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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. They say is the

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Speaker 1: Bloomberg Daybreak Europe podcast, available every morning on Apple, Spotify

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Speaker 1: or wherever you listen. It's Wednesday, the eighteenth of December

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Speaker 1: in London. I'm Stephen Carroll. Coming up today. Nissan shares

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Speaker 1: skyrocket on reports that Honda's interested in a merger. Bloomberg

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Speaker 1: finds UK consumers could be left paying the price for

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Speaker 1: the government's accelerated drive towards clean power. Plus traders await

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Speaker 1: the final Federal Reserve decision of twenty twenty four as

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Speaker 1: bond traders bet on deeper rate cuts next year. Let's

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Speaker 1: start with a roundup of our top stories. Honda and

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Speaker 1: Nissan are exploring a merger which could consolidate Japan's auto

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Speaker 1: sector at a time of major upheaval globally, and executive

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Speaker 1: vice president at Honda confirmed reports the carmakers considering options

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Speaker 1: including a capital tie up or merger. James Hang, the

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Speaker 1: head of Asian Autos at Macquarie Capital, explains why.

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Speaker 2: For Honda's perspective, the biggest benefit is actually the scale.

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Speaker 2: There has been clear change on the company's the management

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Speaker 2: on focus on the scale and the operation. I guess

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Speaker 2: that's what Honda is expecting to gain from this partnership.

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Speaker 1: To Hun's point, a merger would create a giant better

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Speaker 1: able to compete against larger global rivals like Tesla and BYD.

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Speaker 1: Shares in Nissan serged as much as twenty four percent

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Speaker 1: on the news, their biggest intra day jump on record.

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Speaker 1: Hondas stock fell by as much as three point four percent.

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Speaker 1: Bloomberg has also learned that the iPhone builder Han High

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Speaker 1: has approached Nissan about taking a controlling stake in the carmaker.

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Speaker 1: The UK government's push to decarbonize its power grid faster

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Speaker 1: risks locking in higher costs for consumers. That's according to

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Speaker 1: research from three energy analytics firms, which looked at moving

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Speaker 1: the target forward from twenty thirty from twenty thirty five.

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Speaker 1: Aurora Energy Research says the earlier deadline would cost eleven

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Speaker 1: billion pounds more because of higher raw material and borrowing costs.

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Speaker 1: Energy Secretary At Miliband was asked about his claim the

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Speaker 1: green push will bring household bills down by three hundred

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Speaker 1: pounds a year.

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Speaker 3: The truth is there is only one future for Britain

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Speaker 3: that reduces bills for good, and that is a clean

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Speaker 3: power mission and the truth is we can carry on

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Speaker 3: remaining vulnerable. We can carry on with fossil fuels, and

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Speaker 3: all we know is we're in the grip of petro

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Speaker 3: states and dictators. That government is not willing to leave

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Speaker 3: us exposed.

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Speaker 1: But it's by Miliband's optimism. Experts at AURORASO prices are

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Speaker 1: likely to say consistently higher than their twenty nineteen levels.

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Speaker 1: UK government borrowing costs rose to their highest level in

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Speaker 1: decades relatives to germanys in trading yesterday. That's as traders

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Speaker 1: grow increasingly skeptical over how much more easing the Bank

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Speaker 1: of England will manage to deliver next year. Pojacomras, senior

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Speaker 1: UK and European rates strategist at Toronto Dominion Bank, says

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Speaker 1: the shift was driven by yesterday's hotter than expected wage data.

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Speaker 4: Shoos that boees grappling with is very different.

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Speaker 5: From other central banks.

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Speaker 4: To your open note, we do think that Vega wage market,

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Speaker 4: labor market is weakening, and that was visible in the

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Speaker 4: employment index. I think markets are very scared about the

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Speaker 4: wage data, and also we have the CPI and service

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Speaker 4: inslation as well, So yes, that is something I would

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Speaker 4: I was not looking forward for this number.

