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Speaker 1: Bloomberg Audio Studios, Podcasts, radio news. This is the Bluemberg

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Speaker 1: Newbicurate podcast, available every morning on Apples, Spotify or wherever

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Speaker 1: you listen. It's Wednesday, the eleventh of September in London.

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Speaker 1: I'm Caroline Hipki.

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Speaker 2: And I'm Stephen Carroll. Coming up today, Kamala Harris and

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Speaker 2: Donald Trump clash and a fiery exchange over immigration, foreign policy,

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Speaker 2: and abortion rights.

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Speaker 1: The Vice president's campaign wants a second debate. Trump says

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Speaker 1: he'll think about it.

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Speaker 2: Plus, Kirstarmer passes a major test from his party as

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Speaker 2: dozens of labor MPs abstain in a vote over cutting

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Speaker 2: a payment to pensioners.

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

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Speaker 2: US presidential rivals. Kamala Harris and Donald Trump have classed

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Speaker 2: in a fiery debate ahead of November's election. Former President

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Speaker 2: Trump began with surgical attacks on Harris's record. And the economy.

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Speaker 3: We've had a terrible economy because inflation has which is

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Speaker 3: really known as a tree buster, It breaks up countries.

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Speaker 3: We have inflation like very few people have ever seen before,

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Speaker 3: probably the worst in our nation's history. We were at

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Speaker 3: twenty one percent, but that's being generous because many things

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Speaker 3: are fifty, sixty, seventy and eighty percent higher than they

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Speaker 3: were just a few years ago.

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Speaker 2: Whoever, as the debate continued, the Republican candidate found himself

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Speaker 2: increasingly on the defensive and became bad tempered as he

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Speaker 2: locked horns with Harris on everything from abortion to the

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Speaker 2: January sixth insurrection and immigration, including this unsubstantiated conspiracy theory

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Speaker 2: that moderators were quick to fact check, and Harris jumped on.

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Speaker 3: In Springfield, they're eating the dogs, the people that came in.

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Speaker 3: They're eating the cats, they're eating they're eating the pets

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Speaker 3: of the people that live there. And this is what's

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Speaker 3: happening in our country. And it's a shame as far

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Speaker 3: as rallies are concerned, as far as the reason they

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Speaker 3: go is they like what I say. They want to

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Speaker 3: bring our country back.

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Speaker 4: ABC News did reach out to the city manager there.

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Speaker 4: He told us there had been no credible reports of

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Speaker 4: specific claims of pets being harmed, injured, or abused by

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Speaker 4: individuals within the immigrant community.

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Speaker 3: All I've seen people on Tellien. Let me just say

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Speaker 3: this is the people on television. My dog was taken

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Speaker 3: and used for food. So maybe he said that, and

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Speaker 3: maybe that's a good thing to say for a city manager.

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Speaker 4: I'm not taking this from televis people on television.

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Speaker 3: Dog was eaten by the people that went there.

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Speaker 4: Again, the Springfield City manager says, there's no evidence of that.

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Speaker 4: Vice Presidents, I'll let you respond to the rest of

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Speaker 4: what you've.

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Speaker 5: Heard talk about extreme.

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Speaker 2: In contrast to Trump, Harris delivered a wobbly first answer

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Speaker 2: on the strength of the US economy before gaining her

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Speaker 2: footing to deliver a performance that appeared to throw her

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Speaker 2: rival off balance.

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Speaker 1: Kamla Harris said that her agenda is about lifting up

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Speaker 1: the middle class and working people of America, addressing high

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Speaker 1: prices and costs that have hammered US households and left

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Speaker 1: vote skeptical of the current administration's economic agenda. Harris sought

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Speaker 1: to shift the blame to the former presidents.

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Speaker 5: Donald Trump left us the worst unemployment since the Great Depression.

