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

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Speaker 1: day By podcast, available every morning on Apple, Spotify or

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Speaker 1: wherever you listen. It's Wednesday, the sixth of March in London.

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Speaker 1: I'm Caroline Hepcare and.

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Speaker 2: I'm Stephen Carroll. Coming up today, Jeremy Hunt prepares to

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Speaker 2: cut taxes in the UK budget, but will it be

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Speaker 2: enough to sway voters.

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Speaker 1: Donald Trump racks up super Tuesday wins as a rematch

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Speaker 1: with Biden becomes ever more likely.

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Speaker 2: Plus well, the last person to leave, please turn out

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Speaker 2: the lights. Birmingham City Council says street lamps will be

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Speaker 2: dimmed as it's forced to make massive budget cuts.

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

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Speaker 2: The UK's Chancellor is planning a two percentage point cut

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Speaker 2: to the rate of national insurance in his budget later today,

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Speaker 2: Bloomberg has learned that Jeremy Hunt will put personal tax

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Speaker 2: cuts at the center of today's announcements ahead of an

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Speaker 2: election expected later this year. The Conservative chair of the

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Speaker 2: Treasury elect Committee, Harriet Baldwin, says reducing national insurance is

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Speaker 2: designed to help working people.

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Speaker 3: One of the things that was so interesting was that

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Speaker 3: we had two p off the rate of national insurance.

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Speaker 3: National insurance, of course, is very targeted at people who work,

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Speaker 3: and it adds an incentive for people to work at

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Speaker 3: additional hours.

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Speaker 2: So of Baldwin's fellow Tory MPs have called for more

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Speaker 2: and larger tax cuts. Senior Party members of indicated to

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Speaker 2: Bloomberg the Prime Minister intends to fight the election on

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Speaker 2: the premise of lowering income tax.

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Speaker 1: Labour's shadow Health Secretary West Streeting says no fiscal giveaway

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Speaker 1: is going to change voters' minds at this point.

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Speaker 4: I don't think there are any gimmicks or rabbits out

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Speaker 4: of the hat that Jeremy Hunt can produce to convince us,

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Speaker 4: or indeed the country that the Conservatives are capable of

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Speaker 4: delivering the change the country need.

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Speaker 1: West Streeting's Labor Party colleague so that they could inherit

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Speaker 1: one of the worst fiscal handovers in British history if

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Speaker 1: they win the next general election, and its opinion poll

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Speaker 1: published earlier this week gave Labor a twenty seven point

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Speaker 1: lead over the Conservatives with British voters.

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Speaker 2: In the United States, Donald Trump and Joe Biden are

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Speaker 2: set for an election rematch after the Super Tuesday primaries,

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Speaker 2: they looked set to win in almost every one of

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Speaker 2: their party's respective selection contests. Republican challenger NICKI Haley managed

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Speaker 2: only a token victory in the state of Vermont. Political

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Speaker 2: scientist Larry Sabato says a twenty twenty election repeat is inevitable.

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Speaker 5: I mean, there was a ninety ninety five percent chance

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Speaker 5: or better that it was going to be Biden versus Trump,

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Speaker 5: and of course everybody whinds and complains, oh not these two,

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Speaker 5: not again. And as that great moral philosopher Nick Jagger

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Speaker 5: once said, you can't always get what you want. You're

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Speaker 5: going to have to get used to the fact that

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Speaker 5: we're going to have a rerun. And that's just the

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Speaker 5: way it is, and people have eight months to adjust

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Speaker 5: to it.

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Speaker 2: Larry Sabato, from the University of Virginia Center for Politics,

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Speaker 2: speaking there, Donald Trump's and flaming statements and his legal

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Speaker 2: woes are a concern to Republicans, while Democrats worry that

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Speaker 2: President Biden's age will be a limiting factor. Boomber polling

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Speaker 2: shows eight to ten swing state voters said Biden was

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Speaker 2: too old to be running again, compared to almost half

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Speaker 2: saying the same for Trump.

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Speaker 1: Well, Trump is ever closer to clinching the Republican nomination

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Speaker 1: after a series of primary wins, having won eleven out

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Speaker 1: of fifteen states on Super Tuesday. According to the Associated Press,

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Speaker 1: Sarah Biankee from Evercore ISI says that markets will be

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Speaker 1: watching the election closely for economic outcomes.

