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Speaker 1: This is Bloomberg Daybreak here for this Thursday, the second

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Speaker 1: of March in London coming up today, taking their chips

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Speaker 1: after the table, I'm to push for a US listing

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Speaker 1: over London Divide and Conquer fired and ECB rates look

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Speaker 1: to be headed higher, but Bailey cast doubt on future

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Speaker 1: heights at the Bank of England running out of juice.

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Speaker 1: Elon Musk's vague Tesla master plan leaves investors disappointed. Matt

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Speaker 1: Hancock's messages on COVID school closures and London slowdown blamed

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Speaker 1: for week of productivity. Those other stories we're looking at

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Speaker 1: in today's papers. And I'm Leanne Geron's class at work

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Speaker 1: doesn't pay. Three quarters of mothers say childcare costs prevent

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Speaker 1: them from returning to the workforce. That's all straight ahead

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Speaker 1: on Bloomberg Daybreak Europe. The business news you need to

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Speaker 1: start your day in just one fifteen minute podcast on Apples, Spotify,

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Speaker 1: the Bloomberg Business app and everywhere you get your podcasts.

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Speaker 1: Good morning, I'm Stephen Carroll and I'm Caroline Heitker. Here

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Speaker 1: are the stories that we're following today. The UK's tech

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Speaker 1: unicorn arm has decided not to list on the London

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Speaker 1: Stock Exchange. According to sources who've spoken to Bloomberg, it's

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Speaker 1: a blow to the government, which has long dreamed of

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Speaker 1: creating a British rival to Silicon Valley. One of Arms founders,

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Speaker 1: Jamie Arkhart, told us here on Bloomberg Radio, the government

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Speaker 1: is lacking a long term vision for the sector. There's

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Speaker 1: been very little continuity, there's been very little strategy, and

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Speaker 1: even now we're waiting for the government to come out

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Speaker 1: with a semiconductor strategy. It doesn't take that much to

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Speaker 1: start looking forward and thinking about what you're going to do,

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Speaker 1: but you've got to do it. I think the government

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Speaker 1: just either unwilling to grasp the nettle, or maybe they've

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Speaker 1: got way too many things to do and aren't thinking

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Speaker 1: about ARM. Co founder Jamie Urkhardt there, who took the

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Speaker 1: company public in the late nine before a soft bank

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Speaker 1: bought us in twenty sixteen. More from our interview with

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Speaker 1: him coming up now. Federal Reserve officials say that interest

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Speaker 1: rates will need to rise further and stay elevated into

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Speaker 1: next year. That's after several recent reports have showed that

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Speaker 1: inflation in January ran hotter than expected. The Minneapolis Fed

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Speaker 1: chief Nil Kashkari says that he supports more hikes, but

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Speaker 1: isn't yet committed to how large they should be. I'm

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Speaker 1: open minded at this point about whether it's twenty five

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Speaker 1: or fifty basis points to me much What's much more

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Speaker 1: important than whether it's twenty five or fifty is what

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Speaker 1: we signal in what's called the dark plot. Neil Kashkari

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Speaker 1: spoke also as the Atlanta Fed president Raphael Bostick said

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Speaker 1: that rates need to rise to five and a quarter

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Speaker 1: percent and remain there until well into twenty twenty four.

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Speaker 1: Bundesberg president Yacolm Nagel says that investors have been overly

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Speaker 1: optimistic about how high ECB rates will need to go,

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Speaker 1: but now the European Center Bank voting member tells Bloomberg

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Speaker 1: markets understand how tough the Center Bank might have to

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Speaker 1: get to tackle inflation. It seems to be the case

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Speaker 1: that inflation is very stubborn, and that is bringing me

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Speaker 1: to the point that one ter policy has to be

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Speaker 1: more stubborn. Not fair to speculate what is the sequencing

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Speaker 1: beyond March, but it looks like for the moment that

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Speaker 1: fifty basis points for the March meeting very necessary. That's

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Speaker 1: the Bundesbank president telling Bloomberg that half a point rate

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Speaker 1: increase is near certain in their next meeting, with inflation

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Speaker 1: data confounding economists expectations. Traders are now betting the terminal

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Speaker 1: rate for the ECB will hit four percent. UK government

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Speaker 1: bonds rallied after the Bank of England Governor Andrew Bailey

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Speaker 1: cast out over the pace of further interest rate rises.

