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Speaker 1: Good morning. It's Tuesday, the fifth of December here in London.

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Speaker 1: This is the Bloomberg Daybreak Curt podcast. I'm Caroline Hepka.

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Speaker 2: And I'm Stephen Carroll. Coming up today, taxing times for

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Speaker 2: the top one hundred Britain's largest companies get hit with

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Speaker 2: bigger bills from the government cut.

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Speaker 1: US Wealth Fund is getting set to offload almost half

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Speaker 1: its stake in Barclay's.

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Speaker 2: And Saudi's energy minister tells US oil supply cuts could

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Speaker 2: continue past March.

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Speaker 1: Let's start with a roundup of our top stories.

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Speaker 2: Britain's largest one hundred companies are paying seven percent more

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Speaker 2: in tax than they were last year, accounting for a

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Speaker 2: tenth of all of the government's receipts. Binburg's Ewen Parts

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Speaker 2: has more.

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Speaker 3: Higher staff wages, health and social care charges and a

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Speaker 3: winfull tax. All that up to a ninety billion pound

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Speaker 3: bill for the UK's top one hundred companies. The numbers

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Speaker 3: come from the one hundred Group, a collection of the

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Speaker 3: UK's biggest public and private companies. At a time when

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Speaker 3: both parties want to drive GDP growth, investment by the

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Speaker 3: group shrank by two percent as taxes went up. Labor

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Speaker 3: leader Kiss starmas as the situation demands an economic rethink.

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Speaker 4: Inflation, debt, taxes are now huge constraints. Never before has

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Speaker 4: a British government asked its people to pay so much

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Speaker 4: for so little.

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Speaker 3: But Starmer says that anyone who expects a labor government

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Speaker 3: to quickly turn on the spending taps will be disappointed.

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Speaker 3: In London, EU and pots Blimberg Radio.

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Speaker 1: Now, Cuta's Sovereign Wealth Fund is selling nearly half of

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Speaker 1: its shares in Berkley's. The sale is expected to raise

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Speaker 1: half a billion pounds for the Middle Eastern State as

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Speaker 1: one of Berkley's largest shareholders. The Cutter Investment Authority sale

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Speaker 1: comes ahead of a planned revamp of the bank next year.

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Speaker 2: Turning next to the Berkeley family regaining ownership of the

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Speaker 2: Telegraph newspaper after an Abu Dhabi backed fund helped pay

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Speaker 2: off its one point two billion debt to Lloyd's. The

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Speaker 2: lender of Firs sees both the Telegraph and the Spectator

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Speaker 2: magazine in June, following years of negotiations with the Berkley family.

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Speaker 2: The repayment means Lloyd's could be in line for a

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Speaker 2: windfall of about five hundred million pounds after the bank

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Speaker 2: wrote off the majority of the debt years ago.

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Speaker 1: Now to other UK news, the Home Secretary James Cleverly

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Speaker 1: says that people coming to live in Britain will need

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Speaker 1: to show a thirty eight thousand pounds salary. He hopes

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Speaker 1: that the new plan will dampen Britain's highest net migration

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Speaker 1: figures on record.

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Speaker 5: This package of measures, taking in addition with the measures

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Speaker 5: on student depend dependence that we have already announced in May,

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Speaker 5: means that around three hundred thousand fewer people will be

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Speaker 5: eligible to come to the UK than were coming last year.

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Speaker 5: This is the largest reduction on record.

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Speaker 1: The new Home Sectaries policy comes as Conservatives sphere reaching

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Speaker 1: the next election without delivering on their pledge to reduce

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Speaker 1: migrant numbers. It's the second time this year that the

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Speaker 1: government has unveiled a new five point plan to tackle

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Speaker 1: the issue.

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Speaker 2: Israel's military is pushing into southern Gaza after a truce

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Speaker 2: with Hamas collapsed. IDF spokesman John Canrincus urged civilians to

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Speaker 2: fled south to evacuate once again.

