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Speaker 1: This is Bloomberg Daybreak you up for this Wednesday, the

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Speaker 1: twenty fourth of May in London.

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Speaker 2: Coming up today, the Very Visible Hand Chancellor in waiting

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Speaker 2: Rachel Reeves tells us about her plan for a more

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Speaker 2: activist date.

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Speaker 1: On the Brink or Briggsmanship, a US debt deal remains

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Speaker 1: elusive as negotiations resume rate expectations.

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Speaker 2: The Bundesbank president says several more ECB hikes will be needed.

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Speaker 1: Plus Outcatur the LVMH dot route wipes eleven billion dollars

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Speaker 1: of Bernard Arnore's fortune.

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Speaker 2: That's all straight ahead. On Bloomberg Daybreak Europe. The Business

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Speaker 2: News you need to start your day in just one

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Speaker 2: fifteen minute podcast on Apple, Spotify, the Bloomberg Business App

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Speaker 2: and everywhere you get your podcasts. Good morning, I'm Stephen Carroll.

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Speaker 1: And I'm Caroline. Here are the stories that we're following today.

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Speaker 2: Labour's shadow Chancellor Rachel Reeves is planning a supply side

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Speaker 2: intervention if her party takes power. The former Bank of

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Speaker 2: England economists turned politician told the Bloomberg UK Politics podcast.

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Speaker 2: Geopolitical risk demands a more active state.

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Speaker 3: The world has changed and there's an emerging global consensus

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Speaker 3: building about security, resilience and strength, about trading with countries

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Speaker 3: that share our values and protecting our national security and

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Speaker 3: our national economics security.

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Speaker 2: Reeves's plan would be a step change from the current governments,

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Speaker 2: which says that they'd avoid wish to avoid a subsidy

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Speaker 2: race with the United States. Will have more of that

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Speaker 2: interview with the Shadow Chancellor in just a moment.

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Speaker 1: In the United States, House Speaker Kevin McCarthy has told

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Speaker 1: Republicans that debtlimit talks still have some distance to go.

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Speaker 1: This is one of his chief negotiators. Said that there

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Speaker 1: are no more meetings planned with the White House on

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Speaker 1: the issue. Republican Vice Chair of the House Financial Services

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Speaker 1: Committee French Hill, says that there's still time for an agreement.

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Speaker 4: No one wants to default on the treasury securities. No

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Speaker 4: one's proposing to do that. But unfortunately Congress uses a deadline,

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Speaker 4: and so, like John Bayner told us years and years ago,

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Speaker 4: Congress moved very slowly until it doesn't. And so we're

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Speaker 4: working on this deadline, and we want to get a

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Speaker 4: deal that's responsible and sensible, raises the dead sailing but

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Speaker 4: curtails the avalanche of spending.

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Speaker 1: French Hill well, speaking to Bloomberg's balance of power, the

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Speaker 1: impulse increases the likelihood the House and Senate will both

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Speaker 1: vote on any deal next week. There are mere hours

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Speaker 1: before June first, then the date the Treasury Secrety Janet

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Speaker 1: Yellen has warned the US could run out of money.

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Speaker 2: The European Central Bank will need more interest rate increases

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Speaker 2: to bring inflation under control. That's according to Yakim Nagel,

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Speaker 2: one of the central Bank's most hawkish rate setters. Speaking

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Speaker 2: in Berlin, the Bundesbank chief warned that quote, several races

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Speaker 2: will still be necessary to reach a sufficiently restricted level.

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Speaker 2: The UCB is in the midst of its most aggressive

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Speaker 2: tightening cycle ever and will likely hike by a quarter

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Speaker 2: point at its next two meetings.

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Speaker 1: The EU and US are looking to align investment controls

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Speaker 1: for sensitive technologies in countries like China. According to a

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Speaker 1: draft statement, the partners will seek to align their approaches

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Speaker 1: to prevent capital expertise and knowledge from supporting the technological

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Speaker 1: advances of strategic rivals. In quotes, the discussions come at

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Speaker 1: a difficult time for Beijing's ties with Western nations, but

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Speaker 1: China's new ambassador to the US. Shifeng says that he's

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Speaker 1: keen to improve ties between the world's two largest economies.

