Labour's Landslide Win, Biden's Make-or-Break Weekend

Bloomberg Audio Studios, Podcasts, Radio News. 0:00:09.720 --> 0:00:10.280 Good Morning. 0:00:10.320 --> 0:00:13.160 I'm Nathan Hager and I'm Karen Moscow. Here are the 0:00:13.200 --> 0:00:14.680 stories we're following today. 0:00:14.960 --> 0:00:17.400 Karen, we begin in the UK, where stocks are on 0:00:17.440 --> 0:00:20.760 the rise after the Labor Party won a landslide victory 0:00:20.800 --> 0:00:23.920 in the general election, as the party of outgoing Conservative 0:00:23.920 --> 0:00:28.080 Prime Minister Rishi Sunac suffers a historic defeat. Let's get 0:00:28.080 --> 0:00:31.400 the latest from London with Bloomberg Daybreak. You're Banker, Stephen Carroll. 0:00:31.440 --> 0:00:34.920 Good morning, Stephen, Good morning, Nathan, and Karen. Kerstarmer says 0:00:34.960 --> 0:00:38.240 the Labor Party will start the next chapter for the UK. 0:00:38.720 --> 0:00:41.720 His party trunts the Conservatives, winning a majority of around 0:00:41.760 --> 0:00:44.239 one hundred and sixty seats in a vote that's been 0:00:44.280 --> 0:00:47.600 seen as a referendum on fourteen years of Tory rule. 0:00:47.920 --> 0:00:51.199 A record number of outgoing ministers lost their seats, as 0:00:51.240 --> 0:00:54.600 well as former Prime Minister Liz truss Kaer. Starmer brings 0:00:54.640 --> 0:00:57.040 his Labor Party back to power with a huge mandate 0:00:57.120 --> 0:00:59.880 and now must deliver on his promises to boost growth, 0:01:00.040 --> 0:01:03.120 build more homes, and transition the UK to green power. 0:01:03.400 --> 0:01:06.800 In his words, change begins now in London. Stephen Carrol 0:01:06.800 --> 0:01:07.600 Bloomberg Radio. 0:01:07.840 --> 0:01:10.800 All right, Stephen, thank you well. According to the latest results, 0:01:10.920 --> 0:01:13.840 Labor won four hundred of six hundred and fifty seats 0:01:13.920 --> 0:01:17.000 up for grabs, the most since Tony Blair's nineteen ninety 0:01:17.080 --> 0:01:21.560 seven landslide victory. In Coming Prime Minister Keir Starmer declared 0:01:21.640 --> 0:01:23.919 victory in an address to supporters. 0:01:24.360 --> 0:01:25.080 We did it. 0:01:26.480 --> 0:01:30.720 You campaign for it, you've fought for it, you've voted 0:01:30.800 --> 0:01:35.840 for it, and now it has arrived. Change begins now 0:01:36.600 --> 0:01:39.560 and it feels good. I have to be honest. 0:01:40.040 --> 0:01:43.120 Afterwards, Kiir Starmer spoke with the man he will soon replace, 0:01:43.200 --> 0:01:45.959 Rishis Sunac soon. Next says he called the Labor leader 0:01:46.000 --> 0:01:46.640 to concede. 0:01:48.160 --> 0:01:50.919 The British people have delivered a sobering verdict tonight. 0:01:51.240 --> 0:01:53.960 There is much to learn and reflect on and I 0:01:54.040 --> 0:01:56.000 take responsibility. 0:01:55.200 --> 0:01:56.120 For the loss. 0:01:56.720 --> 0:02:01.640 Henrichisunac still comfortably one in his constituency, but will be 0:02:01.680 --> 0:02:04.840 replaced by Starmer as Prime Minister. Today. Let's take a 0:02:04.840 --> 0:02:07.160 look at the pound now, which Notch's longest winning streak 0:02:07.160 --> 0:02:09.520 in four years as a Labor Party swept at power. 0:02:09.560 --> 0:02:12.800 Currently it's higher against the dollar. It's at one point 0:02:12.840 --> 0:02:14.280 two seven seventy nine. 0:02:14.360 --> 0:02:16.239 Well, the other major part of this story Karen is 0:02:16.280 --> 0:02:19.680 the rise of the right wing Reform UK Party. It's leader, 0:02:19.800 --> 0:02:24.040 Nigel Farage, won his constituency from the Conservatives. He is 0:02:24.120 --> 0:02:27.960 becoming a member of Parliament after seven previous failed attempts. 