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Speaker 6: The responsibility for this is on Hamas. If Hamas were

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Speaker 6: to fight outside of the urban area, I don't think

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Speaker 6: that there would be a single Palestinian wounded or killed.

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Speaker 6: The fact that there are Palestinian civilians killed is because

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Speaker 6: Hamas is embedding itself within the civilian population.

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Speaker 2: Conrinkus's comments come as US officials grow increasingly vocal about

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Speaker 2: their fears around the death toll in Gaza. Defense Secretary

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Speaker 2: Lloyd Austin said Israel with strategic defeat if it fails

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Speaker 2: to heed warnings about the mounting casualties.

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Speaker 1: Now, the global willmarket should be prepared for a sustained

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Speaker 1: cut in supply. According to Saudi's energy minister, speaking in

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Speaker 1: an exclusive interview with Bloomberg, Prince Abdulaziz bin Salman said

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Speaker 1: that curbs will be delivered in full and may even

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Speaker 1: be extended.

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Speaker 7: Even the word economy storyline is not as bad as

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Speaker 7: people are seeing it, but we want to make sure

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Speaker 7: again this precautionary approach, which a lot of people having

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Speaker 7: a problem with me on this issue being precautious. I'm

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Speaker 7: an at a gambler as a person, this country does

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Speaker 7: not get into gambling business. We are known for being

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Speaker 7: cautious and precautious simply because we have to make sure

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Speaker 7: that whatever we do is something that has has its

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Speaker 7: own contingencies.

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Speaker 1: Prince Abde Laziz also emphasized that while he couldn't convince

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Speaker 1: his Russian counterpart to cut output, there is a high

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Speaker 1: level of trust and cooperation between read and Moscow on

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Speaker 1: oil policy. Bloomberg understands that Vladimir Putin will visit Saudi

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Speaker 1: Arabia and the United Arab Emirates this week for a

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Speaker 1: rare overseas trip. It's also reported that the Russian leader

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Speaker 1: will meet with the Saudi Crown Prince Mohammad Ben Salman. Now,

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Speaker 1: in a moment, we'll bring you more from our exclusive

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Speaker 1: interview with the Saudi Arabia Energy Minister, Prince Abdulazi's been

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Speaker 1: Salman of course, as we are talking about COP twenty

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Speaker 1: eight ongoing in Dubai. But another story caught my eye

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Speaker 1: this morning. Did you see this? I'm not, i must say,

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Speaker 1: particularly a footy fan, but the numbers are eye watering.

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Speaker 1: The Premier League has sold four years of UK broadcast

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Speaker 1: rights you'll know how much for a lot six point

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Speaker 1: seven billion pounds. They've sold them to Sky in TNT.

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Speaker 1: So this is the season's twenty twenty five to twenty eight,

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Speaker 1: so it's three years of matches. Apparently there are more

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Speaker 1: matches that you can watch, but it's an enormous amount

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Speaker 1: of money that has increased of course versus the last round.

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Speaker 2: Yeah. Look, it's a fascinating illustration of where the money

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Speaker 2: goes and media markets at the moment, especially who didn't

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Speaker 2: bid this time around. So Amazon, for example, got a

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Speaker 2: package of twenty matches. The last time around, they weren't

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Speaker 2: in this bid and they said they didn't want to

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Speaker 2: bid for the volume of games that were on after

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Speaker 2: according to sources speaking to Bloomberg. But the amount of

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Speaker 2: money for these rights packages keeps going up and up.

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Speaker 2: The Premier League says it's the largest sports sports media

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Speaker 2: rights package ever sold in the UK because they basically

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Speaker 2: made the package bigger that you can buy this time

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Speaker 2: around as well, and it's a contrast to what we're

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Speaker 2: seeing elsewhere the rights packages sold in Italy, for example,

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Speaker 2: they were sold for less than a billion for the

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Speaker 2: Seria matches there. In France, they actually asked for a

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Speaker 2: resubmission of bids from bidders because the first round of

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Speaker 2: offers from broadcasters didn't satisfy the league.

