the bank of england is expected to keep interest rates on hold today. rowth and inflation forecast. the policymakers compiled their forecast in the midst of political chaos. no clarity on how brexit will be resolved. global news 24 hours a day, on-air and on tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. francine, tom? tom: equities, bonds, currencies, commodities right now. up come up. we got the second derivative -- up, up we go. dow futures up 148. oil pretty much stasis. a risk on correlates -- excuse me, the risk of -- i will get it. my head is spinning. the risk on correlates this morning. vix driving lower. another added risk feel of a stronger chinese yuan this morning. francine? francine? francine: thursday that feels like a friday. beijing says important duties may be lifted in phases. the yuan is actually on the way up. gold on the way down. we see a lot of the havens actually flipping, including treasuries and gold. china says it agrees with the u.s. rollback on tariffs in

we are waiting on a rate decision from the bank of england later as fiscal uncertainty swells with a tion around the corner. the bank of england is expected to cut growth and inflation forecasts. bloomberg spoke exclusively to the former governor of the reserve bank of india and asked him about the political landscape in the u.k. and the boe brexit dilemma. banking has become a very political job. it is important the central banker understands where the shore is in which the central bank ship can run adrift. it is best to have somebody who can understand a local political environment. >> given the uncertainty of brexit yet again, how do you see the economy? separation without adequate preparation. it is going to be very problematic. we adapt eventually, but the , which a no deal brexit could be back on the table would be substantial. nejra: that was the former governor of the reserve bank of india speaking exclusively to bloomberg in singapore. withla russell is still us. let's talk about the bank of england. we are expecting a cut in growth and inflation forecasts. economists expect

for rates on hold today, but with increasing risk on brexit and entrenched uncertainty, as the bank of england called it, that seems to have a dovish tilt here. you have hsbc and bank of america merrill lynch saying they like the front end of the gilt curve, rather than seeing to cuts in 2020. ubs putting on some tilts as well. we seen a selloff in gilts today driven by the global bond selloff. it will be interesting to see if that turns around. alix: the long end of the curve is paring some of those losses. they had been up by about six. the front end actually slipping into positive territory, supplying the short end a good call. the cuba day could be pretty interesting -- the q&a could be pretty interesting. what you feel will be the most interesting question that could be asked to mark carney? nejra: he's going to be asked lots of questions around brexit and exactly how the changing scenario is changing the bank of england modeling. the u.k. is going to an election december 12. that changes everything from their previous forecasts. if he lays out three different scenarios and how the bank m

of a store of value currency bitcoin it's gold to point out and it won't be any censorship the bank of england won't deprive us of trading with the rest of the world they want the privacy of our human rights even though they don't want to and that's where we're heading with bitcoin is are heading toward a world that is more in keeping with the spirit of humanity to trade it's peaceful remember trump is a man of peace that's why the deep state hits him you believe that i prop perhaps don't believe it as much but some people will have opposite opinions and that doesn't matter of course a lot of people will say madeira is bad this is bad news for bitcoin they said that when president she said you know into blocked chain and this is bad for big coin but the fact is the same thing happened early on in the very very early stages of bitcoin seto she nakamoto himself said it was horrible that wiki leaks was. even big white don't let him get involved we don't want to be crushed before we even flourish and because it's always those edge cases of course it's the outlaws it's those being denied and censor

cash pilot has abroad was stymied in its bid to pull $1200000000.00 worth of gold out of the bank of england the bank of england's decision to deny men duros officials withdraw we quest comes after top u.s. officials including secretary of state michael pompei o and national security advisor john bolton has now gone lobbied there you cape counterparts to help cut off the regime promise over seas assets try venezuela wants to trade and they use gold as the obvious and visible historic means to trade the u.k. doesn't want to trade u.k. is where a lot of the war industries headquartered in a lot of the banks of fund the war industry headquartered so they're empty trade empty free markets and a lot of ways that as well as just loss of trade they just want their goal and to deprive them of their gold using censorship or financial censorship or embargoes and sanction is. anti-globalization anti the spirit of humanity regardless of what you think of madeira or his regime or his government or anything like that what we're talking about here is not if you don't hold the private keys that is not your

