Surveillance: The U.K. Is Split, Cambridge's Barnard Says

after seeing notable support from gamblers. So that's a story that emerged over the weekend. Tom certainly not hearing this from official lines, but certainly a lot of speculation over the last couple of days have sport betting in the United States, and we're now going to have betting on who does sends at the FED meeting or you can have whether Michael McKee whoever in the UK. Mcke, that's

not rude. I don't think that you and I would be able to bet on that, given that we would have inside information that Michael McKee, my ass well, we know he's rude. So let's trying start of trouble. Let's let's talk to someone graceful here, Gabriela Sciantos with us the JP Morgan. I want to go back, given the moment we're in toward James Diamond got on a platform and I don't remember where it was around Brexit and

basically said JP Morgan believes in London. Now you don't need to do a sales job this morning on JP Morgan in London. But as no, not that you're a representative for the executives of the bank, but as an international bank, London in the United Kingdom is critical. Whatever happens here, London is still London, isn't it. Absolutely? And we do think that we have changed the protagonist of the Brexit movie. Um, but it's over the next six months or so going to look fairly similar to the

one that we were watching for. But eventually there will be um, you know, a day after Brexit, right, So we just need to get through some some more of this period of uncertainty and then life will move on, right. And this this is the same for for Brexit, it's the same for the trade uncertainty we're living through. Cyclically, it's a big challenge, but eventually there will be a

day off one thing, john It's extraordinary. Speaking of London is the mayor of London with a harsh criticism by the President of the United States, Boris Johnson's lineage is extraordinary, going back three generations a Muslim, I'm going to say great grandfather. Uh, there's a whole Jewish wing to his

family as well. I mean this guy, and this guy was a liberal mayor, right, I mean socially liberal mayor to some degree, sending not as liberalist the one we have now, but he's straddled society perhaps better than most conservatives. Getting some reaction from Europe now mis Chambonnier saying we look forward to can constructively with Prime Minister Boris Johnson when he takes office to facilitate the ratification of the

withdrawal Agreement and achieve an orderly Brexit. We are ready also to rework the agreed declaration on a new Partnership in line with European Commission guidelines. It is going to be fascinating to see what kind of different approach a Prime Minister Boris Johnson takes with European leaders and whether he can get a different result to Prime Minister make can.

I note the FORO decimal points, Swisses come in strong Swiss and German two year has come down another to whatever you call it, where it's almost near record law. I mean, I'm not going to say markets moving, I'm Prime Minister Johnson, but I'm looking at my Bloomberg screen and markets are moving. I think Europe shifts quickly to the ECB decision on Thursday, and I think that's at the epicenter of FX price s action in g ten,

especially at the moment. Just the idea being that if the Europeans ease, the SMB needs to follow up with something. Otherwise all they're gonna get is euro Swiss lower and euro Swiss lower strongest we see is the last thing that President Jordan wants over in Zurich, Switzerland. It's the last thing he wants. So look, the politics in the UK is going to take center stage for Sterling crosses everything house in Europe, the distraction will be on the e c B in a common day. Where's the distraction

of multinationals in Europe? I mean, they all pay big fat dividends, Gabriel sants, but within your asset management, do you buy their dividend? And the plot forward or do you have to stay in the United States. So Europe is tough to to become very positive on here in the short term thinking about European equities, about financials, uh, and if we're in this environment that we didn't expect

to be in just a few months ago. But if indeed we do see rate cuts probably in September by the e c B, um, that's an environment where European financials will struggle to really break out. Um. Europe of course also at the center of a lot of this uncertainty Breggs trade. So it seems tough to to become very very up mystock about European equities here, John Siemens dividends three point You know, it's just it's a bigger dividend. Decent dividends on a foot see as well in some

of the big energy names. Just depends whether you want to take that kind of risk at the moment without dividends. I mean Gabriella earlier, she spent some time with one of my properties earlier. John, this morning she modeled out of two share by back. Can I just get a final word on the United Kingdom, on on Brexit and the markets, we can talk to the end of the earth about Sterlink. I want to talk about rates in

the United Kingdom and guilt specifically. I am fascinated to see how the guilt market responds to a Prime minister that maybe a little bit bolder and more aggressive with the Europeans and push the line that they're willing to go through with a hard brexit on October thirty one without a deal. Do you see a market gabriella that behaves like an emerging market country order developed market country?

