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Speaker 1: This is Bloomberg surveillance. I think the real question is

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Speaker 1: how do we improve our position in Britain, in Europe

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Speaker 1: and how do we make Europe faster, more flexible. Our

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Speaker 1: base caase remains that a six chance that remain will

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Speaker 1: win that but will not leave the EU and some

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Speaker 1: of European market prectic. It's a huge deal and when

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Speaker 1: that sort of uncertained removed, you would see a rally

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Speaker 1: and your Bloomberg surveillance, your link to the world of economics,

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Speaker 1: finance and investment on Bloomberg Radio. Good morning everyone. Michael

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Speaker 1: McKee and Tom came both of us in London, England

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Speaker 1: this entire week. We are here, of course for this

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Speaker 1: critically important EU referendum. It's a vote, but it is

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Speaker 1: a different vote in both Mike and I clearly in

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Speaker 1: our first hours here stunned at the focus, in the

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Speaker 1: intensity that we've seen on airplanes and even comments of

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Speaker 1: drivers and cars and getting to the airport and Mike

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Speaker 1: a little bit of the contact just remark well the

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Speaker 1: intensity of this debate. Yes, although the debate seems to

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Speaker 1: have shifted in tone, as our previous guests, we're noting

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Speaker 1: after the unfortunate incidents of last week. It does seem

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Speaker 1: to be a little more restrained, but right now it's

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Speaker 1: interesting watching the markets. We have a note out just

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Speaker 1: a few minutes ago from Jim Vogel down at FTN

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Speaker 1: Financial suggesting that this reaction we're seeing, this incredible risk

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Speaker 1: off move, risk on move today rather is an overreaction

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Speaker 1: and that people should be careful because by tomorrow we

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Speaker 1: can go back the other way. In one measurement, for

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Speaker 1: those of you that know London, is a distance from

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Speaker 1: our office is here in the city, our new office

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Speaker 1: with a scaffold and coming down, which is very exciting,

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Speaker 1: your mansion house and just north of it in Finsbury

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Speaker 1: Square office the distance to Westminster Abbey. One of our guests,

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Speaker 1: John Longworths, had to trek across town and he said

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Speaker 1: worst traffic ever with parliament backed members of Parliament back

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Speaker 1: for the remembrances to Joe Cox, but uh really horrific traffic,

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Speaker 1: I'm told this morning in London. Rain not helping out

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Speaker 1: um as well, Michael McK and I in London and

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Speaker 1: as always Bloomberg Surveillance brought you by Cone Resnick Accounting,

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Speaker 1: Tacks Advisory. Is your business ready to break through and

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Speaker 1: see how the professionals at Cone Resnick can help guide

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Speaker 1: your business forward. Find out more Cone Resnick dot com,

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Speaker 1: c O h N are Easy and I c K

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Speaker 1: Colon Resnick dot com. We are getting different opinions and

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Speaker 1: a good one can be from Roland Rudd, who has

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Speaker 1: an affiliation with a labor party. Roland, good morning. I

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Speaker 1: look at all that's going on here in uh your

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Speaker 1: work in public relations, when with w uh P, P

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Speaker 1: P and and and all. What is the shift in

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Speaker 1: mood that you see over the weekend? Yeah, well, I

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Speaker 1: think the really interesting thing is not just the headline

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Speaker 1: opinions would show a move back to remain, but actually

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Speaker 1: it's this key question when people are asked, are they

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Speaker 1: better off or worse off if we remain in the EU.

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Speaker 1: And what's interesting is many more people and this has

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Speaker 1: been consistent throughout the campaign, are saying they're better off.

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Speaker 1: They believe they're better off if we remain in the EU.

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Speaker 1: And that brings the economy right center stage because it's

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Speaker 1: membership of the civil market which has enabled us to

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Speaker 1: become the fifth largest economy in the world, and over

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Speaker 1: the last pull the three years, it shows actually the

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Speaker 1: benefits of being parts of the biggest market of its

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Speaker 1: kind in the world, and to risk losing that with it,

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Speaker 1: the prosperity that's been created, I think a lot of

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Speaker 1: people are thinking would be a really reckless thing to do.

