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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: Chanceferor, thank you so much for joining us on Bloomberg TV.

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Speaker 2: It's been two weeks since the UK election. You've certainly

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Speaker 2: hit the ground running today. There was also talk about

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Speaker 2: this fiscal lock in why do you feel they need.

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Speaker 3: To do that.

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Speaker 4: We've introduced to Parliament today the Budget Responsibility Bill that

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Speaker 4: was first announced in the king Speech just yesterday, and

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Speaker 4: the purpose of this bill is to provide the fiscal

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Speaker 4: lock so that never again can a Prime Minister or

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Speaker 4: a Chancellor do what Liz Trust and Quasi Quatting did

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Speaker 4: with their disastrous mini budget just under two years ago.

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Speaker 4: So this will mean that the Office of Budget Responsibility,

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Speaker 4: the Independent Office, can always provide a forecast when there

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Speaker 4: are significant and permanent tax and spending changes, specifically worth

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Speaker 4: more than one.

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Speaker 3: Percent of GDP.

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Speaker 4: That would have meant it would have triggered an OBR

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Speaker 4: forecast back when Liz Trust and Cosey Quatin introduced that

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Speaker 4: disastrous Many budget.

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Speaker 2: And so that I guess it is something that investors

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Speaker 2: will you take solace to. You've announced a what the

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Speaker 2: Premister has said that you will achieve that two point

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Speaker 2: five percent target.

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Speaker 1: Are you confident that's achievable.

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Speaker 4: So the purpose of today really was to give businesses,

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Speaker 4: give investors that confidence that Britain is a stable place

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Speaker 4: to invest and do business.

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Speaker 3: I'm determined to do that.

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Speaker 4: We were elected two weeks ago on a mandate to

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Speaker 4: grow our economy based on that stability that is so

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Speaker 4: essential to underpin any economic decision making, and so that's

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Speaker 4: why this bill is so important.

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Speaker 3: Now.

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Speaker 4: I'm under no illusions about the scale of the challenge

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Speaker 4: that I face in this job. There are going to

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Speaker 4: be difficult decisions ahead, but I was really clear during

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Speaker 4: the election that everything that we put forward, whether that

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Speaker 4: is on the NHS or on defense or on tax policy,

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Speaker 4: will always be fully cost did and fully funded. That's

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Speaker 4: very different so what we've had these last fourteen years

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Speaker 4: with decisions with no regard to where the money's going

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Speaker 4: to come from, and I'm going to be different and.

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Speaker 2: Chance I know a lot of course of what you're

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Speaker 2: trying to put in place will depend on private capital

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Speaker 2: coming into the UK. Have you had discussions with institutions, investors,

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Speaker 2: even pension funds of their willingness to come to the UK.

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Speaker 4: You're absolutely right that our plans to grow the economy

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Speaker 4: depend on businesses and investors choosing Britain as a place

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Speaker 4: to invest. And I want investors to look at Britain

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Speaker 4: and see a country that's got a stable government with

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Speaker 4: a clear mandate to grow the economy and chooses Britain

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Speaker 4: as a stable place to invest in an increasingly volatile

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Speaker 4: and uncertain world. Which is why the fiscal lot today

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Speaker 4: is so important, but also the other changes we've announced

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Speaker 4: in the last two weeks. We have announced more policies

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Speaker 4: to grow the economy than the last government did in

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Speaker 4: fourteen years. In the first seventy two hours in the job,

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Speaker 4: I made more comprehensive changes to the UK planning system

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Speaker 4: than the previous government did in more than a decade.

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Speaker 3: Because I know that we need to unlock.

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Speaker 4: That private investment that businesses tell me they are ready

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Speaker 4: to invest if we get rid of some of those blockages,

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Speaker 4: and the blockages in the planning system I think are

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Speaker 4: more significant than anything else. And so those changes to

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Speaker 4: bring back mandatory housing targets for local authorities, ending the

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Speaker 4: moratorium on shore wind calling in planning decisions on data

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Speaker 4: centers and on housing really crucial, both to send a

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Speaker 4: signal to business that Britain is a place to invest,

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Speaker 4: but also to make sure that we can get on

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Speaker 4: with things and get building in Britain again.