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Speaker 1: Who's a camera from TD Bank there speaking to Bloomberg.

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Speaker 1: The spread between UK and German ten year bondjials closed

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Speaker 1: at two hundred and twenty nine basis points, the most

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Speaker 1: since nineteen ninety. Money markets are now fully pricing in

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Speaker 1: two quarter point cuts from the Bank of England and

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Speaker 1: twenty twenty five, and attribute to roughly twenty percent chance

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Speaker 1: of a third. That's down from ninety percent before the

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Speaker 1: wage data. Federal Reserve officials are likely to lower borrowing

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Speaker 1: costs for a third straight meeting today, while signaling fewer

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Speaker 1: interest rate cuts next year. The expectations come after recent

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Speaker 1: data showed inflation is coming down more slowly than officials

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Speaker 1: anticipated and the labor market is not weakening as much

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Speaker 1: as had been feared. Bank of America's CEO Brian moynihan says,

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Speaker 1: there has been a significant economic shift that.

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Speaker 6: We've moved up from positive but low to now higher

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Speaker 6: than trend, higher than average, and so that means economies

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Speaker 6: not having a balance anything. It's just going on as

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Speaker 6: normal growth trend with just good news. I think all

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Speaker 6: the policies are yet to come in. There's an enthusiasm

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Speaker 6: and discussion, but everything's still out there until the policy

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Speaker 6: get an acted. Our team, even given their knowledge of

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Speaker 6: the Trump present. Like Trump's policies, they are still predicting

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Speaker 6: next year's a two and a half percent GDP growth.

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Speaker 6: They predict a FED cuts rates a few times.

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Speaker 1: Bank of America is Brian moynihan speaking to Bloomberg's Wall

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Speaker 1: Street Week now. The revised outlook could prompt officials to

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Speaker 1: tweak the language in their post meeting policy statement later

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Speaker 1: and raise the projected path of borrowing costs with a

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Speaker 1: full coverage of the Fed's decision and updated quarterly forecasts,

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Speaker 1: as well as charge your own piles post meeting press

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Speaker 1: conference later today. Brazil's central Bank has sold over three

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Speaker 1: billion dollars in local markets to stem a collapse and

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Speaker 1: its currency. The country's royal tender has fallen by over

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Speaker 1: twenty percent this year to a record low, and its

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Speaker 1: weakness is spreading to other assets, including government dollar bonds.

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Speaker 1: Brazil Center Bank has raised interest rates to combat inflation,

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Speaker 1: but analysts say fiscal commitment is needed to prevent market instability.

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Speaker 1: That's his investor has grown increasingly skeptical of the government's

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Speaker 1: ability to address the country's debt trajectory, and Luegi Mangioni

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Speaker 1: was indicted in New York and a first degree murder

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Speaker 1: charge for the fatal shooting of United Health executive Brian Thompson.

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Speaker 1: Prosecutors said the killing amounted to an act of terrorism.

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Speaker 6: This was a frightening, well planned, targeted murder that was

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Speaker 6: intended to cause shock and attention and intimidation.

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Speaker 1: That's Manhattan District Attorney Alvin Bragg there is leading the

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Speaker 1: case for the prosecution. Officials have warned against lionizing the

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Speaker 1: suspected killer, who at the time of his arrest was

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Speaker 1: carrying a manifesto to crying the healthcare industry. Those are

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Speaker 1: our top stories on the markets. We have saw stocks

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Speaker 1: declining into Tuesday's clothes on Wall Street, the SMP five

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Speaker 1: hundred finishing down four tenths of one percent. Dollar and

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Speaker 1: treasuries were a little changed after the latest economic data

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Speaker 1: from the US painted a mixed picture. Retail sales increased

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Speaker 1: at a firm place, while industrial production unexpectedly declined. Oil

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Speaker 1: prices fell by one percent yesterday for Brent crude, and

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Speaker 1: trading today it's holding just over seventy three dollars a barrel.