0:02:28.280 --> 0:02:31.000 Farage is seen as one of the driving forces behind 0:02:31.040 --> 0:02:35.040 the Brexit movement. Meanwhile, a former prime minister lost her seat, 0:02:35.120 --> 0:02:38.840 Liz Trust failed to win her constituency. Her premiership was 0:02:38.919 --> 0:02:42.360 the shortest in UK history. Chancellor of the Exchequer Jeremy 0:02:42.400 --> 0:02:44.520 Hunt was able to hold on to his seat. 0:02:45.040 --> 0:02:46.880 We want to turn out a politics in the US, 0:02:47.000 --> 0:02:50.040 Nathan and a make or break weekend for President Biden. 0:02:50.160 --> 0:02:53.040 The President's aiming to restore faith in voters and donors 0:02:53.040 --> 0:02:56.080 who are wary he can defeat Donald Trump in November. 0:02:56.400 --> 0:02:58.600 Pulls from The Wall Street Journal at New York Times 0:02:58.680 --> 0:03:02.000 released after the debate showed that Donald Trump has increased 0:03:02.000 --> 0:03:04.920 as lead over President Biden. The President will have a 0:03:04.919 --> 0:03:08.120 crucial interview with ABC News heading into the weekend, in 0:03:08.200 --> 0:03:11.560 his first unscripted interview since his debate performance last week. 0:03:11.760 --> 0:03:15.440 He'll also address a rally in Madison, Wisconsin today. President 0:03:15.440 --> 0:03:18.400 Biden spoke yesterday morning with the Earl Ingram Show on 0:03:18.480 --> 0:03:22.400 Civic Media, admitting he made some missteps with the debate. 0:03:22.639 --> 0:03:24.720 Had a bad night, and the fact of the matter 0:03:24.919 --> 0:03:27.959 is that you know it was I. 0:03:28.240 --> 0:03:30.920 I screwed up and made a mistake. After speaking on 0:03:30.960 --> 0:03:33.720 the Earl Ingram Show on Civic Media, we later heard 0:03:33.760 --> 0:03:36.680 from the President at July fourth event, where he assured 0:03:36.720 --> 0:03:39.520 a crowd outside the White House that he was staying 0:03:39.600 --> 0:03:40.160 in the race. 0:03:40.880 --> 0:03:44.240 You got me, man, I'm not going anywhere. 0:03:44.640 --> 0:03:47.960 President Biden and First Lady Jill Biden were hosting military 0:03:47.960 --> 0:03:50.120 families at the White House yesterday. 0:03:49.760 --> 0:03:50.160 Well Karen. 0:03:50.160 --> 0:03:53.160 Most Democratic Party elders and prominent governors so far have 0:03:53.320 --> 0:03:56.720 resisted publicly calling on President Biden to drop out of 0:03:56.720 --> 0:04:00.400 the race, but they have also bluntly acknowledged they are worried. 0:04:00.760 --> 0:04:03.280 They say, questions about his ability to handle the job 0:04:03.400 --> 0:04:07.720 are legitimate. Democrats dispatched California Governor Gavin Newsom to the 0:04:07.760 --> 0:04:11.280 swing state of Michigan to reassure voters there that President 0:04:11.320 --> 0:04:13.120 Biden can win a second term. 0:04:13.440 --> 0:04:14.520 I believe in his character. 0:04:14.880 --> 0:04:16.960 I believe that he has. 0:04:16.839 --> 0:04:21.440 Been one of the most transformative presidents in our collective lifetime. 0:04:21.720 --> 0:04:25.120 Despite comments from the likes of California's Governor Gavin Newsom. 0:04:25.160 --> 0:04:28.480 Top Democratic donors have said they would withhold or redirect 0:04:28.560 --> 0:04:32.600 their money unless Biden does step aside, while lawmakers continued 0:04:32.640 --> 0:04:35.000 discussing whether to band together and call for a change 0:04:35.000 --> 0:04:35.760 atop the ticket. 0:04:36.279 --> 0:04:38.599 Well, we're turning now to the latest in the Middle East, Nathan. 0:04:38.640 --> 0:04:41.520 There appears to be movement on a kind of truce 0:04:41.560 --> 0:04:44.560 between Israel and Hamas, and Bloomberg's and Baxter joins us 0:04:44.560 --> 0:04:45.400 with that story. 