1
00:00:02,520 --> 00:00:10,760
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

2
00:00:10,800 --> 00:00:13,200
Speaker 1: Day Bake You a podcast available every morning on Apple,

3
00:00:13,240 --> 00:00:16,240
Speaker 1: Spotify or whatever you listen. It's Tuesday, the eighteenth of

4
00:00:16,280 --> 00:00:19,520
Speaker 1: March in London. I'm Caroline Hepke and I'm Stephen Carroll.

5
00:00:19,560 --> 00:00:22,480
Speaker 2: Coming up today, the UK's Chancellor Rachel Reeves tells us

6
00:00:22,480 --> 00:00:26,320
Speaker 2: she's committed to bringing down government borrowing. Ahead of announcing

7
00:00:26,360 --> 00:00:27,280
Speaker 2: cuts to welfare.

8
00:00:27,840 --> 00:00:32,040
Speaker 1: Israel launches a series of military strikes across Gaza, shattering

9
00:00:32,120 --> 00:00:33,479
Speaker 1: a shaky ceasefire.

10
00:00:33,720 --> 00:00:37,560
Speaker 2: Plus back down to Earth. Two NASA astronauts head home

11
00:00:37,840 --> 00:00:41,640
Speaker 2: after more than nine months stock on the International Space Station.

12
00:00:41,920 --> 00:00:44,040
Speaker 1: Let's start with a roundup of our top stories.

13
00:00:44,479 --> 00:00:47,839
Speaker 2: The UK's Chancellor Rachel Reeves has defended her fiscal rules

14
00:00:47,880 --> 00:00:51,240
Speaker 2: and pledged to bring down government borrowing. She was speaking

15
00:00:51,240 --> 00:00:53,920
Speaker 2: to Bloomberg as the government's due to announced major plans

16
00:00:53,960 --> 00:00:58,080
Speaker 2: to cut welfare spending later today. Speaking ahead of that announcement,

17
00:00:58,120 --> 00:01:00,000
Speaker 2: Reeves sought to justify the measures.

18
00:01:00,360 --> 00:01:03,200
Speaker 3: It is important that we balance day to day spending

19
00:01:03,480 --> 00:01:05,759
Speaker 3: with tax receipt and then we get debt down as

20
00:01:05,760 --> 00:01:09,640
Speaker 3: a share of GDP. Those are the ripe fiscal rules

21
00:01:09,680 --> 00:01:13,120
Speaker 3: for the circumstances that we face. But when we're spending

22
00:01:13,120 --> 00:01:16,039
Speaker 3: one hundred billion pounds a year on servicing, I don't

23
00:01:16,040 --> 00:01:18,560
Speaker 3: think anyone could seriously argue that we don't need to

24
00:01:18,560 --> 00:01:21,000
Speaker 3: get a grip of government borrowing and government debt.

25
00:01:21,240 --> 00:01:24,200
Speaker 2: Reeves is having to rein in spending after higher borrowing

26
00:01:24,280 --> 00:01:28,280
Speaker 2: costs and lower growth forecasts eroded her slim fiscal headroom

27
00:01:28,319 --> 00:01:32,119
Speaker 2: from October's budget, but the Chancellor is up against internal

28
00:01:32,160 --> 00:01:35,800
Speaker 2: pressure from labor MPs and some cabinet colleagues to soften

29
00:01:35,880 --> 00:01:39,280
Speaker 2: her stance to avoid spending cuts. Later today, the Work

30
00:01:39,280 --> 00:01:41,960
Speaker 2: in Pension Secretary List Kendall will announce cuts to welfare

31
00:01:42,000 --> 00:01:44,760
Speaker 2: spending of as much as six billion pounds in an

32
00:01:44,760 --> 00:01:48,080
Speaker 2: effort to stabilize the public finances without the need for

33
00:01:48,160 --> 00:01:49,360
Speaker 2: further tax risers.

34
00:01:49,680 --> 00:01:53,280
Speaker 1: Israel has launched a series of air strikes on Gaza overnight,

35
00:01:53,400 --> 00:01:57,280
Speaker 1: effectively ending a near two month ceasefire. Is ready Prime

36
00:01:57,280 --> 00:02:00,440
Speaker 1: Minister Benjamin Letnier, who says his government will go after

37
00:02:00,480 --> 00:02:05,120
Speaker 1: Hamas with increasing military strength for failing to release the

38
00:02:05,160 --> 00:02:10,200
Speaker 1: remaining hostages. Bloomberg's Jerusalem reported Dan Williams says a continuation

39
00:02:10,400 --> 00:02:12,480
Speaker 1: of the conflict was inevitable.

