how are philip hammond and theresa may getting on? the suggestion is it is not very good. i have been involved in this tittle tattle over the last few years. you have to stop it. it is no secret they do not really see eye to eye. he lives next door and he does not get into the half past eight downing st meetings which george osborne used to go into when david cameron was prime minister. he says he is happy with that and he has got a direct line to the prime minister. but there has been some friction over things he has said about the economy, he wants more wriggle room in the economy, and there have been arguments over taxation policy. this little slip, you talk about boris making a gaffe, but philip hammond made a gaffe by saying sometimes he is reduced to swearing when he is dealing with him and tittle tattle was the case when len mccluskey was hosing down his own outspoken gaffe. is it because they do not see eye to eye philosophically about the way to reza make this taking the party, perhaps a little bit more interventionist, a bigger role of the state, cutting back on

theresa may raises doubts on philip hammond. i suspect a bit of betting is going on as to whether he will survive the first few weeks of theresa may administration she wins. if she gets administration she wins. if she gets a landslide, she will have a mandate to introduce all those measures and a mandate over her own conservative policies and she will be able to do what she wants. there is talk that michael gove might be brought back into the cabinet. philip hammond is vulnerable because there are leaks about him swearing. she admitted it today. extraordinary body language in their press conference today and they were being asked questions about their relationship. the one word of caution is ultimately she says and she knows she is the only one who knows if this will happen. it is interesting when you talk to people who know them both, they were both oxford university contemporaries for two years ago and people say they are the same type of tory, they are largely low tax, possibly both drier, less showy politicians of the same e

philip hammond has downplayed a rift between theresa may and her advisers. he said it was media tiddle—taddle. advisers. he said it was media tiddle-taddle. we work closely together. the prime minister and i have known each other for many yea rs. have known each other for many years. she has a strong team around her and years. she has a strong team around herandi years. she has a strong team around her and i have worked closely with them and have known them for many, many years. we do work very well together as a team. this is media tiddle—tattle. together as a team. this is media tiddle-tattle. sharp analysis here. there is no tiddle—tattle on the election wrap. but we have not seen borisjohnson election wrap. but we have not seen boris johnson recently. election wrap. but we have not seen borisjohnson recently. there is criticism he is in perhaps an uncomfortable position, and got into ina uncomfortable position, and got into in a comfortable position in bristol, taken to task while talking about boosting sales of alcohol. there were also other aspec

the times talks about a spat between the chancellor philip hammond and theresa may's aides. and the daily mail describes the leaked labour manifesto as the most left—wing in decades. right, let's start. martin, would you set us up? jeremy corbyn, the ma nifesto you set us up? jeremy corbyn, the manifesto seems to have been exclusively in several papers, which i know it's a bit strange. let's start with the daily mirror headline, which says it pretty well. it does. it leads into a peek inside spread as well, detailing this lea ked spread as well, detailing this leaked draft, setting out a very extensive range of policies which the mirror builds very favourably, the mirror builds very favourably, the other papers we will come to our obviously much less favourable. this says he will fix rip—off britain, boost nhs schools and scrap tuition fees. talking about how power and the railways will be renationalised and other policies including abolishing tuition fees. there is an extensive list and inside they say that labour have pledged to undo the damage of seven years of tory a

philip hammond was asked this morning on the radio about this same story. he admitted to swearing sometimes and said again in the present conference that his family would say that he does swear sometimes, but it was interesting to listen to theresa may's answers when she was asked if she did endorse philip hammond as her next chancellor. we work very closely together. the prime minister and i have known each other for many yea rs. have known each other for many years. she has got an extremely strong team around her. i work very closely with her team. indeed, some are people that i have known for many years. we work very well as a team. all this media tittle tattle is just that, media tittle tattle. at the third time of asking when theresa may was asked will you endorse philip hammond she said, yes, i'm happy to do so. i'm not sure how much of a ringing endorsement that was. of course, it would be huge if theresa may did re move would be huge if theresa may did remove philip hammond if they did win the general election. at the moment, that seems unlikely, bu

in january, for the first time, -- tracey: philip hammond speaking in beijing. that was hammond, talking about brexit, obviously a big topic for markets. it feels we have this laundry list of geopolitical event risk and they have not sent -- they've not center to markets. they are main super low despite what is ostensibly some big headlines. >> something like korea is difficult to make any assessment about. everything that is related to populism, the new trend in western democracy, it seems there is a caging in of populists when they get to power. we see that in the united states and we see that in the u.k. with ms. may calling for an election d tting the parliament in the middle with a majority that will be presumably more moderate in terms of brexit. raising theot of stakes on the negotiations side but they are not going to start until the u.k. government --in the medium to longer term, i think the biggest risk would be the elections and the discussion of a possible election in austria this fall. elected it iset sometimes good because they have to put deeds be

