Speaker 1: Fran You're just back from Davos, and the number one
Speaker 1: a gender item at least unofficially, seems from all your
Speaker 1: broadcasting and reporting to have been the Donald. Is that right?
Speaker 2: Yeah, he was thousands of miles away from the Swiss
Speaker 2: town of Davos. But I have to say it was
Speaker 2: the talk of the possible return of Donald Trump to
Speaker 2: the White House that everyone was talking about, and how
Speaker 2: you trump proof the economy, if you can trump proof
Speaker 2: the economy, the impact he could have on of course
Speaker 2: inflation and on globalization overall.
Speaker 1: And then there was a shift as well, so there
Speaker 1: was a sort of the dominant strain from Afar to
Speaker 1: us in London seemed to be that there was a
Speaker 1: kind of oh, right, we have to accept that he
Speaker 1: might be coming back to the White House. But then
Speaker 1: there seemed to be a rear guard. Yes, don't worry,
Speaker 1: it's all containable. There won't be much change.
Speaker 2: And some people are like adult with it with a
Speaker 2: little bit of humor. So we asked Christine Laguard about
Speaker 2: what a Trump presidency, you know, Trump to point oh means.
Speaker 2: She kind of made everyone laugh. I think the Gravil cupof.
Speaker 3: Coffee, it's for the American people to decide what they want.
Speaker 3: But obviously we are all concerned about it because the
Speaker 3: United States is the largest economy, the largest defense country
Speaker 3: in the world.
Speaker 1: But it's tricky from because Boris Johnson wrote a piece
Speaker 1: this week about actually all the evidence we have from
Speaker 1: last time Donald Trump was in powers that you know,
Speaker 1: this was a man we could do business with, and
Speaker 1: in it he singles out regard as you know, the
Speaker 1: sort of grand dam of Europe's left in his words
Speaker 1: or some metaphor similar, you know, her clutching her pearls
Speaker 1: was kind of what Donald Trump is there to do.
Speaker 1: He's there to kind of shake things up.
Speaker 2: And there's still so much we don't know about Donald Trump,
Speaker 2: who his running made is, but also what kind of
Speaker 2: composition of Congress he'll have. Adam Posen was talking about.
Speaker 4: That, Yeah, everything changes of Trump wins in mostly for
Speaker 4: bad ways. Speaking as an economists, I think the reality
Speaker 4: is the American electorate is going to be more strategic.
Speaker 4: If Trump wins, the Democrats will likely hold the House.
Speaker 4: If Biden wins, the Republicans will likely hold the Senate,
Speaker 4: and so it's going to be about the sort of
Speaker 4: stealth fiscal policy but if.
Speaker 2: You're a chief executive or if you're an investor, you're
Speaker 2: a policy maker, I think you probably have to game
Speaker 2: theory what it means in terms of some of the
Speaker 2: policies that sometimes do come out of the blue, to
Speaker 2: try and make sure that you have your house in order.
Speaker 2: I know there's also talks and rumors about European Union
Speaker 2: looking at leadership after the elections to make sure that
Speaker 2: they have someone strong enough to possible counter the US
Speaker 2: if Donald Trump is in the White House. And then
Speaker 2: we spoke to the Finance Minister of Germany and he
Speaker 2: just took issue with the fact that we're talking about
Speaker 2: Donald Trump too much.
Speaker 1: We are talking too much about Donald Trump in Europe,
Speaker 1: and we.
Speaker 2: Should be prepare ourselves for a possible second term for
Speaker 2: Donald Trump by fostering our European competitiveness. But whether you
Speaker 2: think we're talking about Donald Trump too much, we have
Speaker 2: to try and figure out what possible Trump presidency. The
Speaker 2: second time Round meets for the Economy. Welcome to in
Speaker 2: the City, Bloomberg's podcast, connecting you to the conversations and
Speaker 2: the stories shaping the world of finance and Francin.
Speaker 1: Laqua and I'm alegri Stratton.
Speaker 2: So this week a look at really what impact four
Speaker 2: more years of Trump and the White House will have
Speaker 2: on economies around the world with us Bloomberg Head of
Speaker 2: Economics and Government, Stephanie Fonder. Stephanie, thank you so much
Speaker 2: for joining us. We were together in Davos. We're definitely
Speaker 2: the decision makers were sizing up the global risks of
Speaker 2: another Trump presidency.