40
00:02:12,760 --> 00:02:16,519
Speaker 4: Really, this resumption of fighting was just a matter of time.

41
00:02:16,960 --> 00:02:19,680
Speaker 4: There may be an element of tactical surprise here. Indeed,

42
00:02:20,520 --> 00:02:24,639
Speaker 4: israel Is really public opinion was largely diverted in recent

43
00:02:24,720 --> 00:02:28,480
Speaker 4: hours by internal discussions about the fate of Israel's Shinbet

44
00:02:28,919 --> 00:02:32,200
Speaker 4: security chief his termination. It could be that discussion was

45
00:02:32,240 --> 00:02:34,880
Speaker 4: actually meant to provide a smoke screen for the resumption

46
00:02:35,000 --> 00:02:36,400
Speaker 4: of these Israeli attacks.

47
00:02:36,720 --> 00:02:40,280
Speaker 1: Our reporter in Jerusalem, Dan Williams, speaking there, the Hamas

48
00:02:40,360 --> 00:02:43,200
Speaker 1: run Health Ministry, said that forty four people were killed

49
00:02:43,240 --> 00:02:46,760
Speaker 1: by the air strikes. Local reports suggests that that estimate

50
00:02:46,919 --> 00:02:50,520
Speaker 1: would climb. Hamas released the statement saying Prime Minister Netanya

51
00:02:50,639 --> 00:02:54,960
Speaker 1: who had decided to quote overturn the Ceasphar agreement, putting

52
00:02:55,000 --> 00:02:59,360
Speaker 1: the captives in Gaza at an unknown fate. Hamas still

53
00:02:59,400 --> 00:03:01,760
Speaker 1: holds about sixty Isueli hostages.

54
00:03:02,160 --> 00:03:04,800
Speaker 2: President Trump is expected to speak to his Russian counterpart,

55
00:03:04,880 --> 00:03:07,720
Speaker 2: Vladimir Putin in the coming hours about ending the war

56
00:03:07,760 --> 00:03:11,160
Speaker 2: in Ukraine. Trump has already sparked concerns that he may

57
00:03:11,240 --> 00:03:14,640
Speaker 2: sacrifice Kiev's interests in a deal with his comments at

58
00:03:14,639 --> 00:03:17,440
Speaker 2: the weekend that the US and Moscow are already talking

59
00:03:17,440 --> 00:03:21,639
Speaker 2: about quote dividing up certain assets. The US is pressing

60
00:03:21,680 --> 00:03:24,400
Speaker 2: for Russia to agree to a thirty day ceasefire that

61
00:03:24,520 --> 00:03:27,800
Speaker 2: Ukraine has said it's ready to accept. However, Putin has

62
00:03:27,840 --> 00:03:31,239
Speaker 2: insisted on a number of conditions before committing to any truth.

63
00:03:31,760 --> 00:03:34,680
Speaker 2: Speaking to reporters, Trump sended a positive note on the

64
00:03:34,840 --> 00:03:36,160
Speaker 2: prospects for the call.

65
00:03:36,440 --> 00:03:39,360
Speaker 5: It's a band situation in Russia and it's a band

66
00:03:39,400 --> 00:03:40,880
Speaker 5: situation in Ukraine.

67
00:03:41,160 --> 00:03:43,160
Speaker 3: What's happening in Ukraine is not good.

68
00:03:43,320 --> 00:03:44,680
Speaker 1: But we're going to see if we can.

69
00:03:44,600 --> 00:03:48,120
Speaker 6: Work a piece agreement to ceasefire and peace, and I.

70
00:03:48,040 --> 00:03:49,120
Speaker 4: Think we'll be able to do it.

71
00:03:49,160 --> 00:03:51,720
Speaker 2: I Meanwhile, the news website Samophore has been reporting the

72
00:03:51,720 --> 00:03:55,360
Speaker 2: White House is considering recognizing Crimea as a Russian territory

73
00:03:55,360 --> 00:03:58,800
Speaker 2: in a future agreement. European leaders, meanwhile, are worried that

74
00:03:58,800 --> 00:04:01,680
Speaker 2: Trump may concede too much on Ukraine's behalf and a

75
00:04:01,760 --> 00:04:05,320
Speaker 2: direct exchange with Putin. Are pushing for security guarantees and

76
00:04:05,400 --> 00:04:08,800
Speaker 2: a peacekeeping forest to deter Russia from renewing hostilities in

77
00:04:08,800 --> 00:04:09,280
Speaker 2: the future.

