It may feel like a lifetime, but less than three weeks ago the UK had a different prime minister, a different Chancellor of the Exchequer and a brewing conflict between the government and the Bank of England. Former Chancellor Kwasi Kwarteng and BOE Governor Andrew Bailey were at loggerheads as the deadline for the central bank to end a bond-buying program neared. Cue the blame game with Kwarteng saying any fresh turmoil in markets would be “a matter for the governor.” But Bailey didn't budge. A...
Nov 03, 2022•25 min
In this bonus episode of In the City , we bring you highlights from Francine's exclusive conversation with Barclays CEO C.S. Venkatakrishnan. He joined her on Bloomberg “Front Row” in his first television interview since taking the top job a year ago. Check out the full interview here: https://www.bloomberg.com/news/videos/2022-10-31/front-row-c-s-venkatakrishnan-barclays-ceo-video See omnystudio.com/listener for privacy information....
Oct 31, 2022•13 min
Prime Minister Rishi Sunak is being heralded by some in the City as "a safe pair of hands" due in part to his resume: An MBA from Stanford University, a stint at Goldman Sachs and some time at The Children’s Investment Fund. But while many finance professionals say they're appreciative of Sunak's moderate tone, some are worried their dream of a reformed, City of London 2.0 is dead. In this week's In the City, David and Francine speak to Bloomberg editors Katherine Griffiths and Tom Metcalf about...
Oct 27, 2022•18 min
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 M...
Oct 21, 2022•22 min
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...
Oct 18, 2022•28 min
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 o...
Oct 13, 2022•23 min
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 r...
Oct 11, 2022•18 min
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 w...
Oct 07, 2022•25 min
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 econo...
Oct 04, 2022•14 min
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."...
Sep 29, 2022•26 min
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 Davi...
Sep 22, 2022•22 min
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 th...
Sep 15, 2022•20 min
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 an...
Sep 08, 2022•27 min
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 sig...
Sep 01, 2022•24 min
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 mak...
Aug 25, 2022•20 min
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 w...
Aug 18, 2022•23 min
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 marke...
Aug 11, 2022•23 min
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 e...
Aug 04, 2022•25 min
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 independe...
Jul 28, 2022•19 min
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...
Jul 21, 2022•24 min
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 abo...
Jul 14, 2022•19 min
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 Blo...
Jul 07, 2022•21 min
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 speak...
Jun 30, 2022•23 min
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...
Jun 23, 2022•26 min
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 Pri...
Jun 20, 2022•19 min
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 Me...
Jun 16, 2022•23 min
David Merritt and Francine Lacqua speak to Soren Jessen, owner of One Lombard Street, the Square Mile’s first Michelin starred restaurant, and Bloomberg food writer Bill Knott, about the City's restaurant culture and whether it is catching up to its European neighbors. Plus: Francine and Bloomberg's Oliver Crook go to lunch at City institution Sweetings, which describes itself as the oldest fish and oyster restaurant in London. Learn more about your ad-choices at https://www.iheartpodcastnetwork...
Jun 09, 2022•24 min
The sale of Chelsea FC to US investor Todd Boehly has been approved by the UK government, bringing a close to Russian billionaire Roman Abramovich’s near 20-year ownership of the storied London club. That means that next season more than half of England’s top 20 teams will for the first time be backed by US money. So this week In The City, David Merritt and Francine Lacqua speak with Roger Mitchell, founder of sports consulting firm Albachiara, about how American money will soon change European ...
May 26, 2022•21 min
David Merritt and Francine Lacqua speak to reporter Joe Mayes about Bloomberg's Levelling Up scorecard, and why the data shows that despite the government's pledge to reduce regional inequalities--London is still ahead. Plus, Nigel Wilson, chief executive of one of Britain's biggest financial services companies Legal & General tells us why he's an advocate for levelling up--and why it's a smart investment strategy. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com See ...
May 19, 2022•23 min
Is London having another moment? Shaken by Brexit, decimated by the pandemic, threatened by new ways of working and a worsening cost-of-living crisis, London remains Europe’s (and arguably the world’s) beating heart for finance and for culture. In the wake of turmoil, the City of London is reinventing itself. Every week on In The City, Bloomberg’s Francine Lacqua and David Merritt go behind the scenes in the Square Mile and the wider metropolis, uncovering the stories and speaking to the people ...
May 11, 2022•2 min