Speaker 5: Yeah, I think people are looking and realizing that this is,
Speaker 5: you know, a very serious possibility. And I think you
Speaker 5: saw a couple of strands. You saw a general kind
Speaker 5: of unease about the uncertainty that that was going to
Speaker 5: bring at a time when you know, heaven knows, we
Speaker 5: already have quite a lot of quite a lot of
Speaker 5: uncertainty in the global economy. But there was another interesting
Speaker 5: strand which I thought was, you know a lot of
Speaker 5: big business leaders, particularly who are based in the US,
Speaker 5: really wanting to get away from the kind of extreme
Speaker 5: rhetoric that you often hear on the campaign and certainly
Speaker 5: has been part of the Biden administration's pitch against Trump.
Speaker 5: You know that he's a risk to democracy and all
Speaker 5: of these things. I think that you know, the head
Speaker 5: of JP Morgan JB. Diamond specifically pushed back on that
Speaker 5: and was in a sense just I mean, you could
Speaker 5: say he was trying to normalize Trump. You're certainly trying
Speaker 5: to normalize the campaign between these two and say, look,
Speaker 5: we shouldn't think this is about preventing a dictatorship. We
Speaker 5: should consider these to be too serious politicians.
Speaker 1: Because I mean, the thing we've seen in the UK
Speaker 1: was obviously the Boris Johnson piece, which was a different
Speaker 1: version of the same Jamie Diamond weldview stuff, which was
Speaker 1: hold on a second, it might not be as bad
Speaker 1: as all that, and I think there's a number of
Speaker 1: reasons for it. The sort of really unkind observation is
Speaker 1: Trump was quite good for the wealthy, and Jamie Diamond's
Speaker 1: clearly wealthy, and indeed Boris Johnson's got quite wealthy recently. Two.
Speaker 1: But there's sort of less unkind and more sort of
Speaker 1: high minded version or interpretation of it is that you know,
Speaker 1: fundamentally Trump has a huge number of supporters and represents
Speaker 1: a view in America and indeed a view in other countries,
Speaker 1: and a constituency that feels quite aggrieved and quite voiceless,
Speaker 1: and so trying to connect with those people as well
Speaker 1: might be on the mind certainly, certainly of someone like
Speaker 1: Boris Johnson.
Speaker 5: Yeah, and it's just a desire to sort of try
Speaker 5: and feel like Donald Trump is still on the reservation
Speaker 5: and you know, actors as though he is still you know,
Speaker 5: a viable leader for America, given that he's you know,
Speaker 5: quite quite has a very good chance of being the
Speaker 5: next president. Any one of these leaders, any one of
Speaker 5: these business people will have to interact with him or
Speaker 5: his officials. So there's also just a basic kind of
Speaker 5: self preservation aspect that you know, any the world is
Speaker 5: such that you know, they will have to deal with
Speaker 5: whoever's the president. And if it looks like it might
Speaker 5: be Donald Trump, there's no point trying to suggest that
Speaker 5: you know it'll be you know that he is some
Speaker 5: impossible to deal with character, because you're going to have
Speaker 5: to deal with him.
Speaker 2: But Stephaniely, if you break down, you know, the impact
Speaker 2: on the economy, So is it almost automatically inflationary because
Speaker 2: it will be you know, less globalist, We could potentially
Speaker 2: see more supply chain disruption between the US and China.
Speaker 2: And so actually, if you're a European you're kind of
Speaker 2: stuck in the middle and you're not sure what to do.
Speaker 5: Yeah, it's interesting because the one thing he has said
Speaker 5: in the way of policies on the economic front is
Speaker 5: the ten percent tariff on all imported goods. And we
Speaker 5: actually did the numbers on that with Blimberg Economics the
Speaker 5: other day, and it's obviously, you know, as economists would say,
Speaker 5: it's not very good for real incomes and for consumers
Speaker 5: in the US. I think we found forty five out
Speaker 5: of fifty states where it was going to be a
Speaker 5: modest hit to real income because remember, you're even if
Speaker 5: you may have helped the old mining company or auto plant,
Speaker 5: your increase, seeing the price of all these imports that
Speaker 5: people buy and other businesses buy. Ironically, China does quite well,
Speaker 5: we notice, because of course there's lots of very high
Speaker 5: tariffs on China anyway, so it wouldn't necessarily be a
Speaker 5: big hit for them. But the countries like Mexico that
Speaker 5: Chinese exporters are competing with would suddenly face this tariff
Speaker 5: at least if he goes through on that promise of
Speaker 5: ten percent across the board. So you know, that kind
Speaker 5: of thing at the margin could sort of further disrupt
Speaker 5: global trade. Add to inflation a little bit in the US.
