1
00:00:03,720 --> 00:00:06,320
Speaker 1: This is Bloomberg Daybreak here for this Thursday, the first

2
00:00:06,320 --> 00:00:09,880
Speaker 1: of June in London. Coming up today to spend your disbelief.

3
00:00:10,000 --> 00:00:14,800
Speaker 2: US House of Representatives avoids theatrics and passes the deathlimit bill, a.

4
00:00:14,800 --> 00:00:18,279
Speaker 1: Tough job bed officials call for a policy skip after

5
00:00:18,440 --> 00:00:19,640
Speaker 1: job opening search.

6
00:00:20,239 --> 00:00:23,200
Speaker 2: This is going to hurt UK executives and a former

7
00:00:23,239 --> 00:00:25,360
Speaker 2: Bank of England rate setter tell us the worst is

8
00:00:25,440 --> 00:00:26,200
Speaker 2: yet to come.

9
00:00:26,520 --> 00:00:30,720
Speaker 3: Cash for ash and taxing times for UK politics. Those

10
00:00:30,760 --> 00:00:32,960
Speaker 3: are the stories we're looking at in today's papers.

11
00:00:33,000 --> 00:00:36,280
Speaker 1: And I'm Leanne Gerrins plus Pride in the office. We

12
00:00:36,320 --> 00:00:41,000
Speaker 1: speak to city workers about navigating their LGBT plus identities.

13
00:00:43,760 --> 00:00:47,600
Speaker 4: That's all straight ahead on Bloomberg Daybreak Europe. The business

14
00:00:47,640 --> 00:00:49,800
Speaker 4: news you need to start your day in just one

15
00:00:49,920 --> 00:00:54,400
Speaker 4: fifteen minute podcast on Apple, Spotify, the Bloomberg Business App

16
00:00:54,520 --> 00:00:56,680
Speaker 4: and everywhere you get your podcasts.

17
00:01:00,560 --> 00:01:01,040
Speaker 2: Good morning.

18
00:01:01,080 --> 00:01:03,680
Speaker 1: I'm Stephen Carroll and I'm Caroline Hecker. Here are the

19
00:01:03,760 --> 00:01:05,319
Speaker 1: stories that we're following today.

20
00:01:05,720 --> 00:01:09,160
Speaker 2: The US House of Representatives has passed by partisan legislation

21
00:01:09,319 --> 00:01:13,200
Speaker 2: to suspend its debthlimit until twenty twenty five. The agreement

22
00:01:13,200 --> 00:01:15,600
Speaker 2: won the backing of two thirds of House Republicans an

23
00:01:15,600 --> 00:01:20,760
Speaker 2: important show of confidence in Speaker Kevin McCarthy. Tonight we

24
00:01:20,800 --> 00:01:24,840
Speaker 2: all made history because this is the biggest cut and

25
00:01:24,959 --> 00:01:30,560
Speaker 2: savings this Congress has ever voted for. The bill now

26
00:01:30,600 --> 00:01:33,360
Speaker 2: goes from McCarthy's House to the Democrat controlled Senate, where

27
00:01:33,360 --> 00:01:36,120
Speaker 2: its passage is near certain. Although it will create some

28
00:01:36,200 --> 00:01:40,520
Speaker 2: tough spending changes for some government services, Morgan Stanley economists

29
00:01:40,520 --> 00:01:43,600
Speaker 2: to estimate the entire package will have a quote negligible

30
00:01:43,680 --> 00:01:45,720
Speaker 2: impact on the overall US economy.

31
00:01:46,720 --> 00:01:51,080
Speaker 1: Now the fashionable new word among Fed policymakers is not pause,

32
00:01:51,360 --> 00:01:55,040
Speaker 1: but skip. Federal Reserve Governor Philip Jefferson says that it

33
00:01:55,080 --> 00:01:58,040
Speaker 1: would allow better analysis of the economy.

34
00:01:59,040 --> 00:02:02,880
Speaker 5: A decision to hold our policy rate constant at a

35
00:02:02,920 --> 00:02:07,040
Speaker 5: coming meeting should not be interpreted to mean that we

36
00:02:07,160 --> 00:02:12,079
Speaker 5: have reached the peak rate for this cycle. Indeed, skipping

37
00:02:12,080 --> 00:02:15,120
Speaker 5: a rate hike at a coming meeting would allow the

38
00:02:15,160 --> 00:02:19,480
Speaker 5: committee to see more data before making decisions about the

39
00:02:19,520 --> 00:02:22,120
Speaker 5: extent of additional policy.

40
00:02:22,200 --> 00:02:27,120
Speaker 1: Firming the data Jeffson once is still spooling in. Though

41
00:02:27,240 --> 00:02:30,880
Speaker 1: US job vacancies unexpectedly surged in April to the highest

42
00:02:30,960 --> 00:02:34,160
Speaker 1: level in three months, the numbers set up June's rate

43
00:02:34,240 --> 00:02:38,080
Speaker 1: meeting to be a debate between inflation hawks and officials

44
00:02:38,080 --> 00:02:39,880
Speaker 1: worried about financial strain.

45
00:02:40,240 --> 00:02:42,920
Speaker 2: The former Bank of England policymaker Michael Saunders says the

46
00:02:43,040 --> 00:02:46,960
Speaker 2: UK economy still hasn't whether the worst of the storm now.

47
00:02:47,000 --> 00:02:50,280
Speaker 2: A senior advisor at Oxford Economics, he told us fixed

48
00:02:50,360 --> 00:02:53,200
Speaker 2: rate mortgages have slowed down some of the pain of

49
00:02:53,240 --> 00:02:54,320
Speaker 2: interest rate hikes.

50
00:02:54,600 --> 00:02:56,720
Speaker 6: This is going to be a period in which inflation

51
00:02:56,760 --> 00:02:59,640
Speaker 6: will still be quite high and so real wages will

52
00:02:59,680 --> 00:03:03,040
Speaker 6: be falling. The job plusrate is likely to be going up.

