caroline: scenes reminiscent of a previous loss. a tragic loss at that. we now look at the mount of flowers that begin to grow outside buckingham palace. this time to mourning the loss of a long life.

the 96-year-old life of queen elizabeth the second who died at her residence in balmoral today, surrounded by family. we want to pay tribute to the legacy of the work done, the ceaseless dedication to a role that left her a monarch for 70 years. -- bloomberg opinion contributor is with us. myself, romaine bostick and guy johnston, working late in london for us tonight. just for a moment, it does feel eerily reminiscent at the moment, many of us remembered decades gone. this will be a different time when in fact, it is a moment to hopefully see the passing of power and a successful one at that. guy: >> that is certainly something we should -- a consummation devoutly to be wished. certainly one of the great achievements of the monarchy that there is this sense of

continuity, that it takes a lot of difficulties other countries have managing their successions and how to be out of the equation. i think we, all of us, i see no reason why anyone wouldn't wish charles the third well. i think it is going to be difficult for him because he does have a hard act to follow. he is already quite an old man. while the queen literally lived an entire human life before our eyes. it is going to be difficult for him. but it does, hopefully, continue to give us an error of stability, a sensitive a national sheet anchor. >> we always assume that the

monarch plays commit in the monarch -- a diminutive role when it comes to politics. i think the queen probably, behind the scenes, pulled a lot of strings, that also had huge authority when it came to the constitution. can you just walk us through the importance of the role that charles is now assuming? >> this is one of the interesting things, there has never been any particular moment , any signing of an act at which is -- at which it is agreed the monarch will step back, not interfere with the prime minister. it has steadily become an accepted convention. much more than 100 years since edward the seventh was very much involved with the liberal government when he packed the house of lords. there is still very much an active role of the monarch at that point. or you could go back to

chamberlain returning from munich and actually being greeted on the balcony a hooking cap hollis by the queen's parents. -- the balcony of buckingham palace by the queen's parents. to stay out of politics is less of a precedent, less of a necessity than people perhaps realize. it was more of a conscious choice to stay above the fray. now, the monarch's powers remain, theoretically, if she wanted to -- i'm sorry, kings, wanted to assert themselves, theoretically the power has never been formally taken away from them. they remain absolute monarchs.

queen stood back as much as she could during the two periods when we had a hung parliament was no majority and it was not clear who the prime minister would be, but the monarch can actually take a role but still officially present themselves. >> was there a meaningful call for her to be more political? to insert herself and some of the bank >> she -- i think the critical moment there was three years ago dozier -- boris johnson wanted to -- parliament. thus required the monarch's consent. they went to bell moral to ask her to do this for them. a group' ministers.

-- a group of boris' ministers. she agreed to do it. the fact that it went down to political defeat thereafter was in large part because the idea that the prime minister had just decided to shut down the legislature. it bothers me intensely and was something he actually tried to do. beyond that, you had abused this 19-year-old woman -- 90-year-old woman who had been the mother of the nation for 70 years. that was not acceptable. that was probably what made that constitutional maneuver fail. that is an uncomfortable reminder that we still do not have a written constitution. and that will make for awkward

decisions. as i said to caroline earlier, i am not sure charles can have quite the same role that his mother did because his mother was around for 70 years. taylor: given that history, take us big picture. take a step back. a lot of the strategy -- talk more about how the u.k. thinks about itself. it's identity right now. going forward. does it feel closer to the eu or the u.s.? where are they? not in the next 10 days, we got through the period of mourning, but after that, how are you thinking those conversations starts to revolve? >> this is fascinating. 10 years ago, i felt that the queen really was part of a new

