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Speaker 1: Bloomberg Audio Studios, podcasts, radio news. This is the Bloomberg

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Speaker 1: Daybaker podcast, available every morning on Apples, Spotify or wherever

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Speaker 1: you listen. It's Monday, the twenty third of September. Here

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Speaker 1: in London. I'm Caroline Hepka. Coming up today, Chancellor Rachel

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Speaker 1: Reeves will pledge that there will be no return to

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Speaker 1: austerity as the government attempts to pivot towards a more

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Speaker 1: positive message on the economy. Plus, as Labour's looming tax

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Speaker 1: hikes push London's super rich to look for the door,

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Speaker 1: we have a special report on those making plans to

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Speaker 1: leave the UK, And in other news, China pushes the

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Speaker 1: button on more stimulus, cutting short term interest rates and

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Speaker 1: announcing plans for a rare briefing on the economy. Let's

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Speaker 1: start with a roundup of our top stories. Chancellor Rachel

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Speaker 1: Reeves will vow today that the UK's new Labor government

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Speaker 1: won't return the country to austerity cuts that previous government

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Speaker 1: have seen. After weeks of warning about the dire state

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Speaker 1: of the public finances, Reeves will use her speech at

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Speaker 1: the Labor Party conference to dangle the prospect of higher

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Speaker 1: rates of investment as the key to unlocking growth. The

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Speaker 1: change in tone comes as business leaders have told Bloomberg

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Speaker 1: that labor risks scaring off investment with its negative message

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Speaker 1: on tax and spending. Here is what the former Legal

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Speaker 1: and General CEO Nigel Wilson told us earlier this month.

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Speaker 2: You know, we've got to get out of the doom loop.

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Speaker 2: We sort of all this miserable talk that we're engaged with.

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Speaker 2: We have huge investment opportunities and we've got the money

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Speaker 2: to invest, and it's just the will to invest that's

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Speaker 2: not happened. And for all sorts of random policy, random

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Speaker 2: regulation and random tax changes we've made over the last

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Speaker 2: twenty or thirty years has made it very difficult to

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Speaker 2: deliver the right level of investment.

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Speaker 1: Nigel Wilson's comments come as the Chance's previous stark warnings

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Speaker 1: of a twenty two billion pound fiscal whole left by

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Speaker 1: the Conservatives have coincided where they decline and consumer confidence

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Speaker 1: across the UK reeves will address a Labour's confidence against

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Speaker 1: a backdrop of criticism over cuts to pensioner's winter fuel

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Speaker 1: payments and freebies from donors. Downing Street says that the

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Speaker 1: Prime Minister will no longer accept gifts in future. Kirs

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Speaker 1: Starmer was criticized for accepting a range of freebies, including

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Speaker 1: clothes and On Sunday, his deputy Prime Minister, Angela Rayner,

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Speaker 1: spent much of her BBC interview defending her handling of

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Speaker 1: a New Year's Eve holiday in New York subsidized by

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Speaker 1: a donor.

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Speaker 3: It was a private holiday that I think it was

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Speaker 3: important that people knew because I'd had a relationship where

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Speaker 3: I'd had a donation from that individual, a substantial donation

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Speaker 3: to help me towards becoming the deputy leader. Because I

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Speaker 3: had to run my campaign, I thought it was important

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Speaker 3: that people knew that I'd used their apartment for a

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Speaker 3: couple of days. I paid for the holiday myself.

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Speaker 1: Despite Angela Venus comments, there is no sign of the

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Speaker 1: row dissipating. Meanwhile, kir Starmer's net approval rating has slumped

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Speaker 1: to minus twenty six, down forty five percentage points since

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Speaker 1: he became Prime Minister. To another election now, though Germany's

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Speaker 1: Social Democrats have escaped another defeat to the far right

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Speaker 1: in a state vote, the Chancellor's party secured a narrow

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Speaker 1: victory in Brandenburg, head of the anti immigrant AfD party,

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Speaker 1: which took thirty percent of the vote according to preliminary results. Now,

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Speaker 1: the victory in a state which is home to Olaf

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Speaker 1: Schultz's Potsdam constituency ends a run of disappointing results for

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Speaker 1: the SPD, including this month's AfD win in Thuringia. In France,

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Speaker 1: the new prime minister is considering taxing large firms to

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Speaker 1: reign in the national debt. Speaking of French television, Michelle

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Speaker 1: Barnier said that a collective effort to trim spending is needed.