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Speaker 5: The two year guildts finished ten.

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Speaker 1: Basis points higher, just shy of that after that hot

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Speaker 1: wage inflation data and the market pricing and fewer Bank

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Speaker 1: of England cuts for next year with a BOE decision

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Speaker 1: on Thursday as well. In Asia today we're looking at

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Speaker 1: a mixed picture. The Mscish Pacific indexes hire three tenths

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Speaker 1: of one percent, but the NIKEAY and Tokyo down four

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Speaker 1: tenths as well. As we've been monitoring that m and

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Speaker 1: a news coming out of the carmaker industry in Japan

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Speaker 1: looking ahead to later today in the Fed decision, ten

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Speaker 1: yere treasury yields are down a basis point at four

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Speaker 1: point three to nine percent of the Member dollar Spot index

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Speaker 1: is flat. In a moment, we'll bring you more on

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Speaker 1: that flurry of merger talk in the Japanese car industry,

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Speaker 1: plus our story about the cost of clean power in

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Speaker 1: the UK. But another story that I've been reading this morning,

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Speaker 1: our opinion columnist Andrea Felstad has spotted a trend in

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Speaker 1: this year's Christmas ads. She says they've all gone back

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Speaker 1: to basics. Familiar faces, including John French or back John

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Speaker 1: Lewis is making us cry again with their effort, But

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Speaker 1: Andrea writes that perhaps this is actually a reflection of

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Speaker 1: the tougher situation that many retailers are facing for this

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Speaker 1: festive season, warnings about the huge costs of employer's national

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Speaker 1: insurance hike that was announced in the budget and what

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Speaker 1: that's going to mean for employers like retailers. She notes

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Speaker 1: that the warnings of the painful budget we're hitting consumer

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Speaker 1: confidence back in September and October, but the worries are

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Speaker 1: now focused on the jobs market whether employers might have

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Speaker 1: to make cuts or scale.

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Speaker 5: Back hiring next year.

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Speaker 1: So bad news for retailers who are hoping that consumers

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Speaker 1: would splash out before Christmas on big ticket items. But

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Speaker 1: she says there is an upside and be for supermarkets

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Speaker 1: like Marks and Spencer's, the upmarket end or the premium

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Speaker 1: ranges put out by the likes of Tescos and Sainsbury's,

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Speaker 1: as people plan to spend more on treats to have

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Speaker 1: at home instead. By the way, if we do look

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Speaker 1: at this piece, it's a Bloomberg dot com forard Slash Opinion,

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Speaker 1: Please do take a moment to note the brilliant titles

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Speaker 1: of the graphs which include do they know It's Christmas?

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Speaker 1: The shares in Nissan have soared in Tokyo on the

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Speaker 1: news that Honda's exploring a merger. A tie up could

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Speaker 1: create a rival to Toyota in Japan as the motor

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Speaker 1: industry is facing massive challenges worldwide, and we've had news

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Speaker 1: that han Hai, the makro of iPhones in Taiwan, is

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Speaker 1: also interested in a stake in Nissan as well. Let's

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Speaker 1: go to Tokyo for more. Bloomberg's Nicholas Takahashi joins us

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Speaker 1: for the latest Nicholas, good morning. What is being discussed

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Speaker 1: and what do we know about these reports? First of all,

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Speaker 1: about Honda and Nissan.

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Speaker 7: Sure, thanks for having me so. It's an interesting situation

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Speaker 7: that began to unfold over Japan's night last night. What

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Speaker 7: we know is is that Honda is in talks with

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Speaker 7: Nissan to discuss the possibility of a merger. Whether that's

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Speaker 7: a capital tie up or even the formation of a

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Speaker 7: holding company is all up in the air at this moment,

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Speaker 7: but we do know that Honda and Nissan are speaking

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Speaker 7: about it and taking it seriously as a future deal.