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Speaker 1: I'm wondering if if you feel the same as the

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Speaker 1: conventional wisdom here in terms of looking at it from

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Speaker 1: a public relations standpoint, if the Brexit side maybe went

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Speaker 1: a little too far, even leaving aside the unfortunate murder

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Speaker 1: last week, but the the the poster that came out

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Speaker 1: at the end of the week with Nigel Farat, etcetera.

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Speaker 1: People seem to have decided that there was there was

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Speaker 1: too much victory on that side. And here's an interesting thing, right,

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Speaker 1: you can't completely absolve thot Leave from responsibility for that

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Speaker 1: dotor and from that poster, and unexplained why they came

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Speaker 1: out with a pretty awful poster shame. Turkey is set

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Speaker 1: to join the European Unity, is to join the European

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Speaker 1: Units now and it had these footprints going through a

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Speaker 1: open door with a British passport. And the implication of

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Speaker 1: all that is millions of Muslim Turks that they've been

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Speaker 1: called by Michael grow goes are set to in the

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Speaker 1: European Union. The network can come to Britain. Searage put

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Speaker 1: the faces on the footprints and they tend to be

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Speaker 1: brand faces and it was the subtlety had gone away

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Speaker 1: and it was shocking. But I think vote leaves had

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Speaker 1: gone into you know, Nigel Farage is normal territory and

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Speaker 1: Nigel Farage went just even third, which I think is

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Speaker 1: you rightly implied, has shocked and repel people. But the

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Speaker 1: Turkish poster was a pretty appalling poster because everyone knows

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Speaker 1: she's not about to join me and it's absolutely wrong

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Speaker 1: to try to tap into Islamic phobia. You're the third

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Speaker 1: person today to mention the Farage poster, which is one

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Speaker 1: of the subtexts of this Monday. You are a card

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Speaker 1: carrying member of the elite. You're on the board of

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Speaker 1: trustees of the Royal Opera House. Truly one of the

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Speaker 1: most spectacular buildings in the Western world. It is folks,

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Speaker 1: if you've never seen a photographer been in, it is

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Speaker 1: truly extraordinary. Roland Roud, you are a card carrying Labor

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Speaker 1: Party elite. What do elites need to do to get

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Speaker 1: this thing to Friday? To push Brexit aside and get

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Speaker 1: to Bermain on Friday morning. Yeah, but I mean this

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Speaker 1: the elite thing is slightly irrelevant in the sense that

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Speaker 1: you know, both sides had people are extremely fortunate in

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Speaker 1: life on their side, and what silly there's been a

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Speaker 1: denigration of experts. You know that somehow, you know Mark

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Speaker 1: Conney that the independent governor the Bank of England is

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Speaker 1: somehow not independent because he happened to have a glittering

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Speaker 1: career at Goldman Facts. It's ludicrous. Did you ever did

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Speaker 1: you ever sing Roland? Did you ever sing at the

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Speaker 1: Royal eyebrows? Did I ever thing? Did you never sing

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Speaker 1: on stage? No? No, no, okay, so okay, so invitation

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Speaker 1: But he's but he's truly. But but what what is

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Speaker 1: the voice you need to give now? Well, I I

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Speaker 1: think what's happened in this debate is that what what

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Speaker 1: is clear is this that there has to be greater

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Speaker 1: benefits accrued from the Single Market to communities that have

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Speaker 1: had a bigger increase in migration, and we need something

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Speaker 1: like the Migration Impact Fund that that actually helps with

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Speaker 1: those communities. But the answer is not to crash the

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Speaker 1: economy and come out of the EU and by the way.

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Speaker 1: You know, if we come out of the EU. The

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Speaker 1: really interesting thing is both Leave has said we'll actually

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Speaker 1: they want more people coming from the Commonwealth. So you

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Speaker 1: don't deal with the migration issue by destroying your economy.