0:04:45.800 --> 0:04:48.600 President Joe Biden has spoken with Israeli Prime Minister Benjamin 0:04:48.640 --> 0:04:51.400 at Yahoo for about half an hour, and after the call, 0:04:51.480 --> 0:04:54.760 a senior US official is saying that Hamas has broadly 0:04:54.920 --> 0:04:58.440 agreed to the framework of a Ceaz fire proposal with Israel. 0:04:58.720 --> 0:05:02.080 The Hamas responss through Katari officials who have served as 0:05:02.120 --> 0:05:06.479 a key intermediary between Israel and Hamas. The official says 0:05:06.480 --> 0:05:09.919 it's an encouraging development that could initially lead to the 0:05:10.000 --> 0:05:14.000 release from the Gaza strip sick, wounded female and older 0:05:14.040 --> 0:05:17.480 male hostages taken on October seventh. It appears to be 0:05:17.520 --> 0:05:21.600 significant enough that Israel is sending a delegation to negotiate 0:05:21.680 --> 0:05:24.479 in cutter ed Baxter Bloomberg Radio. 0:05:24.600 --> 0:05:26.960 All right, and thanks, And we're learning this morning that 0:05:27.040 --> 0:05:30.119 the head of Israel's intelligence agency is traveling to cutter 0:05:30.160 --> 0:05:32.920 today to meet with the nation's prime minister to try 0:05:32.960 --> 0:05:35.560 to finalize the deal with Amas. And that's according to 0:05:35.720 --> 0:05:36.520 Israeli media. 0:05:36.760 --> 0:05:39.279 Also happening overseas this weekend, Karen will be the second 0:05:39.360 --> 0:05:43.000 round of voting in France's election marine. The pass far 0:05:43.080 --> 0:05:45.599 right National Rally party is set to fall well short 0:05:45.600 --> 0:05:48.840 of an absolute majority in that vote on Sunday. That's 0:05:48.839 --> 0:05:51.680 based on surveys released over the past couple days. The 0:05:51.720 --> 0:05:54.360 second round of the snap election is on Sunday. Five 0:05:54.440 --> 0:05:56.799 hundred one districts are up for grabs. The National Rally 0:05:56.800 --> 0:06:00.000 has secured at thirty nine races outright in the first round. 0:06:00.360 --> 0:06:04.159 The election comes after French President Emmanuel mccron dissolved the 0:06:04.200 --> 0:06:06.520 lower House of Parliament nearly a month ago and called 0:06:06.520 --> 0:06:07.839 for that snap vote. 0:06:08.160 --> 0:06:11.360 Now to the market, Snathan, investors resume a normal trading 0:06:11.480 --> 0:06:14.479 day after a shortened day Wednesday. We'll get a critical 0:06:14.560 --> 0:06:16.840 data point at eight thirty am Wall Street time. But 0:06:16.880 --> 0:06:20.520 the June jobs report on Bloomberg's Michael McKee has a preview. 0:06:21.040 --> 0:06:24.120 It's hard to characterize the consensus for June employment. While 0:06:24.160 --> 0:06:28.240 other labor market indicators such as jobless claims, adp and ism, 0:06:28.279 --> 0:06:32.359 manufacturing and services suggest a cooling labor market, economists are 0:06:32.440 --> 0:06:35.919 reluctant to bet against the non farm payrolls trend. The 0:06:36.000 --> 0:06:39.400 forecast is almost the same as the May forecast, but 0:06:39.520 --> 0:06:42.280 hiring last month rose two hundred and seventy two thousand, 0:06:42.520 --> 0:06:46.200 almost one hundred thousand more. Fed officials, meanwhile, have put 0:06:46.279 --> 0:06:49.320 unemployment in the spotlight as a measure of the economy's strength. 0:06:49.600 --> 0:06:52.279 Any rise would push investors to pull forward bets on 0:06:52.279 --> 0:06:56.320 a rate cut, possibly in September. The consensus, however, sees 0:06:56.520 --> 0:07:00.200 no change. Michael McKee, Bloomberg Radio Sori, Michael, thank you. 0:07:03.480 --> 0:07:04.720 Time now for a look at some of the other 0:07:04.800 --> 0:07:06.920 stories making news in New York and around the world. 