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Speaker 1: This is Bloomberg Daybreak you up for this Wednesday, the

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Speaker 1: tenth of May in London coming up today.

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Speaker 2: Ten percent pay risers soar in salaries cause a major

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Speaker 2: headache for the Bank of England.

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Speaker 1: Losing altitude. Tony Blair tells Bloomberg the city risks losing

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Speaker 1: its status as a high flyer.

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Speaker 2: Running out of headroom. Biden and McCarthy dash hopes of

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Speaker 2: a deal as the death sealing looms even larger.

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Speaker 3: In for a penny down a pound panic at the

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Speaker 3: m and a trial and trust goes to Taiwan. Those

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Speaker 3: are the stories we're looking at in today's papers. I'm

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Speaker 3: James Walcock.

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Speaker 1: Plus a jury finds Donald Trump sexually abused and defamed

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Speaker 1: a columnist, awarding her five million dollars in damages.

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Speaker 4: That's all straight ahead on Bloomberg Daybreak Europe. The business

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Speaker 4: news you need to start your day in just one

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Speaker 4: fifteen minute podcast on Apple, Spotify, the Bloomberg Business App

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Speaker 4: and everywhere you get your podcasts.

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Speaker 2: Good morning. I'm Stephen Carroll.

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Speaker 1: And I'm Caroline Hetger. Here are the stories that we're

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Speaker 1: following today.

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Speaker 2: New data here in the UK shows that wages swored

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Speaker 2: by ten percent for those who change jobs in the

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Speaker 2: last year. Bloomberg's Chrispitt has the details.

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Speaker 5: The data from reed recruitments millions of job advertisements points

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Speaker 5: to a red hot labor market. Bloomberg analysis suggests many

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Speaker 5: middle income families have secured a real term pay rise

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Speaker 5: well above the national average wage increase. This will be

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Speaker 5: worrying reading for the Bank of England, who are anxious

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Speaker 5: to prevent higher prices translating into spiraling wages in London.

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Speaker 5: Christopher Pitt, Bloomberg Daybreak.

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Speaker 1: Europe, Former Prime Minister Tony Blair has urged the British

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Speaker 1: government to secure a deal on financial services equivalents with

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Speaker 1: the European Union. Speaking to Bloomberg's UK correspondent Lizzie Burden,

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Speaker 1: Blair warned that the city is in danger of losing

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Speaker 1: its lead over rivals if a deal can't be on.

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Speaker 6: We're in a position where if we're not careful, we're

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Speaker 6: going to lose altitude, even with the City of London,

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Speaker 6: which is all and I've always said to people, no

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Speaker 6: matter how much people complain about the financial service sector,

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Speaker 6: it's a major part of our economy. We've got to

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Speaker 6: keep it strong. We've got to keep it pre eminent.

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Speaker 1: The warning from Tony Blair comes after Jander Plessis, the

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Speaker 1: chairman of the Financial Reporting Council, told Bloomberg that London

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Speaker 1: has been declining as a financial capital for years.

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Speaker 2: Across the Channel, one of the city's main rivals has

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Speaker 2: had another boost. Bank of America says it plans to

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Speaker 2: keep increasing its presence in Paris. That's even after an

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Speaker 2: eightfold increase in staffing over the past four years. Speaking

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Speaker 2: at Bloomberg's Future of Finance event, Vanessa Holtz, who runs

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Speaker 2: Bank of America's operations across Europe, said the French capital

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Speaker 2: has a lot to offer.

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Speaker 7: It is a very important financial system, it has a

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Speaker 7: lot of ecal system. It's a very diverse in terms

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Speaker 7: of financial services that come into plain ferries, and I

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Speaker 7: think what is importance is we continue to seem investments

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Speaker 7: in Farris and investo growing there.

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Speaker 2: That view from Bank of America's Vanessa Holtz has been

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Speaker 2: reinforced by figures recently from the European Banking Authority. Data

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Speaker 2: published in January show the number of investment bankers and

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Speaker 2: traders in France earning more than one million euros is

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Speaker 2: almost eighty percent higher than it was in twenty seventeen.

