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Jun 24, 2024
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let's bring in lizzy burden. this is the backdrop to the next government in terms of the economic fragility of the u.k. what is the misery index? >> when i first saw it, i thought it's the feeling when you have to get out of bed on a monday morning, how long it takes you. it was come up -- it was come up with in the 1970's. it is the unemployment side that's likely to be the pain point for the next 18 months for the next government. it speaks to the economic inheritance of whoever wins, which the polls suggest will be the labour party insert keir starmer -- party and serve keir starmer. the next government really needs to think about there is going to be another rise in the national minimum wage, they say, and how that could be prohibitively expensive as a cost for employers when thinking about bringing people on. you had the bank of england's megan greene talk about potential unemployment. if you look at the misery index, since rishi sunak took office, it's actually averaged about 11. it's now at six because inf
let's bring in lizzy burden. this is the backdrop to the next government in terms of the economic fragility of the u.k. what is the misery index? >> when i first saw it, i thought it's the feeling when you have to get out of bed on a monday morning, how long it takes you. it was come up -- it was come up with in the 1970's. it is the unemployment side that's likely to be the pain point for the next 18 months for the next government. it speaks to the economic inheritance of whoever wins,...
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Jun 6, 2024
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let's go to lizzy burden who is in frapg further. we are expecting the decision. the cut that is fully price by these markets. the forecast around growth and inflation. what are you looking for? >> you're absolutely right, tom. no one told them in frankfurt the weather has changed. it is time to change direction and cut rates. almost unanimously expected by economists even some of the more hawkish members of the governing council, accepting that it is time to cut today. that level of condominium has raised some eyebrows in recent days because of the latest economic data. ennation sticky. wage growth rapid. and therefore the focus today very much on the path, how many cuts do we get this year? you mentioned the forecast, do we see an upward trend for enmedication that? that suggests the bar is high for cuts. we'll be listening to the press kofns from christine lagarde. do they come quarterly or do we get a pause? you're going have to have strong signals from christine lagarde to get a sustained euro-dollar. tom: the ecb looks to break the moalt mold and go ahead of
let's go to lizzy burden who is in frapg further. we are expecting the decision. the cut that is fully price by these markets. the forecast around growth and inflation. what are you looking for? >> you're absolutely right, tom. no one told them in frankfurt the weather has changed. it is time to change direction and cut rates. almost unanimously expected by economists even some of the more hawkish members of the governing council, accepting that it is time to cut today. that level of...
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Jun 7, 2024
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lizzy burden with the detail and analysis on the back of that from the ecb. thank you. the focus, turning to the u.s. jobs report later today, bloomberg economics expect may's dated to present contradictory views of the labor market. let's bring in mary nichola for details. what are markets going to be scrutinizing from this? nonfarm payroll data taking center stage today. >> yeah. there's obviously some expectation that you can expect some softening. of course, you don't want the data to be too soft because it triggers a selloff across markets, so it has to be just enough to get the markets going or excited that a rate cut is coming. the other key thing to acknowledge is what's happening with earnings. average hourly earnings will be crucial. the other thing that could set off in a negative way is if we see that jobs are cooling while average hourly earnings are sticky, so that idea of stagflationary pressures coming through will weigh negatively on equities if we see that happening. so for the market, it needs the right balance. you need a little bit of cooling but ju
lizzy burden with the detail and analysis on the back of that from the ecb. thank you. the focus, turning to the u.s. jobs report later today, bloomberg economics expect may's dated to present contradictory views of the labor market. let's bring in mary nichola for details. what are markets going to be scrutinizing from this? nonfarm payroll data taking center stage today. >> yeah. there's obviously some expectation that you can expect some softening. of course, you don't want the data to...
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Jun 14, 2024
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lizzy burden with the significance around the polling and the boost for reform u.k.challenge for the tory party. two europe, where leaders are still dealing with the fallout of last week's european elections and discussions about ukraine, defense for the eu. the european council president spoke to crook at the g7 and delete. >> the most important thing will be the agenda. this is a program that will be agreed upon in the weeks to come by the leaders about what should be the priorities for the next five years. >> what changes as a result? >> you have the european parliament holding elections across e.u. we are doing our job. two important priorities, more prosperity, better regulation, smarter regulation, more competitiveness. we are determined to do more in the field of defense and security. >> could there be a decision on jobs by monday? it seems like these are firming up. >> the leaders will have to make a decision. it's my tasks to unite the leaders to hold them to a decision and this is my focus. >> there are a number of leaders in that cohort that have been weak
lizzy burden with the significance around the polling and the boost for reform u.k.challenge for the tory party. two europe, where leaders are still dealing with the fallout of last week's european elections and discussions about ukraine, defense for the eu. the european council president spoke to crook at the g7 and delete. >> the most important thing will be the agenda. this is a program that will be agreed upon in the weeks to come by the leaders about what should be the priorities for...
