stephen gallo, kallum pickering, thank you.on's debt and deficit. this is bloomberg. ♪ ♪ tom: this morning, we consider your first t as in a trillion dollar deficit. jason furman on a trillion here, a trillion there. jason furman on the elasticity of the capital stock supply curve. whatever. bitcoin plunges. the coin of the realm is sitting on support. it is a coordinated global boom. merry christmas not happy holidays, president trump. this is bloomberg "surveillance." me inom keene and with london is francine lacqua. what an interesting conversation with the minister of gibraltar. what did you take away from their huge british support? francine: if you look at ireland of gibraltar, i do not see an end in sight of how the political concerns get solved when negotiating brexit. we talk a lot about the city of london and financial services, and you have these two completely political hot potatoes. tom: it will be interesting, a really interesting friday. plunging this morning. let's get our first word news. investors maycoin be h

joining us now from the city is kallum pickering, senior uk economist, at berenberg bank.tor data. those expectations should become self—fulfilling. expectations should become self-fulfilling. we have seen that, haven't we? myself and ben were talking about really strong manufacturing data because of this week pound, so you can basically export better because your pound goes further — in terms of the construction industry, though, would you say that people are just holding off on building new projects until they know the colour of the, as it were? that is the difference between manufacturing and construction. that is the story of the year. manufacturing is doing well because of the more competitive sterling and also because the global cycle is turning up. but the uk in a way has missed out on the party this year, and you can see that in sectors like construction, which requires confidence in the long run. when there's lots of uncertainty over the economy, those sorts of investments that put on pause. so, the lowered chance of a hard brexit because of the success between th