53
00:03:03,240 --> 00:03:05,760
Speaker 6: We haven't yet felt much of the effect of the

54
00:03:05,760 --> 00:03:09,240
Speaker 6: big rises and rates. That pain will come through, and

55
00:03:09,240 --> 00:03:10,880
Speaker 6: it'll come through in the next few quarters.

56
00:03:11,440 --> 00:03:14,040
Speaker 2: And you can hear that full interview with Michael Sandras

57
00:03:14,080 --> 00:03:16,160
Speaker 2: on the Bloomberg UK Politics podcast.

58
00:03:16,480 --> 00:03:19,560
Speaker 1: Well, Saunderson isn't the only one who fears the worst

59
00:03:19,600 --> 00:03:23,640
Speaker 1: is yet to come. British business confidence stabilized at quote

60
00:03:23,919 --> 00:03:27,600
Speaker 1: just below neutral in May, with the executives fearful that

61
00:03:27,639 --> 00:03:31,000
Speaker 1: the shocks hitting the economy are far from over. Bloomberg's

62
00:03:31,080 --> 00:03:32,639
Speaker 1: U and Parts reports.

63
00:03:32,440 --> 00:03:34,880
Speaker 7: Top company bosses are not convinced that the worst is

64
00:03:34,920 --> 00:03:39,200
Speaker 7: over yet for the economy, After five months of increasing optimism,

65
00:03:39,240 --> 00:03:42,080
Speaker 7: a key gauge of sentiment from the Institute of Directors

66
00:03:42,240 --> 00:03:45,240
Speaker 7: edged down one point to a reading of minus six

67
00:03:45,800 --> 00:03:49,120
Speaker 7: that puts confidence levels last felt before Russia's invasion of

68
00:03:49,280 --> 00:03:52,840
Speaker 7: Ukraine last year. The findings published today well feel concerns

69
00:03:52,840 --> 00:03:56,560
Speaker 7: that inflation is weighing on momentum. Firms say they remain

70
00:03:56,640 --> 00:03:59,680
Speaker 7: concerned about labour sources, and only a third of bosses

71
00:03:59,720 --> 00:04:02,720
Speaker 7: believe that inflation has peaked. In London, i'm une pots

72
00:04:02,760 --> 00:04:03,560
Speaker 7: Bloomberg Day Break.

73
00:04:03,560 --> 00:04:07,480
Speaker 2: Europe, around fifty credit Swiss bankers are suing Switzerland's financial

74
00:04:07,520 --> 00:04:11,400
Speaker 2: regulator for rendering their bonuses worthless. A Swiss federal court

75
00:04:11,440 --> 00:04:13,720
Speaker 2: spokesman says they're suing over the right down of so

76
00:04:13,880 --> 00:04:17,679
Speaker 2: called contingent capital awards. The bonuses were based on eighty

77
00:04:17,760 --> 00:04:20,640
Speaker 2: one bonds which were wiped out in the emergency rescue

78
00:04:20,680 --> 00:04:23,120
Speaker 2: of credit Sweese. Those are some of our top stories

79
00:04:23,120 --> 00:04:23,480
Speaker 2: this morning.

80
00:04:23,839 --> 00:04:27,440
Speaker 1: Okay, so yesterday, remember we brought you the interview with

81
00:04:27,800 --> 00:04:30,640
Speaker 1: JP Morgan's a Jamie Diamond. Well, there's been a follow

82
00:04:30,720 --> 00:04:34,239
Speaker 1: up to that. He tantalizingly sort of talked about maybe

83
00:04:34,279 --> 00:04:36,400
Speaker 1: serving his country and so of course there is this

84
00:04:36,480 --> 00:04:39,520
Speaker 1: idea of would he go into politics. Bill Ackman says

85
00:04:39,560 --> 00:04:42,880
Speaker 1: that actually Jamie Diamond should run for US president, and

86
00:04:42,920 --> 00:04:45,240
Speaker 1: not in the distant future, but in the twenty twenty

87
00:04:45,279 --> 00:04:48,320
Speaker 1: four cycle. Thought that was quite interesting. Apparently it was

88
00:04:48,360 --> 00:04:48,880
Speaker 1: all over.

89
00:04:48,760 --> 00:04:53,880
Speaker 2: Tweet with friends like these. Yes, who needs bankers? Right, Well,

90
00:04:53,880 --> 00:04:55,920
Speaker 2: that's one of the stories that we're watching. It's also,

91
00:04:55,960 --> 00:04:57,320
Speaker 2: of course the first two June, so it's the start

92
00:04:57,360 --> 00:05:00,840
Speaker 2: of Pride Month, months traditionally to celebrate LBTQ plus identities.

93
00:05:01,360 --> 00:05:03,520
Speaker 2: And actually we have a fascinating conversation coming up a

94
00:05:03,520 --> 00:05:07,200
Speaker 2: little bit later with four workers from across the city

95
00:05:07,240 --> 00:05:11,320
Speaker 2: and financial industries talking about how they navigate their identities

96
00:05:11,320 --> 00:05:13,599
Speaker 2: at work, the importance of things like role models, and

97
00:05:13,640 --> 00:05:17,000
Speaker 2: also what they want to hear from companies during Pride Month.

98
00:05:17,040 --> 00:05:18,240
Speaker 2: So that's coming up a little bit later on.

99
00:05:18,320 --> 00:05:21,400
Speaker 1: Yeah, absolutely looking forward to listening to that reporting. Right,

100
00:05:21,560 --> 00:05:25,200
Speaker 1: and let's unpack then the story around the US debt ceiling,

101
00:05:25,200 --> 00:05:27,919
Speaker 1: which did pass the House of Representatives by three hundred

102
00:05:27,920 --> 00:05:31,640
Speaker 1: and fourteen to one hundred and seventeen. Bloomberg's John Harney

103
00:05:31,680 --> 00:05:34,360
Speaker 1: joins us now from Washington for the latest. John, thank

104
00:05:34,400 --> 00:05:36,440
Speaker 1: you so much for staying up late for us, So

105
00:05:36,480 --> 00:05:39,480
Speaker 1: a big relief then for Joe Biden and Kevin McCarthy.