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Speaker 1: Some of Wall Street's most experienced traders are warning of

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Speaker 1: unthinkable long term implications of a US debt default. In

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Speaker 1: a letter to the Treasury Sectory Janet Yellen, current and

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Speaker 1: former executives at Goldman, Sachs, JP, Morgan, and elsewhere said

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Speaker 1: that the limit should be permanently repealed, but their warning

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Speaker 1: seems to have had a little cut through. House Speaker

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Speaker 1: Kevin McCarthy said that no progress was made on a

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Speaker 1: deal during an hour long meeting with President Joe Biden.

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Speaker 1: Everybody in those meeting reiterated the positions they were at.

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Speaker 1: I didn't see any new movement.

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Speaker 2: The President said the staff should get back together, but

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Speaker 2: I was very clear with the President.

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Speaker 1: We have now just two weeks to go.

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Speaker 2: The staff will get together, and we'll get back together

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Speaker 2: the principles.

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Speaker 1: On Friday, McCarthy faces pressure FOAM conservatives to take a

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Speaker 1: hard line in the debt limit talks, while Biden is

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Speaker 1: urging for it to be raised without conditions.

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Speaker 2: The New York jury has found Donald Trump liable for

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Speaker 2: sexually assaulting and defaming writer E. Gene Carroll. The court

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Speaker 2: ordered the former president to pay five million dollars in

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Speaker 2: damages after she accused him of raping her in the

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Speaker 2: nineteen nineties and defaming her by calling her a liar

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Speaker 2: when she wrote about it. Richard Painter was a White

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Speaker 2: House ethics lawyer under George W.

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Speaker 1: Bush.

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Speaker 8: There is no exception for presidents or former presidents. No

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Speaker 8: one is above the law. Donald Trump has been found liable.

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Speaker 8: He can appeal and try to evade this verdict. I

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Speaker 8: think his chances are quite slim.

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Speaker 2: Richard Painter's assessment comes as Trump faces a string of

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Speaker 2: cases that threatened to erupt during next year's presidential campaign.

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Speaker 2: Responding to the verdict, the former president called it a

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Speaker 2: political hit.

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Speaker 1: Job and just finally some earnings. This morning, Credit Agricol's

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Speaker 1: investment bank posted a record performance in the first quarter

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Speaker 1: as the French lenders' debt traders powered a surge in revenue.

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Speaker 1: Underlying revenue from fixed income, commodities and currencies jumped by

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Speaker 1: forty two percent in the first three months of the year,

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Speaker 1: beating large arrivals in a difficult trading period. The performance

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Speaker 1: contributed to record revenue at the firm's corporate and investment bank,

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Speaker 1: but the French bank warned that it may not be

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Speaker 1: able to repeat the same trading performance in the current quarter.

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Speaker 2: So's our top stories on the program this morning. Caroline,

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Speaker 2: a story that caught my eye this morning as someone

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Speaker 2: who loves sleeping, was very excited by this idea. This

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Speaker 2: seems quite sensible. Air New Zealand is going to offer

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Speaker 2: it sleep pads to people on their long haul flights,

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Speaker 2: so Auckland to New York or Ackland to Chicago, where

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Speaker 2: you'll be able to book a bed for four hours

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Speaker 2: during the flight and will cast you between four hundred

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Speaker 2: and six hundred New Zealand dollars. So that's around one

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Speaker 2: hundred dollars an hour for that period.

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Speaker 1: Locking up your sleep in dollars per minute.

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Speaker 2: I'm always clucking up my sleep, Caroline. But look at

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Speaker 2: this is not a bad idea, I think, because it's

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Speaker 2: going to be available to people who are in economy,

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Speaker 2: so you'll be in your seat, you'll only be allowed

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Speaker 2: havard for four hours.

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Speaker 6: Yeah.

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Speaker 1: My only reaction to that was, I mean, look at

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Speaker 1: a sleep pod, napping pod or whatever it is. I

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Speaker 1: think it is great, but for only four hours, and

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Speaker 1: it's an awfully long flight, and those flights are going

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Speaker 1: to begin quite so in fact, I was speaking to

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Speaker 1: a friend who's going to be on one of those

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Speaker 1: flights going to Houston.