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Speaker 7: The involvement of Mitsubishi is also a possibility. And so

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Speaker 7: when we step back a little bit, what we're talking

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Speaker 7: about is a three way alliance between Honda and Nissan

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Speaker 7: and potentially Mitsubishi, and this would essentially pit it against

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Speaker 7: Toyota and its alliance with three other major Japanese car makers, Masta,

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Speaker 7: subru and Suzuki, and that has a whole host of

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Speaker 7: interesting implications, not just domestically, but in terms of their

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Speaker 7: competitive edge abroad as well in the US and China.

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Speaker 1: So, I mean, yeah, this could be a really big

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Speaker 1: move in the Japanese sector, but as you say, an

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Speaker 1: impact worldwide too.

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Speaker 5: The other report that we've had today.

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Speaker 1: I'm confirmed by by Bloomberg, has been this idea that Hanhai,

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Speaker 1: known for building iPhones, is also interested in Nissan.

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Speaker 7: Yeah, that's sort of the X factor. It seems like

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Speaker 7: in this scenario, Hanhai, commonly known as Fox Khan, builds iPhones,

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Speaker 7: and they've always been interested in shifting to ev production,

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Speaker 7: or not shifting, but focusing as well on the production

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Speaker 7: of election cars. So in this scenario, we've we've confirmed

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Speaker 7: that that Fox Khan approached Nissan for the possibility of

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Speaker 7: a buyout. That does complicate the situation with Honda. Uh

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Speaker 7: there's been a push in in Japan by the government

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Speaker 7: to try to prioritize the domestic ownership of big companies

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Speaker 7: like this, So I think Hanhai is in an uphill battle.

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Speaker 7: But how that plays out and how that influences the

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Speaker 7: Honda Nissan potential merger, you know, time will tell.

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Speaker 1: Yeah, it's certainly very interesting story to keep watching. What

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Speaker 1: does this mean for the big rival to Nissan and

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Speaker 1: to Honda, Toyota of course that the giant in the

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Speaker 1: Japanese sector, They're going to be watching these talks with

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Speaker 1: great interest.

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Speaker 7: Yeah, I imagine, and I think that's the big question

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Speaker 7: for now, And maybe it's too pronged. One question, what

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Speaker 7: does Nissan gain from this and what does Honda? And

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Speaker 7: on the other hand, does this mean, you know, if

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Speaker 7: they do form an alliance that they can compete with

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Speaker 7: Toyota and friends. Nissan, as some folks will already know,

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Speaker 7: is in the throes of a financial crisis. Since they

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Speaker 7: announced quarterly profit tanking last month, They've had two slash

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Speaker 7: thousands of jobs, cut production output, and lower their fiscal

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Speaker 7: annual fiscal profit outlook by seventy percent. Honda, on the

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Speaker 7: other hand, has been looking at scale production in the

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Speaker 7: US for some time now, So this partnership has been

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Speaker 7: talked about for years and it's finally coming to a point.

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Speaker 7: On the other hand, Toyota is the biggest carmaker in

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Speaker 7: the world, like you said, so you know, whether this

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Speaker 7: is about competition between those two camps and the Japanese

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Speaker 7: car industry gets split down the middle, or it's more

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Speaker 7: about how they fight in the US or how they

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Speaker 7: clash in the US when it comes to hybrid cars,

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Speaker 7: which I've seen a lot of popularity since eb growth

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Speaker 7: took a took a downturn over the last year or two.

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Speaker 1: Yeah, I mean, that's some of the big issues that

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Speaker 1: this industry is facing globally as well. I mean, you know,

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Speaker 1: when we think about Nissan in the UK of course

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Speaker 1: major manufacturing plant in Sunderland here as well. What would

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Speaker 1: a dealer consolidation mean for tackling some of the big

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Speaker 1: global issues that the industry is facing, like the transition

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Speaker 1: to cleaner vehicles.

