WEBVTT - London May Be Coming for Wall Street Again

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, Radio News. Welcome to the City of.

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<v Speaker 2>London, The City of the City, The City of London.

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<v Speaker 1>Mind begad between and the financial heart of the country.

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<v Speaker 3>The City, the City.

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<v Speaker 1>Welcome to in the City and Clear of the Doors Pea.

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<v Speaker 3>Welcome to in the City. From Bloomberg.

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<v Speaker 4>Each week we dive into a story that's crucial to

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<v Speaker 4>the world's financial capitals. I'm David Merritt, and this week

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<v Speaker 4>we are actually recording from New York City, but our

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<v Speaker 4>story is London itself and how it's doing in the

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<v Speaker 4>ever present battle for supremacy as the world's financial capital.

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<v Speaker 4>We've been looking at the latest ZN Global Financial Centers

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<v Speaker 4>Index and it's got you know, what you could argue

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<v Speaker 4>is perhaps a surprising result. It shows that London is

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<v Speaker 4>closing the gap with New York for the title of

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<v Speaker 4>the world's top financial center. This is the thirty seventh

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<v Speaker 4>edition of the Global Financial Centers Index and it showed

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<v Speaker 4>London in second place, but it had climbed twelve points

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<v Speaker 4>since September. London is well ahead of the pack in

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<v Speaker 4>terms of the European rankings. It's got a nineteen point

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<v Speaker 4>lead over Frankfurt, which isn't even in the top ten,

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<v Speaker 4>and London was in the top three categories for eight

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<v Speaker 4>major financial industries and was the first for banking and

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<v Speaker 4>in fintech. It cut the gap with New York to

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<v Speaker 4>a single point. So a subject we've covered on this

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<v Speaker 4>podcast over the years, a lot of all the uncertainty

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<v Speaker 4>of Brexit, all the head winds the UK's faced, the

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<v Speaker 4>city seems to be thriving.

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<v Speaker 3>So how has it pulled it off?

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<v Speaker 2>Well?

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<v Speaker 4>To talk about this, I'm delighted to be joined by

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<v Speaker 4>Chris Hayward, the Policy Chairman of the City of London Corporation.

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<v Speaker 3>Chris is the principal.

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<v Speaker 4>Spokesperson and advocate for London's global financial and professional services industry,

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<v Speaker 4>and with the career spanning over four decades, has founded,

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<v Speaker 4>led and expanded businesses across industries ranging from aviation, publishing

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<v Speaker 4>and construction, both in the UK and around the world.

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<v Speaker 3>Great to have you here, Chris.

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<v Speaker 5>Fantastic to be here, David, and you know.

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<v Speaker 3>So you're on a visit to New York as well.

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<v Speaker 4>They like to have these banners on the lamp posts

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<v Speaker 4>around here, don't they saying the world's financial capital.

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<v Speaker 3>Are you here to sort of disrupt that absolutely.

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<v Speaker 2>I mean I won't rest until the City of London

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<v Speaker 2>is number one, and it's always close between us and

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<v Speaker 2>New York. But frankly, you made the point that we

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<v Speaker 2>see to be doing rather well. I think we're in

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<v Speaker 2>a renaissance period actually the city.

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<v Speaker 5>At the moment.

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<v Speaker 2>We're finding that we can't actually build tall office toiles

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<v Speaker 2>fast enough to cope with the investment and development needs

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<v Speaker 2>of big businesses around the world, and our vag rates

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<v Speaker 2>in those offices are down to one point two percent,

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<v Speaker 2>which is remarkable. Frankly when you think about it. Now,

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<v Speaker 2>what's been happening well past ten years. I've had people

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<v Speaker 2>telling me, well, London's moving east, everything's going to Canary Wharf,

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<v Speaker 2>everything's going further to New em et cetera.

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<v Speaker 5>Well it's now coming back.

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<v Speaker 2>Just done the deal with HSBC to move them back

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<v Speaker 2>into the city. That's eight and a half thousand new jobs.

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<v Speaker 2>We've done a deal with Clifford Chance, the big global lawyers,

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<v Speaker 2>to build new offices for them, and there are others

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<v Speaker 2>in the pipeline. And then we're finding it's coming the

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<v Speaker 2>other way as well, from the West Ends. So some

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<v Speaker 2>of the hedge funds who have traditionally been in Mayfair

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<v Speaker 2>are saying can they come into the city, So we

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<v Speaker 2>are really really expanding.

