the reason why the british chamber of commerce have met with a plan today is because they have had to ministers yesterday. it needs to be a proper of thought through plan that's addressing the issues now and also as we go into the winter. also for recovery, it's got to see us into the next year. it's got to be a proper plan, because if government has to do one thing, it is to make sure that there is a secure and affordable supply of energy per industry and for business, and steven is right for industry business and families. stephen is right to raise the issue of talbot and his constituency and many other steel industry businesses have raised the same as well. thank you ve much raised the same as well. thank you very much for— raised the same as well. thank you very much for your _ raised the same as well. thank you very much for your time _ raised the same as well. thank you very much for your time can - raised the same as well. thank you very much for your time can enjoy l very much for your time can enjoy your evening. thank you. the education secretary aside to tackle the absences

it feels _ british chambers of commerce. it feels like — british chambers of commerce. feels like a tax from another age, and trying to _ feels like a tax from another age, and trying to compete _ feels like a tax from another age, and trying to compete with - and trying to compete with e—commerce _ and trying to compete with e—commerce businesses. and trying to compete with . e—commerce businesses when and trying to compete with - e—commerce businesses when you and trying to compete with _ e—commerce businesses when you are sad for— e—commerce businesses when you are sad for that— e—commerce businesses when you are sad for that commitment _ e—commerce businesses when you are sad for that commitment is— e—commerce businesses when you are sad for that commitment is a - e—commerce businesses when you are sad for that commitment is a real- sad for that commitment is a real problem — sad for that commitment is a real problem and _ sad for that commitment is a real problem. and within— sad for that commitment is a real problem. and within that, - sad for that commitment is a

mps have now joined labour in calling for ministers to provide financial help, with the british chambers of commerceescribing the situation as "dire" for some small— and medium—sized firms. here's our business correspondent, katie prescott. our biggest customer is ocado. brewing broth, these gas pans are simmering 2a hours a day seven days a week. there is little this business can do to cut its energy usage. bills recently have been painful. energy prices going up is not what we need. my overheads are already extremely high as it is. and it's a concern. it's a deep concern about the viability of the business, and i don't want to pass that cost on to our customers. i'll do everything i can to avoid that. businesses don't have the cushion of an energy price cap. they tend to fix their bills a year or two in advance, so for those whose contracts are coming to an end at the moment, it's a really painful time. and it's even worse for companies like this one who don't have those contracts and pay their energy bills on a three monthly metred basis. steel, chemicals — industries with the heaviest energy con

the british chamber of commerce, a record number of manufacturers are poised to increase prices.h supply chain disruptions and staff shortages. senator warren said jay powell showed bad judgment by failing to stop unusual trading activity by top officials. speaking on the senate floor, she questioned why powell did not prevent officials from making the investments, and in a later interview, she repeated her opposition to powell's reappointment. >> i cannot support jay powell for renomination. my view is he ends his term, we put somebody else in place. i think the fed will be better off in the economy will be safer. laura: global news, 24 hours a day, on air and at bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. dani: coming up, higher yields for an ugly open and european stocks. haven flows into the dollar. we will dig into the market action. we will sort through this messy open. this is bloomberg. ♪ >> in this environment where rates are likely to go up on the back of higher inflation, what you do not want to

i'm nowjoined by the head of economics at the british chambers of commerce. a warm welcome to you. borisjohnson has said a lot of his, what will be in his message today already. we know what is coming, what will your members make of what he has to say? businesses support to a move to a high school, high wage economy but had to get there? simply increasing wages will not let you get that, you need high productivity otherwise you get higher inflation. from a consumer perspective, higher inflation and higher wages defeats the purpose because consumers are no better off. has got a point that at some point we need to make the shift and invest more in the british workforce, create apprenticeships, have programmes that have causes to change and if you are going to force the issue, now is the time? ,. ., ., time? this characterisation that businesses _ time? this characterisation that businesses are - time? this characterisation that businesses are over. that businesses are over reliant on overseas labour is deeply misguided. the majority of businesses rely on local labour to fill in positi

the british chamber of commerce _ suggest. the british chamber of commerce said _ suggest. n't think we want to knee jerk reach solely for the - knee jerk reach solely for the immigration lever, because of the interventions we put in place, we are moving towards a higher skill and high wage economy, that's a good thing for this country. we recognise in the short term there are challenges in the supply chains as they are just that's why we have been pragmatic with short—term visas. been pragmatic with short-term visas. ~ , ., . been pragmatic with short-term visas. ~ ., ., ., visas. will you have to commit to increasing _ visas. will you have to commit to increasing income _ visas. will you have to commit to increasing income tax _ visas. will you have to commit to increasing income tax before - visas. will you have to commit to increasing income tax before the | increasing income tax before the next election? we are in more debt to gdp levels than we have ever been in, is it time to say, it is time for those who earn more to pay more? we did make a significant announcement r

