we have interesting headlines out of the bank of england. ancine, i want to go to davide of the negative yield conversation, our guy johnson speaking to the governor of the bank of england here in a bit. francine, do you note the leaking of the decision? is that accurate from bloomberg? i believe it is. francine: no, tom, actually, the bank of england was meant to come out with it at 12:00, and then yesterday, they did not want to front run anything that richey sumac was going to say, so they timeline the decision. there is a decision at 7:00, he spoke to the press, then the press are actually allowed to do headlines right now. governor bailey, davide, saying they are working a negative interest rates, and we had a conversation in the past about when is the right time to even do negative rates in the u.k.? is it end cycle, is it when we start to see a pickup? given lockdown is here, what does it mean if we go to negative rates for u.k. banks? davide: well, i think, first of all, negative rates in the u.k. means actually, with brexit, what u.k

breaking news on the bank of england. maintaining its benchmark interest rate at 0.1%, entirely expected. the bank of england saying that was the news amount -- around maintaining its interest rate. they are raising the total bond target. unanimousf england's on this interest rate and bond purchasing story. we will speak to the governor of the bank of england at 11:00 this morning london time. stay tuned for that interview. pound toor a in the this announcement. a pairing of losses coming through. get some analysis. dani burger is outside the bank of them went for us. there had been an expectation that as lockdown measures are extended, implemented in england, even if it is less strict than march, we would see more coming through from the bank of england. more is what we got today. how does this number compare to what we were expecting? there is a larger than expected increase in their bond purchases. in some ways, that is not a surprise. the government is likely to announce new stimulus as well. the boe is on the line to

because the bank of england because the bank of england ‘s absorbing so much of this extra governmente banks really got a supporting role, secondary role, and there is not much they can do in terms of reducing interest rates, they have already done an awful lot in terms of bond buying. all right, thank you very much for getting up so early. just to say, of course, when the chancellor does start to reveal what is in his spending review, we will be all over it here on the bbc, whether you are keeping track online, on the radio, or on television, we will keep you up to date. let's get some of the day's other news. tech entrepreneur elon musk has topped microsoft founder bill gates to become the world's second richest man after a meteoric rise in his personal fortune. musk‘s net worth jumped by $7.2 billion to $128 billion after shares in his car firm tesla surged. 0nly amazon founderjeff bezos is richer, whose net worth is estimated at $182 billion. the uk's national audit office says inadequate personal protective equipment for the covid pandemic this year cost taxpayers around £10 bill

that is transpiring today on the board, a lot of green behind me ftse 100 in focus, we had the bank of englandng where the bank decided to introduce another 150 billion pounds of quantitative easing. we're trading just above the flat line about 0.1% firmer. at the bottom we have some of the key retailers trading in negative territory after announcing some layoffs. and we had again mixed results, but we are looking closely at the french banks, and two have performed well on back of better than expected earnings xetra dax also performing nicely and we're seeing some of the cyclicals do quite well, some construction names in that basket performing with well. and then we also have domination from the italian index up 1.3% despite another lockdown or semi lockdown being announced for some northern parts of the country there. so strong picture for europe and let's talk about what has been happening with yields the bank of england did introduce another package of quantitative easing. guild guilts rallied. and let's turn to the ten year u.s. treasury note back at 73 basis points. it was only a couple

the chancellor and governor and the bank of england next door to us. ave got a press conference coming up at the top of the hour with boris johnson. we will take that on the cable show. jon ferro and i will be walking you through that on bloomberg radio. this is bloomberg. ♪ ♪ live.ika gupta coming up, tune in live at 2:00. ♪ pres. trump: -- transition, this is a big statement. it has to be replaced by renewable energy overtime. giving the oil industry substitutes. up that some slip cringed with. pennsylvania is among the states still counting ballots after the u.s. election. you can see the intricacy of the natural gas pipeline, really centered and a lot of red states. let's talk to scott sheffield, pioneer is one of the biggest shale players in the basin. fresh offff a call, of -- energy. it is good. does a biden government potentially mean to you? you on yourbe with show. there are two key races buteorgia for the senate, at the end of the day, democrats will have 48. i do not see a lot of changes in regard to taxes on the industry or any major change

