France In ‘Mortal Danger’, Ring-Fencing Shake Up, Prime Brokerage Rush
whatshot 9 snips
Jul 16, 2025
French Prime Minister aims to cut national holidays to tackle the country's financial crisis, facing impending backlash. Meanwhile, the UK government pushes for reforms to protect consumers' money while struggling to track billionaire tax contributions. A secret immigration route for Afghans affected by a data breach comes to light, creating controversy. Major banks thrive amid economic shifts and trade tensions. Lastly, the sweet spot in prime brokerage is revealed as hedge fund demand skyrockets amid evolving regulatory scrutiny.
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insights INSIGHT
France's Fiscal Challenge
France plans to cut public spending by almost 44 billion euros to reduce its deficit.
The government aims to bring the deficit to 3% of GDP by 2029, within EU limits.
insights INSIGHT
UK Bank Reform for Growth
UK Chancellor Rachel Reeves plans to reform bank ring-fencing rules to boost growth.
The reforms will cut red tape and encourage banks to take more informed risks.
insights INSIGHT
UK Billionaire Tax Transparency Gap
The UK tax authority cannot determine how much tax billionaires pay on their wealth.
Lack of data impairs fair taxation of the ultra-wealthy in the UK.
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On today's podcast:
(1) French Prime Minister Francois Bayrou proposed scrapping two national holidays, part of a drastic effort to repair public finances that’s set to unleash a parliamentary backlash in the fall.
(2) Chancellor of the Exchequer Rachel Reeves pledged to shake up post-crisis rules that are meant to shield consumers’ money from the vagaries of investment banking as the UK government looks to the finance sector to help spur economic growth.
(3) The UK tax authority cannot identify how much tax the nation’s billionaires pay on their wealth, hampering its ability to properly impose levies on the ultra-wealthy, according to lawmakers.
(4) The UK’s previous government set up a secret immigration route for Afghans affected by a data breach three years ago and then kept it secret from the British public, Defence Secretary John Healey said.
(5) Kevin Hassett, one of President Donald Trump’s longest-serving economic aides, is the early frontrunner to replace Jerome Powell as Federal Reserve chief next year, according to people familiar with the process.
(6) As Donald Trump’s tariff policies roiled markets almost everywhere, on Wall Street they were helping the biggest banks set records. JPMorgan’s stock traders scored their best second quarter ever, while Citigroup Inc.’s, trading division saw its best result for that period in five years. Analyst predictions were easily surpassed by the banks’ respective hauls, and even investment banking businesses did better than expected despite fears the same volatility might stymie deals.
Bloomberg Daybreak: Europe Edition