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Speaker 4: Our country is in a very serious situation. We're talking

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Speaker 4: about perhaps three trillion euros of debt already and fifty

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Speaker 4: billion euros of interest to pay a year. And at

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Speaker 4: the same time, when you see what is happening in

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Speaker 4: the country, the ministers that I have chosen to come

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Speaker 4: from all over France, from France overseas, there is an

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Speaker 4: enormous amount of energy, of intelligence, of initiative.

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Speaker 1: Michelle Barnier, speaking there through a translator. It comes at

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Speaker 1: a difficult time for the new French government. Some makers

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Speaker 1: have said that one of their conditions to supporting the

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Speaker 1: new prime minister is that he does not increase taxes. Meanwhile,

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Speaker 1: Barnier says that France must preserve credibility on the bond markets.

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Speaker 1: After months of political gridlock undermined investor confidence, Bloomberg has

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Speaker 1: learned the Apollo Global Management has offered to make a

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Speaker 1: multi billion dollar investment in Intel. Under CEO Pat Gelsinger,

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Speaker 1: Intel has been working on an expense overhaul with a

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Speaker 1: focus on new products, technology, and outside customers, but the

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Speaker 1: plan has led to a series of worsening earnings reports

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Speaker 1: that have knocked tens of billions of dollars off its

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Speaker 1: market cap. With more on this exclusive story here is

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Speaker 1: Bloomberg's Doug Prisner.

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Speaker 5: We are told Apollo has indicated a willingness to make

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Speaker 5: an equity like investment of as much as five billion dollars. Now,

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Speaker 5: nothing has been finalized. The size of the potential investment

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Speaker 5: could change and discussions could fall through. Importantly, these companies

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Speaker 5: already have a relationship. In June, in Tell agree to

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Speaker 5: sell Apollo a stake and a joint venture it controls

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Speaker 5: a plant in Ireland. The price tag was eleven billion dollars.

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Speaker 5: The timing is interesting since we are also told Qualcomm

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Speaker 5: has floated the idea of a friendly takeover of Intel

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Speaker 5: in New York I'm Doug Prisoner Bloomberg Radio.

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Speaker 1: Now. It is our top story. This morning is Business

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Speaker 1: Day the Labour Party conference. It is the first annual

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Speaker 1: conference in government in fifteen years for Labor. The chance

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Speaker 1: of Rachel Reeves will be speaking later and she is

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Speaker 1: expected to promise no return to the austerity cuts of

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Speaker 1: previous Conservative governments. This though after a weekend in which

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Speaker 1: the party had to deal with questions about gifts and donations,

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Speaker 1: backbiting among top staff, and concerns about tax rises and

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Speaker 1: cuts to come in the upcoming autumn budget. Well, we

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Speaker 1: have our UK correspondent Lizzie Burden, who's in Liverpool at

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Speaker 1: the Labor Party conference for US Live. Lizzie, very good

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Speaker 1: morning to you, Very good to have you on the

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Speaker 1: program and roving about the country of course. What are

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Speaker 1: we expecting from Rachel Reeves's speech today, Lizzie.

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Speaker 6: Yeah, good morning from Chili Liverpool, Caroline. It's an important

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Speaker 6: opportunity for the Chancellor to draw a line under that

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Speaker 6: gloomy economic narrative that has been pushed all summer which

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Speaker 6: is actually denting sentiments. So you saw that plunge in

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Speaker 6: consumer confidence on Friday. GfK blamed it on anticipation of

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Speaker 6: a painful budget next month. And of course that's in

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Speaker 6: contrast to the Bank of England Governor Andrew Bailey, who

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Speaker 6: just last week said that consumer confidence is expected to recover.

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Speaker 6: And indeed the Bank of England didn't cut rates even

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Speaker 6: though the Fed went for a fifty basis point cut,

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Speaker 6: because Bowe officials are that confident about UK growth and

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Speaker 6: inflation's back near target. So this is a chance for

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Speaker 6: Reeves to close the gap between the narrative and the

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Speaker 6: economic data. And as you say, she's expected to say

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Speaker 6: that Labor will not return to austerity on October the thirtieth,

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Speaker 6: despite all her emphasis on fiscal responsibility and filling this

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Speaker 6: twenty two billion pound hole in the public finances. Instead,

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Speaker 6: we're expecting her to put forward a more positive vision

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Speaker 6: for the economy.