now with parts of britain in lockdown once again the bank of england is stepping up support for the economy by ramping up purchases of government bonds the idea is that this will fund government stimulus spending keeping businesses afloat as the coronavirus continues to wreak havoc on the economy. mandaeans london malaysian restaurant is empty yet again her business barely made it through britain's 1st spring lockdown and its economic aftershocks in recent months her sales were often just 100 pounds a day. the u.k. 2nd lockdown could prove the fatal blow for many small businesses like hers i think this will force thousands of to close. because how can you afford you know to be close for 4 weeks and have no income. streets were empty across london on thursday as bars dine in restaurants and non-essential shops order to shut their doors again for the next 4 weeks. the measures could not comment a worse time for jeanne she and her south east london pottery studio she was counting on a full schedule of christmas events to revive her business now she's bracing for losses she fears could reach 10

in turn, the banks are then putting that money defensively on deposit in the bank of england. is sitting in the bank's own account at the bank of england. that is the way the money is going around. that is the flow of funds in the economy. is that a problem? it is a problem if and only if , that is to say the private sector stops wanting to save and starts willing to spend, and then the money comes out. at that point you have to start worrying. yet,e not at that point but we will reach that point if there is a decent recovery. the monetary financing is secondary to what is driving this, the behavior of the private sector. alix: extrapolate this from the european union. we are still awaiting the recovery fund. poland and hungary are dealing it -- are digging in their heels and there is question it will not get past. what is the implication? jonathan: it certainly has political implications for the cohesion of europe. economically and politically, poland and hungary for political, rather than economic reasons, are holding this up. fundbroadly, the recovery is an important compon

now that things are stabilizing, we have the bank of england on thursday, but all eyes are on the election tomorrow. it's is not only for the white house but of course the senate race as well. hugethe senate race is a mystery. the focus got greater. there were some interesting twists and turns over the weekend. in the markets, the higher yield regime gets my attention with 7%. 10 year yield out to .8 there is the then-what later in the week that will be interesting. francine: right. depending on whether it is a contested election, that is what i keep hearing on the markets, that if it is contested we could see a lot of volatility in all sorts of asset classes. and of course, there is a bit of news on brexit, and coupled with news on restrictions in the u.k. economy, it is giving us more neutral pound going forward. let's get to first word news with ritika gupta. ritika: good morning. the presidential campaign is in its final full day. if there is of polls show joe biden leading president trump nationally and in battleground states. some of those states remain extremely close. candidates wi

the bank of england warned today that the economy is once more shrinking sharply and won't get back upstart of 2022. the bank is now preparing to pump an additional £150 billion into the economy to soften the impact of more lockdowns. its governor, andrew bailey, also warned that brexit would harm economic growth in the first six months of next year — even if there is a trade deal with the european union. he said many firms hit by covid aren't prepared for new border checks. 0ur economics correspondent andy verity reports. sainsbury announces it's shedding 3,500 jobs and closing 420 stand—alone argos stores, after revealing a £137 million loss. and that's just day one of the new lockdown. for an economy that was recovering since the spring, trouble is once again brewing. this walthamstow beer maker doubled capacity before covid. the pre—christmas period should have been a chance to restore its fortunes. i'm really super proud of the way all of our staff, especially our younger members of staff, have really handled it. they have been adaptable, they have been willing to kind of get stuc

this is a bank of england conversation. guy johnson in conversation with andrew bailey and the first day of a second national lockdown in the u.k. the only difference this time around, schools and colleges remain open but everything else is a, shut, shut. tom: greece looks to a three week locked out as well. this is extraordinary from the financial times, it appears a six-month delay on this troubled transaction. the generations of financial and everybody was going to make billions and millions of dollars and then shanghai and hong kong and for that matter, beijing have said, wait. right now a stunning six-month delay. no question that would be our lead story if we were not distracted by pandemic and election. speaking of the election, it is important to remember there are two individuals involved stop let's listen to mr. biden and mr. trump. mr. biden: after a long night of counting, it is clear that we are winning enough states to reach 270 electoral votes needed to win the presidency. i am not here to declare that we repo

