WEBVTT - Skipping US Debt Drama And Pride at Work 0:00:03.720 --> 0:00:06.320 This is Bloomberg Daybreak here for this Thursday, the first 0:00:06.320 --> 0:00:09.880 of June in London. Coming up today to spend your disbelief. 0:00:10.000 --> 0:00:14.800 US House of Representatives avoids theatrics and passes the deathlimit bill, a. 0:00:14.800 --> 0:00:18.279 Tough job bed officials call for a policy skip after 0:00:18.440 --> 0:00:19.640 job opening search. 0:00:20.239 --> 0:00:23.200 This is going to hurt UK executives and a former 0:00:23.239 --> 0:00:25.360 Bank of England rate setter tell us the worst is 0:00:25.440 --> 0:00:26.200 yet to come. 0:00:26.520 --> 0:00:30.720 Cash for ash and taxing times for UK politics. Those 0:00:30.760 --> 0:00:32.960 are the stories we're looking at in today's papers. 0:00:33.000 --> 0:00:36.280 And I'm Leanne Gerrins plus Pride in the office. We 0:00:36.320 --> 0:00:41.000 speak to city workers about navigating their LGBT plus identities. 0:00:43.760 --> 0:00:47.600 That's all straight ahead on Bloomberg Daybreak Europe. The business 0:00:47.640 --> 0:00:49.800 news you need to start your day in just one 0:00:49.920 --> 0:00:54.400 fifteen minute podcast on Apple, Spotify, the Bloomberg Business App 0:00:54.520 --> 0:00:56.680 and everywhere you get your podcasts. 0:01:00.560 --> 0:01:01.040 Good morning. 0:01:01.080 --> 0:01:03.680 I'm Stephen Carroll and I'm Caroline Hecker. Here are the 0:01:03.760 --> 0:01:05.319 stories that we're following today. 0:01:05.720 --> 0:01:09.160 The US House of Representatives has passed by partisan legislation 0:01:09.319 --> 0:01:13.200 to suspend its debthlimit until twenty twenty five. The agreement 0:01:13.200 --> 0:01:15.600 won the backing of two thirds of House Republicans an 0:01:15.600 --> 0:01:20.760 important show of confidence in Speaker Kevin McCarthy. Tonight we 0:01:20.800 --> 0:01:24.840 all made history because this is the biggest cut and 0:01:24.959 --> 0:01:30.560 savings this Congress has ever voted for. The bill now 0:01:30.600 --> 0:01:33.360 goes from McCarthy's House to the Democrat controlled Senate, where 0:01:33.360 --> 0:01:36.120 its passage is near certain. Although it will create some 0:01:36.200 --> 0:01:40.520 tough spending changes for some government services, Morgan Stanley economists 0:01:40.520 --> 0:01:43.600 to estimate the entire package will have a quote negligible 0:01:43.680 --> 0:01:45.720 impact on the overall US economy. 0:01:46.720 --> 0:01:51.080 Now the fashionable new word among Fed policymakers is not pause, 0:01:51.360 --> 0:01:55.040 but skip. Federal Reserve Governor Philip Jefferson says that it 0:01:55.080 --> 0:01:58.040 would allow better analysis of the economy. 0:01:59.040 --> 0:02:02.880 A decision to hold our policy rate constant at a 0:02:02.920 --> 0:02:07.040 coming meeting should not be interpreted to mean that we 0:02:07.160 --> 0:02:12.079 have reached the peak rate for this cycle. Indeed, skipping 0:02:12.080 --> 0:02:15.120 a rate hike at a coming meeting would allow the 0:02:15.160 --> 0:02:19.480 committee to see more data before making decisions about the 0:02:19.520 --> 0:02:22.120 extent of additional policy. 0:02:22.200 --> 0:02:27.120 Firming the data Jeffson once is still spooling in. Though 0:02:27.240 --> 0:02:30.880 US job vacancies unexpectedly surged in April to the highest 0:02:30.960 --> 0:02:34.160 level in three months, the numbers set up June's rate 0:02:34.240 --> 0:02:38.080 meeting to be a debate between inflation hawks and officials 0:02:38.080 --> 0:02:39.880 worried about financial strain. 0:02:40.240 --> 0:02:42.920 The former Bank of England policymaker Michael Saunders says the 0:02:43.040 --> 0:02:46.960 UK economy still hasn't whether the worst of the storm now. 0:02:47.000 --> 0:02:50.280 A senior advisor at Oxford Economics, he told us fixed 0:02:50.360 --> 0:02:53.200 rate mortgages have slowed down some of the pain of 0:02:53.240 --> 0:02:54.320 interest rate hikes. 