Speaker 1: Bloomberg Audio Studios, Podcasts, radio News.
Speaker 2: Welcome to in the City of podcasts from Bloomberg about
Speaker 2: the story is important to the City of London. I'm
Speaker 2: Francin Laqua. We're bringing you something special today. You'll be
Speaker 2: hearing an interview we did with the UK's new Chancellor,
Speaker 2: Rachel Reeves when she came into Bloomberg offices in London
Speaker 2: earlier today. Afterwards, we'll also be joined by Bloomberg UK
Speaker 2: Economy Senior reporter Phil Aldrake as we debrief the interview.
Speaker 3: Welcome to the City of London, the City of.
Speaker 1: The City, the City of London.
Speaker 3: Please mind the gap between the tree and the financial
Speaker 3: hearts of the country, the city, the City.
Speaker 4: Welcome to in the city.
Speaker 1: Band, clear of the doors.
Speaker 2: Chancellor, thank you so much for joining us Bloomberg. In
Speaker 2: two weeks since the UK election, you've certainly hit the
Speaker 2: ground running. Today there was also, you know, talk about
Speaker 2: this fiscal lock in why do you feel they need
Speaker 2: to do that.
Speaker 5: We've introduced to Parliament today the Budget Responsibility Bill that
Speaker 5: was first announced in the king Speech just yesterday, and
Speaker 5: the purpose of this bill is to provide the fiscal
Speaker 5: lock so that never again can a Prime Minister or
Speaker 5: a Chancellor do what Liz Trust and Quasi Quatting did
Speaker 5: with their disastrous mini budget just under two years ago.
Speaker 5: So this will mean that the Office of Budget Responsibility,
Speaker 5: the Independent Office, can always provide a forecast when there
Speaker 5: are significant and permanent tax and spending changes, specifically worth
Speaker 5: more than one percent of GDP. That would have meant
Speaker 5: it would have triggered an OBR forecast back when Liz
Speaker 5: Trust and Cozikarten introduced that disastrous mini budget.
Speaker 2: And so that I guess it is something that investors will,
Speaker 2: you know, take solos to announced to what the premis
Speaker 2: said that you will achieve that two point five percent target.
Speaker 1: Are you confident that's achievable?
Speaker 5: So the purpose of today really was to give businesses,
Speaker 5: give investors that confidence that Britain is a stable place
Speaker 5: to invest and do business. I'm determined to do that.
Speaker 5: We were elected two weeks ago on a mandate to
Speaker 5: grow our economy based on that stability that is so
Speaker 5: essential to underpin any economic decision making, and so that's
Speaker 5: why this bill is so important. Now. I'm under no
Speaker 5: illusions about the scale of the challenge that I face
Speaker 5: in this job. There are going to be difficult decisions ahead,
Speaker 5: but I was really clear during the election that everything
Speaker 5: that we put forward, whether that is on the NHS
Speaker 5: or on defense or on tax policy, will always be
Speaker 5: fully costed and fully funded. That's very different so what
Speaker 5: we've had these last fourteen years with decisions with no
Speaker 5: regard to where the money's going to come from. And
Speaker 5: I'm going to.
Speaker 1: Be different answer.
Speaker 2: I know a lot of course of what you're trying
Speaker 2: to put in place will depend on private capital coming
Speaker 2: into the UK. Have you had discussions with institutions, investors,
Speaker 2: even pension funds of their willingness to come to the UK.
Speaker 5: You're absolutely right that our plans to grow the economy
Speaker 5: depend on businesses and investors choosing Britain as a place
Speaker 5: to invest. And I want investors to look at Britain
Speaker 5: and see a country that's got a stable government with
Speaker 5: a clear mandate to grow the economy and chooses Britain
Speaker 5: as a stable place to invest in an increasingly volatile
Speaker 5: and uncertain world, which is why the fiscal lot today
Speaker 5: is so important, but also the other changes we've announced
Speaker 5: in the last two weeks. We have announced more policies
Speaker 5: to grow the economy than the last government did in
Speaker 5: fourteen years. In the first seventy two hours in the job,
Speaker 5: I made more comprehensive changes to the UK planning system
Speaker 5: than the previous government did in more than a decade,
Speaker 5: because I know that we need to unlock that private
Speaker 5: investment that businesses tell me they are ready to invest
Speaker 5: if we get rid of some of those blockages, and
Speaker 5: the blockages in the planning system I think are more
Speaker 5: significant than anything else. And so those changes to bring
Speaker 5: back mandatory housing targets for local authorities, ending the moratorium
Speaker 5: on shore wind calling in planning decisions, on data centers
Speaker 5: and on housing really crucial both to send a signal
Speaker 5: to business that Britain is a place to invest, but
Speaker 5: also to make sure that we can get on with
Speaker 5: things and get building in Britain again.