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Speaker 1: I mean in terms of then the optimistic and positive

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Speaker 1: message for the future of the economy. That's not what

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Speaker 1: the Labor Party has been saying in recent weeks, so

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Speaker 1: that's perhaps been the concern. Also, you know, there was

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Speaker 1: a landslide election win only on the fourth of two line.

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Speaker 1: Now the Labor government is facing a lot of questions

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Speaker 1: about the early decisions that they have made.

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Speaker 7: Yeah.

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Speaker 6: Look, this is being billed as the biggest ever business

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Speaker 6: day at Labor conference. So it's three pounds apiece for

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Speaker 6: a ticket. They sold out in twenty four hours, the

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Speaker 6: Labor Press Office tells us. But Caroline, the trouble is

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Speaker 6: there are worries that Rachel Reaves is going to raise

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Speaker 6: taxes on inheritance, on capital gains on property and drive

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Speaker 6: away the wealth creators that she said only in June

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Speaker 6: were the defining mission of her government. And we report,

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Speaker 6: for example, that the UK hedge fund billionaire Alan Howard

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Speaker 6: is considering a move to Geneva from London. You played

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Speaker 6: the interview there with Nigel Wilson. And on top of that,

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Speaker 6: Labour's already facing this backlash over her decision to cut

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Speaker 6: the winter fuel allowance for millions of pensioners. The trade

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Speaker 6: unions are trying to lodge a protest here. In fact,

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Speaker 6: Unite the unions pushing for emotion on reversing the cut,

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Speaker 6: and even if a vote wouldn't be binding, it would

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Speaker 6: be seriously embarrassing for the Chancellor.

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Speaker 1: So then, I mean, you've been up in Liverpool of

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Speaker 1: Ford for day, and there were lots of events yesterday

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Speaker 1: as well and over the weekend. What is the mood

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Speaker 1: like in Liverpool?

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Speaker 6: I would say it's apprehensive, But as you say, this

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Speaker 6: is Labour's first conference in power after fourteen years of

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Speaker 6: Conservative rule. There are a lot more Labor MPs here

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Speaker 6: than last year, given kirst Armer's majority. But so far

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Speaker 6: the conference has been dominated by exactly the sort of

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Speaker 6: stories that Labour criticized Conservative governments for. So you mentioned it,

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Speaker 6: the inviting at Number ten over the chief of staff

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Speaker 6: sugree her power and her pay. Also this row over freebies,

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Speaker 6: the access and influence that donor's won in exchange for gifts,

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Speaker 6: and they've been dominating the UK front pages as well

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Speaker 6: as the broadcast rounds because remember Labour won the election

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Speaker 6: promising to be transparent, but now they're being accused of

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Speaker 6: having been wholllier than now in opposition and hypocritical in office.

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Speaker 6: So kis Starmer wants to really hit the reset button here.

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Speaker 6: The slogan is change begins. Steve Reid Toldby it was

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Speaker 6: all just a bit of gear grinding, nothing unusual for

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Speaker 6: a party that's transitioning from opposition to power. And I

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Speaker 6: think it's going to be really interesting to hear from

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Speaker 6: the IPSOS CEO Kelly Beaver later about how much all

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Speaker 6: of this is actually cutting through. We've already seen Kir

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Speaker 6: Starmer's personal ratings. Punge.

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Speaker 1: Yeah, the Lizzie is going to be a very interesting

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Speaker 1: day ahead. Thank you so much for being with me

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Speaker 1: this morning. Our UK correspondent Lizzie Burden is in Liverpool

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Speaker 1: for US ahead of Rachel Reeves. Is all important speech

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Speaker 1: business day at the Labor Party conference. Thank you so

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Speaker 1: much for that. We'll be back with Lizzie throughout the morning.

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Speaker 1: Of course. Meanwhile, we want to get to some of

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Speaker 1: our special reporting. Kis Starmer won this summer's election with

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Speaker 1: this promise to redistribute wealth but also to repair public services.

