1
00:00:02,440 --> 00:00:10,960
Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

2
00:00:11,039 --> 00:00:14,760
Speaker 1: Daybacurate podcast, available every morning on Apple, Spotify or wherever

3
00:00:14,840 --> 00:00:17,799
Speaker 1: you listen. It's Thursday, the eighteenth of July in London.

4
00:00:17,840 --> 00:00:22,240
Speaker 1: I'm Caroline Hepka. Coming up today. Biden faces intensifying calls

5
00:00:22,280 --> 00:00:26,440
Speaker 1: to step aside while ill with covid as Republican VP

6
00:00:26,640 --> 00:00:30,360
Speaker 1: pick jd Vance says the party is done catering to

7
00:00:30,480 --> 00:00:34,040
Speaker 1: Wall Street. Kirs Starmer looks to mend Britain's relationship with

8
00:00:34,120 --> 00:00:38,240
Speaker 1: the EU as he hosts more than forty leaders today. Plus,

9
00:00:38,479 --> 00:00:41,760
Speaker 1: make no bones about it, it's a big purchase. Citadel

10
00:00:41,920 --> 00:00:46,800
Speaker 1: founder Ken Griffin buys a nearly complete Stegosaurus skeleton for

11
00:00:46,960 --> 00:00:50,240
Speaker 1: close to forty five million dollars. Let's start with a

12
00:00:50,320 --> 00:00:53,680
Speaker 1: roundup of our top stories. Joe Biden is facing more

13
00:00:53,720 --> 00:00:56,960
Speaker 1: pressure from his party to drop out of the presidential race.

14
00:00:57,280 --> 00:01:01,800
Speaker 1: Democrat senator leader Chuck Schumer reportedly told the president last

15
00:01:01,840 --> 00:01:04,960
Speaker 1: week it would be best if he ended his reelection bid.

16
00:01:05,319 --> 00:01:09,600
Speaker 1: This according to ABC News. Another senior Democrat, Adam Schiff,

17
00:01:09,720 --> 00:01:12,199
Speaker 1: was caught to add a fundraiser saying that Biden needed

18
00:01:12,240 --> 00:01:15,440
Speaker 1: to pass the torch I do not think he is the.

19
00:01:15,440 --> 00:01:18,040
Speaker 2: Best person should go into this election.

20
00:01:19,000 --> 00:01:20,920
Speaker 3: I think if he is our many, I think we.

21
00:01:20,880 --> 00:01:26,000
Speaker 1: Lose California Representative Adam shiff There. With public and private

22
00:01:26,000 --> 00:01:29,760
Speaker 1: concerns in the party mounting, Biden also tested positive for

23
00:01:29,959 --> 00:01:34,440
Speaker 1: COVID overnight. While symptoms are mild, the diagnosis removes him

24
00:01:34,480 --> 00:01:38,000
Speaker 1: from the campaign trail and thrusts his health back into

25
00:01:38,080 --> 00:01:41,840
Speaker 1: the spotlight. The diagnosis comes after he told an interview

26
00:01:41,959 --> 00:01:45,120
Speaker 1: that he is willing to relinquish power to Kamala Harris

27
00:01:45,400 --> 00:01:48,000
Speaker 1: if he wins a second term but is unable to

28
00:01:48,080 --> 00:01:53,440
Speaker 1: complete it for health reasons. Donald Trump's vice presidential running

29
00:01:53,480 --> 00:01:57,480
Speaker 1: mate JD. Vance has made his keynote acceptance speech at

30
00:01:57,480 --> 00:02:01,800
Speaker 1: the Republican National Convention in Plis pitch that doubled down

31
00:02:01,840 --> 00:02:06,160
Speaker 1: on Donald Trump's America First narrative. The Ohio senator drew

32
00:02:06,200 --> 00:02:09,919
Speaker 1: on his upbringing to blame Biden for presiding over an

33
00:02:09,919 --> 00:02:14,440
Speaker 1: economy that he says has left behind many working class families,

34
00:02:14,760 --> 00:02:17,440
Speaker 1: and in a speech crafted to appeal to blue collar

35
00:02:17,560 --> 00:02:22,000
Speaker 1: Swing state workers, Vance also went after the finance industry.