he's the guy who broke the bank of england made a $1000000000.00 by going short the bank of england. he's now anti u.s. dollar is getting into gaul. he's also getting into bitcoin talks about decline outperforming vault just like paul tudor jones has made the same comment. do you think he's right that the dollar is toast going forward in this new 21st century political reality? we're living in alex. i think one thing that didn't soros break the bank of england, he were having a 4 star us mellor was sorrels right hand man. he was his genius that was working for soros was standing on canal or he's responsible for big breaking the bank of england. so yes, to be clear. thank you for pointing that out. ok, so now you go on, you know, anti dollar and you know, if enough people go anti dollar, you can break the dollar. the dollar is it's not backed by anything. it's just except for violence except by force and, but if nobody around the world accepting it anymore, it's going to crash. and if all the hedge funds are going short, it's going to crash a lot sooner. do you see this as a possibili

the bank of england is expected to increase bond purchases. ll likely hold steady as well. we will have plenty of news to talk about. after global equity markets rounded out their fourth week since march, investors are gearing up for another volatile stretch. between the u.s. election and tighter restrictions in europe, bakraoui risks are dominating. -- macrovery latest is risks are dominating. dani burger, how is the election being prepared for tomorrow? dani: equities are moving higher today, so there is no sense of panic in terms of the day before voting begins in the u.s., at least on the day of the election will stop sources i have been -- that with say that for most investors, they can afford to stay on the sidelines for what could be a very volatile event tomorrow and the ensuing days, what could be a very expensive day if they are positioned wrongly heading into it. comesf the expensiveness down to the prices of hedges at the moment, and we are seeing that play out in markets, bonds and goals not moving -- bonds and gold not moving too

we are getting a bank of england right decision tomorrow, and more from the chancellor. do you think the bank of england needs to do tomorrow to deal and counterweight what we are seeing as a result of this additional lockdown? isal: i think the key thing that bank of england will likely increase its program by 100 billion pounds to just over 800 billion pounds in total. one reason obviously will be to try to lower interest rates, but the other is the lockdown will projectead to higher deficit from the u.k. must of the bank of england almost mechanically will need to absorb that, or yields could start to rise. i thing that will be the main thing they could do tomorrow. they will probably also revised down some of their economic projections as well. they were expecting a stronger q3, and it actually turned out q4 will probably be negative, so we get this w shaped path. is this going to be the mmt experiment now? is this one we are really going to see it when we go into these second rounds of lockdown? bilal: i think it depends on their language around how they describe th

britain's 2nd lockdown is expected to hit small businesses especially hard now that the bank of england is stepping in. this is business i'm kate ferguson thanks for joining me global markets are on course to end the week higher as investors expressed optimism about the prospect of joe biden becoming the next president of the united states in asia indexes in hong kong and shanghai traders 7 on the expectation that the united states under biden would lead to an improved trade relationship with china hopes are also rising among european investors who believe that i trade reset with the u.s. could prove a major boost. let's take a closer look at transatlantic trade with found lying a chairman of the european parliament's committee on international trade welcome mr lying in the last 4 years have turned the transatlantic trade relationship on its head is there even any going back at this stage. i hope of course to survive moby looks for that because indeed we have a lot of serious problems is that our trade is with the lust for us because both borders the terrorists on to the the expression

think one thing that didn't soros break the bank of england for big breaking the bank of england. so yes, to be clear. thank you for pointing that out. ok, so now you go live. you now go at i dollar, you can bank. it's just except for violence except by force and, but if nobody around the world accepting it anymore, it's going to crash. and a father has friends are going to coin that go to currency and they're such a waste. it's only a question of when, now we can sit here and debate loke, you know, is that going to happen? more realistic. i mean, you know, that's the thing is the deal is still is that the u.s. still has momentum behind it. i mean, it, us still has momentum. it still has, you know, force, it still beats. it, us still has momentum. it still has, you know, to maintain, you know, the u.s. dollar for a while. is priced in us though, as soon as there's a lot there. but when do you want to make that bet as someone who is making a bet on what money want to hold, do you want to make it slick? stanley for a while yet to come? what i mean? everything else also you want to m

