Chapter 1: What is the main topic discussed in this episode?
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And I'm Stephen Carroll.
Both the United States and Iran say that talks on a nuclear deal are making progress, suggesting that the chances of an imminent military clash are low. A U.S. official has told Bloomberg that Tehran's diplomats are due to return to Geneva in two weeks with a new proposal. Iran's foreign minister, Abbas Araghchi, says the path to a deal has started.
We are hopeful that negotiation will lead to a sustainable and negotiated solution at the same time as demonstrated during the aggression of 13 June 2025. Iran remains fully prepared to defend itself against any threat.
the Iranian foreign minister speaking in Geneva. A deal could mean the US lifting tough sanctions on Iran's oil industry and wider economy, but the next steps are expected to get more difficult with each side needing to draft a text for a deal. US Vice President J.D. Vance told Fox News that force was still an option.
You know, in some ways it went well. They agreed to meet afterwards. But in other ways, it was very clear that the president has set some red lines that the Iranians are not yet willing to actually acknowledge and work through. So we're going to keep on working it. But of course, the president reserves the ability to say when he thinks that diplomacy has reached its natural end.
We hope we don't get to that point. But if we do, that'll be the president's call.
Vance and other US officials have talked up the prospect of strikes on Iran as the US has moved weapons and troops to the region. Oil prices fell on the signs of progress, but Brent crude is up almost 12% this year, largely because of the US-Iranian tensions, the possibility of war in the oil-rich region.
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Chapter 2: What progress has been made in US-Iran nuclear talks?
The statement, though, from the ECB says that the central bank chief is, quote, totally focused on her mission. There had been speculation that Lagarde may want to exit before the end of her eight year term in October 2027. Here's what Lagarde told Bloomberg TV in November.
I was always under the impression that it was a five year term and I hadn't checked. So having said yes to Macron and Merkel, I said, oh, okay, well, I'll be in Frankfurt for five years. And at that point, Macron said, No, for eight years. But it was too late.
The ECB president there speaking to Bloomberg's leaders with Lacroix last year. Earlier this week, we reported that European governments may choose to fast-track finding a successor for Lagarde in order to avoid having to deal with a possible far-right French president after next year's elections.
UK inflation dropped to its lowest level in 10 months, strengthening the case for a Bank of England rate cut. Consumer prices rose by 3% in January from a year earlier, a 0.4 percentage point drop from December's figure and in line with economists' expectations. Bloomberg's Markets Today editor Sam Unstead says the print could nudge the central bank into cutting rates.
Core and services slightly above expectations, but still going in the right direction. So I think what you're going to get here is probably just enough now to tip the balance at the Bank of England, which is very narrow at the moment, towards certainly edging towards a cut in March. And if not, then certainly in April.
But there's probably just enough in that core and services reading to provide a little bit more to the Hawks to push back.
Sam Onstead talking there about the core CPI reading, which came in slightly higher than expected at 3.1%. This is the last inflation reading before the Bank of England's next rate decision in March and comes after data out yesterday showed unemployment reaching a five-year high.
Britain's Reform UK says that it plans to overhaul the Bank of England and the government's budget watchdog if it wins the next general election. In a speech later today, newly appointed Treasury spokesman Robert Jenrig is expected to say that the Office for Budget Responsibility needs more diversity of opinion when making economic forecasts.
The Bank of England is also criticised for having green targets in addition to its focus on inflation. Here is Reform's business spokesman Richard Tice.
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Chapter 3: What are the implications of a potential US-Iran deal on sanctions?
As a place to do business, the UK stands apart. Not because of a single advantage, but a uniquely powerful combination of many. As one of the world's leading financial centres, the UK puts over Ā£10 trillion to work every day, fuelling innovation across every sector. Home to four of the world's top universities, it provides exceptional talent and breakthrough research.
This sits alongside a clear 10-year industrial strategy, unlocking smarter regulation and making it faster and easier to operate. Stability with dynamism. Global connectivity with local depth. It all adds up to greater growth. Visit business.gov.uk slash growth.