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<v Speaker 4>Maybe I rashly said it's a surprise, because obviously it

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<v Speaker 4>doesn't seem like it's a surprise to you that we've

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<v Speaker 4>got at the rank. Maybe we've over agonized and this

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<v Speaker 4>podcast being a venue for that about the rise of Paris.

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<v Speaker 3>For instance, for Europe.

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<v Speaker 4>Whatever happened to Paris is eating London's lunch.

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<v Speaker 5>Well, look it hasn't happened. It's a simple thing.

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<v Speaker 2>I mean, the city of London has proved itself totally

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<v Speaker 2>resilient in the wake of Berexit. I mean, it's been

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<v Speaker 2>a long and painful divorce of h years. It's been very,

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<v Speaker 2>very tricky and my fear, i'd be absolutely honest with

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<v Speaker 2>you eight years ago, was that we would lose huge

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<v Speaker 2>numbers of jobs to Europe, particularly in passporting. Now the

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<v Speaker 2>reality is in the financial services sector that I speak for,

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<v Speaker 2>it's a total of seven thousand jobs across the whole

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<v Speaker 2>of the United Kingdom. And of course new jobs have

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<v Speaker 2>been created on the back of European companies who now say, well,

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<v Speaker 2>because you're out of the EU, we need to open

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<v Speaker 2>up in the city. We need to put our back

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<v Speaker 2>offices in the city as well. So overall we've proven

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<v Speaker 2>ourselves resilient to the Brexit challenge.

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<v Speaker 4>We've got a big EU UK summit coming up or

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<v Speaker 4>a kind of this chance for Starmer. He's talking about

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<v Speaker 4>resetting with the EU, so presumably things might get easier.

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<v Speaker 4>I mean, I guess the fear was we were going

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<v Speaker 4>to try to diverge. The EU could play a bit

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<v Speaker 4>more hard ball and they could have made things harder

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<v Speaker 4>for us in the agents they could and you know,

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<v Speaker 4>let's face it, the French you wouldn't blame and want

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<v Speaker 4>a bit of that business. They want a bit of

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<v Speaker 4>that traders and investors to come to Paris. But do

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<v Speaker 4>you feel like we're in a bit more an equilibrium

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<v Speaker 4>that Europe needs ass We need them, but we've got

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<v Speaker 4>the balance right.

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<v Speaker 2>Look, I think that's true. And I mean, actually, when

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<v Speaker 2>you talk about the reset, I think we've got to

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<v Speaker 2>manage expectations around the reset because there is no backdoor

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<v Speaker 2>route back into the EU, even if we wanted one.

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<v Speaker 2>So we've got to be realistic about how much can

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<v Speaker 2>be achieved by the reset. But what we need to

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<v Speaker 2>do is to start being able to talk to each

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<v Speaker 2>other and work with each other once again, and we

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<v Speaker 2>haven't done that for eight years.

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<v Speaker 5>It's been very, very tough.

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<v Speaker 2>But now we've got our Financial Services dialogue up and

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<v Speaker 2>going again with the European Commision, so that means our

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<v Speaker 2>Treasury are talking to them and discussing with them, and

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<v Speaker 2>Europe I think has now accepted that where we are

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<v Speaker 2>is that we want to be. We want to be

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<v Speaker 2>good friends and neighbors with them because they are critically

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<v Speaker 2>important to us. There are closest trading nation and it's

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<v Speaker 2>in our interests, frankly to work together, particularly things like regulation.

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<v Speaker 2>There are so many areas around you know, AI, around

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<v Speaker 2>a grand Green finance, and all sorts of areas in

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<v Speaker 2>financial services where we need to work together. But I

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<v Speaker 2>do think the other area where we will find that

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<v Speaker 2>there is a restructuring of the relationship is around defense,

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<v Speaker 2>because we now know that the President of the United

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<v Speaker 2>States has told Europe probably rightly, that we now need

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<v Speaker 2>to put money in ourselves as well. We're not going

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<v Speaker 2>to be able to rely on the US to completely

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<v Speaker 2>as subsidize as it were, and so every nation state

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<v Speaker 2>in Europe has got to work together on that, as

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<v Speaker 2>they have on things like, you know, a solution to

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<v Speaker 2>the Russia, the Russia invasion of Ukraine.