0:07:06.920 --> 0:07:09.440 And for that we're joined by Bloomberg's Michael Barr. Michael, 0:07:09.440 --> 0:07:10.960 Good morning, Good morning, Karen. 0:07:11.120 --> 0:07:14.000 A fourth of July park tragedy in New York City, 0:07:14.320 --> 0:07:17.320 police say three people were killed and seven others were 0:07:17.360 --> 0:07:21.520 injured when a suspected drunk driver plowed a vehicle into 0:07:21.560 --> 0:07:24.680 a park on the Lower East side of Manhattan. It 0:07:24.760 --> 0:07:28.320 happened just before nine pm last night. In my PD 0:07:28.600 --> 0:07:32.080 Chief Jeffrey Madre says, many families were in the park 0:07:32.240 --> 0:07:35.080 celebrating the holiday. Right now, we do not feel that 0:07:35.920 --> 0:07:39.280 this is a terrorism related event. We do believe that 0:07:39.720 --> 0:07:42.400 alcohol had played a role in this, but we are 0:07:42.440 --> 0:07:45.200 investigating and we will look further into it. Chief Madre 0:07:45.320 --> 0:07:49.120 says at least one victim remains in critical condition. Hurricane 0:07:49.120 --> 0:07:53.040 Beryl is heading for Mexico's Yucatan Peninsula as a strengthened 0:07:53.160 --> 0:07:57.480 Category three storm. Beryl damaged Jamaica as more than half 0:07:57.520 --> 0:08:00.920 of the island is now without electricity. To the crisis 0:08:01.080 --> 0:08:05.840 is a lack of water, limited telecommunications, and a closed airport. 0:08:06.240 --> 0:08:10.560 This Florida resident told ABC outside of Montego Bay Airport, 0:08:10.920 --> 0:08:14.040 her dream vacation to the Caribbean has become a nightmare. 0:08:14.480 --> 0:08:15.600 I've got to get back to work. 0:08:16.000 --> 0:08:18.640 Funds are running out and it's time to go home. 0:08:18.760 --> 0:08:21.760 Vacation's over, so we've got to spend more money to 0:08:21.760 --> 0:08:22.720 stay when we don't. 0:08:22.520 --> 0:08:23.040 Want to stay. 0:08:23.560 --> 0:08:26.840 A total of nine deaths have been blamed on burrel. 0:08:27.160 --> 0:08:30.000 The National Weather Service is calling a heat wave hitting 0:08:30.040 --> 0:08:34.240 the West extreme and is telling people to limit time outdoors, 0:08:34.320 --> 0:08:36.200 and it has been well over one hundred degrees in 0:08:36.240 --> 0:08:41.720 many areas. Firefighters battling California's wildfires, however, are having to 0:08:41.760 --> 0:08:45.040 deal with the temperatures. Cities around the nation shot off 0:08:45.080 --> 0:08:49.120 Fourth of July fireworks last night. In New York City. 0:08:51.320 --> 0:08:54.240 The may Sea's Fourth of July Fireworks show returned to 0:08:54.280 --> 0:08:56.520 the Hudson River this year for the first time since 0:08:56.559 --> 0:08:59.360 twenty thirteen. The past few years it was on the 0:08:59.400 --> 0:09:03.280 East River. Macy says this year's show featured sixty thousand 0:09:03.360 --> 0:09:07.520 shells as millions gathered for Fourth of July cookouts. Many 0:09:07.600 --> 0:09:10.600 of the world's top eaters gathered on Coney Island from 0:09:10.600 --> 0:09:15.040 the annual Nathan's Famous Fourth of July Hot dog eating contest. 