In the City

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.

Did you know you can buy a multi-million pound house via WhatsApp? Well, you probably can't. But some Londoners can. And if they want to, they call the Secret Agent. He's a top buying agent for the city's ultra-rich and he joins David Merritt and Francine Lacqua this week for an inside look on the buying and selling of London's most expensive homes. Plus, an update for the rest of us with London bureau chief Neil Callanan who says houses in England are at their least affordable level ever--a sign of a market that might be vulnerable. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

The Tory leadership contest is inching closer to its end, but while rhetoric on the campaign trail has been primarily focused on economics, it's a type of campaign economics, not the governing kind, according to Simon French, chief economist at Panmure Gordon. He joins host Francine Lacqua for a critical look at Liz Truss and Rishi Sunak's visions for tax and spending, and suggests the best candidate is the one willing to pivot to governing economics, a switch he says Sunak is more likely to make. Plus, a taste of optimism at the end of the episode as Simon shares his outlook for UK assets. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

London paid a record price to dodge a blackout in July. But the city might not be able to dodge blackouts come winter. Javier Blas, Bloomberg Opinion columnist covering energy and commodities, tells host Francine Lacqua that if this winter is even slightly colder than normal, it's going to be difficult for the UK to keep the lights on. They discuss the reasons for the energy crisis and explore how bad it's likely to get. Plus, Bloomberg’s Rachel Morison details the government's energy plan and what Liz Truss or Rishi Sunak might do in Number 10.You can get the latest on the the energy and commodities markets from Javier and journalists stationed around the world by subscribing to Bloomberg's new newsletter, ELEMENTS. Sign up: http://bloomberg.com/account/newsletters/energy Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.