36
00:02:23,000 --> 00:02:26,440
Speaker 4: We're done, ladies and gentlemen catering to Wall Street. We'll

37
00:02:26,440 --> 00:02:30,480
Speaker 4: commit to the workingman. We're done importing foreign labor. We're

38
00:02:30,480 --> 00:02:33,480
Speaker 4: going to fight for American citizens and their good jobs

39
00:02:33,560 --> 00:02:36,639
Speaker 4: and they're good wages. We're done by an energy from

40
00:02:36,639 --> 00:02:38,520
Speaker 4: countries that hate us. We're going to get it right

41
00:02:38,560 --> 00:02:42,720
Speaker 4: here from American workers in Pennsylvania and Ohio and across

42
00:02:42,800 --> 00:02:47,880
Speaker 4: the country. We're done sacrificing supply chains to unlimited global trade,

43
00:02:48,080 --> 00:02:50,520
Speaker 4: and we're going to stamp more and more products with

44
00:02:50,600 --> 00:02:53,120
Speaker 4: that beautiful label made in the USA.

45
00:02:54,720 --> 00:02:59,840
Speaker 1: The Bud Campaign responded to Vance's speech by calling him unprepared, unqualified,

46
00:03:00,000 --> 00:03:04,720
Speaker 1: and willing to do anything Donald Trump demands. Vance's foreign

47
00:03:04,760 --> 00:03:08,840
Speaker 1: policy stance also raises questions for europe as leaders gather

48
00:03:08,960 --> 00:03:12,160
Speaker 1: in the UK for a key summit. The VP nominee

49
00:03:12,240 --> 00:03:15,760
Speaker 1: has opposed US military support of Ukraine, and in his

50
00:03:15,919 --> 00:03:19,440
Speaker 1: speech last night, doubled down on a tough stance towards

51
00:03:19,520 --> 00:03:21,240
Speaker 1: America's military allies.

52
00:03:22,560 --> 00:03:26,320
Speaker 4: Together, we will make sure our allies share in the

53
00:03:26,360 --> 00:03:30,239
Speaker 4: burden of securing world peace. No more free rides for

54
00:03:30,400 --> 00:03:33,919
Speaker 4: nations than betray the generosity of the American taxpayer.

55
00:03:35,160 --> 00:03:38,119
Speaker 1: Fancy's rhetoric is likely to be a hot topic here

56
00:03:38,120 --> 00:03:41,640
Speaker 1: in Britain, as Prime Minister Kirstarmer hosts the European Political

57
00:03:41,640 --> 00:03:45,480
Speaker 1: Community gathering of more than forty leaders. The meeting will

58
00:03:45,480 --> 00:03:50,200
Speaker 1: include discussions about defense and the threat from Russia, illegal immigration,

59
00:03:50,400 --> 00:03:53,920
Speaker 1: and energy security. While the new UK Prime Minister is

60
00:03:53,960 --> 00:03:56,680
Speaker 1: also hoping to use the gathering as a chance to

61
00:03:56,800 --> 00:04:03,040
Speaker 1: reset Britain's relationship with the EU. Kirs Starmer also set

62
00:04:03,080 --> 00:04:07,160
Speaker 1: out his agenda in an ambitious King's Speech. The traditional

63
00:04:07,240 --> 00:04:11,520
Speaker 1: opening of Parliament yesterday saw the setting out of thirty

64
00:04:11,600 --> 00:04:15,040
Speaker 1: nine planned new bills, one of the largest to do

65
00:04:15,200 --> 00:04:18,760
Speaker 1: lists in the past thirty years of UK government. The

66
00:04:18,800 --> 00:04:21,039
Speaker 1: Prime Minister says that they need to get on with

67
00:04:21,160 --> 00:04:22,839
Speaker 1: the serious business of government.