Speaker 5: But you know, as ever with these things, one it's
Speaker 5: still thinking more about the uncertainty and more about what
Speaker 5: kind of policies you'd be looking at across the board
Speaker 5: from the US. You know, we don't know really how
Speaker 5: what his stance against China will be. It could be
Speaker 5: that he'll be a bit more conciliatory with Shijinping than
Speaker 5: President Biden has been, given that he has a seem
Speaker 5: to have a bit of a portion for dictators.
Speaker 2: How difficult is it just to have a template on,
Speaker 2: you know, the economics under Donald Trump, because some of
Speaker 2: the policies were made on a whim, It was on
Speaker 2: social media, So because they're not pre announced, it's actually
Speaker 2: quite difficult to know right now what you know, he'll
Speaker 2: do on the Inflation Reduction Act and some of the
Speaker 2: lynchpins that are benefiting the US economy, although he may
Speaker 2: not agree with the underlying premise of it.
Speaker 5: Yeah, it's interesting. It's been so much part of and
Speaker 5: we saw that in New Hampshire in Iowa, A big
Speaker 5: part of the pitch to voters for Trump has been
Speaker 5: the comparison between you know, what their economic situation was
Speaker 5: under Trump versus what it's been under Biden. And of
Speaker 5: course we could argue there were lots of you know,
Speaker 5: the Putin's invasion of Ukraine had quite a lot to
Speaker 5: do with that, The timing of COVID had quite a
Speaker 5: lot to do with that contrast. But having made that
Speaker 5: big economic pitch, actually we're not hearing that much from
Speaker 5: Donald Trump in the way of new economic policies apart
Speaker 5: from the one I just talked about. In fact, he's
Speaker 5: focused more on, as far as we can see, increasing
Speaker 5: executive power, so try to reduce the influence of the
Speaker 5: individual departments and regulators in the US, so that would
Speaker 5: potentially suggest, you know, much less environmental regulation, and they're
Speaker 5: definitely a kind of wind down in the Inflation Reduction Act.
Speaker 5: We've heard a lot about immigration and potentially, you know,
Speaker 5: some thought about maybe using the using the American army
Speaker 5: on US soil to confront illegal immigration. So you know,
Speaker 5: there is a bit of a disconnect. But although a
Speaker 5: lot of his he's been sort of talking about Biden's
Speaker 5: economic failures, he hasn't been proposing a lot of concrete
Speaker 5: new economic policies that we could focus on.
Speaker 1: I think the other thing that's been to sort of
Speaker 1: bring it back to the UK. The other thing that
Speaker 1: I don't perhaps this week will be the first time
Speaker 1: people will start to process it is if we have
Speaker 1: an autumn election and I don't think and you know,
Speaker 1: none of us know, but if we have an automate election,
Speaker 1: which is time roughly around the same time as what
Speaker 1: we now think is quite likely to be Biden versus Trump,
Speaker 1: and you have more and more of this bellicose language
Speaker 1: that he is so fond of. I think firstly, you know,
Speaker 1: we are not used to having an election in this
Speaker 1: country which has got another election that's very relevant and
Speaker 1: important happening at the same time, it's suffusing and intermingling
Speaker 1: with the language and the debates that are being had
Speaker 1: in the UK and that are not completely irrelevant. So
Speaker 1: I think, firstly, that's the kind of the backdrop if
Speaker 1: you've got Trump saying repeatedly, are you better off now
Speaker 1: than you were four years ago? And that is a
Speaker 1: you know, a date but debating point as well that
Speaker 1: we'll play in our election. I think it is it
Speaker 1: is going to be unusual to have that sort of
Speaker 1: double narrative playing through our own potentially our own election.