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Speaker 1: Bloom Base Uman Potts reports now nothing is decided three

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Speaker 1: words from the Bank ofving the government, which saw UK

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Speaker 1: sovereign bonds rally yesterday. The short end led the advance,

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Speaker 1: with a yield on two year notes falling as much

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Speaker 1: as eleven base points. In comments released by the Bowe,

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Speaker 1: Andrew Bailey said he would caution against suggesting either we're

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Speaker 1: done with increasing rates or that we inevitably need to

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Speaker 1: do more. The bwe IS hiked its bench up rate

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Speaker 1: by three hundred and ninety basis points since late twenty

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Speaker 1: twenty one to four percent, the highest since two thousand

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Speaker 1: and eight, but the central bank governor did note the

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Speaker 1: labor market remains tight, adding to pressure on prices in London.

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Speaker 1: Immuanpot's Bloomboy day break Europe, the UK government is beginning

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Speaker 1: a push for closer financial service as links with the

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Speaker 1: European Union today. The move follows this week's breakthrough deal

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Speaker 1: in Northern Ireland's trading relationship. Treasury Minister Andrew Griffith is

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Speaker 1: in Berlin to meet with German banking chiefs and financial

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Speaker 1: services executives. Bloomberg understands he will use the visit to

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Speaker 1: make the case for greater cooperation with the UK. And

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Speaker 1: now to some interest in corporate news, Elon Musk's latest

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Speaker 1: master plan for Tesla has fallen flat with investors, with

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Speaker 1: little detail given about new products. Must confirmed a new

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Speaker 1: plant in Mexico would build the next generation of electric vehicles,

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Speaker 1: but gave no details on the timing. We're obviously building

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Speaker 1: a cathode processing of salty just adjacent to this building,

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Speaker 1: So a little further down the road you'll see another

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Speaker 1: large construction that's for cathode refining. But like I said,

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Speaker 1: we would really prefer if others did that. We're doing

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Speaker 1: it because we have to know, because we want to

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Speaker 1: Musk used much of the four hour long presentation to

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Speaker 1: set out his vision to lead the world's transition to

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Speaker 1: sustainable Energy. However, the longer that the event went on,

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Speaker 1: the more investors appeared to lose heart. Tesla's shares fell

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Speaker 1: as much as six point eight percent in after hours trading.

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Speaker 1: So it's our top stories this morning, Carl. I don't

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Speaker 1: know if you have a chance to read our colleague

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Speaker 1: Kitty Donaldson, our Political editors article about Baris Johnson. It

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Speaker 1: is fascinating. Kitty has been speaking to Conservative backbenches about

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Speaker 1: what Barius johnson prospects might be now, I mean, bottom line,

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Speaker 1: not good if he wanted to make a comeback. Some

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Speaker 1: really pointing to the change in for It tunes and

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Speaker 1: the change in perception of Boris Johnson as a figure

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Speaker 1: within the Conservative Party now that Richie Senac has done

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Speaker 1: this deal with the European Union and essentially saying the

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Speaker 1: Northern Arlis torpedoes his chance to make a comeback as leaders,

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Speaker 1: something that looked likely up to a few months ago. Listen,

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Speaker 1: Kitty Donaldton, you know is a voice to watch. She

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Speaker 1: would be the one to know. She interviewed Boris Johnson

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Speaker 1: actually with our own producer on a train not that

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Speaker 1: long ago. So did a long sit down interview with

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Speaker 1: the Prime Minister. She's super well plugged into a conservative party.

