35 Burst results for "Rishi Sunak"
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"It's just coming up to 7 22 in the city. I'm Stephen Carol. Let's get a check on the markets for you. The sell off continuing an Asia today after the big slump that we saw on Wall Street yesterday, some $47 billion wiped off the value of U.S. banks at the close on Wall Street. Yesterday today in Asia, the MSCI Pacific index down by 2% and a fairly broad based sell off across Asian shares as well, the hang seng is now down by 2.9%, looking ahead towards the start of European trading U.S. stocks 50 futures are 1.8% lower. The U.S. stock Euros drops bank futures down by nearly three and a half percent at the moment looking ahead towards how, of course we'll see the knock on effects of that SVB story. They're playing out in the European trading hours as well. 4100 futures are also down with one and a half percent on Wall Street, future cylinder ad there, too, S&P I mean he's down by 6 tenths of 1% after closing down by 1.9% yesterday. In fact, we had the banking index on the S&P down by 7.7% of fourth day Dan its worst day since June of 2020. On the bond markets we are seeing yields falling though, the flip side of course without trade is the flight to safety from investors. Excuse me, they ten year treasury yield is 8 basis points lower at 3.82% to two year yield is 7 basis points lower at 4.79. We're seeing a similar drop in heels across the European space as bond trading begins. That's your Bloomberg radio business flash. Right, let's get to one of our top stories. We should soon act we'll meet the French president Emmanuel Macron in Paris later today as the two leaders try to turn a page on years of acrimonious relations, their meeting in Paris is the first, state visit in 5 years, our UK correspondent Lizzie Bergen joined us as now live from Paris. Lizzie, I'm envious of your day in Paris. What does the summit mean symbolically? Well, I can tell you Carolina, it's raining, so maybe you don't need to be, but it's all about the X banker bromance here in Paris, the meeting of the skinny blue suit. As you say, we've had 7 years of bitter post Brexit relations, especially when Boris Johnson was prime minister. You'll remember he and Emmanuel Macron were barely even on speaking terms. And there's trust said she didn't know whether McConnell was friend or foe. But it's a different story with Rishi sunak. He of course has laid the groundwork for a better relationship with the wind of framework. The deal on Northern Ireland. And today he's going to be meeting at about 10 a.m. UK time for a bilateral. The two of them will then meet business leaders from both countries to press conference around 2 p.m.. We're also expecting students to confirm on this visit that the UK is going to host the next meeting of the European political community, which of course is one of my top foreign policy priorities. And as we know, King Charles is coming here later this month. So this is a moment that both sides want to present as a watershed moment in Franco British relations. Lizzie, I think we can expect a lot of symbolism and handshakes with one hand on a shoulder and one hand on an arm happening between Rishi sunak and Emmanuel Macron later, but in terms of substance, what are the leaders looking for in terms of policy to come out of this? Yes, tiptoes perhaps. But much of today is going to be about coming together on defense. We know that Russia is watching closely, both sides need to present a united front on Ukraine, but also from felt betrayed by the orchestra defense deal between the U.S. Australia and the UK. It undermined the Franco Australian deal on submarines. The other thing that is going to want to take home from this is a win on small boots. The flow of migrants crossing the English tunnel. But it's a difficult issue to solve neither side going to want that to undermine the talks on Ukraine. What Macron wants a boots on the ground. Funding for policing on the beaches of northern France seem like is expected to agree to that because it will cost him less than putting asylum seekers up in hotels in the UK, but what we don't expect to agree to is to take back asylum seekers who reach Britain because he's just going to say that's a matter for Brussels. Okay. So then in terms of the small boats issue, that could be quite significant, certainly there's a lot of focus on that here in the UK. Yeah, in terms of the timing, it's interesting shall we say, because as you know, this week, the UK government introduced this controversial legislation to deport almost all adult migrants to reach the UK illegally regardless of their asylum status. Now, this has happened right before the visit. But you raise your groups from the top of ramen how to interesting analysis. He says it's not about putting pressure on Macron to do more rather. It's a distract from the fact that student is highly unlikely to have much to bring home in terms of a big solution on small boats, more likely to just be something that builds on what is already there. Okay, Lizzie Burton in Paris, more from you later. Thank you very much for that. Next to a new Bloomberg survey of economists showing they expect the European Central Bank to hike rates four more times in their battle to contain inflation. The survey seeing three quarter point increases after next week's expected 50 basis points move. Let's speak to Zoe Shea. Schneider vice now for a more who leads our team of reporting on the economy in Western Europe, Zoe good morning to you. Economists then expecting many more hikes, but falling short of what markets are pricing. Yes, that's quite right. So next week's 50 basis point hike is all about price. It is all but assured after that now markets are expecting the rate to go all the way up to 4%. The Economist survey that we conducted in that we published this morning only because we're going to three 75. So that's 25 basis points difference. The main thing here is the main decision. Markets expect another 50 basis points in May and then followed by two 25 moves whereas economists still think 25 and May as possible. Okay. What are the expectations around inflation then? Going forward is, of course, because we get the CPI data whilst the fair is in the quiet period. So under ECB now, they are they should be the currently is a discussion whether or not focus on core inflation or on headline inflation. The coin station obviously strips out the more volatile elements. And there's a bit and what overall is expected is for headline inflation to slow quite quickly. The energy base effect is dropping out. But at the same time, core inflation will stay quite strong and actually next week that ECB is set to publish new forecasts. And those are likely economists in the survey of say that's quite likely to show that yes, headline inflation is for is slowing and core inflation is accelerating. The debate here is the doves are saying our mandate is headline inflation and the hawks who at the moment are in the driving seat of saying, but look how entrenched core is and the worry is here that inflation will stay long for a long time. They will stay high for a long time in the Euro area and that then means that people will ask for higher wages and then we've got this wage price threat of a wage price spiral. So if what about what did the poll tell us about the thoughts on quantitative tightening and why the ECB will go with that? So on the ECB starting car has started confidence tightening this month. And that is right now. 15 billion a month. The economy there and the ECB already said they're going to review that for July. Now a poll thinks that it will in July jump by another 5 billion a month then another jump in October and then finally get to get to 30. So double what it's now, the 30 would be by the beginning of next year. So we're seeing these big steps and the roll off really right now is very slow. So I expect that to change and
AP News Radio
Sunak says U.K. has reached deal with EU on Northern Ireland trade
"British prime minister Rishi sunak is in Belfast to sell his landmark agreement with the EU to its toughest audience. That is unionist politicians who fear post Brexit trade rules and weakening Northern Ireland's place in the UK a deal was struck on Monday to resolve a dispute over the Northern Ireland trade that has vexed relations since the UK left the EU in 2020. The agreement will ease customers checks and other hurdles for goods moving to Northern Ireland from the rest of Britain, but Northern Ireland's British unionist politicians have yet to give it their blessing. Their support is key to restoring Northern Ireland's semi autonomous government, which is in limbo amid the trade feud
AP News Radio
Sunak says U.K. has reached deal with EU on Northern Ireland trade