identity that britain had for itself. the moment that sums that up for me being the 2012 olympic opening ceremony. a celebration of britain, but not that we are number one from a it was about a look at all these great rock bands we have. taylor: an influence. caroline: the james bond moments. >> yes. she went on to appear with daniel craig in a skit where allegedly she and james bond jumped out of a plane on a parachute and that's how she arrived at the stadium. that was a good sport of her. that was what i loved about the new version of britain. that it was an open, inclusive place that was really proud of the cultural contribution we made to the world. that this was a country about the beatles and monty python and shakespeare, etc. and we didn't mind we used to

have an empire. and maybe we were slightly apologetic about the horrible things the empire had done. and at that point, london is an incredibly multicultural -- and people from continental europe, not just from the old empire, living in the u.k. it felt like a different place. the brexit referendum came four years afterwards. my personal view is that it came to the wrong decision. the fact the majority of people felt and voted that way has to be respected. and that showed a desire for a more powerful britain and a bridge and that was uncomfortable being part of europe. i am sure that will continue. romaine: i was just looking at this video with daniel craig. >> it was cool. romaine: it was very cool. it is interesting when we talk

about james bond, which is basically a series that came into -- early 1960's. >> yes. about the same time as the beatles. romaine: there you go. as an american who is so wedded to that franchise, it is interesting to see how the franchise has adapted to the idea that it is not the empire it once was. i know what we see in pop culture does not necessarily -- reality, but there are parallels. not just the queen, but some of the institutions that represent british culture addressing the elephant in the room. >> yes. this is just purely a personal view, speaking as a british person, i very much like the idea that britain could live with not being -- not being a power, or superpower.

and could instead be happy with being a prosperous, open society with the wonderful, vibrant culture that could actually assimilate people in a way that works excitingly. that was a version of britain that i personally loved. romaine: is that working? >> no. romaine: brexit was essentially a referendum on that. >> precisely. we don't need to relitigate the economics of brexit. the decision to leave or the reason people voted to leave europe had little or nothing to do with economics. they just didn't feel like being part of europe. when it comes to whether we are still part of the commonwealth, part of that league of nations, that was a concept that pretty much rose with queen elizabeth. most of the british colonies -- i mean, india has gained

independence, but most of the british caught on -- british colonies were still part of the empire. the concept of the commonwealth really grew with her. i am sure charles is happy to continue it. we had the example of barbados deciding they wanted to leave just a few months ago. if i were barbadian, i have no problem at all with barbadians deciding it is not appropriate for their head of state to be some woman in london. and then you get to a -- britain that if we had any prints in the world it is the states. i suppose it is gratifying being a british person -- i am not sure you feel the same way. not even bloomberg and all of the other networks regard the passing of our monarch as this incredibly important story. it is gratifying that people in this country still care about the u.k.

but whether an atlanta cyst britain that keeps its relation entirely with the u.s. is going to work will depend on what happens next in american politics. caroline: the u.k. is good at times of coming together. these moments where we pause as a nation remember or celebrate. do you think -- might sue not -- click last might not be half-full. john: the glass of beer half-full. that is an interesting way of looking at it. part of why we still have a monarchy on why the monarchy

works is because it does help coming together. that means that when you are electing a prime minister, you don't have to worry about, how are you comfortable with them being the person to make the speech to comfort during a fit -- it gives us somebody we can unite around. britain has fewer national holidays than most other countries and gives itself special national holidays for royal events. the silver jubilee was a huge deal. the various moral weddings. you could take a day off school. it is exciting. that has become the way -- britain does have -- britain does not have a national day, does not have an independence day. it has become accepted convention that it is the celebration of the monarchy that brings the country together. despite the fact that it is an anachronism, it is still part of how the country --

caroline: stiff upper lip. >> indeed. as we proudly maintain. guy: half a glass of beer, there is no glasses at half a glass of beer. [laughter] caroline: i am up -- i am worried about this lack of carbon dioxide. if we have flat beer to celebrate. >> flat beer? not a problem. caroline: no one like sale -- likes ale. romaine: great perspective on the queen of flat beer thanks to john authers who writes a wonderful column. guy, sticking with us in london. caroline hyde, romaine bostick, taylor riggs. to continue our special coverage today of the passing of elizabeth ii, peter dixon is