68
00:04:23,800 --> 00:04:27,720
Speaker 5: This government has been elected to deliver nothing less than

69
00:04:27,880 --> 00:04:31,880
Speaker 5: national renewal, to stop the chaos of the past fourteen years,

70
00:04:32,360 --> 00:04:36,120
Speaker 5: turn the page on an era of politics as noisy performance,

71
00:04:36,680 --> 00:04:39,200
Speaker 5: and return it to public service.

72
00:04:40,200 --> 00:04:43,680
Speaker 1: The speech comes as Starmer ended his second week in power.

73
00:04:43,760 --> 00:04:46,640
Speaker 1: His administration has so far been marked by a desire

74
00:04:46,920 --> 00:04:48,760
Speaker 1: to be seen as highly proactive.

75
00:04:50,040 --> 00:04:50,160
Speaker 2: Now.

76
00:04:50,240 --> 00:04:53,480
Speaker 1: The European Central Bank is unlikely to cut interest rates

77
00:04:53,600 --> 00:04:56,520
Speaker 1: at their meeting later today, but the ECB President Christine

78
00:04:56,600 --> 00:05:00,599
Speaker 1: Lagarde may hint at a cut in September begs. Lizzie

79
00:05:00,640 --> 00:05:01,960
Speaker 1: Burden has more from Frankfort.

80
00:05:02,440 --> 00:05:06,920
Speaker 6: With euro'sone growth losing steam but services inflation sticky, markets

81
00:05:06,920 --> 00:05:10,240
Speaker 6: and economists expect the European Central Bank to keep interest

82
00:05:10,360 --> 00:05:13,760
Speaker 6: rates on hold at its July meeting today, though traders

83
00:05:13,800 --> 00:05:16,800
Speaker 6: will listen closely for clues as to whether a September

84
00:05:16,839 --> 00:05:20,120
Speaker 6: move is coming. Even the hawkish end of the Governing

85
00:05:20,200 --> 00:05:23,160
Speaker 6: Council has said market pricing for two more moves this

86
00:05:23,279 --> 00:05:27,760
Speaker 6: year looks reasonable, but President Christine Legard is unlikely to

87
00:05:27,839 --> 00:05:31,240
Speaker 6: want to box herself in on timing, so we'll probably

88
00:05:31,320 --> 00:05:35,360
Speaker 6: reiterate that the Central Bank is data dependent. A key

89
00:05:35,440 --> 00:05:40,920
Speaker 6: question is whether she reintroduces the ECB's easing bias in Frankfurt,

90
00:05:41,040 --> 00:05:42,960
Speaker 6: Lizzie Bird and Bloomberg Radio.

91
00:05:43,520 --> 00:05:46,760
Speaker 1: Meanwhile, feder Reserve Governor Christopher Wallace says that the Central

92
00:05:46,800 --> 00:05:49,520
Speaker 1: Bank is nearing its moment to cut rates. He told

93
00:05:49,560 --> 00:05:52,839
Speaker 1: an audience in Kansas the US may have managed to

94
00:05:52,920 --> 00:05:55,800
Speaker 1: tame inflation without dipping into a recession.

95
00:05:57,040 --> 00:05:59,960
Speaker 7: I believe the current data are consistent with a chain

96
00:06:00,080 --> 00:06:03,440
Speaker 7: being a soft landing, and I'll be looking for data

97
00:06:03,480 --> 00:06:05,760
Speaker 7: over the next couple of months to buttress that view.

98
00:06:06,440 --> 00:06:09,480
Speaker 7: So while I don't believe we've reached our final destination,

99
00:06:10,360 --> 00:06:12,839
Speaker 7: I do believe we are getting closer to the time

100
00:06:13,320 --> 00:06:15,600
Speaker 7: when a cut in the policy rate is warranted.

101
00:06:16,520 --> 00:06:19,920
Speaker 1: Waller's comments echo a number of other policymakers who are

102
00:06:19,960 --> 00:06:24,120
Speaker 1: broadly optimistic about the direction of inflation but want more data.