as britain locks down again the bank of england is stepping up support for its economy the central bank announced today announced thursday it would wrap up its purchases of government bonds by 150000000000 pelts double fund government stimulus spending keeping businesses in business and cash flow going as the coronavirus wreaks havoc on the economy. mandaeans london malaysian restaurant is empty yet again her business barely made it through britain's 1st spring lockdown and its economic aftershocks in recent months her sales were often just 100 pounds a day. the u.k. 2nd lockdown could prove the fatal blow for many small businesses like hers i think this will force thousands of to close. because how can you afford you know to be close for 4 weeks and have no income the streets were empty across london on thursday as bars dine in restaurants and non-essential shops were ordered to shut their doors again for the next 4 weeks. the measures couldn't have come at a worse time for jeanne shu an hour south east london pottery studio she was counting on a full schedule of christmas events to re

it's not like the bank of england went up and said, you know, we're getting rid of this gold standard. the gold standard doesn't work. we figured out this brilliant new idea, we can just print all the money in the world and finance the war. nobody ever made that nobody ever made an argument for the fee standard itself. and every time to the standard came about it came about as supposedly a temporary measure where we were only suspending gold redemption for a short period of time. and it was always, always a promise that we would be going back to gold. but then we never went back to gold and these kind of temporary measures have been dragging on for a century, but hopefully bitcoin will stop them from going on for much longer. right. same thing happened in $1071.00. the u.s. went off the gold standard and they were supposed to top. you can see that on line richard nixon saying that's a temporary suspension, of course, and never went back. and we've had the money explosion, sense then, and causing all kinds of trouble. but imagine the bank of england there and that period around world w

stimulus will move to pound, slightly lower because there is a monetary policy divide between the bank of englander central banks. but i cannot see the bullish case for sterling even under that never deal scenario. i think it will be an underperformer because of where the monetary policy is, because of the uncertainties of how the economy is going to cope in 21 under a limited brexit deal. you so much,nk john normand from j.p.morgan. he stays with us and we will have plenty more throughout the day on the u.s. election and on the euro group presidency. he is head of cross asset fundamental strategy at j.p.morgan. up next, jack dorsey keeps his job at twitter. we will bring you that story next. this is bloomberg. ♪ francine: this is bloomberg surveillance. i'm francine lacqua in london. some of the tech stocks we are watching -- jack dorsey is twitterepin his job at management. tech, twitter, but also what a new president means, if joe biden gets to the white house, for technology stocks. alex, great to speak with you today. what did we learn about twitter management yesterday? >> >> there had been

the bank of england and the chancellor are in lockstep. it is orchestrated perfectly. of england makes its move. the chancellor comes out and extends the wage support into march. more death. the chairman of the federal reserve will go into that news conference and plead for more fiscal support. who is going to answer that prayer? tom: we have no framework that i can see of march 2021. i was stunned when i saw that headline. yes, we are distracted by an election, but after this election, whoever wins, are we in any way looking out to march of 2021? there's no way i see that. jonathan: we are trying to get to friday and may be here from pennsylvania to get a vote tally in the united states. in the u.k., there is a lockdown for months into early december, and a chancellor providing wage support out to march 2021. from london and new york this morning, good morning to you all. the voting continues. our coverage will continue. on bloomberg radio and tv, this is "bloomberg surveillance." ♪ i feel like we're forgetting something. let me check. xfinity home gives you peace of

the bank of england set to announce a new round of stimulus there.orning, host this yesterday the market faced a , but there isrio no blue way. today we seem to be embracing, where literally hugging divided government. does that add up for you? is it correct to be pro risk in a divided government scenario? right, u.s. yields are dropping and the weaker dollar makes sense. you are right around the stocks. the market is saying are probably not going to get -- we've seen tech outperforming financialse underperforming if you look at the s&p. annmarie: i have a question on bond yields. i came in yesterday and we were at 90 basis points on the 10 year. today we are at 73 basis points, and absolute wild swing on the tenure paper, something we haven't seen since the pandemic hit in march. where do you see bond prices going from here, given the divided potential government? >> if you have this divided government, it seems like the most likely scenario. ithink what is combined with expectations that fard temper initially how it goes to the upside. i think yiel

