WEBVTT - Gilts, Gold and Property Tax

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. Welcome to the Marrin

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<v Speaker 1>Talks Money Market Wrap, where we talk about the biggest

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<v Speaker 1>moves in the markets this week and what is driving them,

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<v Speaker 1>or more what we think might be driving them. I'm

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<v Speaker 1>Maren Sumset, Web Editor at Large for Bloomberg UK Wealth.

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<v Speaker 2>Now.

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<v Speaker 1>My usual co host John Steppeck is on holidays of

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<v Speaker 1>frolicking on a beach somewhere, possibly Greece, I think.

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<v Speaker 2>Anyway, fear not.

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<v Speaker 1>Our trusted fill in, Bloomberg Opinion columnist Marcus Ashworth is

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<v Speaker 1>with us today. Marcus, thank you so much for joining us.

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<v Speaker 2>My pleasure is Ella.

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<v Speaker 1>I think you filled in for me a few times

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<v Speaker 1>on my lengthy holiday in August. Not frolicking on a

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<v Speaker 1>beach and definitely not in grease, but nonetheless away.

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<v Speaker 2>We talked about you a lot, did you. No.

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<v Speaker 1>No, I was about to say welcome back and listen

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<v Speaker 1>to those, but I guess maybe I won't after all. Anyway,

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<v Speaker 1>quite an interesting summer and so much to talk about

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<v Speaker 1>now this summer is over. I think we're going to

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<v Speaker 1>have to start with the bond market, because it's not

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<v Speaker 1>often it makes it onto the front page of most

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<v Speaker 1>of the papers, but this week it has actually done that,

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<v Speaker 1>although things seem to have calmed a little bit now,

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<v Speaker 1>So Marc, it's just in a couple of short sentences

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<v Speaker 1>what's going on.

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<v Speaker 2>It definitely is gil market has dominated, as you say,

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<v Speaker 2>and it hasn't been quite exciting suburb compared to most

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<v Speaker 2>So it's not actually a UK specific reason this time.

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<v Speaker 2>That the sell off all year is being driven by

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<v Speaker 2>domestic factors politics, inflation and a number of other different

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<v Speaker 2>worries about upcoming budget which he now knows November twenty sixth.

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<v Speaker 2>But really what's been happening in the last week or

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<v Speaker 2>two is just a continuation of a much broader global

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<v Speaker 2>very long end bond selloff driven by a number of factors. Firstly,

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<v Speaker 2>as we know in the year was probably the UK

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<v Speaker 2>lad because we have a much increasing changing in our

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<v Speaker 2>pension system, which means that pension funds defined benefit schemes

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<v Speaker 2>do not wish to have as much exposure duration long

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<v Speaker 2>end bond exposure, something similar to happening in Holland. At

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<v Speaker 2>the same time, we've got a big sell off in

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<v Speaker 2>the second largest bond marketing world in Japan, and just

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<v Speaker 2>the last week or so we've also got a political troubles,

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<v Speaker 2>not just in the UK for once, but in France

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<v Speaker 2>with a potential vote on September the eighth, which may

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<v Speaker 2>see and yet another French government. So all these things

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<v Speaker 2>are conspiring with a bit of a sell off in

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<v Speaker 2>US treasury bond years, which the guilt market takes very

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<v Speaker 2>close measure to. But this week we've had some good

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<v Speaker 2>news in some senses from the Debt Management Office quarterly

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<v Speaker 2>guilt auctions, schedules and remits and syndications, and we have

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<v Speaker 2>very successful ten year auction one hundred and forty billion

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<v Speaker 2>pounds worth of overblown supply. But nonetheless they sold fourteen

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<v Speaker 2>billion before. If we've got a girl, all great news,

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<v Speaker 2>so we shows the demands there. This is not a

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<v Speaker 2>UK problem in the sense of liquidity. It may well

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<v Speaker 2>be one instolvency will come onto the budget a second,

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<v Speaker 2>but they are going to be selling a lot less,

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<v Speaker 2>a lot less, fewer more, indeed long end guilt and

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<v Speaker 2>particularly index linked inflation bonds, so you know they are

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<v Speaker 2>the government is at least trying to get out their

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<v Speaker 2>own weight. But nonetheless we still had very high yields.