"The British government says it's reached a deal with the European Union to resolve their long running trade dispute over Northern Ireland. Prime minister Rishi sunak says he and European Commission president Ursula von der leyen would hold a news conference on Monday. The government had previously said it would only happen if a deal was struck government officials have told the BBC and Sky News that the deal has indeed been done. The agreement marks a breakthrough in a spat that soured post Brexit relations between Britain and the EU and sparked a political crisis in Northern Ireland, but now sunak awaits the judgment of Northern Ireland's democratic unionist party or DUP, which is boycotting the region's power sharing government until the trade arrangements are substantially changed. I'm Charles De
Monocle 24: The Briefing
"rishi sunak" Discussed on Monocle 24: The Briefing
"Laura. Hello, I've got an exclusive interview with an international star and also gossip on the entertainer that's had so much plastic surgery, his fans don't recognize him. He's a funny color as well. That's all coming up right here on the briefing with me M and elson. Let's begin with a story which is moving as we speak. The prime minister Rishi sunak is in Northern Ireland, amid speculation that a deal on the Northern Ireland protocol could be struck as soon as next week and the signs are hopeful to find out what we know so far and what could happen. I am joined by the Financial Times political editor George Parker. Welcome back, George. Hello. So this is moving today. It's moving in the right direction, isn't it? But before we look at the progress, could you just briefly, if possible recap the problem that we're facing here? Well, the problem is that Brexit through a conundrum, which was Northern Ireland, the Northern Ireland question. It was the question about how you kept open the border between Northern Ireland and the republic. Which obviously is to try to keep open because the problems that caused the troubles which lasted for 25 years in Northern Ireland. So having an open border on the unveiling was crucial. However, Brexit created the problem of having a trade border between the UK and the EU. And to keep open the land border in Ireland, it was agreed by Boris Johnson in his 2019 Brexit deal that instead there will be checks on goods coming across the Irish sea from Great Britain into Northern Ireland, which of course is part of the UK. And that is a huge problem if you're a Northern Ireland unionist because you see it as putting barriers up within your own country. And that essentially has been the conundrum that people have been trying to address for the last three years. And it has also cost people dear when it comes to business. Yeah, because what it means is that if you're a UK company shipping things across the Irish sea, you've faced delays, you face additional bureaucracy and having to put some new labels on, custom declarations to send things into another part of the UK internal market. So that's the problem that people have been trying to fix. I should say also, by the way, that the Northern Ireland protocol, the thing we're talking about does put Northern Ireland in an enviable position because it's the only place in Europe, which has one foot in the UK market and another foot in the European single market. So it's a great place for investment, but if you're a unionist who believes in the sanctity of the United Kingdom, then you don't like the idea of having a border in the Irish sea. So reducing those checks on trade between the British mainland and Northern Ireland is what everyone has been trying to resolve over the last three years.
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"The taxpayer close to one pound in every 6 pounds, and that's to cover losses of this key scheme we saw launch by the then Chancellor Rishi sunak, the newspaper highlights data which shows the government has paid lenders around 4.1 billion pounds, and this is all under the bounce back alone pandemic scheme, but according to the times, out of the sun, 640 million pounds worth of facilities were marked as suspected fraud. Now, under the scheme, businesses could borrow up to 25% of an annual turnover of 50,000 pounds, and this is so we didn't see businesses collapse during the closure during the pandemic and these loans were underwritten by the government, but normal credit checks were actually sacrificed at this time to get the money out as quickly as possible. The times also reports among the large users of this bounce back loan scheme was starling bank. So there we are just on the fraudulent loan scheme. Yeah, interesting stuff. Not fortunate loan scheme, the bounce back loan scheme. Yeah, the questions are fraud over the handing out of those loans of whether some of the claims that were made for them were not entirely legitimate, of course, that investigation of that still very much ongoing. Leanne, let's turn to an article in The Wall Street Journal, then it's an opinion piece. I tried Microsoft's new AI powered Bing search will never be the same. Yes, indeed, and this is an opinion piece by the columnist Joanna stone at stern, and she's been testing up Microsoft's new version of Bing, but it's all different because it's powered by artificial intelligence. I was just trying to think about the last time I used Bing and going to have to go back on it. And stern makes the point that Bing has often been a punchline for a good tech joke, but she says now this is about to change as the AI version is smart. It's really smart, she says, she says you can ask it questions even about recent news events and it will respond in sentences that seem to have been written by human. And guess what? They even have emojis. There's probably more than I can muster up. But she does say it's too early to call a winner in the AI search race. We do know that Google is also massively ahead in this and making leaps and bounds when it comes to what we can ask. Okay, I guess thank you so much for that look at the newspapers. Right, let's turn our attention though away from those stories and to Jerome Powell. The exclusive conversation that he had with Bloomberg's David Rubenstein, the fed chief, used the interview to push the message at the fed may have to hike higher than what markets are priced in now. Our market supporter valley title is with us in studio. So how's power convinced markets that rates may need to go higher? Stay there for longer. Well, look, that comment was very much tied to if the labor market date I still comes in strong, right? So it's again showing us that the fed like many other central banks, the moment or claiming their data dependent. And if the labor market comes in strong, if inflation comes in stronger than expected, then yes, they were going to have to adjust their guidance and maybe they have to revise those dots that they gave us in December, a teeny bit higher. But the market is currently pricing in a peak rate very similar to what the fed told us back in December so it seems like the dislocation between the fed and the markets is a bit calmer at the moment. Okay, but having said that, we saw the two year yield finish around where it started yesterday, so there wasn't a huge movement there, the ten year yields up slightly. Is that really what Jerome Powell was hoping for out of this? Well, maybe. You can almost say that he was hoping when he first penciled in this Q&A after the press conference that he did want to reverse a little bit of what the market thought of his press conference last week. You know, the market thought it was very dovish, but then we got that on fire payroll report on Friday. And yields went higher, equities didn't like it. So maybe he toned down his language because the data did the speaking for him, but he again telling us that it's going to be a long and bumpy road back to 2% inflation noting again that it's unlikely it's just going to be this year. It's going to extend into next year our fight against inflation and it will be bumpy. So he's almost preparing us for some surprising data to come forward and then still having the same tone. But yeah, okay, so the next data points to watch then. February 14th, we got the CPI print. He has noted a specific component in that report called core services X housing. That is a component that will be driven stickier if the labor market stays tight. So have your eyes on that component at next week. It's February 14th. Okay, Valerie Taylor market supporter, thank you very much for joining us with more detail on that conversation with Bloomberg's David Rubenstein and the fed chair Jerome Powell. Now let's get a global news briefing. He's been basically angering this morning now. Caroline good morning to you. The Pentagon says China has refused to call from the U.S. to discuss a suspected spy balloon which was shot down over the weekend, a Defense Department spokesman says talks with China's defense minister were being sought the U.S. as the balloon was carrying out surveillance while China maintains it was a weather monitoring device that did blow off cause. Now, Germany, Denmark and the Netherlands will supply Ukraine with as many as 178 older generation leopard one tanks. The package is also understood to include training spare parts and ammunition. The U.S.
