WEBVTT - Trump Officials Chat Breach, 'European Freeloading' Comments & New Tariffs Teased

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>This is the Bloomberg DAYBAC podcast, available every morning on Apple,

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<v Speaker 2>Spotify or wherever you listen. It's Tuesday, the twenty fifth

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<v Speaker 2>of March in London. I'm Caroline Hepka.

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<v Speaker 1>And I'm Stephen Carroll. Coming up today.

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<v Speaker 3>Donald Trump's top team accidentally includes a journalist in their

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<v Speaker 3>group chat discussing military strikes.

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<v Speaker 2>The US President shows further confusion about his plans for

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<v Speaker 2>sweeping levies as he talks of exemptions for some countries.

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<v Speaker 3>Plus the Bank of England Andrew Bailey says Britain needs

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<v Speaker 3>AI to boost its long term growth prospects.

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<v Speaker 2>Let's start with a roundup of our top stories.

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<v Speaker 3>The Trump administration is confronting a major security breach after

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<v Speaker 3>a journalist was inadvertently added to a text group by

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<v Speaker 3>US National Security Advisor Mike Waltz. The group chat on

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<v Speaker 3>the Signal messaging app, was used to discuss detailed plans

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<v Speaker 3>to bomb hoothy targets and Yemen, and it included the

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<v Speaker 3>US Defense Secretary, vice President, Secretary of State, and Director

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<v Speaker 3>of the CIA, along with other top officials. Speaking to

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<v Speaker 3>ABC News, The Atlantics editor in chief Jeffrey Goldberg said

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<v Speaker 3>at first he thought the group was a hoax.

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<v Speaker 4>It seemed completely absurd to me that the national security

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<v Speaker 4>leadership in the United States would be meeting on a

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<v Speaker 4>messaging app to discuss forthcoming military action, and that they

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<v Speaker 4>would also sort of invite the editor of The Atlantic magazine.

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<v Speaker 3>Jeffrey Goldberg went on to say that at one point,

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<v Speaker 3>Defense Secretary Pete Hegseth shared a post that included what

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<v Speaker 3>he said were operational details of forthcoming strikes on Yemen,

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<v Speaker 3>including information about targets, weapons the US would be deploying,

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<v Speaker 3>and attack sequencing. Speaking after The Atlantic published its story,

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<v Speaker 3>Hegseeth sought to dismiss the claims in this exchange with

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<v Speaker 3>a reporter.

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<v Speaker 5>How did you learn that a journalist was privy to

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<v Speaker 5>the target, the types of weapons used, I've.

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<v Speaker 1>Heard I was characterized.

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<v Speaker 6>Nobody was texting war plans, and that's all I.

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<v Speaker 1>Have to say about that.

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<v Speaker 3>Hegsath's efforts to play down the league came as White

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<v Speaker 3>House National Security spokesman Brian Hughes said the message thread

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<v Speaker 3>appears to be authentic and that they were reviewing how

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<v Speaker 3>an inadvertent number was added to the chain.

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<v Speaker 2>The private texts among top US officials also revealed how

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<v Speaker 2>some members of the Trump administration feel about their European allies.

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<v Speaker 2>With more here is Bloomberg's James Wilcock.

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<v Speaker 7>Back and forth between Vice President JD. Vance and the

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<v Speaker 7>Defense Secrety Pete Hegseth will make for particularly troubling reading

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<v Speaker 7>in many European capitals. A user identified Advance in the

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<v Speaker 7>chat wrote, it plans to strike who the targets? Quote

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<v Speaker 7>I just hate bailing Europe out again. Heg Seth reportedly

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<v Speaker 7>responded three minutes later, quote VP, I fully share your

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<v Speaker 7>loathing of European free loading. It's pathetic. White House National

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<v Speaker 7>Curity Advisor Mike Waltz goes on to say that the

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<v Speaker 7>US would taliate the cough associated with the strike on

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<v Speaker 7>the Hoho thies and levy them on the Europeans at

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<v Speaker 7>Donald Trump's request. The US president claimed to be unaware

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<v Speaker 7>of the breach when asked about it an event later Monday.