Speaker 1: And are they listening.
Speaker 2: Have you gotten cars from big investors saying yes, that's
Speaker 2: a plan that I wanted to see and I'm.
Speaker 5: In absolutely so. In my first speech at the Treasury
Speaker 5: a week and a half ago, we had businesses, we
Speaker 5: had investors in the audience met afterwards. The following day
Speaker 5: we announced the creation of a National Wealth Fund, work
Speaker 5: led by Mark Carney. The task was led by Mark
Speaker 5: Carney for the Labour Party when we were in opposition
Speaker 5: now reporting to a Labor government, and on that Wealth
Speaker 5: Fund task force, we also had Amanda Blank from a
Speaker 5: Viva Vencat, from Berkley's, Antonio from Energy and other big
Speaker 5: UK investors. And that is absolutely crucial because there's no
Speaker 5: plans that I can draw up in my new office
Speaker 5: in the Treasury that are going to work unless we
Speaker 5: have business buy in. And I hope that businesses saw
Speaker 5: in Labour's manifesto and also in the plans that we've
Speaker 5: announced in government have the fingerprints of business all over
Speaker 5: them because these plans have been co written with business,
Speaker 5: because they're all about unlocking private sector investments into our economy.
Speaker 2: Chances are you considering tax breaks to either boost pension
Speaker 2: savings or make UK investments more attractive.
Speaker 5: I'm not going to announce any tax breaks or tax
Speaker 5: changes without the same where the money is going to
Speaker 5: come from, and we will have a budget later this year.
Speaker 5: But I also just need to be really clear and
Speaker 5: honest about the scale of the challenge that we have
Speaker 5: inherited with the public finances. We're going to have to
Speaker 5: make difficult decisions. We need to fix the foundations before
Speaker 5: we can start rebuilding things in Britain. But unlike the
Speaker 5: previous government, I am going to be honest about the
Speaker 5: scale of the challenge. I'm going to level with people
Speaker 5: and together we're going to rebuild our country based on
Speaker 5: that private sector business investment to get our economy growing.
Speaker 5: Because I asked the Treasury officials to give me an
Speaker 5: assessment of how much stronger the UK economy would be
Speaker 5: today if we'd have grown at just the average rate
Speaker 5: of OECD economies these last fourteen years, and the answer
Speaker 5: is we'd be one hundred and forty billion pounds bigger today,
Speaker 5: worth five thousand pounds for every family in Britain. We
Speaker 5: have got to grow our economy. It's the only way
Speaker 5: to improve living standards, keep taxes low and have the
Speaker 5: money that we need for our dilapidated public services.
Speaker 2: Jenra, you're also promising to reset the relationship with European partners.
Speaker 1: Are there any quick wins there to be had?
Speaker 5: Well, the Prime Minister is hosting European leaders at blenh
Speaker 5: And Palace in England today and that's really important as
Speaker 5: a chance to reset those relationships and foster a new
Speaker 5: era of trust between the UK and our nearest neighbors
Speaker 5: and trading partners in Europe, and we're determined to do that.
Speaker 5: It doesn't mean going back into the Single Market or
Speaker 5: Customs Union or bringing battery movement of labor, but it
Speaker 5: does mean having a closer trading relationship and also building
Speaker 5: a stronger strategic security alignment with our neighbors in Europe
Speaker 5: given the threats that we face as a continent, and
Speaker 5: so Blenheim Palace just today is a chance for us
Speaker 5: to begin to reset those relationships and foster a stronger
Speaker 5: relationship between Britain and our neighbors and allies in Europe.
Speaker 2: But are there any industries that you would see you
Speaker 2: again when in terms of parallel kind of you know,
Speaker 2: some of the laws being together.
Speaker 5: Well, there's a number of areas where we would like
Speaker 5: to make some changes to the deal that the previous
Speaker 5: government secured. We would like the mutual recognition of professional
Speaker 5: qualifications to help our services sector, reduce the bureaucracy for
Speaker 5: our cultural industries when touring around Europe, and a veterinary
Speaker 5: agreement to help our fantastic food and farming sector in Britain.