And what I mean by that is, do yields grind tighter lower in the United Kingdom on the risk of a heart brexit or they start to go a little bit higher on the fear that the foreign money starts to flee stelling denominated assets. We do think UK guilts are likely to grind lower. I do think the expectation would be if you did have a heart bregsit that the Bank of England would respond by cutting race to try to um stimulate growth and try to prevent some

sort of worse adverse reactions. So we do think ultimately UK guilts are likely to grind lower, following in line with the rest of the global theme or scene. Is there an opportunity internationally? I mean you live on airplanes. Is there an opportunity internationally right now? There is? UM of course, all about time frames, we do think internationally five tenures out will have its day in the sun. Once again, I think more tactically, there are some positive stories.

There are few and far in between. UM. One story that as a as a good UM Brazilian, I would be remiss not to bring out that is one area of the world that we're actually seeing a reduction in economic policy uncertainty UM. And that's really around h some more implementation of reforms UM, both in terms of fiscal as well as economic reforms. So that's one area that's really standing out here in the short term as moving

in a different direction and a positive one. Get a better sense of joining us from JP Morgan as in management. Great to cat show me this morning, appreciate your patients. We will have a new Prime Minister in the United Kingdom and his name will be Boris Johnson. With a Prime Minister Johnson's ascent or selection, I should say, by what is it like a hundred and seventy thousand people? About a hundred and sixty I think I mean, that's like,

you know, the Friday brunch crowd of the Ned. You know, that's the way the process works in the United Kingdom. You're selecting the leader of your party, which is a consequence becomes the Prime Minister. Can people vote that don't on land? I mean it's it's like quait if you're if you're a member of the Conservative Party, you can vote, and the membership basis about a hundred and sixty. We got to an expert to give us some real perspective

on this. We're thrilled at Katherine Bernard joins us with Cambridge University. She's truly provided value to surveilance in the nuances of this moment. Professor, what is the nuance for Boris Johnson? Literally in the next forty eight hours? What's in here to do? I don't. I don't think Boris Johnson does nuance. He does big picture stuff, he does bold colors. Um. What he's good at is getting some good people around him who can deliver on the things

that he wants to do. But what he's got doing the next forty eight hours is first of all, to say he's got a big speech to give tomorrow, where he's going to set out not just his priorities in respect to Brexit, but also priorities in respect of um social policy, which he is very keen to pursue alongside, so he can show that there's a domestic agenda as

well as a Brexit agenda. Is there a risk, Catherine, that some of the some of the MPs within the Conservative Party start to deffect Do you see that as a risk and immediate risk that this majority that the Prime Minister will be holding, a very very slim majority, how together by politicians in Northern Ireland, may fall apart quite quickly. Well, that's that's a great fear for Boris Johnson, which is why there's much talk about the fact that

there's likely to be a snap general election. Some people say on the fourth of October. But the problem then, as if he goes for a snap general election before the third first of October, is that it will become a four party race and the Brexit Party will be able to hammer the Conservatives by saying you the Conservatives haven't haven't delivered Brexit, and so some people say you might wait until the early spring. But the problem is it's really difficult to govern when you have got no

majority that can de presci your legislation through. He's got to get to what time the thirty one? Can he get there? Well, of course he can very easily get there, because the default position is that the UK crashes out of the EU without any deal on the thirty first