AP News Radio
Prime Minister Rishi Sunak Fires Nadhim Zahawi, U.K. Conservative Party Chairman
"British prime minister Rishi sunak fired the chairman of the governing Conservative Party on Sunday for a serious breach of ethics rules in failing to come clean about a tax dispute, sunak had faced days of pressure to sack nadeem zahawi amid allegations he settled a multi-million dollar unpaid tax bill while he was in charge of the country's treasury. The prime minister acted after a standards probe found had breached the ministerial code of conduct. In a letter to zahawi, said he had been forced to act to keep his promise that his government would have integrity, professionalism, and accountability at every level. So
AP News Radio
UK to supply tanks to Ukraine as Russian missiles hit Kyiv
"Britain's prime minister has promised to provide tanks and artillery systems to Ukraine, prime minister Rishi sunak made the pledge amid renewed missile attacks from Moscow targeting the Ukrainian capital and other cities in the near yearlong war, danning streets had seen access assurance came after he spoke to Ukrainian president Vladimir zelensky, British media have reported that for British Army challenger two main battle tanks will be sent to Eastern Europe immediately with 8 more to follow shortly after. Zelensky tweeted his thanks to sunac, saying the decisions will not only strengthen Ukraine on the battlefield, but also send the right signal to other partners. Karen Chammas London
AP News Radio
Strikes over pay disrupt Christmas travel in UK, France
"Strikes over pay in France and the UK are disrupting Christmas travel in both countries, air travelers are facing possible delays at UK airports as government workers who check passports have gone on strike until the end of the year, with the exception of one day, it's the latest spate of walkouts over pay amid a cost of living crisis that is putting mounting pressure on prime minister Rishi sunak's government. The government is refusing demands from public sector workers for substantial pay rises. UK prime minister Rishi sunak. The government has acted fairly and reasonably in accepting all the recommendations of the public sector pay review bodies. That's an independent process that government has listened to. France is pricing for similar travel disruption with a weekend rail strike on the horizon, authorities are expecting a 40% reduction in rail services over the Christmas weekend. I'm Karen Chammas
AP News Radio
UK's Rishi Sunak says 'golden era' with China over
"Britain's prime minister says his country's relations with China have declined. I Norman hall. In his first major speech on foreign policy, British prime minister Rishi sunak says the UK's golden era ties with China is over soon as China's growing authoritarianism is a systemic challenge to Britain's values and interest, but sunac stops short of calling China a threat to supporting China hawks and his Conservative Party. In his speech to the annual lord mayor's banquet in London, sunak said the UK would stand up to global competitors like China by boosting its ties with like minded global allies, including the U.S., Canada, Australia, and Japan. I Norman hall
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"Vote on the capital raise, the leds largely expected to pass. But going forward, we're going to have to see exactly what prices they're selling their assets because if they're going to book more losses on asset sales, that's going to further impede their impact to turn around. Their ability to turn around actually. And then definitely continue to see what this trend in wealth management is, because if customer assets continue to flow out in the coming quarters in 2023, that will severely impair their ability to really turn around and actually post a profit by 2024. Okay, Marianne, thank you so much for being with us. Yes, the pressures on credit suite are Bloomberg reporter Marian half to my joining us then. Live from Zürich ahead of that extraordinary general meeting of Credit Suisse, shareholders later to date. So that's a really interesting and important story for the corporate space. Something here at home, though. You have to read it on the terminal today. And I'm sure it will be on Bloomberg dot co dot UK, the website, which is the latest piece from Harry Wilson. And if you know anything about Bloomberg, you know how interesting Harry's pieces are in terms of investigative reporting. He has tracked the investment newsletter of Nigel Farage. Remember Nigel Farage, of course, the face of Brexit he sort of returned because of this idea of a closer relationship between the Rishi sunak government and Europe over the weekend there was just a reporting on that, so kind of Nigel Farage had little moment back kind of in the news. Well, Wilson is tracked Farage's newsletter, which is called fortune and freedom, and found that if you basically invested in notional hundred grand in it over almost two years, which is done, you'd be 25,000 pounds, richer if you'd simply put the money in an index tracker. He does a whole lot more in terms of the research, but it's really, really interesting. He's the insights Bloomberg has done the number crunching. Yes, like an absolutely fascinating analysis of what Nigel Farage is calling for investment in, of course, Frazier was a commodity trader for a long time before he entered politics. It does have a background in just a background at least in that area. But for us his favorite trade champagne gold, other precious metals, but look, it's a great read, and definitely we're looking up. I've just had a check that it is on up on blue book dot co dot UK. There we go. So it's well recommended, yes, I think it's very interesting. Farage basically focus a lot on UK investments too that that has been one of the key downsides of this, but yeah, I love that piece from bluebirds. Finance reporter, Harry Wilson, coming up next, though, obviously a big day break, we're going to have a look at the markets with Valentin a news from amundi. This is Bloomberg.
AP News Radio
British Prime Minister Rishi Sunak makes surprise visit to Kyiv
"Britain's prime minister has made a surprise visit on Ukraine's capital Kyiv for talks with Ukraine's president Arriving at Ukraine's presidential palace as snowflakes fell from above UK prime minister Rishi sunak shook hands with Ukrainian president volodymyr zelensky as they joked about the weather in his first visit to Kyiv as prime minister sinak promised to send Ukraine more air defense technology including well over a hundred anti aircraft guns The $16 million air defense package comes as Russia has been pounding Ukraine's energy infrastructure the barrage on key targets including the power grid has caused widespread blackouts for millions of Ukrainians amid freezing weather Sunac praised Ukraine's strength in the face of Russian aggression The courage of the Ukrainian people is an inspiration to
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"That the UK is out of the European Union, what's the vision for financial and related professional services, something richy sunac, set out quite compellingly in his mansion house speech last year, how will that be built on? And what are we going to see as we move forward also in terms of potential new deals with other markets? Okay, so that's miles salak from the city UK. That's one form of perhaps pressure that the government will be feeling. It hasn't been a very easy start to Rishi sunak's premiership either. And this could potentially be an important moment politically as well. Talk to us about the politics, could this be a reset moment, perhaps for the new government? I'm sure Rishi sunak would hope to draw a line between himself and Liz truss given that he spent the whole summer warning what would happen if tax cuts were launched too soon without dealing with the immediate problem of inflation. He too is going to need to boost growth in the medium to long term if he wants to be reelected in 2024, but he needs to do that without adding to inflation. In fact, the Chancellor Jeremy hunt has said that he wants to help bring down inflation so that the Bank of England can raise rates as little as possible to minimize the recession the UK faces. Now, hunt and soon act are being accused of managing Britain's decline being too pessimistic about UK growth. And you could say that the Bank of England's messaging has been too excessively gloomy. The banks forecast this long recession if rates follow market expectations, but that nuance was seemingly lost on most of the national newspapers, so you have to ask whether the man in the street is going to be too gloomy as a result of the messaging outside the Bank of England. Likewise, with the treasury, economists are asking whether the treasury is going to raise taxes and cut spending too much in order to leave itself headroom in case growth underwhelms so that it has enough left in the kitty for pre election giveaways and the question really is is the treasury creating unnecessary pain. One of the many, many questions we'll be hoping to get answers to on Thursday when the Chancellor Jeremy hunt takes to his feet to deliver it the
The Bad Crypto Podcast
UK PM Rishi Sunak Is Pushing Heavily for CBDCs
"News that you can use. We did mention that the UK prime minister Rishi sunak is pushing heavily for CBDCs. I watched the video. I don't think it's in this article here, but there is a video of him and it just, it makes me want to retch because they are selling CBDCs as though they are going to be such a blessing for the people and it's going to just lead to all kinds of ways that we can use our funds and make everything more secure and the bottom line is. It's a trap folks. It's all a trap. Central Bank digital currencies will be used in the hands of nefarious people which many of our leaders already are to track everything you do. And if you want to question if this reality is something that could be a reality here, look up the Chinese social credit score system. They implemented this a few years ago where they are tracking everything people buy and sell. They're tracking what they post on social media. Who they are in contact with. And if they decide that you said something, they don't like or you are somehow in relationship with people that might be undesirables, they lower your social credit score just like that Black Mirror episode nosedive. If you haven't seen it, go watch it.