106
00:05:39,760 --> 00:05:42,560
Speaker 1: Does that mean that the crisis is averted now?

107
00:05:43,560 --> 00:05:46,680
Speaker 8: Well, it's maybe not a big relief, it's some relief.

108
00:05:47,080 --> 00:05:51,280
Speaker 8: This still has to go before the upper house, the Senate,

109
00:05:51,839 --> 00:05:55,479
Speaker 8: And while there seems to be a desire to get

110
00:05:55,480 --> 00:05:59,560
Speaker 8: this thing over with, to vote on it relatively quickly,

111
00:06:00,360 --> 00:06:05,920
Speaker 8: remember the deadline or the default deadline. It could come

112
00:06:05,920 --> 00:06:10,040
Speaker 8: as early as Monday. It's not. It's not completely assured.

113
00:06:10,400 --> 00:06:14,200
Speaker 8: So the relief will come when it goes to President

114
00:06:14,279 --> 00:06:16,839
Speaker 8: Biden's desk and he signs this measure.

115
00:06:18,600 --> 00:06:22,960
Speaker 2: Does this help Joe Biden in his re election campaign?

116
00:06:23,360 --> 00:06:26,280
Speaker 2: The fact that he's managed to get a bipartisan deal

117
00:06:26,560 --> 00:06:28,880
Speaker 2: and get it passed at least, as you say, just

118
00:06:28,920 --> 00:06:30,640
Speaker 2: at the House for now, but to get it passed

119
00:06:30,640 --> 00:06:32,400
Speaker 2: through the Republican control House.

120
00:06:34,160 --> 00:06:39,040
Speaker 8: Well, you know, it depends how you know, what happens

121
00:06:39,040 --> 00:06:43,880
Speaker 8: to the economy this will mean, although you know, some

122
00:06:44,040 --> 00:06:48,680
Speaker 8: analysts are saying that it won't have a huge effect overall,

123
00:06:49,480 --> 00:06:53,080
Speaker 8: it could well mean some cutbacks and less money to

124
00:06:53,120 --> 00:06:58,000
Speaker 8: spend if a recession materializes. You know, also, it may

125
00:06:58,000 --> 00:07:01,799
Speaker 8: also weigh in what the Federal Reserve does. Uh? It does?

126
00:07:01,880 --> 00:07:04,400
Speaker 8: It does show uh. He you know, he did demonstrate

127
00:07:04,440 --> 00:07:10,520
Speaker 8: that he once again was willing to forge a deal

128
00:07:10,600 --> 00:07:15,280
Speaker 8: with the other, with the UH opposition party, the Republican Party. However,

129
00:07:15,880 --> 00:07:19,320
Speaker 8: he did it after saying he would not negotiate whatsoever

130
00:07:20,560 --> 00:07:24,120
Speaker 8: on a on a debt ceiling bill. So it remains

131
00:07:24,120 --> 00:07:26,200
Speaker 8: to be seen how all this plays out for both

132
00:07:26,640 --> 00:07:28,880
Speaker 8: President Biden and and the Republicans.

133
00:07:29,320 --> 00:07:32,600
Speaker 1: Well, do you think it does weaken the Republicans at all?

134
00:07:34,840 --> 00:07:43,160
Speaker 8: It Well, Joe Kevin McCarthy Beaker McCarthy spoke tonight and

135
00:07:43,160 --> 00:07:46,920
Speaker 8: and presented it as a great victory. Yeah, he did

136
00:07:47,440 --> 00:07:50,960
Speaker 8: as I as I just said, get President Biden to negotiate,

137
00:07:52,240 --> 00:07:54,760
Speaker 8: and he got the He got the bill passed in

138
00:07:54,760 --> 00:07:58,680
Speaker 8: his in his chamber and got got the billing or

139
00:07:58,680 --> 00:08:01,600
Speaker 8: got a bill passed and forced buying to the table,

140
00:08:01,600 --> 00:08:06,640
Speaker 8: and then got this measure passed after weeks of negotiations. However,

141
00:08:08,280 --> 00:08:15,920
Speaker 8: it got more Democratic votes than Republican votes, paradoxically, and

142
00:08:15,920 --> 00:08:19,760
Speaker 8: and seventy one of his own people, his own members

143
00:08:19,760 --> 00:08:24,040
Speaker 8: of his own party, voted against it. Also on the horizon,

144
00:08:24,080 --> 00:08:28,200
Speaker 8: of course, is the next election and both former President

145
00:08:28,280 --> 00:08:32,040
Speaker 8: Trump and his chief rival Ron DeSantis are in agreement

146
00:08:32,080 --> 00:08:34,760
Speaker 8: that they didn't like this deal. But we'll have to

147
00:08:34,800 --> 00:08:37,319
Speaker 8: see again again. We'll have to see what happens in

148
00:08:37,440 --> 00:08:41,280
Speaker 8: the near future and how how voters respond to it,

149
00:08:41,360 --> 00:08:44,880
Speaker 8: how the donors respond to it, and how the conservative

150
00:08:44,880 --> 00:08:47,360
Speaker 8: commentariat what they think about it.

151
00:08:48,400 --> 00:08:53,280
Speaker 2: This is a bipartisan agreement. It does set the outlines

152
00:08:53,360 --> 00:08:57,760
Speaker 2: for how much the US government can spend until just

153
00:08:57,880 --> 00:09:00,880
Speaker 2: after the next election. Are there con acquienances for where

154
00:09:00,920 --> 00:09:06,040
Speaker 2: policymaking goes from here given the events of recent days.

155
00:09:05,880 --> 00:09:09,000
Speaker 8: Well, certainly, I mean the the federal government will have

156
00:09:09,080 --> 00:09:14,720
Speaker 8: less to spend the this Uh, this deal took away

157
00:09:15,000 --> 00:09:21,000
Speaker 8: from the Internal Revenue Service, the tax uh tax Department

158
00:09:21,000 --> 00:09:22,040
Speaker 8: of the U. S. Treasury.