the bank of england is pumping another £150 billion into the economy to ease the pressure caused by thee been kept on hold, at a record low of 0.1%. the bank has also warned of more economic contraction this year though it says the uk will avoid what's called a double—dip recession. sainsbury‘s has announced that up to 3,500 jobs could go, after it suffered loss of more than £170 million over the last six months. job losses are likely at sainsbury‘s stores, with the potential closure of delis and fresh fish and meat counters. it comes as more than 2,500 jobs are set to go atjohn lewis and lloyds banking group, which were both announced yesterday. let's talk to our business presenter sima kotecha. let's talk about sainsbury is first of all, i have to admit that when i heard the news first of all, that feels a bit counterintuitive because we know how busy supermarkets have been throughout this year and food sales in general have been going up during lockdown is another measures, so what is happening there? well, yes, 3500 jobs are expected to go. we haven't had confirmation on that, but y

anna: you were talking about the bank of england and the possibility of negative interest rates. ing headlines with andrew bailey saying they are in line with the bank saw at the economy, and the gap at the end of last year was huge. we got gdp data earlier on. he is also saying he does not see a great need for yield curve control. is that something the market had been thinking about, where they pricing out negative interest rates thinking yield curve control might be employed? withr: in the u.k. market the bank of england, we see how --h they were purchasing [indiscernible] it was very much the case of negative interest rates. if we see that increase come through, it is a question of negative interest rates are on the ticket. [indiscernible] that is also an option. we think the market has dramatically priced that out. anna: there is no precise date in mind for negative rates, if indeed they go in that direction. in terms of data on the u.k. calendar, we think about brexit, no formal deadline, this weekend it looks as if our reporting suggests that that might be cast aside. do any

former bank of england governor. is really important there, the idea of these underlying theories we will see in the new economy. ,hat panel today, janet yellen lord king and robin rajan. indian centralhe bank. this is bloomberg. ♪ oomberg. ♪ francine: this is "bloomberg surveillance." the focus firmly on how leaders around the world are leading and dealing with coronavirus. belgium's prime minister says intensive care units are pushed past their limits. alexander the crew also told us he believes coronavirus restrictions will be in place for a long time. they spoke at the european business summit in brussels. -- going in a good direction which is the number of confirmed cases we have seen over the last week, the number is going down. which is a good thing. on the other cycle movie see that in our intensive care units, the pressure is still very high. cope with thee to fact that we have many people in hospitals. we have always had a high quality health care system, but it is being pushed to the limits. we are here ag

as britain locks down again the bank of england is stepping up support for its economy the central bank announced today announced thursday it would wrap up its purchases of government bonds by 150000000000 pallets that'll fund government stimulus spending keeping businesses in business and cash flow going as the coronavirus wreaks havoc on the economy. mandaeans london malaysian restaurant is empty yet again her business barely made it through britain's 1st spring lockdown and its economic aftershocks in recent months her sales were often just 100 pounds a day. the u.k. 2nd lockdown could prove the fatal blow for many small businesses like hers i think this will force thousands of to close. because how can you afford you know to be close for 4 weeks and have no income the streets were empty across london on thursday as bars dine in restaurants and non-essential shops will order to shut their doors again for the next 4 weeks. the measures could not comment a worse time for jing shoe and our south east london pottery studio she was counting on a full schedule of christmas events to revive

if you look at the other things we are watching out for, gilts are also rallying after the bank of england said it is really interesting, the impact on pound also counterintuitive. it used to be pound weakness wendy -- current -- it used to be pound weakness. joe biden on the cusp of winning the white house, donald trump is not giving up. here are the two gentlemen. mr. biden: after a long night of counting, it is clear that we are waiting enough states to reach 270 electoral votes needed to win the presidency. i'm not here to declare we have won, but i am here to report when the count is finished, we believe we will be the winners. we will be going to the u.s. supreme court. we want all voting to stop. we don't want them to find any ballots at 4:00 in the morning and add them to the list. we will win this. tom: remarkably two different stories, but we have seen that throughout this campaign. a wonderfulhis is conversation because of the perspective of texas. these are the london school of economics and the professor of international relations after a -- lyndonreer in baines johnson is the