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Speaker 1: You've got to deal with the migration issue by making

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Speaker 1: sure the benefits of the Single market are more evenly

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Speaker 1: felt right across the country. It's it's it's obviously you

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Speaker 1: have to make those benefits felt across the country, But

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Speaker 1: how do you communicate to people that they are feeling

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Speaker 1: the benefits Because in a globalized world, there is a

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Speaker 1: general feeling that if you're not in the one percent,

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Speaker 1: that you're just being screwed in life. Sure, no, no,

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Speaker 1: So so what you've got is a we have a

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Speaker 1: problem where the rich get rich and the poor get poorer.

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Speaker 1: And that's a general problem, which you've got rightly identified

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Speaker 1: as a global problem. It's not a problem to do

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Speaker 1: specifically with the youth. And if we if we end,

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Speaker 1: if we if we actually economically self harm and bring

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Speaker 1: on the recession, which we'd be doing by leaving these you,

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Speaker 1: according to most of the experts who have pined about this,

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Speaker 1: that would be mad. But what I'm trying to say,

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Speaker 1: is we need it continue to enjoy the economic benefits

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Speaker 1: of this market, but be more sanguine about those that

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Speaker 1: haven't felt those benefits as much as others. And that

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Speaker 1: that's where you get some sort of fund from the

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Speaker 1: Single market or migration fund, whatever you call it, to

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Speaker 1: ensure that the less well off also feel the benefits. Well,

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Speaker 1: I'm just wondering how how um I mean, besides that

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Speaker 1: an actual you know gain for them, just a psychological gain.

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Speaker 1: What does it what does it take to make people

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Speaker 1: feel they're part of an economy. Well, I think people do.

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Speaker 1: I mean, that's where the polls have been quite interesting,

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Speaker 1: that they do realize that Britain is economically stronger in

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Speaker 1: the European in and I think that's the reason that

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Speaker 1: people coming back to Remain. We've also in the last

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Speaker 1: few days, you know, as part of the Remain campaign,

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Speaker 1: explained to people that they personally are are better often

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Speaker 1: at the risks of eaving are really very serious and

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Speaker 1: they'll be adversely affected. Um, you know, people will lose

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Speaker 1: their jobs and we all known a recession. It's a

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Speaker 1: less well off who actually feel the effects of recession

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Speaker 1: much more than anyone else. But at the same time,

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Speaker 1: I think there's another thing that's going on in Britain.

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Speaker 1: There's a sense of what sort of Britain do we

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Speaker 1: want to belong to? And I think there's a general

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Speaker 1: sense that we want to be more open, tolerant, diverse, understanding,

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Speaker 1: compassionate and outward looking, and that we don't want to

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Speaker 1: be building barriers with the outside world. We want to

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Speaker 1: be building bridges. And we've built the bridges by our

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Speaker 1: membership of the European Union, by having solidarity with the

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Speaker 1: other countries in the Europeans in dealing with dealing with

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Speaker 1: really difficult issues. And let's come back with Roldan Rodger

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Speaker 1: from London. Good morning. Off, all right, let's check in

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Speaker 1: with Michael Byron. Now get the latest world in national headlines. Michael,

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Speaker 1: make time, Thank you very much. The FBI will release

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Speaker 1: a partial transcript of the conversations between the gunmen within

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Speaker 1: the Pulse Gain nightclub and Orlando police investigators. Federal and

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Speaker 1: the investigators have been promising more insight into the tragedy

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Speaker 1: that killed forty people. It comes as the Senate will

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Speaker 1: hold votes today on four gun control measures. Donald Trump

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Speaker 1: will hold a strategy meeting today in New York with

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Speaker 1: his top advisors about his campaign's future. Rome Italy has

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Speaker 1: his first woman mayor and I Establishment five star candidate,

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Speaker 1: Virginia Raji one with more than sixty seven percent of

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Speaker 1: the vote. The Cleveland Cavaliers won their first NBA championship ever.