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Speaker 2: It's a long way, Yeah, it certainly is, and something

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Speaker 2: that I think that the idea of having space to

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Speaker 2: rest is not a bad one as well. We'll also

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Speaker 2: have noticed that last night was the start of the

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Speaker 2: Eurovision events.

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Speaker 1: I did you notice that exactly.

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Speaker 2: Look, it's the first of three. So the first semi

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Speaker 2: final was last night, second semi final is on Thursday.

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Speaker 2: In the big final of course on Saturday as well.

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Speaker 2: But a chance to get a look at everything that

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Speaker 2: has been worked for to get the preparations ready for Liverpool,

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Speaker 2: the big spectacle of the city.

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Speaker 1: Yeah, no, absolutely, it's been hosted in the UK. Fascinating,

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Speaker 1: good stuff. Let's also get some more detail though on

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Speaker 1: the recruitment company Read, which has its latest jobs report

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Speaker 1: out in collaborating with Bloomberg. People switching jobs in the

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Speaker 1: past year here in England got a ten percent pay bump,

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Speaker 1: but it was cities outside of the Southeast where salaries

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Speaker 1: rose the fastest. Joining us now is Bloomberg reporter Lucy White,

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Speaker 1: who's been delving into the data from Read. One of

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Speaker 1: the biggest recruitment websites in England. Lucy Giburning, thank you

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Speaker 1: so much for joining us. A ten percent pay rise,

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Speaker 1: good morning. That is a big number.

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Speaker 9: And it is exactly I mean, you know, considering that

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Speaker 9: we've seen you know, inflation around ten percent for the

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Speaker 9: last several months, and median salaries across the whole economy

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Speaker 9: according to the Office for National Statistics only around six percent,

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Speaker 9: a lot of people have been seeing real pay cuts.

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Speaker 9: But as you said, this is just looking at salaries

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Speaker 9: on job posting, so this will only affect people who've

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Speaker 9: actually moved jobs. But it suggests that a lot of

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Speaker 9: people have actually seen their wages in almost in line

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Speaker 9: with inflation, and some indeed this is the media number

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Speaker 9: some have seen.

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Speaker 2: More Lucie, how does this break down geographically? Is it

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Speaker 2: a sign perhaps that leveling up is working.

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Speaker 9: It's interesting because as you said, you know, we've seen

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Speaker 9: a lot of the biggest pay rises come in some

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Speaker 9: slightly unexpected places. So salaries attached to job adverts are

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Speaker 9: still largest in the big cities, you know, the likes

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Speaker 9: of London, Manchester, Cambridge. In other sort of smaller neglected towns,

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Speaker 9: you know, the likes of York, Gateshead, Norwich, Birmingham, they're

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Speaker 9: as much as the third smaller, but it's in some

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Speaker 9: of these areas outside of London where they're rising fastest,

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Speaker 9: so Blackpool, Huddersfield and Birkenhead.

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Speaker 1: The Bank of England push for pay restraint is clearly

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Speaker 1: fallen on deaf ears, has it.

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Speaker 9: Well? Obviously Yes, we had Andrew Bailey last year urging

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Speaker 9: pay restraints and we had Hugh Pill last month saying

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Speaker 9: that workers just needed to accept that they are poorer.

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Speaker 9: So I mean, obviously, you know it's been really hard

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Speaker 9: for businesses trying to recruit over the last year, and

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Speaker 9: you know they've had very little available to them other

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Speaker 9: than to offer higher salaries and to offer you know,

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Speaker 9: increased benefits. So you know, perhaps it's fallen on deafairs

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Speaker 9: or perhaps there just weren't really any other options.

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Speaker 2: Yeah, I mean, yeah, that's an interesting point. I wonder

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Speaker 2: when we think about sectors in this Lucy, what in

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Speaker 2: the data tells us about the sectors where the biggest

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Speaker 2: pay rises were available.

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Speaker 9: Well, as usual, banking and finance are doing very well.