banks globally but they are facing a special situation. the expectations have been more elevated we are facing election uncertainty because of brexit. the bank of englandould probably be more tactical because of this and to some extend, it might still be more divergent compared to the central bank >> we are trading around 1.28, 1.29 a good 10 points higher than the beginning of october people have taken comfort from the fact that boris johnson was able to get to a brexit deal at this point, how much uncertainty about brexit is priced into the pound? >> it is hard to say the pound is still in the range of the last three years, we need to take that into account. uncertainty is still there even if there would be a deal, it would throw a deal. at the end of that period, it would come as early as next year there are four that i think the founder would remain like over the last three years uncertainty will remain. the pound will move in, let's say, more defined directions once we have clarity on the final terms on the relationship between the uk and european union or the rest of the world >> it is not just about the future relationship with brexit. certainly

you would probably have a dovish bank of england. ll have a sustained inflation rate because of a weaker pound, and the imports here are 50% of goods, so we are a net importing country, and he will have some spending, which will mean more supply of u.k. gilts. u.k. gilts are looking like a pretty bad place to be in fixed income today. investors should look for other solutions for other things rather venn investing in -- rather than investing in u.k. government bonds. vonnie: alberto gallo is staying with us. coming up, boeing remains optimistic over the 737 max coming back very soon. what still needs to be accomplished for the plane to return to the skies. this is bloomberg. ♪ vonnie: it's time for your latest bloomberg business flash, a look at some of the biggest business stories in the news right now. dean foods has filed for chapter 11 bankruptcy reorganization. the company is also in advanced talks with dairy farmers of america about a potential sale. dean foods has been losing money since it lost its biggest customer, walmart. i

that got i think was positive money was the name of the group and they got the bank of england to put forward as a fact but the fact this is there's no reserves in any of these banks they're supposed to maintain a sort of minimum reserve and then you have fractional banking that goes along with it and then you have this velocity of money that supposed to be creating economic activity but what we've discovered is that banks actually have no reserves at all and the entire system is working on a negative reserve basis around the world and that's what makes it incredibly fragile now you've been working on public banking you've had some recent successes you know very happy to report because you've been talking. those 1st few years out tell us about 857 what is it who are the people driving this forward tell us ok this is a bill that was just signed by governor gavin newsom for carving out a special charter for a public bank so it gives all the current requirements a public bank being a bank owned by a government that would be in this case that usually it would be a city or a collection of

anna: i have a chart showing inflation low bank of england targets. those heady highs hunt -- behind. is this an area of inflation that would worry the bank? >> the expectation is it comes down further, partly due to the price cuts. they then expected to rise back up do to domestically generated inflation pressures. interestingly, you don't get those pressures if momentum is as weak as it is. yesterday, we had labor market data that was interesting. the biggest fallen several years and labor below expectations. wage growth is higher than a lot of other markets, that should be inflationary, but actually it came back down again and that could pose risks further out. anna: what is weighing on the wage story? we had decent recovery, as you said. >> not too much to worry about at this point. i don't think anywhere else in the developed world can boast 4% wage growth so that has been strong and we have corrected back from that. but you might also say companies are finding wage growth painful. it is great news for employees but not for employers because they

quite possibly on the bank of england has said if we start to 5ee of england has said if we start to ffect wage5 there are three factors which could affect wages in the near term, firstly productivity is still low which can affect wage5. also people emitting job5 le55 which can affect wage5. also people emitting job5 less and we are seeing emitting jobs less and we are seeing the numberof emitting jobs less and we are seeing the number of vacancies being advertised following this year as well. so all of those factors could have a knock—on effect on wages. they certainly could, thank you very much. that is it from me in terms of the business year is, i will have plenty more in an hour. thank you very much. bbc news will be in key election battle grounds between now and before the 12th of december. today we're in leeds, and we can cross over now to amy garcia... hi, again. throughout the campaign, bbc news will be looking closely at the places where the election could be won and lost. we will be visiting 10 parts of the uk where seats will be closely contested. today we're in leeds to f