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Speaker 1: And are they listening?

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Speaker 2: Have you gotten cars from big investors saying yes, that's

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Speaker 2: a plan that I wanted to see and I'm.

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Speaker 3: In absolutely so.

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Speaker 4: In my first speech at the Treasury a week and

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Speaker 4: a half ago, we had businesses, we had investors in

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Speaker 4: the audience met afterwards. The following day we announced the

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Speaker 4: creation of a National Wealth Fund work led by Mark Carney.

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Speaker 4: The task was led by Mark Carney for the Labor

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Speaker 4: Party when we were in opposition, now reporting to a

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Speaker 4: Labor government, and on that Wealth Fund task force we

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Speaker 4: also had Amanda Blank from a Viva Vencat, from Berkley's,

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Speaker 4: Antonio from Energy and other big UK investors. And that

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Speaker 4: is absolutely crucial because there's no plans that I can

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Speaker 4: draw up in my new office in the Treasury that

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Speaker 4: are going to work unless we have business buy in.

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Speaker 4: And I hope that businesses saw in Labour's manifesto and

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Speaker 4: also in the plans that we've announced in government have

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Speaker 4: the fingerprints of business all over them, because these plans

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Speaker 4: have been co written with business, because they're all about

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Speaker 4: unlocking private sector investment into our economy.

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Speaker 2: Chanser, are you considering tax breaks to either boost pension

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Speaker 2: savings or make UK investments more attractive.

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Speaker 4: I'm not going to announce any tax breaks or tax

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Speaker 4: changes without saying where the money is going to come from,

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Speaker 4: and we will have a budget later this year. But

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Speaker 4: I also just need to be really clear and honest

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Speaker 4: about the scale of the challenge that we have inherited.

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Speaker 4: With the public finances, We're going to have to make

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Speaker 4: difficult decisions. We need to fix the foundations before we

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Speaker 4: can start rebuilding things in Britain. But unlike the previous government,

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Speaker 4: I am going to be honest about the scale of

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Speaker 4: the challenge. I'm going to level with people and together

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Speaker 4: we're going to rebuild our country based on that private

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Speaker 4: sector business investment to get our economy growing. Because I

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Speaker 4: asked the Treasury officials to give me an assessment of

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Speaker 4: how much stronger the UK economy would be today if

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Speaker 4: we'd have grown at just the average rate of OECD

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Speaker 4: economies these last fourteen years, and the answer is we'd

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Speaker 4: be one hundred and forty billion pounds bigger today, worth

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Speaker 4: five thousand pounds for every family in Britain. We have

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Speaker 4: got to grow our economy. It's the only way to

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Speaker 4: improve living standards, keep taxes low and have the money

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Speaker 4: that we need for our dilapidated public services.

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Speaker 1: Jender.

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Speaker 2: You're also promising to reset the relationship with European partners.

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Speaker 1: Are there any quick wins there to be had?

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Speaker 3: Well?

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Speaker 4: The Prime Minister is hosting European leaders at blenh And

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Speaker 4: Palace in England today and that's really important as a

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Speaker 4: chance to reset those relationships and foster a new era

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Speaker 4: of trust between the UK and our nearest neighbors and

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Speaker 4: trading partners in Europe.

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Speaker 3: And we're determined to do that.

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Speaker 4: It doesn't mean going back into the Single Market or

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Speaker 4: Customs Union or bringing back free movement of labor, but

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Speaker 4: it does mean having a closer trading relationship and also

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Speaker 4: building a stronger strategic security alignment with our neighbors in

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Speaker 4: Europe given the threats that we face as a continent,

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Speaker 4: and so blenh And Palace just today is a chance

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Speaker 4: for us to begin to reset those relationships and foster

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Speaker 4: a stronger relationship between Britain and our neighbors and allies

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Speaker 4: in Europe.