Speaker 5: Yeah, and I have I often find I mean, there
Speaker 5: is an interesting way agro It's a bit like you know,
Speaker 5: we all watch, you know, the American TV kind of
Speaker 5: permeates our consciousness. And there's also been a sort of
Speaker 5: equivalent to that in economics that the big economic debates
Speaker 5: in the US we tend to sort of transposed onto
Speaker 5: the UK, like rising inequality or and and and other
Speaker 5: things that you know, and the flat real wages, which
Speaker 5: has been true in the US and actually less true
Speaker 5: in the UK. I think that would be the risk
Speaker 5: if you have kind of simultaneous parallel campaigns. I guess
Speaker 5: if that if the betting is potentially a couple, that
Speaker 5: the UK election would be two weeks after the presidential election,
Speaker 5: maybe in November, you could you could find that there
Speaker 5: were sort of people were importing debates from the from
Speaker 5: the US campaign that actually are less relevant for the UK.
Speaker 5: We haven't had a very good recovery from COVID like
Speaker 5: the US has had. We have a different kind of
Speaker 5: inflation problem. We certainly have a very different kind of
Speaker 5: energy situation. And yet you know, there's a there's a
Speaker 5: risk that will sort of find ourselves having the same
Speaker 5: arguments as they are having in the US.
Speaker 1: I think I think that all of that's true. I
Speaker 1: also think there would be being said and both politically
Speaker 1: big political leaders and Starma will come under different pressure
Speaker 1: to respond to them. So, you know, from from Sunk's perspective,
Speaker 1: you know this has been said in America, do you agree?
Speaker 1: And he'll have kind of one set of political calculations
Speaker 1: to go through. But the same will be true as Starma.
Speaker 1: If you know, he's looking like he's becoming the next
Speaker 1: prime minister, you know, he'll come under pressure from the
Speaker 1: left of his party to just you know, say this
Speaker 1: is outrageous how they et cetera structure, and he'll probably
Speaker 1: you know, need to keep quiet for the reasons we
Speaker 1: sort of started this podcast, which is people will have
Speaker 1: to work with each other in you know, twelve months time.
Speaker 5: Yeah, there's also an interesting thing if all the debate
Speaker 5: is about Bidenomics, or at least if there's quite a
Speaker 5: lot of debate about Bidenomics and whether it works, it
Speaker 5: sort of makes it a complicated argument for Keir Starmer, right,
Speaker 5: because you know, there's certainly been elements of the biden
Speaker 5: approach to the economy that the Rachel Reeves and others
Speaker 5: in the London on the labor side are trying to emulate.
Speaker 5: But if they're also trying to kind of distance themselves
Speaker 5: from a president who looks like he might be about
Speaker 5: to lose, I think that too could be a bit
Speaker 5: a bit complicated. But then I mean, that's that's a problem.
Speaker 5: You know, there's equally a problem for Donald Trump that
Speaker 5: you know, in effect, lots of the Biden aconomics policies
Speaker 5: are actually a sort of you know, putting into practice
Speaker 5: things that he had talked about, you know, wanting the
Speaker 5: US to be more competitive. Well, actually, arguably the Biden
Speaker 5: administration has done more to invest in infrastructure and American
Speaker 5: businesses than Donald Trump did, So I think, you know,
Speaker 5: they'll be there'll be an interesting development debate on that
Speaker 5: happening on the other side of the Atlantic as well, Stephanie.
Speaker 2: If Donald Trump actually does better in the polls in
Speaker 2: the next couple of months, does it shift the conversation
Speaker 2: in the UK more to the right, or do investors
Speaker 2: look at the UK and say, look, you know, given
Speaker 2: the two parties and the fact that they're not that
Speaker 2: far apart in terms of policies, the UK could look
Speaker 2: a bit like a safe haven.
Speaker 5: I think this, I mean, I think the UK looking
Speaker 5: like it's sort of bucking the trend with two quite normal,
Speaker 5: relatively boring contenders for number ten, I think could be helpful.
Speaker 5: I mean, as as you know, Frans seen in recent years,
Speaker 5: it's been quite hard to persuade people of the merits
Speaker 5: of the UK stock market, but I think there could
Speaker 5: certainly be an element of that that if you feel
Speaker 5: like you know, US politics has gone down this rather
Speaker 5: sort of unedifying path yet again, and the UK has
Speaker 5: actually kind of rescued itself from Liz Trust and other
Speaker 5: other craziness, and it's actually now got two very sort
Speaker 5: of traditional, relatively middle of the road politicians, at least
Speaker 5: in the way that they present themselves.