78
00:04:09,560 --> 00:04:12,720
Speaker 1: Now, the UK and EU are moving ahead with discussions

79
00:04:12,720 --> 00:04:16,240
Speaker 1: on how to seize frozen Russian assets to boost Europe's

80
00:04:16,240 --> 00:04:19,039
Speaker 1: defense spending. Bloomberg's un Pots has the details.

81
00:04:19,279 --> 00:04:22,440
Speaker 6: Foreign Secretary David Lammy is meeting with the EU's top diplomat,

82
00:04:22,520 --> 00:04:25,560
Speaker 6: Kayak Carlos in London today. Top of the agenda will

83
00:04:25,560 --> 00:04:28,240
Speaker 6: be increasing even on pressure on Russia ahead of any

84
00:04:28,279 --> 00:04:31,800
Speaker 6: peace talks to end the war in Ukraine. Bloomberg understands

85
00:04:31,800 --> 00:04:34,240
Speaker 6: the discussions will also include how to ensure Europe has

86
00:04:34,279 --> 00:04:37,200
Speaker 6: the right legal and financial cover to seize billions in

87
00:04:37,240 --> 00:04:41,200
Speaker 6: Russian assets to boost defense spending across the continents, which

88
00:04:41,200 --> 00:04:44,480
Speaker 6: old progress is being made despite resistance from some European

89
00:04:44,520 --> 00:04:47,800
Speaker 6: countries concerned that the confiscation could breach the principle of

90
00:04:47,800 --> 00:04:51,440
Speaker 6: a state's immunity under international law. I'm new and Pots

91
00:04:51,480 --> 00:04:52,279
Speaker 6: Bloomberg Radio.

92
00:04:52,800 --> 00:04:55,080
Speaker 2: German lawmakers will vote today on a bill to unlock

93
00:04:55,160 --> 00:04:57,960
Speaker 2: hundreds of billions of euros in debt financed defense and

94
00:04:58,000 --> 00:05:01,880
Speaker 2: infrastructure spending. The Conservati of Chancellor in waiting Friedrich Martz

95
00:05:01,920 --> 00:05:04,640
Speaker 2: and Social Democrats sealed in agreement last week with the

96
00:05:04,720 --> 00:05:08,760
Speaker 2: Greens that should secure the two thirds majority needed for

97
00:05:08,800 --> 00:05:11,880
Speaker 2: the law to pass the Bunderstag. The bill would allow

98
00:05:12,000 --> 00:05:15,120
Speaker 2: for spending on defense and security above one percent of

99
00:05:15,200 --> 00:05:19,760
Speaker 2: GDP to avoid constitutional borrowing restrictions, who would also create

100
00:05:19,839 --> 00:05:24,520
Speaker 2: a special infrastructure fund and give Germany's sixteen states leeway

101
00:05:24,680 --> 00:05:25,480
Speaker 2: to borrow more.

102
00:05:26,440 --> 00:05:29,880
Speaker 1: Two NASA astronauts stuck in space for more than nine

103
00:05:29,920 --> 00:05:33,920
Speaker 1: months are now on their way home. The return capsule

104
00:05:34,040 --> 00:05:37,760
Speaker 1: has undocked from the International Space Station and is falling

105
00:05:37,760 --> 00:05:40,920
Speaker 1: to Earth. Nick Haig is the crew commander.

106
00:05:41,680 --> 00:05:45,719
Speaker 7: It would be privilege to call station home, to live

107
00:05:45,800 --> 00:05:49,200
Speaker 7: and work and be a part of a mission and

108
00:05:49,320 --> 00:05:53,120
Speaker 7: a team that spans the globe, working together in cooperation

109
00:05:53,240 --> 00:05:54,479
Speaker 7: for the benefit of community.

110
00:05:55,080 --> 00:05:59,080
Speaker 1: Haig is traveling home along with Butch Wilmore and Sonny Williams.

111
00:05:59,080 --> 00:06:02,240
Speaker 1: The pair had been due to stay and the ISS

112
00:06:02,279 --> 00:06:06,280
Speaker 1: for eight days, but technical issues extended their stay by

113
00:06:06,400 --> 00:06:09,920
Speaker 1: nine months. The SAGA has seen SpaceX replace Boeing as

114
00:06:09,920 --> 00:06:12,960
Speaker 1: the company in charge of the return flight, in an

115
00:06:12,960 --> 00:06:15,040
Speaker 1: embarrassment to the aerospace giant.