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Speaker 5: Donald Trump left us the worst public health epidemic in

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Speaker 5: a century. Donald Trump left us the worst attack on

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Speaker 5: our democracy since the Civil War. And what we have

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Speaker 5: done is clean up Donald Trump's mess.

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Speaker 1: Harris frequently peppering in lines that appeared to be designed

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Speaker 1: to needle Trump, with the Vice president going on the

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Speaker 1: attack over the issue of abortion. In this exchange.

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Speaker 5: If Donald Trump were to be reelected, he will sign

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Speaker 5: a national abortion ban. Understand, in his Project twenty twenty five,

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Speaker 5: there would be a national abortion a monitor that would

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Speaker 5: be monitoring your pregnancies, your miscarriages. I think the American

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Speaker 5: people believe that certain freedoms, in particular the freedom to

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Speaker 5: make decisions about one's own body, should not be made

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Speaker 5: by the government.

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Speaker 2: Thank you, Vice President Harris.

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Speaker 3: Well, there she goes again. It's a lie. I'm not

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Speaker 3: signing a band, and there's no reason to sign a band,

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Speaker 3: because we've gotten what everybody wanted, Democrats, Republicans, and everybody else,

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Speaker 3: and every legal scholar wanted it to be brought back

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Speaker 3: into the States.

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Speaker 1: Trump declined to say whether he would veto a national

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Speaker 1: abortion ban in the US, while Harris refuted Trump's claims

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Speaker 1: that a return to Roe v. Wade abortion protections would

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Speaker 1: result in unrestricted third trimester abortions. The debates, potentially the

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Speaker 1: only face to face showdown between Harris and Trump, comes

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Speaker 1: with early voting poised to begin in some US states

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Speaker 1: within days, and as polls show that the two candidates

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Speaker 1: are locked in still a tight contest.

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Speaker 2: Following the conclusion of the debate, the pop star Taylor

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Speaker 2: Swift publicly declared her support for the vice president. Hers

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Speaker 2: is the latest and perhaps most high profile and string

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Speaker 2: of celebrity and endorsements for the Harris Walls campaign. Bloom

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Speaker 2: Brooks two out of Bio has more.

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Speaker 6: Famous faces have played a starring role in this US

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Speaker 6: presidential race. Public figures have lent their support to both candidates.

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Speaker 6: Billionaire Elon Musk and musician Kid Rock count themselves among

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Speaker 6: Trump's supporters, whilst Harris has earned the backing of names

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Speaker 6: including George Clooney and Barbara streisand so far, the Democratic

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Speaker 6: ticket has proven most popular in the world of celebrity,

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Speaker 6: but its latest vote of confidence may prove the most consequential.

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Speaker 6: In an Instagram post immediately following the debate, billionaire musician

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Speaker 6: Taylor Swift said she planned to vote for Kamala Harris,

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Speaker 6: prompting an uncharacteristically brief response from rival Donald Trump.

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Speaker 2: A reaction to.

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Speaker 5: Taylor swift'sendorsement of Kamala Harris, I have no idea.

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Speaker 6: Swift was estimated to have sold over four million tickets

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Speaker 6: for her Global Eras tour earlier this year, and broadcast

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Speaker 6: her words of support for Harris in running mate Tim

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Speaker 6: Waaltz to two hundred and eighty three million Instagram followers.

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Speaker 6: The message was signed off Childless cat Lady, a reference

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Speaker 6: to Republican vice presidential candidate jd Vance's previous disparagement of

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Speaker 6: leading Democrats. He branded with the term in London, te

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Speaker 6: weare added Bayo Bloomberg Radio Now.

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Speaker 1: In other news, a Bank of Japan board member says

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Speaker 1: that the Central Bank will continue to adjust policy based

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Speaker 1: on economic performance. The comments, which signal a rate height

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Speaker 1: could still be in play, bumped the Japanese yen to

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Speaker 1: its highest level against the dollar since January. Junko Nakaga

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Speaker 1: was speaking after advised figures confirmed that the Japanese economy

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Speaker 1: rebounded with the help of gains in domestic demand in

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Speaker 1: the second quarter. Most BOJ wotches expect the policymakers to

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Speaker 1: hold interest rates steady at their next meeting.