of October. Um that it is possible to extend that date, but that requires the unanimous agreement of the remaining EU states the EU, and it's not clear that they would agree to an extension if one were asked for um, if they think the UK is just playing for time because we're not actually doing anything concrete. It was always assumed that it was never a credible threat. A hard brexit from the Prime Minister Theresa May was never a

credible threat. Has it become somewhat more credible with prim Uster, Boris Johnson, Catherine going into these negotiations again with the Europeans. I think it has become a much more credible threat. There are people around, not just who are Boris Johnson supporters, who who say that the chances of US having a no deal Brexit now are up between seventy So I think the chances of an odeal Brexit have gone up quite considerably. The planning has also increased in order to

hit that date of the U thirty one October. But the fact is um the Parliament voted last week over a very technical point in the Northern Ireland legislation to say, actually, we don't want Parliament to be proobed. That's suspended. So it may be sending out a more complicated message we're not heading for a no deal brexit. What will be Prime Minister Johnson's complicated Irish message versus what we saw

from Prime Minister May. Well, he's absolutely convinced that the Northern Ireland border problem can be sorted out by technology. And just to remind your listeners who may not be living and breathing the question that there would be a few hours we have, well, we have forty two listeners and I would say forty four of the forty two

listeners are not living in breathing Brexit. The Northern Ireland border issue is that at the moment there is no physical border between the North of Ireland and the south, and if we leave the European Union without a deal, um, it's inevitable that a border will a physical border will re emerge. Between the North and South, and that goes directly contrary the spirit of the Good Friday Agreement, which was that extraordinary agreement which led to significant peace in

Northern Ireland. And so the question is how do you square the circle of us leaving the Single Market in the Customs Union, the key components of the EU, while not reintroducing a hard border. And so Boris Johnson's onto that is, we can do it through the wonders of technology. The problem is lots of people say there is no technology that exists at the moment that doesn't rely on, for example, cameras and cameras require infrastructure and that becomes

something like a physical border in Northern Ireland. And that's the real problem. Kathern just to pick up on a line that was used in that acceptance speech from Boris john So just about an hour ago, deliver Brexit, Unite the country, defeat Jeremy Corbyn. Those three objectives, which one is the hardest? I think the I think they're all a star in terms of difficulty. I mean delivering Brexit at one level. Of course, it's going to happen automatically

on the thirty first of October. So from one point of view, that will be the easiest. But of course the third first of October is a date, and a hard Brexit is not actually an event, but it's a process, and it's what happens on the thirty one November and December and so forth that really becomes the issue. So actually, at one level, delivering Brexit is very easy. What's much more difficult will be delivering Brexit in a way that satisfies a very divided country. And so in fact one

leads to another. In the immediate In the immediate term, he's got to unite the party. Tom four pm London time, he will speak to the Tory rank and file MPs, so in a round about three hours time in the UK, he's got to sit down with the Tory rank and file m peace and try and unite them. Catherine, how does he do that today? Well, that's the relatively easy part because the rank and file are certainly those who

are members voted overwhelmingly for Boris Johnson premiership. So that will bit will be the easy bit, And he will make a tub something speech saying that we will be leaving the you on third first of October, and we were great and glorious country. But it's all very good talking in adjectives and abstract nouns, it's actually delivering that it's going to be damned so harder. I mean, we got to remember that this guy's a guy who studied Greek, in Greek and Latin. It acts for he's got a

high fancy degree and all that. Professor, what is his prime ministerial parallel? I mean, you know he likes to be Disraeli and say he's a a man of many seasons in many interests, that he does this and he does that. Is there any previous Boris Johnson that's held the office. Well, I think he fancies modeling into off from Winston Churchill, who was also a man with a

very large personality and a very large land. The question is whether he will have the dexterity of a Churchill to both deliver a Brexit that doesn't damage the country and also brings the public back together because at the moment the country, like Parliament, is absolutely divided down the middle, and the and the figures haven't changed dramatically or remember on the twenty three of June it was forty eight in favor of leave at the moment, it might be

forty eight in favor of Remain, but it's very difficult to tell. But the fact is the country is split and it's going to be a huge challenge for someone like Boris Joarston, who led the Leave campaign to really reach out to those remainers. Professor, thank you for your time with at Cambridge and has just given us wonderful perspective.

