Speaker 1: What is it with the nineties heads. It's like, I
Speaker 1: don't know who chooses the playlist is on her kind
Speaker 1: of mixtape when she was one Dave. During the UK
Speaker 1: general election the Labor Party, that was a Labor Party
Speaker 1: song as their campaign theme. Remember it well, but now
Speaker 1: listen to the Tories playing it in Birmingham. Yeah something
Speaker 1: once Labor turned Tori. Yes, like being, for instance, the
Speaker 1: party of Business. Maybe it's the Labor Party now who
Speaker 1: are more business friendly. Yeah, we'll trying to explore whether
Speaker 1: you can interchange them, especially in this chaos. So the
Speaker 1: Tory Party conference in birminghams RAP this week and you know,
Speaker 1: our reporters on the ground tell us that it was
Speaker 1: one of the most chaotic and kind of disrupted conferences
Speaker 1: that anyone can remember. Yeah, we have a great piece
Speaker 1: by Kittie Donaldson really going through the atmosphere at the
Speaker 1: Tory Party conference and how different it was from Labor
Speaker 1: And you know, this is not the kind of celebration
Speaker 1: of a new administration, bearing in mind they're all turning
Speaker 1: up there with a record lead for the opposition neighbor party.
Speaker 1: I'm Franzi Laqua and I'm David Merritt. And this is
Speaker 1: in the City, Bloomberg's podcast, connecting you to the stories
Speaker 1: at the heart of the City of London. So this
Speaker 1: week did Liz Trust's rally cry work for the City
Speaker 1: of London. Well, it's been a wild first month for
Speaker 1: Liz Truss's government, so it's seen at least three hundred
Speaker 1: billion pounds wiped out from the combined value of stark
Speaker 1: and bond markets in the UK. So we're going to
Speaker 1: start with a conversation with Bloomberg's editor in chief and
Speaker 1: our boss, John Borait. He was in Birmingham and then
Speaker 1: flew here to New York and he was there for
Speaker 1: the start of the conference testing the temperature um of
Speaker 1: the Tories. Always high stakes when you interview you and
Speaker 1: Lord Billy Moore hea Um, the former chair of Confederation
Speaker 1: of British Industry, active Cross Bench member of the House
Speaker 1: of Lords, Chancellor of the University of Birmingham and founder
Speaker 1: of the global br brand Cobra Beer Dave. I also
Speaker 1: spoke with Tina Lee, the chief executive for the u
Speaker 1: kN Ireland at Deutsche Bank, and I asked her first
Speaker 1: what she made of her meeting with the Chancellor Quasi
Speaker 1: Quartang and also whether she put more investment in the UK.
Speaker 1: Um John, you were, you were in Birmingham on the
Speaker 1: ground this week. I mean we're in America now. I
Speaker 1: mean that the whole thing seemed pretty bad, lurching from
Speaker 1: bad headline to next. Was that? What what did it
Speaker 1: felt like on the ground. I think he felt like that.
Speaker 1: I think it felt like a party that thought the
Speaker 1: things we're going to get better and they've ended up
Speaker 1: being pretty disastrously worse. And I think the underlying big
Speaker 1: problem for the Tories is that the Tories have always
Speaker 1: been the party of business, of sound money, of all
Speaker 1: the things like that, and put the problem with the
Speaker 1: mini budget is that it basically destroyed or certainly severely
Speaker 1: damaged that reputation for sound money and for being good
Speaker 1: with business. And the problem about those things is that
Speaker 1: it opens up much more room for labor. And I
Speaker 1: think a degree to which this was an own goal. Yes, Sarah,
Speaker 1: extraneous factors. Yes, there's the fact you've got the war
Speaker 1: in Ukraine. Yes, there's central banks everywhere raising interest book rates.