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Speaker 6: President Trump and President Biden have a strong emphasis on

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Speaker 6: building domestic manufacturing in America. Trump a bit more through

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Speaker 6: some of the trade and terror wars that we saw,

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Speaker 6: and President Biden with a lot of incentives for Chipseck

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Speaker 6: the Inflation Reduction Act. Some of those have rubbed allies

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Speaker 6: the wrong way.

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Speaker 1: Polit's advisor and former investment alanist Sarah Byankee, speaking there,

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Speaker 1: Trump's challenger, Nikki Hayley, was victorious in Vermont, a traditionally

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Speaker 1: liberal state Republicans haven't won in thirty six years.

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Speaker 2: City Group CEO Jane Fraser says a reorganization of the

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Speaker 2: bank aimed at making it more competitive has gone faster

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Speaker 2: than expected. The story from Boombrig's Charlie Pallace.

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Speaker 7: Her remarks came at the RBC Capital Market's Global Financial

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Speaker 7: Institutions Conference in New York, as she sent out positive

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Speaker 7: guidance for the year ahead. She said, quote, We're not

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Speaker 7: going to make the mistakes we have made in the past.

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Speaker 7: Fraser has been under close scrutiny after initiating what's built

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Speaker 7: as the largest restructuring of City Group in decades, designed

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Speaker 7: to propel the firm from a banking underdog to one

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Speaker 7: competitive with its more profitable peers in New York. Charlie

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Speaker 7: Pellett Bloomberg Radio.

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Speaker 1: Open Ai has fired back at Elon Musk after he

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Speaker 1: sued the company. Writing on a blog, the tech firm

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Speaker 1: behind chat GPT said that Musk spurned the firm after

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Speaker 1: pushing it to raise more money and proposing a merger

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Speaker 1: with Tesla. The posts also reproduced emails that Musk had

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Speaker 1: sent to people at the firm, demonstrating that the billionaire

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Speaker 1: had endorsed open AI's fundraising efforts. The Tesla CEO fared

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Speaker 1: the lawsuit last week against the startup, alleging that they

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Speaker 1: had strayed from their mission to build responsible AI whilst

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Speaker 1: also becoming beholden to their largest investor, Microsoft.

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Speaker 2: Birmingham City Council has signed off on the largest ever

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Speaker 2: package of budget cuts by a local authority in the UK.

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Speaker 2: The labor run council voted to approve a three hundred

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Speaker 2: million pound cut to its own budget and raise council

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Speaker 2: tax by twenty one percent. Pmburg James Wilcock has more, It's.

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Speaker 8: A dark day for Birmingham. No really. Street lights are

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Speaker 8: being dimmed in a bid to save nine hundred thousand

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Speaker 8: pounds a year. That's just zero point one percent of

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Speaker 8: the money the city owes after it lost an equal

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Speaker 8: pay lawsuit. To find the rest, the council is cutting

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Speaker 8: almost all arts funding, selling community centers, losing six hundred

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Speaker 8: jobs and reducing adult social care. Council leader John Cotton

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Speaker 8: acknowledges the situation is bleak.

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Speaker 9: I'm very sorry that we find ourselves in this position.

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Speaker 9: I'm a Birmingham lad, born and bred every my entire

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Speaker 9: life here, so you know this city matters profoundly to

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Speaker 9: me as of the communities that I serve as its leader.

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Speaker 9: But I'm really clear as the new leader of this

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Speaker 9: council that we've got to restore the council to financial

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Speaker 9: stability and we need to take some tough choices.

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Speaker 8: It's a worrying omen for much of Britain. Nearly one

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Speaker 8: in five council leaders in England said they were likely

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Speaker 8: to declare bankruptcy in the next fifteen months. In London,

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Speaker 8: James Wilcock Bloomberg Radio.

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Speaker 2: In a moment, we'll have more on our look ahead

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Speaker 2: for today's budget and the latest on those results from

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Speaker 2: Super Tuesday as well. But the story that caught our

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Speaker 2: eye this morning, in case you're looking for a new

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Speaker 2: job this morning, I'm not looking at you, Caroline, is

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Speaker 2: NASA is seeking new candidates for astronauts for the first

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Speaker 2: time in four years. In case you missed out last.

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Speaker 1: Time, Yeah, I remember actually that job post it It

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Speaker 1: did sound amazing and actually NASA's had some recent successes,

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Speaker 1: hasn't it in terms of launching craft, So maybe they'll

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Speaker 1: get even more candidates than usual. Can't imagine the number

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Speaker 1: of people who must.

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Speaker 2: Apply, Yeah, twelve thousand last time around for ten jobs.

