond"
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"The UK pharma company says core earnings per share will probably increase by a high single digit to low double digit percentage. The CEO told Bloomberg TV he anticipates another good year ahead. And new figures show the UK housing market slip further into hibernation in January as buyers and sellers both stayed away. The royal institution of charter surveyor says the lackluster activity led to a further drop in property prices at the start of the year. The findings add to evidence that prices may be headed for the longest slump since the global financial crisis in 2008. Global news powered by more than 2700 journalists and analysts in over 120 countries. I'm Louise moon. This is Bloomberg Caroline. Thank you so much, Louise gosh we're being bounced around when it comes to the housing market data, Halifax is much more positive yesterday, Rick's really is quite negative today, Luis. Thank you so much for that global news briefing. Well, let's continue to discuss the UK. I'm pleased to have with us the former Chancellor Philip Hammond, good morning. Thank you so much for joining us here on radio. The current Chancellor Jeremy hunt faces a very tricky set of circumstances we know for the budget that will be on the 15th of March in Britain, a shallow recession still looks likely in the first half of this year in Britain, but when growth does return, it may be pretty unspectacular, and everyone is now clamoring for the government to deliver more voters on the cost of living, public sector workers on pay and businesses on measures to drive growth. Lord Hammond, thank you so much for your time. I suppose we should start really, though, with pay disputes. Settling the pay disputes with nurses, primarily, seems really quite unavoidable to me for the government given the growing strike action. What is sunac and the Chancellor's strategy here in your view? Well, I am guessing, but it looks to me as though their strategy is to try to hold off negotiating a settlement until inflation has started clearly to fall, and public sentiment around inflationary expectations has changed. And that's probably going to be the spring before we start to see that happening. The danger of the government giving way to inflation matching pay demands at this point is very, very significant. We still run the risk that just as goods price inflation is perhaps beginning to abate. We could start a wage price spiral if we're not careful. And I think I agree with what the government is doing. I think it's a tough, it's a tough strategy to take, but the reality is our economy has been battered by Brexit by COVID by energy price increases by declines in global trade patterns, and all of those things take a toll, and it's just not realistic for people to expect that living standards can be fully protected in the short term. We have taken a hit, we need to dust ourselves down, we need to get back to the focus on growth, and we need to be thinking about what we're going to do over the next two, three, four years to ensure that living standards not only recover, but then continue to grow. Okay. I mean, middle class homes in Britain are apparently 4000 pounds worse off this year. The cost of living crisis is extensive, as you say. But it's surely the idea of it being a wage price spiral if you pay public sector workers has been debunked. It's more a question of a wage tax by worlds Michael Saunders, one of the former mpc members told us. Well, I think the issue is around expectations, isn't it? And I think we've got into after a long, long period when inflation expectations were very, very low, and these things take time to change. But over the last 18 months, public perception of inflation has changed. And now it will take a little while for people to relax and get comfortable with the idea that inflation is going to decline. And we are going to get back to something that looks a bit more like normality, but we shouldn't. We shouldn't ignore the underlying problem here. It's a change in the terms of Britain's trade because of Brexit because of COVID because of energy prices. It's not a generalized prices rise and wages have to catch up. Its prices are rising because Britain's terms of trade have changed, and wages can not fully catch up with those trade terms driven pricing. Absolutely. You're referring to the ONS data that Bloomberg has analyzed in terms of the terms of trade. IE what we can buy here, how far our money goes. It is the worst hit since the 1970s. It is decades. Anyway, that's the data is the backdrop. Let me ask you about the budget, you obviously have been in that position. The CBI, the biggest business lobby in Britain wants free child care for one and two year olds. They're talking about trying to get an unhealthy workforce unit to get back in the game with a very, very tight labor market. They also want to see the super deduction continued. They have a laundry list of expensive demands, the governments are going to be able to deliver. Finally enough, the CBI no different from the trade unions. They always have an expensive list of demands, but look what I think. The best delivers growth if you do it properly. What I think you're going to see is a budget which is very firmly focused on the growth agenda. So the mini budget that Jeremy hunt did in the autumn was designed to stabilize the ship. That has worked. He stabilized the situation, but he now has to articulate for the British people away forward. How are we going to earn our living in the future? How are we going to overcome this hit to our living standards? And how are we going to ensure that our growth keeps up with our neighbors growth in the future? And that there is a big challenge around the labor market. One answer would be to open the country up to more immigration. I think there are political challenges for a Tory Chancellor to try to do that. So I think what you'll see is a focus by the government on looking at the domestic labor market and some of those ideas that the CBI is floating there around child care, ideas around support for people who have been long-term out of work. I think some of those ideas will appeal to the government because they'll be looking for ways to increase participation in the workforce without increasing immigration. Whether it will work, we'll have to wait and see, but the urgent need if we're going to get the economy growing is to make available more labor. There are many businesses in this country who are not able to meet the demand that is available to them because they simply can't get the drivers, the kitchen staff, the vegetable pickers, the cleaners, et cetera, et cetera. But the things before we get to that growth agenda Brexit, you led the UK at number 11 for three years after the referendum in 2016. Brexit has clearly destroyed economic growth potential for Britain, Sterling is much weaker than it was, pre-pandemic, the terms of trade we've already mentioned. When will pro Brexit conservatives just face that fact? Well, it's a good question. And I wasn't one of them, so it's not for me to answer. But look, the issue is this. We're out of the European Union. We've left the European Union. We can have a very interesting historical debate about how much damage that has inflicted on the economy. But
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Daybreak Europe. Anywhere in the world with inflation over 10% is seeing it at dangerous levels for stability of an economy. The only way to last in peace is to make it clear to Putin that he will not win on the battlefield. In Europe is still this strong sense of urgency that they need to get ahead after having been behind the game on inflation for too long. Bloomberg daybreak, Europe, on Bloomberg radio. Good morning good morning, it's 8 30 here in London, I'm Anna Edwards. And I'm Stephen Carol. This is Bloomberg daybreak Europe. European stocks not going much or any place really very fast. You're a 600 in fact, the downside this morning, the FTSE 100 flat to the cat carrot in Paris down by two tenths of 1% just minuscule gains being eaten out in the Dax and Frankfurt in the FTSE may have been Italy in terms of the sectors and the stark 600 still a pretty even split between gains and losses, energy shares top of the basket up by 7 tenths of 1% retail shares bottom of the basket down by 9 tenths of 1%. We just heard about some of the news flow there around Sainsbury and the UK from Charles capel in the London rush. Interestingly, H and M shares down 6.8% over the worst performing sharing the stock 600 this morning after their latest results from the Swedish fashion retailer. Wall Street futures in the red, S&P E minis four tenths lower, NASDAQ features 6 tenths lower, the Bloomberg daughter spa index is a total stronger that's left the Euro trading at one O 8 77 and the pound at one 23 67. Now let's get a briefing on our top stories in a major speech at Bloomberg's European headquarters here in London. The Chancellor Jeremy hunt will lay out his plan for the UK economy. Hunt is expected to reject calls for tax cuts while arguing the country can use its Brexit freedoms as a catalyst for prosperity. Former Chancellor Philip Hammond says the Conservative Party has a major issue it needs to address. The challenge for this government is that it has very successfully avoided the abyss that the last government was steering us towards in September October, but it hasn't yet articulated a credible growth plan for post Brexit Britain. I think the government knows what needs to be done, but it has a problem in managing its own internal party debates. Hammond's comments are reflected in the data which shows the UK is the only G 7 economy with GDP below pre COVID levels. We will be bringing you that speech live here on Bloomberg day break at Europe. Growth in the U.S. economy beat expectations in the final quarter of 2022, GDP expanded at an annualized pace of 2.9% down from 3.2% in the third quarter. The data suggests there's still a path to a soft landing for the fed, reacting to the news U.S. council of economic advisers member Jared Bernstein gave this bullish assessment. I think this data in tandem with a full set of other reports definitely shows you a plausible and credible path to what the fed calls the soft landing, what we think of as a transition to steady, stable growth. Just by Jared Bernstein's optimism, some economists believe there are warning signs in the data, personal consumption rose. By less than economists had expected, the 2.1% gain suggests a recession continues to be a significant risk for the U.S. economy. Shares in the adani group's companies are continuing to fall today with now more than $50 billion wiped off their market value after a scathing report from a short seller. In a call with investors, the conglomerate called Hindenburg's report devoid of facts and bogus, the adani group based in India is also understood to be exploring legal action against the investment research firm, but investor Bill ackman said he found the Hindenburg dossier highly credible and extremely well researched. The luxury giant LVMH has posted slower sales in the fourth quarter as pandemic restrictions in China hurt spending in its crucial market despite that Europe's most valuable company still reported sales growth at its key fashion and leather goods that beat estimates CFO Jean Jacques urinary is hopeful that China's reopening will boost revenue. Three weeks and it's hard to make a trend of three weeks, but we can be really optimistic that the Chinese that China has actually turned the page of the disruption of the pandemic and we can look forward to the business with quite some optimism. That is avian H's chief of financial officer Jean Jacques yoni, who you heard earlier on the program this morning speaking to Bloomberg television and radio. Chinese customers at home and abroad represented a third of the personal luxury goods market before the pandemic. Okay, straight ahead on Bloomberg daybreak, Europe does the GDP data from the U.S. lead to any change in course, from the fed, we will speak to Annika Gupta director of research at wisdom tree. Really interesting to look at that data quite a mixed bag yesterday not really giving us any overall clues. Yes, we got a beat on the GDP number Stephen
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"It's just gone 8 o'clock. We'll bring you the European market open in a moment, but just starting with some breaking news from Spain, their preliminary fourth quarter GDP 2.2% higher quarter on quarter that's double the estimate of .1% growth. That's an improved picture out of Spain this morning, looking at the markets, the stock 600 flat at the open, the FTSE 100 just flat to the upside, in fact, the cake in Paris down by two tenths of 1%, the FTSE may have been initially up by two ten to 1%, so stocks searching for direction at the open in terms of the sectors across the stock 600 are pretty even split between positive and negative sectors, real estate shares the best performing in the first few moments of training up by 7 tenths of 1%, energy shares up by half of 1%, bottom of the basket, consumer products and services down by 9 tenths of 1% retail shares down by half of 1%, things on Wall Street looking a little clearer though S&P even these are three tenths of 1% lower NASDAQ features 6 tenths lower both of those markets registered gains of over 1% yesterday across the bond markets, guilt heels, just starting trading, one basis point higher on the ten year guilty of 3.33%. That's mirroring a tick up and yields across the European space. Now those are the market moves. Let's get to our top stories in a major speech at Bloomberg's European headquarters here in London, the Chancellor Jeremy hunt will lay out his plan for the UK economy. Hunt is expected to reject calls for tax cuts while arguing the country can use its Brexit freedoms as a catalyst for prosperity. Former Chancellor Philip Hammond says the country has a major issue it needs to address. It's about productivity, it always was about productivity and it always will be. The UK's shockingly low rate of productivity growth. Which we're beginning to tackle with things like improvements in the technical skills agenda, but we've still got a huge amount to do. And we just can't say it often enough. It is about productivity. That is the route to sustainable higher standards of living. Hammond's comments are reflected in the data which show the UK is the only G 7 economy with GDP below pre COVID levels. Growth in the U.S. economy beat expectations in the final quarter of 2022, GDP expanded at an annualized pace of 2.9% down from 3.2% in the third quarter. The data suggests that there is still a path to a soft landing for the fed, reacting to the news President Biden gave this bullish assessment. Jobs are the highest in American history and wages are up and they're growing faster than inflation over the past 6 months inflation has gone down every month and God willing will continue to do that. Despite President Biden's optimism, some economists believe there are warning signs in the data, personal consumption rose by less than economists had expected, the .2%, excuse me, the 2.1% gain suggests a recession continues to be a significant risk for the U.S. economy. Shares in the adani group's companies are continuing to fall today with tens of billions of dollars wiped off their market value after a scathing report from a short seller. In a call with investors, the conglomerates are called Hindenburg's report, devoid of facts and bogus, the adani group is also understood to be exploring legal action against the investment research firm, but investor Bill ackman said he found the Hindenburg dossier highly credible and extremely well research shares in some of those group companies down by more than 20% in session in India. Sources tell Bloomberg that Japan and the Netherlands are set to join the United States and limiting China's access to advanced semiconductor machinery Bloomberg's own parts has the story. It's shaped up to be a powerful alliance to undercut China's ambitions to build its own domestic chip industry. Bloomberg has learned that Dutch and Japanese officials will conclude talks today on setting limits on what can be supplied to Beijing. The Netherlands is to expand restrictions on ASML which will prevent it from selling advanced chip making machinery to China and Japan is likely to set similar limits on Nikon. The joint effort will expand restrictions to the U.S. government's unveiled in October. China has fought back against the U.S. moves with the complaints to the World Trade Organization. In London, I'm your own partner, Europe. Sticking with chip's news, Intel shares fell in late trading after a dire forecast for the first quarter, the U.S. chip maker expects maximum sales of $11.5 billion far short of analyst estimates of 14 billion. The CEO pat gelsinger urged investors to think of the bigger picture. I want to remind everyone that we are on a multiyear journey. We remain focused on the things that are within our control. As we navigate short term headwinds while executing to our long-term strategy. So he's focused on the long-term, gelsinger is now attempting a radical acceleration into advanced semiconductor technology. But the figures indicate the slump in demand for personal computers may persist this year. LVMH has posted slower sales growth in the fourth quarter as pandemic restrictions in China hurt spending in the crucial market despite that Europe's most valuable company still reported sales growth at all its key fashion and leather goods that beat estimates CEO Bernard Arnault says the 2023 has started well for LVMH as China eases restrictions will be hearing from we have heard from the CFO of Alva and H little earlier in the program about the outlook for that and a really interesting to hear Jean Jacques yunis conversation with you on television a little bit earlier as well. We brought you on radio as well about the return of Chinese tourists. He said it'll take a few months for us. Airline capacity to ramp up on that to help to boost their sales and upwards. Yes, that that particular dynamic might not really kick into gear until 2024. That's the Chinese traveler coming to Europe and buying luxury in Europe. But he said in the meantime, they've been buying in China and so before the really tough winter that they had, that was a dynamic they were seeing. And so they're already above 2019 levels for their China sales, and he described he did say that January is going pretty well, and that's been the effect of the reopening dynamic, but we know those share prices of luxury goods in Paris. Some of them up by more than 15% just year to date, that's only 27 days into this year. I encased in case this does feel like a very long journey. We can do it could have been months already. I was actually fascinated to hear him say that they don't sell to rich people, the sell to people with a little bit of money, which is exactly. I think he was pointing towards the makeup brands, wasn't he there? Yeah. Exactly. And we're about to go shopping. Another big conversation on that you have coming up later on as well as you will be speaking to Jeremy hunt after he speaks here at Bloomberg. Yeah, absolutely. So our overnight news stories suggesting that he's going to be ruling out tax cuts, so we'll be exploring that a little bit from an economic and from a political perspective. Brexit might get a mention, he's going to be confirming that solvency two rules will be rolled back that frees up money from balance sheets. In big insurers here in the UK to invest in green technology. So that's something we'll mention and productivity productivity as we were saying in our top stories. It's been such a theme. Philip Hammond referenced it. So we'll certainly come back to that. Okay, productive you will be. Up next, the BOE gets a warning from its ex roll Royce's burning platform and soon act looks to the student economy