poland central bank has rearranged and will l 0 tons of gold back from the bank of england where it hadn stored. poland says bank of it is a bid to demonstrate the strength of the polish economy. poland has been stocking up on gold, doubling its reserves in the past two years and says it is only moving home what about so far this year. quite a lot of countries stalled their gold at a bank of england and it seemed a good move to have it spreadad out. thank you very much for that. >> we will take a break. more news coming up. this is "france 24." ♪ [people singing] david lipson: forget brazil, barcelona, or manchester. this is indonesian football. simic: indonesia is, like, insane. the fans here are one of the craziest in the world. lipson: for millions, football here is a reason to live... yusuf: it's more than life. ha ha ha! lipson: and far too often, a reason to kill. it's one of the world's most deadadly leagues to be a fan. [siren] since 1994, 74 supporters have died in soccer-related violence.

thursday, a rate decision from the bank of england. friday, inflation numbers out of china.h me are bob michele, gershon distant fell, priya misra. china says it has achieved consensus in principle with the u.s. in a phone call today between top trade negotiators. how do you characterize the story between the u.s. and china? what amazes me is how assessments of the global economy seem to change from a two week based on where we are in the trade talks and from one data point to the next. priya: i think there is an assumption in the market that global growth weakness is because of trade. i would argue the weakness started before the trade war. the trade war has not helped, but if you think it all hinges that is what deal, a lot of people are getting whipsawed. headline, itt the is saying in principle, i thought we had this two weeks ago. it will be agricultural products, no rollbacks of tariffs. if i'm a corporate and i'm thinking about my supply chain, the worst case and there has been taken up a table. my base case still has not changed. still a lot of uncertainty. gershon:

of england of course it's sort of the purest so there's no way to stop it and in the bank of england of england of course it's sort of the purest case of a kleptocracy and so it's now that's been spread to the core case of a kleptocracy and so it's now that's been spread to the core business model of also entrepreneurs there are conspiracies going on all over the place and as we pointed out business model of also entrepreneurs there are conspiracies going on all over the place and as we pointed out the conspiracies to rig precious metals markets we presented it here in cries report about the conspiracies to rig precious metals markets we presented it here in christ report back in 2011 people said it was a conspiracy theory and indeed it was a theory of our is that it was can 2011 people said it was a conspiracy theory and indeed it was a theory of our is that it was being rigged and there was racketeering going on it is now a conspiracy indeed in fact being rigged and there was racketeering going on it is now a conspiracy indeed in fact as the department of justice is charging

the bank of england. also the reserve bank of australia interest rates. president she delivering a keynote in shanghai. check out the snapshot. notice the chance for take an index -- transportation index was strong friday. we were up with the big bang with a strong jobs report. let's take a look into the bloomberg. the dollar closed month with the worst monthly decline since january, 2013. that is the trend many are watching. in terms of earnings that are becoming -- that will be coming at us. big names, berkshire hathaway, prudential, softbank and brookfield property among big names to watch. yes and we mentioned this is a big week for earnings. bus a preview -- give us a preview. tech names, auto also retail. su: yes we really cover the spectrum of big industry groups with very big names that have been in the news. qualcomm, we are interested to see how the chip fab is doing in respect to the trade issues. the bigook at some of names, disney and media, over -- uber in the auto industry and a recent ipo. the stock has gotten a big pop on recent positive