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Speaker 1: Think is I think it's interesting she's written that one

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Speaker 1: of the MP's quota on her piece said it showed

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Speaker 1: the era of Donald Trump style bombastic populism was over. Okay, well,

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Speaker 1: one issue for government surely, but also for business. The

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Speaker 1: story that I picked out on the term of this morning,

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Speaker 1: Jolie Briley is the founder and the CEO of Pregnant

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Speaker 1: Then Screwed. She's this piece out of research that UK

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Speaker 1: mothers say it no longer makes financial sense to work.

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Speaker 1: Look ask any family, Steve and I think this issue

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Speaker 1: has been long understood in the UK. We're one of

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Speaker 1: the most expensive countries in the OECD for childcare. Three

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Speaker 1: quarters of women say that paying for childcare in the

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Speaker 1: UK means that it makes no financial sense for them

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Speaker 1: to go to work. With such a tight labor force.

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Speaker 1: No wonder it's now becoming a political issue. Well, can

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Speaker 1: this finally be the thing that actually kicks the government

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Speaker 1: or a policymakers into action to do something about it? Finally?

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Speaker 1: Is there going to be some sort of structure and

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Speaker 1: help for this because the labor markets so tight might

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Speaker 1: actually be the castlist to see some change. Yeah, that

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Speaker 1: too optimistic, Listen, one would hope. So it's a difficult

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Speaker 1: one to crack though, and as we know with the

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Speaker 1: issue around social care for example in Britain, these are

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Speaker 1: huge structures that help with the economy, but they're very

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Speaker 1: expensive and they're difficult to resolve. Anyway, that's another great

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Speaker 1: piece on the Bloomberg terminal this morning. Okay, well, look,

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Speaker 1: let's get back to that ARM story that we've been

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Speaker 1: leading with this morning. It's the UK's tech superstar. It's

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Speaker 1: decided not to sell shares in Lundic Stock Exchange and

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Speaker 1: to plan for an IPO in the US. A huge

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Speaker 1: blow for Britain and for politicians who've been labbying for

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Speaker 1: a UK listing. Callen, this is a story that actually

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Speaker 1: you've been looking into and you've actually spoken to one

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Speaker 1: of the founders of the company. Yeah. I happened to

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Speaker 1: be up in Cambridge this week and I was speaking

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Speaker 1: to one of there were a number of ARMED founders,

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Speaker 1: but to one of the kind of pivotal people. So

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Speaker 1: ARM was founded, of course and is still based in Cambridge.

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Speaker 1: It is the duel in the crown, one could say,

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Speaker 1: of the UK tech industry. Its chip designs are found

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Speaker 1: in most of the world's smartphones, and they're pervasive across

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Speaker 1: the electronics industry. Remember that ARM was brought by soft

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Speaker 1: Bank thirty two billion dollars in twenty sixteen. That was

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Speaker 1: controversial itself. It came with promises to create more UK jobs.

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Speaker 1: But now our reporting shows that even a secondary listing

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Speaker 1: in London seems a vague idea. I promised that the

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Speaker 1: company's not ruling out according to Bloomberg reporting, but that

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Speaker 1: will surely be a huge disappointment to the government successive government.

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Speaker 1: So earlier this week I was up in Cambridge. I

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Speaker 1: spoke to Jamie Urcott, who actually took on public back

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Speaker 1: in nineteen ninety eight. He was the COO. He's now

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Speaker 1: involved in developing tech entrepreneurs at Cambridge University and across

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Speaker 1: the UK. So I asked him about the backdrop in

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Speaker 1: the UK for tech firms on which successive governments have

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Speaker 1: placed so much emphasis. The government has talked about doing

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Speaker 1: these things for a large length of time. I cheered

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Speaker 1: a report some time ago to government and quite frankly,

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Speaker 1: was underwhelmed by the lack of desire to get involved.