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<v Speaker 7>His spokeswoman, Caroline Levitt said in the statement he has

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<v Speaker 7>the utmost confidence in his national security team, including Waltz.

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<v Speaker 7>In London, James Wallcock Bloomberg Radio.

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<v Speaker 3>Donald Trump says his TARAF rollout on the second of April,

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<v Speaker 3>will feature rates on a country by country basis, corresponding

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<v Speaker 3>to trade barriers on US products. Speaking to reporters, the

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<v Speaker 3>president twice signals that trading partners may be given exemptions

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<v Speaker 3>or reductions.

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<v Speaker 5>We may take less than what they're charging because they've

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<v Speaker 5>charged us so much.

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<v Speaker 1>I don't think they could take it.

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<v Speaker 5>In other words, they've charged us so much that I'm

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<v Speaker 5>embarrassed to charge them what they've charged us. But it'll

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<v Speaker 5>be substantial, and you'll be hearing about that on April second.

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<v Speaker 3>Trump's comments so at further confusion about it is plans

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<v Speaker 3>for a sweeping tariff announcements scheduled for next week, which

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<v Speaker 3>he's dubbed Liberation Day. The President also said he planned

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<v Speaker 3>to proceed with tariffs on auto imports over the next

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<v Speaker 3>few days, as well as measures targeting lumber and semiconductors

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<v Speaker 3>down the road.

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<v Speaker 2>HSBC is considering outsourcing parts of its trading business to

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<v Speaker 2>save on technology costs. Bloomback has learned that internal discussions

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<v Speaker 2>have been held at the bank about sending some of

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<v Speaker 2>its fixed income orders to an outside market maker like

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<v Speaker 2>Jane Street or Citadel. In a separate exclusive interview with Bloomberg.

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<v Speaker 2>HSBC CEO Georgel Hedri stress the importance of the bank's

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<v Speaker 2>wider restructuring drive.

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<v Speaker 6>We're also looking at the what we do and recognize

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<v Speaker 6>that there are further focus that we can achieve in

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<v Speaker 6>own business, where we will be taking one and a

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<v Speaker 6>half billion dollars from activities that we are currently doing

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<v Speaker 6>that are either non strategic or non returning.

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<v Speaker 2>Hedri they are speaking to Bloomberg at the HSBC Global

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<v Speaker 2>invest Summit in Hong Kong. He went on to say

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<v Speaker 2>the bank expects to double down on investment banking in

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<v Speaker 2>Asia in the Middle East after exiting key businesses in

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<v Speaker 2>Europe and the US.

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<v Speaker 3>The Governor of the Bank of England says Britain needs

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<v Speaker 3>a breakthrough like artificial intelligence to break out of its

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<v Speaker 3>low growth trap. Speaking to students at Leicester University, Andrew

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<v Speaker 3>Bailey said that advanced economies like the UK needed productivity

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<v Speaker 3>enhancing technologies to sustain their aging populations. The Central Bank

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<v Speaker 3>chief went on to say he's not concerned about AI

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<v Speaker 3>taking people's jobs. The speech comes as the financial regulator

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<v Speaker 3>has told firms they can stop following more than one

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<v Speaker 3>hundred pages of guidance on mortgages and investments. It's part

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<v Speaker 3>of a government drive to slash regulation to boost growth now.

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<v Speaker 2>The US and Russian officials held twelve hours of talks

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<v Speaker 2>over Ukraine in Saudi Arabia yesterday. The two sides are

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<v Speaker 2>expected to release a statement detailing their progress later, but

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<v Speaker 2>a Kremlin spokesman said they discuss navigation in the black seat.

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<v Speaker 2>The negotiations follow discussions between the US and Ukraine on Sunday.

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<v Speaker 2>Ukraine's President Vlodomi Zelinsky says strong measures will be needed

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<v Speaker 2>to keep Russia on the path of peace.