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Good morning. Good morning, Caroline. Good morning from love that I'm Caroline hip, Kev. And I'm Stephen Carol and we will be bringing you all of the latest news on daybreak Europe this morning. Let's start with the check on the markets for you as we see European stock future as a tenth of 1% higher this morning looking towards the start of the opening just under an hour's time. Wall Street features in the red though down by three tenths of 1% for the S&P I mean, he's NASDAQ futures down by 7 tenths. We are seeing that was after a surge for U.S. tech shares and trading yesterday. And I was like, finished up by 1.8%. China's reopening helping some investors to shrug off mixed data on the U.S. economy, the MSCI Pacific index up by a tenth of 1%. We are watching Indian shares today as the continued share reaction on the adani group shares. The nifty 15 India is down by one and a half percent, the several of the dining group shares slumping much, much further after that short seller's report earlier in the week that a Danny total gas down by 20% similar move south for adani green energy as well. On the currency markets, the Bloomberg Donna Spartan index two tenths of 1% higher, the ten year treasury of ten year treasury yields 3.53%. And now I'm breaking on the Bloomberg terminal results from H and M that I want to bring you. It's reported total stores for the fourth quarter that missed the average analyst estimate fourth quarter operating profit 821 million Swedish krona gross margin came in at 49.7%. So again, a miss on the estimated just over 52% for gross margin. So that from the retailer H and M on the Bloomberg terminal. Our top stories this morning, and a major speech at Bloomberg's European headquarters here in London. The Chancellor Jeremy hunt will lay out his plan for the UK economy, hunt is expected to reject calls for tax cuts while arguing the country can use its Brexit freedoms as, quote, a catalyst for prosperity, former Chancellor Philip Hammond says the country has a major issue it needs to address. It's about productivity. It always was about productivity and it always will be. The UK's shockingly low rate of productivity growth. Which we're beginning to tackle with things like improvements in the technical skills agenda, but we've still got a huge amount to do. And we just can't say it often enough. It is about productivity. That is the route to sustainable higher standards of living. Common comments are reflected in the data which shows the UK is the only G 7 economy with GDP below pre COVID levels. Now growth in the U.S. economy beat expectations in the final quarter of 2022, GDP expanded at an annualized pace of 2.9% down from 3.2% in the third quarter. The data suggests that there is still a path to a soft landing for the fed, reacting to the news President Biden gave this bullish assessment. Jobs are the highest in American history and wages are up and they're growing faster than inflation over the past 6 months inflation has gone down every month and God willing will continue to do that. Despite President Biden's optimism, some economists believe that there are warning signs in the data, personal consumption rose less than economists had expected. The 2.1% gain suggests a recession continues to be a significant risk for the U.S. economy. Shares in the adani groups companies are continuing to fall today with now more than $45 billion wiped off their market value after a scathing report from a short seller and a call with investors the conglomerate called Hindenburg research's report devoid of facts and bogus, the Danny group is also understood to be exploring legal action against the investment research firm, but investor Bill ackman says he found the Hindenburg dossier highly credible and extremely well researched. Now sources tell Bloomberg that Japan and the Netherlands are set to join the U.S. in limiting China's access to advanced semiconductor machinery Bloomberg's Ewan Potts has the details. It's shaping up to be a powerful alliance to undercut China's ambitions to build its own domestic chip industry. Bloomberg has learned that Dutch and Japanese officials will conclude talks today on setting limits on what can be supplied to Beijing. The Netherlands is to expand restrictions on ASML which will prevent it from selling advanced chip making machinery to China and Japan is likely to set similar limits on Nikon. The joint effort will expand restrictions to the U.S. government's unveiled in October. China has fought back against the U.S. moves with the complaints to the World Trade Organization. In London, I'm your own partner at Europe. Intel shares fell in late trading after a dire forecast for the first quarter, the U.S. chip maker expects maximum sales of $11.5 billion far short of analysts estimates of 14 billion CEO pat gelsinger urged investors to think of the bigger picture. I want to remind everyone that we are on a multiyear journey. We remain focused on the things that are within our control as we navigate short term headwinds while executing to our long-term strategy. Gaussian is now attempting a radical acceleration into advanced semiconductor technology, the figures indicate the slump in demand for personal computers may persist this year. Now to earnings, LVMH has posted slower sales growth in the fourth quarter as pandemic restrictions in China hurt spending in that crucial market, despite that though, Europe's most valuable company are still reported sales growth and its key fashion and leather goods that beat estimates. Now CEO Bernard arno says that 2023 has started well as China is easing restrictions will be hearing from the CFO of LVMH live here on Bloomberg radio in the next ten minutes, so we'll go to that as soon as it begins at TV and radio interview with the LVMH CFO. Says our top stories this morning, a couple of other stories that caught our eye. I'm mentioned to see this piece from the European securities regulator asthma talking about wanting firms to bolster their EU presence after Brexit and this is of course following on from the position that asthma and European regulators have taken sense the UK left the European Union, which says that national regulators now should be looking to see whether hedge funds have devoted enough resources to running their operations inside the EU to checking up on those original guidelines laid out. Yeah, this is sort of pressure, isn't it on London? It doesn't go unnoticed, of course. But look, the big thing for us today, of course, is the chance of Jeremy hunt, who's going to be joining us here in the building in London, our European headquarters. He'll be speaking to Bloomberg's Anna Edwards, while giving a speech and then giving us a separate interview too. I think that's going to be very, very interesting. The government certainly Rishi sunak is under a great deal of political pressure, not just about economic growth and inflation, but about his own administration with the issues around the former Chancellor and nadir zahawi and his tax returns. And there's this issue of whether or not we get tax cuts from this government in the march budget, hunter said, no, but obviously there's pressure from MPs who are worried about their constituents about rising the rising tax burden. Plenty to watch out for then in that speech. Up next, the BOE gets a warning from its ex Rolls Royce's burning platform and sumac looks to the student economy. Now
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Europe. Anywhere in the world with inflation over 10% is seeing it at dangerous levels for stability of an economy. The only way to launch the peace is to make it clear to Putin that he will not win on the battlefield. In Europe is still this strong sense of urgency that they need to get ahead after having been behind the game on inflation for too long. Bloomberg daybreak, Europe, on Bloomberg radio. In 6 30 a.m. here in London, I'm Caroline Hepburn. And I'm Stephen Carroll. This is Bloomberg daybreak Europe. So we have the Chancellor Jeremy hunt coming to speak to us here in the London headquarters of Bloomberg at the European headquarters in London. He'll be talking to us in the 9 a.m. hour, so we'll bring it to you live later on today be fascinating to hear what the Chancellor's plans are for the UK economy. So a little teaser of what's to come in terms of the markets then European futures looking firm are certainly than the U.S. ones up by two tenths of 1% viewer stocks 50 futures NASDAQ futures down 6 tenths of 1% Intel was the big decline of post market yesterday. LVMH say sales growth slowed, but obviously still saw a really strong year last year. The dollar spot index farmer a tenth of 1% and benchmark U.S. yields at three 52. So also firmer two basis points right now, Stephen. Just wanted to bring you some breaking corporate news on the terminal Remy Cointreau the French drinks company reporting their third quarter organic revenue falling 6%. The estimate had been for a fall of 6 and a half percent. So that is better than had been expected. The company saying it sees consumption settling in at what it calls a new normal. Let's turn now to the rest of our top stories and a major speech, at Bloomberg's European headquarters here in London, the Chancellor Jeremy hunt will lay out his plan for the UK economy. He's expected to reject calls for tax cuts while arguing the country can use its Brexit freedoms as a catalyst for prosperity, former Chancellor Philip Hammond says the Conservative Party has a major issue that it needs to address. It's about productivity, it always was about productivity and it always will be. The UK's shockingly low rate of productivity growth. Which we're beginning to tackle with things like improvements in the technical skills agenda, but we've still got a huge amount to do. And we just can't say it often enough. It is about productivity. That is the route to sustainable higher standards of living. Hammond's comments are reflected in the data which shows the UK is the only G 7 economy with GDP below pre COVID levels and we will bring you that speech here live on the program at around half past 9 this morning. Now growth in the U.S. economy beat expectations in the final quarter of 2022, GDP expanded at an annualized pace of 2.9% that was down from 3.2% in the third quarter. The data suggests that there is still a path to a soft landing for the fed, reacting to the news U.S. council of economic advisers member Jared Bernstein gave this bullish assessment. I think this data in tandem with a full set of other reports definitely shows you a plausible and credible path to what the fed calls a soft landing. What we think of as a transition to steady, stable growth. Despite Jared Bernstein's optimism some economists believe that there are warning signs in the data personal consumption rose by less than economists had expected. The 2.1% gain suggests a recession continues to be a significant risk for the U.S. economy. Socially conscious debt is set to hit $5 trillion at Wall Street's pursuit of sustainable investments as fueling demand for ESG Barnes and loans. The institute of international finance expects $1.7 trillion in new issuance this year to an already $4.8 trillion sized pass the IAF's call comes as conservative politicians in the United States pushed back against the industry. Well, still ahead here on Bloomberg daybreak here, we're going to be talking about the market reaction to the U.S. GDP print that we had out yesterday and all of the rest of the data, Maria weight manner will be joining a senior multi asset strategy at state street. The stock market open looks more positive for Europe, but weaker for the U.S.. We still get lots more earnings to come. This is Bloomberg. Bloomberg radio on demand and in your podcast team. On the latest balance of power podcast, I talk with House oversight committee chair, James comer, about his investigation priorities for this year. But we're finally going to provide some oversight to this administration. Look, the Biden administration has enjoyed two years without any type of congressional oversight from the House of Representatives. And you look at that to your time period, and there's been record spending. And we can make arguments, and I'm sure you have guests that will argue whether or not we have inflation because of overspending because of overstimulation or whatever, but at the end of the day, the facts remain that there was record there was a record amount of spending in the name of COVID and in the name of stimulus. But yet nobody in the House of Representatives has had anything type of oversight over that spending and we hear reports every day about PPP loan fraud, about unemployment insurance fraud and about stimulus fraud, but yet nobody's looked into that. So our very first hearing will be next week. And we're just going to roll our sleeves and start trying to go back over the past two years and try to determine if there was indeed massive amounts of waste fraud and abuse. And we're going to see if number one, we can call any of that money back. And number two, hold people accountable who made decisions that led to potential fraud with our tax dollars. You're talking about maybe misspent money, not just the fact that we were spending. We were miss spending it. Is that your number one priority? For the oversight committee, we want to get the backs of the American taxpayer. We're also going to be the committee tasked with investigations. And we have several high profile investigations that are in the news a lot. We're very concerned about some of the decisions that this administration has made that have led to an open border policy. We're very concerned about some of the decisions that were made. With
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"The markets as we do every morning, NASDAQ futures currently sliding half of 1% after Intel's gloomy forecast, European futures are up 33 tenths of 1% in the FX space, the blue big dollar spot index turns more positive, a tenth of 1% higher, the Euro and Sterling are both lower two tenths of 1%, in terms of the markets in Asia, MSCI Asia Pacific index is doing fairly well up three tenths of 1%, but China and Taiwan markets remain closed. Ten year treasury yields at the moment trade firma two basis points at three 52 January has actually been one of the best months ever for U.S. government debt auctions. That's a look at the figures. Our top stories this morning, in a major speech at Bloomberg's European headquarters here in London, the Chancellor Jeremy hunt will lay out his plan for the UK economy. Hunt is expected to reject calls for tax cuts while arguing the country can use its Brexit freedoms as a catalyst for prosperity, former Chancellor Philip Hammond says the country has a major issue it needs to address. It's about productivity. It always was about productivity and it always will be. The UK's shockingly low rate of productivity growth. Which we're beginning to tackle with things like improvements in the technical skills agenda, but we've still got a huge amount to do. And we just can't say it often enough. It is about productivity. That is the route to sustainable higher standards of living. That was the former Chancellor Philip Hammond, his comments reflected in the data which show the UK is the only G 7 economy with GDP below pre COVID levels will be speaking to Bloomberg anchor Anna Edwards for more about this story in just a moment. And now growth in the U.S. economy beat expectations in the final quarter of 2022, GDP expanded at an annualized pace of 2.9% down from 3.2% in the third quarter. The data suggests that there is still a path to a soft landing for the fed, reacting to the news President Biden gave this bullish assessment. Jobs are the highest in American history and wages are up and they're growing faster than inflation over the past 6 months inflation has gone down every month and God willing will continue to do that. Despite President Biden's optimism, some economists believe that there are warning signs in the data, personal consumption rose by less than economists had expected. The 2.1% gain suggests a recession continues to be a significant risk for America. Shares in the adani group's companies are continuing to fall today with now more than $30 billion wiped off their market value after a scathing report from a short seller earlier this week. In a call with investors the conglomerate called Hindenburg's report devoid of facts and bogus, the Danny group is also understood understood to be exploring legal action against the investment research firm. Our Asia equities reporter abhishek Vishnu says Margaret reaction will be key. Today is the real test because the share sale is going to open up for retail investors and other investors in general. So the response to that and how much stock move today would establish where the Heisenberg was report has actually changed the sentiment it marks a U turn in adani groups ballooning rally, or it's just a dent along the way. Assessment comes as the investor bell ackman said he found Hindenburg, the Hindenburg dossier on the adani group highly credible and extremely well researched. And now sources tell Bloomberg that Japan and the Netherlands are set to join the U.S. in limiting China's access to advanced semiconductor machinery, Bloomberg's UN pots has the details. It's shaped me up to be a powerful alliance to undercut China's ambitions to build its own domestic chip industry. Bloomberg has learned that Dutch and Japanese officials will conclude talks today on setting limits on what can be supplied to Beijing. The Netherlands is to expand restrictions on ASML which will prevent it from selling advanced chip making machinery to China and Japan is likely to set similar limits on Nikon. The joint effort will expand restrictions to the U.S. government's unveiled in October. China has fought back against the U.S. moves with the complaints to the World Trade Organization. In London, I'm you and pots have been big daybreak Europe. Intel shares fell in late trading after a dire forecast for the first quarter, the U.S. chip maker expects maximum sales of $11.5 billion far short of analysts estimates of 14 billion are used or urged investors to think of the bigger picture. I want to remind everyone that we are on a multiyear journey. We remain focused on the things that are within our control as we navigate short term headwinds while executing to our long-term strategy. Guessing here is now attempting a radical acceleration into advanced semiconductor technology, the figures indicate though the slumber demand for personal computers may persist this year. And in corporate news this morning, Bank of America has named 360 new managing directors and more than half are from underrepresented groups. It's the third year in a row that the bank has awarded the majority of MD roles to women or people of color with Wall Street banks pledging to improve their diversity as senior levels, competition for top talent is heating up across the industry. Those are our top stories this morning, of course, we are looking ahead to Jeremy hunt's big speech here at Bloomberg's offices in London, so more on that in a moment as well. Another name that was visiting us yesterday though was the Irish finance minister, Michael McGraw, who mashed with Jeremy hunt yesterday. They were talking about the course of Northern Ireland. Protocol talks. And he did say that things had moved to a new level in advancement towards a solution there. So some positive signals coming from the Irish side and that conversation. Yeah, absolutely. And of course, we'll bring you the chance that Jeremy hunt speech live here on radio later on this morning. Well, the other issue I think that was quite interesting for me, a bit more in the weeds, but esmer, the European market watchdog again, warning London based hedge funds and asset managers to build up their presence in the European Union after Brexit it's not enough just to have a few. Apparently the big banks, according to our reporting, are really under pressure to move senior staff and the decision makers to places like Paris and Frank for an answer down perhaps more flexibility for the smaller businesses. More to watch there up next, the BE gets a one in from its X Rolls Royce's burning platform and sunac looks to the student economy. Now