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Jun 4, 2024
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lizzy burden, our u.k.preview of that leadership debate that takes place later this evening and the u.k.. to the eu, the landmark climate policy could be under threat after this week's european elections. back in 2020 the block adopted what was called the green deal. still called the green deal. the commitment to become carbon neutral by 2050. that was the target, but with the energy crisis hitting voters while its, that ambition could now be more difficult to achieve. let's ring in bloomberg's climate and energy reported with the details around this. the politics plays in to this ambition in the eu. in 2019 the climate election -- the election was all about climate. it dominated -- dominated the political field. are we seeing that against the eu's climate agenda? how much risk is it to that agenda and to these targets? ask as you mention 2019 was the time that election saw loads and loads of protests across the world and also in the eu. five years later, things looked different. we've had covid, we've had
lizzy burden, our u.k.preview of that leadership debate that takes place later this evening and the u.k.. to the eu, the landmark climate policy could be under threat after this week's european elections. back in 2020 the block adopted what was called the green deal. still called the green deal. the commitment to become carbon neutral by 2050. that was the target, but with the energy crisis hitting voters while its, that ambition could now be more difficult to achieve. let's ring in bloomberg's...
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Jun 20, 2024
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let's get more from lizzy burden, who was outside the bank of england.s there anything markets should be watching out for today given that the expectation is, of course, that they will stay on hold? lizzy: well, you're absolutely right. you already saw a market reaction yesterday off the back of that hot services inflation reading. you saw a tick up in gilt yields and the pound off the back number at let's the mpc off having to cut rates today but they have already seemingly ruled one up, a cut -- ruled one out, a cut because of the election. it seems like that will have to wait until after the july 4 election. we have not had any speeches in the time since the snap election was called and we are expecting the votes but to be the same today, 7-7, to hold two to cut. what could be interesting could be the next meeting because this is the last one for the deputy governor, who is going to be replaced by a woman who is thought to be a little more hawkish, so perhaps we see a change in the dynamics on the committee. no presser, no forecast today. we are expec
let's get more from lizzy burden, who was outside the bank of england.s there anything markets should be watching out for today given that the expectation is, of course, that they will stay on hold? lizzy: well, you're absolutely right. you already saw a market reaction yesterday off the back of that hot services inflation reading. you saw a tick up in gilt yields and the pound off the back number at let's the mpc off having to cut rates today but they have already seemingly ruled one up, a cut...
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Jun 5, 2024
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tom: let's get more with lizzy burden. who wins? lizzie: the prime minister wants to be about tax.e made it about tax. he came out at 51%. his opponent, 49% so the conservative won the debate. the response to this tested tory tactic of labor as tax raisers was to say it is garbage to raise taxes by 2000 pounds. he did not land that rebuttal, why labor rushed out explaining in more detail. but even if he managed to get his point across in the debate, it cost him likability, this is the point, we had a pole right before they went on the set showing the biggest landslide in political history so a two percentage point lead in the postdebate polling is not notable. as you remind us, it is july 4 that really matters. tom: arguably, there was more for -- for -- for him to gain given -- given that gap. he did not land any blows or in fact that they landed any blows on the prime minister? is there anything we can take away that might feed into the campaign? lizzie: the biggest audience was directed at the prime minister and he got the biggest laugh at his expense. this was a moment when he
tom: let's get more with lizzy burden. who wins? lizzie: the prime minister wants to be about tax.e made it about tax. he came out at 51%. his opponent, 49% so the conservative won the debate. the response to this tested tory tactic of labor as tax raisers was to say it is garbage to raise taxes by 2000 pounds. he did not land that rebuttal, why labor rushed out explaining in more detail. but even if he managed to get his point across in the debate, it cost him likability, this is the point, we...
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Jun 11, 2024
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we are joined by lizzy burden. what can we expect? what do we know?is every time, but this is one of his last chances to close the lead. he is getting attacked by reform led by nigel who brought down his predecessors and he's got an attack from labor so we are expecting a cut for first-time buyers, a cut to insurance, payroll tax and like the surprise election announcement, this was drafted by a group of tops and beyond that there is wrangling that he is not going far enough to oppose the reform party. they want a cut to inheritance tax and they say cutting national insurance when it has not moved the polls is to paraphrase the definition of insanity. tom: one view on that manifesto. what about liberal democrats? we have that now. lizzie: bigger tax rises for the rich, frequent flyers and banks to raise pounds and find care and the national health service. they want to rejoin the single market when it coombs to the european market. this is the other threat i've talked about, this is from the south. not likely to see a liberal democrat as prime ministe
we are joined by lizzy burden. what can we expect? what do we know?is every time, but this is one of his last chances to close the lead. he is getting attacked by reform led by nigel who brought down his predecessors and he's got an attack from labor so we are expecting a cut for first-time buyers, a cut to insurance, payroll tax and like the surprise election announcement, this was drafted by a group of tops and beyond that there is wrangling that he is not going far enough to oppose the...