Speaker 1: If you're an Eastern European country right now, you are
Speaker 1: probably quivering because of the the dynaut the O, the
Speaker 1: things he's on the record about saying around NAT spending
Speaker 1: and defending Ukraine. I mean, I think we're having this
Speaker 1: debate now in London focused on economics, but the defense
Speaker 1: aspect and possibly more isolationist stanced from Donald Trump, whether
Speaker 1: whether or not it comes to be true, because he
Speaker 1: has totally capable of saying one thing and then doing
Speaker 1: completely the other. But people talked about it being a
Speaker 1: nightmare scenario for them, haven't they from Yeah.
Speaker 3: They have.
Speaker 2: If I could have, we should do Stephani your show
Speaker 2: just on the eye rolls of policymakers in Davos when
Speaker 2: you ask them about, you know, whether it was possible
Speaker 2: to Trump prove the economy. I think the Finance Minister
Speaker 2: of Germany said, look, we're just talking too much about
Speaker 2: Donald Trump. Is there a way of Europe and others
Speaker 2: to Trump prove the economy?
Speaker 5: I mean, if I were them, I'd be much more
Speaker 5: concerned about Trump proofing, you know, the security of Eastern
Speaker 5: in Europe. I mean just to you know, to go
Speaker 5: back to a Legras point, I think that is where
Speaker 5: sort of under the surface, where the concerns would have
Speaker 5: to be. If you have a leader coming in who
Speaker 5: has got an ambiguous at best relationship towards President Putin,
Speaker 5: and whose election just in itself will send a signal
Speaker 5: to a lot of powers around the world that the
Speaker 5: sort of US policeman is not going to be around,
Speaker 5: or at least could be easily bought off in one
Speaker 5: way or another. You know that both President Biden and
Speaker 5: President Trump have been sort of in some ways America
Speaker 5: first politicians. But the difference of course with Biden is
Speaker 5: it's not been America only, whereas President Trump is very
Speaker 5: much sort of focused on just the US alone, not
Speaker 5: the broader security of the world. If you're sitting in
Speaker 5: Poland or Moldova, which could easily be next in President
Speaker 5: putin sites let alone lap fear, I think, you know,
Speaker 5: there isn't a lot of Trump proofing, even though President Macrol,
Speaker 5: for example, in France's you know, is definitely talking about
Speaker 5: the need for Europe to have a response.
Speaker 2: One of the other things that you know, people now
Speaker 2: talk about after New Hampshire is how did anyone ever
Speaker 2: think that they could beat Donald Trump as a Republican candidate?
Speaker 2: You know, what's his pull for? If you're sitting in Europe,
Speaker 2: you kind of think, well, why is he so late?
Speaker 5: I mean, he's he has managed to turn around, you know,
Speaker 5: he's managed to play the you know, liberal establishment against
Speaker 5: itself brilliantly. And you know we've all seen this again
Speaker 5: and again. But you know that the series of legal
Speaker 5: cases I think probably have sort of sealed it for him,
Speaker 5: because it can they can sort of send a signal.
Speaker 5: You know, he can say, look, this is what they're
Speaker 5: doing to me, Imagine what they could do to you,
Speaker 5: you know, And I'm standing there defending you against this
Speaker 5: against a sort of liberal state that wants to that
Speaker 5: wants to take all your money and wants to you know,
Speaker 5: send the US to the dogs. So you know, he
Speaker 5: has been just he has pulled off that coup and
Speaker 5: I guess he was allowed to do that because he
Speaker 5: was never really punished for January sixth, which people thought,
Speaker 5: you know, was going to be the end of him,
Speaker 5: but his party sort of collectively gave him a pass
Speaker 5: and then that enabled him to sort of rebuild his support.
Speaker 5: But it, you know, it will go down as a
Speaker 5: pretty extraordinary political career to have pulled off.