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Speaker 7: Sure, yeah, that's a that's a great question. Even in

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Speaker 7: the last let's say half year or year, so the

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Speaker 7: global automotive industry has just seen seismic shifts, to say

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Speaker 7: nothing of the possible tariffs headed for North America and

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Speaker 7: the the same tariffs that Chinese views are facing. So

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Speaker 7: we're seeing this block economy form, especially in the automotive industry,

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Speaker 7: and how a potential Honda Nissan alliance could help them

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Speaker 7: overcome some of those issues, I think is a big question.

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Speaker 7: In the year, Honda executives have voiced deep concerns about

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Speaker 7: possible tariffs on imports across the Mexican border. Import tariffs

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Speaker 7: from Canada and from China are always going to be

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Speaker 7: an issue for big car makers that import heavily and

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Speaker 7: rely on production across borders.

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Speaker 1: Yeah, certainly a very interesting time for the sector too. Nick,

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Speaker 1: thanks so much for bringing us up to date.

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Speaker 2: There.

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Speaker 1: That's MEMBERGS Nicklaus Takahashi joining us from Tokyo on the

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Speaker 1: latest news in the auto sector. There Now, later today

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Speaker 1: we'll get the Federal Reserves final interest right decision of

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Speaker 1: the air. Bloomberg Economics expects the Fed to cut rights

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Speaker 1: by twenty five basis points, and markets are focused on

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Speaker 1: the question of what happens after that. Joining us now

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Speaker 1: for more our market supporter of Valerie title Valari. First

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Speaker 1: of all, are we fully locked in on twenty five

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Speaker 1: basis points. Is there any room for doubt there?

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Speaker 8: Look that the Fed really does meet the market expectations,

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Speaker 8: and we are fully pricing at twenty five basis point

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Speaker 8: rate reduction today, So I would say that is locked

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Speaker 8: in from the market's perspective. What is not locked in

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Speaker 8: is their guidance for next year. They release their projections

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Speaker 8: alongside their rate decision tonight at seven PM, and within

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Speaker 8: those projections is the dot for every FEDS member's year

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Speaker 8: and twenty twenty five forecast, and that is going to

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Speaker 8: tell us just how many rate reductions next year the

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Speaker 8: Federal Reserve on average is seeing.

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Speaker 9: Now.

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Speaker 8: Last time they released these projections, they penciled in four

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Speaker 8: rate reductions. The market currently believes that it's going to

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Speaker 8: be reduced to either three or two. If we do

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Speaker 8: get a signal from them that they only are penciling

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Speaker 8: in two rate reductions next year, that would be seen

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Speaker 8: as a hawkis shurprize.

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Speaker 5: We would see a resurgence in the.

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Speaker 8: Doll or perhaps breaking those yearly highs that it's very

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Speaker 8: close to hovering about. That would be a negative for

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Speaker 8: the equity market. That hawkish surprise of only penciling in

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Speaker 8: two cuts next year, we will get the press conference

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Speaker 8: thirty minutes later, where a lot of the focus is

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Speaker 8: going to be on his tone, It will Powell, just

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Speaker 8: how cautious will Powell sound? There are a lot of

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Speaker 8: risks looming overhead, one of the major ones being the

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Speaker 8: change of government in the US on January twentieth, where

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Speaker 8: we do get a new batch of economic policies, you know,

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Speaker 8: Tariff's deregulation. All of this playing into the mix of

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Speaker 8: how the Federal Reserve sees the US economy growing next year,

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Speaker 8: and perhaps whether that complicates his fight on inflation.

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Speaker 5: Should we actually expect.

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Speaker 1: To hear joam Pell talking about any of that though,

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Speaker 1: I mean we have tried in the past. Our colleagues

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Speaker 1: who have been at these press conferences have asked many

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Speaker 1: questions about the potential impact, and joam Pell has been

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Speaker 1: very careful up until this point. What point does he

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Speaker 1: kind of have to say something.