0:02:54.600 --> 0:02:56.720 This is going to be a period in which inflation 0:02:56.760 --> 0:02:59.640 will still be quite high and so real wages will 0:02:59.680 --> 0:03:03.040 be falling. The job plusrate is likely to be going up. 0:03:03.240 --> 0:03:05.760 We haven't yet felt much of the effect of the 0:03:05.760 --> 0:03:09.240 big rises and rates. That pain will come through, and 0:03:09.240 --> 0:03:10.880 it'll come through in the next few quarters. 0:03:11.440 --> 0:03:14.040 And you can hear that full interview with Michael Sandras 0:03:14.080 --> 0:03:16.160 on the Bloomberg UK Politics podcast. 0:03:16.480 --> 0:03:19.560 Well, Saunderson isn't the only one who fears the worst 0:03:19.600 --> 0:03:23.640 is yet to come. British business confidence stabilized at quote 0:03:23.919 --> 0:03:27.600 just below neutral in May, with the executives fearful that 0:03:27.639 --> 0:03:31.000 the shocks hitting the economy are far from over. Bloomberg's 0:03:31.080 --> 0:03:32.639 U and Parts reports. 0:03:32.440 --> 0:03:34.880 Top company bosses are not convinced that the worst is 0:03:34.920 --> 0:03:39.200 over yet for the economy, After five months of increasing optimism, 0:03:39.240 --> 0:03:42.080 a key gauge of sentiment from the Institute of Directors 0:03:42.240 --> 0:03:45.240 edged down one point to a reading of minus six 0:03:45.800 --> 0:03:49.120 that puts confidence levels last felt before Russia's invasion of 0:03:49.280 --> 0:03:52.840 Ukraine last year. The findings published today well feel concerns 0:03:52.840 --> 0:03:56.560 that inflation is weighing on momentum. Firms say they remain 0:03:56.640 --> 0:03:59.680 concerned about labour sources, and only a third of bosses 0:03:59.720 --> 0:04:02.720 believe that inflation has peaked. In London, i'm une pots 0:04:02.760 --> 0:04:03.560 Bloomberg Day Break. 0:04:03.560 --> 0:04:07.480 Europe, around fifty credit Swiss bankers are suing Switzerland's financial 0:04:07.520 --> 0:04:11.400 regulator for rendering their bonuses worthless. A Swiss federal court 0:04:11.440 --> 0:04:13.720 spokesman says they're suing over the right down of so 0:04:13.880 --> 0:04:17.679 called contingent capital awards. The bonuses were based on eighty 0:04:17.760 --> 0:04:20.640 one bonds which were wiped out in the emergency rescue 0:04:20.680 --> 0:04:23.120 of credit Sweese. Those are some of our top stories 0:04:23.120 --> 0:04:23.480 this morning. 0:04:23.839 --> 0:04:27.440 Okay, so yesterday, remember we brought you the interview with 0:04:27.800 --> 0:04:30.640 JP Morgan's a Jamie Diamond. Well, there's been a follow 0:04:30.720 --> 0:04:34.239 up to that. He tantalizingly sort of talked about maybe 0:04:34.279 --> 0:04:36.400 serving his country and so of course there is this 0:04:36.480 --> 0:04:39.520 idea of would he go into politics. Bill Ackman says 0:04:39.560 --> 0:04:42.880 that actually Jamie Diamond should run for US president, and 0:04:42.920 --> 0:04:45.240 not in the distant future, but in the twenty twenty 0:04:45.279 --> 0:04:48.320 four cycle. Thought that was quite interesting. Apparently it was 0:04:48.360 --> 0:04:48.880 all over. 0:04:48.760 --> 0:04:53.880 Tweet with friends like these. Yes, who needs bankers? Right, Well, 0:04:53.880 --> 0:04:55.920 that's one of the stories that we're watching. It's also, 0:04:55.960 --> 0:04:57.320 of course the first two June, so it's the start 0:04:57.360 --> 0:05:00.840 of Pride Month, months traditionally to celebrate LBTQ plus identities. 0:05:01.360 --> 0:05:03.520 And actually we have a fascinating conversation coming up a 0:05:03.520 --> 0:05:07.200 little bit later with four workers from across the city 0:05:07.240 --> 0:05:11.320 and financial industries talking about how they navigate their identities 0:05:11.320 --> 0:05:13.599 at work, the importance of things like role models, and 0:05:13.640 --> 0:05:17.000 also what they want to hear from companies during Pride Month. 