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<v Speaker 2>It's very worrying and everyone's got a little bit over excited.

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<v Speaker 1>Yeah, let's go back a little too, whether there's UK

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<v Speaker 1>exceptionalism in here or not. So obviously, you know, our

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<v Speaker 1>yells have moved up substantially, But the other thing to

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<v Speaker 1>look at is whether they've moved up relative to other

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<v Speaker 1>countries yields, and that seems to suggest there is more

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<v Speaker 1>wrong in the UK than elsewhere. Right, So, since over

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<v Speaker 1>the last couple of years we've seen the ten year guilt,

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<v Speaker 1>he'll move from sort of knocking around the middle of

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<v Speaker 1>everyone else in the G seven to being actually one

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<v Speaker 1>of the highest prosibly the highest in the G seven,

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<v Speaker 1>which suggests that people are looking at UK guilt and

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<v Speaker 1>going nah, not so much.

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<v Speaker 2>Yeah, I mean, I think that we have two problems here.

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<v Speaker 2>We have higher inflation than cerly in Europe does, and

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<v Speaker 2>aly double because this government continues to do self harming

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<v Speaker 2>things like raising the minimum wage, raising civil servants pay,

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<v Speaker 2>taxing obviously, employer national insurance, and a rath of other stuff,

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<v Speaker 2>which has made the Bank of England's already difficult job

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<v Speaker 2>even harder. The Bank of England, of course, is also

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<v Speaker 2>making everyone's life harder by selling lots of its own

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<v Speaker 2>bond holdings constitative tightening in the active sense, no one

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<v Speaker 2>else does. But then we have a fundamental solvency issue

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<v Speaker 2>here whereby no one believes this government's economic policy is

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<v Speaker 2>going to work. They've not been able to get any

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<v Speaker 2>form of welfare cuts or cuts of any form of

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<v Speaker 2>government spending, and fundamentally everyone's worried about more tax hikes.

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<v Speaker 2>More bond issuance has been the only way out of

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<v Speaker 2>this whole. So unless this government can somehow get its

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<v Speaker 2>way round to actually doing something about controlling the runaway

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<v Speaker 2>government spending bill, then I suspect that is why, as

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<v Speaker 2>you said, the UK accepts and with a much more

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<v Speaker 2>sticky inflation backdrop, is why our yields a higher than

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<v Speaker 2>everyone else's.

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<v Speaker 1>Yeah, and now we've got this long wait for the

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<v Speaker 1>autumn budget end of November, now where we look at

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<v Speaker 1>this and we think, well, what will she do? And

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<v Speaker 1>that everyone assumes that this government is incapable, as you say,

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<v Speaker 1>of cutting spending and incapable of understanding the trade off

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<v Speaker 1>between government presence across the economy and growth, and only

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<v Speaker 1>capable of bringing in more and more and more taxes.

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<v Speaker 1>So it seems looking around that it's unlikely that we'd

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<v Speaker 1>find some kind of happy medium of lower inflation and

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<v Speaker 1>higher growth. Yeah, so we should be nervous, should be

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<v Speaker 1>really nervous.

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<v Speaker 2>Yeah, Well, I think the crux for all this is

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<v Speaker 2>the Office for Budget Responsibilities assessment and it's down to

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<v Speaker 2>this neebolous concept of productivity and whether they think productivity

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<v Speaker 2>growth is falling or rising indeed in the UK, and

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<v Speaker 2>this is going to make a very big difference. Every

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<v Speaker 2>zero point one percentage point of its change, probably worse

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<v Speaker 2>in where it expects productivity to be, will cost about

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<v Speaker 2>nine to ten billion extra for the government for Rachel

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<v Speaker 2>Rus to find, so most estimates, I think he's going

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<v Speaker 2>to have to find an extra twenty billion on top

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<v Speaker 2>of a ten billion head rugs of thirty billion in

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<v Speaker 2>total to get a back itself back where she was

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<v Speaker 2>in the spring statement. There are lots of different other estimates,

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<v Speaker 2>but that seems to be consensus. But this will could

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<v Speaker 2>dramatically change if they alter the productivity growth assessment. This

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<v Speaker 2>is really in the weed stuff. We shouldn't be beholden

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<v Speaker 2>to some form of spreadsheet analysis and having a change

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<v Speaker 2>in targub on policy to keep up to this the

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<v Speaker 2>whole time. It is madness, but it's exactly what we've

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<v Speaker 2>got for another three months worth or whatever. It is.