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<v Speaker 8>We need a movement towards real peace, towards guaranteed security,

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<v Speaker 8>and we all need this in Ukraine and Europe and America,

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<v Speaker 8>everyone in the world who wants peace in international relations,

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<v Speaker 8>Russia is the only entity that is dragging out this

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<v Speaker 8>war and mocking our people and the whole world. And

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<v Speaker 8>to pressure Russia towards peace, strong things, strong steps are needed.

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<v Speaker 2>Zelinski and President Trump still have not signed a pack

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<v Speaker 2>to give the US part ownership of Ukraine's natural resources.

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<v Speaker 2>Russia has continued to farm missiles and drones at Ukrainian

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<v Speaker 2>cities during the talks.

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<v Speaker 3>Bloomberg understands the Turkey's finance Minister, a mem Shimchek, will

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<v Speaker 3>hold a call with international investors today. The move comes

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<v Speaker 3>as authority you seek to cam markets after days of

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<v Speaker 3>turbulence triggered by the arrest of a key opposition figures.

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<v Speaker 3>According to two sources, the minister's schedule to speak at

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<v Speaker 3>one pm London time in a teleconference. Turkish markets have

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<v Speaker 3>been under pressure since last Wednesday, when Istanbul Mayor Ekrem Immolu,

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<v Speaker 3>we're widely seen as President Erduan's biggest rival, was detained

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<v Speaker 3>and later formally arrested.

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<v Speaker 2>Those are our top stories for you this morning. Thinking

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<v Speaker 2>about the markets. Well, oil ahead of that US Russia

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<v Speaker 2>statement later today, is a bit steadier this morning in

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<v Speaker 2>terms of futures. As for stock futures, they are down

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<v Speaker 2>now three tens of one percent for the US stocks

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<v Speaker 2>fifty futures. US stock futures also in the red. Despite

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<v Speaker 2>the major gains that we saw yesterday, The S and

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<v Speaker 2>pv founder closed up one point eight percent, the third

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<v Speaker 2>best session this year, on the likelihood of less severe

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<v Speaker 2>tariff measures by the Trump administration. The Nasak also close

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<v Speaker 2>by two point two percent. Treasury yields rose yesterday two

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<v Speaker 2>year yelds back above four percent. Tenure yields rose nine

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<v Speaker 2>basis points. Treasuries are steadied this morning, are currently trading

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<v Speaker 2>at four thirty three on ten year yields. But in

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<v Speaker 2>Asia we've seen a cell of the SSCI China Index

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<v Speaker 2>down one point nine percent, the Hanksing Index down more

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<v Speaker 2>than two percent, Chinese tech stocks resuming a slide after

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<v Speaker 2>Monday's short lived gains. Those are the markets.

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<v Speaker 3>In a moment, we'll bring you more and Andrew Bailey's

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<v Speaker 3>comments on how the UK can tackle its problem of

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<v Speaker 3>low growth. But the story that's got our attention this morning,

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<v Speaker 3>even the headline itself, seems incredible. The Trump administration accidentally

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<v Speaker 3>texted me its war plans.

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<v Speaker 1>This is the piece from the Atlantics. Jeffrey Goldberg.

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<v Speaker 3>We heard from him there a moment ago, publishing this

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<v Speaker 3>account of how he was accidentally added to a group

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<v Speaker 3>chat on the Signal app with this group of top

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<v Speaker 3>US officials to identify themselves as the Defense Secretary, u S,

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<v Speaker 3>Secretary of State, National Security Advisor, et cetera. They detailed

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<v Speaker 3>plans about their attack on Yamat. It's a chrono logical

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<v Speaker 3>account in many ways of exactly how things unfolded and

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<v Speaker 3>includes a lot of Jeffrey Golberg's skepticism when he was

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<v Speaker 3>added tode that he thought essentially was a hoax.

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<v Speaker 1>Yeah, he did. He was very wary.

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<v Speaker 2>Look, this is an extraordinary moment, I think, and his

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<v Speaker 2>account of the messages and the sequencing running up to

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<v Speaker 2>the attacks that he then he was so skeptical. He

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<v Speaker 2>was wondering whether the details around the plans of the

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<v Speaker 2>attacks on Yemen were real And he only really understood

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<v Speaker 2>that this probably was the real thing when he did

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<v Speaker 2>see the explosions in the reports of explosions in Sona

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<v Speaker 2>in Yemen.