Speaker 5: That will require negotiation that will require give and take
Speaker 5: on both sides, but we want to boost our trade,
Speaker 5: make it easier for great British businesses big and small
Speaker 5: to sell goods and services right across Europe.
Speaker 2: Given the challenges you were mentioning, when can we expect
Speaker 2: a budget from new September or October?
Speaker 5: Well? I said in my first speech as Chancellor of
Speaker 5: the Exchequer last Monday that before the summer recess I
Speaker 5: would come to Parliament with an update on the fiscal position,
Speaker 5: the spending inheritance that this incoming labor government is now
Speaker 5: having to deal with, and I will set out when
Speaker 5: we do that statement the date for the budget in
Speaker 5: the autumn.
Speaker 2: But did you see that being a three to five
Speaker 2: year spending reviewer, does it need to be shorter to
Speaker 2: make sure that the OBUA doesn't take into the growth
Speaker 2: you're expecting.
Speaker 5: Well, we will set out those the details and the
Speaker 5: dates when I come to the House of Commons in July.
Speaker 5: But you know Francing that I want to bring back
Speaker 5: stability to the UK economy and that gives means giving
Speaker 5: certainty to businesses and families, the state of the public finances,
Speaker 5: what we're going to do to put them on a
Speaker 5: firmer footing. But all that depends on bringing growth back
Speaker 5: to our economy so that we can repair our public services,
Speaker 5: repair our public finances and ensure that living standards increase,
Speaker 5: that working people are better off by bringing investment, bringing
Speaker 5: business back to Britain.
Speaker 2: But chance for that growth target is it two point
Speaker 2: five percent for next year or is that something that
Speaker 2: you'll have to assess.
Speaker 5: Our ambition is to have the fastest growing economy in
Speaker 5: the G seven, with good jobs and productivity growth in
Speaker 5: all parts of the UK. And that's why all the
Speaker 5: announcements that I've made since becoming Chancellor, the planning reform,
Speaker 5: the creation of the National Wealth Fund, the fiscal lock
Speaker 5: that we've introduced to Parliament today all about bringing the stability,
Speaker 5: investment and reform to our economy so that we can
Speaker 5: grow our economy and be competitive in that global economy.
Speaker 1: Again, so difficult to put a number on it. I'm
Speaker 1: not going to.
Speaker 5: Put a number on it, and it's the end up
Speaker 5: to the Office of Budget Responsibility to make those forecasts.
Speaker 5: But I'm doing everything within my power, working with my
Speaker 5: colleagues in the Cabinet, to ensure that we are pursuing
Speaker 5: a pro growth, a pro business agenda to bring investment
Speaker 5: back to Britain because investment is the bedrock of a strong,
Speaker 5: successful economy. We have the lowest share of investment of
Speaker 5: neg seven economy. I want to turn that around so
Speaker 5: we can bring good jobs, bring prosperity back to the
Speaker 5: United Kingdom.
Speaker 2: Chance do you worry about wealthy tax payers moving to Europe?
Speaker 2: What can you tell us about non darmes.
Speaker 5: Well, we were really clear in our manifesto if you
Speaker 5: make Britain you're home. You should pay your taxes here
Speaker 5: and that's what the outgoing Conservative governments we're looking to
Speaker 5: do as well. But it is important that we bring
Speaker 5: in that tax revenue and that if you live here,
Speaker 5: you should contribute to investment in our health service, in
Speaker 5: our defense, in our law and order. And that will
Speaker 5: happen under this Labor government. But we want Britain to
Speaker 5: be a really attractive place for investors and businesses and
Speaker 5: successful wealth creators and entrepreneurs from around the world, and
Speaker 5: that's why we're determined to unlock our economy for private
Speaker 5: sector investment through the planning reforms, through the National Wealth Fund,
Speaker 5: and indeed through the other changes we're going to bring in,
Speaker 5: whether that's through the skills system or pensions reform.
Speaker 2: None. Times will be very different to what the Conservatives announced.
Speaker 2: The plan that you're expecting for.
Speaker 5: Them, well, there's two differences between what the outgoing government
Speaker 5: was proposing and what we will do. First of all,
Speaker 5: we will bring those changes forward by a year, and
Speaker 5: second we will make reforms, for example, around inheritance tax.