the chancellor philip hammond warned this morning of the impact a labour government could have on the economy. as the document we are publishing this morning shows his economic policies are a recipe for chaos, instability, uncertainty and insecurity. britain simply cannot take the risk ofjeremy corbyn in downing street unleashing economic chaos on the country. just when we need strong and stable leadership for our economy and country over the next crucial five years as we negotiate our exit from the eu and chart a new course in the years beyond, jeremy corbyn offers a chaotic and high—risk gamble. shadow chancellor, john mcdonnell, dismissed the claim as "lies", and said labour's plans were fully costed. pack of lies. it's an absolute pack of lies. i don't know why the bbc or the media are giving it any room whatsoever, it's an absolute pack of lies. i'll give you an example. they have included £35 billion worth of investment money, capital expenditure. they don't seem to know the difference between capital and revenue. all you include in your day—to—day spending on capital exp

the interesting thing about this, this is an interview with philip hammond. he is attacking them the other way. he's going for them the other way. he's going for the death tax, which is labour's plans to halve the out of inheritance tax exemption from more than £800,000, £850,000, to £425,000. he says that homes owned by people who've worked hard all of their lives, they've saved and struggled, put something by, they are going to be punished by this tax. well, actually you could make exactly the same argument for the dementia tax that you don't like to call it. people will lose their homes if they have to go in... if they are to stay at home and receive nonresidential care, in the same way that they would under labour. it is a curious argument. it is also about the skewed property market, that is pa rt the skewed property market, that is part of the problem. there is a point that outside of the bubble of london, you know, where house prices are absolutely ridiculous, you would end up with about 60% of houses in london being, you know, within the bracket. b

the chancellor philip hammond has said he needs more room, more flexibility. you'll need tax—raising powers if he can but they want to portray themselves as the party of low taxation. the issue is, there will be 1.2 million people paying more tax. while this will appeal to the hard—core labour voter in working—class low— paid areas, the hard—core labour voter in working—class low—paid areas, there will be people in the nhs such as doctors who will be earning more than 80,000 who may think twice, and headteachers. i think if it was well presented as something that was necessary for the nhs, for education, a lot of us would go for it. 85%? 95% of us. we might only problem is is that it's presented hopelessly inadequately. headteachers earn a lot of money, vice chancellors and a lot of money. it's right they should pay, we should pay. but it's the top cream that finds ways of not paying. it's interesting to me the sunday telegraph front page have been same story very much, and their headliners, labour tax to hammer workers, "a savage cash raid". we

philip hammond warned this morning of the impact of a labour government, the impact it could have on the economy. as the document we are publishing this morning shows, his economic policies are a record of chaos, instability and uncertainty. britain simply cannot take the risk of jeremy corbyn in downing street, unleashing economic chaos of the country. just when we need strong and stable leadership for our economy and our country over the crucial next five years as we negotiate our exit from the eu and chart a new course in the years beyond, jeremy corbyn offers a chaotic and high—risk gamble. we have also heard from john mcdonnell and he dismissed those claims as lies. he said that labour's plans are fully costed. it is a pack of lies. i do not know why the bbc or the media are giving it any room whatsoever. it is a pack of lies. they have included £35 billion worth of investment money, capital expenditure. they do not know the difference between capital and revenue. all you include us in your day—to—day spending with capital expenditure is the interest rates. it is ludicrou

philip hammond is probably no longer trying to balance the books by the year 2022, it‘s been pushed back to 2025. which means they are still trying to reduce government borrowing but it gives them more wiggle room in case the worse happens with the brexit deal and they can spend more money and support the economy. 0n tax there has also been a change. in 2015, david cameron promised no increases in income tax, national insurance or vat, only one of those remains — no increase in vat. the rest have been replaced with a rather vaguer, with a rather vague, firm intention to reduce taxes. many now predict national insurance contributions at least, will rise. the tax lock over this parliament meant the government couldn‘t raise income tax, national insurance or vat, they raise two thirds of all the taxes we bring in, that‘s very constraining for a government. i think it‘s sensible to say that if you need to, you can make some adjustments. and then pensions — in 2015, the conservatives promised a triple lock that pensions would increase by either the rate of inflation, the rate of ear