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<v Speaker 3>Well, this is the story with major consequences. Let's bring

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<v Speaker 3>in our senior editor, Derek Wallbank to discuss. Derek, an

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<v Speaker 3>extraordinary security breach by any account, How damaging is this

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<v Speaker 3>for the White House?

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<v Speaker 9>Well, thank you so much for having me.

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<v Speaker 10>Yeah.

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<v Speaker 9>I think that this is something that is going to

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<v Speaker 9>reverberate for quite a while.

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<v Speaker 5>Now.

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<v Speaker 9>How it reverberates very much remains to be seen, and

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<v Speaker 9>depends in large part on how Republicans in Congress are

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<v Speaker 9>going to address it. So far, we have seen sort

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<v Speaker 9>of vague language talking about needing to to figure out

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<v Speaker 9>what happened, but it's fallen far short of cries for

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<v Speaker 9>full throated investigations, and it's really not gone anywhere near

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<v Speaker 9>the idea that heads need to roll over it metaphorically speaking, right,

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<v Speaker 9>And so it's one of those situations where Republicans do

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<v Speaker 9>hold all leavers of power in Washington, and thus this

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<v Speaker 9>is a sort of own self police, owned self situation,

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<v Speaker 9>as one would say here in Singapore. That having been said,

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<v Speaker 9>Democrats are going to try and make a meal of this.

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<v Speaker 9>Democrats have been on the defensive for the last several months,

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<v Speaker 9>looking for a way in, looking for sort of anything,

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<v Speaker 9>as it were, and they are absolutely, you know, appalled

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<v Speaker 9>at this minute. And where this is particularly I think

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<v Speaker 9>in light of the fact that Republicans have made such

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<v Speaker 9>a big deal about methods of communication. One only needs

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<v Speaker 9>to remember the but her emails, stuff with Hillary Clinton,

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<v Speaker 9>right private server, all of those things. And so there

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<v Speaker 9>are charges from Democrats not just of that this was

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<v Speaker 9>horrible operation security, but also stunning amount of political hypocrisy.

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<v Speaker 2>Indeed, but then concerns about, you know, what the actual

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<v Speaker 2>content of this might have meant had a kind of

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<v Speaker 2>hostile actor been able to see this. The White House

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<v Speaker 2>confirming the tech exchange appeared to be genuine. What has

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<v Speaker 2>the Trump administration responded?

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<v Speaker 9>That's exactly right, and I do think that that's one

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<v Speaker 9>of the things that's going to be very in focus.

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<v Speaker 9>There was no obvious I guess I would say, no,

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<v Speaker 9>no obvious, no public outfall of this in terms of

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<v Speaker 9>US security in that particular mission. The mission went through

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<v Speaker 9>as it was meant to go. From all that we

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<v Speaker 9>know so far, there were no lives lost. But certainly

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<v Speaker 9>this is one of those things that that that will

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<v Speaker 9>be you know, looked at it. Certainly if if you

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<v Speaker 9>were if you were an adversarial power, you would be

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<v Speaker 9>thinking to yourself, right now, oh wow, we have we

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<v Speaker 9>have way more opportunity to intercept the true thoughts. And

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<v Speaker 9>the other thing that I would mention is that there

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<v Speaker 9>was a tremendous amount of valuable knowledge gleaned from being

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<v Speaker 9>able to see to sort of open the curtain and

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<v Speaker 9>see what the real thoughts happened to be. Who is

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<v Speaker 9>in the room for these conversations. That's really useful. What

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<v Speaker 9>are the arguments and where you know, where are people

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<v Speaker 9>coming from? That's also useful. And I think that is

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<v Speaker 9>going to be something that that friends and foes alike

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<v Speaker 9>are going to be studying.