Speaker 5: It is right that if you make Britain your home
Speaker 5: you should pay your share of taxes here and an
Speaker 5: outdo data system based on where your father was born
Speaker 5: to determine how you're treated in the tax system. That's
Speaker 5: just not right. It's not fit for a modern economy. Now,
Speaker 5: of course we will have rules that if you come
Speaker 5: to Britain for a short period of time on to
Speaker 5: comment with work, for example, that we will not be
Speaker 5: taxing your global income. But if you make Britain your home,
Speaker 5: if this is your permanent place of residents, then just
Speaker 5: like everybody else, you should pay your taxes here. What
Speaker 5: a modern system fit for a modern economy. We don't
Speaker 5: have that today. Those are reforms we want to bring
Speaker 5: in Chanson.
Speaker 2: When you look at Shean, would you welcome an IPO
Speaker 2: in the UK?
Speaker 1: In the City of London.
Speaker 5: Well, I welcome the FCA changes just last week to
Speaker 5: really turbocharge listings in the UK, and I want businesses
Speaker 5: to choose Britain as a place to list. For the
Speaker 5: last few years, we've seen story after story about companies
Speaker 5: delisting from the London Stock Exchange, listing in New York,
Speaker 5: listing in Europe. I want to turn that around. I
Speaker 5: want Britain to be the place of choice to make
Speaker 5: an IPO to grow your business. That's why I welcome
Speaker 5: the reforms that the FCA put in place last week.
Speaker 5: It's also why I'm determined to change our pension system
Speaker 5: so we can unlock some of those assets under management
Speaker 5: to help start up and scale up businesses access the
Speaker 5: capital they need, so we can keep more businesses here
Speaker 5: in Britain.
Speaker 1: Chance.
Speaker 2: The US is also really going quite hard on tariffs
Speaker 2: with China. We're going up to an election. The UK
Speaker 2: has not really squared with the EU on ev terrorifts,
Speaker 2: for example, or the US. How would you deal as
Speaker 2: a small open economy with China and Chinese tariffs.
Speaker 5: Well, we are a small open trading economy and we
Speaker 5: benefit from those trade links with countries around the world.
Speaker 5: Both for exports and imports, but also for foreign direct investment.
Speaker 5: And our view is that where possible we trade, we cooperate,
Speaker 5: and we challenge in areas where it's important to challenge,
Speaker 5: but we don't want to close the UK economy down
Speaker 5: to imports and exports. We benefit from those trade links
Speaker 5: around the world, including with China.
Speaker 1: Chanceller, thank you so much for your time.
Speaker 5: Thank you.
Speaker 2: With me today in the studio to talk about the
Speaker 2: interview you just heard as Bloomberg's UK Economy senior reporter
Speaker 2: Philip Aldrig. Phil thank you so much for joining us now.
Speaker 2: People have to understand that every time we have a
Speaker 2: big interview, we're like briefed within a ninch of our
Speaker 2: lives with all the greatest minds at Bloomberg, and Phil
Speaker 2: you're one of them. So we spend a lot of
Speaker 2: time trying to figure out, you know, what the message
Speaker 2: of the chancer was, how we'd prepare for questions, what
Speaker 2: we'd ask her.
Speaker 1: What do you.
Speaker 2: Think her key message has been. I mean they've done
Speaker 2: so much in two weeks.
Speaker 4: Yeah, they have been very busy. Actually, you speak to
Speaker 4: the Treasury officials and they were in the immediately after
Speaker 4: the election that weekend they were working away and there
Speaker 4: was you know, they wanted to get going fast. The
Speaker 4: labor government. The main thing, obviously she was trying to
Speaker 4: the message she was trying to give was that you know,
Speaker 4: this is going to be a government that has single
Speaker 4: minded about getting growth, and so prerequisite to that is stability.
Speaker 4: And then the mechanism of growth is going to be investment,
Speaker 4: and a lot of that is the private sector capital
Speaker 4: that she wants released. And so these were these kind
Speaker 4: of three things that which sort of guide the agenda
Speaker 4: and her sort of philosophy of how to get the
Speaker 4: UK strong and stable.
Speaker 2: I thought it was quite telling that actually, so this
Speaker 2: is her first TV sit down interview since being appointed chancellor.
Speaker 2: And it's interesting that she spoke to Bloomberg because we
Speaker 2: speak to businesses. So I don't know whether it was
Speaker 2: it was more of a pitch for you know, private
Speaker 2: capital money coming from abroad, or is it with businesses
Speaker 2: and saying, look, well, achieve growth, but there are going
Speaker 2: to be very tough decisions ahead.