recovery, slow as it has been , in wages since the financial crisis and today, i read that the bank of england selected to leave rates on hold, but could cut growth and inflation forecasts for the u.k.. what do you expect to given all the fog of brexit and the fog of the election that hangs over assets, what do we want for? mark: i think it is the latter point that is going to take a little bit of a marginal difference. that we haveourse gone past the latest deadline for brexit and we still don't know what is happening. i think the bank of england are going to have to cut their forecast. it is bad news for the pound. it is going to emphasize the fact that we are in this seemingly never-ending limbo with the u.k. and that is why the u.k. economy can't find a new base and build on that. one of the things we have seen this week is that the french economy is kind of doing very well recently. i think the signs that that might be one of the performers to help europe stabilize. there is that relative value argument. that is coming back into light again. quickly how wonder closely do you pay attention

to understand how individuals form expectations and following with the inflation and for the bank of england, they've done amazing work along those lines and maybe you can even learn a bit more from the exotic type of central banks and on the one hand we are working with the bank of finland and the most recent ecb decision was heavily commented on twitter by the board member of the bank of finland. he explained in plain finnish terms what the bank of finland and what the ecb did and what they implied and on the one hand, i think it was very successful in trying to get the average finland bought and zee to look at more exotic types of central banks and i'm not sure what the bank of jamaica is doing and it has a successful initiative of anchoring inflation expectation and they were singing and making muse being about the stability and why you want to have an inflation target and why you do not want to have too high inflation and deflation and what all of those things would mean so it may be differently speaking and maybe reggae is not that popular in the u.s. and maybe it is the case that rap

tuesday and wednesday, then on thursday a rate decision from the bank of england. friday inflation numbers out of china. with me for some final thoughts. guys, let's get to the news on the trade story. china says it has received a consensus in principal with the united states. how do you characterize the story between the united states and china? what amazes me is how assessments of the global economy seem to change from week to week based on where we are with the trade talks and from one data point to the next. >> i think there's an assumption that the weakness in global growth and manufacturing is all because of trade. i would argue the weakness started before the trade war. it hasn't helped but if you think it all hinges on the u.s.-china trade deal then do we have a deal or do we not have a deal? i think that's why a lot of people are getting whip sawed. when i look at the headline, i thought we had this two weeks ago. we have no details. our view is it's going to be agricultural products, no rollback of tariffs. so if i'm corporate and thinking about my supply

axel: it shows the human being of the bank of england. i gave you a scenario for heart ,conomy and for trade easing and he is saying everything is worsening, he's very scared of exit -- brexit. i think the fears are easing, so most certain that we are not going to have a disorderly exit and the other scenarios are not that bad and much has been done. super negative on a real basis in the u.k., but it shows as everyone has their own thing. if you're a policymaker i would caution them to put too much on the personal side and look at the data. that's what the fed should have done. in the midst of brexit, things get more emotional. the rates are highly accommodative in the u.k.. whoever comes into the government will spend a boatload of money and there will be some inflationary pressures in the u.k.. that could be good for a little while, but in the time being it shows the way that it accent it's very helpfully -- healthy. vonnie: axel, thank you. let's get to first word news. >> the u.s. and china may be one step closer to an interim trade de

even the bank of england said the trend growth is roughly half of it was and the quarter on quarter basis tracking around 2.2% and 0.5% just a year ago. what do you point the trend in growth to? just a fraction of the external environment? >> i think it's primarily bre t brexit a global slow down and certainly the global manufacturing sector in terms of global trade and you've seen the detdeterrieratin in growth. a jump of imported inflation that hurt real household incomes and real consumption and subsequently for the last couple years we've seen quite significant falls in business investment although in today's numbers as you say, we saw cap x stagnating it is really not at all clear that we're going to see any material sustained bounce in business investment over the next year or so. it may stabilize, but i don't think this will drive a recovery >> what you just said was echoed by moody's with their latest credit outlook release down grading the outlook from stable to negative. did that come as a surprise to the markets, did you think or was it largely factored in? >> i don't think any