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<v Speaker 2>Then a renmber to find out more scarce stories about

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<v Speaker 2>which tax tax is going to have to raise to

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<v Speaker 2>somehow make these magic numbers that up.

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<v Speaker 1>Yeah, I suppose one thing we could say, I'm im

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<v Speaker 1>presumably the rest of the world, should they ever bother

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<v Speaker 1>to look at us, look at us and think wow,

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<v Speaker 1>all their senior politicians keep crying on the telly and

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<v Speaker 1>looking at for example, example, Angela.

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<v Speaker 2>Raina's current problems.

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<v Speaker 1>Will only look at these through.

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<v Speaker 2>The lens of tax.

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<v Speaker 1>Okay, you know, obviously one of the things it says is, oh, look,

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<v Speaker 1>stamp duty is incredibly complicated and difficult to deal with,

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<v Speaker 1>such that even your own housing secretary can't understand the

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<v Speaker 1>way your stamp duty works.

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<v Speaker 2>But given this political hiccup.

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<v Speaker 1>That the government are having at the moment, do you

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<v Speaker 1>think less likely that they're going to go for more

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<v Speaker 1>and increasingly complicated property taxes in the budget. Could you

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<v Speaker 1>maybe step back and say, do you know what, maybe

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<v Speaker 1>they'll just leave that one alone because it's a little sensetive.

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<v Speaker 2>I hope they don't do it. It's a simple thing called

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<v Speaker 2>the Laugher curve. And I think they've gone over the

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<v Speaker 2>top of the Africa on stamp detail land tax and

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<v Speaker 2>they need to reduce them outs where it was working

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<v Speaker 2>perfectly fine for many, many years, but they keep on

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<v Speaker 2>reading the honeypot and now they've got a situation where

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<v Speaker 2>clearly they've basically killed the profiting market. So this type

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<v Speaker 2>of government cannot help but resist the temptation of an

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<v Speaker 2>enables resistantation in the sense of always wanted to tinker

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<v Speaker 2>with something. And there's a lot too much noise in

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<v Speaker 2>the press and various different traveling has being floated, so

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<v Speaker 2>suggest they aren't going to have a look at it

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<v Speaker 2>some stage. I hope they avoid it. I hope they

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<v Speaker 2>keep things simple because virtual all the suggestions so far,

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<v Speaker 2>if we replace one thing, they have to place with

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<v Speaker 2>five other different things. And the consequences and.

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<v Speaker 1>The warriors, of course, is that they bring they say

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<v Speaker 1>they're going to replace something with something, and then they

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<v Speaker 1>just bring it in and layer it on top, which

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<v Speaker 1>is when you look at for example, you don't putting

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<v Speaker 1>capital gains tax on sales of taxes or a wealth

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<v Speaker 1>tax on more expensive houses, etc. You know that's just

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<v Speaker 1>going to be ladled on top of this apparently incomprehensible

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<v Speaker 1>stamp duty.

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<v Speaker 2>Correct. I don't think it's that incomprehensible. It's all I

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<v Speaker 2>would say is that, No, I don't think it is

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<v Speaker 2>the three different lawyers irritating, but giving selective advice to

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<v Speaker 2>each three of them is the reason why you get

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<v Speaker 2>yourself in these troubles. But the rest of us it's

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<v Speaker 2>not that difficult, okay.

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<v Speaker 1>Now, apart from property, the biggest pool of available cash

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<v Speaker 1>in the UK is in pensions, and we just talked

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<v Speaker 1>about it. Possibly one of the reasons why guilt yields

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<v Speaker 1>the rising is because the pension industry no longer wants

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<v Speaker 1>to or needs to hold quite so many long dated guilts.