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Speaker 2: JP Morgan Chase president Daniel Pinto says analysts a being

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Speaker 2: too optimistic and projecting new year's expenses and net interest income.

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Speaker 2: The story from Bloomberg's Charlie.

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Speaker 7: Speaking at an industry conference in New York, Pintos said

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Speaker 7: the current NII estimate of eighty nine point five billion

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Speaker 7: dollars is quote not very reasonable given interest rate expectations,

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Speaker 7: and the number will be lower. The remarks add to

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Speaker 7: a more pessimistic outlook for the biggest American banks after

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Speaker 7: Goldman Sachs Group's CEO David Solomon said that trading revenue

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Speaker 7: at his firm is on track to drop ten percent

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Speaker 7: in the third quarter. In New York, Charlie Pellett Bloomberg Radio.

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Speaker 1: Kis Starmer has passed his controversial cut to pensioner's winter

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Speaker 1: fuel subsidies, the first of what he says are tough

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Speaker 1: decisions to come for the UK government. Only one Labour

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Speaker 1: MP rebelled against the Prime Minister on the vote, despite

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Speaker 1: many warning that they were uneasy about it. Starmer says

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Speaker 1: that he won't be reckless with Britain's money.

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Speaker 8: Io working people the respect of economic stability, a responsibility

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Speaker 8: not to be reckless with their money. That is the

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Speaker 8: mandate we have won and we will deliver this by

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Speaker 8: fixing the foundations of our country.

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Speaker 1: These stern words on the Prime Minister come as his

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Speaker 1: government warns of a twenty two billion pound hole in

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Speaker 1: government finances. Many expect chance of Rachel Reeves to turn

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Speaker 1: to tax hikes to fill that gap.

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Speaker 2: Right Movers rejected a five point six billion pound takeover

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Speaker 2: proposal from the Australian real estate firm Aria Group. The

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Speaker 2: bid for the UK's largest property website, Valu, did at

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Speaker 2: seven hundred pence seven hundred and five pence per share,

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Speaker 2: a twenty seven percent premium on at the share price

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Speaker 2: before news of the date broke last month. A representative

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Speaker 2: foruur Right Move declined to comment on the offer. Aria

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Speaker 2: now has until the end of September to announce a

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Speaker 2: firm intention on whether to make a bid. We'll talk

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Speaker 2: about the politics in the UK here in a moment,

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Speaker 2: but first let's get into the US presidential debate. The

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Speaker 2: first face to face meeting of Kamala Harris and Donald Trump.

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Speaker 2: Bloomberg TV anchor Critty Group does with us for more

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Speaker 2: Critty Good Morning. Was there a clear winner in this debate?

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Speaker 9: Well, we should start off with the fact that inflation

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Speaker 9: and affordability is the number one voting issue in the

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Speaker 9: United States. The second is abortion, the third is gun control.

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Speaker 9: So when you look at it from a polling perspective.

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Speaker 9: These are the three hot button topics that you saw

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Speaker 9: in this debate. What was interesting is that President Trump

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Speaker 9: is crumb under a lot of criticism that he doesn't

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Speaker 9: have an economic plan, and he kind of stood by

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Speaker 9: that talking about pieces of Kamala Harris's plan, including healthcare

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Speaker 9: reform for example. Remember this is also a hot button

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Speaker 9: issue about ten or fifteen years ago when we talked

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Speaker 9: about Obamacare and having this backstop of government protected insurance

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Speaker 9: for a lot of uninsured Americans who cannot afford healthcare.

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Speaker 9: It's simply not accessible for a lot of Americans there.

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Speaker 9: So he talked about that. He talked about kind of

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Speaker 9: price controls and things like that, but he didn't offer

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Speaker 9: his own solutions in terms of economic plan, arguably saying

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Speaker 9: there he has concepts of a plan, but not a

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Speaker 9: plan itself.

