Bloomberg Daybreak Europe: The Business News You Need to Start Your Day in Just One 15 Minute Podcast

China's consumer spending and industrial activity grew at a slower pace than expected in April. Ex-Bank of England Governor Mervyn King warns central banks against making precise forecasts on inflation. President Biden meets with his Republican counterparts later today to try and resolve the debt ceiling impasse. One in five taxpayers will be paying a higher rate of tax by 2027 as a result of a stealth raid by Prime Minister Rishi Sunak.