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Speaker 1: I think that that was appalling. Some of it might

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Speaker 1: be that the law of the people in power in

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Speaker 1: the government don't have a business background, they don't have

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Speaker 1: a tech background. I work. I first came to Cambridge

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Speaker 1: in nineteen eighty four, auspicious, and I worked for Plessy

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Speaker 1: before that. Plessy we're a world leader in semi conductors.

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Speaker 1: They at the same time as Texas Instruments developed an

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Speaker 1: integrated a transistor. They did it as well, and they

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Speaker 1: did it before TI have patented it, so they were

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Speaker 1: absolutely world leaders. The technology I was working on when

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Speaker 1: I left, I had to go two steps back with

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Speaker 1: what was available from America, which is where Acorn got

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Speaker 1: their fabrication from. But there's been very little continuity. There's

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Speaker 1: been very little of strategy, and even now we're waiting

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Speaker 1: for the government to come out with a semi conductor strategy.

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Speaker 1: And the problem is it doesn't take that much to

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Speaker 1: to start looking forward and thinking about what you're going

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Speaker 1: to do. But you've got to do it, and you've

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Speaker 1: got to then help people do it. The Americans, the

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Speaker 1: rest of Europe, Japan, China, there's government investment in what's

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Speaker 1: going forward, and some of this is geopolitical in terms

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Speaker 1: of where you've built chips and such like, there's very

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Speaker 1: little here in the UK, and the things we are

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Speaker 1: worried about, the Chinese already owned them, and I think

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Speaker 1: the government just either unwilling to grasp them at all,

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Speaker 1: or maybe they've got way too many things to do

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Speaker 1: and aren't thinking about it. Do you have any hope

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Speaker 1: that lay government might be different? You know, in case

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Speaker 1: Damer's laying up economic plans, the beginning of economic plans

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Speaker 1: for what could well be a Joe election in eighteen

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Speaker 1: months or two years, and there could be any any

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Speaker 1: hope that there is a better industrial strategy from when

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Speaker 1: you go Interestingly enough, Tony Blair actually was a positive.

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Speaker 1: I'm less concerned about the politics than they're doing and

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Speaker 1: are they doing things? So could I see a labor

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Speaker 1: government doing something? They talk about doing something, and I

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Speaker 1: think they could do something, and frankly, it couldn't be

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Speaker 1: any worse than it is at the moment. Okay, that's

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Speaker 1: not terribly hardly, No, it's I believe in things when

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Speaker 1: I see them starting to happen. You build trust by

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Speaker 1: seeing activity. So it's not that I don't think they

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Speaker 1: want to do it, but you ask me a reasonable question,

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Speaker 1: could they do it? They could do it, but let's

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Speaker 1: see some evidence. So if that was the co founder

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Speaker 1: of ARM, Jamie Urquhart speaking to me there in Cambridge

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Speaker 1: on Stephen, the UK went through three prime ministers in

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Speaker 1: a year last year. This obstructed talks with soft Bag

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Speaker 1: about a secondary listing in London. That's the kind of negative.

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Speaker 1: On the other hand, the soft Bank founder, Massa Yoshi's

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Speaker 1: son has repeatedly said that his primary focus is on

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Speaker 1: taking ARM public in the US because of the deep

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Speaker 1: investor base their attractive valuations. Now the government has declined

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Speaker 1: to comment on this issue this morning that we're reporting

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Speaker 1: of a US listing. I think the question and the

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Speaker 1: fascinating bit that I get from that interview with Jamie

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Speaker 1: urkhat is the longevity, the long view of Britain's trajectory.

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Speaker 1: The question now can Britain create new Arms of the future.

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Speaker 1: And it's also something I'm going to talk about a

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Speaker 1: bit more in a longer piece that I'm going to

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Speaker 1: bring to you in the next couple of weeks, something

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Speaker 1: to look forward to. That's a great and really fascinating

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Speaker 1: interview there from Caroline up next, Matt Hancock staged a

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Speaker 1: rearguard action to close schools, London slowdown to blame for

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Speaker 1: week UK productivity and savers lose out as bank profits rise.