Love catching up at Catherine makes it very very clear and easy to understand because the process in the United Kingdom is very complex and foreign to so many people. And it's in English. You know it's definition. Yeah, I get. It was quite quite funny. I'm filmed today full avoid

the mathiness of late July and August. That is difficult to do with one of our most acute thinkers on central Banks, that as an Ariana Cucha Lakota, of course acclaimed at Minnesota and now at the University of Rochester and joins us on the shores of the Genesee River today, Professor Katcha Lakota, wonderful to have you with us. If I go back to the writings of the late nineties, including Coacha, Lakota and Phelan, there's the reality of what

if we ever got to the zero bound. Well, here we are, twenty years later at the zero bounder in the vicinity of it. Are we looking at central banks and can they do what they need to do at the zero bound or is this all an exercise and futility right now? Tomm Yeah, thanks a lot for having

me on. You know, I think that the zero bound what seems like they just a theory out of this rit called curios um um twenty years ago, with the exception of Japan obviously, but central banks around the world are having to live with it, and I think it's very much a factor in the Fed's current thinking is that we don't want to get ourselves into a recession where we would really face the need to use our ammunition, so let's keep the economy as healthy as we possibly

can now um, And I think that's definitely a factor, and they're thinking about their easy decision they're going to next week. You have been a student. I believe you taught it Rochester measured one on one or maybe it was two or three. I can't remember the course. Alan Greenspan delivered us the phrase measured and an incremental policy. Do we need to go back to burns dynamism. Do we need to go back to fifty basis points or abrupt moves or do we stay a measured way as

a reigning theory of central banking. That is a great question, and I that's it. You got it. Boris Johnson didn't get the great question today. That's it. I'm done. Continue. But I I think, first of all, I think the FED is very dominated by the gradualist thinking UH that

that you attribute to UH to former Chairman Greenspan. With that set, I would prefer if they committed themselves to being to an aggressive response if we had a significant downturn, So if unemployment were to rise above four percent, which doesn't sound that significant, but it would mean a big increase over where we are today. UM, if and that looked like it was something that's sustainable, I think the FED should really say, Okay, we're going to call interest

rates UH significantly and aggressively at that point. And that would be a better response than the more gradual approach that there there, they're h they're still stuck in Marianna. It looks like we finally have a really contentious Federal Reserve meeting. We've heard arguments for no cuts. We've heard arguments for twenty five basis point cuts. We've heard an argument that sounds like an argument for a fifty basis point cut. Not how to take me inside that room?

How difficult will it be to find consensus? On July one? I think, uh, this this chairman is you know, been proven himself to be a consensus builder. Um. I think the bulk of the communication has been pretty clear that that we're aiming at twenty five basis points. For myself, I had prefer to see um a dissent actually at the next next week's meeting. I think the censor play an important role in terms of communicating the public that the fet is taking on board all risks. UM. So

I would expect a hawkish hawkish descent next week. Um, and so saying maybe this isn't the time to to to cut interest rates. Professor Andy holding Over at the Bank of England out with a set of headlines of their brexity and all that. But he has a headline which also goes to the heart of all of our listeners as well. He says United Kingdom workers are experiencing a paid disaster. So many Americans feel that way that they're in a quote unquote paid disaster. How do we

boost that quickly in lieu of a productivity advancement? Yeah, you know, I think that is a very challenging question, and it uh is one that economists and policy makers are strongly with around the world. It is I think largely outside the purview of short term policy to make that happen. I think it's really more a longer term issues. But yeah, I think, you know, uh Andy Halliday is right. I think in the UK they are facing pay disaster. Things are a little better for our workers here in