Speaker 1: But isn't there isn't there isn't he doing? Isn't he
Speaker 1: treading a fine line which is difficult for him with
Speaker 1: this instinct to kind of be a showman. But isn't
Speaker 1: there a kind of worry amongst some voters of him
Speaker 1: wanting revenge? And he you know, whis Whilst you're right,
Speaker 1: it's a motivating factor for them, the idea of this
Speaker 1: underdog being beaten up legally by the Democrats. So in
Speaker 1: some senses it is motivating and galvanizing for him, but
Speaker 1: he has to be careful not to be too hell
Speaker 1: bent on revenge and and getting his own back, and
Speaker 1: so you see that in the narratives or sorry, his
Speaker 1: rhetoric after Iowa he was quite sort of you know,
Speaker 1: magisterial and the statesmen like. And then last night he
Speaker 1: was what this morning is pretty vile about about his opponent.
Speaker 5: Yeah, I think he's I mean, this is of course
Speaker 5: what the Biden administration will tell you. They'll say, you know,
Speaker 5: ignore the polls. This is all in a vacuum when
Speaker 5: you actually have when you're facing the choice between the two,
Speaker 5: and when Donald Trump is much more omnipresent on not
Speaker 5: just his own social media platforms, but you know, broadcast news.
Speaker 4: And other areas.
Speaker 5: When he's now out on the road campaigning again, people
Speaker 5: will be reminded, you know, how exhausting it is dealing
Speaker 5: with his sort of sallies every day and his constant
Speaker 5: moving back and forth on different views, and they will
Speaker 5: kind of want the quieter life that comes with you know,
Speaker 5: old man Biden. You know that there is there could
Speaker 5: be a lot of truth to that, but we just
Speaker 5: don't know yet.
Speaker 2: I guess one of the most extraordinary things is also
Speaker 2: when Donald Trump starts speaking about China, and you know,
Speaker 2: some of the antagonizing things he said about China, people
Speaker 2: were horrified, and now it's really mainstream. Are there other
Speaker 2: points whereas actually he's really set the agenda on economics
Speaker 2: and the way that the US will be.
Speaker 5: I mean, I do think that in many ways, the
Speaker 5: Biden administration has operationalized a lot of the sort of
Speaker 5: Trump rhetoric on China and what had gone wrong with
Speaker 5: the US and the unfair global trading system. You know,
Speaker 5: they kind of took it seriously. They kept quite a
Speaker 5: lot of his tariffs in place against China, but they
Speaker 5: also put all of these domestic policies in place that
Speaker 5: were about specifically competing with China and also trying to
Speaker 5: slow down China's own development. You know, it was the
Speaker 5: Biden administration that actually put limits on you know, exports
Speaker 5: to China are a very high level superconducted technologies and
Speaker 5: other things. So that's why I think it's interesting that
Speaker 5: there will be quite a lot of policies that part
Speaker 5: of Bidenomics that Donald Trump should find completely consistent with
Speaker 5: his view. I think again, just going back on the
Speaker 5: national security, you know, ultimately the relationship with China comes
Speaker 5: down not just so well I can the US's economic
Speaker 5: reliance on China, but also how far the US will
Speaker 5: continue to invest in sort of being a counterbalance to
Speaker 5: China and sort of in geopolitical terms in Asia. And
Speaker 5: that is the great unknown, you know, when it goes
Speaker 5: back to this point about America first versus America only,
Speaker 5: is Donald Trump really going to want to defend Taiwan
Speaker 5: and continue to send those kind of supporting messages to Taiwan?
Speaker 5: And you know, if not, where does that leave actually
Speaker 5: all of the economic producers who are so utterly dependent
Speaker 5: on Taiwan semiconductors. That's why I was a little bit
Speaker 5: surprised in Davos that business people weren't a little bit
Speaker 5: more focused on those kind of question marks, because we
Speaker 5: just don't know which side he's going to be on.
Speaker 2: Stephanie, thank you so much. Thanks for listening to this
Speaker 2: week's in the City. We'll be back next week, but
Speaker 2: in the meantime, if you like our show, please head
Speaker 2: on over to wherever you listen to podcasts, rate review,
Speaker 2: and subscribe. It helps people find the show. This episode
Speaker 2: was hosted by me Francis LaQuan and Alegraspratton. It was
Speaker 2: produced by Summersati, additional edit by Blake Maples and special
Speaker 2: thanks to Stephanie Flanders. And we also want to flag
Speaker 2: the relaunch of the London Rush newsletter. We'll sign up
Speaker 2: to get briefed ahead of your morning calls with the
Speaker 2: latest UK business headlines, key data, but also market reaction.
Speaker 2: Bloomberg UK's new morning newsletter link is in the show
Speaker 2: notes