Speaker 1: But the idea you're going to push through a pro
Speaker 1: growth budget, a pro growth agenda when there is real problems,
Speaker 1: real problems in terms of interest rates. In particular, it
Speaker 1: looks ever harder. I mean. Listening to her speech, she
Speaker 1: categorized any one who disagree with her in quasi quote
Speaker 1: as the anti growth coalition. Economic growth makes us strong
Speaker 1: at home and strong abroad, and we need an economically
Speaker 1: sound and secure United Kingdom, and that will mean challenging
Speaker 1: those who try to stop growth. I will not allow
Speaker 1: the anti growth coalition to hold us back. So if
Speaker 1: you don't believe that slashing taxes is going to goose
Speaker 1: the economy, you're somehow against and it has I think
Speaker 1: that's very difficult. I think the most interesting thing to me,
Speaker 1: almost in the past ten days is the number of
Speaker 1: natural capitalists, entrepreneurs, people in the city, a wide variety
Speaker 1: of people from whom I've heard nothing other than enthusiasm
Speaker 1: for cutting taxes. And in general these people do want
Speaker 1: to cut taxes. Who were appalled by the forty to
Speaker 1: forty p of forty five p for top reduction because
Speaker 1: for two reasons. Firstly, they did actually strangely feel quite
Speaker 1: guilty about it. I thought it was wrong when other
Speaker 1: people were going through great poverty and that all the
Speaker 1: deprivations of energy. But Secondly, they thought it just wasn't
Speaker 1: it was making the whole thing unsellable, And so it
Speaker 1: built on politically to kind of incompetent there, right, just
Speaker 1: not it was immensely incompetent to try and do it
Speaker 1: without the O b R numbers, without all these different things,
Speaker 1: and it gave the impression that this was sort of
Speaker 1: amateur Thatcherism, right, So that kind of fractiousness in the cabinet.
Speaker 1: We've had various members of the cabinet off the records,
Speaker 1: turning our reporters. You know that the project, the Trust
Speaker 1: project is kind of doomed, and this conference was supposed
Speaker 1: to be about kind of setting her up for success,
Speaker 1: but it seems to have done the opposite, hasn't it.
Speaker 1: This is gonna be in a situation where you have
Speaker 1: two categories. You have some of the big beasts from
Speaker 1: the Johnson era who are very cross with what happens.
Speaker 1: Grant shots, Michael go all, these people who made it
Speaker 1: extremely clear that they didn't regard the budget as conservative,
Speaker 1: and actually quite a lot of credibility said that Margaret
Speaker 1: Thatcher wouldn't have either. So that was part one. But
Speaker 1: then secondly, even within the cabinet, cabinet, and you are
Speaker 1: talking about a relatively small gene pool of people who
Speaker 1: who are in that particular zone. Even within that there
Speaker 1: are people who across who are jumping around the place somewhere,
Speaker 1: and at least privately we'll talk about you know, this
Speaker 1: can't go on like this, John, Do you think there
Speaker 1: was a belief I guess during COVID that some of
Speaker 1: the policies put in place by the previous Tory government
Speaker 1: that there were too much like Labor, that there was
Speaker 1: a confusion between the parties and what they stood for.
Speaker 1: I think there was. I think that's a legitimate point.
Speaker 1: I mean, basically to the extent that the Conservatives have
Speaker 1: generally been people who were on the small state side
Speaker 1: of the equation and Labor has been on the big state.
Speaker 1: What happened during COVID, as does during most wars. Remember
Speaker 1: Winston Churchill was Prime Minister during the Second World War
Speaker 1: when Britain um spent way beyond its means. But during
Speaker 1: wars that people understand the need for bigger government. It's
Speaker 1: afterwards that it gets harder. What's what's quite interesting is
Speaker 1: if you look back, you look at the current rhetoric
Speaker 1: around the energy crisis, where what the government effectively is saying, look,
Speaker 1: please let us help um, let us give you money,
Speaker 1: limit your petrol bill, limit your gas bill. You compare
Speaker 1: that with the rhetoric in previous energy crisis, which was
Speaker 1: much more you know, now is the time to share
Speaker 1: a bath, and you will find more UM. You will
Speaker 1: find more UM elements within the Conservative Party who are
Speaker 1: drifting back towards that and saying help, government is getting
Speaker 1: too big. But the supreme sort of lack of skill
Speaker 1: of this particular event was to somehow lose those people
Speaker 1: as well. And the polls are astonishing, the biggest ever
Speaker 1: lead for labor, some up to thirty or so. So yes, you,
Speaker 1: as you said, people in the hall might be cheering
Speaker 1: her to the rafters, but the public have made up
Speaker 1: the mind, haven't they. And you start talk about opening
Speaker 1: up a space for labor. I mean, they've got to
Speaker 1: be odds on now to win the next election, haven't they.