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Speaker 5: At present, Sino US relation is facing serious difficulties and challenges.

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Speaker 5: We hope that the United States will work together with

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Speaker 5: China to increase dialog to manage differences in saw to

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Speaker 5: expect our cooperation so that our relationship will be back

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Speaker 5: to the right track.

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Speaker 1: She Feang's note of optimism comes as President Biden said

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Speaker 1: that he expects ties to improve very shortly, signaling a

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Speaker 1: possible thawing of relations between the US and China.

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Speaker 2: Now, the world's richest person, Bernard Arnaut, has seen eleven

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Speaker 2: point two billion dollars wiped off as Fortune overconcerns that

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Speaker 2: a softening US economy will dampen demand for luxury goods.

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Speaker 2: Shares in lvmh to the firm he founded, fell amid

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Speaker 2: a broader decline that are raised around thirty billion dollars

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Speaker 2: from the European luxury sector. I don't feel too sad

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Speaker 2: for Arnaut. Even with the selloff, the French billionaire still

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Speaker 2: has a net worth of one hundred and ninety one

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Speaker 2: point six billion dollars.

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Speaker 1: Well, those are a few of our top stories and

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Speaker 1: for you this morning, Yeah, I just note that there

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Speaker 1: are issues around luxury sales to China but also to

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Speaker 1: the US. Morgan Stanley organized a big luxury conference in

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Speaker 1: Paris and talked there and flagged the idea of a

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Speaker 1: relatively more subdued performance in the US. So that was

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Speaker 1: the big issue that drove a lot of European stocks yesterday.

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Speaker 1: A couple of other thoughts though, for you, apparently London

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Speaker 1: workers are going to the office now for less than

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Speaker 1: half a week is a really significant change, apparently the

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Speaker 1: return to offices stall.

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Speaker 2: I was surprised by this because it does seem busy

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Speaker 2: here in the city of London, Like, yes, Fridays are quieter,

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Speaker 2: definitely and noticeably. But you know, certainly the Tuesday, Wednesday

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Speaker 2: and Thursday tues your on acronym is the is the

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Speaker 2: It certainly seems to represent that there's quite a lot

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Speaker 2: of Look.

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Speaker 1: I don't have to shove my way onto the tube platform,

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Speaker 1: so that tells me everything that I need to know.

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Speaker 1: And it's true if you look at the data right,

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Speaker 1: exits from underground stations in central London are at about

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Speaker 1: seventy percent of the levels pre pandemic. So that's the

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Speaker 1: thirty percent drop is there and it has stayed there.

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Speaker 1: The other issue, also to mention, is a really interesting

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Speaker 1: and quite worrying write up for the NHS. Waiting lists

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Speaker 1: are pushing more Britains into private healthcare. We sort of

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Speaker 1: knew this at the end of last year, right the

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Speaker 1: number of people paying for insurance private health insurance suddenly soared.

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Speaker 1: But now people are actually prepared also to pay for

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Speaker 1: inpatient ops. There's been a big jump in that.

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Speaker 2: Yeah, and that's something that This is data from the

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Speaker 2: Private Healthcare Information Network ORF, not by our colleague Lisafam.

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Speaker 2: It's showing that, look that people are trying to find

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Speaker 2: a way around those long waiting lists, more than seven

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Speaker 2: million people waiting for treatment in England. We knew that

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Speaker 2: the NHS is under a huge pressure and people are

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Speaker 2: having to fork out to try and get around it

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Speaker 2: for things that are you know, the likes of hip

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Speaker 2: replacements and surgeries like that are among the most popular.

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Speaker 1: Yeah. Absolutely, Okay, So those a few of the issues

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Speaker 1: then facing the UK well on the political front, if

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Speaker 1: opinion polls are to be believed. Rachel Reeves is Britain's

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Speaker 1: Chancellor in waiting. She is setting out Labour's economic vision.

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Speaker 1: Later today in Washington, DC, she'll mention the NHS you

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Speaker 1: never know key plank. Though of Labour's plan is state

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Speaker 1: intervention to grow key industry, something that Reeves is calling

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Speaker 1: secure nomics. We spoke to her on the Bloomberg UK

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Speaker 1: Politics podcast. Reeves told Lizzie Burden and I that Britain

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Speaker 1: needs to change to match an uncertain world.