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Speaker 1: Yeah, but then also the Premier League does appear to

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Speaker 1: be unique in terms of what it offers sort of

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Speaker 1: globally to views. If you are a football fan, it

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Speaker 1: just seems to be indispensable, you know, according to the

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Speaker 1: fifty fans out there. Anyway, that story caught r I

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Speaker 1: this morning. But then also let's send to another one

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Speaker 1: again on the UK this morning.

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Speaker 2: Yeah, the UK's largest companies emphasizing the pressure they're under

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Speaker 2: from the record burden of taxation here in the UK.

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Speaker 2: The one hundred group, which represents a collection of the

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Speaker 2: UK's biggest public and private companies, says investment why these

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Speaker 2: firms is also gone down. So high tax is a

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Speaker 2: big issue for the government. So too is immigrations in

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Speaker 2: tax government announcing they're tightening the rules around visas applying

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Speaker 2: to live in the UK. Our UK correspondent Lizzie Burden

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Speaker 2: joins us now to talk about all these stories. Let's

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Speaker 2: start with this tax story first, Lizzie, the tax take

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Speaker 2: attracting more investments to the UK. These latest figures may

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Speaker 2: make for difficult reading not only for the business as involved,

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Speaker 2: but for government.

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Speaker 5: Two.

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Speaker 8: Yeah, these figures show that Britain's hundred biggest companies saw

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Speaker 8: their tax bill rise seven point two five percent in

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Speaker 8: the past year, so it's a total of ninety billion pounds.

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Speaker 8: It accounts for a tenth of all the government's tax receipts,

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Speaker 8: and the amount of complaining I have to say on

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Speaker 8: Twitter about Britain's tax burden is becoming a nightmare for

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Speaker 8: my social media alerts, it has to be said. But

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Speaker 8: the Chancellor would point to his move in the Autumn

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Speaker 8: Statement to make full expensing on capital investment permanent, what

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Speaker 8: he called the biggest tax cut for business in history,

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Speaker 8: and the Prime Minister of would point to the Global

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Speaker 8: Investment Summit last week when you had all these big

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Speaker 8: names of business jetting into the UK making investment commitments,

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Speaker 8: the likes of Blackstone Steve Schwartzman. So they would say

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Speaker 8: that this isn't a problem. But of course attracting investment

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Speaker 8: isn't just about tax, It's also about stability. So many

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Speaker 8: of the business leaders that I speak to are cozying

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Speaker 8: up to the opposition because at least the polls suggest

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Speaker 8: that the next government is going to be led by labor,

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Speaker 8: which puts the question for the Shadow Chancellor how she's

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Speaker 8: going to fund the spending plans that her colleagues keep

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Speaker 8: making and maintain the tax cuts that the Chancellor's already

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Speaker 8: announced without adding to borrowing to an extent that it

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Speaker 8: rocks the bond market. Is she going to try to

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Speaker 8: raise wealth taxes? For example, ladies already referred to people

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Speaker 8: with the broadest shoulders carrying the biggest load. And yet

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Speaker 8: separate analysis by the Wealth Club, this high net worth

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Speaker 8: investment service found that one hundred thousand wealthy and des

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Speaker 8: only paid fifty five billion pounds of all income and

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Speaker 8: capital gains tax are about a quarter of the total,

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Speaker 8: and therefore the Wealth Club says it's an absolute myth

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Speaker 8: that wealthy individuals aren't already paying their fair share of tax.

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Speaker 1: Yeah, I thought that an answer was really eye catching.

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Speaker 1: You know that the top one hundred individuals also paying

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Speaker 1: a huge share in terms of the Treasury's coffers. So

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Speaker 1: then the government under pressure in terms of the tax burden,

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Speaker 1: also under significant pressure because of migration. We had the

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Speaker 1: net migration numbers, you know, which are official figures, just

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Speaker 1: an estimate, but that the number's got a lot of attention.