Speaker 1: I think the moment that clearly the favorites. I think
Speaker 1: there are two things, two arguments put forward um. The
Speaker 1: second one she's going to sound rather pathetic, but I
Speaker 1: will make none less. The first one is, look, really
Speaker 1: in the end, that is not a lead for labor.
Speaker 1: It's a loss for the Conservatives. That the Conservatives get
Speaker 1: their house in order. A lot of those things will narrow.
Speaker 1: The second one, which sounds pathetic, it isn't is this
Speaker 1: idea of events. British politics has changed so rapidly over
Speaker 1: the past five years. You've had Theresa May have had
Speaker 1: Boris Johnson in trouble, out of trouble, winning an enormous landslide,
Speaker 1: and then in trouble again, then got rid of You've
Speaker 1: had people going up and down like like everything and
Speaker 1: so their argument and you hear this both from allies
Speaker 1: of Trust and from deeply committed opponents for is Look,
Speaker 1: something could happen in the next six seven months that
Speaker 1: changes changes the dynamic. But that is that's at some
Speaker 1: point that becomes a fain hope Johnson, after listening to
Speaker 1: list Trust at the Tory Party conference and after the
Speaker 1: tumultuous two weeks that we've had with the U turns,
Speaker 1: do you actually think that labor could be more business friendly?
Speaker 1: I think that is the truly horrifying question for the
Speaker 1: Conservatives is do you get a degree more certainty from
Speaker 1: labor some ways not not good certainty. You know, the
Speaker 1: certainty is that they will probably they will definitely keep
Speaker 1: the forty five where h whilst the Conservatives probably get
Speaker 1: rid of it. Um. But do you begin to get
Speaker 1: is there an element whereby you're going to get a
Speaker 1: more responsible, even handed I mean, Keir Starmor is nothing
Speaker 1: nothing if not boring, And at this precise moment, I
Speaker 1: think business needs somebody who they think they can just
Speaker 1: get on with things. You've had the Boris Johnson jumping
Speaker 1: in every available way but actually not doing anything as
Speaker 1: spectacularly sort of destructive as what happened with the mini
Speaker 1: budget and the unpredictability of it, right, wasn't it. It It
Speaker 1: was the fact that he sprung those biggest those cuts
Speaker 1: by surprise and hadn't even cleared up the cabinet. And
Speaker 1: I think I guess Rachel Reeves and Cure Starmer are
Speaker 1: going to be offering what they would presents a bit
Speaker 1: more certainty in stability for business. Right. Definitely, speaking to
Speaker 1: Collie from America at not from Bloomberg from outside, but
Speaker 1: he said the whole meeting members of the Trust Administration
Speaker 1: really reminded him of the sort of second term of
Speaker 1: a presidential thing. When you go to the White House
Speaker 1: and a lot of the good people have left in
Speaker 1: your left with the others, you're left with the people
Speaker 1: who are just hanging around to the end of this presidency.