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Speaker 3: At the moment in the UK that link between hard

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Speaker 3: work and fair reward for too many families has been broken,

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Speaker 3: and at the same time, our national economy is being

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Speaker 3: buffeted around by a series of shocks to the global economy,

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Speaker 3: but finding it harder than others to recover from those crises.

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Speaker 3: And secure nomics is an approach that builds on the

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Speaker 3: contributions of more people in more parts of Britain and

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Speaker 3: with a more secure national economy, taking advantage of some

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Speaker 3: of the big opportunities, but also ensuring our resilience, a

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Speaker 3: strengthen a security to give families that security that they

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Speaker 3: are desperately crave right now, How are you.

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Speaker 1: Going to change the idea though that Britain is closed

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Speaker 1: for business.

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Speaker 3: Well, part of the reason for me being in New

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Speaker 3: York this week is to send the message loud and

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Speaker 3: clear that with labor, Britain will very much be open

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Speaker 3: for business. I recognize the challenges that the UK economy

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Speaker 3: has gone through these last few years, and also the

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Speaker 3: political uncertainty. Three prime ministers and four chancellors last year,

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Speaker 3: a botched Brexit deal that is not working for British

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Speaker 3: businesses or families, and I am determined to put Britain

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Speaker 3: back on a path where we're not just getting through,

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Speaker 3: but we're thriving and seizing the opportunities that are out

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Speaker 3: there by working in partnership with business to secure those

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Speaker 3: jobs in the industries of the future, good job paying

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Speaker 3: decent wages, offering that the security for families and that

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Speaker 3: security for our national economy that we can be strong again.

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Speaker 3: So you mentioned the botched Brexit deal. Does that mean

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Speaker 3: you'd look again at rejoining the Customs Union and Single Market?

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Speaker 3: Labor have been very clear, with a labor government we

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Speaker 3: would not be rejoining the European Union, the Single Market

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Speaker 3: or Customs Union. But there are practical changes to the

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Speaker 3: Brexit deal that the Conservatives did a couple of years

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Speaker 3: ago to make it easier for British businesses to trade

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Speaker 3: and export to our nearest neighbors and trading partners. And

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Speaker 3: it's one of the things that I've been talking to

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Speaker 3: financial services firms here in New York about, because there

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Speaker 3: are many things about the current deal that is not

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Speaker 3: working well enough for businesses and investors and as a

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Speaker 3: result is short changing US as a national economy. And

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Speaker 3: so when that trade and cooperation agreement with the European

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Speaker 3: Union comes up for some opportunities to make changes in

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Speaker 3: twenty twenty five, with labor in government, we'll be using

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Speaker 3: that as an opportunity to fix some of those gaps.

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Speaker 3: For example, for our services sector, we want to secure

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Speaker 3: the recognition of professional qualifications. We want our universities to

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Speaker 3: be able to participate in the European Horizon Scheme. We

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Speaker 3: want a veterinary deal to reduce some of those backlogs

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Speaker 3: at the border, and we want to help our cultural

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Speaker 3: industries to tour around Europe without the bureaucracy and the

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Speaker 3: red tape that they face. Right now, we have huge

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Speaker 3: potential as an economy in the UK, so many opportunities

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Speaker 3: to invest and grow, but we must seize those and

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Speaker 3: that includes sorting out some of the things that are

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Speaker 3: holding us back because of that botched Brexit deal.

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Speaker 1: What makes you think that the EU, the European Union,

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Speaker 1: would negotiate in such a way would look favorably on

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Speaker 1: the UK. Isn't this just tinkering around the edges?

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Speaker 3: Well for the last well since twenty fifteen, really there

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Speaker 3: has been an antagonistic relationship between Britain and the European Union,

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Speaker 3: and Labor are determined to normalize those relationships with our

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Speaker 3: nearest neighbors and trading partners. We recognize the importance of

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Speaker 3: European countries as export markets, but also the security partnership

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Speaker 3: between European countries, and we believe and through discussions that

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Speaker 3: we have had with European leaders and ambassadors, that we

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Speaker 3: can build on that relationship, build on the negotiations and

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Speaker 3: the deal that was secured a couple of years ago,

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Speaker 3: but make it work now for British businesses and the

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Speaker 3: British economy, but also make it work better for the

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Speaker 3: European Union because Britain remains a big export market.