159
00:09:22,600 --> 00:09:22,920
Speaker 9: Uh.

160
00:09:23,040 --> 00:09:26,440
Speaker 8: There was there was they won't have the money, some

161
00:09:26,520 --> 00:09:28,000
Speaker 8: of the at least some of the money.

162
00:09:28,440 --> 00:09:28,680
Speaker 10: Uh.

163
00:09:28,760 --> 00:09:32,760
Speaker 8: They wanted to have to conduct audits of wealthy people

164
00:09:32,800 --> 00:09:36,000
Speaker 8: who might be of appording taxes that would have brought money.

165
00:09:36,400 --> 00:09:43,640
Speaker 8: So so so Democrats said, uh, created more revenue it Uh,

166
00:09:44,160 --> 00:09:48,000
Speaker 8: you know it. There's there's like and and I guess

167
00:09:48,040 --> 00:09:49,959
Speaker 8: the question is how much you know, just how much

168
00:09:50,080 --> 00:09:52,839
Speaker 8: energy is there left to do a lot more. I mean,

169
00:09:52,880 --> 00:09:57,720
Speaker 8: this was this, this required this, This was the big

170
00:09:57,760 --> 00:10:02,880
Speaker 8: focus of attention in Washington for months now. Really, and

171
00:10:03,120 --> 00:10:08,800
Speaker 8: I guess you have to wonder how much how much

172
00:10:08,960 --> 00:10:12,240
Speaker 8: verb do they have to pursue anything else either either party?

173
00:10:13,360 --> 00:10:16,560
Speaker 1: Yeah, absolutely, John, I feel like we're asking you the questions,

174
00:10:16,559 --> 00:10:19,480
Speaker 1: but you should be telling us really in your view

175
00:10:19,480 --> 00:10:21,920
Speaker 1: and your experience, what should we take away just very

176
00:10:21,960 --> 00:10:24,640
Speaker 1: briefly from this whole episode so far.

177
00:10:25,440 --> 00:10:29,439
Speaker 8: Well, it shows well, it shows two things. It shows

178
00:10:29,480 --> 00:10:33,440
Speaker 8: just how divided the United States is and its government is,

179
00:10:33,760 --> 00:10:38,360
Speaker 8: and how it is how difficult it is to reach consensus,

180
00:10:38,400 --> 00:10:43,000
Speaker 8: to reach agreement, and you know, and and there's there

181
00:10:43,040 --> 00:10:45,280
Speaker 8: are divisions within the parties. I mean I didn't I

182
00:10:45,280 --> 00:10:48,120
Speaker 8: didn't quite get into this, but there were there were

183
00:10:48,240 --> 00:10:50,320
Speaker 8: There was a lot of grumbling in the Republican Party

184
00:10:50,320 --> 00:10:53,160
Speaker 8: that Kevin McCarthy got a bad you know words, a

185
00:10:53,200 --> 00:10:55,800
Speaker 8: bad deal and they were to even talk of replacing

186
00:10:55,880 --> 00:10:58,000
Speaker 8: him a speaker he only got he only got it

187
00:10:58,080 --> 00:11:01,800
Speaker 8: in January. At the same time, an agreement was made

188
00:11:02,280 --> 00:11:06,560
Speaker 8: the parties. Did you know, as I said, Democrats more

189
00:11:06,559 --> 00:11:09,920
Speaker 8: Democrats voted for this field of Republicans. McCarthy got two

190
00:11:10,000 --> 00:11:14,280
Speaker 8: thirds of his caucus two to say yes. To get

191
00:11:14,280 --> 00:11:19,120
Speaker 8: to yes. He and Biden ultimately agreed. So I guess

192
00:11:19,120 --> 00:11:22,719
Speaker 8: what we can take away from it is something can

193
00:11:22,760 --> 00:11:23,160
Speaker 8: be done.

194
00:11:24,559 --> 00:11:27,240
Speaker 2: Okay, John Harney in Washington. As always, we appreciate your

195
00:11:27,320 --> 00:11:30,400
Speaker 2: time and analysis on this story. Now today mark's the

196
00:11:30,440 --> 00:11:34,079
Speaker 2: start of Pride months dedicated to celebrating LGBT plus communities,

197
00:11:34,240 --> 00:11:36,800
Speaker 2: and to mark this, we brought together four people who

198
00:11:36,800 --> 00:11:39,719
Speaker 2: were in the early stages of their careers in finance,

199
00:11:39,960 --> 00:11:43,839
Speaker 2: law and in engineering. It's a fascinating conversation about how

200
00:11:43,880 --> 00:11:47,119
Speaker 2: they navigate their identity at work, but also how important

201
00:11:47,200 --> 00:11:50,360
Speaker 2: policies around diversity and inclusion can be to them. Take

202
00:11:50,400 --> 00:11:50,800
Speaker 2: a lesson.

203
00:11:51,160 --> 00:11:54,560
Speaker 10: My name's Klobe Walley. My pronouns are dai she and

204
00:11:54,800 --> 00:11:56,440
Speaker 10: I'm a data engineer at BP.

205
00:11:56,760 --> 00:11:59,680
Speaker 9: My name is orn Devlin. My pronouns are he him

206
00:12:00,120 --> 00:12:03,319
Speaker 9: and I work within City Global Sourcing Staffing Office.

207
00:12:03,600 --> 00:12:07,760
Speaker 11: I'm Jackie Roaldeger. I'm a litigation lawyer at Hogan Level's International, LLP.

208
00:12:08,240 --> 00:12:09,600
Speaker 11: My pronouns are sheet and her.

209
00:12:09,880 --> 00:12:12,400
Speaker 12: My name is Harry Randall. My pronouns are hear him.

210
00:12:12,800 --> 00:12:15,840
Speaker 12: I'm an associate in the UK Investment Bank at Jeffrey's

211
00:12:15,840 --> 00:12:16,559
Speaker 12: International Limited.