Speaker 1: And that there is an element of that about the
Speaker 1: Labor administration. It's got a lame dug by month. That's
Speaker 1: not a good place to be. So what's the prescription
Speaker 1: for the Labor Party and its leader, Cure Starmer. Do
Speaker 1: they need to be more like the Tony Blair administration
Speaker 1: to attract investment and to attract business. I mean, my instinct,
Speaker 1: having seen somebody from the Blair administration recently, is that
Speaker 1: Starmer probably still needs to do one more thing that
Speaker 1: shows he is clearly in the center. I don't think
Speaker 1: that merely saying you're no longer anti semitic it sort
Speaker 1: of counts as a radical, radical reform in terms of
Speaker 1: what he's actually done. Yes, if you look at what
Speaker 1: he was talking about this week, he has you know,
Speaker 1: they they agreed to some of the tax cutting stuff
Speaker 1: That shows centrism. He and he feels centrist, but the
Speaker 1: quite a lot of the Labor platform is still relatively
Speaker 1: left wing. That was you had measure Rachel reeves her
Speaker 1: her commitment was to go and spend the money that
Speaker 1: Quasti quatting was going to give away, so sort of fiscally,
Speaker 1: it's not entirely clear that that's clever. She's she's claiming
Speaker 1: that she would get the money from non doms. But
Speaker 1: labor has to watch it, you know, the two things.
Speaker 1: On the one hand, you have the Tories who are
Speaker 1: used to winning and Labor used to losing. And there
Speaker 1: is an element within Labor that I think still a
Speaker 1: degree of fear from people on the left that they
Speaker 1: could still mess it up. But God, this is one
Speaker 1: of the great opportunities of our times for them. John,
Speaker 1: thank you so much, John nichol Thwaite, there are Bloomberg
Speaker 1: editor in chief. Thanks John, Thank you, Lord Billmorea, thank
Speaker 1: you so much for joining us. You wear different hats.
Speaker 1: You were formerly, of course at the Confederation of British Industry.
Speaker 1: You're the House of Lords. You're also a very famous
Speaker 1: business founder. So what were the last two three weeks?
Speaker 1: Like a month ago we had a new prime Minister
Speaker 1: and we had a new primister, a new monarch in
Speaker 1: one week um and then this mini budget and I
Speaker 1: hate this mini budget anything but mini about it. It
Speaker 1: was a major. It's an earthquake of budget. It was huge.
Speaker 1: The first reaction from business said, this is great news
Speaker 1: for business custing taxes. Because I've said for a long
Speaker 1: time to the previous Chancellor Rischie Soon, going back to
Speaker 1: February last year, over one and a half years ago,
Speaker 1: as long as you can fund them, no, I said
Speaker 1: a lot one and a half years ago, I said
Speaker 1: to Rishie, do not put up taxes, because if you
Speaker 1: increase taxes, it will hamper the recovery and will hamper growth.
Speaker 1: What happens, taxes go up and up and up, and
Speaker 1: we've got the highest tax burden in seventy years. So
Speaker 1: you look back at the situation where in now we're
Speaker 1: faced with these huge challenges, huge headwinds, uncertainty continued. And
Speaker 1: yet you look back in history and always say the
Speaker 1: best way to predict the futures look at the past.
Speaker 1: And thirteen years ago, before the financial crisis, we had
Speaker 1: interest rates on average at five pc. We had a
Speaker 1: growth rate of about two and a half percent of
Speaker 1: our country. And what have we had since? What have
Speaker 1: we had since financial crisis? Over a decade of zero growth,
Speaker 1: declining productivity and interest rates at almost zero. But this
Speaker 1: budget mini earthquake, whatever you want to call it, was
Speaker 1: a mistake and I don't know whether it was too
Speaker 1: ast or badly put together. If you if you look
Speaker 1: at how much it's taken off markets in the UK
Speaker 1: and and what even rating agencies are now saying about
Speaker 1: the UK. So the mistakes were as follows. One to
Speaker 1: announce the bankers bonuses, removing the cap at a time
Speaker 1: like this, there's nothing that in principle it's the right
Speaker 1: thing to do to make the City of London more competitive, absolutely,
Speaker 1: but not at a time like this. The perception is wrong.
Speaker 1: Rate of tax again absolutely the right thing to remove that.
Speaker 1: It should not be there. It's been forty with Margaret Thatcher,
Speaker 1: Tony Blair, with with Gordon Brown, John Major, and it
Speaker 1: was Gordon Brown who put it up just before he
Speaker 1: lost election. George Osborne didn't bring it down to he
Speaker 1: wanted to, but there was a coalition governany brought forty five.