the United States. But but certainly midy Americans would would agree with Mr Hawley statement, Well, if we get a jump condition away from green spani and measure, we expect to see you with a pipe, holding a pipe, blowing Arthur Burnsey and smoke signals at any point. Professor Cutch Dakota, thank you so much. Of course, it esteemed moment ferals aping the International Monetary Fund. They're out with a midyear correction,

if you will, on the world economic outlook. The headline is weaker growth, but it is a jumble as well around trade. The headline they cut their global outlook see downside risks on trade tensions. I was able to speak with our director of Economic research, their chief economists, get to gopeneth curious our conversation, get gopeneth on trade. The US is growing at the arend two point six percent, and that is a solid economy. The labor markets are

quite strong and you see wage growth. So there are you know, good signs of solid growth. And with that said, there are downside risks, especially coming from the rest of the world. One of the great things you do within this report is really in partition the service sector in the United States and other nations with the goods producing sector.

What is the distinction of your analysis of a better performing service sector versus all the uproar we see in goods So, you know, it's it's great to look at the distinction between what's happening with manufacturing and services, because that's exactly where we see the negative outcomes of heightened policy and certainty. So manufacturing pususing managers in disease continue to decline, while at the same time services sector continues

to hold up and consumer sentiment is strong. Now you know that is partly a reflection of the fact that there has been improvements in labor market outcomes, and most of the major economies of the world there's been wage growth, so that is holding up fairly well. But it's all the uncertainty on the trade and technology front that's weighing

on uncertainty going forward on manufacturing and industrial production. And what's so important here within the body of research we see a bloomberg each day is the idea of the inflation dynamics separately of service sector and goods producing sector. Do your academics at the I m F believe they'll stay where they are? Does service sector come down with diminished growth? Does the goods producing sector come up with any trade solution? What are those dynamics between that two

part inflation? So inflation is certainly under shooting for most of the major economies, I mean in the US more recently in your area, it is a well below target. Now, the explanation for why that is is varied. There could be still an improvement to labor force participation rate that could against strengthened wages going forward for for workers. But in the US we've also seen an improvement in productivity.

So if you look at unit label costs, those things haven't gone up as much, which is why we're not seeing as much in inflation, but we should expect to see that going forward. Yeah, I know you need to be political as chief economists for UH the I m F. I love your phrasing of the turmoil that's out there now, policy actions and missteps. Let's talk about the policy actions and missteps of a mercantile United States of America. How much at risk is the multilateral or even a constructive

bilateral debate for America with the president's strong mercantilism. The way we see it that this sluggishness in global growth is to extent self inflicted UH and it is an outcome of prolonged uncertainty on the trade front, escalating tensions on technology, the prolonged uncertainty with Brexit UH and so these factors are weighing on growth. So while on one hand we do see tightening labor markets and raising wages, on the other hand, we do see this uncertainty, this

negative sentiment that's weighing on growth going forward. How urgent is it to clear the market of a trade war? Is it an immediacy that we need to do this? In two thousand nineteen, or can it wait for the I m F Annual meeting to figure out how to end our various trade wars. I mean, it's absolutely urgent to end these trade wars as soon as possible, to not escalate, and also to roll back the tariffs in place.

That will have a big boost to business sentiment, that will raise investment, and that will be good for the global economy. Get it gop out of Princeton, and she has a wonderful lineage and economics out of Delhi as well. I was with Madame Legard the day the get it was announced that get Gopinath would take over Paul Sweeney, and I said this to Madame Legard, and I can

say it to le Garden because she's so competent. It's just great to have this whole modern diversity thing where the talent is so competent that people don't even have to It's like Geno that came across just when you hired Gino Martinetta, the same thing. Nobody cares. It's just

they're so damned competent. You just sit there with your you know, did you listen, Yeah, I mean her comments were I thought, you know, very coaching in the sense that you know this while the consumer is strong, um, you know, the manufacturing globally is concerned and the trade is playing right into that and that's something that the market has to clear suggest. We we taped, as you know, a four our interviews. That a little bit I'm kidding,