212
00:12:17,559 --> 00:12:20,440
Speaker 9: I have previously worked in organizations where I wouldn't have

213
00:12:20,520 --> 00:12:24,079
Speaker 9: been comfortable in being out in the workplace, and I

214
00:12:24,120 --> 00:12:27,240
Speaker 9: suppose that that was a factor whenever I was looking

215
00:12:27,320 --> 00:12:31,520
Speaker 9: for new roles and new opportunities. I went into the

216
00:12:31,559 --> 00:12:34,840
Speaker 9: recruitment process with insteady knowing where they stood on social issues,

217
00:12:35,280 --> 00:12:38,439
Speaker 9: and that was a key aspect of where I wanted

218
00:12:38,480 --> 00:12:39,120
Speaker 9: to work next.

219
00:12:39,240 --> 00:12:41,480
Speaker 11: When I first entered the legal industry, I was so

220
00:12:41,640 --> 00:12:43,520
Speaker 11: deep in the closet that I could have been mistaken

221
00:12:43,520 --> 00:12:45,360
Speaker 11: for Aslan from the Lion the Witch in the wallsrobe

222
00:12:45,400 --> 00:12:48,960
Speaker 11: complete with the hat. My Monday morning routine typically consisted

223
00:12:49,000 --> 00:12:51,240
Speaker 11: of rehearsing lines on the tube to the much dreaded

224
00:12:51,320 --> 00:12:53,440
Speaker 11: question what did you do at the weekend? Because I

225
00:12:53,480 --> 00:12:55,440
Speaker 11: was terrified that if I revealed too much, I would

226
00:12:55,440 --> 00:12:56,120
Speaker 11: out myself.

227
00:12:56,559 --> 00:13:00,000
Speaker 10: There's this really interesting statistic, actually research on twenty eight

228
00:13:00,080 --> 00:13:03,360
Speaker 10: team that states that over forty percent of young people,

229
00:13:03,480 --> 00:13:06,560
Speaker 10: that's people ages eighteen to twenty five go back in

230
00:13:06,600 --> 00:13:09,320
Speaker 10: the closet and they start their first job. And that

231
00:13:09,440 --> 00:13:14,319
Speaker 10: was definitely my initial experience. As soon as I realized

232
00:13:14,360 --> 00:13:16,920
Speaker 10: that it was a safe space, and as soon as

233
00:13:16,920 --> 00:13:20,280
Speaker 10: I saw other people in the industry, in the office

234
00:13:20,360 --> 00:13:24,480
Speaker 10: at work being out and that being okay, I immediately

235
00:13:24,760 --> 00:13:28,439
Speaker 10: reverted to how I had always been very vocal, very

236
00:13:28,480 --> 00:13:29,559
Speaker 10: active in the community.

237
00:13:30,120 --> 00:13:32,520
Speaker 12: Moving into the workplace was the first time that I

238
00:13:32,679 --> 00:13:34,720
Speaker 12: was fully out as a gay man, and I think,

239
00:13:34,760 --> 00:13:38,120
Speaker 12: particularly at university, the decision to actually come out was

240
00:13:38,160 --> 00:13:41,400
Speaker 12: something that was taken out of my control because words

241
00:13:42,160 --> 00:13:44,920
Speaker 12: travel quick, So I was very keen to make sure

242
00:13:44,920 --> 00:13:46,800
Speaker 12: that when I moved into the workplace, I was in

243
00:13:46,840 --> 00:13:49,520
Speaker 12: control of that, and I chose on what terms I

244
00:13:49,559 --> 00:13:52,680
Speaker 12: told people. I picked the right conversations at the right time,

245
00:13:52,760 --> 00:13:57,320
Speaker 12: because you will never stop coming out and making sure

246
00:13:57,360 --> 00:14:00,439
Speaker 12: that you feel comfortable doing that around so people is

247
00:14:00,520 --> 00:14:02,680
Speaker 12: driven by role models who have done that in the past.

248
00:14:03,520 --> 00:14:06,600
Speaker 12: You can see from their experience that actually everything turns

249
00:14:06,640 --> 00:14:07,360
Speaker 12: out quite a right.

250
00:14:07,640 --> 00:14:10,000
Speaker 11: When I started as a trainee lister at Clifford Chance,

251
00:14:10,320 --> 00:14:12,920
Speaker 11: I had the privilege of meeting more senior lesbian lawyers,

252
00:14:13,000 --> 00:14:14,480
Speaker 11: and you know, they were fine. They'd been at the

253
00:14:14,480 --> 00:14:16,559
Speaker 11: firm throughout their whole career, and that gave me a

254
00:14:16,559 --> 00:14:19,440
Speaker 11: lot of confidence, and I became the firm's LGBTQ app.

255
00:14:19,880 --> 00:14:20,600
Speaker 1: But when I left.

256
00:14:20,440 --> 00:14:22,240
Speaker 11: Clifford chance to go to the US firm. I didn't

257
00:14:22,240 --> 00:14:23,760
Speaker 11: see any role models, and so I went back in

258
00:14:23,760 --> 00:14:26,800
Speaker 11: the closet and it was quite difficult because it's very

259
00:14:26,840 --> 00:14:28,800
Speaker 11: It is a distraction being in a closet. You're wasting

260
00:14:28,840 --> 00:14:30,960
Speaker 11: a lot of energy thinking about am I going to

261
00:14:30,960 --> 00:14:34,520
Speaker 11: be found out? You know, it's quite CAZy and your answers.

262
00:14:34,560 --> 00:14:36,200
Speaker 11: You can't really bond the people as well because you're

263
00:14:36,240 --> 00:14:38,440
Speaker 11: sort of hiding things and so normal as I can't

264
00:14:38,440 --> 00:14:41,040
Speaker 11: emphasize the importance of them, because visibility matters. If you

265
00:14:41,040 --> 00:14:43,120
Speaker 11: don't meet people like you, you can start to think

266
00:14:43,160 --> 00:14:44,440
Speaker 11: there's something wrong with the way that you look.