0:05:17.040 --> 0:05:18.240 So that's coming up a little bit later on. 0:05:18.320 --> 0:05:21.400 Yeah, absolutely looking forward to listening to that reporting. Right, 0:05:21.560 --> 0:05:25.200 and let's unpack then the story around the US debt ceiling, 0:05:25.200 --> 0:05:27.919 which did pass the House of Representatives by three hundred 0:05:27.920 --> 0:05:31.640 and fourteen to one hundred and seventeen. Bloomberg's John Harney 0:05:31.680 --> 0:05:34.360 joins us now from Washington for the latest. John, thank 0:05:34.400 --> 0:05:36.440 you so much for staying up late for us, So 0:05:36.480 --> 0:05:39.480 a big relief then for Joe Biden and Kevin McCarthy. 0:05:39.760 --> 0:05:42.560 Does that mean that the crisis is averted now? 0:05:43.560 --> 0:05:46.680 Well, it's maybe not a big relief, it's some relief. 0:05:47.080 --> 0:05:51.280 This still has to go before the upper house, the Senate, 0:05:51.839 --> 0:05:55.479 And while there seems to be a desire to get 0:05:55.480 --> 0:05:59.560 this thing over with, to vote on it relatively quickly, 0:06:00.360 --> 0:06:05.920 remember the deadline or the default deadline. It could come 0:06:05.920 --> 0:06:10.040 as early as Monday. It's not. It's not completely assured. 0:06:10.400 --> 0:06:14.200 So the relief will come when it goes to President 0:06:14.279 --> 0:06:16.839 Biden's desk and he signs this measure. 0:06:18.600 --> 0:06:22.960 Does this help Joe Biden in his re election campaign? 0:06:23.360 --> 0:06:26.280 The fact that he's managed to get a bipartisan deal 0:06:26.560 --> 0:06:28.880 and get it passed at least, as you say, just 0:06:28.920 --> 0:06:30.640 at the House for now, but to get it passed 0:06:30.640 --> 0:06:32.400 through the Republican control House. 0:06:34.160 --> 0:06:39.040 Well, you know, it depends how you know, what happens 0:06:39.040 --> 0:06:43.880 to the economy this will mean, although you know, some 0:06:44.040 --> 0:06:48.680 analysts are saying that it won't have a huge effect overall, 0:06:49.480 --> 0:06:53.080 it could well mean some cutbacks and less money to 0:06:53.120 --> 0:06:58.000 spend if a recession materializes. You know, also, it may 0:06:58.000 --> 0:07:01.799 also weigh in what the Federal Reserve does. Uh? It does? 0:07:01.880 --> 0:07:04.400 It does show uh. He you know, he did demonstrate 0:07:04.440 --> 0:07:10.520 that he once again was willing to forge a deal 0:07:10.600 --> 0:07:15.280 with the other, with the UH opposition party, the Republican Party. However, 0:07:15.880 --> 0:07:19.320 he did it after saying he would not negotiate whatsoever 0:07:20.560 --> 0:07:24.120 on a on a debt ceiling bill. So it remains 0:07:24.120 --> 0:07:26.200 to be seen how all this plays out for both 0:07:26.640 --> 0:07:28.880 President Biden and and the Republicans. 0:07:29.320 --> 0:07:32.600 Well, do you think it does weaken the Republicans at all? 0:07:34.840 --> 0:07:43.160 It Well, Joe Kevin McCarthy Beaker McCarthy spoke tonight and 0:07:43.160 --> 0:07:46.920 and presented it as a great victory. Yeah, he did 0:07:47.440 --> 0:07:50.960 as I as I just said, get President Biden to negotiate, 0:07:52.240 --> 0:07:54.760 and he got the He got the bill passed in 0:07:54.760 --> 0:07:58.680 his in his chamber and got got the billing or 0:07:58.680 --> 0:08:01.600 got a bill passed and forced buying to the table, 0:08:01.600 --> 0:08:06.640 and then got this measure passed after weeks of negotiations. However, 0:08:08.280 --> 0:08:15.920 it got more Democratic votes than Republican votes, paradoxically, and 0:08:15.920 --> 0:08:19.760 and seventy one of his own people, his own members 0:08:19.760 --> 0:08:24.040 of his own party, voted against it. Also on the horizon, 0:08:24.080 --> 0:08:28.200 of course, is the next election and both former President 0:08:28.280 --> 0:08:32.040 Trump and his chief rival Ron DeSantis are in agreement 0:08:32.080 --> 0:08:34.760 that they didn't like this deal. But we'll have to 0:08:34.800 --> 0:08:37.319 see again again. We'll have to see what happens in 0:08:37.440 --> 0:08:41.280 the near future