In the City

London's stock market is facing the quietest period for listings since the financial crisis. British companies are instead flocking to the deeper pockets found in New York and Europe. In this episode of In The City, Francine Lacqua speaks to Mark Austin, the latest person charged with sprucing up the UK’s listing rules, about his plan to help London maintain its position as one of the world's leading financial centers. Plus, Bloomberg editor Kat Van Hoof explains why a big chunk of the IPO market share disappeared from London post-Brexit and why government efforts to attract more startups haven't paid off yet. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

The tide is turning in the UK jobs market. Earlier this year, a shortage of skilled workers meant employees had the upper hand. But with more indicators pointing toward a recession, inflation on the rise and the cost of living crisis starting to bite, we ask is the UK job market succumbing to economic reality?David Merritt speaks to James Reed, Chairman and CEO of Reed UK, Britain's largest recruitment company, who says the rate at which vacancies have been increasing has slowed down. He also explains why the company's data doesn't paint such a bleak picture. Plus, Tom Metcalf, who heads Bloomberg's finance coverage in London, discusses the outlook for City jobs.  Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

The winner of the conservative party leadership race is not yet decided--and yet there is already a loser: The Bank of England. The central bank has caught a lot of heat from the contest to become Britain's next prime minister. Tensions are brewing over political influence in central banking and financial regulation. This week, David Merritt unpacks those tensions with Bloomberg senior reporter Phil Aldrick and Bloomberg Television's Lizzy Burden. They discuss the history of the bank's independence, the threat it's currently facing, and whether the man at the helm of the bank, Andrew Bailey, is savvy enough to tackle the challenges. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

The end of lockdown restrictions had the UK travel industry breathing a sigh of relief. But even after being given the green light, hopeful travelers were left grounded at airports across the country. And that smell? Not freshly cooked paella... but the pile of uncollected luggage festering at Heathrow's Terminal 2. With cancellations, delays, lost baggage and strikes likely to last all summer, David and Francine explore how Britain's unique brand of travel chaos is affecting the business person's attitude toward travel. Has the ease and reliability of remote working rendered work trips obsolete?The hosts divide and conquer this episode, as Francine's been whisked away for a business trip to Rome, and had her own helping of disruption. She speaks to Paul Charles, chief executive officer of The PC agency and former director of communications of Virgin Atlantic, to find out what's behind all this turmoil. Plus, Martin Ferguson, vice president of communications and public affairs at American Express Global Business Travel, tells David why he thinks business travel is here to stay and what the next leader of the Conservative party needs to do to end the turbulence. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

For centuries the London Metal Exchange has been the home of global benchmark prices for the world’s key industrial metals. But how the LME handled nickel trading in March has put its status as a City of London institution in doubt. Questions are being raised about its structure, ownership and future as lawsuits pile up and market experts forecast a mass exodus of LME members down the road. Bloomberg reporter Jack Farchy joins to unpack the long-term consequences for the exchange. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

Boris Johnson’s government is imploding. His attempt to stop the rebellion in his party by quickly installing senior Tories as chancellor and health secretary has clearly not worked. In this week's In The City, Bloomberg Westminster reporter Alex Wickham paints a dire picture for Downing street and looks ahead to what kind of chancellor Nadhim Zahawi will be--depending on how long he'll be able to stick around. Plus, Senior Executive Editor for Economics and Government Stephanie Flanders and Bloomberg Opinion columnist Marcus Ashworth join to discuss what the political turmoil could mean for the UK economy. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

Easy access to financial markets has made London a prime spot to wash dirty money, with Britain’s National Crime Agency estimating annual figures run into the hundreds of billions. But the war in Ukraine is forcing the government to rethink its accommodation of the world's richest. However, even with additional powers imposed by the Economic Crime Act, loopholes mean some can circumvent sanctions. Calling into question: is dirty money too ingrained into the City to clean out? David Merritt speaks to Stephanie Baker, senior writer at Bloomberg, and Caroline Knowles, professor of sociology at Goldsmiths, University of London, and author of Serious Money: Walking Plutocratic London about the City's super rich and how they're shaping London in their own image. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

Earlier this year, the UK government laid out plans to become a “global hub” for the crypto industry. City minister John Glen said in a speech in April that the government was determined to show “the UK is open for business and open for crypto businesses.” But crypto oversight remains a puzzle to regulators worldwide--including the UK--and according to crypto players like former Chancellor of the Exchequer Philip Hammond the UK has "missed a trick" on digital asset trading. Hammond, who is now a senior adviser to Copper.co, a London-based crypto custodian and trading services provider, tells David Merritt and Francine Lacqua it isn't too late for London to catch-up to the EU on setting clear regulation, but it's getting dangerously close.Plus: Bloomberg crytpo reporter Emily Nicolle on how the UK currently views crypto and how crypto companies currently view the UK, and reporter Charlie Wells on the addiction specialists offering treatments for compulsive crypto traders. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

Tina Brown, former Vanity Fair editor and the author of "The Palace Papers," tells David Merritt that London has recaptured its joy, unlike, say, New York which is still suffering a "kind of clinical depression."In this extended conversation, they also discuss the national identity crisis brewing in Britain and the "dropped shoe" moment awaiting if the cost-of-living crisis and the Queen's passing happen at the same time.But Brown is bullish: the monarchy isn't going anywhere. And although Prince Andrew "hasn't exactly enhanced the gravitas of the crown," Prince Harry may be the bigger problem for the thousand-year-old institution. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.

Stocks, bonds and everything in between were hit hard this week as stubbornly high inflation ignited fears around aggressive monetary policy. The market moves, for some, resurfaced buried memories of the global financial crisis more than a decade ago. But for others--like the chief economist of UBS Global Wealth Management, Paul Donovan- it was a reminder that the market "is not listening to what is going on in the economy and instead getting caught up in its own narrative."Speaking to David Merritt and Francine Lacqua, Donovan offers a City view on the market selloff, and he debates the cause of inflation with Markets Live blogger Lorcan Roche Kelly.Plus: Bloomberg Opinion columnist Marcus Ashworth gives historical context by sharing the story of his first day in the dealing room on Black Monday back in 1987. Learn more about your ad-choices at https://www.iheartpodcastnetwork.comSee omnystudio.com/listener for privacy information.