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Speaker 2: But are there any industries that you would see you

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Speaker 2: again a win in terms of parallel kind of you know,

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Speaker 2: some of the laws being together.

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Speaker 4: Well, there's a number of areas where we would like

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Speaker 4: to make some changes to the deal that the previous

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Speaker 4: government secured. We would like the mutual recognition of professional

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Speaker 4: qualifications to help our services sector, reduce the bureaucracy for

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Speaker 4: our cultural industries when touring around Europe. And a veterinary

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Speaker 4: agreement to help our fantastic food and farming sector in Britain.

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Speaker 4: That will require negotiation and that will require give and

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Speaker 4: take on both sides, but we want to boost our trade,

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Speaker 4: make it easier for great British businesses big and small

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Speaker 4: to sell goods and services right across Europe.

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Speaker 2: Given the challenges you were mentioning, when can we expect

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Speaker 2: a budget from new September or October?

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Speaker 4: Well, I said in my first speech as Chancellor of

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Speaker 4: the Exchequer last Monday that before the summer recess I

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Speaker 4: would come to Parliament with an update on the fiscal position,

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Speaker 4: the spending inheritance that this incoming labor government is now

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Speaker 4: having to do with, and I will set out when

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Speaker 4: we do that statement the date for the budget in

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Speaker 4: the autumn.

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Speaker 2: But do you see that being a three to five

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Speaker 2: year spending review or does it need to be shorter

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Speaker 2: to make sure that the OBR then takes into the

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Speaker 2: growth you're expecting.

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Speaker 4: Well, we will set out those the details and the

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Speaker 4: dates when I come to the House of Commons in July.

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Speaker 4: But you know, Francing that I want to bring back

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Speaker 4: stability to the UK economy and that gives means giving

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Speaker 4: certainty to businesses and families, the state of the public finances,

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Speaker 4: what we're going to do to put them on a

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Speaker 4: firmer footing. But all that depends on bringing growth back

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Speaker 4: to our economy so that we can repair our public services,

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Speaker 4: repair our public finances and ensure that living standards increase,

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Speaker 4: that working people are better off by bringing investment, bringing

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Speaker 4: business back to Britain.

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Speaker 2: But chance for that growth target, is it two point

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Speaker 2: five percent for next year or is that something that

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Speaker 2: you'll you'll have to assess now.

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Speaker 4: Our ambition is to have the fastest growing economy in

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Speaker 4: the G seven, with good job some productivity growth in

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Speaker 4: all parts of the UK. And that's why all the

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Speaker 4: announcements that I've made since becoming Chancellor, the Planning Reform,

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Speaker 4: the creation of the National Wealth Fund. The fiscal lock

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Speaker 4: that we've introduced to Parliament today all about bringing the stability,

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Speaker 4: investment and reform to our economy so that we can

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Speaker 4: grow our economy and be competitive in that global economy.

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Speaker 1: Again, so difficult to put a number on it.

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Speaker 3: I'm not going to.

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Speaker 4: Put a number on it, and it's the end up

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Speaker 4: to the Office of Budget Responsibility to make those forecasts.

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Speaker 4: But I'm doing everything within my power, working with my

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Speaker 4: colleagues in the Cabinet, to ensure that we are pursuing

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Speaker 4: a pro growth, a pro business agenda to bring investment

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Speaker 4: back to Britain, because investment is the bedrock of a

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Speaker 4: strong successful economy. We have the lowest share of investment

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Speaker 4: of neg seven economy. I want to turn that around

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Speaker 4: so we can bring good jobs, bring prosperity back to

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Speaker 4: the United Kingdom.

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Speaker 2: Transfer do you worry about wealthy tax payers moving to Europe?

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Speaker 1: What can you tell us about Nanda.