AP News Radio
Hunger stike: activist's life in danger
"The head of the UN human rights office is calling for the immediate release of a prominent jailed activist whose leading a hunger and water strike in Egypt Volker took the UN high commissioner for human rights says that the activist a la Abdel Fattah is in great danger his dry hunger strike puts his life at acute risk The rights office is calling for all activists and others affected by climate change to have a seat at the table at the UN climate conference in shamal Sheik Meanwhile Abdel Fattah's family has become increasingly concerned about his health His mother lela swift once world leaders including British prime minister Rishi sunak to pressure the Egyptian government to release her son I'm Charles De Ledesma
AP News Radio
British PM to go to COP
"British prime minister Rishi sunak has reversed an earlier decision not to attend the UN climate summit in Egypt Cenac's office had previously said he was going to skip the talks which start on Sunday because of pressing domestic commitments including the closely watched government budget statement expected to be announced on November 17 but sunak has now tweeted he would be attending the two week gathering because he says there's no long-term prosperity without action on climate change Soon acts earlier decision to miss the talks has been criticized by many including his climate adviser Al Sharma Britain currently holds the presidency of the conference of the parties and hosted the climate summit in Glasgow last year Charles De Ledesma London
AP News Radio
UK leader Sunak faces opposition in Parliament for 1st time
"Britain's new prime minister Rishi sunak is holding a meeting of his new cabinet before facing the opposition in parliament for the first time as leader Soon axe appointed a government mixing allies with experienced ministers from the previous governments as he tries to tackle Britain's multiple economic problems office says the lineup in his team aims to ensure that at this uncertain time this continuity at the heart of government but during the regular House of common session known as prime minister's questions opposition politicians are likely to focus on the baggage the new ministers carry from the governments of Boris Johnson and Charles
America First with Sebastian Gorka Podcast
Steve Hilton: It's Not Enough to Have the Right Ideas in Politics
"That was clear from what happened with Liz truss is that in politics and in government, it's not enough to have the right ideas. You've also got to have proper preparation professional implementation and good communication to sell your. And with Liz trusts, she had the first part, I completely agreed with the idea that she set out, which very clearly in her leadership campaign, the equivalent of the primary for the leadership of the Conservative Party, where she said, look, we've had too many years of stagnant growth, a low growth, low productivity economy. We've got to get growth going, got to cut taxes, cut regulation, we're out of the EU, we got Brexit done. That's great. But now we've got to make the most of it. We've got to make the most of the freedoms that we have. Now that we've left the EU. And that was completely correct. Couldn't agree more. But then the way she announced it and implemented it just suddenly taking everyone by surprise, the actual substance of what she announced. In fact, wasn't that much of a surprise. If you look in the details of the announcement, the biggest new thing that she announced, which was a cut to the higher rate of tax, not a huge amount when you look at the overall impact of her mini budget. But it took the markets by surprise they weren't expecting it to colleagues in the government weren't expecting it. And it all unraveled incredibly quickly and I'm afraid she paid the price for just poor a poor rollout, which seems unfair and it seems crazy, but they are. Now the problem is, will the new prime minister Rishi sunak go in the same direction of a pro growth economy? He was the one that was pushing one of the worst single measures that she actually decided to reverse, which was an increase in business taxes, which to me seems completely insane.
AP News Radio
Rishi Sunak becomes UK prime minister, faces economic crisis
"Rishi sunak has swiftly become Britain's prime minister replacing Liz truss who was in charge for less than two months I've just been to Buckingham Palace and accepted his majesty the king's invitation to form a government in his name Sunac's next move is to appoint a new team tasked with tackling a wide range of challenges not just economic Right now our country is facing a profound economic crisis The aftermath of COVID still lingers Putin's war in Ukraine has destabilized energy markets and supply chains the world over Mimi Montgomery London
AP News Radio
Rishi Sunak to become U.K. prime minister
"Former treasury chief Rishi sunak will become Britain's prime minister at a meeting with King Charles the third Sunak who was elected the leader of the Conservative Party after the brief disastrous term of Lisp trus will visit Buckingham Palace where the king formally asks him to form a new government After that sunak's first task will be to appoint a cabinet that can tackle Britain's economic and political crises He will also prepare for a budget statement that will set out how the government plans to come up with billions of dollars to fill a fiscal whole created
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"War with the EU. The problem for Rishi sunak is as Lizzie was saying, he's constructed this broad range of support and he's already on notice from the European research group of MPs, that faction of around 80 to a hundred MPs were never quite sure how many how many votes they can really command that if he goes at all soft on the Northern Ireland protocol, they will, I think, Steve baker and Northern Ireland minister said yesterday, they would make his government implode. So I think he can improve the mood music with the EU. Liz truss actually did that during her brief tenure. That was one of possibly the achievements she can chalk up, not least, improve relations with president Macron. We know that that relationship with the EU then impacts the relationships with the U.S. because we know one of the things that's top are present Biden's agenda is protecting the good Friday agreement and coming to a sensible settlement on Northern Ireland. The hope is that Rishi sunak is a canny enough politician and the EU, perhaps with a bit of pressure from the U.S. is if you like flexible enough to come to some way through that actually does look at stability in Northern Ireland. Does recognize that you can't actually operate a full bat international trade border and still say that Northern Ireland feels like an integration part of the UK, which is one of the things that good Friday agreement is supposed to guarantee if that's what the people of Northern Ireland want. So I do think it's really interesting to see if the technical discussions that have been going on for the past month resumed under Liz truss and foreign secretary James cleverly, whether those can go on or whether Rishi sunak is always having to look over his shoulder. One thing we do know is that when he was in the Johnson government as Chancellor of exchequer, we do know that Rishi sunak was actually a bit worried about the prospect of blowing up relations with the EU because as he's acknowledged, acknowledged back in March, despite being a conviction brexiter, he actually voted leave unlike his predecessor, who was a convert, but he did say that the uncertainty during the aftermath of Brexit referendum those four years to 2016 to 2020 had dampened business investment in the UK because of uncertainty about the state of relations between the UK and the EU. This is very helpful. Thank you so much for your time that Jill rudder. She's senior research fellow of UK in a changing Europe. Coming up in president Xi of China unveiled his new
AP News Radio
Rishi Sunak: UK's ex-Treasury chief gets his shot at PM job
"Britain's ex treasury chief Rishi sunak gets his shot as prime minister Sunak ran for Britain's top job and lost Then he got a second chance He will be Britain's first leader of color the first Hindu to take the job and the youngest prime minister for more than 200 years Victory in the conservative leadership contest is also vindication for sunak who warned that former p.m. Liz truss tax cutting economic plans were reckless and would cause havoc Praised for overseeing billions in support to workers and businesses during the coronavirus pandemic he is promising to ease Britain's cost of living crisis
AP News Radio
Next UK prime minister: Sunak closes in after Johnson balks