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<v Speaker 1>But put that aside, that's still where the money is.

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<v Speaker 1>So if you were the chancellor, and if you're the

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<v Speaker 1>current chancellor, and maybe you'll be the one delivering the budget,

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<v Speaker 1>maybe it won't be. But nonetheless, if you're looking for money,

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<v Speaker 1>that is where the money is, right.

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<v Speaker 2>Yeah, And I think there will be changes to the

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<v Speaker 2>amount we are allowed to put in each shirt. It's

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<v Speaker 2>currently sixty thousand. It slightly oddly went up for forty

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<v Speaker 2>thousand under Jeremy Hunt. I think they may almost certainly.

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<v Speaker 2>I think they will reduced that same time the forty

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<v Speaker 2>percent or forty five percent tax break. I suspect they

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<v Speaker 2>may want to blend that with the lower rate tax

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<v Speaker 2>at twenty and perhaps gople on one rate I'll say

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<v Speaker 2>around thirty percent. So I definitely think they will reduce

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<v Speaker 2>pension benefits in some says, I don't think you'll alter

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<v Speaker 2>how many people will will will save. I think most

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<v Speaker 2>employees will still put thirty percent in rather than the

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<v Speaker 2>forty percent may be enjoying. It's not a very nice

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<v Speaker 2>way of doing things, but I think it's a very

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<v Speaker 2>easy one. And because it's already bedded the system, and

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<v Speaker 2>allreading is changing the rate and change the amount you

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<v Speaker 2>put in, I think it'll be easy one. And they

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<v Speaker 2>can also very easily brush it off as a type

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<v Speaker 2>of thing labor government would do, making it more advantageous

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<v Speaker 2>for lower income people.

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<v Speaker 1>What about the amount of money that people come withdraw

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<v Speaker 1>tax free. I mean that's one that we know some

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<v Speaker 1>of the people inside the treasury are very unhappy about

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<v Speaker 1>that you can still withdraw well over a quarter of

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<v Speaker 1>a million quid tax free from mesion. It seems that

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<v Speaker 1>that would be a pretty easy way to raise money.

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<v Speaker 1>Take that down to fifty. I mean, obviously everyone's going

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<v Speaker 1>to hate you, but you know, I.

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<v Speaker 2>Think they'll void that one. I think that's harder than

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<v Speaker 2>it looks, and as you said, it would be egregiously unfair.

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<v Speaker 2>You know, if you put all this money into a pension,

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<v Speaker 2>you should be allowed to stick to the rules. What

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<v Speaker 2>you put in in the future is changed. That's a

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<v Speaker 2>different story, but very aggressive and taking away or something

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<v Speaker 2>you could you're allowed to do on Wednesday, and then

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<v Speaker 2>on Thursday you're not allowed to do it. I don't

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<v Speaker 2>think they will do that. I hope they they'll do that.

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<v Speaker 2>I think that's very unfair. Have you said that. I

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<v Speaker 2>have made sure I've taken mine out just in case,

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<v Speaker 2>have you Interesting?

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<v Speaker 1>Now, the one thing that's happening with all this guilt

0:11:40.440 --> 0:11:43.319
<v Speaker 1>market or bond market turmoil around the world is that

0:11:43.320 --> 0:11:46.840
<v Speaker 1>the gold price has gone berserk, something we've been telling

0:11:46.880 --> 0:11:50.040
<v Speaker 1>people's going to happen for nearly thirty years now, and

0:11:50.160 --> 0:11:52.120
<v Speaker 1>here we finally are success.

0:11:52.600 --> 0:11:56.040
<v Speaker 2>Yeah, we've broken up. It should continue to raise higher.