in the next few months, i see the bank of england on hold. r at least the next couple of courses, we have the bank of england on the sidelines waiting to see how the economy evolves before considering another rate cut make -- another rate cut late next year. your top movers today with annmarie hordern. >> we have a host of corporate news. i want to start with praise me rismian, up 4%. unicredit also to the upside more than 2% this morning having to do with talks they are in with the kco group. unicredit wants to reduce its exposure. and the biggest fall are at the open, down 1%. this italian toll and construction companies will be in focus. a second highway bridge in italy has collapsed. there is concerned that these companies will be in focus from the government and will likely have a lot more scrutiny. anna: annmarie hordern, thank you for the update. up next, in good shape. that is what philip lane says at policytral bank's meeting. this is bloomberg. ♪ anna: welcome back to the european open. on 20 minutes into your trading day and europea

it is the ruling -- sees no reason to extend mark carney's term at the bank of england despite brexitthat froze the search for a new governor into confusion. he steps down at the end of january and his successor was expected to be named by now. that will not happen before the poll scheduled for december 12 but the chancellor of the exchequer says there is no rush. >> there is no need for an extension in the term of the governor of the bank of england. if we win, we can make a decision quickly on who the next governor should be and if we win, we will act quickly. this country,om bolivia, the president granted asylum. ofwas ousted after claims election rigging. it is unclear exactly who will take his place. orico has announced his exit fall from grace as a coup. president trump has applauded the army decision to recommend that morales leave. says the global wave of populism and social unrest is putting credit at risk. the rating agency said the 2020 outlook for sovereign credit is negative. this has given the unpredictable domestic and international thatt and popular policies will weake

but the chancellor partly acknowledged the bank of england's assessment that the deal will lead to new new economic partnership with ourfriends in europe. customs checks, says the bank of england. with our european friends, the whole of the uk will leave as its own customs territory, and yes, there will be as the uk, when we trade with the eu, there will be some changes, but it also means there's opportunities. the man who wants mrjavid's job after the election took the opposite view and defended labour's plans to hold another referendum. no—one can be pleased with these figures. it's a worrying trend within our economy, and i worry about what labour will inherit when we go into government. but it does mean that when labour goes into government, we need the investment that we promised. surely businesses won't invest if that uncertainty is prolonged. i think what businesses want is an exact, clear plan about how we go forward, which is about renegotiation, a referendum and then reunite the country. other opposition parties were similarly critical of the figures. this is a terrible pictu

but the chancellor partly acknowledged the bank of england's assessment that the deal will lead to newew economic partnership with our friends in europe. customs checks, says the bank of england. with our european friends, the whole of the uk will leave as its own customs territory, and yes, there will be as the uk, when we trade with the eu, there will be some changes, but it also means there's opportunities. the man who wants mrjavid's job after the election took the opposite view and defended labour's plans to hold another referendum. no—one can be pleased with these figures. it's a worrying trend within our economy, and i worry about what labour will inherit when we go into government. but it does mean that when labour goes into government, we need the investment that we promised. surely businesses won't invest if that uncertainty is prolonged. i think what businesses want is an exact, clear plan about how we go forward, which is about renegotiation, a referendum and then reunite the country. 0ther opposition parties were similarly critical of the figures. this is a terrible pictur

your idea is positioning around the bank of england's reaction function. how are you doing that? ou think of the pivot point in the uae -- u.k. economy beenast six months, it has the bank of england really recognizing there is an urgent need to ease and moving away from a hiking cycle that was on the table last year and fiscal policy moving away from a tightening bias to an easing bias and we will see that accelerate after the election. with the bank of england, it keeps the rate space quite attractive. we don't haveve, a lot in terms of easing, a little less than one cut at the front end of the curve and the long and continues to be a relatively attractive in the rate space. manus: in the medium-term, your medium-term is three to five years. you talk about the potential for a structural transformation. what is it that delivers the structural transformation? is it fiscal policy and what does it take to deliver a structural transformation if that is the correlation? ed: when i think of the the shape and the fundamental structure of the u.k. economy will change. the productivity pic