Speaker 4: She clearly wants to win both the investment money and
Speaker 4: business investment in the UK. She actually said there are
Speaker 4: no plans that I can draw up in my new
Speaker 4: office in the Treasury, that are going to work unless
Speaker 4: we have business buy in, which other was quite a
Speaker 4: good telling line for exactly how she's thinking about this.
Speaker 4: So obviously they've their premises as she as she has
Speaker 4: made clear who she kept saying, I'm going to level
Speaker 4: with the public. I'm honest, I'm different. I'm not going
Speaker 4: to pretend that we can spend when we can't spend,
Speaker 4: which is which does set up a sort of interesting
Speaker 4: budget spending review situation in the future. But the fact
Speaker 4: is that the inheritance is pretty poor, so they don't
Speaker 4: have much money. So where do you get the growth from.
Speaker 4: You have to get it from the private markets. Effectively,
Speaker 4: you sort of leverage it in and hope that that's
Speaker 4: going to be the mechanism and obviously the stability of
Speaker 4: this kind of fiscal lock that they have set up
Speaker 4: so that the OBI will always judge whether the government
Speaker 4: is establishing a sort of economic stable economic future by
Speaker 4: testing any of their spending programs which are thirty pounds
Speaker 4: or more, so there will be an automatic thing.
Speaker 5: Now.
Speaker 4: Those things will be absolutely vital to setting the sort
Speaker 4: of bedrock for the UK to try and build sort
Speaker 4: of growth trajectory from there.
Speaker 2: Who do you think that speaks to? Again, it's almost
Speaker 2: like self imposing budget rules, right with an independent third
Speaker 2: party that looks at what you're trying to do and
Speaker 2: trying to spend. Will that be reassuring for global markets
Speaker 2: that we're not going to have a list trust moment?
Speaker 2: And she was very clear that you know she never
Speaker 2: wants that to happen, or is she trying to do
Speaker 2: a president so that no matter what happens four or
Speaker 2: five six years, that you know that mini budget meltdown
Speaker 2: doesn't happen again.
Speaker 4: If you look back to sort of before the pandemic,
Speaker 4: it never happened that you would have it's one percent
Speaker 4: of GDP of either spending uncosted spending or uncosted tax
Speaker 4: carts will have to the OBR is obliged to step
Speaker 4: in and do an assessment of you know, what is
Speaker 4: the scale of the black hole that this will cause
Speaker 4: so effectively will make the government, any government nervous about
Speaker 4: doing anything which is uncosted because they know that they're
Speaker 4: going to have someone breathing down their necks straight away. Now,
Speaker 4: the clear point of that is because we had the
Speaker 4: LDI crisis or whatever it is that you will if
Speaker 4: you're effectively giving any future government reason for thought or
Speaker 4: just a pause for thought before doing these uncosted, big,
Speaker 4: uncosted things. So yeah, that should be reassuring to the
Speaker 4: to the asset managing manager market, to the guilt markets,
Speaker 4: et cetera. That should, in theory, prevent another l d
Speaker 4: I type trust mini budget problem emerging. So I mean
Speaker 4: that's I mean, she's definitely talking to the big pools
Speaker 4: of capital out there that are going to be buying
Speaker 4: government debt. And she did name she actually named Aviva
Speaker 4: and Legal in General as some of the backers for
Speaker 4: her National Wealth Fund, so that you know, she's saying,
Speaker 4: we are getting these these you know, buying from the
Speaker 4: investment community.
Speaker 2: What's the one question you wish she answered.
Speaker 4: It's tax rises. What do you get which which tax
Speaker 4: is going to go up? And actually you did ask
Speaker 4: that when is the budget? She said that we're going
Speaker 4: to tell you when the budget is at the end
Speaker 4: of July. And that is itself is a little bit
Speaker 4: of a revelation because it does suggest that the budget
Speaker 4: won't be until that the earliest budget will be is October.
Speaker 4: Because it's kind of this ten week leading period for
Speaker 4: the OBR. Will there be one year spending review or
Speaker 4: a more comprehensive spending review so that the one year
Speaker 4: one would just give them time to see if their
Speaker 4: growth plans worked. Now, these are really important judgments to make,
Speaker 4: because if you go for a big comprehensive three or
Speaker 4: five year spending review right now, the public finances are
Speaker 4: not strong enough to support, like, you know, a load
Speaker 4: of spending without massive tax rises that would accompany it.