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Speaker 1: The Calves beat the Golden State Warriors in a hard

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Speaker 1: fought game. Seven Global News twenty four hours a day,

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Speaker 1: powered by our twenty four hundred journalists more than a

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Speaker 1: hundred fifty news bureaus around the world. I'm Michael Barr, Mike, Tom,

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Speaker 1: Michael Bar, thanks so much. Futures up twenty eight where

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Speaker 1: they've been most of the morning. Daft fugures up to sixteen,

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Speaker 1: a decided tilt towards risk On has remained just better

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Speaker 1: this one day from one than Michael McKain, Tom Kane,

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Speaker 1: Bloomberg Surveillance. This news update brought to you by your

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Speaker 1: before this start flies. By Global Business News twenty four

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Speaker 1: hours a day. If Bloomberg dot com, the radio plus

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Speaker 1: mobile app and on your radio. This is a Bloomberg

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Speaker 1: Business flash and I'm Karen Moscow. Stocks are jumping. Let's

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Speaker 1: go to the first word breaking news dance for today's

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Speaker 1: morning call. Here's Bill Maloney. Good morning Bill, Good morning Karen.

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Speaker 1: That's right. Big gains in the US features as breaks

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Speaker 1: it chances the climb. The pound leaps the most since

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Speaker 1: two thousand and eight. Doubt you just currently hire by

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Speaker 1: two d and sixteen points, says if he's game twenty

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Speaker 1: eight and as a futures rise by fifty eight US

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Speaker 1: ten yell at one point six seven per cent. The

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Speaker 1: Niek gains two point three sent overnight. Well, Europe is

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Speaker 1: also trading higher. UK, France, Germany and Spain all climb

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Speaker 1: three percent, and the European stock six hundred is up

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Speaker 1: the most since August, led by the banks and consumer discretionary.

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Speaker 1: In other news, called Icon boosted his federal Mogul offer

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Speaker 1: to eight dollars from seven dollars. Finally, some of your

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Speaker 1: wall sheet upgrades and downgrades sent and raised overweight over

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Speaker 1: ascomb Bill Maloney. Karen thanks bail to hear live breaking

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Speaker 1: speak with people of differing views. Rolland Road with us

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Speaker 1: for years at the FT with Finsbury now working in

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Speaker 1: the managing of message is how I would put it.

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Speaker 1: Rolland Road, who a lifetime ago, worked on the Gary

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Speaker 1: Heart campaign in America, Roland, did you really do that? Yes?

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Speaker 1: Back in three was a fantastic summer. I think we

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Speaker 1: knew in a D three and we know now certainly

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Speaker 1: our listeners in America of the need to move to

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Speaker 1: the middle to find what we call disaffected democrats are

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Speaker 1: Republicans and independence. Does that group exist in the United

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Speaker 1: Kingdom or is there a stark polarity of conservatives and

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Speaker 1: labor No, No, I think Look, I think the main

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Speaker 1: political parties you know, are becoming far less important. And

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Speaker 1: what you've got in the Remain group, I have to say,

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Speaker 1: I wish we could have a Remain party because you've

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Speaker 1: got the sort of pro European outward looking conservatives with

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Speaker 1: the you know, with with with with the sort of

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Speaker 1: moderate labor group who want also for us to stay

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Speaker 1: in Europe. And what you've seen is the extremes to

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Speaker 1: let coalescing and vote leaves and immigration is a perfectly

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Speaker 1: acceptable and rightful thing to talk about. But I would

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Speaker 1: argue that they've done so in a very irresponsible way,

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Speaker 1: like I try to show the example of Turkey because

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Speaker 1: telling an untruth and tapping into Islamic phobia, I think

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Speaker 1: it's the wrong thing for any politicians to cause them

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Speaker 1: some political debate. But their extremes come together there and

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Speaker 1: I'm afraid that's what you've been seeing in this debate.