116
00:06:15,760 --> 00:06:17,760
Speaker 2: Those are your top stories on the markets. We saw

117
00:06:17,839 --> 00:06:20,880
Speaker 2: US stocks rising for a second day yesterday. The SMP

118
00:06:20,920 --> 00:06:23,560
Speaker 2: five hundred finished up six tenths of one percent, with

119
00:06:23,760 --> 00:06:27,159
Speaker 2: ninety percent of stocks in the SMP five hundred finishing

120
00:06:27,320 --> 00:06:30,320
Speaker 2: higher as well. Megacap Tech, though absent from the rally.

121
00:06:30,320 --> 00:06:33,440
Speaker 2: The MAG seven index ended more than one percent lower.

122
00:06:33,640 --> 00:06:36,120
Speaker 2: In Asia, today, we are seeing equities gain on the

123
00:06:36,160 --> 00:06:38,919
Speaker 2: positive Wall Street close as well, third straight session of

124
00:06:38,960 --> 00:06:41,599
Speaker 2: gains there. The mascis specific indecks nine tents higher than

125
00:06:41,640 --> 00:06:44,400
Speaker 2: NIK two to five by one point three percent, and

126
00:06:44,480 --> 00:06:46,360
Speaker 2: tech shares in Hong Kong are up by two point

127
00:06:46,520 --> 00:06:49,200
Speaker 2: nine percent. And ahead of the German vote today, we've

128
00:06:49,240 --> 00:06:51,600
Speaker 2: got the euro trading a touchweaker against the dollar, but

129
00:06:51,760 --> 00:06:53,600
Speaker 2: still above the one oh nine handle. One oh nine

130
00:06:54,000 --> 00:06:57,400
Speaker 2: eleven European stock futures four tenths higher on eurostocks fifty.

131
00:06:58,000 --> 00:06:59,880
Speaker 1: In a moment, we'll bring you more on our inn

132
00:07:00,080 --> 00:07:02,400
Speaker 1: to you with the Chancellor of chel Reeves, plus that

133
00:07:02,600 --> 00:07:06,000
Speaker 1: journey home for the astronauts from the International Space Station.

134
00:07:06,640 --> 00:07:08,800
Speaker 1: But another story called AI This morning, Stephen, you have

135
00:07:08,839 --> 00:07:10,240
Speaker 1: a fancy putting your feet up a bit?

136
00:07:10,800 --> 00:07:12,720
Speaker 2: Yes, the rest of the day off.

137
00:07:13,360 --> 00:07:15,600
Speaker 1: Well, there's a new trend, or maybe the return of

138
00:07:15,640 --> 00:07:18,920
Speaker 1: an old trend on social media this apparently among gen

139
00:07:19,080 --> 00:07:23,360
Speaker 1: z it's called micro retirement. It's a temporary break from

140
00:07:23,440 --> 00:07:24,840
Speaker 1: work to combat burnout.

141
00:07:25,320 --> 00:07:28,480
Speaker 2: I mean, at a risk of saying turbo eye roll

142
00:07:28,840 --> 00:07:31,440
Speaker 2: at this time in the morning, Yeah, I mean, look,

143
00:07:31,520 --> 00:07:34,320
Speaker 2: it's a great idea. It's not like it's a new idea.

144
00:07:34,600 --> 00:07:36,280
Speaker 1: No, no, it's not. But let me get to the

145
00:07:36,440 --> 00:07:40,240
Speaker 1: end of it. Because Bloomberg's errand Lowry has anticipated your

146
00:07:40,280 --> 00:07:44,200
Speaker 1: eye roll, Stephen cow and she says, look, micro retirement,

147
00:07:45,320 --> 00:07:48,080
Speaker 1: it's not exactly like a sabbatical or a gap year.

148
00:07:48,160 --> 00:07:51,480
Speaker 1: It is a break. It's not employer granted, so basically

149
00:07:51,560 --> 00:07:54,680
Speaker 1: don't get pay and you don't have a guaranteed job

150
00:07:54,840 --> 00:07:56,920
Speaker 1: upon your return, so it's meant to be kind of

151
00:07:56,920 --> 00:08:00,760
Speaker 1: a lifestyle choice. But she says that actually the employers

152
00:08:00,800 --> 00:08:03,520
Speaker 1: should think a little bit harder about this and maybe

153
00:08:04,360 --> 00:08:07,880
Speaker 1: incorporate these sorts of breaks as an offer to their

154
00:08:07,920 --> 00:08:11,560
Speaker 1: employees as a kind of workplace benefit. Why because it's

155
00:08:11,600 --> 00:08:16,320
Speaker 1: so difficult to actually find workers who are talented. Training

156
00:08:16,360 --> 00:08:19,440
Speaker 1: and replacing workers is so expensive. And actually in the US,

157
00:08:19,640 --> 00:08:22,720
Speaker 1: a very big chunk of the workforce is now gen

158
00:08:22,880 --> 00:08:25,360
Speaker 1: z and millennial. So guys, you've got to listen to

159
00:08:25,400 --> 00:08:26,160
Speaker 1: the kind of younger worker.