and how how voters respond to it, 0:08:41.360 --> 0:08:44.880 how the donors respond to it, and how the conservative 0:08:44.880 --> 0:08:47.360 commentariat what they think about it. 0:08:48.400 --> 0:08:53.280 This is a bipartisan agreement. It does set the outlines 0:08:53.360 --> 0:08:57.760 for how much the US government can spend until just 0:08:57.880 --> 0:09:00.880 after the next election. Are there con acquienances for where 0:09:00.920 --> 0:09:06.040 policymaking goes from here given the events of recent days. 0:09:05.880 --> 0:09:09.000 Well, certainly, I mean the the federal government will have 0:09:09.080 --> 0:09:14.720 less to spend the this Uh, this deal took away 0:09:15.000 --> 0:09:21.000 from the Internal Revenue Service, the tax uh tax Department 0:09:21.000 --> 0:09:22.040 of the U. S. Treasury. 0:09:22.600 --> 0:09:22.920 Uh. 0:09:23.040 --> 0:09:26.440 There was there was they won't have the money, some 0:09:26.520 --> 0:09:28.000 of the at least some of the money. 0:09:28.440 --> 0:09:28.680 Uh. 0:09:28.760 --> 0:09:32.760 They wanted to have to conduct audits of wealthy people 0:09:32.800 --> 0:09:36.000 who might be of appording taxes that would have brought money. 0:09:36.400 --> 0:09:43.640 So so so Democrats said, uh, created more revenue it Uh, 0:09:44.160 --> 0:09:48.000 you know it. There's there's like and and I guess 0:09:48.040 --> 0:09:49.959 the question is how much you know, just how much 0:09:50.080 --> 0:09:52.839 energy is there left to do a lot more. I mean, 0:09:52.880 --> 0:09:57.720 this was this, this required this, This was the big 0:09:57.760 --> 0:10:02.880 focus of attention in Washington for months now. Really, and 0:10:03.120 --> 0:10:08.800 I guess you have to wonder how much how much 0:10:08.960 --> 0:10:12.240 verb do they have to pursue anything else either either party? 0:10:13.360 --> 0:10:16.560 Yeah, absolutely, John, I feel like we're asking you the questions, 0:10:16.559 --> 0:10:19.480 but you should be telling us really in your view 0:10:19.480 --> 0:10:21.920 and your experience, what should we take away just very 0:10:21.960 --> 0:10:24.640 briefly from this whole episode so far. 0:10:25.440 --> 0:10:29.439 Well, it shows well, it shows two things. It shows 0:10:29.480 --> 0:10:33.440 just how divided the United States is and its government is, 0:10:33.760 --> 0:10:38.360 and how it is how difficult it is to reach consensus, 0:10:38.400 --> 0:10:43.000 to reach agreement, and you know, and and there's there 0:10:43.040 --> 0:10:45.280 are divisions within the parties. I mean I didn't I 0:10:45.280 --> 0:10:48.120 didn't quite get into this, but there were there were 0:10:48.240 --> 0:10:50.320 There was a lot of grumbling in the Republican Party 0:10:50.320 --> 0:10:53.160 that Kevin McCarthy got a bad you know words, a 0:10:53.200 --> 0:10:55.800 bad deal and they were to even talk of replacing 0:10:55.880 --> 0:10:58.000 him a speaker he only got he only got it 0:10:58.080 --> 0:11:01.800 in January. At the same time, an agreement was made 0:11:02.280 --> 0:11:06.560 the parties. Did you know, as I said, Democrats more 0:11:06.559 --> 0:11:09.920 Democrats voted for this field of Republicans. McCarthy got two 0:11:10.000 --> 0:11:14.280 thirds of his caucus two to say yes. To get 0:11:14.280 --> 0:11:19.120 to yes. He and Biden ultimately agreed. So I guess 0:11:19.120 --> 0:11:22.719 what we can take away from it is something can 0:11:22.760 --> 0:11:23.160 be done. 0:11:24.559 --> 0:11:27.240 Okay, John Harney in Washington. As always, we appreciate your 0:11:27.320 --> 0:11:30.400 time and analysis on this story. Now today mark's the 0:11:30.440 --> 0:11:34.079 start of Pride months dedicated to celebrating LGBT plus communities, 0:11:34.240 --> 0:11:36.800 and to mark this, we brought together four people who 0:11:36.800 --> 0:11:39.719 were in the early stages of their careers in finance, 0:11:39.960 --> 0:11:43.839 law and in engineering. It's a fascinating conversation about how 0:11:43.880 --> 0:11:47.119 they navigate their identity at work, but also how important 0:11:47.200 --> 0:11:50.360 policies around diversity and inclusion can be to them. Take 0:11:50.400 --> 0:11:50.800 a lesson. 