103
00:06:24,320 --> 00:06:27,279
Speaker 1: Investors are betting that they will pause in July, leaving

104
00:06:27,360 --> 00:06:33,839
Speaker 1: rate reductions until the Fed's September gathering. And lastly, Old

105
00:06:33,880 --> 00:06:38,680
Speaker 1: Bones the Citadel founder Ken Griffin has paid Southby's forty

106
00:06:38,720 --> 00:06:43,320
Speaker 1: four point six million dollars for an almost complete Stegosaurus fossil,

107
00:06:43,400 --> 00:06:45,839
Speaker 1: a record sum at auction. The one hundred and fifty

108
00:06:45,960 --> 00:06:49,600
Speaker 1: million year old dinosaur, nicknamed Apex, is more than three

109
00:06:49,600 --> 00:06:52,839
Speaker 1: meters tall and more than eight meters LONGS understood that

110
00:06:52,880 --> 00:06:55,960
Speaker 1: Griffin's plan is to put it on display at a

111
00:06:56,120 --> 00:06:59,679
Speaker 1: US museum. Now in a moment analysis of JD Vance's

112
00:06:59,680 --> 00:07:03,640
Speaker 1: speed two Republicans as he accepted the nomination to run

113
00:07:03,720 --> 00:07:07,719
Speaker 1: alongside Donald Trump, and also the European political community meeting

114
00:07:07,839 --> 00:07:10,320
Speaker 1: in the UK at Blenhim Palace. Our reporter Ollie Crook

115
00:07:10,480 --> 00:07:13,320
Speaker 1: is there, so we'll be going their live in a moment.

116
00:07:13,400 --> 00:07:17,080
Speaker 1: But first, this is a Bloomberg reporter after my own heart.

117
00:07:17,120 --> 00:07:21,360
Speaker 1: This is Conrad Quilty Harper's piece out today. He's writing

118
00:07:21,400 --> 00:07:25,720
Speaker 1: about a senior fellow at Warton School called Matthew Killingsworth,

119
00:07:26,080 --> 00:07:29,520
Speaker 1: who disputes the idea that the link between well being

120
00:07:29,720 --> 00:07:33,200
Speaker 1: and wealth levels off once you earn a certain amount

121
00:07:33,240 --> 00:07:35,760
Speaker 1: of money. This, of course, is known as the happiness plateau.

122
00:07:36,160 --> 00:07:38,440
Speaker 1: It was also part of the paper in twenty ten

123
00:07:38,760 --> 00:07:43,560
Speaker 1: from the economists Angus Deaton and Daniel Cannerman. They were

124
00:07:43,600 --> 00:07:46,640
Speaker 1: talking about how happiness tends to go up with incomes,

125
00:07:46,840 --> 00:07:49,560
Speaker 1: but only until you get a certain amount of a cushion,

126
00:07:49,600 --> 00:07:53,160
Speaker 1: let's say, until sixty to ninety thousand dollars in income

127
00:07:53,240 --> 00:07:56,680
Speaker 1: per year, and then it sort of flattens out. Matthew Killingsworth,

128
00:07:56,960 --> 00:07:59,880
Speaker 1: who studies the causes of human happiness, says that actually

129
00:08:00,200 --> 00:08:05,440
Speaker 1: both millionaires and billionaires are significantly happier than people who

130
00:08:05,480 --> 00:08:09,240
Speaker 1: earn more than half a million dollars a year. Huge sums,

131
00:08:09,520 --> 00:08:13,320
Speaker 1: but a really interesting study. And Bloomberg reporter Conrad Cruelty

132
00:08:13,400 --> 00:08:15,520
Speaker 1: Harper has got that piece on the terminal for you

133
00:08:15,600 --> 00:08:17,920
Speaker 1: to have a look at. This morning had some inspiration

134
00:08:18,040 --> 00:08:20,800
Speaker 1: for you. Now, let's send our attention then to the

135
00:08:20,840 --> 00:08:24,360
Speaker 1: big news that came out overnight. Jd Vance accepted the

136
00:08:24,360 --> 00:08:28,920
Speaker 1: Republican nomination for vice president at the Republican National Convention tonight,

137
00:08:29,440 --> 00:08:32,079
Speaker 1: in a US presidential race that has taken some big

138
00:08:32,120 --> 00:08:35,480
Speaker 1: twists and turns, whilst President Joe Biden is grasping to

139
00:08:35,520 --> 00:08:40,360
Speaker 1: stabilize his own campaign. Joining me now is Bloomberg's Washington

140
00:08:41,240 --> 00:08:45,520
Speaker 1: editor John Harney, who's obviously been watching what happened at

141
00:08:45,520 --> 00:08:48,240
Speaker 1: the RNC overnight. John, great to have you with us.