160
00:08:26,280 --> 00:08:28,200
Speaker 2: I mean, I was surprised by one of the estimates

161
00:08:28,240 --> 00:08:30,120
Speaker 2: quotions in this place as well, saying that replacing employee

162
00:08:30,120 --> 00:08:33,120
Speaker 2: can cost between half and twice their salary. Depending on

163
00:08:33,240 --> 00:08:35,400
Speaker 2: how in demand the sector of the worker are. So

164
00:08:35,559 --> 00:08:37,840
Speaker 2: I mean, look, I think this is a very good

165
00:08:37,920 --> 00:08:40,200
Speaker 2: idea and I think that it can be used as

166
00:08:40,760 --> 00:08:43,439
Speaker 2: a very helpful workplace perk to anyone that wants to

167
00:08:43,520 --> 00:08:45,800
Speaker 2: listen to me. Let's bringing more than on our top

168
00:08:45,840 --> 00:08:48,600
Speaker 2: story this morning and our interview with the Chancellor Rachel

169
00:08:48,679 --> 00:08:51,280
Speaker 2: Reeves ahead of the UK government on veiling plans to

170
00:08:51,320 --> 00:08:54,720
Speaker 2: cut benefits spending. Our UK correspondents spoke to the Chancellor

171
00:08:54,760 --> 00:08:58,280
Speaker 2: and she's with us now, Lizzie, good morning. This is

172
00:08:58,480 --> 00:09:00,679
Speaker 2: an announcement that we're expecting from the candle or con

173
00:09:00,720 --> 00:09:04,120
Speaker 2: pension secretary later. First of all, what are we expecting

174
00:09:04,920 --> 00:09:05,880
Speaker 2: the government to announce?

175
00:09:06,160 --> 00:09:08,640
Speaker 5: So it's an announcement that they're going to cut social

176
00:09:08,679 --> 00:09:11,640
Speaker 5: security spending by as much as six billion pounds to

177
00:09:11,800 --> 00:09:15,400
Speaker 5: encourage more people back to work. Now, speaking to Reeves yesterday,

178
00:09:15,440 --> 00:09:17,840
Speaker 5: she really is under pressure from her cabinet and her

179
00:09:17,960 --> 00:09:21,079
Speaker 5: party to soften these welfare cuts, which of course come

180
00:09:21,120 --> 00:09:23,480
Speaker 5: on top of cuts to aid to pay for the

181
00:09:23,559 --> 00:09:25,679
Speaker 5: defense spending and the winter.

182
00:09:25,480 --> 00:09:26,840
Speaker 1: Fuel allowance for pensioners.

183
00:09:26,960 --> 00:09:30,360
Speaker 5: So she's being accused of being a labor chancellor in

184
00:09:30,559 --> 00:09:34,520
Speaker 5: conservative clothing and many are calling on her to instead

185
00:09:34,640 --> 00:09:38,480
Speaker 5: raise taxes or loosen her fiscal rules, but she unequivocally,

186
00:09:38,720 --> 00:09:41,599
Speaker 5: in my conversation with her yesterday dashed those hopes. To

187
00:09:41,679 --> 00:09:44,280
Speaker 5: anyone who says just loosen the fiscal rules, she says,

188
00:09:44,360 --> 00:09:47,760
Speaker 5: the UK must get a grip of borrowing and debt.

189
00:09:47,880 --> 00:09:50,480
Speaker 5: And to anyone who says just go easier on benefits,

190
00:09:50,720 --> 00:09:54,600
Speaker 5: she says, the current system's unsustainable and reform is absolutely

191
00:09:54,720 --> 00:09:56,880
Speaker 5: necessary to get people back into work.