0:11:56.280 --> 0:11:59.600
<v Speaker 2>I note this time round, it's silver's going with it,

0:12:00.240 --> 0:12:02.920
<v Speaker 2>possibly even leading it. You could argue, but you know, look,

0:12:02.960 --> 0:12:06.640
<v Speaker 2>this is just a symptomatic of of we've got Trump

0:12:06.720 --> 0:12:09.640
<v Speaker 2>tariffs and possibly getting ruled out and what happens in

0:12:09.760 --> 0:12:12.800
<v Speaker 2>place if that was the case. You can see why.

0:12:14.080 --> 0:12:16.360
<v Speaker 2>You know, central banks allegedly, I'm not sure how you

0:12:16.400 --> 0:12:18.800
<v Speaker 2>can really trust this data, but they now hold more

0:12:18.840 --> 0:12:22.960
<v Speaker 2>gold than they do you as treasuries. You know, this

0:12:23.040 --> 0:12:27.520
<v Speaker 2>is a long standing trend, and you know, look, I

0:12:27.520 --> 0:12:30.760
<v Speaker 2>think there is not much to suggest that that gold

0:12:31.040 --> 0:12:33.120
<v Speaker 2>will not continue to do exactly what's been doing for

0:12:33.160 --> 0:12:35.640
<v Speaker 2>the last year or more, and it will probably be

0:12:35.640 --> 0:12:38.239
<v Speaker 2>continued to ahead higher as this world gets more complicated

0:12:38.360 --> 0:12:41.559
<v Speaker 2>and confusing, and indeed people are looking at stock markets

0:12:41.840 --> 0:12:43.960
<v Speaker 2>all time highs and thinking that doesn't make any sense.

0:12:44.000 --> 0:12:46.240
<v Speaker 2>With bond yields this hive as normally you would expect

0:12:46.720 --> 0:12:49.120
<v Speaker 2>that would hurt equities. Maybe that comes at some point.

0:12:49.320 --> 0:12:51.760
<v Speaker 1>Did you take that money to go out your passion

0:12:51.800 --> 0:12:52.360
<v Speaker 1>and shovel it end?

0:12:52.440 --> 0:12:56.839
<v Speaker 2>Gold? Spedule? A whole lot of it. I have put

0:12:56.880 --> 0:13:00.200
<v Speaker 2>it in other things. Some of it's all but not enough, clearly.

0:13:00.120 --> 0:13:02.599
<v Speaker 1>No, never enough, never enough. You know, for years and

0:13:02.679 --> 0:13:04.440
<v Speaker 1>years and years you talk about gold, you tell people

0:13:04.480 --> 0:13:06.360
<v Speaker 1>about gold, and then when it actually happens. Of course

0:13:06.400 --> 0:13:08.920
<v Speaker 1>you don't have enough gold, but as you say, it

0:13:08.920 --> 0:13:11.800
<v Speaker 1>does have interesting implications for the UKs dot market as well.

0:13:11.840 --> 0:13:13.760
<v Speaker 1>And of course, you know kept smaller caps that had

0:13:13.760 --> 0:13:16.080
<v Speaker 1>a fairly lousy beginning of the week. The footy one

0:13:16.160 --> 0:13:19.520
<v Speaker 1>hundred stocks absolutely fine. But nonetheless, if you're getting to

0:13:19.559 --> 0:13:22.640
<v Speaker 1>the point when you can get a better yield from

0:13:22.720 --> 0:13:26.040
<v Speaker 1>a bond than you can from an equity, things do

0:13:26.040 --> 0:13:27.280
<v Speaker 1>you begin to change, don't they?

0:13:27.600 --> 0:13:29.400
<v Speaker 2>Yeah, well that's a very interesting point. I mean, if

0:13:29.440 --> 0:13:32.560
<v Speaker 2>you think about it in unity terms, which we always

0:13:32.600 --> 0:13:34.760
<v Speaker 2>used to have to be forced into doing with our pensions,

0:13:35.679 --> 0:13:38.920
<v Speaker 2>these yields are very attractive. At some point people are

0:13:38.920 --> 0:13:41.760
<v Speaker 2>going to realize that this is a great opportunity to

0:13:41.800 --> 0:13:46.199
<v Speaker 2>lock in five points something yields and in a sort

0:13:46.240 --> 0:13:48.280
<v Speaker 2>of a tax efficient way, it can be even higher.

