It's In the City in the desert. Francine Lacqua is in Sharm El-Sheikh, Egypt, covering the COP27 climate talks. She sits down with Allegra Stratton, contributing editor and author of The Readout, as well as Akshat Rathi, senior reporter and host of the podcast Zero. They address the increasing skepticism surrounding the UK's commitment to its net-zero targets and the "show me the money" theme of this year's conference.

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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. And days after that deadline passed, Kwarteng was out of a job and Truss wasn't far behind.

In this episode of In the City, senior reporter Phil Aldrick and correspondent Lizzy Burden join David Merritt in a conversation about the tension between the government and the BOE, how Bailey navigated both the market turmoil and pressure from Westminster, and what fresh problems now face the governor. 

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And to figure out what all that means for your money--sign up for John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealth 

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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  

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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 Sunak's vision (such as it is) for the City, what his leadership means for a post-Brexit Britain and mounting concerns from banks about the possibility of higher taxes to keep the UK afloat.

Plus, senior executive editor Simon Kennedy joins to discuss his discovery of a "Goldman globe." Since the end of 2005, there have only been about 48 hours in which an alumnus of the Wall Street giant didn't hold either the position of prime minister, finance minister, central bank chief or their equivalents in a G-7 country.

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

And to figure out what all that means for your money--sign up for John Stepek's daily newsletter Money Distilled. https://www.bloomberg.com/account/newsletters/uk-wealth 

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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 McCartney, and former Liberal Democrat leader Vince Cable. Plus, Bloomberg finance editor Katherine Griffiths joins on what the political mess means to the City of London's reputation and whether business leaders feel the worst is over--or yet to come.

Here's a list of all the things you need to sign up for. 
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

And to figure out what all that means for your money--sign up for John Stepek's daily newsletter Money Distilled:
https://www.bloomberg.com/account/newsletters/uk-wealth 

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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 matter in the UK, sign up now for our newsletter, The Readout with Allegra Stratton:
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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.

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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.

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 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:
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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." 

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