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Speaker 1: Now the Paper review on blue Bird day Break Europe

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Speaker 1: the news you need to know from today's papers be

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Speaker 1: with us with detail on those stories. Morning to you,

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Speaker 1: Leanne so the Telegraph that start there, Matt Hancock staged

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Speaker 1: a rearguard action to close schools. More elaked to WhatsApp messages. Yes, indeed, Stephen,

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Speaker 1: good morning to you. Now everyone has been talking about

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Speaker 1: those leaked WhatsApp messages you've just been discussing there, obtained

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Speaker 1: by the Daily Telegraph yesterday that exploded onto the scene.

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Speaker 1: Now today the lockdown files are continuing, but they're focusing

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Speaker 1: on something different. They looking at leaks which revealed how

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Speaker 1: Matt Hancock and as advisors mocked Gavin Williamson in private

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Speaker 1: for freaking out that then how secretary mounted a campaign

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Speaker 1: to close schools. Now that comes despite the then Education Secretary, apparently,

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Speaker 1: according to these leaks, battling tooth and nail to keep

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Speaker 1: classrooms open. Williamson has also accused teachers of looking for

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Speaker 1: an excuse not to work during the pandemic, and also

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Speaker 1: wrote that teach unions really really do just hate work,

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Speaker 1: So Caroline, pretty explosive stuff coming out of these leaks.

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Speaker 1: But we must remember that during the first year of

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Speaker 1: the COVID nineteen pandemic, children and teachers just ensured this

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Speaker 1: extensive roller coaster of openings and reopenings and no one

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Speaker 1: could kind of decide in many ways. And this shows

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Speaker 1: that robust debate happening on these leaked messages. THEA leangoes,

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Speaker 1: how could I possibly forget somebody? Yes, children of school aid.

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Speaker 1: But look, you're right, this has been really explosive. And

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Speaker 1: what I thought was interesting yesterday is just how many

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Speaker 1: people commented on this, even including the chair of the inquiry,

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Speaker 1: of the COVID inquiry that has actually just begun from

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Speaker 1: preliminary hearings. But a lot of people now want, you know,

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Speaker 1: to understand more around these messages, you know, and how

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Speaker 1: they're being put out into the public. But we must

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Speaker 1: all so note that yesterday I saw lots of robust

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Speaker 1: debate over all the different TV channels. Also, Rishie Sunhak

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Speaker 1: was quizzed about those and PMQ's by Kia Starmer and

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Speaker 1: the journalist Isabel oak Shot. She is the lady who

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Speaker 1: ghost wrote Matt Hancock's book, The Pandemic Diaries, and she

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Speaker 1: has come under some fire for releasing these WhatsApp messages

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Speaker 1: before the COVID inquiry. Stephen, Yeah, okay, let's briefly get

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Speaker 1: to the Finanta Times. Next, London slowdown to blame for

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Speaker 1: week UK productivity leanne Yes, indeed. So a report says

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Speaker 1: productivity in London is lagging behind a similar cities and

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Speaker 1: that's over the last fifteen years now. The Center for

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Speaker 1: Cities think tank says the value of output put our

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Speaker 1: work here in London since two thousand and seven, has

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Speaker 1: trail places like Paris, New York and Brussels. This is

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Speaker 1: Bloomberg Daybreak Europe. You're mourning brief on the stories making

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Speaker 1: news from London to Wall Streets and beyond. Look for

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Speaker 1: and anywhere else you get your podcasts. You can also

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Speaker 1: listen live each morning on London Dab Radio, the Bloomberg

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Speaker 1: Business app, and Bloomberg dot Com. Our flagship New York

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Speaker 1: station is also available on your Amazon Alexa devices. Just

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Speaker 1: Say Alexa played Bloomberg eleven thirty. I'm Caroline Hipka and

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Speaker 1: I'm Stephen Carroll join us again tomorrow morning for all

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