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Speaker 9: You know, obviously a lot of those jobs are concentrated

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Speaker 9: in London, but also you know, jobs in the strategy

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Speaker 9: and consulting sector. You know, perhaps we've seen more businesses struggling.

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Speaker 9: That's that, you know, there's really been a lot of

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Speaker 9: demand for consult consultancy work and actually the energy sector

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Speaker 9: as well. Salaries are rising particularly fast in the energy sector.

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Speaker 9: I mean, obviously we've seen you know, a lot of

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Speaker 9: a lot of action in the energy sector and we're

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Speaker 9: seeing a lot of focus now on greening the energy sector.

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Speaker 9: It jobs have also been offering very high salaries typically,

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Speaker 9: you know, this is stuff like you know, software development,

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Speaker 9: software engineers. They may not be rising as fast. But

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Speaker 9: James Read, the chief executive of Red Recruitment, he's saying

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Speaker 9: that this really demonstrates the digitalization of the economy that's coming,

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Speaker 9: and he says, you know, it emphasizes the need for

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Speaker 9: boosting tech education in some perhaps more deprived areas you know,

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Speaker 9: around the country, where we can really sort of push

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Speaker 9: that leveling up agenda.

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Speaker 1: Lucy, that's really interesting. Thank you so much for being

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Speaker 1: with us. We'll speaking of Read CEO, James Reed. He

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Speaker 1: says that, you know, this is all evidence that the

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Speaker 1: UK needs to future proved the economy. Lucy, though, thank

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Speaker 1: you so much for your time this morning, and also

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Speaker 1: for delving into that really interesting data. I mean, it's

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Speaker 1: fascinating to get that much information from the website and

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Speaker 1: be able to pass it for what it means for

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Speaker 1: the UK economy. Blueberg reporter Lucy White up next in for.

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Speaker 2: A Penny Down, a pound Panic at the m and

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Speaker 2: a Trial and Trust goes to Taiwan.

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Speaker 4: Now the paper review on blue Bird Daybreak Europe The

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Speaker 4: news you need to know from today's papers.

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Speaker 1: Blooberg's James Willcook joins us now for look through the newspapers,

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Speaker 1: starting with the Telegraph. Delighted with their headline, it would

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Speaker 1: seem analysts admit that they were wrong about UK economy

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Speaker 1: as pound surges. You can sort of see the delight.

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Speaker 3: Did you know that a Telegraph thinks we're all being

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Speaker 3: really harsh on the UK economy in business and so

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Speaker 3: they are very pleased to report that the head of

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Speaker 3: the European Foreign Exchange Strategy's City, vasilaoskosk Akis, says that

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Speaker 3: predictions of a material correction of house prizes and a

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Speaker 3: collapsing consumption has simply not come to pass, and they

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Speaker 3: tore up their prediction that the pound would go to

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Speaker 3: parrot against the dollar, and they're now looking at say one

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Speaker 3: point three in the next year, and the pound is

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Speaker 3: carry at the moment trading a one year high. It

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Speaker 3: is a major turnaround. I will introduce a note of

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Speaker 3: skepticism for all the Telegraph points to notes from Goldman,

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Speaker 3: points to nat West, to all changing their perspectives. I

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Speaker 3: look to John Steppeck, the Bloomberg writer of the newsletter

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Speaker 3: and Money Distilled. I mean, I get all my good

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Speaker 3: thoughts from John, but he points out, and he pointed

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Speaker 3: out last week this was always on the cars because

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Speaker 3: the same risks that were impact in the UK economy

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Speaker 3: last year are now tailwinds. Now the April inflation figure

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Speaker 3: is predicted to fall to as low as seven percent.

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Speaker 3: So although inflation lookstubbornly high at this month, once the

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Speaker 3: energy prices factor at it will be quite similar to

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Speaker 3: most European figures. And then at that point wages will

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Speaker 3: start to matter more, which is exactly what Lucy White

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Speaker 3: was just on to talk about. So there's and I

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Speaker 3: also look at Bloomberg knocks Dan Hansen, who says that actually,

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Speaker 3: although policymakers are were wrong and the economy as a

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Speaker 3: whole is doing better at the thought he's talking about

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Speaker 3: the BOE There. The big problems here is it's not

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Speaker 3: all rosy outlooks strikes and the caronation could be a

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Speaker 3: far bigger hit to gd p's in current forecast predicts,

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Speaker 3: So it's not all sort of sunlit uplands.