joining us. i guess we should start off asking not just your reaction to this, but really what you think could potentially change going forward with regards to the structure and leadership of this nation. >> it is fascinating to hear john authers talking about these things because he said many of the things i guess i have been kicking around as well. i think in many ways, the queen was a bridge to the past two when britain was at a more significant power it is today. her passing and the transition to a new generation i think will involve significant amounts of soul-searching as to what is britain possible in the world. -- new generation now the air to

the throne. does the monarchy change? does that change the way we think about ourselves? there are all sorts of questions we would have to unpack over the verse of the next few days. once you get over the shock, i think we will start to look forward rather than back. >> are you suggesting this could be an unlocking of a more modern britain? we went through the blair era, but are you suggesting this could prove a pivotal moment culturally where the u.k. doesn't bleed on its laurels but looks to the future? >> i would like to think so. i am not convinced that will necessarily be the case. over the course of the last decade, what has happened is that the u.k. has become more insular. that has nothing to do with the monarchy, it's just the way

social trends were running. sometimes you need something to break the cycle. it could well be that this particular moment will provide an opportunity for politicians to think about what it is we want to be and where do we want to go. whatever we have been doing over the past couple of years doesn't seem to be working. taylor: it is interesting you have had four hours to digest this, when the u.k. does move forward, international relationships, did they feel closer to the eu or the u.s.? how do you think about those geopolitical risks? >> i think what john was saying before. it does not feel as though u.k. wants to be an awful lot closer to the eu. we have seem to me our bed and will have to lie and will have to lie in it could politically

and economically, they are our partners. do not forget to buy the u.k. is involved to some extent in the actions that are happening in russia. they have certainly taken sides in that war. the u.k. will have to get back to talking with the eu. whether or not this will be the catalyst for it, i am not sure. romaine: glad you can take time out of your day to give us perspective. peter dixon, fits solutions group. our special coverage continues. the passing of elizabeth ii at the age of 96. to quote the new prime minister, liz truss, who met with the queen a couple of days ago, she called her the rock on which

modern britain was built. queen elizabeth, 1926-2002. this is bloomberg. ♪

>> let's continue our conversation following the passing of elizabeth ii that screen elizabeth ii -- we have an idea of what is going to happen tomorrow. we will see king charles stepping into his role. a series of meetings with the new prime minister. that will kickoff. this is day one of a process, a countdown to a funeral that will take place in 10 days. following that first day of meetings that is going to be conducted. this is going to be a fascinating process.

it is going to be in some ways a period of reflection, remembering, thinking about a legacy that queen elizabeth troops us but also a pet of it. a moment in which britain has to make decisions and start thinking about where it wants to go next. it was interesting listening to john authers talk about brexit and listening to his thoughts on where the u.k.'s right now. from my perspective in so many ways, brexit was a harking back to a previous era for many. you wonder with the passing of the queen where that leaves us. taylor: one of the more beautiful moments is, at least in the u.s., we have been talking about this, your financial times just published a u.k. addition. i know our incredible producing team will get the images up but when you think about this moment

of remembrance, exactly where you are, the beautiful moment we have now and particularly with -- the u.k. addition that has just come out. as we really wrap up this incredible 70 years and try to look forward. >> the woman who took over at the age of 25, to be able to helm a nation, and really this is a portrait of success really, there were times you look at images now and i think of course the few periods of crisis she had a narrow perspective when perhaps she fell out of and the death of her own previous daughter-in-law, diana. but then she managed to come back as the most loved

grandmother. she wanted to take into a more modern era, and we have to see whether king charles iii can do the same. a man ahead of his time romaine: some of the guests we have had have given interesting anecdotes. the antidote of when her dogs barked at vladimir putin and she made an underhanded comment about the instincts of her dogs. in 2000 three meeting with the saudi crown prince, she actually drove him up develop moral. given at the time, it was a fine point she was putting on that. and part of that was how the saudi crown prince was kind of