the british chambers of commerce has called for a price cap are small and medium—sized firms are similarouseholds. from a business perspective it is hugely challenging times. the larger suppliers and indeed the regulator have been propagating a story that small suppliers just haven't purchased well enough for this environment. that is categorically untrue. together and bristol, we have access to all the trading instruments and access to the wholesale market the same as the larger players, but as a small supplier in the perverse situation we are in this now, there is something which is known as the price cap, categorically the cheapest tariff you can get in the market, what we have as customers are quite rightly they are staying with us, who normally would roll away and in that scenario we are left buying gas and power for these customers at seven, eight, nine times the level that is allowed in the price cap. from a customer's perspective, they have been very anxious. we have had record numbers of calls asking if we are going to ride this out and if they should be moving to other supplier

eight out of 10 british companies struggle to find workers last month even though many are increasing wages. a survey by the british chambers of commerceor shortages are getting worse. it forecast further reductions in goods and services. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. i am john hyland. this is bloomberg. guide? -- guy? guy: thank you very much, indeed. a group of top vaccine experts meeting today and tomorrow to determine whether those who've gotten the booster -- the johnson & johnson booster shots have interesting data on mixing and matching. i'm not talking about sam fazeli's outfit, but he does join us from bloomberg intelligence. sam, i want to start with the mix-and-match thing. i have to take every opportunity to tease you. we got the data yesterday that seems to suggest that mixing and matching is a good thing. you had astrazeneca or johnson & johnson getting a pfizer shot had a big impact. sam: the study complements what we've already seen from the u.k.. the u.k. has two separate studies focused on the astrazeneca shop

the british chamber of commerce saying their members will have to start off -- they will have to passese higher costs to consumers. the bank of england concerned about spiraling inflation. costs rise, people ask for higher wages, and it continues. he says it will be transitory, but something he will be monitoring. and the hotspot they are putting israel. if they raise rates, forced to raise rates, that could derail the economy. potentially a recession next year. and lot of the consensus case, but the view from economies. dani: andrew bailey pointing out what is next, locusts. thank you so much. that is our european market open anchor, tom mackenzie. let's dig into the european story. liz martin joins us. thank you for joining us. you heard tom laying out what boris johnson's vision is for this higher skill, higher wage economy. in your view of where we stand, how realistic is the likelihood we get there? >> i think the productivity is the real issue. we have been looking for productivity gains for a long time in the u.k. it is not clear what this post-pandemic supply constrained envir

the findings come from the british chamber of commerce. may be unwelcome at the bank of england. deutsche bank's asset management unit dws is starting any review into claims by a whistleblower over so-called greenwashing. investigators are investigating over allegations that social governance figures were overblown. global news 24 hours a day, on air and on bloomberg quicktake, powered by more than 2700 journalists and analysts in more than 120 countries. i'm ritika gupta. this is bloomberg. ♪ >> right now markets are pricing in early aggressive timing that really isn't consistent with what central banks are trying to achieve or get you've got to protect the household. i think that's got to be the focus for the next three to six months. jonathan: geoff yu of bny mellon, the senior strategist. from new york city this morning, good morning. alongside tom keene and lisa abramowicz, i'm jonathan ferro. your equity market -48, down 50 on the s&p, 1.1%. just off the lows on the nasdaq, -1.2%. bond yields are little bit higher, up two basis point

the british chambers of commerce described it as dire for small and medium—sized firms. simmering 2a seven days a week. there is little this business can do to cut its energy usage. bills recently have been painful. usage. bills recently have been ainful. , , . , ., , , painful. energy prices going up is not what we _ painful. energy prices going up is not what we need. _ painful. energy prices going up is not what we need. my _ painful. energy prices going up is not what we need. my overheads i painful. energy prices going up is - not what we need. my overheads are already extremely high as it is and it's a concern, it's a deep concern about the viability of the business and i don't want to pass that cost onto our customers. i'll do everything i can to avoid that. businesses don't have the cushion of an energy price cap. they tend to fix their bills a year or two in advance so that those whose contracts are coming to an end at the moment, it's a really painful time and it's even worse for companies like this one who don't have those contracts and pay their energy bills on a three mo

i'm joined by shevan haviland, director general of the british chamber of commerce. pects of your members and businesses in helping them to grow. does this help in that objective?— in that ob'ective? queue for having me, in that objective? queue for having me, afternoon. _ in that objective? queue for having me, afternoon. there _ in that objective? queue for having me, afternoon. there is _ in that objective? queue for having me, afternoon. there is a - in that objective? queue for having me, afternoon. there is a lot i in that objective? queue for having me, afternoon. there is a lot to i me, afternoon. there is a lot to welcome in the budget today on the longer term, so the longer term we see some good investment in skills, infrastructure and in access to finance like the expansion in the regional angels programme, which is something we have been asking for for a while, so that is good news. and we are also pleased to see some changes in the business rates, so that will encourage our businesses to invest in their properties, particularly green investment and obviou