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Is not trusted by the security service who is not trusted with important government information and it really shows the huge error of judgment that Rishi sunak has made. Yvette Cooper, while she wasn't alone, some Tory MPs have also expressed concern, including Caroline notes and Jake berry. European proposals to set limits on the price pay for natural gas are quote hypocritical, according to Qatar's energy minister, speaking to Bloomberg side, Al Khabib said that interfering in the markets contradicts the competition rules that Europe previously applied to producers. Free market is always the best solution. And if you try to fix the market, they're going against all the anti competition laws that Europeans were trying to put on buyer on sellers and now they are doing it themselves. It's not that it's a lot of critical so those comments by Qatar's energy minister come after the EU press the head with a set of emergency actions to address the block's energy crisis, they include plans for what's being described as a temporary dynamic price corridor or natural gas transactions. So a price cap perhaps for short. In terms of corporate news, Credit Suisse is invited at least 20 banks to join a $4 billion rights issue that should help the lender to finance another multiyear restructuring program. The Saudi national bank has already committed to roughly a third of the offer becoming a big shareholder in the bank. According to people familiar with the plan, the Swiss lenders CFO, held a due diligence call for the capital increase dubbed project Ghana with a group of bankers on Friday evening, Credit Suisse announced a radical restructuring program on Thursday which marked a major retreat from investment banking for Switzerland's number two lender. And just finally, China's factory and services activity contracted in October, Bloomberg's Brian Curtis has more details from Hong Kong. The downshift suggests that COVID curbs and the property crisis are taking a toll. The official PMI fell to 49.2 from 50.1 in September. And below estimates. The non manufacturing PMI dropped to 48.7 from 50.6 and also below estimates. Bloomberg economics says as bad as these numbers are, they probably understate the true weakness. New export orders slumped all the way to 47.6 and non manufacturing employment dropped to 46.1. In Hong Kong, Brian Curtis, Bloomberg, daybreak, Europe. So there's a few of our top stories for you. Let's look at key things that markets are watching out for them throughout the week has been mostly and karens good morning Lee answer begin with today. Yes indeed Caroline good morning to you, so today we'll have Euro area CPI at 10 a.m. UK time the ECB's chief economist Philip lane has also due to speak at an event in Copenhagen later today on Tuesday, of course tomorrow. It's China manufacturing PMI and Australia's rate decision. That's followed by the fed's rate decision happening on Wednesday. The Central Bank is expected to raise rates by 75 basis points. Now that will be for the fourth straight meeting, then on Thursday, it's the BOE's rate decision the Central Bank is also expected to raise rates by 75 basis points and we also get U.S. data on initial jobless claims factory orders and services on Friday its U.S. non farm payrolls, employers are expected to have added about 200,000 jobs in October. And here at home the immigration minister Robert jenrick is going to visit an immigration processing center in Kent today after almost 1000 migrants arrived in the UK crossing the channel on Saturday. Now more than 100 charities have signed an open letter to the Home Secretary, ordering her to establish a safe route for migrants, their end intervention follows a petrol bombing of a processing center in Kent over the weekend, so we'll see Robert jenrick today on a visit. Okay, good stuff. Thanks so much, Lee and Gary. Well, let's continue then the theme of politics in the UK, Rishi sunak, won an endorsement from the financial markets in his first few days as prime minister but his first full week in power may be much more challenging his Bloomberg's James Walcott, so what are those challenges? I think Alan, you can broadly split them up into self inflicted challenges. The idea that the Conservative Party have dealt themselves political damage with stuff that the mini budget, stuff like now some of these rising mortgages that people face and things like political credibility, the idea of celebrity and the idea of this trust is phone hack, these sort of things that can be resolved by Rishi quite easily, but the question is what political decisions does he make? To external challenges, I already mentioned the mortgage market and sort of what was called the moron risk premium in the financial markets and the press. But then there are issues that any government around the world will struggle to deal with right now, the strength of the dollar. The issues with supply fees around Ukraine, the issue of global rate rises. So right now, looking that we can parliament, it looks set to be quite a quiet week after the chaos of the previous 6 weeks, but after the Queen after this trust and the question would be now is this is what normal government should look like. You have appointment of ministers, you have bedding down institutions, but in some ways, in sort of the political torture chamber that Richard sudak finds himself in, he's traded kind of a short sharp shock to kind of the more economic thumbscrews. We're going to be getting mortgages going up. We're going to be seeing rising costs of living. We're going to be seeing all the kind of things that aren't easy resolvable. Take a long time to unwind and will slowly cause issues for him. We look at strikes, for example. And I mean, just to say that Philip Hammond over the weekend said that we're going to need more taxes to try and
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"As the most likely candidates to replace trust and we get reaction from former Chancellor Philip Hammond this morning. I'm not going to say until I know who the lineup of candidates is, who I think would be the person who will most effectively deliver stability. But I don't think going back into the past and reincarnating a previous prime minister is going to be any way to reassure markets. Former Chancellor Philip Hammond tells us the new UK government must avoid signaling more chaos to the market. Staying overseas care intentions between Beijing and Washington remain in focus, The White House is weighing a further technology ban on China to include quantum computing and artificial intelligence. When we look at markets now, Nathan, U.S. futures in the red after hawkish fed speak and sticky inflation led to a two day slump treasury yields are climbing, while most major currencies weaken against the dollar. No, poor earnings are hitting shares of snap this morning, Karen snap reported its slowest quarterly sales growth ever, and right now the shares are down 27%. And sticking with corporate news, Nathan advisers on both sides are looking to close Elon Musk's deal to buy Twitter by the end of the month. At the same time, Twitter is telling staff. There will not be widespread layoffs. Now it's after reports that Musk wants to slash 75% of Twitter's workforce, Kurt Wagner covers the company for Bloomberg news. I would be a little bit surprised if he comes in, lays off 75% of staff and that's it. It would probably be, let's do layoffs. Let's figure out where we want to go and then redirect it that way. And Bloomberg said, Kurt Wagner says he still expects a must to make a big cost cuts and as all of this is happening, sources tell us White House officials are discussing whether the U.S. would object some of Musk's adventures to national security reviews, including the Twitter deal and his SpaceX Starlink satellite network. Let's look at Twitter shares this morning. They're down almost 8% in early trading. That's the 5 things that you need to know to start your day brought to you by interactive brokers. Futures this morning are lower S&P futures down about 22 points down features down a 125, and NASDAQ futures down 102, ten year treasury down 1230 seconds. You had 4.28% and they yield on the two year at 4.60% and straight ahead we have your latest local headlines plus a check of sports and this is Bloomberg. Thank you Karen it is 6 33 on Wall Street where 47° in Central Park very heavy traffic and Fairfield southbound merit Parkway has an accident at exit 42, more coming up in traffic first Michael Barr with more on what's going on in New York and around the world good morning Michael. Good morning
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Trading. Let's get you up to date on the news you need to know what this shower. Well, UK government leaders are weighing next steps after the resignation of prime minister Liz truss, Oz have Rishi sunak penny mordaunt and Boris Johnson as the most likely candidates to replace trust. They got reaction from former Chancellor Philip Hammond, this morning. I'm not going to say until I know who the lineup of candidates is, who I think would be the person who will most effectively deliver stability. But I don't think going back into the past and reincarnating a previous prime minister is going to be any way to reassure markets. Former Chancellor Philip Hammond tells us the new UK government must avoid signaling more chaos to the market. The staying overseas Karen tensions between Beijing and Washington remain in focus, The White House is weighing a further technology ban on China to include quantum computing and artificial intelligence. Bloomberg's John Liu reports from Beijing. We have the earlier defense position paper out of Washington, which again named China as the United States top strategic competitor. What we see now is the United States, the Biden administration taking as many steps as possible to try to limit China's access to these emerging technologies. Bloomberg's John Lew says it's another sign The White House is taking a harder line on China. Well, looking at markets now, Nathan, U.S. futures in the red after hawkish fed speaking sticky inflation led to a two day slump. Treasury yields are climbing while most major currencies weaken against the dollar. Poor earnings are hitting shares of snap this morning, Karen. It reported its slowest quarterly sales growth ever. Right now, snap shares are lower by 25%. Well, sticking with corporate news, Nathan advisers on both sides are looking to close Elon Musk's deal to buy Twitter by the end of the month. At the same time, Twitter is telling staff, there will not be widespread layoffs. That's after reports that Musk wants to slash 75% of Twitter's workforce. Kurt Wagner covers the company for Bloomberg news. I would be a little bit surprised if he comes in, lays off 75% of staff and that's it. It would probably be, let's do layoffs. Let's figure out where we want to go and then redirect it that way. And Bloomberg skirt Wagner says he still expects a must to make big cost cuts and as all of this is happening, sources tell us White House officials are discussing whether the U.S. should subject some of Musk's ventures to national security reviews, including the Twitter deal and his SpaceX Starlink satellite network. Straight ahead, your latest local headlines plus a check of sports, this is Bloomberg. Thanks Karen. It's 5 33 on Wall Street 47° in Central Park got a crash in Rochelle park, northbound 17 and Passaic street details coming up in traffic first Michael Barr with more on what's going on in New York and around the world, Michael. Thank you very
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Chaos instability and uncertainty. That was the former Chancellor Philip Hammond Chancellor under Theresa May, although Boris Johnson has the full voted support of some MPs already, the bar to get on the ballot is high because candidates need the backing of at least a hundred Tory members of parliament to be nominated. And the economic chaos of the past few weeks will be a warning to any future British leaders about the risk of being reckless with the country's finances, Bloomberg's managing editor for European economy and government Ben sills says the history books will not be kind to trust. It's probably fair to say now that trust and quasi quantang have proved themselves to be economically illiterate. They didn't really know what they were doing there, economic policy was based on a fairly simplistic ideological libertarian view. That assessment comes as new data shows the Bank of England borrowed 57 billion pounds in the first 6 months of the year, that's well above the OBR's forecast of 46 billion pounds. The institute for fiscal studies said borrowing this year could reach could now reach almost 200 billion pounds, double the last OBR forecast. Okay, that's the situation in the UK. Meanwhile, the European Union has agreed to press ahead with a set of emergency actions to address the block's energy crisis. That's after Germany yielded to pressure from other member states to pave the way for a temporary price cap on natural gas, the European council president Charles Michel, says the descends a clear signal to the market that the block is ready to act together. In top corporate news, Twitter and currently their shares are falling around 13% in pre market trading. The company is expecting to make massive job cuts in the coming months. That's according to reports in The Washington Post, Bloomberg and pots reports. Elon Musk is reported to have told prospective investors he plans to cut nearly three quarters of Twitter's 7 and a half thousand staff separately Bloomberg has learned that the U.S. is discussing whether it needs to subject some of Musk's ventures, including his Twitter takeover to national security reviews. This comes as officials have grown uncomfortable over what they see as the billionaires increasingly Russia friendly stance in London, I'm you and pots Bloomberg daybreak Europe. Okay, those are our top stories for you this morning. Let's get back to the issue though of the future for the UK. Liz trous is out to the races underway for the next prime minister the 5th since 2016, the conservatives are desperate to draw a line under truss calamitous premiership and save the party from electoral meltdown. Well, joining us to discuss is our government reporter Emily Ashton and our UK economist Dan Hansen, welcome to both of you. Thanks for being with us this morning. Emily, want to start with the Boris question first of all, madly he is both loved and loathed. He was forced out earlier this summer over simply a deluge of ethics and standards breaches, could he really return? Well, yes, I mean, it's quite extraordinary, isn't it? The twisted politics. It feels like this is the season finale of UK politics, quite amazing. So yeah, there are a lot of MPs, a lot of Tory and peas that want him back now. And I think the main reason for that is that they see him as their main electoral asset against labor, who are incredibly like 30 points ahead in the polls. They want to gamble on him effectively. He won them a big majority at the last election. He won constituencies that Tories have never held before. And they hoped that he will do it again. But as you say, he is hugely tainted with what happened during the pandemic when he broke rules on socializing. He was fined by the police. There were repeated party that Downing Street constant U turns over policy and claims that he lied to parliament and then he was forced out in the end because he allowed his friend to take on a top cabinet job when he was facing allegations of misconduct and he faces a committee investigation into apparently life department. So it's quite incredible, but I think the Tories think he is their greatest electoral asset, and they have nothing to lose. Yeah, as you say, I mean, even as he lost in the story party under his leadership lost a couple of crucial bile actions that seem to signal that, in fact, maybe he isn't such an election winner. Emily, before we get to Dan and the assessment on the economy, just for those who are not as familiar with the granularity of politics within the Tory party, why are people not uniting around Rishi sunak? He was dead right when it comes to the market reaction. Is he not the obvious choice? Well, the problem with which you see that is he was the MP's choice at the beginning of the summer leadership contest, but he was not the choice of the members, and that was borne out by the contest. So the problem with choosing him is basically saying to the members, we know you didn't like him, but now we're going to basically impose him on you. Clearly, he got it right on the economy. He predicted all this chaos. But the other problem is that he is seen as the man that triggered Boris Johnson's downfall by resigning from cabinet to that key moment. And Boris Johnson has a lot of supporters and isn't well liked for that. Absolutely. Johnson designing, of course, on the 7th of July. Dan, let's come to you then the UK government borrowing figures also emerged this morning. They climbed more than expected in September. I mean, this really just underscores the vulnerability of the state of the public finances. The next prime minister who comes in will they have to bring in austerity, a version of austerity? Yeah, so I mean, I think Tom touched on it. At the top of the show, you've got you've got Jeremy hunt, who's come in and he has restored some calm to the market. And I think everyone's a little bit jittery now about who's going to come in and what the Chancellor is going to be as well. I mean, particularly if you get Boris coming back or as Johnson coming back, because you know he's big spending. That was his mandate that he was given in the election in the 2019 election. So there will be concerns about whether the new prime minister sort of learns the lesson. I mean, I think the base