bank of england.ple from different backgrounds, different genders, if you have that it would be a slightly different approach i think. you cannot underestimate having role models in those positions who are women. that is my day job. governor of the bank of england! may be! we should get alison a to role model one of our events. and spend a penny and receive a health check. this seems futuristic. i love a bit of that. this is a rather than having body trackers, a device someone wa nts to body trackers, a device someone wants to put in the lavatory to do a diagnosis and it sends it to your phone within 90 seconds with whatever it has found in your sample. i love the idea. it can pick up sample. i love the idea. it can pick up on levels of hydration, show if you have been drinking too much or whether you have eaten enough fruit and veg. a cool thing to have for health. i have just and veg. a cool thing to have for health. i havejust got and veg. a cool thing to have for health. i have just got a text! oh

you confident that the bank of england can do anything about the situation or is bank asengland policy seen ineffective -- seen as ineffective as ecb policy? besides the uncertainty around brexit, the bank of england has much more ammunition than the ecb. it is this juncture, difficult to see how monetary policy can do the have -- the heavy lifting especially because of the big concerns around the pound and the impact it would have on inflation. fundamentally speaking, the bank of england has more room to maneuver but given the uncertainty around brexit, it is tight. , thank you so much. shweta will continue the conversation with bloomberg and matt and i on bloomberg radio. if you are in berlin with matt miller. let us check out the markets. a muted start to trade. 0.1%.600 down around patche that uninspiring of great on the european equity market. a lot of these markets not moving all that far in this morning's session but the positive move in asia could have some reach across the u.s. markets. exclusive, goldman we talked with the ceo. this is bloomberg. ♪ matt: 30 minutes into the t

poland has brought about 100 tons of gold home from storage in the bank of england in a bid to demonstrateion's economy. after adding to its existing gold reserves, the country has now become the 22nd biggest bullion holder in the world. the polish central bank also says the country has the biggest reserves of the metal in the european union's east. up next, newsbriefing. for now, you are up—to—date on the business stories. the lorry driver, maurice robinson, accused of causing the deaths of 39 migrants found in a lorry container in essex, has pleaded guilty to conspiracy to assist illegal immigration. the bodies of the people from vietnam were discovered last month. another man has now been arrested. our home affairs correspondent daniel sandford reports. the discovery last month of 39 dead people from vietnam in the back of a lorry in essex led to a huge international investigation into a suspected people smuggling gang. mo robinson, the 25—year—old lorry driver from northern ireland, arrested at the time, appeared by video link at the old bailey and pleaded guilty to conspiring with oth

guy: in terms of what the bank is going to do, the bank of england, u.k.have been coming down sharply. inflation expectations are low. even if we get a brexit deal, even if there is some degree of movement associated with the exit regardless of where we go, do you think there is still looking at the global economy and thinking we do not have any inflict -- inflation expectations are coming by -- coming down. we have a tight labor market but that is starting to soften. you think a cut is more likely than a hike? a cut is more likely than a hike but i would not be placing a bet on that. i do not have a high conviction on that. irrespective of the outcome of the general election, we will get significant increase in guilt supply. are still very negative in the u.k.. if other central banks are on hold, i think the bank of england will be on hold as well. the issue of the ultimate trade deal -- do you think businesses will think i have to wait another year? ceo, cfo, you're trying to figure out if you're good to make the big investment. if you're an investment f

simple and they are patrick harris and they actually have to work for a focus so over there at the bank of england on the market we're on it for and it was ok so over there at the bank of england on the market it was shown that he as an individual was engaged in libel or rigging known that he as an individual was engaged in libel or rigging yes and then give it to as well and then the individual is the son on the trails the son in control so there's banks so there's a few. central banks run by individual and there can be innovative in fuel rods and they're starting to the tough. crime starts at the top as would say and trickles down that that's the just the trickle that called this that this is. self self hell is wolf is rigged there for it and therefore anybody or any who has anybody who has it within that job within that system or if this functions and that's where functions in that system will become tunku corrupted by that fund the fundamental to layer that is the corrupt monetary so the problem and the terror and here of this for exist i'm ample intil and here they are why for example employe