Speaker 4: If you wait a year and you get the growth
Speaker 4: which they say they're going to do, then maybe you
Speaker 4: just have fewer tax rises to pay for this. These
Speaker 4: spending requirements for the public services, which she described as dilapidated.
Speaker 4: So I wish she'd answered those questions as she, of
Speaker 4: course she judged them being politician. I did think that
Speaker 4: this this she did say about she.
Speaker 1: Was quite interesting.
Speaker 2: Yeah, on China, I mean that was like our last question,
Speaker 2: you know, given everything that's happening in the US with
Speaker 2: the noise and of course the US selection of the
Speaker 2: fact that they're really bashing China really hard, and even
Speaker 2: the EU is getting on board with her ups against
Speaker 2: Chinese EV's, she was much more measured, like careful even.
Speaker 4: Yeah, I thought that was that was quite striking. I mean,
Speaker 4: if you think about what's going to happen if if
Speaker 4: Trump wins, and you look at what's happening, as you say,
Speaker 4: with the EU and Chinese evs, and she was like,
Speaker 4: we are a small, open trading economy. We like imports
Speaker 4: and exports, we need foreign direct investment. It was like,
Speaker 4: you know, it's absolutely if you're gonna if you are
Speaker 4: staying up where we want people's money. You can't say
Speaker 4: that at the same time as saying, you know, we
Speaker 4: think China is a security risk or something. So that
Speaker 4: was that was that was very sort of subtly revealing.
Speaker 4: And also you asked about she or Hervey, you said
Speaker 4: the sort.
Speaker 2: She didn't say the words she I mean, I know
Speaker 2: what still no one knows how to pronounce it, despite
Speaker 2: us doing like a whole podcast on it with with
Speaker 2: Andrew Felstead. But she she welcomes IPOs. This would be
Speaker 2: a controversial one though.
Speaker 4: Yeah, it was quite striking before the election actually that
Speaker 4: we had Johnny Reynolds the Labor Business Secretary now and
Speaker 4: Kemmy bad Knock, who was the business sectary for the Tories,
Speaker 4: and you had Johnny Reynolds saying, yeah, we would, you know,
Speaker 4: we think that you should have these kind of companies
Speaker 4: in the UK so we can keep an eye on them.
Speaker 4: And Kemy's bad Knock's version of events was no, that
Speaker 4: she was much tougher. She was like, there's questions about,
Speaker 4: you know, whether the labor rights and other controversies that
Speaker 4: Shine is is facing, so that obviously labor do you know,
Speaker 4: they see themselves as a sort of they're going to
Speaker 4: be one of They're going to be careful, as you said,
Speaker 4: it's perfect word, but they're going to be careful about
Speaker 4: any decision making because they're so acutely aware that the
Speaker 4: future for the country, in their minds, depends on the
Speaker 4: investment that we get from the from the capital markets
Speaker 4: and from the private sector and from businesses.
Speaker 2: Which is why she wouldn't really talk about a growth figure, right.
Speaker 2: I mean, kirre Stormer floated at two point five percent
Speaker 2: growth target, but then she wouldn't be pinned down on
Speaker 2: a specific number.
Speaker 4: I suspect that Kirstama regrets getting pinned down. He was
Speaker 4: pressed and pressed in it, and so she was gonna
Speaker 4: try not to repeat.
Speaker 1: She succeeded.
Speaker 4: Yeah, exactly two points, I mean, is very ambitious. So
Speaker 4: and I think she's probably aware that two point five
Speaker 4: percent you're given that. I mean, you know, the Bank
Speaker 4: of England has ours has its estimate of our sort
Speaker 4: of growth potential that little more than one percent. So
Speaker 4: for us to be achieving sort of two point five
Speaker 4: percent regularly, that would be a step change.
Speaker 2: Yeah, she said what she wanted to be the She
Speaker 2: wanted the UK to be the fastest growing G seven economy.
Speaker 4: Yeah, that also depends on how the others do.
Speaker 2: Smart answer, Chancellor Phil, Thank you so much, thanks for
Speaker 2: listening to this week's In the City from Bloomberg. The
Speaker 2: episode was hosted by me Francin Laqua. It was produced
Speaker 2: and sound designed by Moses and production support by Summersati.
Speaker 2: Brendan Francis Newman is our executive producer. Sage Bauman is
Speaker 2: Head of Podcasts. Special thanks to Philip Aldrig and the
Speaker 2: Chanceller of Rachel Leaves. Please subscribe, rate, and review wherever
Speaker 2: you listen to podcasts.