0:13:49.559 --> 0:13:54.040
<v Speaker 2>That is making more sense. And I don't know why

0:13:54.080 --> 0:13:57.040
<v Speaker 2>we don't make more of anuities and make it better regulated,

0:13:57.160 --> 0:14:00.360
<v Speaker 2>more visible, and more competitive. And I think that something

0:14:00.400 --> 0:14:02.559
<v Speaker 2>this government could do to help, if they wanted to

0:14:02.559 --> 0:14:04.680
<v Speaker 2>do something positive towards thevention industry.

0:14:06.440 --> 0:14:08.840
<v Speaker 1>What's the end game do you think, Marcus? I mean,

0:14:08.960 --> 0:14:11.640
<v Speaker 1>here we are we talk about the fiscal problems of

0:14:11.679 --> 0:14:14.000
<v Speaker 1>the UK. We talk about rising guilty als, we talk

0:14:14.040 --> 0:14:17.679
<v Speaker 1>about the gold price, etc. Is there any way that

0:14:17.760 --> 0:14:20.600
<v Speaker 1>we can pull back or weaves can pull back from

0:14:20.640 --> 0:14:22.560
<v Speaker 1>the brink, or do we look forward and say, actually,

0:14:22.600 --> 0:14:25.040
<v Speaker 1>things are going to get really nasty over the next

0:14:25.040 --> 0:14:25.760
<v Speaker 1>few years.

0:14:26.040 --> 0:14:28.400
<v Speaker 2>Well, I'm not too persimistic about the UK economy and

0:14:28.440 --> 0:14:31.720
<v Speaker 2>the context that what this government is doing, which is

0:14:31.760 --> 0:14:35.000
<v Speaker 2>not great is that they're shifting and all the spending into

0:14:35.000 --> 0:14:37.440
<v Speaker 2>the public sector away from the private sector. But the

0:14:37.440 --> 0:14:40.240
<v Speaker 2>private sector has actually been fairly resilient, or more resilient

0:14:40.280 --> 0:14:43.600
<v Speaker 2>this year than we should have expected. I do believe

0:14:43.600 --> 0:14:46.160
<v Speaker 2>the banking will have to layer interest rates, which will

0:14:46.240 --> 0:14:49.160
<v Speaker 2>in theory help, And I think that we are destined

0:14:49.200 --> 0:14:52.240
<v Speaker 2>for more than one percent but less than two percent

0:14:52.320 --> 0:14:54.360
<v Speaker 2>growth for the foreseeable But that isn't the end of

0:14:54.360 --> 0:14:57.200
<v Speaker 2>the world. We don't have the worst debt GDP though

0:14:57.280 --> 0:14:59.200
<v Speaker 2>some people think we have. We are not going anywhere

0:14:59.240 --> 0:15:02.680
<v Speaker 2>near the IMA. All these sock stories about the IMF

0:15:02.880 --> 0:15:05.040
<v Speaker 2>is fairly I'm understanding a couple of things. One, our

0:15:05.080 --> 0:15:08.400
<v Speaker 2>economy six lives in the world three trillion more is

0:15:08.440 --> 0:15:11.359
<v Speaker 2>too big to bail out. The IMF doesn't have a firepower.

0:15:11.600 --> 0:15:14.200
<v Speaker 2>It's not the right type of crisis. The IMF last

0:15:14.240 --> 0:15:16.760
<v Speaker 2>time bailos up more as we had a foreign currency crisis.

0:15:16.760 --> 0:15:19.800
<v Speaker 2>That are yeah, in a sense of current account deficit issue,

0:15:19.800 --> 0:15:22.000
<v Speaker 2>which which we still do to a degree, but not

0:15:22.000 --> 0:15:23.520
<v Speaker 2>to quite at the same extent. We are on our

0:15:23.560 --> 0:15:26.120
<v Speaker 2>own in the sense that France is even worse predicament

0:15:26.200 --> 0:15:28.120
<v Speaker 2>the LISTA has Germy to bail that out again.