"Former treasury chief Rishi sunak is the strong favorite to be Britain's next prime minister Sunak could well be offered the post after former lead up Boris Johnson dropped out of the Conservative Party leadership contest The government party is choosing a replacement for Liz truss who quit last week sunak is the only candidate with confirmed support for more than 100 lawmakers the number needed to run in the election House of Commons leader penny Morton has so far fewer expressions of support but is aiming to reach the threshold by the time nominations close later in the day Charles De Ledesma London
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"The next prime minister in the UK is later today? Could it be a coronation for Rishi sunak or will panny mordens reach the threshold of a hundred MPs needed to put her in a race and go to the conservative membership for a vote, which would give us a result by Friday. That's the big story here in the UK. Globally though, on the markets, we have seen a slump in Chinese shares as investors take fright over president Xi Jinping stacking his pilot bureau with loyalists the hang seng index down by 4.8% this morning the CSI 300 index of Chinese shares down by one point 7%, the broader embassy is also down by two tenths of 1% some gains in trading on the Nike in Tokyo, Euro stocks 50 features 9 tenths of 1% lower this morning, S&P E minis are four tenths, excuse me, 9 tenths, 1% higher I should say in the stocks 50 futures, S&P E minis are four tenths higher, the ten year treasury yields 7 basis points lower this morning four spot 15. We are keeping an eye on the pound as well going into the day of political excitement in the UK. It's four tenths of 1% stronger on cable trading at one 13, 44. Those are the markets. And now on to our top stories this morning, former Chancellor Rishi sunak is emerging as the clear favorite of conservative MPs to run the country. Boris Johnson, who is prime minister until September, pulled out of the race saying he had enough support to run, but that it wouldn't be the right thing to do. Conservative homes, Henry hill, is skeptical about that claim. What we've seen from the last couple of days is the Boris camp of continually been announcing that they've kind of hit that hundred figure and then they've re announced it and then they've reenacted it and then apparently they ended up at a 102, but he's decided not to go for it. I personally suspect that he felt short. Nominations to be the next leader of the Conservative Party and prime minister close at 2 p.m. today. The Chancellor Jeremy hunt is endorsing Rishi sunak to be the next prime minister just hours after Boris Johnson withdrew from the race Bloomberg's UN paths report. Jeremy halton says that Rishi suni will be able to restore stability and confidence as the next leader of the Conservative Party, writing in the telegraph, the Chancellor says that sunac will turn the page on what went wrong, take decisions in the national interests and rebuild the potential of our economy. House of Commons lead to penny morden is still reportedly remaining in the race even though she's some distance from the 100 public declarations of support she needs from MPs. She has until 2 p.m. today to get to that threshold. If she doesn't, sunac will be the winner without a wider vote. In London, I'm your own pot. When it comes to the economy, whoever wins the Conservative Party leadership contest will need to focus on damage control rather than chasing meaningful growth. Bloomberg economics estimates that the fallout from trusses mini budget will knock 1.5% off the UK's GDP, PMI surveys due out later this morning are expected to show a contraction in the services and manufacturing sectors. And late last Friday, the outlook for the UK's credit score was revised to negative by moody's, which cited increased unpredictability, unpredictability in policymaking. President Xi Jinping's stat China's most powerful body with its allies giving him unfettered control over the world's second largest economy, speaking to the party's major gathering on Sunday, she committed to reforming and opening up the economy. China's economy has great resilience, potential, and latitude. Its strong fundamentals will not change, and it will remain on a positive trajectory over the long run. China will open its doors ever wider, we will step fast over deepening reform and opening up across the board. But to spice those words, markets reacted negatively to the president's move to surround himself with allies. And then top corporate news, Credit Suisse's chief compliance officer Rafael Lopez Lorenzo is set to leave the firm. That's according to people familiar with the matter. He was appointed in September 2021 after the bank was rocked by scandals over greensill capital and archegos. Credit Suisse is set to announce a major overhaul in coming days, but sources say this departure isn't related to the strategic review. Okay, those are our top stories. Let's just bring you Britain breaking corporate news on the terminal this morning from Phillips, which is announced that it is to begin a restructuring effort with around €300 million of charges in the coming quarters that will include cutting the workforce by around 4000 globally. So that is the latest news out of Phillips this morning, which has been announcing its results as well. Its third quarter adjusted EBITDA, €209 million, the expectation had been for 210 and a half €1 million, so missing on the third quarter results as well without announcement of restructuring there by Phillips. Well, let's go to the big political story of the day. Two years ago, a relatively unknown minister was picked as the next Chancellor by Boris Johnson. Today, Rishi sunak is the FrontRunner to be the next prime minister in what could be an astonishing rise to power, so will today see a coronation of Rishi sunak or will penny Morton manage to reach the threshold of a hundred MPs by the 2 p.m. deadline. For more, let's bring in our managing editor for European economy and government Ben sells Ben good morning. Good morning. Ben, let's talk about this contest. It's still going. Does penny more than have a chance? She definitely has a chance that Kauai a lot of Boris Johnson supporters who are probably going to lean towards more than rather than jumping into bassoon out camp. Even though it does look like sunac is going to be in charge sooner or later. I think the question for sunak is how many of those Johnson supports us can he win over in the hours before the nominations close. If he can stop getting to a hundred obviously, then she's not in the race. And as you say, it will be a coronation pursuing this afternoon Can Rishi sunak if he does eventually become leader, can he unite the party now? That's a really tough ask. Our colleague Alex Wickham wrote a really good piece about this on Saturday. And he was essentially saying that after 12 years in power, the reasons for different Tory factions to hate each other have just piled up in piling up and so the Tory party is in a state of internal conflict and division, which is one of the senior officials who spoke to Alex said worse than anything the party has seen in 200 years. Added to that, one of the big bones of contention within the party is among those loyalist Johnson who still blame sunac for portraying him essentially in July. And so it's a real tough ask. Well, then let's
AP News Radio
Boris Johnson eyes comeback bid as UK Tories pick new leader
"British political analysts say Boris Johnson is eyeing a comeback bid as Britain's conservatives pick a new leader Former prime minister Boris Johnson is among several British lawmakers trying to scoop up support ahead of a short intense contest to become the country's next prime minister the Conservative Party is choosing a replacement for Liz trus who quit on Thursday after a turbulent 45 day term favorites include former treasury chief Rishi sunak and a House of Commons leader penny mordant the wildcard is Johnson who was forced to resign by the party just three months ago amid ethics scandals Meanwhile opposition leaders are calling for an early general election Charles De Ledesma London
WTOP
"rishi sunak" Discussed on WTOP