so over there at the back of the book of england on the market bank of it was on the market it was shown that he as an individual to all was england gate agent in library building or regain. yes ok as an individual he iran is the central bank so there's a few main central banks yes and as an individual he runs the central bank so there's a few main central banks run by individual and then there can demand vigil and there are can for a meeting on for across right size aren't start sort of at the top as i. would say and trickles down that's the trickle that the system would say. it out and that's the trickle that the system itself is rigged and therefore anybody who has a job within that system or from his roots and and therefore anybody who has a job within that system or functions in that system will become corrupted by that fundamental layer that this is them will become corrupted by that fundamental layer that is the corrupt monetary system and here for example in chile and why people are approaches the corrupt monetary system and here for example in chile and why people are protesting

the bank of england may see its first female governor in history.remains in power after the upcoming general election. the bbc understands the government's favourite candidate is minouche shafik after mark carney steps down to the government says it would be inappropriate to name a successor to one of the most important posts in the uk before the election in december. moving onto sports now, and rugby in particular. the world cup comes to close this in japan. england will take on south africa in yokohama in the final on saturday. rugby is not a sporty normally associated with asia or japan but it's been rather successfully tournament the host nation. more than 1 successfully tournament the host nation. more than1 million supporters flooded the 16 fan zones across the country during the 6— week tournament. 0ur sports analyst told me how the event has panned out 01’ told me how the event has panned out orjapan. the risk has paid off in short, commercially. a few weeks ago when rugby told the financial times it was originally expecting revenues from th

we h have had a decision from te bank of england to holold intett rates steady. the stock markets, london ftse 100 up a quarter of a percent. >> the bosses of france upon biggest companieies are rnrning more than they have for over r a decacade. >> executives running firms listed under -- stock index had a 12% rise e pay last t year even if their companies were not doing well. hasas the story.. >> these are the leaders of some of france's largest companies. the pay packages hit record levels last year, an average of euros, a 12% increase in one year. the salary hike is due to a handful of directors. the head of a software company, the ceo of a luxury group, and a whoer ceo, carlos ghosn, was arrested last november on charges of financial m miscondu. not linkedckages are to anything. they live in a bubble. they are disconnected from reality. >> disconnected because the gap between what they earn and whaht their employees earn has widened. earnsns 99% times more than the average of his employees salaries. paid bosseshe best have seen pay increase although the compa

guy: will you ask the governor of the bank of england to stay on given what exists? in terms of the government of the bank of england. if we win this election we can make a decision very, very quickly on who the next governor should be and if we .in we'll act very kerrly . vonnie: he wouldn't be pinned down on numbers but seemed how quickly they are toible pin down labor and were happy to give the $1.5 trillion for the labor proposals. guy: absolutely and that's where the problems lie and why it is frustrating he won't answer almost the question he's asking of labor right now, vonnie. vonnie: exactly. well done now. our stock of the hour, goldman sachs is said to be walking back a 2017 goal to add $5 billion in new revenue north carolina year. abigail doolittle is here to explain the walkback. abigail: initially it was a routers report saying goldman sachs is up to a goal to add $5 billion and what makes it interesting you mentioned set in 2017. that was under a different c.e.o., lloyd blankpein who a trading background and solomon with an investment banks background

i think it is absolutely right, and we the governor of the bank of england, mark carney, he has beenfor some yea rs. if we been talking about this for some years. if we do not do something about climate change could lead to all sorts of financial difficulties in the future, with stranded assets... it already is. it is already having an impact. waiting for me, this is the central bank taking action, which i think is really good news, but what strikes me is that we have just gone through the anniversary of the alabaster movement in france, which was that people are saying, actually, we don't like the government intervening in this climate change stuff, we don't want you putting up prices which will affect me at my family income. —— yellow vest movement. it is an interesting question. there is a mistake backlash against the government, against intervening to change things for the sake of the climate. the issueis for the sake of the climate. the issue is the carrot and stick, what will work? the idea is, increasing the cost of banks for life, for example, despite the fact that we are in