0:11:51.160 --> 0:11:54.560 My name's Klobe Walley. My pronouns are dai she and 0:11:54.800 --> 0:11:56.440 I'm a data engineer at BP. 0:11:56.760 --> 0:11:59.680 My name is orn Devlin. My pronouns are he him 0:12:00.120 --> 0:12:03.319 and I work within City Global Sourcing Staffing Office. 0:12:03.600 --> 0:12:07.760 I'm Jackie Roaldeger. I'm a litigation lawyer at Hogan Level's International, LLP. 0:12:08.240 --> 0:12:09.600 My pronouns are sheet and her. 0:12:09.880 --> 0:12:12.400 My name is Harry Randall. My pronouns are hear him. 0:12:12.800 --> 0:12:15.840 I'm an associate in the UK Investment Bank at Jeffrey's 0:12:15.840 --> 0:12:16.559 International Limited. 0:12:17.559 --> 0:12:20.440 I have previously worked in organizations where I wouldn't have 0:12:20.520 --> 0:12:24.079 been comfortable in being out in the workplace, and I 0:12:24.120 --> 0:12:27.240 suppose that that was a factor whenever I was looking 0:12:27.320 --> 0:12:31.520 for new roles and new opportunities. I went into the 0:12:31.559 --> 0:12:34.840 recruitment process with insteady knowing where they stood on social issues, 0:12:35.280 --> 0:12:38.439 and that was a key aspect of where I wanted 0:12:38.480 --> 0:12:39.120 to work next. 0:12:39.240 --> 0:12:41.480 When I first entered the legal industry, I was so 0:12:41.640 --> 0:12:43.520 deep in the closet that I could have been mistaken 0:12:43.520 --> 0:12:45.360 for Aslan from the Lion the Witch in the wallsrobe 0:12:45.400 --> 0:12:48.960 complete with the hat. My Monday morning routine typically consisted 0:12:49.000 --> 0:12:51.240 of rehearsing lines on the tube to the much dreaded 0:12:51.320 --> 0:12:53.440 question what did you do at the weekend? Because I 0:12:53.480 --> 0:12:55.440 was terrified that if I revealed too much, I would 0:12:55.440 --> 0:12:56.120 out myself. 0:12:56.559 --> 0:13:00.000 There's this really interesting statistic, actually research on twenty eight 0:13:00.080 --> 0:13:03.360 team that states that over forty percent of young people, 0:13:03.480 --> 0:13:06.560 that's people ages eighteen to twenty five go back in 0:13:06.600 --> 0:13:09.320 the closet and they start their first job. And that 0:13:09.440 --> 0:13:14.319 was definitely my initial experience. As soon as I realized 0:13:14.360 --> 0:13:16.920 that it was a safe space, and as soon as 0:13:16.920 --> 0:13:20.280 I saw other people in the industry, in the office 0:13:20.360 --> 0:13:24.480 at work being out and that being okay, I immediately 0:13:24.760 --> 0:13:28.439 reverted to how I had always been very vocal, very 0:13:28.480 --> 0:13:29.559 active in the community. 0:13:30.120 --> 0:13:32.520 Moving into the workplace was the first time that I 0:13:32.679 --> 0:13:34.720 was fully out as a gay man, and I think, 0:13:34.760 --> 0:13:38.120 particularly at university, the decision to actually come out was 0:13:38.160 --> 0:13:41.400 something that was taken out of my control because words 0:13:42.160 --> 0:13:44.920 travel quick, So I was very keen to make sure 0:13:44.920 --> 0:13:46.800 that when I moved into the workplace, I was in 0:13:46.840 --> 0:13:49.520 control of that, and I chose on what terms I 0:13:49.559 --> 0:13:52.680 told people. I picked the right conversations at the right time, 0:13:52.760 --> 0:13:57.320 because you will never stop coming out and making sure 0:13:57.360 --> 0:14:00.439 that you feel comfortable doing that around so people is 0:14:00.520 --> 0:14:02.680 driven by role models who have done that in the past. 0:14:03.520 --> 0:14:06.600 You can see from their experience that actually everything turns 0:14:06.640 --> 0:14:07.360 out quite a right. 