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Speaker 4: Well, we were really clear in our manifesto that if

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Speaker 4: you make Britain you're home, you should pay your taxes

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Speaker 4: here and that's what the outgoing Conservative government we're looking

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Speaker 4: to do as well. But it is important that we

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Speaker 4: bring in that tax revenue, and that if you live here,

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Speaker 4: you should contribute to investment in our health service, in

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Speaker 4: our defense, in our law and order, and that will

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Speaker 4: happen under this labor government.

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Speaker 3: But we want Britain to be a really attractive.

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Speaker 4: Place for investors and businesses and successful wealth creators and

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Speaker 4: entrepreneurs from around the world, and that's why we're determined

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Speaker 4: to unlock our economy for private sector investment through the

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Speaker 4: planning reforms, through the National Wealth Fund, and indeed through

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Speaker 4: the other changes we're going to bring in, whether that's

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Speaker 4: through the skills system or pensions reform.

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Speaker 2: None times would be very different to what the Conservatives announced.

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Speaker 2: The plan that you're expecting for them, Well.

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Speaker 4: There's two differences between what the outgoing government was proposing

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Speaker 4: and what we'll do. First of all, we will bring

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Speaker 4: those changes forward by a year, and second we will

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Speaker 4: make reforms, for example around inheritance tax.

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Speaker 3: But it is right that if you make.

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Speaker 4: Britain your home, you should pay your share of taxes

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Speaker 4: here and an outdo data system based on where your

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Speaker 4: father was born to determine how you're treated in the

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Speaker 4: tax system. That's just not right, it's not fit for

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Speaker 4: a modern economy. Now, of course we will have rules

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Speaker 4: that if you come to Britain for a short period

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Speaker 4: of time on common with work, for example, that we

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Speaker 4: will not be taxing your global income. But if you

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Speaker 4: make Britain your home, if this is your permanent place

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Speaker 4: of residents, then just like everybody else, you should pay

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Speaker 4: your taxes. Here what a modern system fit for a

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Speaker 4: modern economy. We don't have that today. Those are reforms

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Speaker 4: we want to bring in Chanson.

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Speaker 2: When you look at Sheen, would you welcome an IPO

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Speaker 2: in the UK and the City of London.

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Speaker 4: Well, I welcome the FCA changes just last week to

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Speaker 4: really turbocharge listings in the UK, and I want a

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Speaker 4: businusinesses to choose Britain as a place to list. For

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Speaker 4: the last few years, we've seen story after story about

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Speaker 4: companies delisting from the London Stock Exchange, listing in New York,

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Speaker 4: listing in Europe.

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Speaker 3: I want to turn that around.

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Speaker 4: I want Britain to be the place of choice to

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Speaker 4: make an IPO to grow your business.

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Speaker 3: That's why I welcome.

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Speaker 4: The reforms that the FCA put in place last week.

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Speaker 4: It's also why I'm determined to change our pension system

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Speaker 4: so we can unlock some of those assets under management

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Speaker 4: to help start up and scale up businesses access the

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Speaker 4: capital they need, so we can keep more businesses here

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Speaker 4: in Britain.

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Speaker 1: Chance the US is.

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Speaker 2: Also really going quite hard on tariffs with China. We're

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Speaker 2: going up to an election. The UK has not really

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Speaker 2: squared with the EU on ev terrorifts, for example, or

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Speaker 2: the US. How would you deal as a small open

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Speaker 2: economy with China and Chinese tariffs.

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Speaker 4: Well, we are a small, open trading economy and we

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Speaker 4: benefit from those trade links with countries around the world,

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Speaker 4: both for exports and imports, but also for foreign director investment.

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Speaker 4: And our view is that where possible we trade, we cooperate,

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Speaker 4: and we challenge in areas where it's important to challenge,

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Speaker 4: but we don't want to close the UK economy down

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Speaker 4: to imports and exports. We benefit from those trade links

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Speaker 4: around the world, including with China.

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Speaker 1: Chancellor, thank you so much for your time.

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Speaker 3: Thank you