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<v Speaker 4>There was an argument was in there I remember from

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<v Speaker 4>the Europe well, the sort of pro Brexit cant was

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<v Speaker 4>saying that, you know, Europe can't just cut itself off

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<v Speaker 4>for the city of London. It's going to increase the

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<v Speaker 4>cost of capital for European companies. They're going to harm

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<v Speaker 4>their own economy. But I guess the temperature was so

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<v Speaker 4>hot at one point I was like, well, they are

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<v Speaker 4>going to do it anyway.

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<v Speaker 2>Yeah, it was just too red hot frankly, but it's

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<v Speaker 2>calmed down a lot, and it is in the interests

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<v Speaker 2>of both parties to work together and to set that

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<v Speaker 2>we are outside of Europe. But the reality is if

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<v Speaker 2>you think of all the European banks, right, they may

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<v Speaker 2>well do their domestic banking in their countries, but when

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<v Speaker 2>it comes to international banking, it's all done through London.

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<v Speaker 2>So London will remain and has remained a hub.

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<v Speaker 3>I mentioned in the survey.

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<v Speaker 4>It's across those all those different metrics that kind of

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<v Speaker 4>number one in banking. I mean, what are the area

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<v Speaker 4>and fintech nipping at the heels of New York City,

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<v Speaker 4>which is something that obviously the city has been very

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<v Speaker 4>keen to position itself as a world leader. What are

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<v Speaker 4>the kind of the hour there are is where we

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<v Speaker 4>need to do a bit better.

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<v Speaker 2>Fintech we have done really well, although let's not go

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<v Speaker 2>over the top on it. I mean we're very good

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<v Speaker 2>at startups, we're not so good at scale ups. You

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<v Speaker 2>made reference earlier, David, to the issues with the listings, right, Yes,

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<v Speaker 2>well precisely so. Listings. Look, listings are down, IPOs are

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<v Speaker 2>down all over the world. But there's no doubt that

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<v Speaker 2>our high growth British businesses of which FinTechs are a

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<v Speaker 2>good example, when it comes to listing often will come

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<v Speaker 2>a list on Nasdaq rather than on the London Stock Exchange.

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<v Speaker 2>Why because they can get valuation that's two and a

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<v Speaker 2>half times what they get in the United Kingdom, and

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<v Speaker 2>they can also of course get the increased capital from

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<v Speaker 2>the US and we need to address that. One of

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<v Speaker 2>the ways we're addressing it is something called the Mansion

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<v Speaker 2>House Compact, which is where we've signed up eleven big

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<v Speaker 2>pension providers who said they will contribute five percent of

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<v Speaker 2>DC pensions to a pot to a fund which ultimately

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<v Speaker 2>will build around fifty billion pounds and that will be

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<v Speaker 2>invested in high growth British businesses and I think that's

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<v Speaker 2>terribly important. Obviously, the US Stock Exchange, New York Stock

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<v Speaker 2>Exchange has become a challenge for US that in that area,

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<v Speaker 2>but it's an area where I think we can continue

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<v Speaker 2>to do more.

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<v Speaker 4>Do you think the events of the last few weeks

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<v Speaker 4>have changed it a bit? I mean, if you are so,

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<v Speaker 4>you know, you're a fintech company with you know who

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<v Speaker 4>can remain name is you're thinking maybe you're headquarters in London.

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<v Speaker 4>You may have been thinking about in New York. You

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<v Speaker 4>look at the volatility that's been occurring in the United

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<v Speaker 4>States market and the cical uncertainty and all the question

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<v Speaker 4>about tariffs and even visas and all these questions.

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<v Speaker 3>Do you think again are they thinking again?

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<v Speaker 2>Well, look, let's be clear about the tariffs. We don't

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<v Speaker 2>welcome tariffs. I mean, that's a fundamental statement to make

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<v Speaker 2>at the start. On the other hand, the United Kingdom

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<v Speaker 2>has let's just say, got away with it reasonably ten

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<v Speaker 2>percent actually has no tariffs on services.

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<v Speaker 5>That's very welcome.