"Serving British prime minister in British history, announcing her resignation after only 44 days. And they're going to name a replacement by the end of the month. One who's on the short list at the top of it. And how fast can they be chosen? Well, yes, I mean, there aren't going to be national elections because Liz trust was, of course, a midterm replacement for Boris Johnson, who resigned in such disgrace, just last month. Among the names being rooted about are Rishi sunak, the former Chancellor who's sort of oversaw the economy during the pandemic and well, dare I say it, the times of London is reporting that one of the people seriously considering a candidacy is Boris Johnson himself. Wow. Well, this is just the latest political upheaval in Britain a lot has been going on since the Brexit beginning. Has the UK's standing declined in the wake of all of this turmoil for several years? Well, you know, I guess Mark, you're a better place to say that than I am sitting here in the UK but certainly that is the perception. I mean, the decision to leave the European Union and instantly cut off connections with its biggest trade partner. And this increasingly divided Conservative Party. It came in with a huge historic majority, but it is so driven by internal disputes over really emotive issues, you know, taxation, immigration, and whether Brexit was a good thing or not. That it's hard to see how they're going to find the unifying candidate who can credibly lead that party into the next elections which are meant to be two years away. CBS correspondent Vicky Barker
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"Here's Anna Edwards. And it could go to wisdom tree research director still with us. What does all this mean for the Bank of England then? Because when we've been following very closely, the battle between Rishi sunak and Lisp trust, the big question had been, well, whose policies were going to do the best for the UK economy, whose policies were not going to add to inflation, and what impact would those policies have on the BOE. So there is some concern against around this big spending fiscal stimulus that this does their need. We get further hikes, and maybe that's not a concern. Maybe that's exactly how it should be. Well, you've hit the nail on the head and that is a concern for us, and it is a concern for the markets. We basically had two parts to follow. And now that it is less trust, we know that inflation is going to be stoked higher one of the first things that she would need to be doing is trying to address rising energy bills that consumers are facing that are going to be very hard to pay out. So that is going to increase government spending. The second thing that she did propose very strongly was reducing taxes. That's only, again, not going to allow government spending to be lowered, and that is going to hit at the government deficit. So both of these factors are going to stoke inflation higher, which only warrants further tightening by the Bank of England. And inflation is still in double digits. It is heading higher based on the news that we've seen from Russia. The energy crisis is only getting exacerbated even further. 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. Markets, headlines, and breaking news 24 hours a day. At Bloomberg dot com, the Bloomberg business app and at Bloomberg quick tape. This is a Bloomberg business flash. And I'm Karen Moscow, S&P futures are lower down about 5 points now features down 54 NASDAQ futures up about 12. And the ten year treasury up 1130 seconds, you
AP News Radio
Britain to learn who will succeed Johnson as prime minister
"Britain's Conservative Party has chosen foreign secretary Liz truss as the party's new leader putting her in line to be confirmed as prime minister The party's new need at Liz truss vows fast action on key issues I will deliver a bold plan to cut taxes and grow our economy I will deliver on the energy crisis dealing with people's energy bills but also dealing with the long-term issues we have on energy supply Trust beat rival Rishi sunak the government's former treasury chief by promising to increase defense spending and cut taxes while refusing to
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"We get the UK GDP figures in just over an hour and the economy probably contracted in the second quarter. So let's get to our London headquarters and guarantee is there tracking the data. I mean, how bad will this be, will it be restricted to certain parts of the economy? Good morning lamb. Man is good morning to you, and as he just said there, we are expecting the UK economy to contract in the second quarter, all that data out and about an hour's time. And the contraction will be due to the decline of health output that we are seeing. Also, there's less retail sales and remember back in June, we celebrated that bank holiday for the platinum jubilee. Now that is likely to have really affected activity. And this was all according to a survey from Bloomberg economists, but we are likely to see a rebound in the third quarter, but really manners that is where the good news ends, and that is because we're going to be seeing these soaring energy prices coming up in October. So there's lots to account for, but we are likely to see a contraction of 1.2% in an hour's time when all those figures drop. And Leanne, where are we on the hustings between where she soon Liz, trust, and I ask you that because there is this debate about whether we'll see more windfall taxes on the energy companies. Manis. So I think there's 6 hustings that have happened and the one was in cheltenham last night, but we've got another 6 to go, so there's 12 altogether. So halfway there, but we have to focus on the BOE is really focused on getting inflation under control, but it seems that Rishi sunak and Liz truss are still sort of having this fight over windfall tax list. Trust has completely ruled out a windfall tax on energy companies, where Rishi sunak is saying it would be considered, but yesterday the prime minister Boris Johnson, he's obviously ruling a caretaker government at the moment, met the big bosses of energy companies to try and come up with a solution, but he's saying there isn't one and he's not going to put in one until a new prime minister is put in place on the 5th of September. So what this means is households are now anxiously awaiting to see what could happen and also the BOE is so focused on bringing down inflation. What it means is they're going to have to wait for a new prime minister to come into power in order to see if they fiscal policies will help bring down inflation in the future. There's a lot of uncertainty at the moment and I think a lot of people are concerned that their energy bills could source significantly in October. And I think, you know, just a coin, what Liz trusts actually had to say shit. I don't think profit is a dirty word. In fact, I think it become a dirty word in our society, is a massive problem. And maybe this is where the divergence in terms of that sort of that era mantra from let's trust comes through. I got to say, Greg the producer on this show is a mighty fine lad. It went Iran all the way to the kitchen. There you go, no more coffin. We're done. Liam, well done. It's amazing. You kept talking and he kept running, and we got there. And you kept very much but I hope you feel better. I kept coffin, but you didn't take the hint. I would give this a you just kept going. That's not like about you, Leon. There's nothing going to stop me. I hope you feel better, man. We'll be grand. We've got the water and either the elixir of life. Leanne, thank you very much, Leon guerin's in London headquarters. We'll bring you those GDP figures as they cross the tape. We survived. We got there, we got the Friday. We didn't break anything, but not yet. Equity markets this morning are trying to reassess what does the steeping of the car really mean? My gas this morning, Charleston. It is of course looking at the U.S. equities up by a quarter of 1% this morning with a cautious level of from upgrading their equity outlook from unattractive to cautious. NASDAQ has had a 20% rally