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Process of guilt sales. For an indefinite period, until conditions have stabilized. Before we let you go and you've been very generous with your time, have you had any have you had any conversations with the current Chancellor or his or his economic advisory team? I'm not going to comment on any comments, any conversations I may have had with people who are in the government, that any such conversations will be private. All right, there you go, a very diplomatic former UK childs Phillip house. Okay, that is Philip Hammond speaking to francine Laquan and Tom Mackenzie on Bloomberg television, interesting to hear his perspective, I think, probably the most conclusive line that he gave in that interview is that he doesn't think going back to the past in terms of the next leader is any way to reassure markets. So without mentioning any names, he doesn't certainly think the Tory party should choose Boris Johnson to return as their leader. He says there's no reason to delay the fiscal statement from the 31st of October of Jeremy hunt staying on as Chancellor saying that the Conservative Party leadership system needs to change as well. And on the Bank of England, he thinks the bank should hold off on quantitative tightening that it would be sensible for the bank to announce that it's postponing for an indefinite period due to the current situations. That is our interview with the former Chancellor Philip Hammond, this is Bloomberg. Time now for the Bloomberg business flash, let's get a check on your markets and it is the usual culprits of higher yields stronger dollar, all of that means that risk markets are in trouble this morning, specifically equities, we are looking at a stock 600 that fell at the opens now down 8 tenths of 1% U.S. futures those also in the red underperforming are NASDAQ futures, not surprising given that we had snap earnings yesterday, shares falling 27% post market after one of its weakest quarters on record, there's concerns there about the economy and a pull back in marketing spend that could also hit companies like meta Pinterest, all of the other advertising tech giants also hurting tech this morning, though, is the fear of duration, more rate hikes being priced in, these markets yesterday, priced in 5% peak in May for next year when it comes to the fed funds rate we heard from Patrick harker yesterday, talking about they might have to go above four. We also have oil prices, those climbing off the back of OPEC plus cuts and China reports that they might ease quarantine measures this week as well. All of that resulting in a ten year yield that is now above 4.2%. It is the long end of the curve selling off this morning, making that what you will we're looking at a 30 year yield in the U.S. that's up four basis points and the sell off is resuming in UK yields as well ten year yields in the UK gilts up 6 basis points pretty much across the curve. That's how they're acting and Sterling, that is weaker, not just against the dollar, cables down about two tenths of 1%, but it is also weaker against Euro similarly down to tenths of 1%. So still pessimism in this UK market as we look at a new prime minister coming in. Well, that's your Bloomberg business flash. Okay, well let's get more on one of those stories that Danny was just talking us through the market movements of course so central to the story of the Briscoe turmoil in the UK, you know, government barn traders essentially held to topple Liz trust out of number 10 Downing Street. Now they're going to be setting their sights on the next goal ensuring her successor sticks to the fiscal discipline. They see is required to shore up the UK's fragile finances. We've got our Eddie van der Waals with us in studio, the James Bond of market data. As I am being told to describe you as a look, you talk us through every day our key charts that we should be watching out for, you do the wonderful job of painting a picture for us on radio. What are you looking at today? Yeah, absolutely. I think you're absolutely right. The bond vigilantes have shown their power again and put some pressure on showed that they can topple another prime minister. I think that's definitely the view held in the bond market at the moment because the chart that I'm looking at today is the 30 year guilt yield. And we saw that when Liz trust took office, the yield was sitting below 3% by the time the mini budget was delivered, it spiked above three and a half percent. And then, you know, by the time in late September, when it hit above four and a half percent, the Bank of England said enough is enough, and we have to step in and start buying bonds. Now, we have seen that yield dipping a little bit lower again, but not to those levels that it was before, you know, trust took office. So we still sitting close to 4% and as Danny pointed out, yields again higher this morning. However, when you make me feel smart, Eddie, that's very good. Okay, to be fair, the other thing I have to point it out is a weaker Sterling. I was also looking at some of the risk reversals, still deeply negative, still negative bets, I kind of have to wonder if you look at the structural issues UK's dealing with, be it energy, be it higher rates. I mean, can really a new chance not a new Chancellor will potentially a new Chancellor, but a new prime minister saves Sterling. Denny, anybody who can talk about risk reversals before 9 a.m. in the morning is smart in my books. I think the situation in the UK is still very precarious, right? I think there are some markets that have priced out a lot of the political risk. Sterling, for instance, I think, you know, as comeback significantly and seems to have priced out a lot of the risks. Small cap stocks, nothing like the risk priced out, right? I think at the same time, I think bond yields haven't priced out the risk. And I think therefore there's a lot of mispricing in the UK markets. I think once we get some political stability, I think UK assets look very appealing. I think there's going to be a lot of people who want to be here, but really just they don't know who's coming next. Are they going to get Boris Johnson back? And a move back to the old system and or are they going to see a brand new Chancellor and a new prime minister? And you know, that's that uncertainty makes a lot of investors very nervous. And that's something that we've been hearing echoed by gas that we've been speaking to this morning and in previous days as well that this is when they're looking at a global landscape for investment is that week Sterling makes the UK attractive, but the added uncertainty around where the political direction will go next and what that fiscal management will look like and what that kind of feeds into into markets. How far can the bond markets push their power as we'll call it over the UK government? Never underestimate the bond market. I remember a quote from James carville who was in the Clinton administration who said that, you know, when he comes back when he's reincarnated, he wants to come back as the bond market because the bond market can push around anybody. And I think we have seen that, right? I think we have seen that time and time again. We've seen that in Italy. We've seen that in Greece. And we've now seen it in the UK. When the bond market is not happy, when you're borrowing costs, start to rise significantly, it's a very precarious situation for a government to be in. So I think keeping the bond market happy and the bell market is not happy yet. You know, 30 year yields at 4% does not indicate a happy bond market. And I think therefore what Hammond just said about the Bank of England, perhaps
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Situation and yet encourage growth, which is what the party really needs if it's going to survive, let alone challenge Labor Party at the next election. Two years off is still a long way. There's room to move. But I think as you said, the first, the first task is maintaining stability and building, rebuilding a sense of confidence in the government to make decisions and simply get on with the business of government without much drama, which is not in the case recently. Yeah, to put it lightly. And what does it mean that whether or not we're confident in this government seems to be dictated by markets? What does it mean for the next prime minister, not just after Liz trust, but perhaps the one after as well that we have these bond vigilantes who seem able to enforce this message of more fiscal responsibility, I guess, at least just less spending and less debt. Well, it's been a huge lesson that I think will remain in mind for governments for a very long time, which is that you simply, you know, you have to be credible before the markets. That doesn't mean that the markets kind of drive UK fiscal policy entirely. It doesn't mean that every blick in the markets is something that politicians have to respond to, but clearly you can't come in and surprise the markets in that way because it has real repercussions for people's lives. And that's what we're hearing, particularly the London outside that's sort of London Westminster bubble. Really are getting stories of people struggling to pay their mortgages, worried about heating costs of long, long ambulance, wait times, all of those things really stem from that sense of a government that, you know, didn't make the right choices, spooked the markets. And that had repercussions for borrowing costs and all sorts of other things. So I think that lesson has been very well learned, I hope. And it will constrain the options available to governments in the future. They will have to, you know, as I say in Britain show they're working so we'll have to show kind of how they arrived at certain spending and tax decisions and it needs to be credible. There is any indication on the chances of a general election at this stage. I mean, there's clamoring for it in the front pages of certain papers this morning. And certainly the Labor Party wants one, both the Tories aren't going to give it to them, are they? They are going to do everything they can not have a general election right now for the obvious reason that most Tory and peace would be out of a job if they did that and they'd be out of power for them as how long. But I think a lot depends now on whether they can replace Liz trust form a consensus and return to some form of normalcy so that they are not forced to call an election. They don't have to call them election now for a couple of years. So the cards are still in the Tory party's hands. And. Their task right now is simply not to throw that away, but it's understandable that we're having increasing demands for an election when you've turned over prime ministers at that kind of rate. And there's been so much instability in markets, but also in politics. Many people will want to see that. But the Tories will avoid it at all costs if they can. Okay, traz Raphael, our opinion columnist. Thank you so much for taking us through all of the various vagaries of Juarez, the very difficult situation for the Tory party, we're going to join our colleagues on Bloomberg television Bloomberg's francine LaCroix seeking to the former Chancellor Philip Hammond, let's listen in. The markets. We've seen the power of the markets over the last few weeks. I think Chancellor Jeremy hunt was getting on top of that, putting together a package that would have been reassuring to the markets on the 31st of October. Clearly what we mustn't do now is anything which signals to the markets more chaos instability and uncertainty ahead. Then the government, the new government, has got to outline a clear growth plan. This trust is growth plan was based on a single proposition. You cut taxes through by borrowing and somehow that magically delivers you growth. It doesn't matter whether that's credible or not credible anymore because clearly the markets are not going to allow it. So there needs to be an alternative growth plan. How does Britain earn its living in the post Brexit post COVID? Post energy crisis world. Well, look, my own view is, we've got to be prepared to take a few risks. We've got to articulate, for example, a role for the City of London for the financial services industry, which is this country's most important single industry. And that may mean being prepared to take some calculated risks as we put Britain in
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Stories this morning. Frederick over the Federal Reserve vice chair lael brainard says the U.S. Central Bank will have to raise interest rates to restrictive levels as a Central Bank battles to bring inflation under control. That commitment to fight inflation from the fed comes as the ECB gets set to announce a likely three quarter point rate rise of its own later today. The ECB last raised its key rate by three quarters of a percentage point in 1999 with the odds of a 75 basis point move about 65% according to swaps tied to the meetings. On Liz's trust first week as U.S. prime minister, the pound hit alone not seen since Margaret Thatcher's era, Sterling fell to $1.14 on Wednesday, the lowest level since 1985 and down 15% since the start of the year, the move is mostly driven by the U.S. currency strength, but also highlights the economic struggle, trusses administration faces. And in Asia, the Chinese megacity of Chengdu extended a lockdown after COVID-19 cases increased. The 21 million person city has been closed for a week, it reported a 116 local cases for Wednesday compared to a 121 on Tuesday. Now the decision to prolong the lockdown shows China's commitment to COVID zero, even as the cost of its growth. Thank you very much for joining us here for today's top stories. Great to have you on the program joining us today on Bloomberg daybreak, Europe. Let's get more on that big story here in the UK and the British prime minister Liz truss laying out her plan to tackle soaring energy bills today. That's as the pound crashed to a new low, certain 1985 low and guilt of sagged given concern among investors about the big spending splurge to come. We've also been hearing from Bank of England officials testifying to the treasury select committee yesterday as well offering some new clues on the impacts the prime minister's agenda might have on growth, productivity and guilt issuance. We've got Bloomberg's Lizzie burden with us in studio to talk more about all of this. Good morning to you, Lizzie. What does the energy package then mean for consumers and how much will it help? Well, this is truss first big act as prime minister dealing with the energy crisis, which of course is at the heart of the cost of living crisis. Documents seen by Bloomberg suggest that it's going to cost 200 billion pounds, we know that households were going to face 80% higher energy bills next month. And so this would cap them lower and fix the price for businesses, so it's absolutely huge for context the COVID support package costs 310 billion pounds, but even with the bailout bills are set to be almost triple what they were last winter, so it doesn't remove all the pain. But apart from the obvious question how to fund it, it does raise a couple of issues. Will it be targeted enough or will people who don't need help be getting it? And what if this situation is the new normal? We have the former Chancellor. On Bloomberg TV this week, he warned that the government can't keep paying people's bills forever if this is a structural change Putin shutting off the Russian gas, otherwise people are just going to keep on using energy in exactly the same way. Yeah, exactly. So back to then the main the other main issue, which is how does it get funded? I mean, what about Bank of England guilt issuance or world of markets are viewing in terms of this big potential spending splurge? Well, it was really interesting at least trust his first prime minister's questions yesterday, Keir Starmer, the opposition labor leader, went in on a Bloomberg scoop. Which showed that treasury analysis suggests that because of all these excess profits of the energy companies during the war in Ukraine, if the windfall tax were to be continued, then the treasury could rake in tens of billions of pounds that it could fund this with, but trust ruled out the windfall tax because she said it would hinder investment, but then later yesterday, we found out that actually she's going to continue the windfall tax so perhaps what she meant was she isn't going to increase it or extend it to include power generators, which means that we're going to have a lot of borrowing and interestingly at the treasury select committee yesterday, governor of the BOE Andrew Bailey said that perhaps they're going to have to put the brakes on active quantitative tightening, which comes back to another of Philip Hammond's warnings to trust, the markets watching. Lizzie, the question of Bank of England independence came up during a course the leadership campaign of the Conservative Party, what should we be expecting about the relations between Liz truss and the Bank of England? Well, given that warning from Philip having given what you said about the pound having that horrific day yesterday inviting unwelcome comparisons to Margaret Thatcher this time for Liz truss, the worst since 1985 against the dollar, it does seem that her top team quasi quoting the Chancellor is now paying heed. He said that the bureau's independence is sacrosanct. He's going to meet the governor twice a week at first and then down to once a week. So he seems to be desperately trying to reassure markets. Our audience. And also a bit of rowing back on this vague suggestion throughout the campaign that they're going to review the BOE's mandate. So it seems that this transition from campaign to government economics is very real. We're getting a huge handout if 200 billion pounds worth of support isn't a handout what is. And we're also seeing softer language on the bank. The charm offensive for the city of flatter. I mean, this is, this is pretty novel stuff, isn't it, certainly, I think, for the City of London, Lizzie, thank you so much for being with us this morning, Bloomberg's Lizzie Burton then on Liz truss's new energy package plan. Coming up next on Bloomberg daybreak, Europe will be looking at Apple's latest