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<v Speaker 2>And I do think I know we always play on

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<v Speaker 2>this words the special relationship. But I do think there

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<v Speaker 2>is a special relationship between the United Kingdom and the

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<v Speaker 2>United States. But America at the moment is volatile. It's

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<v Speaker 2>politics is volatile. On the other hand, Europe is also

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<v Speaker 2>overregulated and is actually not experiencing growth. And the one

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<v Speaker 2>thing we've got to do in the United Kingdom is

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<v Speaker 2>to grow the economy, and this is what the UK

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<v Speaker 2>government has said, and that means we've got to start

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<v Speaker 2>thinking outside the box on things like risk. So what

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<v Speaker 2>I think is very good in America is that you

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<v Speaker 2>know where entrepreneurs fail, you pick them up, dust them down,

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<v Speaker 2>put them out there again. Unfortunately, we need more of

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<v Speaker 2>that culture of the United Kingdom. At the moment, you're

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<v Speaker 2>a bit of a pariah if your business fails. So

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<v Speaker 2>what I'm saying to the Chancellor and to the government

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<v Speaker 2>is we need to encourage what I call responsible risk

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<v Speaker 2>taking because since the financial crash, we more or less

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<v Speaker 2>lost that and you will never get economic growth if

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<v Speaker 2>there's not an element of risk.

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<v Speaker 4>Right, And I was hoping this on Wednesday in New

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<v Speaker 4>York we had a negative GDP print this morning for

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<v Speaker 4>the first quarter, which from forecasts of much more positively.

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<v Speaker 4>Only weeks ago people are talking about the probability of

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<v Speaker 4>recession here. Britain's not going to escape the sort of

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<v Speaker 4>down to her that that would induce, is it now?

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<v Speaker 5>It's not.

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<v Speaker 2>Unfortunately, if that happens, the chances are Britain would end

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<v Speaker 2>up following the same route.

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<v Speaker 3>I'm afraid the difference.

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<v Speaker 4>I guess Rachel Reeves's position is difficult and precarious, isn't it.

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<v Speaker 4>There was a lot of talk before the election about

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<v Speaker 4>how friendly she was going to be the city, and

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<v Speaker 4>what I think our reporting has shown since then is

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<v Speaker 4>that people feel that she hasn't stood up those promises.

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<v Speaker 3>How does how what's your scorecard for Rachel Reeves? Well?

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<v Speaker 5>Look so well?

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<v Speaker 2>I wish I should give her an actual number out

0:11:06.240 --> 0:11:08.640
<v Speaker 2>of ten, because that's not my job. But what I

0:11:08.679 --> 0:11:10.439
<v Speaker 2>would say is this, she hasn't got a lot of

0:11:10.440 --> 0:11:13.240
<v Speaker 2>head room. You're quite right now. She will argue and

0:11:13.320 --> 0:11:15.679
<v Speaker 2>did argue when she came in there was this big

0:11:15.720 --> 0:11:16.280
<v Speaker 2>black hole.

0:11:16.920 --> 0:11:17.679
<v Speaker 3>A lot about that, But.

0:11:17.720 --> 0:11:19.520
<v Speaker 2>To be honest, every government does that when they come in.

0:11:19.520 --> 0:11:22.120
<v Speaker 2>There's always a big black hole left by the last government.

0:11:22.400 --> 0:11:24.120
<v Speaker 2>We've said to her that we need to have a

0:11:24.160 --> 0:11:28.079
<v Speaker 2>globally competitive tax system, which we haven't got at the moment.

0:11:28.200 --> 0:11:30.760
<v Speaker 2>She knows that that's something that she's got to achieve.

0:11:31.120 --> 0:11:35.160
<v Speaker 2>We've also given her some advice around something we call

0:11:35.240 --> 0:11:37.280
<v Speaker 2>Vision to Economic Growth, which is a piece of work

0:11:37.320 --> 0:11:39.520
<v Speaker 2>I commissioned a couple of years ago which came out

0:11:39.559 --> 0:11:41.960
<v Speaker 2>with ideas as to how you get that growth. And

0:11:42.000 --> 0:11:43.720
<v Speaker 2>I'm very pleased to be able to tell you that

0:11:43.800 --> 0:11:45.880
<v Speaker 2>one of those ideas is that we increase our foreign

0:11:45.920 --> 0:11:48.920
<v Speaker 2>direct investments and we've agreed with the Treasury and with

0:11:48.920 --> 0:11:51.600
<v Speaker 2>the Chancellor that we the City of London Corporation will

0:11:51.640 --> 0:11:55.600
<v Speaker 2>partner with them to develop an investment hub, a concierge service,

0:11:55.640 --> 0:11:58.160
<v Speaker 2>if you will, because it's my belief we've slipped behind