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Speaker 1: But the reason I'm quietly confident is because I think

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Speaker 1: this is about this type of Britain people want to see,

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Speaker 1: and I think the middle will always on the whole

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Speaker 1: we're at and I think hopefully that thought we'll see

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Speaker 1: again on Thursday. Well if you, if you, if we

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Speaker 1: see a vote that's as close as the polls suggest

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Speaker 1: right now, does Britain get over this, do they move

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Speaker 1: beyond it? Or does it just remain a festering discontentment

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Speaker 1: within the body politics? People didn't I think the Prime

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Speaker 1: Minister when he first announced the referenum may not have

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Speaker 1: expected it to be quite as close. Yeah, no, that's

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Speaker 1: that's that's certainly true. I think people will accept the

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Speaker 1: results because you know, they always do. But I think

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Speaker 1: what this is, what it's true to say, this Represdum

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Speaker 1: has unleashed a sort of nastiness and a bitterness and

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Speaker 1: a sort of anger that hasn't been hasn't shown through

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Speaker 1: before like this, and I think there is a real

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Speaker 1: need for all politicians to really get their retoric under

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Speaker 1: control and temper their their language that I you know,

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Speaker 1: I do think it's been worse on vote leads, and

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Speaker 1: I think the anger has been worse on vote leaven

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Speaker 1: particularly one. You do have a responsibility when talking about immigration,

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Speaker 1: which I say is the perfect acceptable thing to talk about,

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Speaker 1: but you have a responsibility not to tap in to

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Speaker 1: base fears, because to do so does create a society

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Speaker 1: in which certain people are going to feel a fad

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Speaker 1: and that's wrong. I think two Americans in folks, you know,

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Speaker 1: thanks to British Airways for the eighteen newspapers they added

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Speaker 1: to me when I got an aboard. It is just

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Speaker 1: remarkable to see the split in your opposing party, the

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Speaker 1: Conservatives of the Tories. One of the flight attendants with me,

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Speaker 1: Mr Keane. I'm actually a conservative. I mean, I find

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Speaker 1: it's almost charming, and I don't mean that in a

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Speaker 1: denigrating way, but how do you perceive a Conservative party

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Speaker 1: six months or for that matter, six years from now. Well,

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Speaker 1: there a really interesting rally we had on Sunday in

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Speaker 1: the high Park, you know, with those lovely pictures in

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Speaker 1: that we will stand there. Yeah, yeah, it's definitely there. Yeah,

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Speaker 1: there's Treasurer of the Remain campaign and there were a

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Speaker 1: lot of Conservatives and Conservative ministers and of course I

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Speaker 1: think they have more in common with the moderate wing

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Speaker 1: of the Labor Party which want to remain than they

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Speaker 1: do with their colleagues who are on who have promote

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Speaker 1: the but I guess you know, you can say that,

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Speaker 1: you know, there's obviously some similarity in that in terms

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Speaker 1: of you know, in America where political parties are coalitions.

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Speaker 1: One final question we've goud this has been favulous rolling Rod.

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Speaker 1: I believe Mr Trump is scheduled to fly to Scotland Friday,

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Speaker 1: something to do with this investment world. Are there comments

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Speaker 1: you need to hear from Mr Trump after this election

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Speaker 1: this referendum look to be honest? I think the very

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Speaker 1: fact that the only two people one can point to,

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Speaker 1: only you know, who are positive about Britain leaving Europe,

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Speaker 1: one is a putin for obvious reasons, and the other

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Speaker 1: is Trump. And it's obviously an embarrassment for vote leaves

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Speaker 1: because you know, I would say, neither character is well,

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Speaker 1: it's appealing and wouldn't be appealing to the British people.

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Speaker 1: And so I actually think that in some ways that

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Speaker 1: embarrassment has been as albatross that's been hung around totally met.

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Speaker 1: I don't think there's anything that Donald Trump could really

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Speaker 1: say that were the swage people bears about him, because

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Speaker 1: he's just trying to divide people in the same way

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Speaker 1: that they'll leave it up. Now, this has been wonderful,

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Speaker 1: Mr Red, Thank you so much. Look forward to your

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Speaker 1: singing at the Royal Opera House here in the coming weeks.

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Speaker 1: Rolland Road trusting feelings, feelings. I'd breaking data, but they've

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Speaker 1: throw me off. Fair wait, they may do that anyways,

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Speaker 1: stay with us coming up there with all due respect.

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