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<v Speaker 3>Meanwhile, following the latest on the tariff news as well,

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<v Speaker 3>Donald Trump speaking about this yesterday, promising some sector specific

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<v Speaker 3>levies ahead of the announcement. We've been looking towards next

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<v Speaker 3>week of the broader what Trump described as reciprocal tariffs

0:13:20.679 --> 0:13:23.679
<v Speaker 3>as well. What more did we learn about the president's plans.

0:13:24.320 --> 0:13:27.040
<v Speaker 9>Well, I think the biggest thing that we learned overnight

0:13:27.520 --> 0:13:32.920
<v Speaker 9>was that the US administration is really open to the

0:13:33.000 --> 0:13:39.640
<v Speaker 9>idea of negotiated carve outs, if one will. This is

0:13:39.679 --> 0:13:41.320
<v Speaker 9>something that I think that a lot of countries have

0:13:41.320 --> 0:13:45.080
<v Speaker 9>been trying to figure out how to secure to little

0:13:45.200 --> 0:13:51.280
<v Speaker 9>end so far. But Trump was basically suggesting that the

0:13:51.640 --> 0:13:55.280
<v Speaker 9>reciprocal tariffs may not be fully reciprocal, and there were

0:13:55.320 --> 0:13:59.120
<v Speaker 9>some suggestions that there could be deals cut. Now, Trump,

0:13:59.360 --> 0:14:02.160
<v Speaker 9>you know, fancies himself a master negotiator and the chief

0:14:02.200 --> 0:14:07.520
<v Speaker 9>deal maker, and if I'm countries from Britain to Australia,

0:14:08.000 --> 0:14:11.200
<v Speaker 9>I've been looking for ways to try and figure out

0:14:11.240 --> 0:14:15.600
<v Speaker 9>how not to get socked with reciprocal tariffs. India certainly

0:14:15.640 --> 0:14:18.000
<v Speaker 9>has and it made a lot of moves there as well.

0:14:18.400 --> 0:14:20.800
<v Speaker 9>So there are a lot of countries trying to figure

0:14:20.800 --> 0:14:22.320
<v Speaker 9>out how to do this, and they got a very

0:14:22.360 --> 0:14:25.400
<v Speaker 9>clear indication that such a thing as possible. Now how

0:14:25.440 --> 0:14:28.360
<v Speaker 9>that would look, We have no real idea in fact,

0:14:28.640 --> 0:14:30.680
<v Speaker 9>what these tariffs are going to look like at all.

0:14:30.800 --> 0:14:33.360
<v Speaker 9>We don't really have too much of an idea except

0:14:33.400 --> 0:14:37.320
<v Speaker 9>that the initial sort of maximal level of five thousand

0:14:37.400 --> 0:14:42.000
<v Speaker 9>plus individual tariff decisions across all those product lines, multiplied

0:14:42.000 --> 0:14:45.960
<v Speaker 9>by one hundred or more countries and economies, that just

0:14:46.000 --> 0:14:49.400
<v Speaker 9>sort of massive matrix of tariffs is just not going

0:14:49.480 --> 0:14:51.320
<v Speaker 9>to be the way, and it's going to be vastly

0:14:51.440 --> 0:14:55.440
<v Speaker 9>simplified from there. To add carve outs on top of that,

0:14:55.800 --> 0:14:59.480
<v Speaker 9>this is not going to look necessarily as much as

0:14:59.480 --> 0:15:03.160
<v Speaker 9>the Trumpet administration had initially started talking up, even though

0:15:03.200 --> 0:15:07.160
<v Speaker 9>it may wind up in its collectivity being one of

0:15:07.200 --> 0:15:10.240
<v Speaker 9>the largest tariff implementations in a century or more.

0:15:11.320 --> 0:15:13.600
<v Speaker 2>Derek, thank you so much for being with us this morning.

0:15:13.640 --> 0:15:16.600
<v Speaker 2>That is our senior editor, Derek Wallbanks, So taking us through.

0:15:17.040 --> 0:15:19.440
<v Speaker 2>The main stories are from the tomp White House of

0:15:19.480 --> 0:15:23.760
<v Speaker 2>course today on tariffs and also on that major security.

0:15:23.240 --> 0:15:24.840
<v Speaker 1>Breach here in the UK.