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Speaker 4: On the horizon.

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Speaker 1: No, listen, I do think that the selling story is remarkable.

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Speaker 1: I think it is worth pointing out. And yet also

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Speaker 1: Vasilios obviously, who is a regular guest on BLIVEG radio

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Speaker 1: and TV and writes you know, the inside G ten

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Speaker 1: pieces for on the Blueberg terminal. You know he has

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Speaker 1: many views and things do move swiftly. But yes, so

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Speaker 1: the Telegraph highlighting this one particular instant.

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Speaker 3: And briefly just letter look compared it to pre Brexit

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Speaker 3: obviously that you can be as optimistic on the pounds

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Speaker 3: you like, but it's still I think ner pointing two

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Speaker 3: five lower than where it was back in twenty fifteen.

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Speaker 1: Twenty four. Absolutely, the last five years has been very tough.

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Speaker 2: Yeah, let's go to the ft X James writing about

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Speaker 2: the brewing courte showdown over the Activision Blizzard deal being blocked.

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Speaker 3: So Lord David Panic is a celebrity in the legal field.

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Speaker 3: Let me just go through very briefly, Stephen, some of

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Speaker 3: his recent cases. He defended Boris Johnson in the party

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Speaker 3: Gate probe. He was also seen as diff He's worked

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Speaker 3: for Queen Elizabeth I. He during the big Gena Miller

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Speaker 3: bregsit victories. He fought for Gina Miller's case. Basically, whenever

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Speaker 3: there is a live arge trial or Panic is often

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Speaker 3: somewhere in the region. So it says quite something the

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Speaker 3: activision Blizzard have hired him to take the case of

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Speaker 3: the government of blocking the deal with Microsoft and the

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Speaker 3: ft of reported to say not say something about that,

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Speaker 3: it says something about how seriously the companies are taking it,

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Speaker 3: about what the uk CMA is ruling might have on

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Speaker 3: global implications for the company. So I want to keep

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Speaker 3: an eye and as this case gets going it shows

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Speaker 3: that we will. We want to keep an eye because

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Speaker 3: Lord Panic is famously very good at the dispatch boxing court.

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Speaker 1: Yes, at the times liztus going to Taiwan.

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Speaker 3: Yes, she will become the most prominent British politician to

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Speaker 3: travel to Taiwan in decades, which is always a move

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Speaker 3: that was like to antagonize Beijing. Now famous facts about

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Speaker 3: this trust if you had to guess Caroline Stephen who

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Speaker 3: was the last most notable, most medible prime minister to

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Speaker 3: visit Taiwan, that is a history test as a hint,

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Speaker 3: it is a prime minister that Liz Trust always seeks

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Speaker 3: to emulate in a mar ninety ninety six. And so

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Speaker 3: it's but where this becomes an interesting political story is

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Speaker 3: this comes after Ian Dougas Smith yesterday as a Tory

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Speaker 3: Party grandy in his own right called out China. This

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Speaker 3: isn't just a summer holiday for Liz. She is also

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Speaker 3: set to give a speech in Taipei where she's going

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Speaker 3: to show solid hours. This is full on freelancing and

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Speaker 3: I imagine this will make her a lightning role of

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Speaker 3: for criticism against regis next policy. Notably, a lot of

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Speaker 3: Tori and peas it turns out, are increasingly worried about

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Speaker 3: the Chinese Vice President Han Jeng who came to the carnation.

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Speaker 3: He what it turns out, was in charge with the

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Speaker 3: crackdown on Hong Kong and the Hong Kong's democracy. So

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Speaker 3: there's an increasing story now of UK politicians who are

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Speaker 3: anti Sunac or upset at the current direction of the

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Speaker 3: party are coming onto the sort of China hawkish stance

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Speaker 3: the way of expressing the discontent.

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Speaker 2: This is Bloomberg Daybreak Europe. You're a morning brief on

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