0:11:58.160 --> 0:12:01.160
<v Speaker 2>our global competitors in the area and direct investments, and

0:12:01.200 --> 0:12:02.920
<v Speaker 2>we don't make it very easy for people to invest

0:12:02.920 --> 0:12:05.400
<v Speaker 2>in the United Kingdom right, it's actually a challenge. You

0:12:05.440 --> 0:12:07.600
<v Speaker 2>actually have to work quite hard to do it. What

0:12:07.600 --> 0:12:10.000
<v Speaker 2>we've said to the other story, if they did they

0:12:10.000 --> 0:12:12.600
<v Speaker 2>did a global investment summit within their first few weeks

0:12:12.720 --> 0:12:15.760
<v Speaker 2>and they hosted did a Guildhall global headquarters.

0:12:15.800 --> 0:12:18.199
<v Speaker 5>Well it was a bit quick, I think in a way.

0:12:19.000 --> 0:12:20.680
<v Speaker 3>What did you do before the budget didn't they.

0:12:21.040 --> 0:12:23.240
<v Speaker 2>Did, and there was the uncertainty. But what I do

0:12:23.320 --> 0:12:27.960
<v Speaker 2>believe is that the Rachel Reeves genuinely believes that economic

0:12:28.040 --> 0:12:31.040
<v Speaker 2>growth is the only way out of the crisis. That

0:12:31.120 --> 0:12:34.280
<v Speaker 2>you cannot spend more on public services if you don't

0:12:34.320 --> 0:12:38.280
<v Speaker 2>create growth and increased wealth. And therefore, what we've got

0:12:38.280 --> 0:12:40.040
<v Speaker 2>to do, I think all of us in the City

0:12:40.040 --> 0:12:42.800
<v Speaker 2>of London Corporation and in the sector that we represent,

0:12:43.160 --> 0:12:46.080
<v Speaker 2>is try and keep a focused around policies that will

0:12:46.200 --> 0:12:48.880
<v Speaker 2>drive that growth. Now, growth doesn't come overnight. Let's be

0:12:48.880 --> 0:12:51.480
<v Speaker 2>absolutely clear. You can't waive a magic wand and create

0:12:51.520 --> 0:12:54.959
<v Speaker 2>economic growth. But we've had no economic growth or precious

0:12:54.960 --> 0:12:58.000
<v Speaker 2>little in the United Kingdom for the past fifteen sixteen years,

0:12:58.320 --> 0:13:00.160
<v Speaker 2>whilst look at the growth that you've had here in

0:13:00.160 --> 0:13:03.480
<v Speaker 2>the United States. It's been remarkable, frankly, and I think

0:13:03.520 --> 0:13:06.240
<v Speaker 2>that's also about culture. It's also about how you get

0:13:06.240 --> 0:13:09.840
<v Speaker 2>the regulators, the financial regulators, to contribute towards making us

0:13:09.840 --> 0:13:14.440
<v Speaker 2>globally competitive. So regulation is important. Proportionate regulation is we

0:13:14.440 --> 0:13:16.040
<v Speaker 2>don't want to race to the bottom, and that's one

0:13:16.080 --> 0:13:17.760
<v Speaker 2>of the things i'd like to see the government act on.

0:13:18.480 --> 0:13:20.400
<v Speaker 4>Is there a risk in that you might want us

0:13:20.440 --> 0:13:22.160
<v Speaker 4>to divert it a little bit too much from the

0:13:22.440 --> 0:13:25.320
<v Speaker 4>from the European norms on this, I mean, how do

0:13:25.360 --> 0:13:27.280
<v Speaker 4>we try that back alone? It make that sounds a

0:13:27.320 --> 0:13:29.240
<v Speaker 4>little bit more risk, a.

0:13:29.240 --> 0:13:30.000
<v Speaker 5>Little bit more time.

0:13:30.160 --> 0:13:33.480
<v Speaker 3>Yes, risk happitite No, No, not severing ties with Europe.

0:13:33.559 --> 0:13:35.719
<v Speaker 2>No, I don't want to semitize with with Europe. Just

0:13:35.800 --> 0:13:39.080
<v Speaker 2>the obsellant to build on that relationship. But let's be blunt.