he went on to challenge philip hammond to a television debate, saying he was happy to pick over those figures any time. alex, thank you. our top story this lunchtime. more pressure on donald trump — as he's accused of asking the head of the fbi to drop an inquiry into his former security chief's links with russia. coming up... oh, look, i don't care if it only cost 2p! those curlers could fetch more than that — as hilda ogden's personal effects head from coronation street to the auction house. coming up in sport at half—past — andy murray says he can still do well at the french open later this month, despite his poorform since returning from an elbow injury in march. uk unemployment is down again — falling to its lowest level in 42 years. latest figures from the office for national statistics show the number of people unemployed fell by 53,000 to 1.54 million in the three months to march — a rate of 4.6%. but are the figures as good as they seem? our economics correspondent andrew verity reports. you would need to be well into your 40s to remember a time when the unemploym

david davis and the chancellor philip hammond talked about how she is much better equipped than jeremy corbyn to deliver brexit. tom: simon kennedy, thank you so much, and congratulations on your continued brexit coverage. what an interesting conversation this will be. jim jordan's front and center with the congressional debate .ith the house freedom caucus on radio today from our studios in washington, jim jordan. from washington and london, this is bloomberg. ♪ ♪ boring, it is never boring in foreign-exchange. the first three lines are boring but the bottom is not. 1.3729.anada we are watching canada migrate towards a 1.40. francine: coming up shortly, bloomberg daybreak: americas. welcome. what do you have? fomc: as we wait for the we will bring in marty feldstein. he is a professor at harvard and we will talk about growth, where the economy as, and whether the couldproposed tax cuts get growth coming in, and how would you pay for them. francine: thank you so much. we are going to the single best chart, we did something related to defend but i did treasuries, the 10 year treasur

jonathan: a number of months ago, philip hammond talked about it is the reset. other elements in the market that are underestimating the ability of the government to go into this election, get a big majority and do something quite significant to the u.k. economy, away from the likes of cameron and osborne? vince: there are some question marks about the fiscal promises that were made, especially if the economy was to disappoint, maybe there would be some room. aboutare question marks the engagement of the tax, so there are concerns about potential tax increases. outlook on that front. will bethe government reflective more so depending on how the negotiation goes. they have used that threat before. european partners were getting too tough on the negotiation and they threatened to cut taxes and make the u.k. very attractive for companies to work. that is another element in that equation. i don't think we have a great clarity about the fiscal outlook in the u.k.. alix: let's move over to the u.s. when the fed and three investments, their borrowing needs are going up

well, let's leave theresa may and philip hammond. norman smith is in westminster. today, they are focussing on bashing labour's offering yesterday. yes, this was just an attack press conference to gut and fillet labour's manifesto yesterday. theresa may, philip hammond, focussing on the issue of credibility, saying that mr corbyn's plans simply did not add up. it was described as a catalogue of chaos. a fa ntasy described as a catalogue of chaos. a fantasy wish—list and at the heart of their argument is there is they say £58 billion of unfunded commitments made by mr corbyn yesterday. now, those mostly are the big nationalisations, he talked about, team corbyn are saying we didn't include that because it's capital spending so we can borrow. mrs may, also again focus on the credibility ofjeremy corbyn's leadership. she wants to make it a tussle about the strong and stable leadership of theresa may as she seesit leadership of theresa may as she sees it versus jeremy corbyn leadership of theresa may as she sees it versusjeremy corbyn and she accused him of retreati

philip hammond warned of the impact a labour government could have on the economy. testify as the document we are publishing this morning shows his economic policies are a recipe for chaos, instability, uncertainty and insecurity. britain simply cannot take the risk ofjeremy corbyn in downing street unleashing economic chaos on the country. just when we need strong and stable leadership for our economy and country over the next crucial five years as we negotiate our exit from the eu and chart a new course in the years beyond, jeremy corbyn offers a chaotic and high—risk gamble. labour's shadow chancellor, john mcdonnell, dismissed the claim as "lies" — and said labour's plans were fully costed. pack of lies. it's an absolute pack of lies. i don't know why the bbc or the media are giving it any room whatsoever, it's an absolute pack of lies. i'll give you an example. they have included £35 billion worth of investment money, capital expenditure. they don't seem to know the difference between capital and revenue. all you include in your day—to—day spending on