about how the bank of england response --what about how the bank of england responds? enciling in? bank ofu see the england going in that direction if there is no deal on brexit? could that be the dealbreaker? shamik: it is possible. significantse some economic disruption. in the short run, it could be the catalyst for the bank to do something. my sense is that a are -- my sense is that there is a lot of lively debate going on. clearly, i think it still remains a last resort for the bank of england. they will look to more traditional methods with a little bit of room to cut interest rates from here. and there is qe to consider first. my guess is that were there to it would follow that route first. have to use the alphabet soup to describe the economy, but what are your expectations? you are a bit more to the optimistic side than some other economists. everything i say about the world economy or the u.k. economy depends largely on what happens to the disease. i think what we have learned is that if you do get on top of the disease, the potential to bounce back is a lot s

as britain locks down again the bank of england is stepping up support for its economy the central bank announced today announced thursday it would ramp up its purchases of government bonds by 150000000000 pounds that'll fund government stimulus spending keeping businesses in business and cash flow going as the coronavirus wreaks havoc on the economy. mandaeans london malaysian restaurant is empty yet again her business barely made it through britain's 1st spring lockdown and its economic aftershocks in recent months her sales were often just 100 pounds a day. the u.k. 2nd lockdown could prove the fatal blow for many small businesses like hers i think this will force thousands of to close. because how can you afford you know to be close for 4 weeks and have no income the streets were empty across london on thursday as bars dine in restaurants and non-essential shops were ordered to shut their doors again for the next 4 weeks. the measures couldn't have come at a worse time for jing sure in our south east london pottery studio she was counting on a full schedule of christmas events to re

had -- excuse me -- a meeting last week with the bank of england. of the ecb on questions climate change is something we discussed. we have been particularly monitoring how it is that they are thinking about their inclusion of climate change in their stress testing process. it is a different process from hours and they read a very preliminary level still in the process of thinking about it, but we are definitely involved with them so that we understand that as it evolves. >> as a point of clarification because i and others have introduced legislation to this isect -- my understanding the fed has the full authority to move forward on this because risk is risk. it might be helpful to clarify this through a change in statute, but you do not need a change in statute to do any the things you need right now as it relates to climate risk. is that your assessment? >> that is correct. supervision report we published last week -- does include a section on climate change. that goes into more detail about how we are thinking about this and incorporating it into

we are looking at debt above the size of the overall economy on some is helped by the bank of englandsay they will pay that back, that helps lower the interest rates. but how long does that last? i think most people say it's guaranteed these low interest rates two or three years, but what happens in several years? that's the concern in the treasury, but, we are very sensitive, thick stock of debt, to relatively small increase in the level of interest. what about growth? rishi sunak also outlined growth figures, and our viewers may remember v shaped recoveries, various letters being used to outline what the recovery might do, and we had sort of a site of the growth figures that were forecast, 5.5% in 20 oh next year, going up and then coming down again in 24. what's that going to look like in terms of trying to make a dent in terms of the economy's debt? that clearly a hope what you traditionally regarded as a recovery, economy going by five or 6% recovery, economy going by five or 696 in recovery, economy going by five or 6% in the year, traditionally we would go, that's massive! but

francine: what do you make of what the bank of england can do? have a great story on the talking aboutinal the pros and cons of negative rates and the fact that boe is split on it. are we going to see negative rates in this country? jim: we don't think you will. you would need an economic situation worse than baseline. the bank of england has clearly been having this debate puzzled -- publicly for the past six months and it feels they are not getting closer to wanting to do it. quantitative easing is going to be the main vehicle of monetary policy year. negative rates, we don't think you are getting. francine: are we going to be seeing more of the double whammy that is easier on the u.k. compared to most other regions, which is fiscal and monetary policy together? jim: i think fiscal and monetary together is effectively the global policy paradigm. more needed in the u.k. than most other places, but you'll see the same in the u.s., the euro area next year. francine: jim mccormick of natwest markets stays with us. a battle looms after opec-plus mem