267
00:14:44,960 --> 00:14:48,720
Speaker 9: I think when we talk about leadership and role models,

268
00:14:49,000 --> 00:14:51,400
Speaker 9: you know, Sadi has had a milestone moment in a

269
00:14:51,440 --> 00:14:54,680
Speaker 9: financial services industry with having Jane Fraser as the first

270
00:14:55,000 --> 00:14:58,400
Speaker 9: female CEO of Wall Street Bank. You know that change

271
00:14:58,440 --> 00:15:01,840
Speaker 9: in that culture, you know, has brought with it representation

272
00:15:02,120 --> 00:15:05,840
Speaker 9: and progress for all marginalized groups and voices within our organization,

273
00:15:06,200 --> 00:15:09,760
Speaker 9: and in terms of role modeling, we I have various

274
00:15:09,720 --> 00:15:11,800
Speaker 9: senior leaders on the training floor here and now I

275
00:15:11,800 --> 00:15:14,160
Speaker 9: am more comfortable in coming out and being out in

276
00:15:14,200 --> 00:15:20,200
Speaker 9: the workplace, which has historically been misogynistic, chauvinistic in sexuality.

277
00:15:20,200 --> 00:15:22,800
Speaker 11: It's something that I do take into consideration for everything. Really,

278
00:15:22,840 --> 00:15:24,600
Speaker 11: I think the best you and I initiatives do you

279
00:15:24,640 --> 00:15:27,520
Speaker 11: have an intersectional focus When we look at discrimination. We

280
00:15:27,560 --> 00:15:31,360
Speaker 11: have to consider the fact that characteristics can be complex

281
00:15:31,400 --> 00:15:35,800
Speaker 11: and interconnected. So you can't separate my blackness from my

282
00:15:35,840 --> 00:15:39,560
Speaker 11: gender and my sexuality. They're all interwined, and so I

283
00:15:39,640 --> 00:15:43,760
Speaker 11: may experience homophobia differently to a white woman on account

284
00:15:43,760 --> 00:15:47,080
Speaker 11: of my race, and I may experience racism differently to

285
00:15:47,160 --> 00:15:49,520
Speaker 11: a black man on account of my gender. Having those

286
00:15:49,520 --> 00:15:51,120
Speaker 11: things in mind is very, very important.

287
00:15:51,360 --> 00:15:54,440
Speaker 10: We simply cannot continue to do things the way that

288
00:15:54,480 --> 00:15:58,080
Speaker 10: has always been done because it isn't working anymore right,

289
00:15:58,280 --> 00:16:03,240
Speaker 10: So for the energy and it's more about shifting mindsets

290
00:16:03,800 --> 00:16:08,200
Speaker 10: and getting people on board with the fact that change

291
00:16:08,200 --> 00:16:12,200
Speaker 10: has to happen. I think there are in each company,

292
00:16:12,240 --> 00:16:17,400
Speaker 10: in each business a group of dedicated allies, employees, resource

293
00:16:17,480 --> 00:16:20,160
Speaker 10: networks that are on board with that.

294
00:16:20,880 --> 00:16:22,400
Speaker 8: I really want to see that happen.

295
00:16:22,720 --> 00:16:25,520
Speaker 10: But it's about how we bring the rest of the

296
00:16:25,600 --> 00:16:28,760
Speaker 10: industry in and meet them where they're at so that

297
00:16:28,840 --> 00:16:30,400
Speaker 10: we can change together.

298
00:16:31,480 --> 00:16:33,560
Speaker 12: What I would love to see from corporates moving forward

299
00:16:33,600 --> 00:16:35,560
Speaker 12: is for us to progress as some form of a

300
00:16:35,640 --> 00:16:38,480
Speaker 12: dual track process, in that companies have an obligation to

301
00:16:38,480 --> 00:16:42,080
Speaker 12: protect all of their employees, be it sexual orientation, gender

302
00:16:42,240 --> 00:16:44,320
Speaker 12: or other. But I think we also, if we can,

303
00:16:44,400 --> 00:16:47,160
Speaker 12: need to try and use our platform to raise awareness

304
00:16:47,280 --> 00:16:49,880
Speaker 12: outside of our immediate environments. There are a lot of

305
00:16:50,280 --> 00:16:53,720
Speaker 12: people in the world who aren't in as fortunate positions

306
00:16:53,760 --> 00:16:56,240
Speaker 12: as we are to have that voice, to be able

307
00:16:56,240 --> 00:16:58,120
Speaker 12: to express how they feel and how they think, and

308
00:16:58,200 --> 00:17:00,800
Speaker 12: actually for some of the decision is being taken out

309
00:17:00,840 --> 00:17:02,400
Speaker 12: of their hands and they don't have a say at all.

310
00:17:02,480 --> 00:17:06,640
Speaker 12: So I would really like to see corporates progressing sort

311
00:17:06,640 --> 00:17:08,560
Speaker 12: of outside of their immediate as well.

312
00:17:09,119 --> 00:17:12,080
Speaker 2: So that was Harry Randall, Chloe Walley, Jackie Rule, Dagger

313
00:17:12,440 --> 00:17:15,960
Speaker 2: and Oran Devlon speaking to us on day Break Europe.

314
00:17:16,119 --> 00:17:19,680
Speaker 2: Up next, Cash for soda Ash and Taxing Times for

315
00:17:19,880 --> 00:17:21,280
Speaker 2: UK Politics.

316
00:17:22,680 --> 00:17:26,520
Speaker 4: Now the paper review on blue Bird Daybreak Europe, the

317
00:17:26,600 --> 00:17:29,200
Speaker 4: news you need to know from today's papers.

318
00:17:29,800 --> 00:17:32,080
Speaker 1: Mostly and go and joins us for more. The Financial

319
00:17:32,160 --> 00:17:35,119
Speaker 1: Times has a headline soda Ash Group aims to be

320
00:17:35,359 --> 00:17:37,720
Speaker 1: big fish in London with a seven and a half

321
00:17:37,760 --> 00:17:41,560
Speaker 1: billion dollar valuation target. Oh, it's an IPO for the

322
00:17:41,600 --> 00:17:42,200
Speaker 1: city lean.