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Speaker 8: Yeah, so he'll push back and say, look, we can't

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Speaker 8: act on policies until we see them enacted. He even

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Speaker 8: talked about the fact that, yes, there does seem to

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Speaker 8: be tax of reductions coming under the Trump regime, but

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Speaker 8: we might not see that being passed for a year,

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Speaker 8: and the impact on GDP growth might not be until

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Speaker 8: twenty twenty six.

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Speaker 5: He could talk about that, but he's not.

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Speaker 8: Likely to give any flavor of how that'll affect their

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Speaker 8: immediate decision making process. He'll say that they'll need to

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Speaker 8: see these policies passed before they react to them. But

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Speaker 8: net net, a lot of economists out there do see

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Speaker 8: some potential upside to US economic growth from these Trump tariffs,

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Speaker 8: and that might just make Powles just sound a bit.

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Speaker 5: More cautious about the approach ahead.

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Speaker 8: He might use the words gradual or the need to

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Speaker 8: tread carefully as they slow their pace of rate cuts

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Speaker 8: next year. Now, they're unlikely to give some calendar guidance

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Speaker 8: on when they.

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Speaker 5: Would see this first pause.

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Speaker 8: But again, that kind of language distressing the need to

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Speaker 8: go carefully is just a way that the central banks

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Speaker 8: say that a pause could be on the table in January.

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Speaker 1: Okay, so that's in terms of the FED decision today.

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Speaker 1: It just wants to ask you a litle bit. They're

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Speaker 1: the big story in markets today too, and that's what's

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Speaker 1: going on in Brazil's in the rail plunging to a

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Speaker 1: record low intervention from the central Bank. What is going

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Speaker 1: on in Brazil.

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Speaker 8: A few things, one of which being their interest rates

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Speaker 8: are very high. They're nearly ten percent, and that is

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Speaker 8: still not enough to calm inflation down. So you're seeing

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Speaker 8: the central bank having to hike rates and that is

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Speaker 8: causing a situation for the government because the government has

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Speaker 8: been spending a lot of money since COVID, their fiscal

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Speaker 8: deficits have been widening, and the market is starting to

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Speaker 8: speculate that they that the government could be in a

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Speaker 8: pickle somewhat of having to reduce spending because you're going to.

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Speaker 5: Be seeing.

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Speaker 8: Foreign investment in leaving because they're worried about a slide

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Speaker 8: in the FX, and that would cause the government to

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Speaker 8: really need to maybe do a complete shift on closing

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Speaker 8: their fiscal deficie it in order to get that kind

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Speaker 8: of stability from the market in order to rein back

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Speaker 8: in some of the foreign investments. So keep an eye

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Speaker 8: on how their currency has been weakening. It hit all

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Speaker 8: time lows yesterday before they came in and announced not

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Speaker 8: one but two FX auctions to intervene in the currency

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Speaker 8: to prevent its slide. So very interesting the development's going

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Speaker 8: on in Brazil, and in a grand scheme of things,

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Speaker 8: A FED cutting less next year will only stoke this

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Speaker 8: problem forward, So hawkersh FED could push maybe another a

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Speaker 8: little slip up in Brazilian markets today.

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Speaker 1: Okay, one to keep an eye on as we look

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Speaker 1: ahead to the Federal reserve decision later as well. Valerie

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Speaker 1: t I tell our market supporter, thank you very much

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Speaker 1: for bringing us up to date. Now, UK consumers could

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Speaker 1: end up paying more for their electricity because of the

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Speaker 1: government's rushed to meet its target of decarbonizing the power

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Speaker 1: supply by twenty thirty. That's according to industry experts they've

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Speaker 1: been speaking to Bloomberg. Our European power renewables reporter Aman

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Speaker 1: Farhat is here with me for more. Aiman, first of all,

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Speaker 1: remind us what is the government's goal when it comes

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Speaker 1: to clean power and what progress has been made done

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Speaker 1: it so far.