192
00:09:57,160 --> 00:10:00,800
Speaker 1: Okay, what will Vievs then deliver in this statement, because

193
00:10:00,800 --> 00:10:03,559
Speaker 1: all of these arguments are happening before the next sort

194
00:10:03,600 --> 00:10:07,120
Speaker 1: of major announcements twenty sixth of March, and then does

195
00:10:07,200 --> 00:10:10,959
Speaker 1: it basically mean tax rises to come in the autumn budget.

196
00:10:11,280 --> 00:10:14,040
Speaker 5: Very perceptive of you, Caroline. Well, we ended up talking

197
00:10:14,080 --> 00:10:16,480
Speaker 5: a lot about the headroom that she left herself in

198
00:10:16,600 --> 00:10:20,240
Speaker 5: the last autumn budget because of the fiscal pressure now

199
00:10:20,360 --> 00:10:23,640
Speaker 5: and the urgency she faces now, stemming back really to

200
00:10:24,240 --> 00:10:28,320
Speaker 5: that this choice between tax rises, spending cuts and breaking

201
00:10:28,400 --> 00:10:32,040
Speaker 5: her fiscal rules goes back to her decisions in October.

202
00:10:32,160 --> 00:10:35,040
Speaker 5: You could argue that she already knew then her legacy

203
00:10:35,120 --> 00:10:37,240
Speaker 5: from the Conservatives, and she knew that there was a

204
00:10:37,280 --> 00:10:39,400
Speaker 5: strong chance that Donald Trump was going to return to

205
00:10:39,440 --> 00:10:41,679
Speaker 5: the White House, so you could argue she should have

206
00:10:41,720 --> 00:10:44,800
Speaker 5: given herself more of a fiscal cushion. Now, she says

207
00:10:45,160 --> 00:10:47,920
Speaker 5: she left more margin fererra against her fiscal rules than

208
00:10:48,000 --> 00:10:50,599
Speaker 5: her predecessor, Jeremy Hunt, but the truth is it was

209
00:10:50,640 --> 00:10:53,120
Speaker 5: only a tiny bit more, and he'd already left it

210
00:10:53,240 --> 00:10:57,280
Speaker 5: at historic and dangerous lose. She's also unapologetic about her

211
00:10:57,360 --> 00:11:00,600
Speaker 5: tax rises, even if the fear about them has held

212
00:11:00,679 --> 00:11:03,600
Speaker 5: back investment and sentiment, and we know that from the surveys.

213
00:11:04,000 --> 00:11:06,360
Speaker 5: But if you read between the lines as I think

214
00:11:06,400 --> 00:11:09,080
Speaker 5: you are, Caroline, if she is wedded to the fiscal

215
00:11:09,200 --> 00:11:12,520
Speaker 5: rules and she's unapologetic about her tax rises, I agree

216
00:11:12,559 --> 00:11:14,360
Speaker 5: that there is a strong signal that there could be

217
00:11:14,480 --> 00:11:17,839
Speaker 5: more tax rises in the next October budget, which is

218
00:11:17,880 --> 00:11:20,360
Speaker 5: really where the focus is. And she's saying that it's

219
00:11:20,400 --> 00:11:23,160
Speaker 5: important to build up headroom, which suggests that she's going

220
00:11:23,240 --> 00:11:26,920
Speaker 5: to leave a bigger margin than last time, which was

221
00:11:27,000 --> 00:11:29,960
Speaker 5: nine billion pounds when she comes to her spring statement

222
00:11:30,080 --> 00:11:32,800
Speaker 5: next week. And that's a very strong signal to the

223
00:11:32,880 --> 00:11:36,200
Speaker 5: bond vigilantes. If there were worries about what she's going to.

224
00:11:36,240 --> 00:11:39,200
Speaker 2: Do in terms of the government has already done. Though

225
00:11:39,440 --> 00:11:42,720
Speaker 2: part of the mission for growth involved getting the regulators

226
00:11:42,760 --> 00:11:45,040
Speaker 2: together is try and cut red tape for businesses. What

227
00:11:45,160 --> 00:11:48,079
Speaker 2: sort of plans did Rachel Reeves make after that meeting

228
00:11:48,120 --> 00:11:49,360
Speaker 2: with those regulators yesterday.