fearing for his life. [laughter] you have these moments and you wonder if that was organic or she was deliberately trying to get her point across about who is really in charge. taylor: i love how you talked about the disease. george bush put out a beautiful statement today, talking about remembering her, having tea and the role this week or he's played too. all of those little moments. i know this is certainly more your real house, as we try to mourning and celebrate the life and special moments, really hearing from world global leaders. >> i am not an expert on corgis. you bring up some interesting points about the queen driving the saudi prince. that was exactly the kind of thing she did to exert her authority. those were the moments where she made her authority felt, exerted

her influence, stepped in with a smile at a moment like that to be able to deliver a huge punch in terms of authority. caroline: that power she so expertly executed. and now we look to her son who has been the longest waiting heir in history. we think about how he will assume his power when he comes from balmoral to london. from if you wake up thinking about the market and want to make the right moves fast... get decision tech. for insights on when to buy and sell. and proactive alerts on market events. that's decision tech. only from fidelity.

>> welcome back. what happens over the next two days -- 10 days in the u.k.? we are counting down to the funeral of queen elizabeth ii.

we will get an idea of the structure for the process will look like. >> as we note, the queen passed away earlier today. her eldest son charles will now become king charles iii. he takes over as soon as the queen died. tomorrow, he will be traveling back here to london. we also know that they will be in 10 days of morning. we also expect king charles iii to make an announcement tomorrow evening and for those funeral plans, for the queen to be announced, we are not sure of those exactly at the moment. they will come to light over the coming days here in the u.k.. we also know that on saturday, we expect her body to be

returned to london. this will be by loyal -- royal train. it will lay in state in westminster hall. throughout the coming days, more will be revealed as time goes on. as we now know, we have a king, that is king charles iii. >> is first the government and the continuation of government work, government policy here, what do we know about any potential pause and that in respects to the queen? >> we do know that there will be a pause as we go into mourning but crucial legislation may be pushed through. the country is currently in a state of crisis when it comes to energy prices and inflation and we saw liz truss make the announcement yesterday. we will wait to see a her energy bill is pushed through. that is something that will come to light in the coming days. i think what the government will

do is take a pause and crucial legislation may be pushed through the agenda. we also know that king charles iii automatically is now the king and formal recognition will come from the accession council. that can be within 24 hours of the death of a sovereign. the group includes members of the privy council. historically, the most trusted advisors this will happen at st. james's palace and the succession will be announced in all four parts of the u.k.. as we know, king charles could face a breakup of those nations. scotland is calling for an independence from the rest of the u.k..

also, our place is somewhat uncertain in the world since we left the eu. taylor: i want to take a quick reprieve from some of the smart economic issues that you are walking us through and highlight the power of the bloomberg network where we are rushing u.n. from the u.k.. as you were coming back to the office, the tone of the ground, you have seen earlier with the rain, the black umbrellas and the crowds. from the photos we have been looking at, the gatherings are getting bigger even though it's so late throughout the night, it's growing. what do you feel? what is the tone on the ground? >> i drove in today and i must admit as i came in, i found it very hard not to shed a tear. it felt like a very somber atmosphere and all i could notice was all of the signage

and the u.k. had changed to big pictures of the queen. it was marking her remembrance and what we have come to learn today that she is no longer with the country. as we did see and we have seen these pictures right now on tv, so many people are going to buckingham palace to lay the flowers to remember the queen. we have also heard cheers outside of buckingham palace, people singing the national anthem. i don't know if it has quite sunk in yet what we will see over the next few days, but it was definitely an atmosphere that things did feel very almost emotional when i saw all of the billboards of the queen. i think a lot of people will be reflecting on her life and her r eign. i have never known my life without the queen. she has been on the throne for the last seven decades and many feel the same. caroline: the national anthem