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"Financial Times today Vichy Sunni facing Liz truss in the battle to become the UK prime minister, a headline in the telegraph warns that Russia threatens to widen its war if the west continues to supply weapons to Ukraine, and the independent has, well, what teenagers favor in terms of their new sources, joining us now has been basically handguards with all the details, highly ads so the battle become the next prime minister, of course, on the front pages. Yes, indeed, Caroline good morning to you so has he just mentioned in the FT it's all about Liz truss going head to head with a Rishi sunak in the race to become the next prime minister and guess what bookmakers and opinion polls are putting the foreign secretaries of favorite to succeed Boris Johnson. Now both of them will battle out over the summer for the support of around 150,000 conservative members, trusses of favorite to win the contest, that's really based on her popularity with party members and also Ladd Brooks says list truss is the odds on favorite, while Rishi sunak is pursuing a similar economic platform to his time as Johnson's Chancellor and is chiefly focused on tackling inflation the more right-wing Liz truss has pledged a sweeping tax cut and deregulation. So they're going to be campaigning the whole of the summer and on the 5th of September, we should know who our new prime minister is. Absolutely. Meanwhile Russia's war in Ukraine takes a turn for the worst. Yeah, it does, and this has been grinding on now for almost 5 months Carolina. We've got some new news out of it, so Russia has abandoned its initial military tasks and now will expand further into Ukraine. They say this is due to the west continuing to send more weapons to the country. And this is a warning from Vladimir Putin's foreign minister, so Sergei Lavrov says Russia will no longer focus only on eastern Ukraine the Donbass area and the western military support for Kyiv has really changed the strategy of Moscow and it is the most senior acknowledgment Caroline yet that Russia's no longer fighting a limited war. And despite all these ongoing talks that we've been having and we've seen in the political world, Russia has not yet agreed to lift a Black Sea blockade preventing Ukraine grain from reaching the world market, which seems to be a real issue when it comes to hunger. Absolutely. And the last story we'll get to this a bit later on in the program of says that actually teenagers are mainly
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"The paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. Let's get some more on those papers from Liang garands. Good morning to and great to have you in the studio with us so I'm actually going to start with the times with a splashes with the former Chancellor Rishi sunak depending as choice to refuse tax cuts if he becomes the p.m. until inflation is under control, so a little bit more detail than that. So the former Chancellor Rishi sunak will today attempt to fend off attacks from his rivals for the conservative leadership, he'll insist at an official campaign launch that he would cut taxes once the country had a grip on inflation and I don't know if you remember, but he did say this as Chancellor, and this comes a senior cabinet allies of Boris Johnson are preparing to announce their support for Liz trust someone else who threw her hat into the ring. And sunak will double down on his comments to be fiscally disciplined and he'll also warn rivals on big tax cuts. Another story in the fanatic times Leanne that's caught your eye and this is to do with reforms in the city. Oh, Brexit is back, isn't it? It's been back on the gender for a little while, so ministers are poised to back a new wave of post Brexit reforms to the City of London that will actually make it easier for listed companies to raise money in the UK and encourage retail investors to back them. So there's been a series of recommendations they've been drawing up by fresh fields lawyer Mark orston, who has a reviewed fundraising rules for companies in London. Now the alston review focuses on several key areas, including making it quicker and cheaper for companies to raise money on the stock market. Now all those plans are expected to be unveiled by a speech in next week by the new Chancellor nadim zahawi, who's also in the leadership race. There was also some mind-blowing news about mo Farah and the way that he came to the UK many years ago. Yeah, absolutely, you know, he's such a hero with any especially when it comes to athletics and I love watching him run, he runs, you know, he's been so inspirational for so many people. I wouldn't say it's encouraged me to run for anyway. But mo Farah has revealed he was bought here to the UK illegally as a child. Now this was under a false name, and he was made to work as a domestic servant. The Olympian says he sharing his story because he wants to challenge preconceptions on both trafficking and slavery. He arrived at the age of 9 using someone else's identity. So he's going to be speaking in a BBC documentary. It's called the real mo Farah and that ends tomorrow. And he says he was sent to live with a woman who did mistreat him, so we're finding out a lot about an athlete much loved in this country very brave to come out and tell your story. Absolutely a fascinating and extraordinary account. Thank you so much, Leigh Anne
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"Now the paper review on Bluebird daybreak Europe. The news you need to know from today's papers. Let's take a look at this morning's front page as the time splashes with former Chancellor Rishi sunak defending his choice to refuse tax cuts if he becomes prime minister the Financial Times headlining that ministers are set to back the next wave of post Brexit reforms to the City of London and the I reports that the home office has dismissed claims that mo Farah could be stripped of his British citizenship at Leon guardians has been looking through all those stories forest Leon starting with the times and its reporting on Rishi sinak. Yes, it is and we just heard from Lizzie then she was talking about the race to be the next conservative leader well, Rishi sunak, of course, the former Chancellor world today attempt to fend off those attacks from his rivals for that leadership race insisting at an official campaign launch that he would cut taxes once a country had a grip on inflation. Remember this is what he did say when he was childless and not moving too far away from what we've heard before. And this really comes as senior cabinet allies or Boris Johnson prepared to announce their support for Liz trusty through her hat into the race yesterday, but soon act will double down on his commitment to fiscal discipline, also warning his rivals who want big tax cuts straight away that voters need honesty and responsibility. Okay, that on sunac, meanwhile, this could be very interesting if you're a retail investor, the City of London. Yeah, indeed Caroline, so ministers are poised to back this new wave of post Brexit reforms to the City of London that will actually make it easier for these listed companies to raise money in the UK and also encourage retail investors to back them. Now, this is after a series of recommendations has been drawn up by the fresh fields lawyer Mark Austin. He has refused a reviewed all the fundraising of the companies and plans are expected to be unveiled as part of a speech at mansion house in the city next week and that will be by the new Chancellor nadim zahawi
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"Now the paper review on Bloomberg daybreak Europe. The news you need to know from today's papers. Let's take a look at the stories then making the front of today's newspapers. There's a focus on the Tory leadership context contest as you might expect, let's get straight to that then and Leigh Anne Garrett has a rundown for us. The Tory leadership race take us through at the coverage Leanne. Lots of them in the race aren't they Anna almost overcrowded but on the front of The Daily Telegraph this morning the foreign secretary Liz truss makes a pitch to return to court conservative values, so she's officially launches her leadership battle. In the article, she announces her candidacy signaling she will cut corporate tax reverse and national insurance rise and overhaul business rates. The move piles further pressure on the former Chancellor Rishi sunak promised tax cuts with most of his rivals to replace Boris Johnson vowing to unpick policies, he did adopt as the Chancellor so there we are. We've heard from Liz trus and what she hopes to do if she does get that role. That's a telegraph, the Financial Times meanwhile, reporting on efforts to speed up the process. Yeah, absolutely, so they want to make sure that we get a new prime minister in ASAP, so senior Conservative Party figures are plotting to rapidly thin out that field of candidates, 11, as we know of so far, to succeed Boris Johnson, and it's also reporting there's bitterness between rival camps and apparently there's a dossier attacking Rishi sunak in circulation. Now the process to elect the next leader will be agreed at a special meeting of the 1922 committee of back benches today, and they'll sort of lay out what they hope to achieve in this leadership battle, but one Tory MP close to the leadership race said, it's unlikely that MPs will demand candidates have the support of at least 10% of the party to be nominated, so lots of support they're needed if you want to go forward in this race. Okay, and Leigh Anne, I know what you really care about is the tennis. Yeah, really care about it. Watched it yesterday what a great match, Novak Djokovic, of course, winning his 7th title he was playing against Nick curios the bad boy of tennis he went crack as a couple of times. And he didn't win, but it was a great term