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Speaker 2: In fact, it's been point of the fact that there's

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Speaker 2: been that TV series for Old Mankind on Apple TV

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Speaker 2: Plus as well, kind of demonstrating a resurgent interest in space,

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Speaker 2: so perhaps that might be seen that yet something that

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Speaker 2: might help to spare this as well. The job, based

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Speaker 2: in Houston pays around one hundred and fifty two thousand

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Speaker 2: dollars a year and requires quote extensive travel. I like

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Speaker 2: that lit deadline's the second of April in case you

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Speaker 2: want to apply nice one.

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Speaker 1: Okay, I like that story. Right. Let's tell our attention

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Speaker 1: though to Jeremy Hunt plans to cut two percentage points

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Speaker 1: off the UK's national insurance payroll tax in the budget.

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Speaker 1: That's according to people familiar with the plan. The Chancellor, though,

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Speaker 1: faces two tough audiences voters and the bond markets. Joining

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Speaker 1: us now has been beggs UK correspondent Lizzie Burden. Well,

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Speaker 1: to have a look ahead to what we're expecting from Hunt. Surprise,

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Speaker 1: what surprise? Could there be a rabbit out of the

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Speaker 1: hats moment for the Chancellor today?

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Speaker 10: Well, he hasn't got a lot of money for rabbits, Caroline,

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Speaker 10: but this is one of the government's last chances to

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Speaker 10: do the public before the general election, so it's a

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Speaker 10: distinctly political budget. We understand that his big rabbit, his

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Speaker 10: big giveaway, is going to be cutting national insurance contributions

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Speaker 10: further the payroll levey, not income tax as had been speculated,

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Speaker 10: because an income tax cut would be more expensive and

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Speaker 10: potentially more inflationary, whereas a Nick's cut only applies to

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Speaker 10: people in jobs, so it's supposed to incentivize work. However,

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Speaker 10: it's hard to see how putting ten billion pounds back

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Speaker 10: in consumers pockets isn't going to be inflationary to some degree. Ultimately,

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Speaker 10: the Bank of England may have to undo it by

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Speaker 10: keeping rates higher for longer. So you have to ask

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Speaker 10: whether it makes economic sense, whether it's fiscally responsible. And

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Speaker 10: remember November's Nick's cut barely budged the polls. You've got

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Speaker 10: Tory backbenchers already complaining that an income tax cut would

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Speaker 10: be a sexier sell on the doorstep. So evidently they

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Speaker 10: don't think this makes political sense either, which is why

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Speaker 10: our reporter Alex Wickham understands that an income tax cut

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Speaker 10: could still be offered in the Conservative manifesto as the

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Speaker 10: key battle line in the general election.

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Speaker 2: And Lizzie, how does the chance they're planning to pay

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Speaker 2: for all this?

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Speaker 10: He's going to have to scrape round the back of

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Speaker 10: the sofa to get possible sources of income. One could

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Speaker 10: be an extension to the windfall tax on oil and

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Speaker 10: gas companies. Another could be ending non dom status, this

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Speaker 10: tax loophole that lets about seventy thousand people avoid paying

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Speaker 10: taxes on their overseas earnings. That has the dual benefit

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Speaker 10: of stealing Labour's idea and leaving them hamstrung for cash

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Speaker 10: because they've already promised not to raise the three main

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Speaker 10: rates of tax. So what you're witnessing here is a

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Speaker 10: game of political chess where Hunt dares Labor to either

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Speaker 10: scale back its spending plans even more or gamble that

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Speaker 10: those bond vigilantes will back them.

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Speaker 1: Yeah, absolutely, and will be on the watch for that.

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Speaker 1: Lizzie Burton, thank you so much for being with us

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Speaker 1: Bloomberg's UK correspondent. She'll be out there on the green

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Speaker 1: of course and listening out. Twelve thirty is when the

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Speaker 1: Chance will begin the budget. That's the expectation in Parliament,

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Speaker 1: and Lizzie mentioned bond Vigilantes as a very good read

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Speaker 1: on the Bloomberg terminal, because of course this is front

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Speaker 1: and center for us. The debt management Offers is expected

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Speaker 1: to announce a really big target for guilt sales this

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Speaker 1: week year, perhaps another big record, and so we're not expecting,

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Speaker 1: obviously anything like the mini budget under Liz Truss. And

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Speaker 1: yet those bond markets are on watch for whatever hunt

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Speaker 1: she presents.