mike: the bank of england last week -- guy: the bank of england last week announced additional qe. is expected to do the same come december on an even greater scale. do you think there will be recalculations taking place at those central banks saying, maybe we did get a vaccine early on next year? yes, the economy will take a while to get going again, but nevertheless, do we need to stoke additional asset price inflation at this point? do we need to deliver more qe, or wait and see what happens? ake: central banks may take more measured approach. it is interesting to think about the situation in the u.k. in particular, where central banks and the government seem to be working hand in glove. i suspect the letdowns to continue, so if the government were to relax the letdowns early, perhaps the bank of england would take a more moderate approach. , i expectthe fed goes they are looking at these results very closely and trying to assess just how quickly it will impact the real economy. alix: based on that, how much risk do you want to be taking on right now? do you want to take on risk

the governor of the bank of england. . 16 years on, frank has never fully got used to being disabled, and in a moment we will be speaking to frank, but first let's take a look at a clip from a film to be broadcast tonight, where franks speaks about the effects his injuries have had on his life. i look at this and all this paraphernalia hanging above it, this was my life for months. i was so badly injured that ijust had so much stuff hooked up to me. it was quite grim at seeing it actually, i became almost institutionalised. i'm just thinking how close i came to not making it and to not being a father to my girls and a husband. so damn close. well we can speak now to frank gardner and also to gerard murphy, who also suffered a life—changing accident and features in the documentary. good morning both of you, thank you very much for being here. frank, we are used to seeing you in here doing your usual work as security con the respondent. why did you want to make this film? mainly because the director was incredibly persuasiv

there are other things going on, not least of which the news from the bank of england, and also the u.kt's listen to the bank of england governor giving his thoughts on some of the risk. >> i think we've learned this year from our experience with earlier bouts with covid that it's important we act both quickly, and that we do act clearly in scale. we've got a six central downside risk -- a substantial downside risk on the scale. anna: andrew bailey, governor of the bank of england, speaking to as this week about the scale of action they been taking. if you do see the dollar downtrend, does that mean the pound has some support from that? there's plenty of other news around the pound, that exit trade negotiations approaching. we've heard big news in parliament from the chancellor extending this game to march. -- the scheme to march. peter: i would much rather -- [indiscernible] the pound is still going to struggle. i think that when we look at the u.k. economy in the first quarter of next year, it's going to be a lagger compared to the euro and u.s. economy. the reason i think it's going

furlough would remain in place for all nations of the united kingdom — after criticism that it appeared to favour england. there was also support today from the bank pumping a further 150 billion pounds into the uk economy. 0ur political correspondentjessica parker has the story. a new day, new national restrictions. another phrase on some parts of society across england. and with that something the chancellor previously said he did not want to do. rishi sunak. continuing on with furlough, not just as do. rishi sunak. continuing on with furlough, notjust as expected for one month, but... it will be extended until the end of march. the government will continue to help pay the wages of people up to 80% of the normal amount and all employers will have to pay for hours not worked is the cost of employer pension contributions. a huge announcement made he said amid a worsening economic backdrop. the government had faced claims it only finally extended further when england were back into lockdown.” extended further when england were back into lockdown. i also want to reassure the people of scotland, wales and northern ireland. the furlough scheme was des

we saw the bank of england earlier. t that is not really going to change the pass of consumption and savings going ahead. the fed, they don't really want to talk about that they are reaching the end of their toolkit, and they were also caught between an uncertain election and tomorrow's employment report. , the newsvid overhang overhang that mike referred to, is really what must have the fed most nervous. normally, we have a slowdown in economic activity in the winter. that is why we have seasonal judgment factors. the slow down could really be dramatic this winter if we all have to stay indoors and worry about transmitting the disease. we can only we -- we can only order so stuff online. yes, the fed wants to avoid political spotlight today with the election, but they also just know what corner of the economy might be an area that might rebound or need help. that uncertainty about the distribution of spending that congress might do, and as we talked in the earlier segment about the sequence of fiscal support, mortgage f