Speaker 1: So we shouldn't have the forty five. But again to
Speaker 1: remove that at a time like this not the right
Speaker 1: time to do it. The third thing mistake, which was
Speaker 1: the Office of Budget Responsiblity not to have a o
Speaker 1: Bier report backing up what you were doing. That was
Speaker 1: the third mistake, I mean, and we're going to get
Speaker 1: that over our report, probably in the next in the
Speaker 1: next few weeks, or Bill and Murrow. But you know,
Speaker 1: those two measures, the other two fiscal measures you're talking about,
Speaker 1: the higher rate of tax and the bonus cut, those
Speaker 1: don't move the needle on the amount of borrowing that
Speaker 1: the government's going to have to make. And that's the
Speaker 1: verdict of the markets have taken, haven't they. It's on
Speaker 1: the bigger, the much bigger tax cuts, which you're saying,
Speaker 1: we're still the right thing to do. Absolutely, because if
Speaker 1: you think of what has a decade of austerity got us,
Speaker 1: it's got us nowhere, no growth, low productivity. What have
Speaker 1: high taxes, the highest tax burden seventy years got us nowhere?
Speaker 1: So what is the alternative? The alternatives carry on with
Speaker 1: what we had, Well, that's not going to work. You
Speaker 1: tax people more and more, you're not going to grow
Speaker 1: and you're gonna hamper the recovery and people are suffering enough.
Speaker 1: And what was missing in the mini budget, by the way,
Speaker 1: was where is the help for small businesses to survive
Speaker 1: this winter? Yeah, but the higher owners does not help
Speaker 1: small businesses. I mean, is this you know, the Prime
Speaker 1: Minister just trying to speak to her constituency, which are
Speaker 1: are you know, the Tory membership, the base that elected her.
Speaker 1: What you've got to do is look at broadly the
Speaker 1: economy in making Britain the most best place to invest,
Speaker 1: a magnet for inward investment. We have traditionally been the
Speaker 1: second or third largest recipient of inward investment in the world.
Speaker 1: Now you can't be a magnet for inward investment if
Speaker 1: you have high taxes. You've got to have a competitive
Speaker 1: rate of tax. By the way, is still high. As
Speaker 1: the top rate of income tax, it is still high.
Speaker 1: I'm just gonna read it. You know, we have a
Speaker 1: story leading up Bloomberg UK website from the Liberal and
Speaker 1: Capital saying the feedback we've got from investors is that
Speaker 1: they consider the UK uninvestable as long as there is
Speaker 1: such government chaos. I mean, you know that's the problem,
Speaker 1: isn't it. Lord Already, like all of the the upheaval
Speaker 1: and this very dramatic impact in this budget. It's spooking
Speaker 1: investors around the world, isn't it. And this is the
Speaker 1: whole point in life. I've realized time after time it's
Speaker 1: not just what you do, with how you do it right,
Speaker 1: and and and and of course the timing of it
Speaker 1: as well. If this had been done and presented in
Speaker 1: the right way, the markets would not have been spooked.
Speaker 1: I'd go back to it, were the markets spooked when
Speaker 1: we spent four billion pounds that we did not have.
Speaker 1: We didn't have that four hundred billion pounds. We had
Speaker 1: to borrow the four hundred billion pounds. That didn't spook
Speaker 1: the markets. This has spooked the markets because of the
Speaker 1: way it's happened. Interest rates going up. They will probably
Speaker 1: go back up to the level of five in due course,
Speaker 1: but not in one go like this. In one goal
Speaker 1: like this, it's devastating, devastating for mortgage hold us, devastating
Speaker 1: for businesses. So there's absolutely effect of what has happened
Speaker 1: with the Many budget is the wrong thing altogether. Nobody
Speaker 1: wanted it, but the intention of what they were trying
Speaker 1: to do is just they went about it the wrong way.