0:15:24.960 --> 0:15:27.640
<v Speaker 3>The Bank of England governor says Britain needs a breakthrough

0:15:27.760 --> 0:15:30.920
<v Speaker 3>like artificial intelligence to cancel the collapse and its long

0:15:31.000 --> 0:15:34.200
<v Speaker 3>term growth rate. Andrew Bailey was speaking before the Chancellor's

0:15:34.280 --> 0:15:37.520
<v Speaker 3>Spring statement tomorrow, Rachel Reeves is expected to announce billions

0:15:37.520 --> 0:15:40.280
<v Speaker 3>of pounds and spending cuts report. Two out of bio

0:15:40.440 --> 0:15:43.200
<v Speaker 3>joins us. Now for more TIBA. What did Andrew Bailey

0:15:43.240 --> 0:15:44.760
<v Speaker 3>then have to say about growth?

0:15:45.280 --> 0:15:48.080
<v Speaker 10>Well, in short, he said there's not much of it

0:15:48.120 --> 0:15:50.360
<v Speaker 10>at the moment and that we need to do something

0:15:50.400 --> 0:15:52.960
<v Speaker 10>to buck the trend. So, the Bank of England Governor

0:15:53.160 --> 0:15:55.720
<v Speaker 10>was delivering a lecture at Leicester University and really his

0:15:55.880 --> 0:15:58.920
<v Speaker 10>key message was that the UK needs a growth shake up,

0:15:59.040 --> 0:16:02.040
<v Speaker 10>something that will still mulate it massively to avoid that

0:16:02.120 --> 0:16:05.240
<v Speaker 10>collapse he was speaking about. He talked about the sharp

0:16:05.400 --> 0:16:08.360
<v Speaker 10>slowed down in productivity which he says has actually been

0:16:08.360 --> 0:16:12.360
<v Speaker 10>taking place since even before the financial crisis and resulting

0:16:12.400 --> 0:16:15.040
<v Speaker 10>in a decline in living standards. And it's because of

0:16:15.080 --> 0:16:18.760
<v Speaker 10>this decline that Andrew Bailey wants us to look to technology.

0:16:19.200 --> 0:16:22.480
<v Speaker 10>He gave the example of general purpose technologies like the

0:16:22.520 --> 0:16:25.640
<v Speaker 10>steam engine and the computer, and he says they can

0:16:25.720 --> 0:16:28.440
<v Speaker 10>really move the neasle when it comes to growth in

0:16:28.480 --> 0:16:30.680
<v Speaker 10>the economy. He even went as far as to say

0:16:30.720 --> 0:16:34.560
<v Speaker 10>that the country needs what he's calling a technological breakthrough

0:16:34.680 --> 0:16:37.240
<v Speaker 10>to counter the collapse of its long term growth rate.

0:16:37.600 --> 0:16:40.360
<v Speaker 10>So a real sense of urgency there from Andrew Bailey

0:16:40.680 --> 0:16:43.480
<v Speaker 10>in his eyes, just as inventions like the steam engine

0:16:43.760 --> 0:16:47.960
<v Speaker 10>propelled us during the Industrial Revolution, he thinks AI in

0:16:48.040 --> 0:16:52.040
<v Speaker 10>this instance can be the saving grace, primarily because of

0:16:52.160 --> 0:16:57.520
<v Speaker 10>its ability to enhance productivity, particularly as the population ages,

0:16:57.960 --> 0:17:02.040
<v Speaker 10>and he thinks that the technology is a necessary component

0:17:02.160 --> 0:17:04.240
<v Speaker 10>for growth in hanalies because of this.

0:17:04.880 --> 0:17:07.680
<v Speaker 2>Yeah, I mean that's interesting. A lot of people sort

0:17:07.680 --> 0:17:10.480
<v Speaker 2>of have high hopes for AI. It's about sort of delivery,

0:17:10.560 --> 0:17:12.600
<v Speaker 2>and there's a big risk on the horizon, which is

0:17:12.680 --> 0:17:13.480
<v Speaker 2>trade tariffs.