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Speaker 2: Yeah, indeed worth reading the nice piece for Mark colleague

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Speaker 2: Marcus Ashworth from Bloomberg Opinion as well on that subject too,

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Speaker 2: because he talks about the tight rope that the Chancellor

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Speaker 2: will have to walk because indeed of those questions around

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Speaker 2: the bond markets. Well, let's go to the United States now,

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Speaker 2: where former President Donald Trump has won eleven out of

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Speaker 2: fifteen states in the Super Tuesday votes. It means he's

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Speaker 2: barreling towards locking down the nomination for the Republican Party

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Speaker 2: by mid March. Trump's sole remaining rival, Nikki Hayley, looks

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Speaker 2: to have no path to the nomination. Joining us now

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Speaker 2: to discuss Bloomberg editor in Washington, John Harney, John, great

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Speaker 2: to have you with us. So Trump, it appears as

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Speaker 2: cruising the Republican presidential nomination. He called it conclusive. It's

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Speaker 2: hard to disagree with that.

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Speaker 11: That's certainly true. You need, you know, the nominee needs

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Speaker 11: twelve hundred, at least to undred and fifteen delegates to

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Speaker 11: become the Kenada Republican candidate. He's very close. He's pretty

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Speaker 11: close to that. He didn't quite get it tonight, but

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Speaker 11: by the middle or around the middle of the month,

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Speaker 11: it's expected he'll have the twelve to fifteen. Nicky Hayley

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Speaker 11: has yet still remains in the race. She won the

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Speaker 11: state of Vermont tonight after winning the district of Columbia

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Speaker 11: over the weekend, but she really has no chance of

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Speaker 11: overtaking Trump at this point.

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Speaker 1: Bloomberg's also been reporting John the Trump's campaign looks better organized.

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Speaker 1: What's the pivot then to November presidential election?

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Speaker 11: Well, yes, it does seem to be better run than

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Speaker 11: the operation he had in twenty twenty, let alone twenty sixteen,

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Speaker 11: when he was when he was new to politics, and

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Speaker 11: he and he has clearly been trying to make the

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Speaker 11: race more about the November November election rather than the candidates,

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Speaker 11: the opponents he had and the Republican primaries even before

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Speaker 11: you know, not this Nicky Haley course, but Ron DeSantis

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Speaker 11: and all the others. But at the same time, he's

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Speaker 11: been having a little trouble with fundraising and has you know,

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Speaker 11: has to make an effort to show up his finances

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Speaker 11: because it's you know, these elections are as, you know,

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Speaker 11: are very expensive.

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Speaker 2: What should we expect from Nicki Haley from here on?

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Speaker 2: She won in Vermont she continues to attract financial supports,

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Speaker 2: but surely her campaign can't go anywhere.

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Speaker 11: No, but again, she seemed, you know, she didn't drop

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Speaker 11: out tonight, she might tomorrow or over the course of

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Speaker 11: the next few days. She seems at this point trying

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Speaker 11: to just show that there is a not a majority,

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Speaker 11: but a sizeable part of the republic electorate that does

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Speaker 11: not want Donald Trump to to be the nominee. And

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Speaker 11: you know, at the same time, you know, President Biden

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Speaker 11: won all of one well exipt for American Samoa, but

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Speaker 11: won every contest tonight as well, and the race is

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Speaker 11: shaping up to be a rematch. Yet a lot of

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Speaker 11: voters have said, have told polsters that they would prefer

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Speaker 11: other candidates. That hasn't happened at last point.

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Speaker 1: On Trump, he still faces criminal charges related to the

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Speaker 1: alleged attempts to overturn the twenty twenty presidential election. But

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Speaker 1: he's had that Supreme Court victory too, so is that

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Speaker 1: fading also is an issue.

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Speaker 11: The Supreme Court victory was to keep him. The Preme

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Speaker 11: Court victory was keep him on the ballot in Colorado,

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Speaker 11: and that essentially ends any attempt to take him off

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Speaker 11: the ballot. But at the end of this month, after

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Speaker 11: probably his days after you know, or a week or

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Speaker 11: so after he secures the nomination, he will He's scheduled

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Speaker 11: to go on trial in New York in a state

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Speaker 11: case regarding hush money payments Abu Hushbunny payments to Stormy Daniels,

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Speaker 11: adult film star. And that's that trial seems to be

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Speaker 11: going forward. The dates of others are our bid up

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Speaker 11: in the air right now, and the Supreme Court still

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Speaker 11: has to rule and this claim if whether or not

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Speaker 11: he has immunity for anything that happened while he was

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Speaker 11: in office.

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Speaker 2: This is Bloomberg Daybreak Europe, your morning brief on the

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