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Speaker 2: How did Kamala Harris handle a lot of questions that

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Speaker 2: she got though on her legacy as being part of

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Speaker 2: the Biden administration, Well.

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Speaker 9: I think the most notable, one of the most notable

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Speaker 9: quotes of the night was she specifically interrupted President Trump

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Speaker 9: who kept bringing up Joe Biden in the debate. To

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Speaker 9: your point, and she kind of said, you're not debating

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Speaker 9: Joe Biden, You're debating me. And that is a crucial

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Speaker 9: piece of her campaign and really showing the separation and

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Speaker 9: showing how her policies may actually differ from that of

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Speaker 9: her predecessor and that of her president. Remember, she still

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Speaker 9: serves as the vice president as well. This is significant,

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Speaker 9: especially when we talk about in the context of foreign

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Speaker 9: policy for Europe, a lot of leaders saying we still

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Speaker 9: don't really know her. We know that she will hold

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Speaker 9: the line on things like NATO on Ukrainian aid, but

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Speaker 9: we don't really know her as a leader. When you

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Speaker 9: look at the Israel Gaza issue, which again is another

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Speaker 9: major voting concern for people in America right now, that's

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Speaker 9: where she goes the extra step. And that's also where

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Speaker 9: she invited the eyr of Donald Trump.

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Speaker 7: Yeah.

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Speaker 1: Absolutely. There was a lot on foreign policy, which was

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Speaker 1: a policy if which is interesting but very unusually. Donald

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Speaker 1: Trump also went into the spin room after the debate

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Speaker 1: to speak journalists. I mean, there were loads of the

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Speaker 1: kind of shrogates of each of the campaigns, but Trump

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Speaker 1: actually turned up.

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Speaker 9: This is a campaign tactic, This is him trying to

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Speaker 9: be accessible to the people. This is something that Kamala

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Speaker 9: Harris has done since she kind of took over being

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Speaker 9: the Democratic nominee. She's been on social media, She's gotten

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Speaker 9: celebrity endorsements and something that's crept up a lot of momentum.

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Speaker 9: Now that we're into September, you're starting to see that

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Speaker 9: momentum hasn't crumbled to the same extent that a lot

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Speaker 9: of analysts expected. They said that was a kind of

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Speaker 9: a honeymoon phase. The honeymoon maybe over. The momentum is

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Speaker 9: still there, and I think that might be one of

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Speaker 9: the reasons that Donald Trump was prompted to do that.

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Speaker 2: Yeah, we've been reporting this morning on that endorsement by

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Speaker 2: Tyler Swift's you know, she's a big name, but this

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Speaker 2: is something that actually, you know, could have real import It.

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Speaker 9: Does, and it absolutely does, and you will see that

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Speaker 9: she and this was one of the reasons that Kamala

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Speaker 9: Harris also picked Beyonce's Freedom for example, to be kind

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Speaker 9: of her campaign theme song. She really is trying to

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Speaker 9: reach out to a wider demographic. And we should mention

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Speaker 9: that Taylor Swift has historically endorsed a Democratic candidate, so

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Speaker 9: there is a little bit of that as well. To me,

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Speaker 9: though we talk so much about pop culture, if I

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Speaker 9: can insert this, I thought, actually one of the most

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Speaker 9: telling moments of the debate that may actually swing voters

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Speaker 9: to her side, from the Republican sid or from independent

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Speaker 9: voters is the fact that she admitted she is a

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Speaker 9: gun owner. And this is a really big deal. Again,

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Speaker 9: I bring up that abortion and gun control are two

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Speaker 9: very big voting issues. She brought up that she was

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Speaker 9: a gun owner, and she did that as a function

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Speaker 9: of being a criminal prosecutor in California. For safety, she

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Speaker 9: talked about stricter gun laws, talked about how Tim Walls

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Speaker 9: is also a gun owner, her vice president, her VP pick.