0:09:15.520 --> 0:09:19.520 This year's winner, Patrick Bertilletti won the men's contest with 0:09:19.559 --> 0:09:23.520 an impressive fifty eight hot dogs in ten minutes. Bertiletti 0:09:23.600 --> 0:09:26.400 talking with ESPN on his method to go for the 0:09:26.440 --> 0:09:27.400 gold this year. 0:09:27.800 --> 0:09:30.440 It was all focused today in Nomahawk, just hot water, 0:09:30.520 --> 0:09:33.000 and I wasn't gonna stop eating til the job was done. 0:09:33.240 --> 0:09:35.840 Meanwhile, last year's winning Joey Test and that was barred 0:09:35.880 --> 0:09:39.600 from the Nathan's contest because of a sponsorship conflict, he 0:09:39.640 --> 0:09:43.880 participated at an impossible foods event with soldiers at Fort 0:09:43.920 --> 0:09:47.240 Blisson in Opaso, Texas. Global News twenty four hours a 0:09:47.320 --> 0:09:49.920 day and whenever you want it with Bloomberg News Now. 0:09:50.000 --> 0:09:51.760 I'm Michael Barr. This is Bloomberg Karen. 0:09:51.960 --> 0:09:58.760 All right, Michael Barr, thank you time now for the 0:09:58.760 --> 0:10:03.240 Bloombergy scores update with John Stashaury John, Good morning, Good. 0:10:03.040 --> 0:10:05.320 Morning, Nathan and Karen. The Mets loose to the Nationals. 0:10:05.320 --> 0:10:08.920 Won nothing in Washington. On this blast swing by winker 0:10:08.920 --> 0:10:10.559 a tribe to deep right center field. 0:10:10.679 --> 0:10:15.400 This is way back, it's going going. Let's good good bye. 0:10:17.040 --> 0:10:20.679 That's courtesy of WJFK Radio. Jesse Winkers eighth inning home 0:10:20.760 --> 0:10:23.079 run off reliever Adrian Hauser was the only run of 0:10:23.120 --> 0:10:25.719 the game, Mets offense mustering just one hit as the 0:10:25.800 --> 0:10:28.240 Nats get eight shot out innings from Jake Irvin. With 0:10:28.320 --> 0:10:30.800 the loss, Mets falling one game under five hundred. The 0:10:30.840 --> 0:10:32.679 Mets take on the Pirates tonight as they open a 0:10:32.720 --> 0:10:35.520 four game set in Pittsburgh with Luis Severino facing the 0:10:35.559 --> 0:10:38.480 rookie Paul Skeins. The Yankees, meanwhile, have now lost thirty 0:10:38.520 --> 0:10:41.480 other past seventeen games. As the Cincinnati Reds finish off 0:10:41.480 --> 0:10:43.160 a three game sweep of an eight to four win 0:10:43.240 --> 0:10:45.880 in the Bronx, Marcy Strouman picking up the loss, giving 0:10:45.920 --> 0:10:48.520 up five runs in five innings. With the loss, Yankees 0:10:48.559 --> 0:10:50.480 falling two and a half games behind Baltimore in the 0:10:50.520 --> 0:10:53.640 American League East. Yankees opening up a weekend series at 0:10:53.640 --> 0:10:56.520 home against the Red Sox. Tonight, Nester Cortez on the Mount, 0:10:56.559 --> 0:11:00.000 facing Boston's ten or Hawk, Patrick Bertolletti wins the Mustard 0:11:00.080 --> 0:11:02.280 out to the Nathan's Famous Hot Dog Eating contest in 0:11:02.320 --> 0:11:06.000 Coney Island, downing fifty eight dogs, beating Jeffrey Esper by five. 0:11:06.320 --> 0:11:09.520 The sixteen time champion Joey Chestnutt did not compete due 0:11:09.520 --> 0:11:12.760 to dispute over a sponsorship deal. Meanwhile, Mickey Pudo becomes 0:11:12.760 --> 0:11:15.679 at ten time women's champion, eating a record fifty one 0:11:15.720 --> 0:11:18.600 hot dogs. The Golden State Warriors have acquired guard Buddy 0:11:18.640 --> 0:11:21.320 Healed and assigned in trade with the Philadelphia seventy six ers. 0:11:21.520 --> 0:11:23.880 Held gets a contract that guarantees two years and twenty 0:11:23.880 --> 0:11:26.600 one million dollars. Last season, the thirty one year old 0:11:26.600 --> 0:11:28.840 averaged just over twelve points a game for the Sixers 0:11:29.040 --> 0:11:32.160 and the Indiana Pacers. Two Big Euro twenty twenty four 0:11:32.240 --> 0:11:35.200 quarter final matchups coming up later today as Spain faces 0:11:35.240 --> 0:11:38.800 host country Germany, with France taken on Portugal. Big upstate 0:11:38.840 --> 0:11:41.960 at Wimbledon as fifth seeded American Jessica Pagula loses in 0:11:41.960 --> 0:11:44.319 three sets to Wang Shin Yu in the second round. 