0:14:07.640 --> 0:14:10.000 When I started as a trainee lister at Clifford Chance, 0:14:10.320 --> 0:14:12.920 I had the privilege of meeting more senior lesbian lawyers, 0:14:13.000 --> 0:14:14.480 and you know, they were fine. They'd been at the 0:14:14.480 --> 0:14:16.559 firm throughout their whole career, and that gave me a 0:14:16.559 --> 0:14:19.440 lot of confidence, and I became the firm's LGBTQ app. 0:14:19.880 --> 0:14:20.600 But when I left. 0:14:20.440 --> 0:14:22.240 Clifford chance to go to the US firm. I didn't 0:14:22.240 --> 0:14:23.760 see any role models, and so I went back in 0:14:23.760 --> 0:14:26.800 the closet and it was quite difficult because it's very 0:14:26.840 --> 0:14:28.800 It is a distraction being in a closet. You're wasting 0:14:28.840 --> 0:14:30.960 a lot of energy thinking about am I going to 0:14:30.960 --> 0:14:34.520 be found out? You know, it's quite CAZy and your answers. 0:14:34.560 --> 0:14:36.200 You can't really bond the people as well because you're 0:14:36.240 --> 0:14:38.440 sort of hiding things and so normal as I can't 0:14:38.440 --> 0:14:41.040 emphasize the importance of them, because visibility matters. If you 0:14:41.040 --> 0:14:43.120 don't meet people like you, you can start to think 0:14:43.160 --> 0:14:44.440 there's something wrong with the way that you look. 0:14:44.960 --> 0:14:48.720 I think when we talk about leadership and role models, 0:14:49.000 --> 0:14:51.400 you know, Sadi has had a milestone moment in a 0:14:51.440 --> 0:14:54.680 financial services industry with having Jane Fraser as the first 0:14:55.000 --> 0:14:58.400 female CEO of Wall Street Bank. You know that change 0:14:58.440 --> 0:15:01.840 in that culture, you know, has brought with it representation 0:15:02.120 --> 0:15:05.840 and progress for all marginalized groups and voices within our organization, 0:15:06.200 --> 0:15:09.760 and in terms of role modeling, we I have various 0:15:09.720 --> 0:15:11.800 senior leaders on the training floor here and now I 0:15:11.800 --> 0:15:14.160 am more comfortable in coming out and being out in 0:15:14.200 --> 0:15:20.200 the workplace, which has historically been misogynistic, chauvinistic in sexuality. 0:15:20.200 --> 0:15:22.800 It's something that I do take into consideration for everything. Really, 0:15:22.840 --> 0:15:24.600 I think the best you and I initiatives do you 0:15:24.640 --> 0:15:27.520 have an intersectional focus When we look at discrimination. We 0:15:27.560 --> 0:15:31.360 have to consider the fact that characteristics can be complex 0:15:31.400 --> 0:15:35.800 and interconnected. So you can't separate my blackness from my 0:15:35.840 --> 0:15:39.560 gender and my sexuality. They're all interwined, and so I 0:15:39.640 --> 0:15:43.760 may experience homophobia differently to a white woman on account 0:15:43.760 --> 0:15:47.080 of my race, and I may experience racism differently to 0:15:47.160 --> 0:15:49.520 a black man on account of my gender. Having those 0:15:49.520 --> 0:15:51.120 things in mind is very, very important. 0:15:51.360 --> 0:15:54.440 We simply cannot continue to do things the way that 0:15:54.480 --> 0:15:58.080 has always been done because it isn't working anymore right, 0:15:58.280 --> 0:16:03.240 So for the energy and it's more about shifting mindsets 0:16:03.800 --> 0:16:08.200 and getting people on board with the fact that change 0:16:08.200 --> 0:16:12.200 has to happen. I think there are in each company, 0:16:12.240 --> 0:16:17.400 in each business a group of dedicated allies, employees, resource 0:16:17.480 --> 0:16:20.160 networks that are on board with that. 0:16:20.880 --> 0:16:22.400 I really want to see that happen. 0:16:22.720 --> 0:16:25.520 But it's about how we bring the rest of the 0:16:25.600 --> 0:16:28.760 industry in and meet them where they're at so that 0:16:28.840 --> 0:16:30.400 we can change together. 