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Chancellor Philip Hammond with his message for the new prime minister is trust. Johnny the markets this morning, dollar strength, it is pervasive prompting verbal intervention from Japan's government and China's most aggressive yuan fixing ever. So you are seeing the dollar up by four tenths of 1%. Now that is rippling through to the equity markets, Asian stocks, European futures, all on the downside along with the U.S. taking losses. 30 year treasury yield, that's the highest since 2014, a lot to unpack. Let's take it to Janet new she's the head of market analysis at brund dolphin. Janet, I want to get to the energy intervention in the UK and Philip Hammond's warning to Liz transfer the markets are watching. And if you look at the point, done 6% in August, rates are up 80%. The highest since 2014. When you look at this intervention in the market, do you believe that it's more of an inflation suppressant than fiscal irresponsibility? Where do you come down in the analysis? Thanks for having me. It is a very difficult situation because the government is they do not think that we are certainly going into a recession and Australian assets will also be negatively impacted and households will suffer businesses may go out of business. So it is very difficult. But on the other hand, we do feel that this in a certain way is not quite physically sustainable because we're talking about potentially 200 billion pounds worth of support and our compared to the pandemic, the UK spread about 300 billion pounds. So it's quite comparable and you're talking about adding 10% to the current 2.3 trillion deaths that you pay having. So we're talking about a significant increase in the budget deficit and also we are also having a very serious current account deficit problem. So very serious between deficit, which is not great for Sterling. It's not great for guilt. So this is quite problematic. And there's also more hazard problem because the government is literally watching. Liability and support. So I think that would be more helpful. I mean, as we speak, we're seeing the dollar ripples through the end and we see more losses. There's a red headline hitting the Bloomberg Dolly in now at a 144 25, so that is now a move by 1%. This is not over like a two three training sessions. This is intraday, I take you back to September 22, 1985, Janet, because when I see these dollar dislocations, it reminds me of that. Basically, you had the Plaza accord where the U.S. government sat down with counterparts in Europe and in Asia specifically Japan and agreed to depreciate because on a systemic level, it was starting to break a lot of things. Are we going to see something like that as we count down to the G 20 deliberations? More holistic approach to managing these currency disparities. Yeah, I think there are increasing signs that countries are worried about the dollar strength we're seeing very strong dollar at the moment. And we think that in the near term that should continue because we're talking about one of the largest currency basket is Euro and we are having significant uncertainty over the guests apply problem and it is going through we're going to see this continuing through the winter and perhaps the next few winter. So we're talking about huge uncertainty there. So Sterling as well, we have already covered lots of uncertainty over the physical sustainability of the UK government. So we're talking about prolonged dollar strength potentially. So I think government officials, they will have to come together to discuss what may happen or how they may do about it, but maybe they don't actually have a lot of solutions. I think central banks are very tight at the moment and so it is a very tough situation for everyone. Given the FX dislocations, how does that play into the equity story? Does it embolden the U.S. equity exposure or at any juncture? Do you think that the currency dilution for Europe and the UK make those equity markets appealing? Or what else has to happen on the FX side before you jump in long, long into the UK and Europe? Yeah, that relation has certainly terrible attractive for the Europe ex UK market. But I think because of the uncertainty of the guests, the situation where we're talking about unprecedented situation, there's really limited options that governments can do. So we're very cautious on that. We don't think it's the time to execute those equities yet. And especially in the chemicals, industrials, all those companies that are that will be very heavily impacted if there is our energy ration. And for UK assets, we don't think is the time yet because there is just this uncertainty over the physical situation. And I think there is a general sense of loss of confidence a bit in the UK access at the moment. We don't think it's the right time. And I think actually for the dollar strength, it is actually the inflationary for the U.S. economy at the time when many other economies are facing double digit inflation. So I think on that front is marginally more positive. Yeah. Pull you up. We had some comments from mister barkin, one of the key voices at the fed that he spoke to the FT, one of the lines is barking that rates must stay high until inflation is under control until inflation eases reels interest rates need to be above zero that's general biases towards moving more quickly. What do you think the feds action plan looks like until December 31 this year? Yeah, I think there's little doubt for everyone now that the
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"Influential conversations from Bloomberg television Here's francine LaCroix We're delighted now to be joined by Philip Hammond Laura Hammond former UK transfer of the exchequer What a week to speak to you lord Hammond I mean I feel like everything and everything's happened all at once Boris Johnson survived this for the next year Will he still be prime minister in 2023 Well I can't say whether he would be prime minister going into 2023 but I don't think that he will lead the party into the next general election I think a rebellion on this scale is very difficult to survive And I think he'll find that his authority in the party ebbs away over the next few months Does he realize And will it change the policies that he'll put in place I don't know whether he realizes but I know that Boris Johnson's instinct now will be to reach for popular policies do the populist thing And try to offer people what in the short term they think they want Unfortunately we're at a point in our economic cycle where what we need is a dose of realism We have some challenges in this country to face The sooner we get to grips with them and face them honestly and openly the quicker we'll get out of them and the better chance we've got of resuming a strong growth path and rebuilding living standards Here more conversations like this one on Bloomberg television streaming live on Bloomberg dot com and on the Bloomberg mobile app Or check your local cable listings This June in honor of Pride Month and Juneteenth Bloomberg brings you a special equality series every Thursday in June at 1 p.m. eastern Bloomberg equality celebrating inclusion this Pride Month and all year long What worries me John and you're not gonna like this because it's looking forward The June month and month print will be worse than the May month of month spring I think those who boldly said inflation has peaked and is coming down may have to change their mind Muhammad Ali and another property yesterday for Bloomberg television were thrilled that he could join us television or radio I should say as well talking about the path forward on an inflation report Lisa Bradley and Tom Keane John Farrah's off today Matthew Miller darkens the door which is a good thing as well And Joe Matthew returns after a discussion in the last hour of the January 6th hearings that we saw last night Joe Matthew I want to take the chairman of the hearings mister Thompson of Mississippi and bring it over to the inflation report We are hugely skewed three zip codes in New York and maybe two zip codes in Washington Mister Thompson of Bolton Mississippi out I 20 west of Jackson Mississippi is looking at rents go up and up and up A modest house in Bolton is $600 a month which is outrageous Explain for our fancy audience the outrage of your Washington over inflation moving from what appears to be a very low price but then up substantially Yeah and imagine coming from a town of roughly 500 people as he described last night the impact that that would have on the community here The president is going to get to some of this today Tom he's not talking about the January 6th committee at least not yet He's scheduled to speak from the port of LA in which he's going to tackle this inflation issue It's something that he can not escape on either end of Pennsylvania avenue And we'll have some good things to say apparently about the supply chain You remember when there were more than a hundred ships lined up now there's 20 something ships But we're also on the threshold of what could be a major strike by 22,000 dock workers which Bloomberg is reporting on today so the president could actually be facing that combined with the reopening China more bottlenecks in the supply chains Of course housing is another component of inflation and then you've got the energy component Put those three together and you're going to tell me a story at 8 30 about how bad things are And Lisa what's important here is I'm just by just by chance looking at Fargo North Dakota Lisa median rent $1045 a month but up 35% year to date A far cry from when I lived there I've got to say back in the early aughts I have to really take a look at the transformation of some of these regions Joe As the Democrats try to pray paint some sort of ability to combat inflation What is the message that they're starting to coalesce around Because there are some Yeah it's actually it's become a more deliberate message recently certainly from the administration You know we've always heard about deferring to the fed but now when you hear from the president's economic advisers they delineate between what the administration is doing and can do and then of course the fed is going to take care of the rest We're still hearing about the chip acts the bipartisan innovation act the China competes act whatever you want to call that It's been stuck on Capitol Hill for a year and a hundred conferees are in the room trying to figure out what to do with that Then there is this idea of a stripped down build back better We started hearing the word reconciliation around here a lot lately because Democrats know and I think this is where you're going here Lisa that they probably only get one more swing at the ball So you get in a room with Joe Manchin He's already talked about re-engaging on this and figure out exactly what he and Kirsten sinema can approve of and some would suggest they should have done that a year ago And it might be as we creep up on the midterm elections that Democrats are talking about things like lowering prescription drug costs again extending the child tax credit and giving them something giving democratic candidates something to talk about on the trail Last night the January 6th hearings are really notable aspect Was a discussion that the U.S. has to get its own house in order to have a credible presence trying to get unity on a global stage and this comes to both with respect to Russia and Ukraine but also when it comes to dealing with inflation that is not just isolated to the United States How much is that what a lot of politicians both on the Democrat and Republican side looking for some sort of international cooperation to push this forward Well look that would be that is the goal here The administration likes to remind us on a regular basis that it's a global phenomenon There's nothing special about American inflation here that this is something driven by the pandemic by the war in Ukraine and the president here in the middle of the summit of the Americas is trying to take a kind of a whole of government approach with our partners on not just inflation but also immigration The problem here is that there are so many stakeholders not at the table at this summit this week that it's impacting the conversation and may water down any kind of a diplomatic or mission statement that comes from this summit But the president and his economic advisers including Janet Yellen the treasury secretary continue to try to frame this as a global phenomenon and not something that's special about America despite what you're hearing from Kevin McCarthy and Republicans on Capitol Hill Joe one of the issues that the president ran on was the fight against climate change And Lisa was citing a stat from Berkeley earlier where every time a gallon of gas goes up a dollar or two or 3% more people ride bicycles is anybody in Washington saying this is a good thing $6 gas Because we want to stop using fossil fuels I know where you're going there I don't know that anyone's saying it out loud is the problem because that's just not going to resonate with anyone in a positive way at least no one the Democratic Party is concerned about on the campaign trail But there are progressives on Capitol Hill who are concerned that the idea of the Biden administration turning back to oil companies in this country and asking them to drill more Look the fact of the matter is.
Bloomberg Radio New York
"philip hammond" Discussed on Bloomberg Radio New York
"This is Bloomberg radio This is Bloomberg daybreak Europe We will continue on a remorseless mission to squeeze Russia from the global economy peace by piece day by day and week by week We're dealing with an individual who doesn't play by the rules So I've always been very clear by the fact that although you go so far It is indeed a very dangerous moment it is basically the rewriting of the Georgia system that we've known in Europe since the end of the Cold War Bloomberg daybreak Europe on Bloomberg radio On a very good morning from London I'm Caroline Hepburn welcome to daybreak here of this morning so powers aggressive tone backing a half percentage point rate rise at the next fed meeting if necessary suite will discuss that and the impact on bod market Also the latest on Ukraine more than 10 million displaced people and what would be the strings attached to any peace deal from zelensky he talks about the need for the agreement of the Ukrainian people to any such terms Also an oil embargo Europe is discussing that doesn't seem particularly firm just yet but it is up for discussion in oil embargo against Russia So lots to think about this morning We will bring you the latest on Ukraine with Bloomberg's Mark champion but also remember that Rishi sunak has the spring statement the mini budget as it's known on Wednesday and so at 7 20 a.m. Tim Pitt former adviser to two Chancellor Philip Hammond and Sajid javid will be with us to look ahead to inflation data and the spring statement also Johnny will be Bloomberg's Lizzie burden for that conversation So stay tuned Let's go to the markets then As bond markets get that wake-up call from Jerome power He's ready to back a half point rate hike in May if necessary Goldman Sachs now see two 50 point hikes in May and June as for what is priced by markets only a 50 basis point rise in May then 25 bps for June July September November at least for now but the U.S. yield curve has moved higher significant flattening U.S. ten year yields at the moment trading at two 33 So up by three basis points As for futures though we are in the red You're 50 futures really lackluster down four tenths of 1% S&P 500 futures also pulling back Moscow's stock trading won't happen today The S&P says that it will withdraw ratings on all Russian entities Natural gas though in Europe has fallen we dropped to more than 8% yesterday for Dutch futures got a bit more warm weather and LNG imports helping there but oil continues to rise this morning breakthrough at a $118 about two and a half percent Dollar spot index strong at four tenths and the Japanese yen taking a beating down 8 tenths of 1% Let's unpack then these markets are a lot going on Markets live editor Heather Burke with with me this morning Good to have you on here How much of a surprise was it though that Jerome Powell made this very hawkish push What's happening with the yield curve too Because there's a debate about which yield curves and which curve we should actually be watching Good morning The bond market got a wake up call tightening is coming And it may be coming sooner than some people had priced in And the bond market is also already on track for a really weak quarter and this is going to exacerbate that So you've got to sell off and bonds still deepening today And we're getting closer toward an inversion of the yield curve which is typically seen as a negative sign as it's taken for a precursor of a recession And given the rate height history it looks certain to invert and we're talking about the two tens here That being said the yield curve kind of looks on both sides while the two tenants flattening the three month ten year continues to steepen And that really has to do a lot with the regime ship that's rates markets are undergoing But it's really the first time in decades that traders are actively repricing rate heights expectations on the surging inflation Yeah okay So on the inflation picture of course partly being driven by oil oil surging again What is the expectation around crude prices then Do they stay high And we've seen a lot of volatility in the crude market The latest push higher is as the European Union is debating a possible ban On Russian crude imports although some key members such as Germany seem opposed to that But on balance it's the price we're seeing more toward the upside as the war plays out Crude markets are really backwardated And that's a bullish pattern with near term prices commanding big premiums to those further out A move back to the one 30s does seem possible Okay Yeah well we're currently still a bit far away from that Brent at a 118 WTI 114 Heather thank you so much for being with me that is Heather Burke Real-time market commentary and analysis Check out markets live ML IV on your Bloomberg terminal Now let's get to our top stories has been a bikes Hannah George Good morning Good morning Caroline Thank you Jerome Powell is prepared to take action as U.S. inflation runs at the fastest pace in 40 years The fed chair serves the Central Bank will take the necessary steps to get inflation down even if that means lifting interest rates faster and in larger steps Here he is We will take the necessary steps to ensure a return to price stability In particular if we conclude that it is appropriate to move more aggressively by raising the federal funds rate by more than 25 basis points at a meeting or meetings we will do so And if we determine that we need to tighten beyond common measures of neutral into a more restrictive stance we'll do that as well The gap between 5 and 30 year yields narrowed to the smallest since 2007 President Joe Biden is warning Russia's use of a hypersonic missile is assigned Vladimir Putin is growing desperate in Ukraine hinting at the potential use of chemical or biological weapons If you notice they just launched the height of their hypersonic missile because it's the only thing that they can get through with that absolute certainty He wasn't anticipating the extent or strength of our unity And the more his back is against the wall the greater the severity of the tactics he may employ The U.S. president is also warning of the risk of possible Russian cyberattacks while The White House gave few details about the nature of the threat it's encouraging U.S. companies to harden cyber defenses immediately President volodymyr zelensky says the Ukrainian people will vote on any peace agreement with Russia Meanwhile some Baltic leaders say the EU should step up pressure on Moscow and cut Russian energy including Latvia's defense minister artist pabriks It's.