142
00:08:48,280 --> 00:08:51,200
Speaker 1: Good morning. Jd Vance has been a Senator for only

143
00:08:51,240 --> 00:08:54,040
Speaker 1: about eighteen months. I was watching some of this speech.

144
00:08:54,080 --> 00:08:57,080
Speaker 1: He was cracking jokes, he was ad libbing. What did

145
00:08:57,160 --> 00:09:00,079
Speaker 1: this speech show about Trump's VP P.

146
00:09:00,960 --> 00:09:05,000
Speaker 2: Well, it shows immediately that he's a death quit thinking

147
00:09:05,080 --> 00:09:11,600
Speaker 2: politician who comes across as smart but modest, determined but genial,

148
00:09:12,040 --> 00:09:16,280
Speaker 2: very very opinionated, but not angry. And he'll say things

149
00:09:16,760 --> 00:09:20,080
Speaker 2: not so much tonight, but offer positions that some people

150
00:09:20,120 --> 00:09:23,040
Speaker 2: in the audience may vehemently disagree with, but he does

151
00:09:23,080 --> 00:09:27,439
Speaker 2: so with a good bit of charm. But again, some

152
00:09:27,920 --> 00:09:30,120
Speaker 2: of the stuff he said about Wall Street, he probably

153
00:09:30,160 --> 00:09:34,199
Speaker 2: didn't go over too well with some of the convention audience. Yeah.

154
00:09:34,240 --> 00:09:36,959
Speaker 1: Absolutely, and of course it's a friendly audience of the RNC.

155
00:09:37,640 --> 00:09:39,640
Speaker 1: He was introduced or said by his wife, which I

156
00:09:39,640 --> 00:09:44,000
Speaker 1: thought was, you know, is typical but interesting. On policy, John,

157
00:09:44,080 --> 00:09:46,400
Speaker 1: what do you take away from this? Vance was appealing

158
00:09:46,440 --> 00:09:51,000
Speaker 1: clearly to blue collar workers. He's anti China. You mentioned

159
00:09:51,440 --> 00:09:54,760
Speaker 1: the Wall Street comments. What emerged in terms of his

160
00:09:55,120 --> 00:09:56,079
Speaker 1: policy thinking?

161
00:09:56,400 --> 00:09:59,720
Speaker 2: He draws a bit on his biography. Of course. He

162
00:09:59,760 --> 00:10:04,400
Speaker 2: wrote to prominence and celebrity as the author of He'll

163
00:10:04,400 --> 00:10:09,480
Speaker 2: Build the Elergy about his very humble and difficult upbringing

164
00:10:09,720 --> 00:10:13,880
Speaker 2: in Ohio as part of the culture that where the

165
00:10:14,200 --> 00:10:17,520
Speaker 2: white working class had been deprived of jobs and had

166
00:10:17,559 --> 00:10:21,560
Speaker 2: been left behind by, as he put it, elites. In

167
00:10:21,600 --> 00:10:26,320
Speaker 2: some ways he sort of evokes earlier populous like say

168
00:10:26,320 --> 00:10:30,040
Speaker 2: William Jennings Bryan in the early late nineteenth and early

169
00:10:30,080 --> 00:10:35,320
Speaker 2: twentieth century, who railed against the East Coast financiers who

170
00:10:35,440 --> 00:10:38,840
Speaker 2: had sold out the farmers in the Midwest. Of course,

171
00:10:38,880 --> 00:10:42,680
Speaker 2: at the times are much different now, but it carries

172
00:10:42,720 --> 00:10:44,080
Speaker 2: some of the same message.

173
00:10:44,440 --> 00:10:48,560
Speaker 1: Okay, that's interesting. I Meanwhile, j Biden has COVID now

174
00:10:48,760 --> 00:10:52,200
Speaker 1: he's curtailing his campaign. He seems to be struggling to

175
00:10:52,240 --> 00:10:53,320
Speaker 1: study his campaign.

