wealth we invite george osborne now an editor like you of london although your editor of an international paper he's the editor of a london paper not john thank you. thank you very much. well as u.s. protesters demand justice from an arguable racist capitalist to lead from l.a. to new york billionaires with businesses from london to moscow have been allegedly profiteering from the pandemic joining me now from boston is co-author of the institute for policy studies report billionaire bonanza 2020 wealth windfalls tumbling taxes and pandemic profiteers omar ok thanks so much of a coming on i know there's been protests in boston i'm not sure how they've been there around you but on your report you begin it by saying i billionaires disproportionately impact u.s. politics culture and the economy itself they have a huge influence over society there one of the things that we said in the report is that inequality in america is a preexisting condition and this statement really reflects the fact that when there are there is a convulsion in the economy or some type of social problem it does not nece

finally then the future generations will recommence many initiatives former british chancellor george osborne says we may need austerity in response to this pandemic far from the kind of investment you're talking about we need for the city of london to prosper a huge reduction in our debt to g.d.p. ratio would you say to those who support our policy. well mr osborne. mr osborne other people who are responsible for many many of the. transgressions that were made in the name of austerity i tend to agree with stiglitz and other people who say that the cost of austerity is greater than what it saves so actually what you have is you have posterity austerity which takes generations and generations to work or austerity is too expensive we can't afford to waste money and what mr osborne should do i know i know very little about him i've never met him or i would say austerity is the worst thing that you can do now we have to do what we did in 19. in order to remain. as an alternative to naziism in europe we had to start spending money generations and generations so therefore the 2nd world war was not

alistair darling, george osborne and philip hammond, who between them ran the treasury between 2008 andh little real disagreement between them. when we get to the happy day when we're recovering and we're on the path to recovery, my view is quite clear that, yes, we're going to have very high debts, like we had at the end of the second world war, but one of the things that a government like ours can do, because we're a large economy, and no—one doubts our credit worthiness, you can actually carry that for some period. but what i would be very concerned about is if we got ourselves in the situation where, if you like, in the recovery stage, you start bringing down things prematurely, you stop the growth and you drive the country back into a recession. if you want to stimulate the economy, the most obvious this is a a time—limited vat reduction. we did it ten years ago and it did have some effect. i'm not sure about cutting income taxes. i don't think that is really what would make a difference from people going out to work longer or doing second jobs or anything like that. my guess is in

alistair darling, george osborne and philip hammond — who between them ran the treasury between 2008uture taxes, creating jobs and supporting businesses — with little real disagreement. when we get to the happy day that we are recovering and on the path to recovery, my view is quite clear. yes, we are going to have very high deaths like we had at the end of second world war. —— debts. but one of the things a government like ours can do — which we are a larger economy, and no one doubts our credit worthiness — you can actually carry that for some period. and what i've been very concerned about is we've got ourselves into a situation where — if you like — in the recovery stage you start clamping down on things prematurely and you stop the growth, whatever it is, and you drive the country back into a recession. if you want to stimulate the economy, the most obvious thing to do is to do a time—limited vat reduction. we did it ten years ago, i think the evidence is that it has some effect. i'm not sure about cutting income taxes. i don't think that's really going to make a difference betw

going to try and sort of the crisis that we now face any different way that david cameron and george osbornenancial crisis 2008 — 2009. he will spend, spend, spend on infrastructure, and housing and job creation and we see in this piece, this interview with the mail on sunday, the first recognition that some jobs will not come back and that there will need to be training. it is a very upbeat interview in which he is saying, i can do this, i can fix this, i can level up britain. and james, spend, spend, spend is the message, but the government has already spend, spent, spent with thejob government has already spend, spent, spent with the job retention scheme, they bounce back loans and tens of billions already spent? it is a really interesting interview this, because it is not a normal recession built up essentially, the government to turn the economy. this is not a natural recession. they switch they cut me off and the key now is to switching it back on again and that will involve spending a lot of money. it is really quite hopeful, i think, and suggest that the government have got that and