more mainstream theory, that there are a wide variety of circumstances in which the fed or the bank of englandtional bank of poland. it is very clear that argentina's habit of doing that has reached exhaustion. it is a company with a lot less flexibility than many places. another thing that has been agreed to is it has placed new limits on the amount of central bank financing for the government. it is a country in huge difficulty. when we see a private sector shut down as we have seen everywhere this year, being a can't use thatou lever, it leaves you in a compromising situation. alwayse: paul mcnamara, great to have you with a -- have you with us. if it is not going to be the lira every 30 minutes looking a your phone, what will it be? beyond meat? meat, theitely beyond lira, and the russell futures. romaine: keep an eye on nikola. joe: the 30-30-30 portfolio. your lira, beyond meat, and nikola. whenine: i miss the days we just got to talk about tesla valuations. joe: it is coming back. caroline: you know what will haunt you forever. brexit. that is all for "what'd you miss?" technology" is n

thisine: because we have morning from the bank of england governor, from the president of the european central bank, from the fed president, a vaccine is not going to be a cure-all, is it better that they are still cautious? or would it be a bigger mistake if they actually believe, like you, that science will fix this mid-2021? i think they have -- steen: i think they have to play on the side of safety. i think the federal reserve -- all of a sudden everything was falling apart. and i think on a credibility sort of institution -- in the future and the economy, the central bank has the worst record of all, including me, and record onitt pretty bad that. this is all the narrative they are trying to create. and the central bank loves to be part of the solution by being able to talk to the audience, being the politicians. we will get more in the sense that we get more fiscal spending, but my point is the data will not be worse for the next few month. the market looks through that, and i think it is a mistake. they can do whatever they want. they are not going to increase the solvency of th

in the meantime we started to the session off with the bank of england providing even more accommodation of coordinated it right? the uk government also extending their unemployment benefits so we know jay powell wants our government to do something similar. it is probably not going to happen to the degree he was hoping for. how much more pressure does this put on the fed to put it in overdrive? >> well, this puts tremendous pressure on the fed to put it in overdrive. depending on the the outcome ofe election the fed has facilities that expire december 31st. jay powell very much wants those facilities extended into the new year. that comes down between a negotiation between himself and steve mnuchin. jay powell is looking for more dry powder. more treasury issuance. at the very least senate majority leader mitch mcconnell promised to do lame duck spending. he promise promised to accommodate any fiscal stimulus. charles: although it won't be 1.8 trillion, right? mitch mcconnell is 500 billion-dollar camp. >> that is exactly right. that is what is frustrating powell. it frustrates him to l

haidi: what more can the bank of england do? rightly point out, we would not even have said this a year or eight months ago. brexit seems to be the least of their worries right now. certainly, the economy seems to be some potential -- yes, a bigger flow. when i was at the banks, despite the fact the bank of england missed the great recession even six month after it started, at least have some room to maneuver. they could cut interest rates from 500 to a half. now they are at .1 even if they were to go negative, there will not go a lot negative. to -.25.t go from .1 what really can they do? they tried last week to do more quantitative -- to increase the amount of quantitative easing and having to deal with the fact there was a leak about it as well which is pretty embarrassing. i think the bank is in a position where you absolutely need the fiscal authorities to step in and help them and soon that can be done pretty well but he may have gotten cold feet. i think it is cold feet. it is straight back to the bank of england to start

he influenced monetary policy at the bank of england. oomberg. ♪ businesses today are looking to tomorrow. adapting. innovating. setting the course. but new ways of working demand a new type of network. one that's more than just fast. you need flexibility- to work from anywhere. and manage from everywhere. advanced technology. with serious security. and reliable coverage, nationwide. forward-thinking enterprises, deserve forward-thinking solutions. and that's what we deliver. so bounce forward, with comcast business. francine: tightening curves. chancellor angela merkel extends germany's partial lockdown for at least three weeks as the country struggles to contain the -- to regain control from the pandemic. brexit breakdown. france accuses the u.k. of dragging its feet on a trade deal with the e.u. and, drop the debt. an italian government official tells bloomberg the ecb should consider canceling bonds bought during the crisis. well, good morning, everyone. this is "bloomberg surveillance ." london.cine lacqua in tom keene is off today b