Speaker 1: The perception now so fourteen days we had the Labor
Speaker 1: Party Conference and the Tory Party Conference, is that the
Speaker 1: Tories are in disarray. The atmosphere was daggers and cloaks,
Speaker 1: and no one really got along and they weren't really
Speaker 1: sure how to find the footing. Do you think Lord
Speaker 1: Billa Maria, that the Labor Party is now the more
Speaker 1: business friendly part d of the UK. What everyone wants
Speaker 1: to see at a time like this is the least
Speaker 1: well off the people to be protected, to be helped.
Speaker 1: And when you have a debate about whether benefits are
Speaker 1: going to go up in line with wages or earnings,
Speaker 1: or whether they're going to go up in line with inflation,
Speaker 1: I mean, how can you even think about that? That's
Speaker 1: got to be done in tne with inflation because the
Speaker 1: poor people can are struggling with energy, they're struggling with food.
Speaker 1: I mean, if you look at food prices and there's
Speaker 1: ten percent. By the way, inflation figure is a very
Speaker 1: misleading figure. I mean, my input costs in my business
Speaker 1: and Cobra beer have gone up by well over twenty
Speaker 1: I can't pass that on to the consumer. Wage increases
Speaker 1: in nowhere near keeping up which inflation. Now, if you
Speaker 1: can try and have wages keeping up with inflation, you
Speaker 1: have a wage spiral inflation. Where's the end to that?
Speaker 1: You keep putting up wages. Prices go up, then you've
Speaker 1: put up wages even more. It's a it's a vicious cycle.
Speaker 1: So there is a huge challenge of you've got strikes
Speaker 1: that are happening more and more. Now we've got leadership.
Speaker 1: What you're talking about, it is where is we need leadership,
Speaker 1: We need direction, we need confidence, we need certainty and
Speaker 1: and now the government is trying to do that. But
Speaker 1: after the afterre's many budget from the twenty three September onwards,
Speaker 1: they are unable to And the speech let's trust a
Speaker 1: speech just now at the end of the conference, was
Speaker 1: trying to say, please, but let's focus on growth, growth, growth,
Speaker 1: and these are my priorities that allow me to try
Speaker 1: and implement it. Well, let's see if she has given
Speaker 1: a chance to implement it. And Labor, by the way,
Speaker 1: they're being very clear they're reaching out to business, care starms,
Speaker 1: reaching out of business. Rachel reeves the shadowed chance of
Speaker 1: reaching out to business. We know historically that a labor
Speaker 1: government can be very business friendly. I mean Tony Blair's
Speaker 1: government quite frankly, in the last two decades has probably
Speaker 1: been the most business friendly government. If you look at
Speaker 1: the capital gains tax rates, if you look at entrepreneur's relief,
Speaker 1: if you look at the top rate of tax in
Speaker 1: every way they were very, very business friendly. And you know,
Speaker 1: there is that feeling, isn't there of? In with labor
Speaker 1: really ahead in the polls, Tony Blair, the Prime Minister
Speaker 1: in waiting coursing business and having to sort of get
Speaker 1: real about the fact they're lining up for government and
Speaker 1: you know, looking at the polls, now this sort of
Speaker 1: record lead for labor. Business people like yourself, surely you
Speaker 1: must be preparing for a care star premiership. Well, an
Speaker 1: election is going to happen in a maximum of two
Speaker 1: years time, and that's that's the hurry that list Truss
Speaker 1: and Quasi quart anger in. They know they haven't got
Speaker 1: much time to turn things around, and especially after what's
Speaker 1: happened since the twenty three September, they've got to rebuild confidence.