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Speaker 10: So the government's goal is basically to have ninety five

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Speaker 10: percent of the power over the power of the UK

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Speaker 10: coming from clean sources like wind and solar by twenty thirty.

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Speaker 10: Now that brings forward the previous government's pledge of twenty

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Speaker 10: thirty five, and the whole idea is that if you

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Speaker 10: have clean power wind that's blowing, that means lower bills

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Speaker 10: for consumers as there is less gas and obviously gas

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Speaker 10: have been affected by the war in Russia and so

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Speaker 10: we're relying less on kind of these bigger geopolitical markets.

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Speaker 10: So that's kind of the big idea clean power, cheaper bills.

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Speaker 10: That's what the government has been selling to us.

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Speaker 1: What are the industry experts then saying about what this

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Speaker 1: means for energy casts down the line?

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Speaker 10: Now, the issue is that twenty thirty is really not

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Speaker 10: that far away and moving that quickly on some of

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Speaker 10: these goals, for example tripling you know, offshore wind, that

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Speaker 10: does mean that we will be building wind farms at

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Speaker 10: quite uncompetitive rates, you know, and when you build a

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Speaker 10: wind farm it does lock in rates for about fifteen years.

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Speaker 10: And also this whole plan does still rely on about

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Speaker 10: five percent of your capacity coming from gas, and gas

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Speaker 10: is still expensive and running these gas plants for less

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Speaker 10: time per year but still having them online does mean

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Speaker 10: that the prices do go up, so at the same

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Speaker 10: time it does bring down costs. But when you do

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Speaker 10: look at these specific kind of the workings of it,

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Speaker 10: there are chances that there's lots of inflatory pressures from

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Speaker 10: the buildout.

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Speaker 1: We heard a lot from d Meiler Band. A moment

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Speaker 1: ago during the election campaign, he and kir Starmer promised

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Speaker 1: that this plan would reduce household energy bills by three

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Speaker 1: hundred pounds a year. Was the figure that we heard about.

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Speaker 1: Has that pledge then been abandoned?

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Speaker 10: I mean, yeah, well, during the election campaign they were

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Speaker 10: very keen to talk about this two hundred pounds. Right

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Speaker 10: now that language has been ped back a little bit.

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Speaker 10: They're now start talking about as much as three hundred pounds,

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Speaker 10: saying that it could happen but also could not. In

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Speaker 10: the latest kind of release last Friday, they were definitely

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Speaker 10: talking about building a foundation to lower bills. I mean,

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Speaker 10: no one disputes that bills will probably fall in ten

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Speaker 10: fifteen years, but this short term five year pledges where

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Speaker 10: there's issues with it, and the government definitely knows that

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Speaker 10: their pledges probably will not be able to be delivered.

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Speaker 1: On what could be done to mitigate the impact on households.

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Speaker 1: Is the potential that the target might move again?

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Speaker 5: Maybe yeah, I.

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Speaker 10: Mean when you talk to industry experts, I'm talking to

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Speaker 10: all these executives, they say that you know, it might

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Speaker 10: be twenty thirty two to twenty thirty three reaching these goals,

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Speaker 10: you know, the bills could come down in the twenty thirties.

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Speaker 10: I guess when it comes to consumer bills, there is

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Speaker 10: a talk of kind of shifting some of the levies

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Speaker 10: that consumers have to pay. So when you do build

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Speaker 10: a wind farm, consumers do pay some money on that

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Speaker 10: on their bills. Shifting that into general taxation instead of

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Speaker 10: onto bills. They're kind of playing around with the accounting,

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Speaker 10: but it would be a way of shifting the burnd

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Speaker 10: off of consumers onto kind of general taxation to pay

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Speaker 10: for the buildout of these huge renewable goals that the

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Speaker 10: government has.

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Speaker 1: This is Bloomberg Daybreak Europe, your morning brief on the

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