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Speaker 1: Rachel and I interupt to you and make the point

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Speaker 1: that this is the message that has been given to

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Speaker 1: the UK from government and from shadow leadership for years now.

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Speaker 1: Why do you think that things are going to be

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Speaker 1: different in the future, that this is going to suddenly

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Speaker 1: be possible. Business doesn't believe it now.

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Speaker 3: Well, actually, when I speak to businesses, they are desperate

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Speaker 3: to see improvements to that trading relationship with Europe and

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Speaker 3: they are desperate to see a more normal relationship between

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Speaker 3: Britain and our nearest neighbors and trading partners and European

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Speaker 3: capitals want to see that as well, And that is

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Speaker 3: what you would get with a labor government. We would

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Speaker 3: treat our European counterparts with respect and we would work

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Speaker 3: in partnership to fix some of these holes in the

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Speaker 3: Brexit deal that was secured. There are a number of

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Speaker 3: areas that were entirely missed out from that Brexit deal

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Speaker 3: and we're determined to make sure it will work for

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Speaker 3: the UK economy, for British businesses, but there are also

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Speaker 3: ways to improve on that deal to make it work

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Speaker 3: better for other European countries as well.

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Speaker 1: Just lastly, Shadow Chancellor Kirstarmer says that he is relaxed

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Speaker 1: about people being filthy rich, are you?

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Speaker 3: We want to see more wealth and prosperity in Britain

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Speaker 3: and I want to attract investors. I want businesses to

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Speaker 3: succeed and to make good profits, to ensure that we

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Speaker 3: thrivers and economy and under Kiers leadership and with me

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Speaker 3: as a shadow Chancellor, and I hope the Chancellor in

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Speaker 3: the next Labor government that we are a proudly pro

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Speaker 3: business party, proud of the wealth, the jobs, the opportunities

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Speaker 3: that businesses and entrepreneurs can create, and we will do

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Speaker 3: everything we can to make Britain that best place to

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Speaker 3: start and grow a business.

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Speaker 1: Coming back round, though to the secure nomics presentation that

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Speaker 1: you're giving in the US, it also sounds like Labour

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Speaker 1: is a significantly more interventionist government if it were to

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Speaker 1: come to power than the past thirteen years under Conservative rule.

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Speaker 3: Well, securonomics is all about recognizing the ways in which

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Speaker 3: the world has changed. But when I started my career

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Speaker 3: the Bank of England just over two decades ago, the

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Speaker 3: idea of two superpowers, the US and China being intension

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Speaker 3: was not foreseen. Russia's invasion of another European country could

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Speaker 3: not have been foreseen, and the challenges of the climate

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Speaker 3: emergency were far from the center of the political or

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Speaker 3: economic agenda. So the world has changed and there's an

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Speaker 3: emerging global consensus building about security, resilience and strength, about

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Speaker 3: trading with countries that share our values, and protecting our

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Speaker 3: national security and our national economics. Security secure economics is

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Speaker 3: about helping families have that stability and security in their lives,

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Speaker 3: so ensure that that link between hard work and fair

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Speaker 3: reward is brought back, but also about securing our national

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Speaker 3: economy so that we are more resilient in the face

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Speaker 3: of the shocks that we have been exposed to these

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Speaker 3: last few years and will surely be exposed to in

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Speaker 3: the future too.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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Speaker 2: stories making news from London to Wall Street and beyond.

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Speaker 1: and anywhere else you get your podcasts.

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Speaker 2: You can also listen live each morning on London DAB Radio,

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Speaker 2: the Bloomberg Business app, and Bloomberg dot Com.

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Speaker 1: Our flagship New York station, is also available on your

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Speaker 1: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.

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Speaker 1: I'm Caroline Hepka and.

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Speaker 2: I'm Stephen Carroll. Join us again tomorrow morning for all

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Speaker 2: the news you need to start your day, right here

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Speaker 2: on Boomberg day Break.

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Speaker 1: Europe.

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Speaker 4: Mm hmm