In the City

As soon as Liz Truss resigned as prime minister, names of possible successors starting popping up. The reactions to some of those names was not so kind within the Conservative party--think exploding head and green vomit emojis, according to our political reporter Alex Wickham. In this episode of In the City, David Merritt and Francine Lacqua discuss the path to prime minister with Bloomberg reporter Ellen Milligan, and we hear insights from Wickham (like all the WhatsApp gossip), Tory MP Karl McCartney, and former Liberal Democrat leader Vince Cable. Plus, Bloomberg finance editor Katherine Griffiths joins on what the political mess means to the City of London's reputation and whether business leaders feel the worst is over--or yet to come.Here's a list of all the things you need to sign up for. For a daily look at the stories that matter in the UK, sign up now for our newsletter, The Readout with Allegra Stratton: https://www.bloomberg.com/account/newsletters/readoutAnd to figure out what all that means for your money--sign up for John Stepek's daily newsletter Money Distilled:https://www.bloomberg.com/account/newsletters/uk-wealth See omnystudio.com/listener for privacy information.

Chancellor of the Exchequer Jeremy Hunt ripped up what was left of Prime Minister Liz Truss’s controversial economic program. Is that enough to restore confidence in the UK? Jonathan Goldstein, the chief executive officer of Cain International and co-owner of Chelsea FC, tells David and Francine that as long as Truss is prime minister, Britain will continue to look "uninvestable." Plus, Bloomberg editor-in-chief John Micklethwait on Truss's battle to survive.For a daily look at the stories that matter in the UK, sign up now for our newsletter, The Readout with Allegra Stratton:https://www.bloomberg.com/account/newsletters/readout See omnystudio.com/listener for privacy information.

The Bank of England has been placed in a difficult position by the UK government’s mini-budget, says NatWest Chairman Howard Davies. He joins David and Francine to discuss the challenges facing the central bank and explain why he believes the chaos in UK markets is not fundamentally the bank's fault. He also discusses the liquidity crisis for pension funds, the mortgage market and the unprecedented moves in the gilt market.For a daily look at the stories that matter in the UK, sign up now for our newsletter, The Readout with Allegra Stratton:https://www.bloomberg.com/account/newsletters/readout See omnystudio.com/listener for privacy information.

The UK gilt market is in crisis mode. As Bloomberg managing editor for markets Kristine Aquino puts it in this week’s bonus episode of In the City, “monetary policy and fiscal policy are clashing wildly and the bond market is up in arms.”  Aquino joins hosts David Merritt and Francine Lacqua to discuss the two times this week that the Bank of England has added to its arsenal of tools aimed at curbing market turbulence. Plus, Loukia Gyftopoulou, Bloomberg asset management reporter, explains the risks facing the UK pension industry and why these unprecedented moves could change the industry permanently.See omnystudio.com/listener for privacy information.

 At this week's Tory conference in Birmingham, party members thought it fitting to sing "Things Can Only Get Better" by Northern Irish musical group D:Ream. But is that wishful thinking?In this episode of In the City, we debrief on Liz Truss's performance at the conference. We look at how much her first month in government has wiped from the the nation’s stock and bond markets, and discuss whether the mini-budget fallout has turned Labour into the new party of business.Dave and Francine speak with Bloomberg editor in chief John Micklethwait, Lord Bilimoria, former chairman at the Confederation of British industry and founder of global beer brand, Cobra Beer, and Tiina Lee, chief executive officer, UK and Ireland at Deutsche Bank.For a daily look at the stories that matter in the UK, sign up now for our newsletter, The Readout with Allegra Stratton:https://www.bloomberg.com/account/newsletters/readout See omnystudio.com/listener for privacy information.

In this bonus episode of In the City, David Merritt and Francine Lacqua unpack the government's humiliating reversal on its signature tax cut. Bloomberg's Managing Editor for European Economy and Government Ben Sills joins to hammer home that this is still a prime minister who's struggling to regain credibility and questions about her leadership chops are not going away. Plus, former Bank of England policy maker Andrew Sentance says the new government thinks it has a "magic wand" to create economic growth in the short-term but "that's just not realistic." See omnystudio.com/listener for privacy information.

This week's episode of In The City isn't for the lighthearted. Three weeks into her term, UK Prime Minister Liz Truss’s financial plans have sowed market chaos, pummeled the pound and put her political future in doubt. So how bad is it? Adam Posen, president of the Peterson Institute for International Economics, tells David Merritt and Francine Lacqua that "it's hard to imagine worse panic than what we've seen ... it's just really sad to see the UK government behaving in this irresponsible way." Plus: The pound is on parity watch. We hear from a trader who made billions in 2008 and is now buying up sterling, and a hedge fund manager who is shorting the pound and betting against UK stocks. And to get the latest on UK news delivered to your inbox, subscribe to The Readout with Allegra Stratton.See omnystudio.com/listener for privacy information.

We know we've said this before, but really, truly it is a big week for Britain. The Bank of England decision on Thursday and the chancellor's fiscal statement on Friday---a particularly high stakes moment. It offers a taste of the Truss-Kwarteng economic vision. But the question looming--what promises in the mini-budget will come to fruition? And will the messages from the BoE and the government this week feel joined up?In this week's In the City, Legal & General CEO Nigel Wilson joins David Merritt and Bloomberg finance editor Katherine Griffiths to discuss what business leaders need to hear -- and whether any of it matters if they can't deliver. Plus, Bloomberg Opinion's Marcus Ashworth joins David and Francine Lacqua to discuss some headline-grabbing policies that might be coming (think scrapping bonus caps)--and whether Kwarteng's all systems go approach is winning anyone over.Get more insights from Allegra Stratton by subscribing to her newsletter The Readout.See omnystudio.com/listener for privacy information.

Even as the UK takes a moment to reflect on the reign and passing of the Queen, new Prime Minister Liz Truss is not wasting time setting the tone for her administration. That tone? Get in line or get out. And one of the first people out is the Treasury's most senior civil servant Tom Scholar. No British finance minister in living memory has dismissed their permanent secretary immediately after moving into the role, as Kwasi Kwarteng did on his second day on the job to Scholar, who had been in the post since 2016. To discuss the significance of the sacking, David and Francine speak with Allegra Stratton, author of Bloomberg's daily UK newsletter The Readout and former Downing Street press secretary and UK economy reporter Philip Aldrick. Get more insights from Allegra Stratton by subscribing to her newsletter The Readout:https://www.bloomberg.com/account/newsletters/readout See omnystudio.com/listener for privacy information.

While Liz Truss’s economic agenda has markets worried, some parts of the City are convinced that the new prime minister and her cabinet will promote the views of the square mile and financial services in a way that hasn't been the case for some time. In this week's In The City, David Merritt and Francine Lacqua speak to reporters Katherine Griffiths and Will Shaw about Truss's strategy for winning over London's financial professionals. Plus, Lord Gerry Grimstone on his relationship with Truss and Chancellor Kwasi Kwarteng and Baroness Camilla Cavendish on her expectations for the Truss government. Get the latest in your inbox with The Readout from Allegra Stratton https://www.bloomberg.com/account/newsletters/readout See omnystudio.com/listener for privacy information.