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Speaker 9: But she didn't necessarily kind of win over the people

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Speaker 9: because she still said, we need stricter gun control, but

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Speaker 9: no one is here to take away your guns. And

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Speaker 9: that again is one of the pieces of rhetoric that

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Speaker 9: are kind of circulating in the South. It's a major

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Speaker 9: campaign push, it's a major funding push from the likes

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Speaker 9: of the NRA, etc. On the flip side, Donald Trump

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Speaker 9: also pulling back on the abortion story. He had lots

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Speaker 9: of accusations from kam La Harris talking about the National

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Speaker 9: Abortion band. He says, Look, I may differ from my

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Speaker 9: VP pick Jadie Vance on that issue. He's entited to

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Speaker 9: his opinions, but I absolutely don't want that either.

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Speaker 1: Okay, Christy, thank you so much being with us this morning.

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Speaker 1: TV anchor Critique gup to there, just taking us through.

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Speaker 1: Then the Harris Charmp debate, I mean it was sort

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Speaker 1: of sharp, elbowed, perhaps got off to a little bit

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Speaker 1: of a slow start. There was no audience in Philadelphia.

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Speaker 1: The debate was ninety minutes, took place at two am

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Speaker 1: London time, so we were watching it as we arrived

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Speaker 1: into the office this morning.

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Speaker 2: I mean, it was their first PRIs to face meeting.

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Speaker 2: I was struck by the fact that Kamala Harris walked

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Speaker 2: on stage and said, Kamala Harris introduced herself. Yes, as

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Speaker 2: if Donald Trump didn't know who she was.

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Speaker 1: Well, although they walked off the stage without shaking hands,

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Speaker 1: and there were some quite sort of bitter exchanges, Harris

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Speaker 1: sort of needling Trump. But a lot of big topics

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Speaker 1: were touched in the debate, you know, the economy, inflation, taxation,

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Speaker 1: Tarris on China, Ukraine, Israel. So actually was quite interesting

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Speaker 1: to get all of the policy positions from both the candidates,

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Speaker 1: you know, verbating from them, Yeah, And.

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Speaker 2: Whether or not there'll be a second debate. Karmala Harris's

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Speaker 2: campaign saying they're open to the Republican Party co chair

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Speaker 2: did say that they would be up for another debate,

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Speaker 2: although when Donald Trum was asked about it in the

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Speaker 2: spin room, he says he'd have to think about it.

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Speaker 2: Let's turn to the policy. The politics here in the

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Speaker 2: UK now, the Prime Minister facing down a minor rebellion

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Speaker 2: from within his own party over a vote to cut

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Speaker 2: a winter fuel payment for pensioners. Fifty two labor MPs

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Speaker 2: abstained or were excused from the vote, but the measure

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Speaker 2: still passed the House of Commons easily. Our UK correspondent

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Speaker 2: Lizzie Burden is with us now, Lizzie, how big an

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Speaker 2: issue or how big a problem is this for Kirstarmer?

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Speaker 10: So seeven Let's not forget kir Starmer has a parliamentary

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Speaker 10: majority of one hundred and sixty seven, so this doesn't

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Speaker 10: mark the political instability of recent years, you'll be pleased

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Speaker 10: to hear. But what it does signify is a warning

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Speaker 10: shot from his own party about which difficult decisions he

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Speaker 10: chooses to take on the public finances. So this vote

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Speaker 10: was to decide whether to means test a winter fuel

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Speaker 10: payment for pensioners. Labour's argument is it's a waste of

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Speaker 10: money if theoretically even the King qualifies for this benefit.

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Speaker 10: But the Conservatives say cutting it means picking the pockets

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Speaker 10: of pensioners, who are of course some of their key constituents.