229
00:11:49,400 --> 00:11:51,600
Speaker 5: Well, yeah, this was really the reason we were brought

230
00:11:51,720 --> 00:11:54,719
Speaker 5: to eleven Downing Street to do this interview. She'd had

231
00:11:54,960 --> 00:11:59,800
Speaker 5: eight of the biggest regulators round, including the Financial Conduct Authority,

232
00:12:00,200 --> 00:12:03,319
Speaker 5: and she was laying out a plan to cut regulatory

233
00:12:03,400 --> 00:12:06,120
Speaker 5: costs to businesses by a quarter. Part of this is

234
00:12:06,240 --> 00:12:09,160
Speaker 5: acting and merging regulators. Some of that's already been done,

235
00:12:09,440 --> 00:12:11,920
Speaker 5: but the point of course is to boost growth and

236
00:12:12,040 --> 00:12:14,640
Speaker 5: it was unfortunately on a day when the OECD had

237
00:12:14,720 --> 00:12:17,079
Speaker 5: cut the UK growth outlook for this year and next.

238
00:12:18,040 --> 00:12:20,320
Speaker 1: Lizzie, thank you so much for being with us this morning.

239
00:12:20,360 --> 00:12:22,560
Speaker 1: But a BIG's UK Correspondent, Lizzie Burden.

240
00:12:23,320 --> 00:12:26,080
Speaker 2: Two NASA astronauts stranded in space for more than nine

241
00:12:26,120 --> 00:12:28,600
Speaker 2: months are on their way home, but Wellmore and Sunny

242
00:12:28,600 --> 00:12:31,360
Speaker 2: Williams were set to only spend a week in space,

243
00:12:31,440 --> 00:12:34,920
Speaker 2: but technical issues extended their stay. Bloomberg stays Wilcock is

244
00:12:34,960 --> 00:12:37,920
Speaker 2: with us for the latest on this story. James, where

245
00:12:38,120 --> 00:12:39,559
Speaker 2: is the return craft.

246
00:12:39,440 --> 00:12:42,160
Speaker 8: Now so on dock from the ISS just in the

247
00:12:42,240 --> 00:12:45,880
Speaker 8: past hour. With any kind of space launch, there are

248
00:12:45,960 --> 00:12:48,079
Speaker 8: still big risks that asked to big concerns, but so

249
00:12:48,240 --> 00:12:51,640
Speaker 8: far everything is going without a hitch and it's on

250
00:12:51,760 --> 00:12:52,280
Speaker 8: its way home.

251
00:12:52,960 --> 00:12:55,840
Speaker 1: Why were they in space for such a long time

252
00:12:55,960 --> 00:12:56,880
Speaker 1: in the first place.

253
00:12:57,520 --> 00:12:59,920
Speaker 8: This is what has gotten to the heart of this story.

254
00:13:00,000 --> 00:13:02,760
Speaker 8: It's got the world's attention. Sunny Williams and Butcher women

255
00:13:02,840 --> 00:13:04,640
Speaker 8: were supposed to be in space for eight days. They

256
00:13:04,720 --> 00:13:08,439
Speaker 8: packed a week's worth of toiletries. They didn't have a

257
00:13:08,480 --> 00:13:11,079
Speaker 8: two hundred and eighty six days worth of clothes. Yet

258
00:13:11,120 --> 00:13:14,000
Speaker 8: that's how long they ended up there. The Boeing Starliner

259
00:13:14,120 --> 00:13:16,040
Speaker 8: that was there to take them up had issues with

260
00:13:16,080 --> 00:13:18,640
Speaker 8: its thrusters and was having helium leaks, and so NASA

261
00:13:18,760 --> 00:13:21,240
Speaker 8: made the call to swap the return craft to a

262
00:13:21,320 --> 00:13:25,160
Speaker 8: SpaceX one. Now that ended up delaying their return flight

263
00:13:25,240 --> 00:13:28,599
Speaker 8: by nine months. So it is in space travel, not

264
00:13:28,640 --> 00:13:30,839
Speaker 8: the longest time anyone has been in space. That was

265
00:13:30,880 --> 00:13:34,319
Speaker 8: still held by a Russian cosmonauts, but it's one of

266
00:13:34,400 --> 00:13:38,319
Speaker 8: the most uncertain space travels that anyone has ever had,

267
00:13:38,640 --> 00:13:41,079
Speaker 8: where going up and not having any kind of certainty

268
00:13:41,640 --> 00:13:42,920
Speaker 8: when you're going to be coming.

269
00:13:42,760 --> 00:13:47,640
Speaker 2: Back, James, Why has this story drawn so much attention,

270
00:13:47,800 --> 00:13:50,080
Speaker 2: I mean it does. Last in Space is a good headline.