ratherthan say that they have made some progress, rather than what we saw on friday which is the british chamber of commerce what the issue is and the concerns about where the higher prices get passed on —— you would do, but when you consider that the impact on business, are you saying that businesses should have a price cap, as domestic households do? fine cap, as domestic households do? one ofthe cap, as domestic households do? one of the things — cap, as domestic households do? <1>i2 of the things we think is that the government must keep all options on a table to guarantee security and continuity of supply. and undertake an urgent review as well about whether the energy supply market is currently unfit for purpose. there has to be a lot more that is done in terms of planning for crises, because this hasn't come out of the blue, some measures have been called for the last six or seven years, thatis for the last six or seven years, that is because industry has seen issues coming down. i that is because industry has seen issues coming down.— that is because industry has seen issues coming down. i am confus

of british glass. taste employs 6,000 people. they foresee if things don't change, a ofjobs in that industry would go. suzanne is from the cumbrian chamber of commerceof commerce. often we get accused of scaremongering, but what are businesses saying to you about energy bills? it businesses saying to you about energy bills?— energy bills? it is not scaremongering. - energy bills? it is not. scaremongering. every energy bills? it is not _ scaremongering. every business we talk to is really concerned about their energy bill. it is important to remember it is notjust the energy bills, we also have spiralling wage cost, raw material costs and transport costs, just at a time when many of them are still recovering from covid.— recovering from covid. there is a ossible recovering from covid. there is a possible deal— recovering from covid. there is a possible deal of _ recovering from covid. there is a possible deal of the _ recovering from covid. there is a | possible deal of the government, recovering from covid. there is a - possible deal of the government, but that might come the form of a loan. any support is helpful, but alone is the wrong way to go.

of british glass. 0verall, they employ around 6000 people. they foresee that if things don't change around a quarter ofjobs in that industry could go. suzannejoins me from the chamber of commerceabout energy bills? it is absolutely not scaremongering. _ energy bills? it is absolutely not scaremongering. almost - energy bills? it is absolutely not scaremongering. almost every l scaremongering. almost every business — scaremongering. almost every business we talk to is really concerned. immediately and moving forward _ concerned. immediately and moving forward. and it is important to remember— forward. and it is important to remember it isn'tjust the energy bills crisis. — remember it isn'tjust the energy bills crisis, we have spirals in wage — bills crisis, we have spirals in wage costs, raw material costs and transport _ wage costs, raw material costs and transport costs at a time many are still recovering from covid. we have heard about — still recovering from covid. we have heard about this _ still recovering from covid. we have heard about this possible _ still recovering from covid. we have heard about this possible deal i still recovering from covid. we have heard about t

of british glass. 0verall they employ about 6000 people. they foresee that if things don't change around a quarter ofjobs in that industry could go. suzannejoins me. she is from the cambridge —— the chamber of commercecused of scaremongering. what are offices saying to you about energy bills? it offices saying to you about energy bills? , ., , ,., , ., bills? it is absolutely not scaremongering. - bills? it is absolutely not scaremongering. almost| bills? it is absolutely not - scaremongering. almost every business we talk to is really concerned about their energy bills. immediately and moving forward. it is important to remember it is not just the energy bills crisis. we have also got spiralling wage costs, raw material costs and transport costs, at a time when many of them are still recovering from covid. we have been hearing about a possible deal with the government. it may, in the form of a loan. is that helpful orjust dealing with problem later? any support is helpful but a loan is the wrong way to go. we are at the point where a lot of businesses are having to start paying back their covid loans. so another loan really isn't helpful. what we need is support in the form of grants, perhaps that

british class. they employ 6,000 people. they first see if things don't change around a quarter ofjobs in that industry would go. suzannejoins me from ofjobs in that industry would go. suzanne joins me from the chamber of commerceid.— time when many of them are still recovering from covid. we have been heafina recovering from covid. we have been hearing about — recovering from covid. we have been hearing about this _ recovering from covid. we have been hearing about this possible _ recovering from covid. we have been hearing about this possible deal - hearing about this possible deal from the government. i could come in terms of the loan.— terms of the loan. alone is absolutely _ terms of the loan. alone is absolutely the _ terms of the loan. alone is absolutely the wrong - terms of the loan. alone is absolutely the wrong way i terms of the loan. alone is l absolutely the wrong way to terms of the loan. alone is - absolutely the wrong way to go. we are at the point where lots of businesses are starting to have to pay back their covid loans, so another loan isn't helpful. what we need to support in the form of grants, perhaps a vat reduction, removing the green levy temporarily. and number of the businesses are s