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Speaker 10: But remember all MPs have got pensioners in their constituencies,

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Speaker 10: so it's an issue that cuts across party lines. Now

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Speaker 10: you've reported fifty two Labor MPs have stained. Some were

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Speaker 10: for reasons like health or overseas visits or conveniently scheduled haircuts,

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Speaker 10: but it's still about thirteen percent of the parliamentary party.

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Speaker 10: It's at the higher end of what was expected. And

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Speaker 10: there was one MP who voted against John Trickett, who

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Speaker 10: soon might be forced to join his fellow Corbonites on

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Speaker 10: the opposition benches. But even if it's a comfortable win

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Speaker 10: for Keir Starmer, it's still dents his authority early into

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Speaker 10: his premiership. Remember we're not even at one hundred days yet.

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Speaker 1: Yeah, okay, And obviously pensioners vote in large numbers, and

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Speaker 1: so that is also kind of a key demographic. What

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Speaker 1: does it mean for the agenda going forwards though obviously

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Speaker 1: we're looking to the budget, which is on the thirtieth

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Speaker 1: of October.

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Speaker 10: Yeah, and Rachel Reeves has put us OFLF in a

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Speaker 10: fe called bind. She said there isn't going to be

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Speaker 10: a return to austerity, there aren't going to be significant

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Speaker 10: tax rises beyond those outlined in the manifesto. And yet

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Speaker 10: there's this twenty two billion pound hole in the public finances.

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Speaker 10: And when you've got this one hundred and sixty seven

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Speaker 10: MP majority that Starmer eventually won, you might wonder whether

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Speaker 10: he now regrets not giving himself more leeway in the manifesto.

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Speaker 10: He seems though, undeterred for now. He spoke to the

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Speaker 10: Trade Union Congress last night, which by the way, was

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Speaker 10: the first time that's happened at their annual meeting for

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Speaker 10: a British leader in fifteen years, and he said there

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Speaker 10: were more tough decisions to come and that his government's

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Speaker 10: not going to risk its mandate for economic stability under

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Speaker 10: any circumstances. So it looks like more unpopular announcements are

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Speaker 10: coming on October the thirtieth, not just for that end

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Speaker 10: of the spectrum. At the other end, you've got the

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Speaker 10: super rich flirting with leaving Britain to put tech their

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Speaker 10: wealth from these tax hikes. And we report this morning

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Speaker 10: that Alan Howard, the co founder of Brevin Howard Asset Management,

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Speaker 10: is also considering moving to Geneva from London. This is

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Speaker 10: of course the hedge fund boss, and it's because potentially

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Speaker 10: kir Starmer's laying the groundwork for these tax rises and

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Speaker 10: saying that it's those with the broadest shoulders who are

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Speaker 10: going to face the most pain.

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Speaker 2: There's another piece of the puzzle that we're going to

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Speaker 2: get those as we count down towards the budget. Are

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Speaker 2: the economic figures out in the UK today Today it's

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Speaker 2: growth and the numbers for July.

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Speaker 10: Yeah, the year started with a bang, isn't it for

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Speaker 10: the UK economy? And these numbers are likely to show

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Speaker 10: actually the economy cooling a little. So you saw an

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Speaker 10: average of zero point six percent quarterly growth in the

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Speaker 10: first half of the year because activity was recovering from

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Speaker 10: the strain of the cost of living crisis and high

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Speaker 10: interest rates. But now economists are expecting that to moderate

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Speaker 10: to zero point four percent quarterly average growth. A zero

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Speaker 10: point two percent increase in the month of July, which

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Speaker 10: would still be an improvement on the stagnation of June.

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Speaker 10: But our economists reckon by the end of the year

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Speaker 10: there isn't going to be any slack in the economy

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Speaker 10: because unemployment will be so low that resources are allocated,

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Speaker 10: which would mean big upside surprises on GDP. Would be

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Speaker 10: a risk to the Bank of England cutting rates because

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Speaker 10: there's a risk that the economy overheats. In other words,

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Speaker 10: it grows inflationarily.

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