176
00:10:53,880 --> 00:10:55,840
Speaker 2: Well, I mean it's almost sort of a split screen.

177
00:10:56,280 --> 00:11:01,760
Speaker 2: On Wednesday night as the convention began, and second and

178
00:11:01,800 --> 00:11:05,920
Speaker 2: then first we heard that President Biden had the coronavirus

179
00:11:06,520 --> 00:11:11,200
Speaker 2: and tested positive for it. And then came all these

180
00:11:11,360 --> 00:11:15,400
Speaker 2: reports and leaks that Chuck Schumer, the Senate majority leader,

181
00:11:15,520 --> 00:11:19,680
Speaker 2: Hakim Jeffries, the minority leader in the US House, and

182
00:11:19,840 --> 00:11:23,800
Speaker 2: Nancy Pelosi, the very who had been one of the

183
00:11:23,840 --> 00:11:31,800
Speaker 2: most powerful House speakers of our lifetimes, had all in private, strongly,

184
00:11:32,000 --> 00:11:35,720
Speaker 2: you know, told told the President that he was not

185
00:11:35,880 --> 00:11:38,560
Speaker 2: likely to win the election and that would affect the

186
00:11:38,600 --> 00:11:41,840
Speaker 2: fortunes of Democratic candidates in Congress.

187
00:11:42,080 --> 00:11:45,960
Speaker 1: Yeah, and so we will watch that story. Also, John,

188
00:11:45,960 --> 00:11:47,839
Speaker 1: thank you so much for being with me this morning.

189
00:11:47,840 --> 00:11:50,720
Speaker 1: Blue Banks, Washington Editor, John Harney. Always great to have

190
00:11:50,760 --> 00:11:53,840
Speaker 1: you on the program. Your insights into well the RNC,

191
00:11:54,000 --> 00:11:57,280
Speaker 1: but also what's happening with the Biden campaign. I mean. Meanwhile,

192
00:11:57,280 --> 00:11:59,360
Speaker 1: here in the UK, of course, our oign Prime Minister

193
00:11:59,480 --> 00:12:03,960
Speaker 1: kist armis hosting his first major international gathering since becoming PM.

194
00:12:04,520 --> 00:12:07,600
Speaker 1: His government's legislative agenda was set out yesterday in the

195
00:12:07,679 --> 00:12:11,440
Speaker 1: King's Speech in Parliament bluemg's reporter Oliver Crook joins me

196
00:12:11,520 --> 00:12:16,360
Speaker 1: now though from the European Political Community meeting at Blennim Palace.

197
00:12:16,480 --> 00:12:19,440
Speaker 1: This is Winston Churchill's ancestral home and this is where

198
00:12:19,480 --> 00:12:23,559
Speaker 1: all of these European leaders EU and non EU leaders

199
00:12:23,559 --> 00:12:27,080
Speaker 1: will be gathering. Ollie, good morning. The EPEC is being

200
00:12:27,120 --> 00:12:30,520
Speaker 1: billed as a chance for Starmer to reset the UK's

201
00:12:30,679 --> 00:12:34,079
Speaker 1: relationship with the continent. I mean, firstly, on that aim,

202
00:12:34,280 --> 00:12:35,440
Speaker 1: what are they trying to do?

203
00:12:36,200 --> 00:12:37,280
Speaker 3: Yeah, that's right, Caroline.

204
00:12:37,280 --> 00:12:39,199
Speaker 8: I mean, listen, this is a format that was born

205
00:12:39,240 --> 00:12:41,880
Speaker 8: after the Russian invasion of Ukraine, but in a sort

206
00:12:41,880 --> 00:12:44,480
Speaker 8: of you know, the brainchild of Emmanuel and mccalln. The

207
00:12:44,559 --> 00:12:46,800
Speaker 8: idea is to draw a wider tent across Europe in

208
00:12:46,840 --> 00:12:49,080
Speaker 8: a time when really there needs to be more collective action,

209
00:12:49,360 --> 00:12:51,800
Speaker 8: There needs to be more working together across Europe to

210
00:12:51,840 --> 00:12:53,880
Speaker 8: deal with these large threats like Russia.

