we think there is little policy space left but the snb will have to deliver more cuts.e one more rate cut in march with risks tilted toward further easing especially if the franc starts to appreciate again. lizzy: maeva cousin, bloomberg's chief trade and climate economist, we thank you for that lookahead for the euro area economy. coming up, why london is the best place to be for that cheeky friday work from home perk. the latest results from our flexible working survey next. do stay with us. this is bloomberg. ♪ ♪♪ ♪♪ ♪♪ lizzy: to the u.k. where researchers and think tanks say that taxes on minimum wage jobs will have effectively doubled in just a decade, after the government's increased payroll levy comes into effect in april. according to the conservative leaning center for policy studies, total tax paid by employees will rise to 21% of salary for minimum-wage workers, up from 11% in 2015. social media giant meta is replacing its president of global affairs nick clegg with his deputy joel kaplan a longtime executive with staunch republican ties. kaplan has been advo

the snb has reported and 80 billion swiss franc full your profit for 2024.s accumulated a stockpile of fx reserves and has made a profit on that as well as its gold holdings as well. so it's able to return some money and some of that profit to the state and also the individual regions as well. making a profit for 2024 and it will be able to resume payouts to state coffers. it will be making a payout of 3 billion francs to the federal government for the first time in three years and also paying a dividend to its private shareholders. so gains coming through for the gold positions of the swiss national bank. some other stories making the news this thursday, advisers to president elect donald trump or to be considering michelle bulman as the next vice chair. the current terrible step down while maintaining his seat on the board of governors. they begun drawing up a short list of potential replacements for fed chair to rome powell whose term ends in may 2026. a tentative deal has been reached with operators for a new six-year contract, avoiding a possible strike