MYfm 104.3
"philip hammond" Discussed on MYfm 104.3
"Up in a movie. Syriza. Yes, Giants happening Movie series Silly TV show, And I was 21 Jump street and that's really before. Oh, my gosh, You're gonna know this one when I say it, Pirates of the Caribbean Well, Villain named the female comedian who stars in the movies, Train wreck snatched and I Feel pretty good man. Um Chelsea handler. No Amy Schumer. Mm. What? Amy Schumer. Oh, got it. Thank you. Just wanted to first records. Yes. Alright. Current score, 00. Tim Tebow is returning to the NFL. He just signed a contract with the Jacksonville Jaguars. What has he been doing for the last five years? Tim Tebow. Andre will be playing baseball. Oh, my gosh, That's right. Okay, By the way, Tim is coming back as a tight end it not as a quarterback. Yeah, he's gonna play tight end for the Jaguars. Philip Bird Cage, Cathedral and Blusher are all styles of what bridal accessory. Veil. That's correct. Oh, Jill, Sister getting married this weekend? Yes. On Saturday current score 1 to 1. Jonah Hill was a record executive. And Russell brand was the rock star. In what movie? Oh, gosh, there he was a slacker. Um Oh, God, I don't know the name of it. Good morning. Yeah, well, the dirty dirty get him to the Greek and Philip Christian Sera does plays Rosina on the walking dead. She is also currently starring in what Netflix Syriza's. The Netflix series. Let me think of a Netflix series Orange is the new black. No, Selina, the Syriza's thinking, All right, That means to go to announce a tough tie breaker. Question. Holler at your name to the answer. Name of your buzzer. Wait until Kevin finishes asking the question before you buzz in. I know it's early. Some people probably do already have an answer for this. But if you had to choose right now, what are you having for dinner Tonight, Bill Justice Philip, Philip Hammond and Cauliflower. So you already know it already prepared her like you know you planned salmon and cauliflower. Yeah. How you gonna do the cauliflower? Beautiful? Like what? 4 20 with olive oil for 25 or 35. I'll meet you there. How you doing? The salmon. Well, we get from whole foods and we put some sauce on. It is delicious. We're just taking the other for 15 minutes. At what? Five. 25. No, you could You could do it low and slow. Do 3 75 and 18 minutes. All right, fellas, lose Jessica Yeah.
Monocle 24: The Briefing
Campaigning gets underway in UK general election
"Let's get more on that story about the UK hey general election getting underway joined in the studio by terry siesta as a political journalist with a regular chronicler of all things westminster welcome back terry to the show as if to prove the fast paced nature of things here in the UK capital some breaking news more news for the government yes this is supposed to be the big day when boris johnson launches his election campaign he's been to see the queen this morning to tell her that parliament is now officially dissolved in the campaign is properly up and running and what has happened on the first day he has had to lose a a member of his cabinet the welsh secretary alan cans who has just been forced to resign fine because it's to do with the question of what he had known about evidence that one of his aides had given in a rape trial and it turns out he said that he hadn't known about this misleading evidence that his his former aide given it it turns out that he didn't know that this was damaging very damaging to the trial and he has now on with absolutely dreadful timing for the government to offer his resignation i guess is as a sanitary lesson about you know tori pledges to get brexit done that's absolutely fundamental to the whole campaign and this is another sort of wheel another spoken the wheel of the the shows exactly how that's going to be yes i mean boris johnson later today's expected to set out what he wants to be talking about during this election campaign and that we expect will be things like you know very much his domestic agenda things like spending on hospitals things like funding schools things like more funding for well police officers and of course on top of that his his claim that he will increase you know get brexit don t won't be it'll be more uncertainty that it will be finished by by the end of january the trouble is that in the campaign such as it's been so far he i mean and this happens in every campaign has to be said but the things are knocked off course so not only have we had this resignation today we've also had for instance jacob reasonable see making some new is the leader of the house of commons at the moment making taking some extremely ill advised comments about the grenfell fire and appearing to suggest that if people had had common sense than they might have not done the fire brigade told them to do which was put in that they might have they might have escaped and then one of his colleagues piling in on that seeming to suggest that jacob rees-mogg was after all a very clever person might and you know this played really badly now there are always gifts in an election campaign i i think the what's the what's difficult tell what cuts through to your voters who are out in their constituencies having politicians turn up in in big buses and wanting to shake their hand i think the problem with something like the grenfell jacob rees more cases it plays into what people already think about certain members this government i in jacob rees-mogg case that he is a very well off privileged man who is not someone who either personally or professionally has much idea of what it might be like to either fight a fire and a tower block live in one and that sense of seeming out of touch i think is is a big risk particularly for the conservative party eh now one thing that might be different about this campaign you're quite right of course they're always these precious blowing things of course is potentially that there are maybe more players or more parties as we are more groups within a westminster and it's on barons who will be pitching punches some people saying look essentially this is a four party election and maybe the brexit issue makes it so oh there's there's much terry i mean clearly we still fundamentally have two party system but there seems to be something different in in the water what do you make about yes i think this is going to be a hard election to predicts partly because we're starting from a point where you have minority government essentially going into an election so you have a lot of conservatives and we've seen them over the last few days standing down former conservative people who've been thrown out of the party people like hank clark people like philip hammond people like the former minister advisor today in traditional conservative seats and they will obviously be replaced by new candidates but you know the votes in some of those areas might be up for grabs recede in the liberal democrats at the moment going into the campaign quite strongly with the very remain message and we've seen in the labor party is actually being fairly unclear about what their brexit position is which is not to say that brexit is going to be the only issue in this election election but
Monocle 24: The Foreign Desk
Explainer 181: Brexit: will it ever end?
"The british people have voted to leave the european union and the will must be respected. It was not a decision that was taken lightly. Blink not least because so many things were said by so many different organizations about the significance of this decision. If anyone is still keeping ping score it is now one thousand one hundred and sixty eight days since a narrow majority of what was then the british electorate primarily the non london in english electorate voted to take the united kingdom out of the european union as we go to where it is fifty six days until the u._k. Is due to actually leave the e._u. Having missed a couple of deadlines already there is something undeniably opposite in the current prime minister boris johnson being a former journalist. It is not too late to save pretzel boris. Johnson's government had a working majority she just about thanks to the expensive acquiescence of the democratic unionist party of northern ireland on tuesday that waifish advantage vanished when philip levy conservative member bracknell defected to the liberal democrats. I wish i wish i wish i followed later you too in the week by former labor and independent group m._p. Luciana berger. It's not impossible that by the time you listen to this jo swinson might be running the country and kyle the prime minister what advice she has for women across the country on how to deal with those men who think they could we do a better job are not prepared to do the actual work none of which it turned out made much difference to the week's crucial votes in the house of commons as we learned a number of conservative m._p.'s also oppose not deal brexit enough to vote against their own prime minister and in so doing prompt their prime minister to expel them from the conservative benches. It says everything you need to know about the polarizing effects of brexit that these rebels now outcasts were comprised of the mildest characters on the tory side of the house including former chancellors philip hammond and ken clock and cynical assumes the grandson of winston churchill. I want to make clear that i've always believed the referendum. Results must be honored and indeed. I voted for the withdrawal agreement on every occasion is is being presented to the highest which is more than can be said for my right on the front of the prime minister the leader of the highest and all the members of the cabinet who ciro disloyalty has been such an inspiration to so many any of this to speak. These punishments were followed by the resignation of m._p. Joe johnson the brother of boris johnson. If we are take boris johnson at his word and there is mountainous evidence that this is a hazardous course he still wants a withdrawal deal but wishes to keep the no deal option shen in play as a negotiating ploy this makes on the face of it since it is rarely wise to limit your options in such circumstances although the no deal brexit strategy is not so much a threat to walk out of the rug shop as a threat to shoot yourself in both feet and then sort of bleed all over the stuff while screaming but parliament seems reasonably enough to believe that i know deal brexit which is the present legal default bolt is not a risk worth running. The obvious resolution to the impasse would be a general election but the u._k. Appears now to find itself in the curious position of having a prime minister who wants a general election but says he doesn't squaring off against positionally who doesn't want to general election and says does as we wanted an action photographing is the appeal of an early election suggested date is october. Fifteenth is clear enough to johnson the plan would be to win a mandate condemn the labor party to to further disarray use a majority to pass some sort of withdrawal agreement and claim a great triumph and even if it doesn't work out quite like vast he'd still it'll be prime minister until at least two thousand twenty four. It's just as easy to see why johnson wouldn't want an election just after a new deal brexit especially if it's as bad the government's own projections predict people deprived of food and medicines unlikely to behave gratefully at the ballot box but due to the arcana no no of the u._k.'s fixed term parliament act it is not possible for johnson to simply cold and election. He requires an amount of cooperation from the opposition who do not seem inclined to give it at least not yet on wednesday night. Labor voted against johnson's motion for a general election lead jeremy corbyn corbin said that the bill blocking a no deal brexit would need to become law. I the offer the election. Today is a bit like the offer of an apple to snow white in the wicked queen because what he's offering is an apple or even election but the poison of ano- dale said an election in october still seems is likely the not the large bets on the result would be ill advised the u. K. you may have noticed is in a strange mood on the basis that the usual usual foam with brexit has been whatever is the most ridiculous theoretical outcome is probably what will actually happen. Another hung parliament causing another election within in six months seems a decent punt and or an amount of comic justice may be at hand the key underpinning of boris johnson's korea in public. Life is his hotly debatable conviction of his own destiny as some churchillian colossus it would be something if the shambles he did so much orchestrate ashes him into the footnotes and pub quizzes as britain's briefest prime minister while we're keeping score of things he's still seventy six days short <music>. I'm andrew miller <music>.