271
00:13:50,679 --> 00:13:53,400
Speaker 8: I think there's a few reasons, Stephen. I mean, it

272
00:13:53,559 --> 00:13:56,280
Speaker 8: reminds everyone that although the moon landings were, you know,

273
00:13:56,360 --> 00:13:58,160
Speaker 8: more than fifty years ago, at this point, there is

274
00:13:58,240 --> 00:14:00,880
Speaker 8: still so much we haven't come could in space. There

275
00:14:00,920 --> 00:14:03,439
Speaker 8: are only fourteen people in space as we speak right now,

276
00:14:03,920 --> 00:14:06,280
Speaker 8: and it speaks to kind of remind the general public

277
00:14:06,880 --> 00:14:08,640
Speaker 8: that there is so much still to be explored and

278
00:14:08,720 --> 00:14:11,680
Speaker 8: figured out and at risk. And then there's the business

279
00:14:11,720 --> 00:14:14,800
Speaker 8: side of this. Normally, if there was an issue with NASA,

280
00:14:14,840 --> 00:14:17,080
Speaker 8: it's traditional to ask the Russians for help. The Sawyers

281
00:14:17,160 --> 00:14:18,760
Speaker 8: is the only other capsure that can go up to

282
00:14:18,840 --> 00:14:23,040
Speaker 8: the ISS. However, now because SpaceX exists when there was

283
00:14:23,080 --> 00:14:25,040
Speaker 8: issues with Boeing, there is a kind of business angle

284
00:14:25,080 --> 00:14:27,120
Speaker 8: to this as well. You have a competitor, you have

285
00:14:27,240 --> 00:14:30,840
Speaker 8: a different US private rival, and the story of actually

286
00:14:30,920 --> 00:14:33,480
Speaker 8: will progress, although it has been a bit embarrassing for Boeing,

287
00:14:33,880 --> 00:14:36,600
Speaker 8: has been a pretty impressive story as well. The one

288
00:14:36,640 --> 00:14:38,280
Speaker 8: thing I would add to take away from kind of

289
00:14:38,280 --> 00:14:40,240
Speaker 8: the science and the space and the majesty of it is,

290
00:14:40,760 --> 00:14:43,280
Speaker 8: it's also slightly become a politicized issue. Donald Trump, the

291
00:14:43,400 --> 00:14:46,880
Speaker 8: US President, in January, said that the astronauts had been

292
00:14:46,920 --> 00:14:49,600
Speaker 8: abandoned in space by the proofs of Biden administration. It's

293
00:14:49,640 --> 00:14:53,360
Speaker 8: worth saying both NASA and the astronauts themselves strongly dispute that,

294
00:14:53,960 --> 00:14:57,920
Speaker 8: but that and the presidents encouraging Elon Musk to take

295
00:14:58,000 --> 00:15:00,320
Speaker 8: over the mission and to bring them back even earlier,

296
00:15:01,040 --> 00:15:03,400
Speaker 8: has also drawn a lot of attention to this issue,

297
00:15:03,800 --> 00:15:06,160
Speaker 8: and we will all be watching when they look hopefully

298
00:15:06,320 --> 00:15:09,440
Speaker 8: to enter reorbit around nine pm UK time ten pm

299
00:15:09,560 --> 00:15:12,440
Speaker 8: UK time, which I believe is two to three pm

300
00:15:12,680 --> 00:15:13,400
Speaker 8: in California.

301
00:15:14,880 --> 00:15:17,600
Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

302
00:15:17,680 --> 00:15:20,680
Speaker 2: stories making news from London to Wall Street and beyond.

303
00:15:21,000 --> 00:15:24,960
Speaker 1: Look for us on your podcast feed every morning on Apple, Spotify,

304
00:15:25,080 --> 00:15:26,960
Speaker 1: and anywhere else you get your podcasts.

305
00:15:27,080 --> 00:15:30,080
Speaker 2: You can also listen live each morning on London Dab Radio,

306
00:15:30,120 --> 00:15:32,440
Speaker 2: the Bloomberg Business app, and Bloomberg dot Com.

307
00:15:32,880 --> 00:15:35,640
Speaker 1: Our flagship New York station is also available on your

308
00:15:35,680 --> 00:15:40,360
Speaker 1: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.

309
00:15:40,640 --> 00:15:41,840
Speaker 1: I'm Caroline Hepka and.

310
00:15:41,880 --> 00:15:44,480
Speaker 2: I'm Stephen Carroll. Join us again tomorrow morning for all

311
00:15:44,560 --> 00:15:46,880
Speaker 2: the news you need to start your day right here

312
00:15:47,000 --> 00:15:48,000
Speaker 2: on Bloomberg Daybreak.

313
00:15:48,080 --> 00:15:48,360
Speaker 1: Europe