that now has god save the king. we want to take the academic focus now on britain but of course liz blank -- queen elizabeth ii ruled over. to our guest, it is wonderful to have you here. to reflect upon her legacy of dedication, a changing global order that she presided over. >> absolutely. at the time that she became queen, joseph stalin and harry truman were leaders. the ussr no longer exists. the queen became queen of the british empire which until 1945 certainly was the leading mobile

power in the world. it covered almost one quarter of its territory. to say it's the end of an era is to mark the end of a life that is also to mark the end symbolically of world order that seems probably remote to most of us today. guy: where do we go to from here? we have king charles iii. how much different will it be with him at the helm? >> i think that it is quite striking that the queen and her last public act swore in, that's not the expression but kissing the hands of she had her hands kissed by the 15th prime minister since she was queen. the first was winston churchill. the fact of the queen being a fixture at the helm of the constitutional monarchy, a

person with whom every prime minister has met just about weekly for 70 years. she has been this incredible source of stability and continuity at the center of the british state. with king charles iii in place, he will have been watching and learning over the decades from his mother, but he is going to be coming into a role that will be new to him. at a time when the u.k. is facing its largest economic crisis in a generation. at a time when britain has exited the eu and strives to navigate again the terms of engagement with the rest of the world. it presents in some ways an opportunity to rebrand britain for the wider world. it's also very difficult and challenging for britain.

>> romaine: no, -- now, a new team a new monarch taking the throne. you think that process could improve or accelerate? >> i do. one very technical but important question that lies ahead is going to be how many of the realms that had the queen as their head of state will continue to retain that idea that the british monarchy is still the head of state. we saw an 2021 that are beto's gave the queen as -- barbados gave up the queen as the head of

state. my guess is that there will be an acceleration of that process. there is a real opening here for a more robust and transparent discussion of the circumstances of particularly the end of the british empire over which the late queen presided. one of the things going on in britain over the last years, somewhat analogous to here in the united states surrounding the world of public monuments has been to revisit things like public statues, figures associated with british imperialism. calls to be transparent about the archives of the documents that recount what went down when the british pulled out from there is -- various nations around the world. this is a chance to move those discussions into another stage. now that the queen who began her

reign as a queen over what was an empire is no longer with us. taylor: as you think about multiple conversations and maybe that country is ready to have as well, what about the geopolitical conversations? we talked a lot about >> it and leaving the eu, still trying to find -- where does the u.k. fall into multiple allegiances? it is still trying to navigate its own way. >> absolutely. one of the striking features of the brexit campaign was the role of the commonwealth on what they hoped would be a post-brexit strengthening of ties with former nations and certainly when it comes to powers of immigration and so on, the fact that written has withdrawn from the eu means that there would be

potentially more opportunities from people from foreign colonies to come to britain. we have seen now a cabinet in the u.k. with three major offices of state. with connections to some of the former colonies. the same time, the u.k. is not going to keep our the same centrality of either a political force or economic force that it once did with respect to the former commonwealth. it finds itself in a precarious position not in europe, not with the ties that it once had.

it will continue to play an important role in nato and so on. where it's going to fit is going to be one of the many challenges facing the new king. >> we would love to have you back as we continue that conversation. it is 10:40 p.m. in london. as we think about closing out our coverage, we are going to say good night then we wake up friday morning and here is a beginning of a glimpse of what the morning newspapers in the u.k. begin to look like. the financial times addition of the u.k. is starting to come out and there is. as you think about the passing of queen elizabeth ii. this is bloomberg. ♪

taylor: australia suspending parliament for 15 days more in the queen. the power of the bloomberg network, we go to our wonderful euro in sydney where one of our favorite coanchor's paul allen joins us. waking up to your friday morning as well. waking up to this news, what is the tone in sydney? >> there is only one story in australia today and this is it. i couldn't quite believe it, i had to read it twice.