323
00:17:42,520 --> 00:17:45,520
Speaker 3: Indeed it is and we did talk about this yesterday,

324
00:17:45,600 --> 00:17:48,520
Speaker 3: but we're going to discuss more in the Financial Times

325
00:17:48,520 --> 00:17:51,399
Speaker 3: because that's a story on the its front page. And

326
00:17:51,440 --> 00:17:54,639
Speaker 3: the decision to actually up for London over New York

327
00:17:55,160 --> 00:17:57,639
Speaker 3: comes after a bruising start to the year for the

328
00:17:57,680 --> 00:18:01,760
Speaker 3: London Stock Exchange. So We Soda, which is the world's

329
00:18:02,200 --> 00:18:06,760
Speaker 3: largest producer of natural soda ash, has really given the

330
00:18:06,760 --> 00:18:10,119
Speaker 3: capital this absolute boost of confidence, which I think it

331
00:18:10,200 --> 00:18:14,200
Speaker 3: desperately needed. IPOs are down eighty percent year on year,

332
00:18:14,480 --> 00:18:17,359
Speaker 3: with only two listings on the main market in the

333
00:18:17,400 --> 00:18:21,520
Speaker 3: first quarter, and that's according to data from e Y Now.

334
00:18:21,560 --> 00:18:25,760
Speaker 3: Speaking to the FT, the CEO Alistair Warren said, in

335
00:18:25,800 --> 00:18:29,760
Speaker 3: London we can be big fish in a relatively modest

336
00:18:30,000 --> 00:18:33,680
Speaker 3: size pool and fears for the future of the London

337
00:18:33,720 --> 00:18:37,120
Speaker 3: market have really deepened. And I know Caroline has been

338
00:18:37,160 --> 00:18:40,160
Speaker 3: speaking about this, and that's after arm the chip designer,

339
00:18:40,440 --> 00:18:44,359
Speaker 3: announced plans to switch its listing to Wall Street, not

340
00:18:44,520 --> 00:18:48,000
Speaker 3: to London, which was a bit of a blow definitely

341
00:18:48,080 --> 00:18:51,240
Speaker 3: for the city Now and We Soda is a UK

342
00:18:51,359 --> 00:18:55,679
Speaker 3: based group that produces the glass making ingredient. It is

343
00:18:55,720 --> 00:19:01,000
Speaker 3: actually controlled by the Turkish media mogul Turgate Sinner and

344
00:19:01,160 --> 00:19:06,080
Speaker 3: is targeting evaluation of about seven point five billion dollars

345
00:19:06,119 --> 00:19:06,639
Speaker 3: big money.

346
00:19:06,720 --> 00:19:08,679
Speaker 2: Yeah, I mean, given all the negativity there has been

347
00:19:08,680 --> 00:19:13,560
Speaker 2: around listings in London, the comments Alastair Warren definitely worth

348
00:19:13,600 --> 00:19:16,479
Speaker 2: noting that they chose London because they're a europe centric business,

349
00:19:16,520 --> 00:19:18,920
Speaker 2: They're a UK based and their founders are resident here,

350
00:19:19,000 --> 00:19:21,440
Speaker 2: so perhaps some of the reasons that other companies didn't

351
00:19:21,480 --> 00:19:25,240
Speaker 2: find sufficient to be able to choose to list in London.

352
00:19:25,240 --> 00:19:27,399
Speaker 2: And he said that within industrials and extractives, it's a

353
00:19:27,400 --> 00:19:29,120
Speaker 2: good place to be listed, and perhaps that's the point

354
00:19:29,160 --> 00:19:31,280
Speaker 2: to take away, is that for this industry it's a

355
00:19:31,280 --> 00:19:33,240
Speaker 2: good place to be listed, whereas others have chosen to

356
00:19:33,280 --> 00:19:33,760
Speaker 2: go elsewhere.

357
00:19:33,880 --> 00:19:36,159
Speaker 1: Yes, absolute, and I thought it was interesting that you

358
00:19:36,200 --> 00:19:38,639
Speaker 1: mentioned that Turgay is immediately I mean, he's got a

359
00:19:38,720 --> 00:19:42,920
Speaker 1: massive conglomerate in Turkey, so he spans loads of different industries.

360
00:19:43,119 --> 00:19:45,320
Speaker 1: But yeah, such a good story. What about the I

361
00:19:45,520 --> 00:19:47,840
Speaker 1: news paper And actually there's a bit of back and

362
00:19:47,880 --> 00:19:50,960
Speaker 1: forth about this around taxation, so the IE has this

363
00:19:51,040 --> 00:19:54,040
Speaker 1: headline labor policy pledges would cost the same as a

364
00:19:54,119 --> 00:19:57,960
Speaker 1: three P rise in income tax analysis show.

365
00:19:57,880 --> 00:20:00,879
Speaker 3: So, Caroline, I was just thinking about this. Obviously, labor

366
00:20:01,000 --> 00:20:03,879
Speaker 3: are leading the polls. We've got about a year to elections,

367
00:20:03,920 --> 00:20:07,920
Speaker 3: so it's only fair that newspapers do start scrutinizing their

368
00:20:07,960 --> 00:20:11,560
Speaker 3: policies that they're starting to outline. This is exactly what

369
00:20:11,680 --> 00:20:15,320
Speaker 3: the I newspaper has done, and basically the opposition Labor

370
00:20:15,359 --> 00:20:20,119
Speaker 3: parties policy pledges so far would cost the equivalent of

371
00:20:20,200 --> 00:20:22,400
Speaker 3: a three pence rise in income tax.

372
00:20:22,480 --> 00:20:22,640
Speaker 10: Now.

373
00:20:22,640 --> 00:20:27,000
Speaker 3: This is according to this in depth analysis by the newspaper.