do you know how long george osborne plans to stay on as editor?er: you had better put this question to him. francine: we will. alexander: it has not been confirmed. francine: thank you so much for joining us, alexander lebed of -- alexander lebedev. we were inspecting a big rally shortly. that is what we had in the u.s. also market movement when it comes to currency. stocks are slipping after this historic rally for the dollar rising. coming up, we speak to eric collins. founder of a fund that supports ethnic minorities. that is coming up next, and this is bloomberg. ♪ francine: this is "bloomberg surveillance." let's get straight to the bloomberg business with dani burger. occidental is reviewing ways to reduce its debt pile. the company is considering reducing stakes in oil and gas fields in oman. its holding in the area could be valid at more than a billion dollars. the company is also open to divesting other assets in the region. france is earmarking 15 billion euro to help it struggling airspace sector. it includes expansion of payroll subsid

avoiding the same strategy of austerity that was assumed by david cameron and george osborne.ine: matthew goodwin, what kind of break the deal are you expecting if we get one? think obviously the negotiations are ongoing, but i think there will be a deal by the end of the year. key sticking points currently are around fishing, state aid, and around the european court of justice. both sides will have to make some compromise. there is a view within the conservative party, one wing of the conservative party, that they can still push for a sort of no-deal brexit and wrap that into the economic down age that the companies, the covid-19 crisis. at that is a minority view. there is an appetite on both sides to get the deal done, and for boris johnson there is an appetite to than move on, to get back to what he thought his premiership was going to be about, building global britain -- building britain, trade deals with global companies around the world, turning what is a messy issue into the defining moment of his premiership. francine: what kind of trade agreements can we see and how

joining me now is rupert harrison — from 2010—2015 he was chief of staff to chancellor, george osborner we have had before this covid—19 outbreak, but we all knew in april the economy was deliberately shut down by the government, we knew we we re down by the government, we knew we were staying at home, people weren't going out and loads of businesses we re going out and loads of businesses were closed, so we shouldn't be surprised by these numbers. really bea surprised by these numbers. really be a big uncertainty is about how quickly this bounces back and crucially as andrew bailey was saying, how far it bounces back and how much of that 20% is going to ta ke how much of that 20% is going to take a long time to get back. what would you recommend? what are the key measures in order to see a quick bounce back? the most important thing and the biggest setback to another recovery would be another wave of the virus and we have seen markets around the world sell off very dramatically over the previous days because they are getting concerned about a second wave of the virus in some states in

and renault before the pandemic having to pick up the tab for 10 years of hysteria take under george osborne it must get done in history as one of the worst chancellors ever and we're having to do without one of the reasons i think why so many poorer people are dying from the coven 19 is because they haven't had the kind of support they should have had over the last 10 years or so and a lot of these people are living hand to mouth unable to afford the same tools of life so it's only natural that their bodies are we can because they haven't had the economic and financial support for the last 10 years it is there we're going forward that a case of support what can the government doing westminster or what more can the government data help. well there has to me the money available that actually 200000000000 pounds from the bank of england has to go into the funding system the throughout the united kingdom including to scotland and that has to be used to do 32 things 1st of all it has to be used to deal with a pandemic because this pandemic is not going to be over by the end of next month is goin

the former chancellor, george osborne giving evidence there. want to hear from select committee hearing that we will want to hearfrom later on. i wa nt to ta ke will want to hearfrom later on. i want to take you to hyde park in central london. as we have been reporting, thousands attending a demonstration, one of many demonstrations around the world in protest at the police behaviour and the killing of the black civilian in minneapolis, george floyd, who has been the subject of an unusual statement from the national police chiefs council in the uk per se, we stand all those across the globe who are appalled and horrified by the way that george floyd lost his life, justice and should follow. as i say, a highly unusual statement from them. as you can see, in his live pictures, thousands of people attending the protest which has been organised by the black lives matter campaign group. organisers have asked people to spread their arms out to maintain a two metre distance from each other as crowds were heard to chant, the uk is not innocent. it has

we saw this before, every politician and lots of parties, remember george osborne needs to go everywherehard hat, because they want to show, here is something that is ready to 90, here is something that is ready to go, here is a project ready to go, they want to see and show that the country is moving and that work is getting done and all the rest of it. but it's fitted vicky. it would still bet on me than borisjohnson. vicki, we leave it there, i am in enough trouble already. iam i am expecting the latest casualties figures for england but, i'll tell you what i'll bring you those in a moment. i don't have right now. the government is expected to confirm later this afternoon that so called travel corridors — also known as air bridges — will go ahead. it's the beginning of plans to relax restrictions for uk holiday—makers, this but it's still not known which countries will be involved. our transport correspondent tom burridge is at the eurotunnel entrance in folkestone and says there are preparations to increase services. that train is about to head off to france, there are still only one