0:11:44.640 --> 0:11:48.280 That's your Bloomberg Sports update on Dan Schwartzman, Nathan and Karen. 0:11:50.200 --> 0:11:54.360 Coast to coast on Bloomberg Radio nationwide on Sirius XM, 0:11:54.440 --> 0:11:57.320 and around the world on Bloomberg dot Com and the 0:11:57.360 --> 0:12:01.240 Bloomberg Business app. This is bloom Burg Daybreak. 0:12:01.320 --> 0:12:04.360 Good Morning of Nathan Hager. Change is coming to the UK. 0:12:04.640 --> 0:12:07.560 Labor leader Keir Starmer is set to become the next 0:12:07.600 --> 0:12:11.679 Prime Minister after winning a landslide victory an outright majority 0:12:11.720 --> 0:12:15.040 in the House of Commons, handing Rishi Sunac's Conservatives their 0:12:15.120 --> 0:12:18.840 worst showing ever after his decision to call a surprise 0:12:18.880 --> 0:12:21.080 election in the summer. For more on this result, we 0:12:21.120 --> 0:12:24.240 are joined by Bloomberg Daybreak euro banker Caroline Hepger, who has 0:12:24.280 --> 0:12:28.400 been following the reaction from Westminster. Caroline good morning. This 0:12:28.480 --> 0:12:31.520 is a historic result, but not really a surprise, is it, 0:12:31.520 --> 0:12:34.960 given that the polls were pointing to a massive Labor lead. 0:12:36.160 --> 0:12:38.880 No, but it is a damning verdict, isn't it on 0:12:38.960 --> 0:12:42.080 Prime Minister Rishi Sunac and indeed the five Conservative prime 0:12:42.120 --> 0:12:45.000 ministers that we've had over a fourteen year period here 0:12:45.000 --> 0:12:48.280 in the UK. Rischie Sunac will give his final feat 0:12:48.320 --> 0:12:51.000 as Prime Minister in about twenty minutes time, after the 0:12:51.000 --> 0:12:54.120 worst defeat for the Conservative Party in one hundred years. 0:12:54.440 --> 0:12:56.800 In the end, they only managed to muster one hundred 0:12:56.800 --> 0:12:59.720 and twenty seats in the House of Common six hundred 0:12:59.720 --> 0:13:03.360 and fifty seats overall. It was Labor who managed to 0:13:03.360 --> 0:13:07.600 secure four hundred and twelve new MPs. The other story, though, 0:13:07.600 --> 0:13:09.880 that I would pull out of what has happened in 0:13:09.920 --> 0:13:13.680 the UK is very unusual, Nathan. Normally we are basically 0:13:13.720 --> 0:13:18.240 a two party parliamentary system, but we've seen the resurgence 0:13:18.400 --> 0:13:22.040 of the Liberal Democrats, traditionary the third party in politics 0:13:22.080 --> 0:13:25.040 here in the UK. Also a big loss for the 0:13:25.160 --> 0:13:29.480 SNP up in Scotland, and then Nigel four Trump's ally 0:13:29.840 --> 0:13:32.559 of reform UK. He's been voted in along with a 0:13:32.640 --> 0:13:37.000 number of other colleagues for Reform UK. So this is 0:13:37.280 --> 0:13:42.199 a much more divided Britain in terms of the MPs 0:13:42.200 --> 0:13:46.440 that they have voted for, perhaps a confused Britain. Also 0:13:46.600 --> 0:13:50.800 because the turnout was very low, one hundred years low 0:13:50.880 --> 0:13:52.760 in terms of the number of people who actually went 0:13:52.800 --> 0:13:53.040 out to. 0:13:53.080 --> 0:13:58.240 Vote, So the turnout could belie then the huge majority 0:13:58.280 --> 0:14:01.160 that we do see four or the Labor Party. What 0:14:01.200 --> 0:14:04.880 does that say about the convincing that Keir Starmer needs 0:14:04.920 --> 0:14:08.160 to do for that sizable majority of voters that did 0:14:08.160 --> 0:14:09.600 not turn out in this election. 