Coffee House Shots
Boris Johnson, Jeremy Corbyn And Dominic Grieve discussed on Coffee House Shots
"I'm joined by cables and James for safe while James. We're expecting a number of resignations this week. We've already on from Sarah Duncan which we will talk about shortly but yesterday Philip Hammond went on the mall showing confirmed that he was going to resign after Theresa May's final Prime Minister's questions he's jumping before he's pushed isn't he in the whiteboard in Boris Johnson's campaign and during the cabinet is it oh no we had Hammond down for John Throw now. He said he won't serve raises. A more serious points about how he has behaved. I mean there's a very difficult question to answer which is which is he was the chancellor when trees I said no deal is better than a bad deal. He was the chance to win all school. Fifty one votes injuries may kept saying that so it does raise a question about whether he was ever actually committed to the policy of a day of government element of which he was a member where he actually meant it. I also think he's behaving in a deeply irresponsible manner because it is quite clear that whatever you think of it Theresa May's with Griffin is not going to Paul sounds comments so you need to ease off rob some kind of concessional compromise to get this thing through and by what he's doing and the interviews he's giving in the European press on his shenanigans in parliament he is basically saying to you. You do is compromise or for any concession because parliament's elements can stop no deal but as rebel dominic grieve says the only way we see Sir stopping ideal is to bring down and it is not clear yet for they have the numbers so he is paradox the actually making no deal more likely I mean the question you need to think about which is which do you think is worse for the British economy in the short even in the short to medium-term. No deal oracle been government. I think it's a fairly strong case that it is a Corbin government. He's also making that more likely I e P regrettable about the way that moment is paving the moment and it is kind of hard not to think that he is goes into his head that he wants to go down in history for something and and he also is driven. I think bar a personal dislike of Boris Johnson I mean they all they are about as different as characters. Come be and I think there is kind of I think you see it's going to be this is undoubtedly going to be a problem for. I want someone Jeez people for them. How does more technocratic mind almost find offensive and so they feel bound by the normal ties of Lords obligation that people would find to a former cabinet according to become Prime Minister K._t.? Philip Hammond is joining the Google could score. Does it become nine on the back benches of <hes> Torian Dominic grieve like David Goal obviously who are very worried about the consequences of no deal exit. Do you think sees himself as being the ringleader of this new group and if not who else I think he seasons I was having a pivotal role play and certainly to people who are involved. Perhaps on various this what's up groups for being proactive and interesting have those speculation but world theresa may might play but that is not seen as a row where you have some really leading from the front at all you might be able to bring them in a backward way whereas I I think when it comes to Philip Hammond he is someone who's very happy to go and bat for it and you see that has multiple media appearances. I think when you look the with squad and is going to be a wide ranging faction in the sense that perhaps you have ron thirty figures who are sympathetic to the coors the coups being to prevent a no deal brexit but they will have different points of high father willing to go so you mentioned Dominic Grieve Dominic Grieve is in a very small number of the squad in the sense he is willing to vote down the government or at least he has said he is in a will to stop. No deal brexit happened has suggested he might be willing to do that. He hasn't said Faucheux but he could laugh will be in the more hardline element say the bulk of the awkward squad so whether <unk> actually property matters most in the day to day running of Boris Johnson's government before you get to what we think he might be that ultimate showdown but you might have a confidence vote is what can they team up on. Now figures like David Gook I think he uh of azan we expect for example Greg Clark. We don't expect him to resign anticipation but will likely not be in the Boris Johnson Cabinet and fluker join this great when it comes to confidence as its deputy FAA supply SA- cutting off supply seems to be a step too far when it comes to finances so the things that they can team up on would be when you look to what Ambrose described as an activist speaker Joe Becker and he saw that last week with their Perot Gang Amendment Dominic grieve came up with that is. Something people feel much more comfortable going for because it feels like a less drastic mechanism so I think that's where this team can come together and when you look within that you also have a Muharan reports you could as as soon as Boris Johnson is appointed as prime minister barring a big shock for you could have Torri M._p.'s defect to the Liberal Democrats. Now that's different element here. Those people here very pro second referendum the anti no deal shoe but it it goes well beyond and I would say the bulk of the Gook squad have voted for Brexit deal many times free times so there is one way for Boris Johnson to almost end his his problem there which is if he can get change if he can get a due to Vatan this group that the not so hard line in their ears majority that they're not gonNA vote for anything. Boris Johnson comes up with but they do need it to be a deal. I've been the Golden Association from those cases right and then which is if you are working. WE'VE DOMINIC GRIEVE STEVE DOMINATE GREAVES AIM is not to prevent no deal is to have a second referendum into how the U._K.. Remain in the European Union and I mean this is actually a real problem for some members of this group which is essentially when when you choose your political allies here it becomes your message risk getting lost. It risks looking what you're joining move dominant grieve in his attempt to stay in the E._U.. Raleigh than trying to prevent is leaving without a deal and that is going to be a major kind of questionable how his group coheres when varies of stress intention put on that will be put on it when a deal okay for example if a deal does come back do the same gamers and then just ingredients as well still vote against the deal because they want a second referendum and remain all always have as spent so arguing that no deal would would be catastrophic that they would feel obliged to vote for a deal. I mean I think this is their difficulties and contradictions within this group Katie. Tell us about Sir Allen Dunkin's resignation so remiss as of this morning the minister was going to resign today expecting the bulk as for Hamilton the anti nausea to as opposed to have the minimum amount of time between the new prime minister taking over and the being a vacancy in your department. Perhaps a vacancy theresa may try and fill it. It seems now we're getting to the shorter time may just be the vacant so Annan Dunkin decided not wait until Wednesday's. He has gone on Monday morning now. I think this is attracted. Criticism for a number of reasons fest off some have suggested. The Alan Duncan hasn't always been the principal character when it comes to the cools attached himself to sue people point to the referendum when he was in talks about joining the board and then in the end decided apparently because he cannot get a certain position by his name to go for remain and that's what people think he's insincere. I think there is a more practical note here which is it may not be specific brief but clearly what's happening right now. In Iran the crisis in the factories May as haven't have Cobra meetings to to be a Foreign Office minister. Dan Ready have one. He was suspended in field -Unding who's quite busy doing the leadership contest exactly the Foreign Secretary Hughes O._T.. Trying to walk away he is getting Steve if he doesn't have his upset tomorrow. It doesn't really paint this picture of government that is taking a situation completely serious. They and I think it was just absence. Idea which is very easy right now. I tried to haunt you paint the Tory party as warring factions when if you want to be the party of you would think that there is a sense that you need to look at your on top of this I thought it was quite interesting as we've seen Greg Hands Jeremy Hunt supporter today take to social media and and say that he does not support preemptive ramp to resignations and he thinks does play into the hands of Jeremy Kuban so I think it's just Boris Johnson supporters who questioning some of the time yeah we've had some comments from people like Hugh Merryman who's Philip Hammons P. P. S. on Westminster unstrap last night saying that the government basically dropped the ball on the Iran Crisis James. Is it the case that this is about how the government relates to trump will try not to relate to trump in closely. I read this government moment was as it so often has been on the trump. Administration was caught between two stools which is once the U._K.. Via Gibraltar had impounded that Iranian tanker it was point clear for there was going to be Iranian retaliatory action of some sort when you consider the soy's of the Royal Navy at the moment is quickly if British flag shipping wants to be protected against retaliation that was going to need to be active cooperation with the U._S. and what appears to have been the case is that there was a hesitancy about going down that route even though the Americans were suggesting it because they didn't want to look like they were signing up to the full gamut of U._S.. Close John Roberts obviously against the Iran nuclear deal which the U._K.. is in favor of home not having that this is a big strategic confusion on the government's behalf which is once you take a decision to impound that tanker then you had to act to protect your own shipping in the most comprehensive way possible and the seizure of his ship on Friday shows that the Royal Navy simply doesn't clearly is not adequate soy's to do that right now and F. was going to need assistance from the U._S.. Which is the largest navy in the world and so I've been there is there is a question here of of how this was handled and I think if it wasn't for the fact that was storage contest ongoing? This will be a big story. Also the other issue is the Jeremy Corbyn is not exactly Joe. Jeremy Corbyn is taking predictable approach which is everyone should deescalate. What why are we upset? Iranians in the first place approach of his question here I mean there is there is a I mean the government is very vulnerable. Were more focused right on time. which is you made the decision to impound the ship because he believed it was going to Syria and breaking sanctions? You've failed to Defend U._K.. Shipping why and finally we get the result of the LIB DEM leadership contest test the softening Katie expecting Jo Swinson to win or we or is it much closer than it appeared start the contest but I think when it comes to leadership contests mistakes ulcer in the Tory leadership is very hard for the polling often into Western. What is exactly going on is interesting difficult? Speaking to Redemption Bove's is the sense. I think that Jason is more likely to get this biting. The margin is going to be interesting to the case that perhaps it didn't mean every time you speak to lived M._p.. They will tell you how friendly the contest is and how they're absolutely delighted rather not at David J Simpson even basements in will say that should be delighted if adcose obviously has so it definitely has a slightly different dynamic when it comes to and clearly has got attention in the past few weeks while the Tour de contests has been on but it is good to be a very important decision you think about the fact that we could be having an election anytime seeing that he looked Lib. Dem's are in the polls. The EH leader in contrast to re Party is actually inheriting a very positive situation where the party has got to whether or not that's pretty Vince cable assets or luck intangibles having the party until about gay sex. Eh Eh we've got the media fakers which is going to be hard before these leaders than what happened Tim Farron and the general election so I think it would be a surprise of Jo. Swinson didn't get it but ultimately do you get the the sense that whatever happens is not going to be as big upset as tomorrow. If Jeremy Hunt Somehow wins James Davey and Jo Swinson do differ in terms of how they get what they want in a hung parliament scenario scenario you say at Davy for instance would vote for Jeremy Corbyn Queen's speech of a hard legislation for a second referendum in it. Jo Swinson is much less clear on that but it's very uneasy about since she doesn't think you can trust Jeremy Corbyn too so the outcome of this contest is really important isn't it. I was very struck by in your writer for a debate that you took part on quizzing the Swinson and Davey on Friday night of this difficulty for the still skull by coach of what they say and also how they position themselves on the one hand they want to say to remain voters. You can't trust Jeremy Corbyn an inch on the other hand they want to try and create this brewed remain alliance and suggests that they'll they'll do whatever they need to do to stop brexit. They're not worried about their own party. I mean but he's going to be attention. I mean one of the things about general election is but even if general elections before breakfast it won't be for solely on Brexit and it'll be a difficult question former Lib dem's which is the Lib Dem's pro remain position is trucks into them a certain kind of middle class prosperous demographic but are probably probably you but not pro all of the taxes that Jeremy Corbyn with I'd like to place on them and how Lib Dem's navigate that question what was going to unconvincing in your blog. You're saying they were saying oh we'd vote for the Queen speed for them. Vote Down the budget. I kind of that way so I think that as a kind of tricky question also fascinating question which is we'll talk a lot on this bogas about Boris Johnson the polls how him getting a poll bounce with affects things I think is also worth noting gene to see whether the Lib Dem's got any kind of bounce service extra not where they're going to get that much but there's extra coverage a Nudie will get because I think if you look at the decline and support Jeremy Corbyn among Labour members if a new more energetically dome and leader you live in homes Po position is maintained. If Labour's can all regularly coming second in the polls because Boris Johnson is brought back some voices from the BREXIT party.
Coffee House Shots
What Are the Ramifications of Theresa May's Exit from Brexit?
"So Theresa May has not Ted part date. She's leaving the office of prime minister after around free years in the job. What will be James trees may has joined a long list. Really now of conservative prime ministers have been brought down by the issue of Europe. Will she be remembered as a prime minister Hugh failed to deliver Brexit? Yes, in principle entry in the history. Books will be four. I've been there is another interesting question about, may that which is, it's easy to forget today with reason, having departed, the stage, two stage, said that when she will depart the sage accurately when she was riding high in the polls in those early moments of our premiership Harim was not justed liver Brexit. Aim was the change the entire nature of a conservative party and therefore, British politics. She and chief star Timothy wanted to turn the Tories into much more of a Christian Democrat style Ponti, and they have been, and it was a Wayne attempts gonna go back to almost gonna prefabs right, Tori party, but different in a way that it was going to be a Tory party. It was a more kind of working class voters than the toys have been previously and the Fady about twenty seventeen campaign, nor the only did it cut her off the Neal Brexit, because the loss of a majority meant that the. She was negotiating in Europe knew that she couldn't really walk away from the table because Paulin would NASA, uneven even if she did this wasn't going to prison wasn't going to respond to Moltke from table by can radically becoming Singapore overnight, because the parliamentary numbers simply were now but it also stymied her domestic plans, those people in the cabinet who had never been found slim, think of chancellor, Philip Hammond, Saturday, Javid, Vail, felt empowered to essentially stand up all of these ideas with more determination. That's why I think when she was talking about her domestic, like yesterday in her resignation statement was. I'm not saying stuff wasn't important on issues like mental health and domestic abuse, and the racist Bartle it. But these are not normally what promises would site as I have that principal legacies. Yes fraser. Let me look Theresa May's premiership. There was a point the full that snap election where lots of pundits house people in this room were predicting a long reign factories may. She looked on course for a very large majority landslide majorities some points. And there was a concern that she if anything she would have too much power over her party. Being in a pub with the one of her cabinet members two weeks before the election. He was literally planning, what they would towards do in their twenty twenty three budget because so long the rain front of them seem the expectation was that 'em. Choose about to put labor to the sword. And sure by doing lots of left wing stuff, which which my drinking partner disagreed. But he was saying, this is the price of ten years of power, I'm willing to pay it now as it turned out, this was a massive miscalculation. And sure people can blame her for this, nap election quite right to that's hardly, anybody said, actually, you lose your majority that was a show to every pundit every pollster, so everybody was taking a bag by just how much first of all her campaign fell apart. And Secondly, by the way, that Jeremy Corbyn made more progress than any leader of any post reporting twenty seventeen election and also there was no, I was actually I'm still I'm very happy of the result of election. Because I think Theresa May was on course to be a monster. She was behaving a boom nably to her cabinet. She was ruling by dick tat with Nick Timothy and funeral hill to her advisers. They were speaking, very harshly to elect politicians as if they were servants expressing the will of the master and reason me force that twenty seventeen legs and not as a conservative, she would have these party broadcast. We'd hardly hear the word conservative. This was about to resume and Theresa May's party, she sought a personal mandate, which intended to use to run a personal government. I think that would be a calamity, and even though the losing of that majority has led to lots of problems for the conservatives normally support. I'm still pleased that happened. I mean, Theresa May's women have incredible honor of public duty of stamina of lots of personal qualities, and I've been so many times, just awed the way that she's been able to walk through fire. And still come out the other side barely an expression changed on her face. And as journalists we always criticize people for people who are doing things that we knew we could never self as new way out of survivor two weeks injuries amaze job. So I'm not going to make out Viking disparage her bitter problem was to govern, you need to bring people with you, you need to be people person, you need to put together a whole bunch of talented people in the cabinet and share their ideas. David Cameron was able to do that to resume was not. And that ultimately is why she failed nab before we go into detail on the things that trees, the made did wrong. I think that this, plenty to go over James was appoint as we touch by she's doing very well in the polls, but she gave that burning injustices speech, which seemed to really reach to a new audience the conservative party as prime minister. What did she do? Right. One of the things he did. Right. As prime minister, the beginning was to appear different to pre-disaster I think too. Public that were slightly out with slipping then she seemed to be different kind of politician. People look to her slightly older less flashy, and they fought a sore someone. He was just going to interested in getting on the jolt approval ratings at one stage. We're not just high with the highest ever recorded for a party leaders, easy to forget that now just how popular wildly popular she was. And this is why coordinator election was such mistake, because she had repeatedly looked for country in the eye and said, I'm not going to call a general election. It's not right for the country to have a general election. I don't play. Let's go games. I'm not going to do that. And then suddenly, she goes walking wells and she finds it she go to twenty four point police, and that proves to tempting even for