but it was a few other themes. She was diplomatic, as you must be at the I m F, but academically scathing about the death of multilateral and black negotiations. She was surgical in a criticism of the many people in the world that are looking for my way or that's right. The bilateral agreements, well even I'm not sure they're bilateral. I was just in the Fhirst Trump lateral Trump ladder, right, and you know, you know, even the Brexit, which is the topic of the day once again. I mean,

you know, a lot of that is being built upon. Oh, the UK and the US can get a great trade deal together and you won't even miss the EU. And you know, I just can't see how that's going to kill you. But did you notice Pharrell's had his phone glued to him all morning waiting for the conferences, had the captain It's really good. I mean, it was really

nice how they did it. I don't understand the process, but to see Mr Haunt and Mr Johnson get up both on stage and they did the class the announcement things. It was sort of like, you know, an oscar kind of thing, and right the envelope, please, it'll be interesting tomorrow.

I just feel like I put a camera into into the castle just says, you know, the prime ministers go to the Queen and one tenders his her resignation and question and then I guess Mr Johnson will then go and presumably receive, and the symbolism goes so far, Paul, that prime Minister may shows up with full prime ministerial

security entourage. And the tradition is she leaves the palace as a private citizen, right and if she gets in the golf stream, but she leases a private Everything I learned about that is I learned from the TV show The Crown, you know, that's it. That's kind of my British civics. Lesson market, such a tramp, That's what I learned from the Crun. Now I'm watching I'm watching something. I'm sure a huge part of our audience has already

seen something American Revolutionary Ward. You know it's I don't know the cliffs of it's it's a clips of Dover, but I think it's Cornwall or something. Right. We're very British, sure and it thanks to John Farrell, Anna Edwards in francinequa why Sminster this morning? We're very valuable. On Thursday, one weather report I saw says it will be one nine degrees fahrenheit in Paris. Francing the Quad demands that

she only appear on Bloomberg Surveillance New York. When we speak celsius, it's in the vicinity of forty two to forty three degrees celsius. It will be ninety three in southern England on Thursday. And doing yo woman's duty on Westminster today and the heat was Francine, Francine. How un air conditioned is the United Kingdom? The BBC is an article that's just stunning. I mean, in America they estimate of energy consumption is air conditioning? Is it like as

bad as they say in the United Kingdom? I'm sorry, what is air conditioning? I don't think we have it in the UK. I think offices have it just about so you can get some work done. But we're just not used to the heat top so you know, things actually melt in the UK because it's only lost four to five years that you have these heat waves. In the past, it never happened. It was English weather. It

was like, you know, twenty five at Best Sea. Within the limited time we've got Francine, you're back at Queen Victoria's Street. I believe are conditioned um and and within that is who Boris Johnson's going to offend the most in the next forty eight hours as he picks a cabinet I mean wins. I would probably go out on the limb and say the person he's going to offend the most is probably the EU when he shows up

to try and renegotiate the deal. But in the moment, look, we don't really know Tom because he has a really broad base of allies from Hancock, who's you know, pro renegotiating the deal but a pro remainder, to someone like Jacob ri Smog who's really on the other spectrum. And Arch breaks a tear. So he'll look at the vote today. So he won by sixty six percent, that's two and one. That's a pretty long margin, and he may just say, look, I want to chancell that's the bregsit here, because he'll

help me. He'll you know, try and give it to his supporters or people that have made him a prime minister. Or he'll think, well, look I only got sixty or six percent of the vote. That's not bad, but I could have done better, and so I'll appoint some key pro remainders in the cabinet to keep them on side. So at the moment we don't really know he's thinking, but that that's the kind of you know, generic things that he'll have to decide in the next couple of days.