0:14:09.679 --> 0:14:14.000 Caroline, Well, this is absolutely going to be the question 0:14:14.240 --> 0:14:18.600 how much of a mandate does the Labor leader have 0:14:18.960 --> 0:14:23.480 for perhaps going further than a very limited manifesto. So 0:14:23.560 --> 0:14:26.600 all the parties presented their manifestos in this very brief 0:14:26.600 --> 0:14:30.000 campaigns only last six weeks here in the UK. Labour's 0:14:30.080 --> 0:14:33.800 manifesto had very little, less than ten billion pounds in 0:14:33.880 --> 0:14:39.800 terms of tax and spending changes. Blueberg Economics reported on 0:14:39.840 --> 0:14:41.560 it that actually they thought it would only add zero 0:14:41.560 --> 0:14:44.480 point one percent of economic growth to the UK in 0:14:44.560 --> 0:14:46.840 the shortter medium term, so it was really a very 0:14:46.920 --> 0:14:51.040 thin manifesto, not promising a huge amount. Now the question 0:14:51.240 --> 0:14:54.080 is does the Labor Party go forward and have to 0:14:54.160 --> 0:14:58.000 deliver more. They have promised to do things like increase 0:14:58.080 --> 0:15:01.080 economic growth, you know, deal with the backlog in in 0:15:01.280 --> 0:15:04.600 NHS waiting list, deliver one and a half million new homes, 0:15:05.480 --> 0:15:08.440 whilst at the same time not increasing any of the 0:15:08.520 --> 0:15:11.720 major taxes. That was a firm pledge from them not 0:15:11.800 --> 0:15:14.640 to increase taxes on working people. So how are they 0:15:14.680 --> 0:15:16.960 going to do that? And, as you say, because a 0:15:16.960 --> 0:15:20.040 lot of people did not turn out, the criticism this 0:15:20.160 --> 0:15:22.800 morning from some of the other leaders like Nigel Fararche 0:15:22.800 --> 0:15:25.600 has sen actually there's no great enthusiasm for Labor. It 0:15:25.680 --> 0:15:29.760 is simply that voters were so utterly sick and frustrated 0:15:30.040 --> 0:15:33.800 by the Conservative government that after fourteen years, delivered actually 0:15:33.800 --> 0:15:36.440 a drop in UK living standards. 0:15:36.800 --> 0:15:39.000 So, given that we have sort of a thin manifesto 0:15:39.040 --> 0:15:41.760 from Labor in our last minute, Caroline, what's the reaction 0:15:41.840 --> 0:15:43.920 from the business community. I know you've been gathering a 0:15:43.920 --> 0:15:47.640 lot of that as well from Westminster, absolutely. 0:15:47.200 --> 0:15:50.600 And speaking to the key business constituents, for example of 0:15:50.640 --> 0:15:54.320 the Confederation British Industry, the Institute of Directors here in 0:15:54.320 --> 0:15:58.000 the UK. Look, they are hopeful the CBI's Ray Newton 0:15:58.080 --> 0:16:00.240 Smith told me that she wanted the Labor governm to 0:16:00.320 --> 0:16:03.040 hit the ground running and they want details. They want 0:16:03.080 --> 0:16:05.720 details of how the Labor government is going to learn 0:16:05.720 --> 0:16:07.680 the lessons of the last fourteen years and try to 0:16:07.720 --> 0:16:10.640 deliver economic growth. There's been a big bit of outreach 0:16:10.680 --> 0:16:13.400 to business which has convinced a lot of businesses. From 0:16:13.560 --> 0:16:17.320 Kirstarma and Rachel Reeves that Labor is truly a change 0:16:17.320 --> 0:16:20.120 party in that they are pro business. They want to 0:16:21.040 --> 0:16:25.080 combine with business to deliver on growth. But now it's 0:16:25.120 --> 0:16:27.440 about how quickly that comes. And I was speaking to 0:16:27.480 --> 0:16:29.960 a newly elected Labor MP just a few minutes ago. 0:16:30.240 --> 0:16:32.520 He was saying, firstly, there needs to be a complete 0:16:32.560 --> 0:16:36.240 audit of where the UK actually is and what fiscal rooms. 0:16:36.360 --> 0:16:38.240 You know, the incoming government is going to have. 0:16:40.680 --> 0:16:44.040 The news from Wall Street to Washington and beyond. 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