211
00:12:53,920 --> 00:12:54,080
Speaker 7: You know.

212
00:12:54,080 --> 00:12:56,040
Speaker 3: And this is the first global event for Cure Starmer.

213
00:12:56,120 --> 00:12:59,080
Speaker 8: He's pulling together almost fifty heads of states, so you

214
00:12:59,080 --> 00:13:01,400
Speaker 8: have to imagine how magnificant this is for him, where

215
00:13:01,400 --> 00:13:03,800
Speaker 8: he's not only meeting all these people, but he's playing hosts,

216
00:13:04,160 --> 00:13:06,440
Speaker 8: you know, just weeks after coming into power. These are

217
00:13:06,520 --> 00:13:08,440
Speaker 8: kinds of meetings that would take you know, months and

218
00:13:08,480 --> 00:13:09,679
Speaker 8: months and months to arrange.

219
00:13:09,760 --> 00:13:12,120
Speaker 3: So this is hugely politically valuable for him.

220
00:13:12,760 --> 00:13:14,520
Speaker 8: And really what he has said from the beginning is

221
00:13:14,520 --> 00:13:16,839
Speaker 8: he wants to redefine this relationship with Europe and wants

222
00:13:16,920 --> 00:13:18,800
Speaker 8: he thinks that there's actually a better deal out there

223
00:13:18,840 --> 00:13:21,559
Speaker 8: between the UK and Europe. The question is what does

224
00:13:21,600 --> 00:13:24,679
Speaker 8: that relationship look like, and flowing from that is what

225
00:13:24,760 --> 00:13:26,960
Speaker 8: will Europe allow. They have said in the past they

226
00:13:27,000 --> 00:13:28,920
Speaker 8: do not want to allow any cherry picking. Of course,

227
00:13:29,000 --> 00:13:31,880
Speaker 8: Brexit still needs to hurt the UK from the European

228
00:13:31,920 --> 00:13:34,200
Speaker 8: perspective to a certain degree. But there's also a question

229
00:13:34,240 --> 00:13:36,200
Speaker 8: of what Starmer has a mandate to do. You know,

230
00:13:36,280 --> 00:13:40,079
Speaker 8: have British views changed since twenty fifteen in terms of

231
00:13:40,160 --> 00:13:41,920
Speaker 8: what the relationship with Europe could.

232
00:13:41,720 --> 00:13:42,480
Speaker 3: Be going forward.

233
00:13:42,760 --> 00:13:45,480
Speaker 8: The concrete proposal that they're hoping to get here is

234
00:13:45,520 --> 00:13:47,720
Speaker 8: some kind of security pack, though we are you know,

235
00:13:47,840 --> 00:13:49,839
Speaker 8: don't have the details on that though we'll be speaking

236
00:13:49,880 --> 00:13:51,360
Speaker 8: to a number of people here to try to get

237
00:13:51,400 --> 00:13:52,400
Speaker 8: that out throughout the day.

238
00:13:52,760 --> 00:13:56,480
Speaker 1: Yeah. Absolutely, And of course on security, the US election,

239
00:13:56,640 --> 00:14:01,320
Speaker 1: the Trump vance ticket looms large as you're dealing with that.

240
00:14:02,320 --> 00:14:04,480
Speaker 8: Yeah, I mean that adds all the urgency to this. Right,

241
00:14:04,480 --> 00:14:07,760
Speaker 8: there's obviously the question of Russia. It becomes much more

242
00:14:07,800 --> 00:14:10,800
Speaker 8: present when you have a candidate at the White potentially

243
00:14:10,800 --> 00:14:13,079
Speaker 8: in the United States that is, you know, really sort

244
00:14:13,120 --> 00:14:15,960
Speaker 8: of shown his strength over the last couple of weeks

245
00:14:16,760 --> 00:14:19,400
Speaker 8: that is sort of defiant and doesn't really necessarily believe

246
00:14:19,400 --> 00:14:21,440
Speaker 8: in NATO, and as we heard from jad events last

247
00:14:21,520 --> 00:14:23,800
Speaker 8: night saying that basically the US is going to make

248
00:14:23,840 --> 00:14:25,920
Speaker 8: its allies pay for their support.