Speaker 1: Confidence from the business community here, confidence with the consumers
Speaker 1: and the voters, and also confidence from the international community
Speaker 1: and the markets that they can trust his growth strategy
Speaker 1: and investment Lott Bill, Maria, thank you so much for
Speaker 1: joining us. Thank you, it's a pleasure. So they've had
Speaker 1: this great conversation with the chief executive of Deutsche Bank
Speaker 1: here in the UK and Ireland teen early one of
Speaker 1: the most powerful female bankers in London. We talked about
Speaker 1: the City of London. We talked about regulation and whether
Speaker 1: there's chaos she knows personally also the Chancellor, whether this
Speaker 1: chaos means that some clients were not investing in the UK. Yeah,
Speaker 1: and you know the idea that the UK in the
Speaker 1: last few weeks has become by some views uninvestable with
Speaker 1: the amount of money that's been white top markets. First
Speaker 1: of all, what's your take on the UK right now?
Speaker 1: You sat next to the Chancellor. There's you know, obviously
Speaker 1: a credibility problem that was played under the market. Can
Speaker 1: they get back on their feet? I think they can.
Speaker 1: I mean there's been a lot of sound and fury
Speaker 1: that we have seen over the last ten days, and
Speaker 1: I think the work that the Bank of England has
Speaker 1: done in terms of announcing their guilt purchase scheme has
Speaker 1: clearly calmed markets. And we've seen that in where sterling
Speaker 1: has moved to two levels where it was before the
Speaker 1: mini budgets and guilty yields have obviously stabilized even though
Speaker 1: much higher levels. So I think we have a pause here. Um,
Speaker 1: the question obviously is around the medium term financial plan
Speaker 1: that is on November that will be coming obviously with
Speaker 1: the o b R assessments, which I think will be key,
Speaker 1: and that was one of the things which spooked markets
Speaker 1: because that was lacking with the mini budget statements. So
Speaker 1: I think for me, the question is given the Bank
Speaker 1: of England will conclude or allegedly conclude their their purchase
Speaker 1: scheme by October the fourteenth, what happens between now and
Speaker 1: the twenty three so um, much of that is around
Speaker 1: I think communication with the market that was missing, which
Speaker 1: had change because they also put the markets or certainly
Speaker 1: the city at the kind of the forefront of their plan.
Speaker 1: That's right, that's right. So I think that's started to happen.
Speaker 1: We saw the coordinated statements from the Chancellor and from
Speaker 1: the Bank of England early last week. The purchase scheme
Speaker 1: was helpful, and also maybe some of the statements which
Speaker 1: have been coming out of the Chancellor with regard to
Speaker 1: his commitment to FISK call discipline. When you speak to
Speaker 1: a lot of your clients, are they ready to put
Speaker 1: more money in the UK in terms of investments or
Speaker 1: is it a little bit of a waitency because of
Speaker 1: the shark last ten days. I would say that some
Speaker 1: some clients are pausing and I think that's reasonable. And
Speaker 1: as I said, we have a period of time between
Speaker 1: now and November twenty three. We have seen the We
Speaker 1: have seen sterling depreciate somewhat against the U S dollar.
Speaker 1: That's now recovered to about the one level, which is
Speaker 1: where it was before the mini budget. But obviously I
Speaker 1: think we should be very mindful of the value of
Speaker 1: sterling because that does have an ultimate impact in terms
Speaker 1: of value of UK PLC. Tina, thank you so much
Speaker 1: as always for joining us certain early, their chief executive
Speaker 1: officer for the UK and Ireland at Deutsche Bank. Thanks
Speaker 1: for listening to this week's in the City. We will
Speaker 1: be back next week in London, yes on location on
Speaker 1: the occasion. In the meantime, if you like our show,
Speaker 1: please head on over to Apple Podcasts or wherever you
Speaker 1: listen to podcasts. You can rate, review and subscribe, and
Speaker 1: of course please please if you have not already, sign
Speaker 1: up for our daily newsletter, The read Out with Allegra
Speaker 1: Stratton on bloomberg dot com Slash Newsletters, or check out
Speaker 1: the show notes for a link and This episode was
Speaker 1: hosted by ME David Merritt and ME Francine Laqua. It
Speaker 1: was produced by Sammasadi. Special thanks to John Michaels, Waite,
Speaker 1: Lord Billy Maria, Tina Lee, and James Wilcock.