0:15:28.440 --> 0:15:31.000
<v Speaker 1>Yeah, well that the IMF can't bail out France either,

0:15:31.440 --> 0:15:31.680
<v Speaker 1>and it.

0:15:31.680 --> 0:15:33.680
<v Speaker 2>Wouldn't be able to, and it wouldn't want to. That

0:15:33.720 --> 0:15:36.880
<v Speaker 2>would be up to Germy phrase. But you know, they

0:15:36.880 --> 0:15:39.080
<v Speaker 2>can't bail out either these huge economies, and nor could.

0:15:39.080 --> 0:15:41.320
<v Speaker 2>They're the wrong types of crisis. There's nothing the RMF

0:15:41.320 --> 0:15:45.120
<v Speaker 2>could suggest or do which would help anyway. So the

0:15:45.200 --> 0:15:48.800
<v Speaker 2>point is that we have to stop government spending rising

0:15:48.920 --> 0:15:51.600
<v Speaker 2>at the level it is. That is what has to break,

0:15:52.480 --> 0:15:55.160
<v Speaker 2>and this government has to realize it and will unfortunately

0:15:55.160 --> 0:15:57.320
<v Speaker 2>realize it sooner hopefully rather than later.

0:15:58.760 --> 0:16:01.240
<v Speaker 1>Well that will be interesting, be fascinating to see what

0:16:01.320 --> 0:16:03.600
<v Speaker 1>drives them to actually realize that and start doing something

0:16:03.640 --> 0:16:08.640
<v Speaker 1>about it. I'm slightly less optimistic than you, but Marcus,

0:16:08.720 --> 0:16:10.920
<v Speaker 1>anything else we should say before we finish.

0:16:10.680 --> 0:16:14.160
<v Speaker 2>Up, No, might I just think that this is unfortunately

0:16:14.160 --> 0:16:17.320
<v Speaker 2>going to be a long drawn out autumn with ever

0:16:17.400 --> 0:16:20.960
<v Speaker 2>more scared stories on what taxes, well taxes and various

0:16:20.960 --> 0:16:23.680
<v Speaker 2>other different things are going to come out, and it's

0:16:23.680 --> 0:16:29.080
<v Speaker 2>so unnecessary. Yeah, I sincerely hope that the banging stops

0:16:29.200 --> 0:16:32.400
<v Speaker 2>its active concerted tiding policy. We'll find out that on

0:16:32.400 --> 0:16:36.160
<v Speaker 2>the September the eighteenth. Hopefully the Federal Reservoi of cut

0:16:36.160 --> 0:16:38.160
<v Speaker 2>interest rates by then, and hopefully that means the banking

0:16:38.240 --> 0:16:40.480
<v Speaker 2>itself will will start thinking about that in November, and

0:16:40.520 --> 0:16:43.840
<v Speaker 2>then maybe, just maybe we'll be slightly better stage if

0:16:43.880 --> 0:16:48.880
<v Speaker 2>the OBR gives us a reasonably optimistic outlook on the economy. Brilliant.

0:16:49.000 --> 0:16:51.880
<v Speaker 1>Thank you, Thank you, Marcus, and thank you for listening

0:16:51.920 --> 0:16:54.320
<v Speaker 1>to this week's Marin Talks Money debrief. If you like us,

0:16:54.560 --> 0:16:57.120
<v Speaker 1>rate to review and subscribe wherever you listen to podcasts

0:16:57.200 --> 0:16:58.680
<v Speaker 1>or so be sure to follow me in John on

0:16:58.840 --> 0:17:01.880
<v Speaker 1>x or Twitter at Mary inn sw and John underscoore Stappic,

0:17:02.120 --> 0:17:05.840
<v Speaker 1>and Marcus is at Marcus Ashworth. This episode was produced

0:17:05.840 --> 0:17:08.399
<v Speaker 1>by Somersati and Moses and Questions and comments on this

0:17:08.480 --> 0:17:11.320
<v Speaker 1>show and all our shows are always welcome our show.

0:17:11.359 --> 0:17:14.080
<v Speaker 1>Email is Marimaney at bloomberg dot net.