0:17:13.880 --> 0:17:14.560
<v Speaker 1>Oh yeah, Karrolyn.

0:17:14.640 --> 0:17:18.040
<v Speaker 10>That's the question on everybody's mind, especially as we approach

0:17:18.080 --> 0:17:20.600
<v Speaker 10>what Donald Trump has labeled Liberation Day, and that's on

0:17:21.000 --> 0:17:24.359
<v Speaker 10>April the second, when he slated to reveal tariffs that

0:17:24.440 --> 0:17:27.600
<v Speaker 10>offset levies on US goods. But for his part, Andrew

0:17:27.600 --> 0:17:32.000
<v Speaker 10>Bailey did actually acknowledge what he's identified as large imbalances

0:17:32.400 --> 0:17:35.879
<v Speaker 10>within the trading system, So he actually called out China

0:17:36.040 --> 0:17:39.520
<v Speaker 10>as a country running huge trade surpluses. He didn't go

0:17:39.760 --> 0:17:45.080
<v Speaker 10>quite as far as to endorse President Trump's strategy with tariffs,

0:17:45.359 --> 0:17:49.320
<v Speaker 10>but he did describe those imbalances within the current system

0:17:49.760 --> 0:17:53.800
<v Speaker 10>as the main driver of a high tariff environment. But

0:17:53.920 --> 0:17:57.480
<v Speaker 10>where Bailey does differ from Trump, who of course referred

0:17:57.520 --> 0:18:00.160
<v Speaker 10>to tarifs as the most beautiful word in the dictionary,

0:18:00.480 --> 0:18:03.159
<v Speaker 10>is that he thinks we should look to rebalance that

0:18:03.280 --> 0:18:08.640
<v Speaker 10>system through effective multilateral processes rather than those levees.

0:18:09.960 --> 0:18:12.000
<v Speaker 3>This all happening, of course, ahead of the spring statement

0:18:12.240 --> 0:18:15.520
<v Speaker 3>tomorrow from the Chancellor. The government has repeatedly said that

0:18:15.560 --> 0:18:18.919
<v Speaker 3>growing the economy is its number one priority, So ahead

0:18:18.920 --> 0:18:22.320
<v Speaker 3>of the Spring statement, the financial regulator has announced some

0:18:22.400 --> 0:18:25.840
<v Speaker 3>changes which train just cutting some of the barriers to growth.

0:18:26.280 --> 0:18:29.120
<v Speaker 10>Yeah. So we have had from the Financial Conduct Authority

0:18:29.160 --> 0:18:32.840
<v Speaker 10>today that it's dropping the requirement of finance firms to

0:18:32.920 --> 0:18:37.400
<v Speaker 10>follow more than one hundred pages of now perhaps outdated

0:18:37.400 --> 0:18:43.280
<v Speaker 10>guidance on products such as mortgages and investments. It's something

0:18:43.320 --> 0:18:47.040
<v Speaker 10>that Rachel Reeves has talked about a lot, including during

0:18:47.200 --> 0:18:50.400
<v Speaker 10>her latest interview with Bloomberg last week, where she talked

0:18:50.480 --> 0:18:55.159
<v Speaker 10>about slashing regulatory barriers to growth. And this news comes

0:18:55.200 --> 0:18:59.159
<v Speaker 10>today as the FCA publishes its five year strategy, and

0:18:59.200 --> 0:19:04.800
<v Speaker 10>that's got folks on helping consumers, fighting crime, supporting growth,

0:19:04.800 --> 0:19:09.040
<v Speaker 10>and crucially becoming a smarter regulator. That's according to a

0:19:09.080 --> 0:19:11.360
<v Speaker 10>statement released from the Body today.

0:19:13.119 --> 0:19:15.840
<v Speaker 3>This is Bloomberg Daybreak Europe, your morning brief on the

0:19:15.920 --> 0:19:18.960
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0:19:19.240 --> 0:19:23.200
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0:19:25.320 --> 0:19:28.320
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0:19:40.960 --> 0:19:43.320
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0:19:43.400 --> 0:19:46.040
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