374
00:20:27,440 --> 00:20:29,919
Speaker 3: Writing in the paper, the head of the Institute for

375
00:20:30,000 --> 00:20:34,240
Speaker 3: Fiscal Studies, that's Paul Johnson, is warning that the side

376
00:20:34,400 --> 00:20:37,760
Speaker 3: that the party will struggle to meet its spending promises

377
00:20:38,160 --> 00:20:43,119
Speaker 3: without raising taxes. Now, Kirstarmer has promised not to borrow

378
00:20:43,160 --> 00:20:45,639
Speaker 3: for day to day spending and to bring down the

379
00:20:45,680 --> 00:20:50,040
Speaker 3: size of the overall public debt as a percentage of GDP.

380
00:20:50,320 --> 00:20:55,440
Speaker 3: But analysis suggests that labor policies will require an additional

381
00:20:55,760 --> 00:20:59,920
Speaker 3: twenty billion pounds of funding every year that is equivalent

382
00:21:00,440 --> 00:21:04,200
Speaker 3: to this three pence rise. It's important to say that's

383
00:21:04,200 --> 00:21:07,960
Speaker 3: not happening now. It's all according to analysis. But I

384
00:21:08,000 --> 00:21:10,760
Speaker 3: did think that something was really interesting. Something a lot

385
00:21:10,760 --> 00:21:13,919
Speaker 3: of people have been saying about Labor is they haven't

386
00:21:14,200 --> 00:21:18,680
Speaker 3: really you know, talked about their policies and outlined where

387
00:21:18,680 --> 00:21:21,000
Speaker 3: they're going to get the money from. Yes, they've talked

388
00:21:21,040 --> 00:21:24,680
Speaker 3: about ending non dom tax status, but people are saying

389
00:21:24,720 --> 00:21:27,960
Speaker 3: that's only going to re raise three point two billion pounds.

390
00:21:27,960 --> 00:21:29,600
Speaker 1: It's not going to be enough.

391
00:21:29,640 --> 00:21:33,439
Speaker 3: They've not been transparent enough with exactly how they're going

392
00:21:33,520 --> 00:21:34,760
Speaker 3: to raise all this money.

393
00:21:34,800 --> 00:21:36,760
Speaker 1: Well, hang on a second. The manifestos have not come

394
00:21:36,800 --> 00:21:38,760
Speaker 1: out yet and there is still up to eighteen months

395
00:21:38,760 --> 00:21:40,760
Speaker 1: before the next general election, so they haven't.

396
00:21:40,560 --> 00:21:43,440
Speaker 3: Detailed and it's always easier when you're in opposition.

397
00:21:43,720 --> 00:21:45,520
Speaker 2: Well, let's go to the Telegraph next and talk about

398
00:21:45,520 --> 00:21:48,240
Speaker 2: the character that's in government. The Telegraph headline Tories demand

399
00:21:48,280 --> 00:21:51,680
Speaker 2: Richie sonacscrap Morrilly Wrung inheritance tax LA.

400
00:21:52,040 --> 00:21:55,280
Speaker 3: Yeah, so the Telegraph has launched this campaign to abolish

401
00:21:55,359 --> 00:21:57,840
Speaker 3: the death duty is what they call it, and the

402
00:21:57,880 --> 00:22:01,000
Speaker 3: newspaper says this is a move should be put at

403
00:22:01,000 --> 00:22:05,439
Speaker 3: the heart of the Conservative's next election manifesto. And growing

404
00:22:05,600 --> 00:22:09,720
Speaker 3: fears that Labor is plotting to target savings and assets

405
00:22:09,760 --> 00:22:13,639
Speaker 3: to fund even higher levels of state spending, so pretty

406
00:22:13,720 --> 00:22:17,159
Speaker 3: much intertwined with a story just been talking about and

407
00:22:17,200 --> 00:22:19,480
Speaker 3: how the different parties are going to approach it. Now

408
00:22:19,520 --> 00:22:23,760
Speaker 3: more than fifty Conservative MPs are demanding that Rishi Sunak

409
00:22:24,000 --> 00:22:28,320
Speaker 3: scraps inheritance tax and they're basically saying the proportion of

410
00:22:28,400 --> 00:22:32,520
Speaker 3: homes under threat from this levee has more than doubled

411
00:22:32,600 --> 00:22:36,000
Speaker 3: since the Conservatives came to power. That's what the Telegraph

412
00:22:36,119 --> 00:22:39,240
Speaker 3: is saying. I just want to say Former Chancellor Nadim

413
00:22:39,359 --> 00:22:44,160
Speaker 3: Zahawi has been talking and to the newspaper and basically

414
00:22:44,200 --> 00:22:48,840
Speaker 3: says this is morally wrong, the inheritance tax and warns

415
00:22:48,880 --> 00:22:52,160
Speaker 3: that it is adding to inflationary pressure to house prices.

416
00:22:54,000 --> 00:22:56,720
Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

417
00:22:56,800 --> 00:22:59,840
Speaker 2: stories making news from London to Wall Street and beyond.

418
00:23:00,119 --> 00:23:03,320
Speaker 1: Look for us on your podcast feed every morning, on Apple,

419
00:23:03,440 --> 00:23:06,160
Speaker 1: Spotify and anywhere else you get your podcasts.

420
00:23:06,200 --> 00:23:09,200
Speaker 2: You can also listen live each morning on London Dab Radio,

421
00:23:09,240 --> 00:23:11,960
Speaker 2: the Bloomberg Business app, and Bloomberg dot Com.

422
00:23:12,000 --> 00:23:14,760
Speaker 1: Our flagship New York station, is also available on your

423
00:23:14,800 --> 00:23:19,520
Speaker 1: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.

424
00:23:19,760 --> 00:23:21,040
Speaker 1: I'm Caroline Hepka and.

425
00:23:21,000 --> 00:23:23,640
Speaker 2: I'm Stephen Carroll. Join us again tomorrow morning for all

426
00:23:23,680 --> 00:23:26,080
Speaker 2: the news you need to start your day right here

427
00:23:26,119 --> 00:23:27,119
Speaker 2: on Bloomberg Daybreak.

428
00:23:27,200 --> 00:23:31,680
Speaker 8: Europe