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Speaker 1: Last week, six hundred and seventy two thousand more people

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Speaker 1: moving to the UK than leaving. So this is also

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Speaker 1: at the heart of what government is trying to do.

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Speaker 8: Yeah, and crucially within those numbers, the vast majority of

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Speaker 8: migrants aren't coming from the EU eunit nationals are actually

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Speaker 8: emigrating post Brexit. But as we as you say, we've

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Speaker 8: had this new announcement from the new Home Secretary James

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Speaker 8: Cleverly in Parliament yesterday, including raising the salary threshold for

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Speaker 8: work visa entrance and stopping health and social care workers

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Speaker 8: from bringing dependents as it has already for students. So

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Speaker 8: clearly the idea is to reduce the number of non

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Speaker 8: working immigrants, and he says the aim is to reduce

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Speaker 8: annual net immigration by three hundred thousand in future years.

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Speaker 8: His phrase so not setting out a precise timetable, and

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Speaker 8: Labor last week said that it wanted two hundred thousand

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Speaker 8: net immigration. So it looks like Labour actually has a

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Speaker 8: stricter immigration policy than the Conservatives. Now there's been a

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Speaker 8: backlash already Unison, the Union says that it's cruel this plan.

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Speaker 8: It's going to spell disaster for health and social care,

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Speaker 8: and of course the health service already has staff shortages.

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Speaker 8: But in fact there's also the converse worry that these

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Speaker 8: new rules are going to trigger a dash to enter

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Speaker 8: the UK before they kick in in spring, so it

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Speaker 8: could be a real headache.

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Speaker 2: So those are changes to legal migration. And meanwhile we're

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Speaker 2: also watching for the next steps on the government's Rwanda

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Speaker 2: deportation plan. That's for illegal immigrants into the UK. What's

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Speaker 2: the next government's next desp We're watching for Lizzie exactly.

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Speaker 8: This had really been the focus until those new migration

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Speaker 8: figures came out, but the government said that it's close

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Speaker 8: to agreeing a deportation treaty. You remember, the Supreme Court

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Speaker 8: rejected the original plan. So Sunak at the moment has

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Speaker 8: to thread the needle between on the one hand, plicating

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Speaker 8: the hardline Tories who want him to ignore the Supreme

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Speaker 8: Court's ruling disipply Britain's commitments under international packs like the

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Speaker 8: European Convention on Human Rights, and then on the other

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Speaker 8: hand those who points out that that convention underpins the

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Speaker 8: Good Friday Agreement, which of course helped to end the

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Speaker 8: decades of violence in Northern Ireland. So this is the

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Speaker 8: situation for the government. And meanwhile Rwanda basically saying there's

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Speaker 8: nothing to worry about. Rwanda's safe and this criticism is hypocritical.

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Speaker 1: Lizzie, thank you so much for Bloomberg UK corresponds at

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Speaker 1: Lizzie Burden.

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Speaker 2: Let's bring you more now of our exclusive interview with

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Speaker 2: Saudi Arabia's Energy Minister, Prince Abdulaziz Ben Salmon says the

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Speaker 2: OPEC plus production cuts agreed last week can absolutely continue

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Speaker 2: past the first quarter if needed. This as the alliance

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Speaker 2: announced reduction and supply of more than two million barrels

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Speaker 2: a day but failed to move oil prices significantly. The

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Speaker 2: minister has been speaking to Bloomberg's Will Kennedy in read each.

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Speaker 7: Of the individual statements, including the aggregated settum that came

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Speaker 7: up out of the Secretariat, which is like a news

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Speaker 7: item expressed in details, each and everybody commitment to do

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Speaker 7: that think, which is that we should phase it out

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Speaker 7: and if we all subjugated it to market condition.

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Speaker 9: Sadi Arabia's at nine million bosvil a million barretles a day,

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Speaker 9: that's quite low by historical standards. If other people came

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Speaker 9: with you, would you be willing to go lower still?