this bickers daughter. And I think that was the beginning of things on winding because the public will, like hang on a second, my what you were different and now you're having this election, and then obviously that was the manifesto that, that went so wrong. And I think that was the problem that resume which was she tried to act almost as an empty politics here. I only remember that famous speech at the beginning, they drink in the balls, they gossip in the tea room. I just get the job. And I think people saw who election and they were like, well, how does that compute? It just didn't quite work. The problem was. But in the election, they tried to push a Ford in into Theresa May's conservatives, they tried to push for almost going call to personality, and she's not comfortable in that role. And I think there is. I fought today pops fishing thing about the end of her premiership was the cabinet rule told that trees may was going to give a statement at ten o'clock in the morning, but they weren't told what she was going to say. And I think one of the things that I say strained relations, is that, that she's never really bought a cabinet entire discussions. The famous story about people on the on the minibus on the way to the Tory manifesto, lose telling shovel what's in it because the cabinet hun hundred proper reading it for the first time and even this week, the proximate cause of going was that she had a cabinet meeting about what she's going to say your new draw Bill, and she didn't tell them that was going to be a second referendum proposal in there. So she springs on them and you, you simply can't do that and lead. That is not how one leads politically, I mean she was fundamentally suited to different form of government where she was at Mathov and everybody else to orders. She might have been a good ruler of perhaps a slightly different country as democratic as ours. But this is not how you run a cabinet government in Britain. And even Gordon Brown wasn't as sort of dismissive of the rest of his cabinet's opinions. She ended up being, I think he's well, she never picked all you never prepared people. What it was. So in the run up to the famous checkers meeting off to export Johnson. David Davis resigned. Suddenly twenty four hours beforehand ministers, sent in the papers on their shocked, because they sent a big shift in the strategy now in room, number ten executed that shift several months ago, but they never told the Brexit secretary and they never told the foreign secretaries straight up, but this was the move, but they made and I think this was point of the problem, I think this is going to be one of the big challenges for her successor is probably Ponti is, is, as you pointed out on the twenty brings promises down over Europe Bisley divide on the subject. But you have to find some way to bring your cabinet with you to make them feel. Part of it's gushing think one of trees failures. She never did that. And then I think everyone off to twenty seventeen electrical room but you'll remembered how they have been treated by Theresa May's joint chiefs of staff is going to be humiliations. They had injured and you can say politicians Bill to rise bubbas in the national interest. But I think ever since then has been a desire to settle scores from some of capital. It's really we're seeing a bit about why she was like that. And I don't think it's because she was Ouragan or because there's a little dictator inside differ. I just think she founded difficult to talk to people difficult to have difficult conversations when m cabinet members were up to resume and they come back saying she barely moves. She barely acknowledged. I was speaking, she just found it incredibly difficult to communicate on a personal basis. And also with the country more broadly, and I think that's why she behaved. And she behaved is not that she wanted to be a little Decatur is just she just found increase. Ably on a personal level hearts, navigate this conversations that will lead to open discussion, and a compromise and always baffled me, why if you don't like Munich ation, if you don't like talking to people, by the way, people don't why you would choose politics as a career. Now trees made Clayton took into too many people in her party as you say, James, she prided has one point. I'm not going to the parliament buzz, but she did always have it in a circle and over the past couple of years has got slightly smaller, in part with loss of, of her key advisers, Nick, Timothy and Fiona hill after the snap election. Now they were credited as opposed discredited for helping her heavily when she made decisions. But they both resigned in the wake of this nap election. Result phrase, a t- think that she suffered from not having those close advisors after the election. It was said that the only of a person she really felt comfortable talking to us been for that may. Yes. Of course, she massively. Suffered from it because they were the only two people with whom she really had as of trusting relationship. Again, that's difficult if you're politically because people will come and go, you need to be able to form working relationships with people, who you hate, but you need to be together for strategic reasons. So unkind souls with save at the may boats had lost his programmer after those two left, and they were, and it was just wondering around coming up with whatever statements the last person to ride speech would say, and I think that she does have instincts instincts, that were very, very well, translated by Nick, Timothy hill, they'd worked with them. I mean, I knew anybody who works closely when people can know there are people you trust us judgment. You trust who are able to take the best of what you're trying to say and make it sound good. And similarly, people who vice you'll take. No. If you lose these people than is very difficult to carry on. And she was such a creature of these two. There was just triumvirate. And she was never able to reassemble that triumph for it. So you've got Roby Gaber chief communications officer go Gavin bar. Well, her chief of staff venue, only Robbins Briggs negotiator. She does of a habit being very reliant on the advice of three people, but they weren't ones with which he worked as well. I mean, take the burning injustices agenda. I've got suspicion that she was wasn't opposed to it, but that was only Timothy's and when he left so did that gender. So that was a major flaw, and Katy period era. Former communications officer used to have that burning injustices speech, literally posted on the door of her office because this inspired her. What she thought the me premiership ought to have been about Reza me has one of these or whatever quite itchy. Be leaves us, by the way with quite a few soundbites, one of them, of course, is the sins of the world systems of nowhere. That will be happy to be the. Famous and notorious one another one will be Briggs. It means brings it. So I think there was actually more wisdom in that than people said at the time the one that sticks mind right now is this, if you don't believe in Briggs, it, you won't be able to deliver Brexit. I think it was fundamentally her problem. But I would add to it saying, if you don't really believe in the burning injustices agenda, you're never really going to be able to now when it comes to trees maze, belief in Brexit. She did struggle, then probably one of her more difficult entities when she has us has she been vote, if there was an e referendum tomorrow, and here is her aunt, sir. If there was a Brexit vote now, would you vote Brexit, because you voted remain in the referendum? Have you changed her mind? Well, I, I don't answer pathetically questions. But what I well, I voted remain. I voted remained for good reasons, the at the time, but circumstances move on. I think the important thing now is that? I think we should all be focused onto littering Brexit, delivering the best to you what you want us to say, how would I vote in a vote now against a different background national background different economic? Now, James says she refused to really say, do you think that was approved him there in the sense that she could never be work at what the answer was a question like that. She just didn't really believe that she would change vote want resilience problems. Is she? How old for someone who was prime minister an old lack of intellectual self confidence. She was uncomfortable. Responding spontaneously to a question now, I personally not into a failure of staff work because in Delhi being very excitable. Jeremy hunt told
Weekend Edition Saturday
China's Xi touts more than $64 billion in Belt and Road deals
"A summit this week on a signature Chinese foreign project was a big success. According to China's president Xi Jinping the multibillion dollar belt and road initiative. A two day forum some more than sixty four billion dollars worth of deals signed in China's global infrastructure program, the US is not pleased. Well, the BBC's Michael Bristow reports G is urging more countries to join in nearly forty leaders in Beijing. Summit to discuss the scheme to build ports roads and railways that will connect China to the rest of the world, many of the richest nations of being reluctant to endorse it speak in. Beijing. Britain's Chancellor of the exchequer Philip Hammond said the Belton road program showed truly epi Cam Bishen, but Britain is just one country expressed concern of issues such as debt transparency and the effects on the environment. United States goes further it thinks Belton roadies mainly about spreading Chinese power and
Fox News Sunday
Bloomberg, Mick Mulvaney And UK discussed on Fox News Sunday
"Headquarters acting White House chief of staff, Mick Mulvaney, warns that another partial government shutdown is possible. That's if President Donald Trump and congressional leaders can't come to an agreement that includes funding for a US, Mexico border wall Mulvaney was interviewed today on Fox News Sunday in the UK, Prime Minister, Theresa may faces votes in parliament this week on amendments to her Brexit withdrawal agreement. The government is opposing moves by rank and file politicians to force a delay in the March exit date rather than crash out of the European Union without an agreement Philip Hammond, UK chancellor of the exchequer spoke to Bloomberg at the economic forum in Davos, what would be a betrayal of the British people. If we either didn't deliver Brexit for them, or we delivered Brexit in a way that undermined their prosperity in an I believe in no deal Brexit would undermine Britain's prosperity. And that is not what people voted for votes on amendments in the UK. K R planned for Tuesday. Then as scrapped its decision to sever diplomatic ties with the US each country agreed to keep so-called interest section opened in their respective Capitols, operate like embassies. The countries have thirty days to set those up coming up this week. We get earnings from closely watched apple Bloomberg's Deborah Maui. Reports apple shares plunged earlier this month after lowering its revenue outlook for the first time. In twenty years. The focus on Tuesday will be on how the company plans to cut back its dependence on the iphone and grow at services business. A whole lot of other companies are set to report earnings as well, including Lockheed. Martin Honeywell Qualcomm, Facebook, Microsoft, and tesla meantime, there's an FOMC meeting, and we also get the January jobs report. Global news twenty four hours a day on air and it took on Twitter powered by more than twenty seven hundred journalists and analysts in more than one hundred twenty countries. I'm Susanna Palmer this. This is Bloomberg. Winning
Today
EU tariffs on US goods come into force
"Kicks in but a deal is yet to be signed with nine months to go bosses frustrated with the lack of progress and says a failure to agree transition period could be catastrophic for the company the aircraft makers parts crossed the channel multiple times airbus estimated could take a financial hit of one billion euros a week if there's no deal the company which is party owned by several european governments says airbus would then have to reconsider its investments in the uk tom williams is the company's chief operating officer become increasingly was lack of quality we had already beginning to press the button on crisis actions and clearly the challenge a went off decision that be a series of significant decisions that will accumulate as we go over the next couple of months six thousand people work at the factory at broughton in north wales the welsh government is said the company's comments are extremely worrying but the u k government says given the progress it's continuing to make in the brexit negotiations it doesn't take expect what it calls a no deal scenario to arise the chancellor philip hammond has insisted that his department is not the enemy of brexit in his annual mansion house speech in the city of london last night mr hammond said he was focused on boosting prosperity by promoting ties with the european union after britain leaves his comments challenge a recent claim by the foreign secretary boris johnson that the treasury was basically the heart of remain our economics editor kamal ahmed listened to the chancellor's speech it was not a particularly coded message sent those including the foreign secretary boris johnson who claim the treasury is at the heart of remain philip hammond said he was simply trying to construct the best deal for britain by securing an enduring partnership with the european union which was britain's most important trading partner that does not make the treasury on my watch the enemy of brexit rather it makes it the champion of prosperity for the british people outside the u but working and trading closely with it mr hammond said it was vital that britain's significant financial services sector was given fair access to the rest of the eu and argued that it was in both sides interest to come to an agreement on both a final deal and they transition period to avoid any disruption to billions of pounds worth of trade the s and p has said that relations between the british and scottish governments at their lowest point since steve aleutian began this morning scotland's first minister nncholas sturgeon will hold talks with the cabinet office minister david livingston her first since she accused westminster ripping up the conventions underpinning delusion the uk set press ahead with the eu withdraw bill despite its rejection by the scottish parliament arrange of american products will be subject to new import duties from this morning across the european union the action has been taken in response to the us trade tariffs on steel in aluminium the president of the european commission jeanclaude yonker has said the eu will do whatever is necessary to safeguard its trade interests his europe correspondent kevin connolly it would be hard to find anyone in the e u who shares donald trump's view the trade between europe and the united states is so unfairly balanced that the europeans are ripping off their american partners that'd be still less support his view the trade wars can be good and easy to win donald trump's tariffs on european steel and aluminium will not be onto the twenty five percent levy on a catholic selected ranger quintessential american products from motorcycles in jeans to orange juice and bourbon prices for consumers should go up very quickly and went come down again until the transatlantic trade deal can be agreed the grip of mp's has concluded that the probation system is a mess and that reforms in england and wales in recent years have worked for years ago the system was partly privatized and monitoring was extended to prisoners who had served short jail terms the justice select committee found that staff morale was an all time low and that support for prisoners leaving jail was wholly inadequate speaking on this program the chief inspector of probation dame glenys stacey said that some private organizations had struggled to provide the necessary support many of them have actually been very ambitious to to do things about to.
Bloomberg Daybreak: Europe
Saudi Arabia may raise official oil prices in July
"Interest payments mario santaniello is the head of eurozone finance ministers this was a group to remember after eight long ears greece will finally be graduating from its financial assistance today these titians confirmed greece as implemented all the eighty eight prior actions hander the fourth and final review these shows greece as successfully completed its espn program so that was the euro group head mario centennial speaking in luxembourg still though we need to note that the imf hasn't sign up to this bailout agreement and says that even though things look better after this deal the longer term there are still some questions there about the debt sustainability yeah christine lagarde saying the medium long term they still have their reservations let's talk about global trade then in the united states some white house officials are trying to restart talks with china to avoid a trade war before tariffs on chinese products take effect on july the six bloomberg has learned that staff on the national economic council have contacted former us government officials and china experts in recent days to gauge chances for high level talks in the next two weeks eight sets them up for a battle with others in the trump administration who favor a harder line opec and its allies have reached a preliminary agreement in the face of strong opposition from iran the cartel and partners want to boost production by theoretical one million barrels a day or the actually increase would be smaller several countries are unable to raise output in the night of drama the joint ministerial monitoring committee reached an agreement despite the iranian oil minister walking out to the meeting his saudi arabia's energy minister called it out folly majority recommend place today which is good point that is a nominal figure meaning wants us to distributed what actually deliver to the market is known to be a smaller number so that was the saudi arabian energy minister khalid al farley despite this deal we all seeing all prices head higher by one point one percent if i look at wti sixty six dollars and twenty five cents so perhaps the market not convinced regarding this deal yes indeed so the interesting to see the oil price go higher let's going on in the united kingdom in the uk chancellor philip hammond says he is no enemy of brexit speaking at.
Today
Imperial College London, London and Iran discussed on Today
"Four with justin webb and michelle hussein it's twenty nine minutes to eight charles carroll has a summary of the news president trump has said he's still determined to protect america's borders despite his decision to reverse the controversial practice of separating migrant children from their parents his new executive order signed last night calls for families to be kept together while their legal cases are considered the chancellor will say that taxes will have to rise in order to fund a planned increase in health spending philip hammond will tell the city tonight that the twenty billion pound annual cost will be met by tax payers in a fair and balanced way in last year's conservative election manifesto the party said it had a firm intention to reduce taxes on businesses and working families the education secretary damien hines has backed calls for universities to tackle grade inflation the think tank reform which argues for better value from public services found that more than a quarter of students now graduate with a first last year at the university of surrey it was more than forty percent the who secretary says he's concerned he hasn't seen enough detail of how british citizens living in other eu countries will be treated after brexit sanjay javid says member states have failed to match the uk's progress on the issue dixons carphone has reported a twenty eight percent slump in its annual pretax profits it said it's margins had been hit by challenges in the uk mobile market and my contractual constraints nato's secretary general is appealing to members not to let recent disagreements with united states prevent them from working together disputes over defense spending trade the iran nuclear deal and climate change of all increased tensions speaking in london today and stoltenberg will stress the importance of the transatlantic bond and the social media site instagram is to take on youtube by allowing users to post videos up to an hour long instagram is looking to gain a share of the global marketing video advertising estimated to be worth more than thirteen billion pounds a year thank you very much it is twenty seven minutes to eight twitter the lessons of gosport the front pages of the papers this morning a full of horror at the confirmation in the report published yesterday of the hundreds of people whose lives were shortened a gospel war memorial hospital there calls for prosecution the real questions about what is happening now today in other hospitals around the country professor suburban gentleman is emeritus professor at imperial college london he's cofounder of the dr foster unit that which delves into hospital statistics to monitor and h has performance and his here in the studio.