249
00:14:25,960 --> 00:14:27,200
Speaker 3: It's not coming for free anymore.

250
00:14:27,200 --> 00:14:29,680
Speaker 8: And he really believes and so do does Donald Trump,

251
00:14:29,680 --> 00:14:32,560
Speaker 8: that these countries, particularly in Europe, have been taking advantage

252
00:14:32,600 --> 00:14:35,640
Speaker 8: of the United States for the security guarantees. This is

253
00:14:35,640 --> 00:14:37,560
Speaker 8: important here for the UK and trying to strike a

254
00:14:37,600 --> 00:14:39,480
Speaker 8: deal with the EU because the EU is putting a

255
00:14:39,520 --> 00:14:41,880
Speaker 8: lot of money towards defense. They're trying to put a

256
00:14:41,880 --> 00:14:44,360
Speaker 8: lot of programs together where it's not just buying more

257
00:14:44,400 --> 00:14:47,320
Speaker 8: and ramping up defense spending, it's spending it within Europe.

258
00:14:47,440 --> 00:14:48,240
Speaker 3: So here it will be.

259
00:14:48,200 --> 00:14:50,800
Speaker 8: Important to try to strike those relationships and that conversation

260
00:14:50,880 --> 00:14:53,200
Speaker 8: so that that money potentially is not just spent on

261
00:14:53,280 --> 00:14:57,600
Speaker 8: the continent it's spent within the United Kingdom, so hugely

262
00:14:57,960 --> 00:15:00,440
Speaker 8: you know, influential there and important there. We should also

263
00:15:00,440 --> 00:15:02,480
Speaker 8: say there's also going to be some conversations around migration.

264
00:15:02,640 --> 00:15:04,800
Speaker 8: Maloney is going to be heading that conversation. It'll be

265
00:15:04,840 --> 00:15:07,720
Speaker 8: really interesting to see how kuer Starmer and Georgia Maloney

266
00:15:07,760 --> 00:15:09,320
Speaker 8: get along. And of course there are a couple other

267
00:15:09,360 --> 00:15:11,800
Speaker 8: issues of energy. You know, Norway's involved here, but it's

268
00:15:11,800 --> 00:15:14,080
Speaker 8: also you know, speaking to Turkey, so really bring all

269
00:15:14,120 --> 00:15:15,840
Speaker 8: of these countries together here in bun And Palace.

270
00:15:15,840 --> 00:15:20,200
Speaker 9: Today, this is Bloomberg Daybreak Europe, your morning brief on

271
00:15:20,280 --> 00:15:23,480
Speaker 9: the stories making news from London to Wall Street and beyond.

272
00:15:23,760 --> 00:15:27,720
Speaker 1: Look for us on your podcast feed every morning on Apple, Spotify,

273
00:15:27,800 --> 00:15:29,760
Speaker 1: and anywhere else you get your podcasts.

274
00:15:29,800 --> 00:15:32,840
Speaker 9: You can also listen live each morning on London Dab Radio,

275
00:15:32,880 --> 00:15:35,560
Speaker 9: the Bloomberg Business app, and Bloomberg dot Com.

276
00:15:35,600 --> 00:15:38,360
Speaker 1: Our flagship New York station is also available on your

277
00:15:38,400 --> 00:15:43,120
Speaker 1: Amazon Alexa devices. Just say Alexa play Bloomberg eleven thirty.

278
00:15:43,360 --> 00:15:44,760
Speaker 1: I'm Caroline Hepka.

279
00:15:44,520 --> 00:15:46,960
Speaker 9: And I'm Stephen Carroll. Join us again tomorrow morning for

280
00:15:47,080 --> 00:15:49,480
Speaker 9: all the news you need to start your day right

281
00:15:49,480 --> 00:15:55,280
Speaker 9: here on Bloomberg day Break Europe,