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Speaker 9: Or is this the most that Saudi Arabia can do?

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Speaker 7: Collective decisions to be made by all of us up

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Speaker 7: for the download, something that we always went.

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Speaker 9: For, but sadly Arabia wouldn't go lower than nine billion

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Speaker 9: pounds on its own.

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Speaker 7: We are not envisaging that they need. Actually we are hoping.

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Speaker 7: And this is one of the things that I, you know,

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Speaker 7: I beg to differ with the pundits or so called

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Speaker 7: SODO experts of saying that there is no growth in demand.

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Speaker 7: We see physical growth in demand. We see things that

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Speaker 7: are improving. The even the word economy storyline is not

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Speaker 7: as bad as people are seeing it. But we want

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Speaker 7: to make sure again this precautionary approach, which a lot

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Speaker 7: of people having a problem with me on this issue

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Speaker 7: being precautious. I'm an at a gambler as a person.

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Speaker 7: This country does not get into gambling business. We are

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Speaker 7: known for being cautious and precautious simply because we have

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Speaker 7: to make sure that whatever we do is something that

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Speaker 7: has its own continue Even in our budgety exercises, we

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Speaker 7: go for lower numbers, we go for lower protection levels,

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Speaker 7: we go for all of the above just to make

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Speaker 7: sure that we can continue progressing, progressing, attending to our region.

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Speaker 9: You're not selling any oil to the US. That's an

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Speaker 9: unusual very little oil to the US. That's a very

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Speaker 9: unusual position for saluate.

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Speaker 7: No, it has been coming down as a result of

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Speaker 7: what is happening with the Shared Revolution. It's a welcome revolution.

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Speaker 7: It's a welcome thing. Actually, we're using the same technologies

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Speaker 7: now in j four when it comes to shell gas.

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Speaker 7: Actually we're actually improving it. To be honest, I owe

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Speaker 7: to alarm. So thriving oil hydrocarbon industry is something we believe.

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Speaker 7: Is that I think for the world now, if others

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Speaker 7: don't like that at all, so I'd ask these countries.

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Speaker 7: I'm not naming names, but it's their choice if they

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Speaker 7: see that we should phase out and phase down hydrocarbon

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Speaker 7: or HYDROCLB. I don't care about phossipheel, I care about HYDROCYLB.

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Speaker 7: If they do, please, I did once INII very just

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Speaker 7: the last if I said, please, those countries who really

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Speaker 7: believe on phasing out, on phasing down hydrocarbons, you should

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Speaker 7: come out and put together a plan for how in

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Speaker 7: starting first of January twenty twenty four, when they are

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Speaker 7: going to freeze when they should at least freeze their

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Speaker 7: production by January twenty four, and also put together a

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Speaker 7: plan for when that descendants or phasing out.

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Speaker 9: What happened you mentioned this phase out five hundred miles

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Speaker 9: from here in Dupai, many thousands of people doing the

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Speaker 9: annual Climate Summit, and one of the issues there is

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Speaker 9: this language which we discussed actually last year about whether

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Speaker 9: that text like we to buy most every country in

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Speaker 9: the world should say fossil fuels should be phased down.

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Speaker 9: Are you happy to have that language in the text?

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Speaker 7: Absolutely not, and I should you. Not a single person.

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Speaker 10: In that well I'm talking about government do believe in that.

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Speaker 10: But if they believe in it, I would like to

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Speaker 10: put that challenge for all of those who believe, who

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Speaker 10: think comes out publicly basing we have to do that.

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Speaker 10: Please give me their name and numbers and look it. Well,

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Speaker 10: I'll give you their name and number, call them and

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Speaker 10: ask them how they are gonna to ax you whoot

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Speaker 10: that effective January twenty four. If they believe that this

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Speaker 10: is the highest moral ground issue, fantastic.

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Speaker 7: Let them do that themselves and we will see how

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Speaker 7: much they can deliver.

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Speaker 10: If they can delive, this.

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