0:16:31.480 --> 0:16:33.560 What I would love to see from corporates moving forward 0:16:33.600 --> 0:16:35.560 is for us to progress as some form of a 0:16:35.640 --> 0:16:38.480 dual track process, in that companies have an obligation to 0:16:38.480 --> 0:16:42.080 protect all of their employees, be it sexual orientation, gender 0:16:42.240 --> 0:16:44.320 or other. But I think we also, if we can, 0:16:44.400 --> 0:16:47.160 need to try and use our platform to raise awareness 0:16:47.280 --> 0:16:49.880 outside of our immediate environments. There are a lot of 0:16:50.280 --> 0:16:53.720 people in the world who aren't in as fortunate positions 0:16:53.760 --> 0:16:56.240 as we are to have that voice, to be able 0:16:56.240 --> 0:16:58.120 to express how they feel and how they think, and 0:16:58.200 --> 0:17:00.800 actually for some of the decision is being taken out 0:17:00.840 --> 0:17:02.400 of their hands and they don't have a say at all. 0:17:02.480 --> 0:17:06.640 So I would really like to see corporates progressing sort 0:17:06.640 --> 0:17:08.560 of outside of their immediate as well. 0:17:09.119 --> 0:17:12.080 So that was Harry Randall, Chloe Walley, Jackie Rule, Dagger 0:17:12.440 --> 0:17:15.960 and Oran Devlon speaking to us on day Break Europe. 0:17:16.119 --> 0:17:19.680 Up next, Cash for soda Ash and Taxing Times for 0:17:19.880 --> 0:17:21.280 UK Politics. 0:17:22.680 --> 0:17:26.520 Now the paper review on blue Bird Daybreak Europe, the 0:17:26.600 --> 0:17:29.200 news you need to know from today's papers. 0:17:29.800 --> 0:17:32.080 Mostly and go and joins us for more. The Financial 0:17:32.160 --> 0:17:35.119 Times has a headline soda Ash Group aims to be 0:17:35.359 --> 0:17:37.720 big fish in London with a seven and a half 0:17:37.760 --> 0:17:41.560 billion dollar valuation target. Oh, it's an IPO for the 0:17:41.600 --> 0:17:42.200 city lean. 0:17:42.520 --> 0:17:45.520 Indeed it is and we did talk about this yesterday, 0:17:45.600 --> 0:17:48.520 but we're going to discuss more in the Financial Times 0:17:48.520 --> 0:17:51.399 because that's a story on the its front page. And 0:17:51.440 --> 0:17:54.639 the decision to actually up for London over New York 0:17:55.160 --> 0:17:57.639 comes after a bruising start to the year for the 0:17:57.680 --> 0:18:01.760 London Stock Exchange. So We Soda, which is the world's 0:18:02.200 --> 0:18:06.760 largest producer of natural soda ash, has really given the 0:18:06.760 --> 0:18:10.119 capital this absolute boost of confidence, which I think it 0:18:10.200 --> 0:18:14.200 desperately needed. IPOs are down eighty percent year on year, 0:18:14.480 --> 0:18:17.359 with only two listings on the main market in the 0:18:17.400 --> 0:18:21.520 first quarter, and that's according to data from e Y Now. 0:18:21.560 --> 0:18:25.760 Speaking to the FT, the CEO Alistair Warren said, in 0:18:25.800 --> 0:18:29.760 London we can be big fish in a relatively modest 0:18:30.000 --> 0:18:33.680 size pool and fears for the future of the London 0:18:33.720 --> 0:18:37.120 market have really deepened. And I know Caroline has been 0:18:37.160 --> 0:18:40.160 speaking about this, and that's after arm the chip designer, 0:18:40.440 --> 0:18:44.359 announced plans to switch its listing to Wall Street, not 0:18:44.520 --> 0:18:48.000 to London, which was a bit of a blow definitely 0:18:48.080 --> 0:18:51.240 for the city Now and We Soda is a UK 0:18:51.359 --> 0:18:55.679 based group that produces the glass making ingredient. It is 0:18:55.720 --> 0:19:01.000 actually controlled by the Turkish media mogul Turgate Sinner and 0:19:01.160 --> 0:19:06.080 is targeting evaluation of about seven point five billion dollars 0:19:06.119 --> 0:19:06.639 big money. 0:19:06.720 --> 0:19:08.679 Yeah, I mean, given all the negativity there has been 0:19:08.680 --> 0:19:13.560 around listings in London, the comments Alastair Warren definitely worth 0:19:13.600 --> 0:19:16.479 noting that they chose London because they're a europe centric business, 0:19:16.520 --> 0:19:18.920 They're a UK based and their founders are resident here, 0:19:19.000 --> 0:19:21.440 so perhaps some of the reasons that other companies didn't 0:19:21.480 --> 0:19:25.240 find sufficient to be able to choose to list in London. 