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Jun 25, 2024
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let's get more from lizzie burden. just 10 days to go. the prime minister do anything to turn the tide, the fortune for him and his party? >> we are getting closer but the gap does not seem to be budging. it's a 20 point lead labor has got. we were speaking to the former chancellor yesterday. it was interesting where he said it was not about winning but more about trying to prevent the conservatives becoming a romp opposition and limiting the defeat. he said gamble gate is si to party gay. what is similar is the -- what is curious is that there is so little detail on the fiscal side. the institute for fiscal studies said the u.k. voting public is in a knowledge vacuum because no one is addressing the fiscal constraints, the stark choice between higher taxes, spending cuts and more borrowing. the office for more budget responsibility has said you could have north of 5% growth a year to solve problems fiscally but they are saying that even unlikely -- that is unlikely. it would leave a fiscal black hole and how do you solve that when the co
let's get more from lizzie burden. just 10 days to go. the prime minister do anything to turn the tide, the fortune for him and his party? >> we are getting closer but the gap does not seem to be budging. it's a 20 point lead labor has got. we were speaking to the former chancellor yesterday. it was interesting where he said it was not about winning but more about trying to prevent the conservatives becoming a romp opposition and limiting the defeat. he said gamble gate is si to party...
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Jun 21, 2024
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correspondent, lizzy burden, on the bank of england and the data to watch. on monday, the u.k.usiness secretary and shadow business secretary will go head-to-head in a televised debate moderated by francine lacqua. they face questions from britain's leading business groups. viewers in the u.k. can catch the business debate at 12:30 p.m. u.k. time monday on bloomberg tv. it's also going to be streamed on the terminal, the website, youtube and bloomberg radio. we will take a look at plastic credits and ask if this market can help or hurt efforts at cleaning up pollution. that is next. this is bloomberg. ♪ tom: the oecd projects the amount of plastic waste the world produces could almost triple by 2060 if action is not taken now. part of the solution to clear the mountains of waste the ling up -- waste building up could be the use of plastic credits. let's bring in the expertise from a senior associate and bloomberg nef -- in bloomberg nef's sustainable materials team. how do plastic credits work? >> similar to carbon offsets, a plastic credit is a certificate that proves a certai
correspondent, lizzy burden, on the bank of england and the data to watch. on monday, the u.k.usiness secretary and shadow business secretary will go head-to-head in a televised debate moderated by francine lacqua. they face questions from britain's leading business groups. viewers in the u.k. can catch the business debate at 12:30 p.m. u.k. time monday on bloomberg tv. it's also going to be streamed on the terminal, the website, youtube and bloomberg radio. we will take a look at plastic...
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Jun 19, 2024
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. ♪ ♪ lizzy: welcome back to "bloomberg markets." i'm lizzy burden.a listen. >> we want to be in the preeminent bank for institutions with global needs as well as a leader in global wealth and a winner in the u.s. market for our personal banking business. that's what we are today. and a lot of what we talked about today, again, was really highlighting the crown jewel of our firm, the gateway to the rest to our offering for large institutional clients but also for middle market clients as well as for investors and asset msg in both that treasury and trade solutions business and our security services business. >> it's interesting because to your point, even though security services has been a crown jewel accounting for half the profit recently of citigroups owned entire businesses, it's been hard to explain to investors what it is, what it does. do you think citigroup stock would be trading higher if people understood the business prospects for it? >> i think the security services business contribute a significant amount of value to this franchise. and
. ♪ ♪ lizzy: welcome back to "bloomberg markets." i'm lizzy burden.a listen. >> we want to be in the preeminent bank for institutions with global needs as well as a leader in global wealth and a winner in the u.s. market for our personal banking business. that's what we are today. and a lot of what we talked about today, again, was really highlighting the crown jewel of our firm, the gateway to the rest to our offering for large institutional clients but also for middle...
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Jun 20, 2024
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we will get to as a burden in a moment to break down -- to lizzie to break down the headlines, when it, which is what people probably look for, but this comes at a time, and this is the key issue that the bank of england grapples with, we are staring into the sun when it comes to geopolitical risk and that internal political risk. central bankers would like to say it doesn't matter, but it is hard to say that when ultimately who gets elected has a big influence on the fiscal overhang and with the deficit looks like. annmarie: absolutely, and they are saying that the timing of the u.k. election on july 4 did not interfere with their decision today. they said it wasn't relevant. i think that is hard to believe because to say that that political election is not going to take up space in the debate and done the trajectory of the country feels fraught and difficult, but it is the same debate in the u.s., with some saying we potentially will get a rate cut a day after the election. lisa: which goes into with the unknown czar. we are looking at markets that were expecting the decision, and we
we will get to as a burden in a moment to break down -- to lizzie to break down the headlines, when it, which is what people probably look for, but this comes at a time, and this is the key issue that the bank of england grapples with, we are staring into the sun when it comes to geopolitical risk and that internal political risk. central bankers would like to say it doesn't matter, but it is hard to say that when ultimately who gets elected has a big influence on the fiscal overhang and with...