Healey To UK Business: 'I Will Back You', Houthis Hit Tankers, More
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The Bloomberg This Weekend Podcast. News, politics, and the lighter side of Bloomberg. The great wealth transfer includes $570 billion in classic cars.
I'm not in a position to be inheriting any classic cars. You?
No, but my brother did inherit my non-classic car when I moved to New York, so. Ew. He still has not paid me for it. Coming for you, Joey.
The Bloomberg This Weekend Podcast. Subscribe today on Apple, Spotify, or wherever you listen. News when you want it with Bloomberg News Now. I'm Caroline Hepker.
And I'm Stephen Carroll.
The UK's new Chancellor, John Healey, says that he wants to bear down on the costs of doing business in Britain. Speaking to business leaders at Bloomberg's London headquarters this morning, Andy Burnham's newly appointed finance minister made his pitch to some of the country's most prominent chief executives.
My message to British business is quite simple. To British businesses, to British innovators, to British investors, I will back you as your Chancellor. And I'll back you in financial services, in technology, in retail, in industry, in all parts of the economy.
Healy also pledged to keep a tight grip on the public finances, saying that fiscal discipline is essential to protect Britain from future economic shocks.
Iranian-backed Houthi militants say they've targeted two oil tankers in the Red Sea. Their claim appears to be confirmed by the UK's Maritime Trade Operations Centre, which says a tanker reported being struck in the area. Brent crude jumped above $97 a barrel as traders reacted to the latest threat to shipping in the region. Stuart Livingston-Wallace heads our coverage of the Middle East and Africa.
It's notable now that we're starting to see ships do U-turns, particularly in the south, not going into the Red Sea. We've got ones in the north of the Red Sea that were supposed to go southwards and now going northwards through sewers. And obviously the implication that has for the shipping market is it adds a huge amount of time to sailing distances, which in turn has this knock-on effect on the global fleet. So you should anticipate high freight rates that again sort of feed through into the global economy.
Bloomberg's Stuart Livingston-Wallace there. Shortly after reports of the Red Sea attacks, the US announced a 12th consecutive night of strikes against Iran, saying it was targeting the country's ability to attack commercial shipping. And with the conflict seeming to widen, there's little sign that the US or Iran are ready to return to the negotiating table.
The United States and Saudi Arabia have finalised a deal to share nuclear technology, which has alarmed experts in non-proliferation. The agreement allows the US to build reactors in the kingdom, paving the way for uranium enrichment on Saudi soil. US Secretary of State Marco Rubio was asked by reporters if that risks spreading the technology around nuclear weapons.
What did UK Chancellor John Healey promise to British businesses at Bloomberg London?
Well, I'm not going to opine directly on that agreement. We're going to put out, even when the moment is appropriate, we'll put out that in writing. We have to do it with Congress anyways, so we'll certainly do it publicly. But suffice it to say, the U.S. is not going to reach any agreement with any country in the world. That leads to the risk of proliferation.
Despite Rubio's words, nuclear watchdogs say that the deal would set a precedent for other Middle East countries to insist that they have the right to make nuclear fuel as well. That would bring some of them within weeks of acquiring atomic weapons. The surprise agreement comes as President Trump justifies his war with Iran on the grounds of destroying Iran's nuclear program and preventing the spread of nuclear weapons.
And European car sales jumped during June, driven by a shift towards fully electric vehicles. New registrations rose by 13% to 1.4 million units. That's the steepest year-on-year gain since October 2023. The figures from the European Carmakers Association show France and Germany making up the bulk of the sales jump after new incentives helped to push up sales.
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