0:13:39.200 --> 0:13:41.520
<v Speaker 2>We're out of Europe now. We don't have to do

0:13:41.960 --> 0:13:45.120
<v Speaker 2>what Europe does right. We are an independent nation and

0:13:45.160 --> 0:13:47.319
<v Speaker 2>that allows us the flexibility to look at our own

0:13:47.360 --> 0:13:51.520
<v Speaker 2>regulations and decide what's the best route forward for us.

0:13:51.800 --> 0:13:53.560
<v Speaker 2>And I do think we need to diverge a bit.

0:13:53.600 --> 0:13:55.760
<v Speaker 2>I do think we need to take a bigger, a

0:13:55.800 --> 0:13:58.400
<v Speaker 2>better approach to risk. It's very important that we do.

0:13:58.440 --> 0:14:02.040
<v Speaker 2>But it should be responsible risk taking, not rash risk taking.

0:14:02.240 --> 0:14:04.400
<v Speaker 2>But we have to recognize that part of the economy,

0:14:04.440 --> 0:14:06.920
<v Speaker 2>part of an ecoding cyclists that businesses will fail as

0:14:07.000 --> 0:14:07.760
<v Speaker 2>well as succeed.

0:14:08.240 --> 0:14:10.160
<v Speaker 3>Do you have alignment on that point.

0:14:10.200 --> 0:14:11.880
<v Speaker 4>Do you think with the regulators that we've gone in

0:14:11.880 --> 0:14:13.920
<v Speaker 4>the position at the moment in Britain, or is there

0:14:13.960 --> 0:14:15.439
<v Speaker 4>a divergence of views on that point.

0:14:15.480 --> 0:14:16.920
<v Speaker 2>Look, I think you've got to except, first of all,

0:14:16.920 --> 0:14:20.440
<v Speaker 2>the regulators are independent. Secondly, regulators do what says on

0:14:20.480 --> 0:14:23.240
<v Speaker 2>the tin. They regulate right, and I think they have

0:14:23.360 --> 0:14:26.480
<v Speaker 2>been very nervous because they know that if things go wrong,

0:14:26.640 --> 0:14:28.320
<v Speaker 2>they're summoned in front of a select committee of the

0:14:28.320 --> 0:14:30.800
<v Speaker 2>House of Commons, They're hauled over the coals and Todd,

0:14:30.840 --> 0:14:33.000
<v Speaker 2>you weren't doing your job as a regulator. Why has

0:14:33.040 --> 0:14:36.040
<v Speaker 2>this business failed, Why is this person's pension gone? And

0:14:36.120 --> 0:14:38.280
<v Speaker 2>therefore what we've got to do is give them some protection,

0:14:38.720 --> 0:14:41.880
<v Speaker 2>to allow them to feel more confident, to lighten up

0:14:41.920 --> 0:14:44.840
<v Speaker 2>a bit and allow some risk to come through.

0:14:45.240 --> 0:14:46.360
<v Speaker 4>Chris, I just want to go back to what you

0:14:46.400 --> 0:14:49.280
<v Speaker 4>said at the beginning about the building and the vacancy raids.

0:14:49.360 --> 0:14:51.640
<v Speaker 4>I think you know next time you come on the podcast,

0:14:51.680 --> 0:14:54.000
<v Speaker 4>we will do it in our London headquarters, right in

0:14:54.040 --> 0:14:56.160
<v Speaker 4>the middle of the City of London, by the Bank

0:14:56.200 --> 0:15:00.680
<v Speaker 4>of England. The skyline in the city keeps on evolving, changing,

0:15:01.160 --> 0:15:04.280
<v Speaker 4>keeps growing more high rises. Can you give us a

0:15:04.320 --> 0:15:06.880
<v Speaker 4>flavor of where you see the next few years going.

0:15:07.000 --> 0:15:09.680
<v Speaker 4>If this demand continues, are we going to see that

0:15:10.200 --> 0:15:12.920
<v Speaker 4>more mustering skyscrapers in this in the square mile.

0:15:13.040 --> 0:15:14.720
<v Speaker 3>Is it going to continue to grow?