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Speaker 1: But those plans are leading to the UK's wealthiest residence

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Speaker 1: speeding up greation plans, according to Bloomberg Reporting. Joining us

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Speaker 1: now is Ben Stuples, who covers Ultra Wealth in London. Ben,

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Speaker 1: a very interesting story that you and some of your

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Speaker 1: colleagues have written up. What are the most contentious Labor

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Speaker 1: Party policies then, firstly for the wealthiest people in the UKY.

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Speaker 7: Good morning, Caroline, and it's a very good question. What

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Speaker 7: I would say is we need to roll off. Roll

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Speaker 7: back to when Rachel Reeves said this is the crucial

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Speaker 7: where they're going to crack down on nondoms and in

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Speaker 7: their manifesto if you might remember that back in June,

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Speaker 7: they said the crucial part is they're going to remove

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Speaker 7: inheritance tax breaks. I'm offshore trusts. Now that crucially went

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Speaker 7: further than what Jeremy outlined in March, and basically that

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Speaker 7: means said that we all hear about these non doms.

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Speaker 7: There's old fundamental it's typically height worth individuals based in

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Speaker 7: the UK. They may originally come from overseas. Now that

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Speaker 7: is a tax grab that is making. That's the most

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Speaker 7: contentious part that I would say. It's often coming up

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Speaker 7: we report today, as you say, and it was a

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Speaker 7: sort of a murmuring a rumor going, oh, I'm not

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Speaker 7: sure if a labor can't come in, I'm not sure

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Speaker 7: what I'm going to do. Well, now it's really breaking

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Speaker 7: out into the open. It's all the talk really if

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Speaker 7: you are in the private wealth community of how many

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Speaker 7: people are going. If you're if you're in London and

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Speaker 7: you're high network individual, you or you know someone.

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Speaker 1: Is going well, people can threaten to leave but are

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Speaker 1: they really following through. I mean, I suppose that's that's

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Speaker 1: the main question.

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Speaker 7: Yeah, and some people have gone yeah, and that is

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Speaker 7: That's what we report today, is that we've we spoke

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Speaker 7: to some individuals are on the record saying I've been

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Speaker 7: here in the UK for a while. We cite one

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Speaker 7: individual called Aassi and Hyde Eyes in Nigerian Lebanese entrepreneurs

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Speaker 7: and ultra high network individual. He estimates is estimated to

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Speaker 7: us he has one hundred million portfolio property portfolio in England.

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Speaker 7: But because of that, because of that policy for labor,

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Speaker 7: he has said that he's going from the UK to

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Speaker 7: Greece and here he's actually swapping one non dom regime

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Speaker 7: for another. So Greece has introduced since we've been tinkering

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Speaker 7: with our regime, other countries have been trying to introduce

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Speaker 7: similar regimes that are styled on and what we've done before.

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Speaker 7: And actually, to be honest, Greece is actually is one

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Speaker 7: of the most attractive out there in terms of financial costs.

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Speaker 7: So it's just from one hundred thousand euros, you can

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Speaker 7: just pay that for a flat tax for almost fifteen

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Speaker 7: years and you pay no tax when it overseas. Income

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Speaker 7: or endands. So there. Yeah, so while we're pulling away incentives.

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Speaker 1: Others are adding them interesting very roughly private wealth managers

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Speaker 1: and now a new group that has a lot of

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Speaker 1: people's attention, the foreign investors for Britain are talking about

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Speaker 1: this a bit more, obviously lobbying ahead of the budget

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Speaker 1: because actually some of these decisions have not yet been made.

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Speaker 1: What have they been.

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Speaker 7: Saying they are going after it is seeking to engage

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Speaker 7: with the Treasury and hmr C, the UK Tax Authority

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Speaker 7: to make it really clear that the inheritance tax policy,

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Speaker 7: for example, risks costing the government rather than raising the

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Speaker 7: billions that Racharus and Kirstara are wanting to bring in.

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Speaker 7: Through these policies and others related to the non doms

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Speaker 7: regime and hiking tax and private equity investments for example,

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Speaker 7: as well, it might cost the government. We were sort

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Speaker 7: of here around I would say, pre Brexit, when we

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Speaker 7: had Michael Gove, you know, saying oh we're fed up

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Speaker 7: with experts and you know all these warnings of crossings.

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Speaker 7: This is similar to I would say a Brexit for

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Speaker 7: our high network individuals. Brexit didn't change whether high networks

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Speaker 7: were based. Now these policies, non norms and changes to

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Speaker 7: private equity investments really are.

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