a day of mourning across the country. australia is still a constitutional monarchy as is new zealand. the queen is central to life here, she is the official head of state still and king charles iii will be. australia is quite young country . we've had only 29 prime minister's. the queen met more than half of them. for many australians, she is the only monarch they have ever known. she usually hit garth -- historically significant date. guy: there has always been an issue in australia after whether or not the queen should be head of state. >> your absolute right. one of her more unusual visits to the country, she visited

shortly after a referendum had been defeated. there was an unusual tone around that visit. since then, the movement has become somewhat quiet. i don't imagine we would hear much over the next few days as the market respect. the current prime minister is himself a self-declared republican. just this morning, he gave a heartfelt tribute to the queen and said no matter his political beliefs, he still holds immense respect for her. you can't help but wonder that debate might begin again in the coming months or years. romaine: when we talk about king charles iii and the respect that he may or may not command, a lot of comparisons will be made to the respect of his mother had for so many years. when you look in australia and around the world at other nations still tethered to the u.k. as well as allies, maybe they were charmed by queen

elizabeth ii. will he be charmed by king charles iii? >> he does have a difficult task in that regard. while the monarchy is hereditary, being the head of the commonwealth is not. you're right, he does not command the same respect that his mother had. at 73 years old, he served the longest apprenticeship in history. we'll have to wait and see. i hate to use those words when i am reporting, but that is what we will do to see what the reign of king charles iii is and whether he can command the same respect among britain's former colonies. taylor: our very own paul allen waking up in australia going into the bureau. stick with us, we will be back in one moment.

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guy: another australian joins us on the line now. where to be go from here? how diminished is the u.k. as a result of the passing of queen elizabeth ii? >> arguably, you imagine the coming weeks and months is anything but diminished because what you are going to see is the global outpouring of sympathy for the u.k. in the aftermath. the queen was held in high regard with deep fondness around the world. we will see maybe a resurgence of attachment to the u.k. from these countries around the world as a result of this. the question is what comes later

after that when we are in the environment of the monarchy of king charles iii and stepping into the shoes of his mother. what end of king he will be and can he build the level of work that is steam that she was held in particularly in the latter part of her life? there may be a sense of turning back to the u.k. for some time. the longer term, is the -- is eat the kind of king that allows the u.k. to remain in the soft power? that's the question. caroline: charles as prince in waiting, global stability and environmental issues are foremost at this point.

this story of leveling up within the u.k., a story of talking to where the consumer is right now, a consumer who doesn't have a government to be able to pass any legislation to help with that for the time being. for will we see something within the next 10 days? >> that's the question because the u.k. has been an caretaker mode because boris johnson sort of abrogated once he stepped down. there was nobody setting policy for some months and now there will be a state of limbo. the question is whether the government finds a way to push on particular with its emergency energy plan in spite of that. there are some signs in the government that they might try to at least get that through because it is imperative as we are heading toward winter here. the country is in an energy crisis. those policies potentially cannot wait.

businesses will go on hold for another fortnight. that is perhaps something they will try to work on doing. caroline: we thank you for jumping on the phone late your time. thank you to guy johnson for being here at what is now 11:00 p.m. u.k. time. this is a moment of what we hope coming together as a nation. guy: it has been just how important queen elizabeth has been to this country. to its stability, sense of direction. how that changes going forward will be hugely important. for now, we were member her but i think we will not realize just how important she was until she is gone. i think we will really learn that over the next few days, weeks, months, and years. taylor: look at these photos as

we mourn the end of an era but also celebrate a huge 96 year life and a huge part of her life, worth, these beloved dogs. it is so fun to see those photos. romaine: they are iconic. any time you see pictures of her with her dogs scampering by her side, it brings you a smile to your face. caroline: her personality many would say a privilege to have watched her dedication to a nation or than 70 years in service. we think of the legacy of queen elizabeth ii. this is bloomberg. ♪

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