Bloomberg Radio New York
"rishi sunak" Discussed on Bloomberg Radio New York
"Bloomberg opinion informed perspectives and expert data driven commentary on breaking news It is 9 20 in the city time to check in then with Bloomberg opinion We are joined by opinion columnist Therese Rafael who's been writing about the Tory appropriation of the windfall tax proposal She says after months of bruising regulations revelations and investigations into party gate the government is desperate to change the subject and adopt labor calls for a windfall tax on energy companies describing in the peace This as a quote panicky chess move intended to protect the king but not really advance the government's own position To read let me take the opposite side of that This is an important fiscal response from a government that is listening to the concerns of the people Yes absolutely Rishi sunak got a lot of stick for his budget in March It was said not to do enough to address cost of living Britain has been behind a number of other European countries in responding to rising energy prices with relief for particularly poorest households So there's absolutely a rationale of political and an economic rationale for doing something and the fact that this came from the Labor Party It wasn't exactly the Labor Party proposal In fact he went much further than the Labor Party had originally proposed That's something that the Tories are happy to wear for now I think the criticism comes with whether this is really part of a broader strategy to deliver sort of growth in investment to the UK economy a supply side change rather than just subsidizing demand And I think that's where Tories who are fiscal conservatives who will understand why Rishi sunak needed to act now will still be a bit nervous They'll want to see some sign at some point soon that the government has a bigger plan and it's not simply going to respond to these kinds of pressures with more spending and more taxation because you can only do that so many times Yes And at 15 billion pounds it is a lot of money I suppose will that be it then I mean there's going to be an autumn budget That's actually when another set of energy price rises is going to hit So there'll be pressure again right there I think inevitably there's going to be pressure again If we're particularly if we're looking at inflation figures around 10% in September for example we don't know where the war in Ukraine will how far that will continue to put pressure on energy prices on food prices So and I think it's quite clear that although this goes a very long way to helping the poorest households there are still enormous cost of living pressures and that will come back and there will be demands for more I think we will probably see more taxation windfall taxation potentially on electricity generation So that's also something to look out for But the other question the government is going to have to answer is how to pay for it all Obviously we don't have detailed costings of this There will be counting on better tax receipts as we've seen so far from the OBR but it's a pretty big gap How much stock do you put in the hand ringing of the likes of BP on this windfall tax Well it's interesting because BP was a BP almost gave the government a pass there and saying that industry makes an investment decision pretty far out So therefore the windfall profits that they've experienced were not necessarily priced and when they made those investment decisions in a windfall tax wouldn't affect their longer term plans So I think it's pretty opportunistic on BP side And I don't think the government is going to take too much node on that At the same time it does put out a signal that says the markets are not going to take windfall taxes.
Coffee House Shots
"rishi sunak" Discussed on Coffee House Shots
"We've got an interesting question. The g. seven you. How hard to communicate goes on china how much it is prepared to me clear. A china is afraid. And finally as you're packing to go to sunny portugal. How did the prospect of a nice summer. Look for the rest of us. Come june twenty-first again this debate play out where every day is one side. I think dominates the airwaves when it comes to the scientists versus also some scientists saying things better by cleveland was thinking about this debate it feels more scientists government by i that is a little bit houston ballistic in there are some scientists coming out and actually saying things do that fatty good sto- i think today's probably one of the more gloomy days in the sense is begun to neil ferguson. Who is very pumped into what's happening in government going out on the sniper to say that things looking less in terms of data than they did last week and opening the minute comes to the transmissibility of the indian variant eight. He thinks that might be around. Sixty percent more transmissible than the cab variant. And i think that now he didn't is definite and he's as thirty percent out to even narrow one hundred percent more transmissible so we need more time for the data. But i think that that convinced by the arguments being made behind the scenes to the government in terms of what neil ferguson. Savage was the need for caution. Now again i think this is gonna play it for seven days until we have a purpose because the government is going going to get very close to the fourteenth to make a final decision and i think next week we should exactly little bit claire but even then things can change jason katie. Thanks very much. And thanks for listening to this episode of coffee house shots. Do you rate and reviews podcasts. From and join his next up sage..
Coffee House Shots
"rishi sunak" Discussed on Coffee House Shots
"Is how behind the outbreak. In india has pulled the globalization because whole idea was that kovacs is going to be supplied by india when the quad the us. Australia japan and india tried to work on this idea of kind of countering. Some of china's vaccine diplo the game was india was going to be manufacturing up india's actual because it is in such a profound crisis and if you look at the indian government's vaccination targets that they need to massively aren't daily rate by opening about eightfold to hit them. India is normally the conform developing-world identity. You're going to see any vaccine leaving. India for quite a long time whereas things i on spectator. Tv a few weeks ago. Professor j bhattacharya who wrote a piece about indian crisis force were saying that in india the vaccine rolla is not age prioritize to anyone over the age of eighteen can go vaccine whenever which doesn't sound like it's a good way to prevent the next week. I think james's is points for the interesting to on how you would patients really be at this point and i think in medium to long-term you can see looks work on supply chains. It get that. But i think one of the things that sometimes under appreciated when it comes to geek as vaccine robot and having go ahead stop was not just that the vaccine taskforce taping made the right bets and times of placing those orders. But it's so much work when probably in a way the most work because most time into securing supply chains finish spaces to making sure that you could leave things from country to country and then enhance the oxford factory. Making sure that you could get various things you need and therefore is not even if you are given is president instructions with the way to do it. It's quite long way from being able to turn things around and and that can be under appreciated in this debate and case as well as the things that we've talked about can give us a look ahead to the g. Seven meeting next weekend was going to be on the agenda. Boris johnson's fast. Impasse meeting with jay biden. And i think several bilateralism oatmeal when you think about drug since plans for the world stage this is really the first big event. He's able to do in person since winning that majority of eighty and we know that prime minister being quite frustrating fact she's had lots of diplomacy by zoom lens around him even those fans of him saying that he is best as by he's best in person and therefore i think there's various things will be pushing ful by as in terms of the strategic aims. I think in terms of policy areas vaccines. We discussed the economy. And then also. I think it'd be a fixed on the environment. Which is the number one. Aim at the government's integrate to review in terms of in the international name. And then i think for boris johnson. Again not over stress it but it is about making connections in a way that hasn't been possible because of the pandemic foot for some time so we not serve four..