So Francine, realistically, what can bar Boris Johnson get done in the next several months. What's the expectation. Well, so he keeps on saying that young the thirty one of October, he'll leave. It was very very interesting for me to listen to the speech that he gave right after he was announced as a Conservative leader, which means that tomorrow he'll be prime minister, where he said basically, if you look at the mantra that he used a campaign, that's

what he'll continue doing. A deliver breggsit. Remember we're exactly a hundred days from that thirty first October deadline to unite the country. Unclear how he'll do that and three defeat Jeremy Corbin. Now is that an election campaign? Does it mean that he wants to start campaigning and then call a general election? And is that why he's saying he's going to defeat Jeremy Corbyn. It's unclear for the moment.

We know that he wants to um you know, so you know, renegotiate Brexit and quit the block by the thirty one, So he'll try to go back to the EU and see whether they can change anything on the

so called Irish backstop. So Francine, does do you think bors Johnson has anything in his toolbox to get this thing across the finish line that perhaps Theresa May did not have having not really when you speak to a lot of insiders at Westminster, he said, you know, his style is very different, his energy is very different, and so that may actually um scare on the one side the EU to give him a little bit more because he means business. When he says that they'll leave on

the thirty one of October two or die. Others will say, you know, the minds of the parliamentarians will be focused because he's serious about a no deal. But remember how many times have we said about Theresa May the fact that, you know, if you get close to a no deal and then people will suddenly freak out and vote for what's in you know, on the table. I'm not sure that's the right way of looking at this. What do former prime ministers do? Do they get a prime Ministerial library?

I mean that's a little bit different. Actually, remember Tony Blair became a special envoid to the Middle East and then now he's campaigning to have a second referendum and to stop Brexit. If you look at David Cameron, he really kind of, you know, fallen out of the face of the earth if you're a common citizen. But he is on the circuit of a talk circuit, getting quite a lot of money for it. So it will be

interesting to see what Theresa May does next, if anything. So, Francy and one of my you know, my pet solution for this whole Brexit thing has always been let's just do it again, a second referendum. Any chance that that is still on the table. Yeah, So I still hear that a lot of people are saying well, look, it means that a lot of people, Um, you know that that it puts us closer to a second referendum. But if you think about it, so the people that voted

for Brexit will feel cheated. Um, you know, what does it take for a Boris Johnson, someone who's really the face of Brexit, to say, guys, no, no, we're just kidding. Let's do it again. And then if you have a poll that's really close, or actually, if you have a vote that's really close, let's say fifty three forty seven the other way, what do you do due to a third time? So I keep on hearing that from from mainly people that want to I think stay in the EU.

It was pretty hot today and the green wasn't it? Yeah? No kidding? How do you make I mean, should we ask the one from Italy here and get something constructive done on Bloomberg surveillance? How does fans make an apper all sprits? I mean, we're all a bunch of tourists. We don't know what we're doing. You're the real deal, Francing, How do you make an apper all sprits? I'm gonna break your hard time. So I love an apperle spirts

like many people do. But actually there's a new drink that's like it's it's called the Udo Sprits with Pudo Sprits and it's actually with elder flower. I don't know whether you know Apprile. If there's no deal, Brexit will be brought in the country, but it's it's a bit of prosecco, a little bit less of April and a splash of soda water. Tom very good, that sounds good

on it. She looks so common connected out there. Everybody else, you know, Roger Roger Boodle was just a mess with capital economics of Fritzie is like, can we do this every day? Francie, thank you so much. Are you at the Green tomorrow? Um? Perhaps perhaps depends what Boris is doing. I think maybe you'll be in the Cabinain I could see that, Francie mclock Captain Tier. Thanks for listening to the Bloomberg Surveillance podcast. Subscribe and listen to interviews on

Apple Podcasts, SoundCloud, or whichever podcast platform you prefer. I'm on Twitter at Tom Keane before the podcast. You can always catch us worldwide. I'm Bloomberg Radio