0:19:25.240 --> 0:19:27.399 And he said that within industrials and extractives, it's a 0:19:27.400 --> 0:19:29.120 good place to be listed, and perhaps that's the point 0:19:29.160 --> 0:19:31.280 to take away, is that for this industry it's a 0:19:31.280 --> 0:19:33.240 good place to be listed, whereas others have chosen to 0:19:33.280 --> 0:19:33.760 go elsewhere. 0:19:33.880 --> 0:19:36.159 Yes, absolute, and I thought it was interesting that you 0:19:36.200 --> 0:19:38.639 mentioned that Turgay is immediately I mean, he's got a 0:19:38.720 --> 0:19:42.920 massive conglomerate in Turkey, so he spans loads of different industries. 0:19:43.119 --> 0:19:45.320 But yeah, such a good story. What about the I 0:19:45.520 --> 0:19:47.840 news paper And actually there's a bit of back and 0:19:47.880 --> 0:19:50.960 forth about this around taxation, so the IE has this 0:19:51.040 --> 0:19:54.040 headline labor policy pledges would cost the same as a 0:19:54.119 --> 0:19:57.960 three P rise in income tax analysis show. 0:19:57.880 --> 0:20:00.879 So, Caroline, I was just thinking about this. Obviously, labor 0:20:01.000 --> 0:20:03.879 are leading the polls. We've got about a year to elections, 0:20:03.920 --> 0:20:07.920 so it's only fair that newspapers do start scrutinizing their 0:20:07.960 --> 0:20:11.560 policies that they're starting to outline. This is exactly what 0:20:11.680 --> 0:20:15.320 the I newspaper has done, and basically the opposition Labor 0:20:15.359 --> 0:20:20.119 parties policy pledges so far would cost the equivalent of 0:20:20.200 --> 0:20:22.400 a three pence rise in income tax. 0:20:22.480 --> 0:20:22.640 Now. 0:20:22.640 --> 0:20:27.000 This is according to this in depth analysis by the newspaper. 0:20:27.440 --> 0:20:29.919 Writing in the paper, the head of the Institute for 0:20:30.000 --> 0:20:34.240 Fiscal Studies, that's Paul Johnson, is warning that the side 0:20:34.400 --> 0:20:37.760 that the party will struggle to meet its spending promises 0:20:38.160 --> 0:20:43.119 without raising taxes. Now, Kirstarmer has promised not to borrow 0:20:43.160 --> 0:20:45.639 for day to day spending and to bring down the 0:20:45.680 --> 0:20:50.040 size of the overall public debt as a percentage of GDP. 0:20:50.320 --> 0:20:55.440 But analysis suggests that labor policies will require an additional 0:20:55.760 --> 0:20:59.920 twenty billion pounds of funding every year that is equivalent 0:21:00.440 --> 0:21:04.200 to this three pence rise. It's important to say that's 0:21:04.200 --> 0:21:07.960 not happening now. It's all according to analysis. But I 0:21:08.000 --> 0:21:10.760 did think that something was really interesting. Something a lot 0:21:10.760 --> 0:21:13.919 of people have been saying about Labor is they haven't 0:21:14.200 --> 0:21:18.680 really you know, talked about their policies and outlined where 0:21:18.680 --> 0:21:21.000 they're going to get the money from. Yes, they've talked 0:21:21.040 --> 0:21:24.680 about ending non dom tax status, but people are saying 0:21:24.720 --> 0:21:27.960 that's only going to re raise three point two billion pounds. 0:21:27.960 --> 0:21:29.600 It's not going to be enough. 0:21:29.640 --> 0:21:33.439 They've not been transparent enough with exactly how they're going 0:21:33.520 --> 0:21:34.760 to raise all this money. 0:21:34.800 --> 0:21:36.760 Well, hang on a second. The manifestos have not come 0:21:36.800 --> 0:21:38.760 out yet and there is still up to eighteen months 0:21:38.760 --> 0:21:40.760 before the next general election, so they haven't. 0:21:40.560 --> 0:21:43.440 Detailed and it's always easier when you're in opposition. 0:21:43.720 --> 0:21:45.520 Well, let's go to the Telegraph next and talk about 0:21:45.520 --> 0:21:48.240 the character that's in government. The Telegraph headline Tories demand 0:21:48.280 --> 0:21:51.680 Richie sonacscrap Morrilly Wrung inheritance tax LA. 0:21:52.040 --> 0:21:55.280 Yeah, so the Telegraph has launched this campaign to abolish 0:21:55.359 --> 0:21:57.840