0:15:14.880 --> 0:15:17.000
<v Speaker 2>Look, I think the answer to that is yes. I

0:15:17.000 --> 0:15:19.200
<v Speaker 2>mean the way that I lead the City of London

0:15:19.240 --> 0:15:21.480
<v Speaker 2>Corporation is to treat it like a business. If it

0:15:21.520 --> 0:15:25.200
<v Speaker 2>isn't growing, it's falling back. You cannot stand still against

0:15:25.200 --> 0:15:28.000
<v Speaker 2>global competition, right, So, whether it's up against New York,

0:15:28.000 --> 0:15:30.560
<v Speaker 2>whether it's up against any other city, we have to

0:15:30.640 --> 0:15:33.000
<v Speaker 2>keep growing. When I first took on this role, it

0:15:33.040 --> 0:15:35.760
<v Speaker 2>was immediately in the aftermath of COVID, and the first

0:15:35.760 --> 0:15:38.440
<v Speaker 2>thing that concerned me most was was the SMEs, because

0:15:38.440 --> 0:15:41.640
<v Speaker 2>our SMEs had been obliterated, the little coffee shops, the

0:15:41.640 --> 0:15:44.440
<v Speaker 2>sandwich stores, et cetera. And I said, what we need

0:15:44.520 --> 0:15:47.640
<v Speaker 2>is new football and new spend. And so I launched

0:15:47.640 --> 0:15:51.080
<v Speaker 2>a flagship policy called Destination City, which is all about

0:15:51.120 --> 0:15:53.880
<v Speaker 2>reimagining the city. And now we've got a city with

0:15:54.160 --> 0:15:57.920
<v Speaker 2>a vibrant nighttime economy, with a really strong retail offering.

0:15:58.200 --> 0:16:01.400
<v Speaker 2>We've got workers who Demo Graphic is much younger than

0:16:01.440 --> 0:16:04.080
<v Speaker 2>we've ever had before, and they want to work and

0:16:04.120 --> 0:16:05.920
<v Speaker 2>play in the same place. When I first came into

0:16:05.920 --> 0:16:08.040
<v Speaker 2>the city thirty five years ago, the pubs closed at

0:16:08.080 --> 0:16:09.680
<v Speaker 2>seven or eight o'clock in the evening. You had to

0:16:09.720 --> 0:16:11.720
<v Speaker 2>go to the West End if you wanted a night life.

0:16:11.760 --> 0:16:14.480
<v Speaker 3>It is actually heaving on the streets Thursday night.

0:16:14.880 --> 0:16:17.040
<v Speaker 5>Thursday is the old Priday.

0:16:18.800 --> 0:16:22.080
<v Speaker 4>There's more places to there's more, there is great places

0:16:22.120 --> 0:16:23.520
<v Speaker 4>three right, it's great place.

0:16:23.520 --> 0:16:25.960
<v Speaker 5>It's fantastic restaurants, great bars.

0:16:25.720 --> 0:16:28.880
<v Speaker 2>In the Bloomberg Arcade, in the Bloomberg Arcade, particularly in

0:16:28.920 --> 0:16:32.520
<v Speaker 2>the Bloomberg Arcade number one, number one, and the city

0:16:32.560 --> 0:16:35.000
<v Speaker 2>is very, very different to what it was twenty thirty

0:16:35.080 --> 0:16:37.760
<v Speaker 2>years ago. Now do I see this continuing to happen, Well,

0:16:37.760 --> 0:16:39.520
<v Speaker 2>it certainly will if I have anything to do with it,

0:16:39.560 --> 0:16:42.600
<v Speaker 2>because I believe that you have to continue to grow,

0:16:42.920 --> 0:16:45.640
<v Speaker 2>to evolve, and that the way to do that is

0:16:45.640 --> 0:16:48.760
<v Speaker 2>to make your city the most attractive place for businesses

0:16:49.000 --> 0:16:50.960
<v Speaker 2>to invest and want to be there.

0:16:51.120 --> 0:16:52.760
<v Speaker 3>Chris has been a pleasure having you on the podcast.

0:16:52.840 --> 0:16:59.840
<v Speaker 4>Thank you very much, David, thanks for listening to this

0:17:00.240 --> 0:17:02.920
<v Speaker 4>in the City from Bloomberg. This episode was hosted by

0:17:02.960 --> 0:17:06.439
<v Speaker 4>me David Merritt. It was produced by Summer Sardi, Moses

0:17:06.440 --> 0:17:10.280
<v Speaker 4>and Am and tala Amadi, Brendan Francis, Newnham, is our

0:17:10.320 --> 0:17:15.080
<v Speaker 4>executive producer special thanks to Chris Hayward. Please subscribe, rate,

0:17:15.119 --> 0:17:17.359
<v Speaker 4>and review wherever you listen to podcasts.