philip hammond said he will continue to fund existing eu projects up to 2020." kate, "it is depressing to hear the young woman sitting with you earlier saying she wasn't going to vote because nobody listens. i think there should be a drive to explain to young people it is because they tend not to turn out to vote that government policies favour older people." thank you for those. thank you very much for your time this morning. thank you, i really appreciate you coming on the programme. more from camborne in the next half an hour. still to come: alexander blackman, the man who became known as marine a after shooting dead an injured taliban soldier, gives his first tv interview shortly. we hearfrom him and his wife claire who worked so hard for his release. the conservatives confirmed they intend to gap energy prices for people on standard variable rates. theresa may says the move could save 17 million customers up to £100 a year. labour says the cap would not stop bills rising. jeremy corbyn will formally launch labour's election campaign today by saying that hi

philip hammond saying he would like to pay tribute to the emergency services. he will return to the u.k. after , the meetings that are taking place in europe. it is 11 minutes past seven here in london, 11 minutes past eight if you are watching in paris or berlin or many other places. let's broaden our conversation fromalk to our guest [inaudible] we covered this tragic story, very sad headlines coming through about what happened in manchester. , investors arey used to seeing these dreadful events take place. they shock and investors have to pull themselves together just like anybody else. impact onhave any markets, we have seen a bit of a flight to safety in terms of the yen buying, we saw the powdered -- pound weaker. first, my thoughts and prayers to everyone who has been affected by last night's events. the market quite rightly takes apposite has some reflection. reading up on john's earlier comment, as the news develops, is it an isolated incident or part of a concerted significant change in terms of the terror threat that we have seen, so the news flow to

hammond. nearly £1 trillion has been borrowed since 2010. but they have got the wrong spending priorities. we have legislated to increase the overseas aid budget to 0.7% of gdp. that would be £50 billion a year in two years' time. a lot of that money is wasted and it should be redirected into disabled people's benefits, the health service and so on and so forth. ill thought out schemes like the bedroom tax made life difficult for people who are the most vulnerable in society. at the end of the day, the only way we can alleviate poverty in this country or any country is to have a growing economy which will generate the wealth which we can then redistribute. it will not come from tax increases or from the treasury either, or you can borrow indefinitely. it will come from the eu. that is our money. labour's programme has another 45 billion black holes they cannot explain for this election now. you cannot go on for ever spending money you have not got, somebody has to pay it back eventually. a g

you can see in the front, boris johnson, philip hammond, foreign secretary, clutching the manifesto tightly. the question is being asked the british press about the future role andtwo germans whether or not they will -- two gentlemen's role and whether they will remain in power. are awaiting the arrival of theresa may. i would argue with the cabinet now. i would have thought she was about to arrive. tom: where are they meeting? they look like it is a band rehearsal space for def leppard. guy: this kind of postindustrial judge for k should -- maybe not gentrification, but this is exactly the kind of place that theresa may wants to -- she knows -- >> -- guy: she is stomping over the labour heartland's. this is what the message is she is trying to portray. this imagery of her in an industrial site were really kind of resonate. the former finance minister of greece has never done an interview where def leppard came up. chris grisanti? >> i have a theory. first, the french election and other greek reforms, we're starting to see some green shoots for european union. is the pendulum starting to sl

philip hammond would threaten we would become a tax haven. yoo you're right, why on earth did support theresa may and triggering article 50. because the referendum result had to be respected. people should have the final say. what you have here is an arguing coalition which ends up chaotic politics in government. i have to say, i didn't get this in earlier on. i haven't spoken to linton. i'm not even in government. let's have the live debate. i'm happy for theresa may to stand on the single platform of strong and stable leadership. are you going to have the debate. stop running away. your man's run away from the other debate. we are about to be running away from the studio. our time's nearly up. one very, very quick sentence from john curtis, if you were summing up today's contests, one sentence, what is the end thought today? the end thought is that the general election is not all done and dusted. there is going to bea all done and dusted. there is going to be a vital fight for whether or not the conservatives can get the land slide majority

philip hammond allocated a lot of additional funding for social care so this ma nifesto funding for social care so this manifesto is ill do on what we saw in the budget which followed some really sharp reductions in the amount of money available. migration the manifesto is looking at firms paying more to hire migrant workers from outside the eu. hal is back in to get down with industry given that productivity levels in the economy at the moment and not with the government would want them to be. think this is clearly an additional cost on employers and the economy, actually, if you have significantly lower levels of immigration which the manifesto is still asking for, then that costs ask because immigrants on the whole young and work unpaid tax and do not consume so much in public services, so the cost on the public server side and it cost industry if you increase the red tape burden and indeed the price burden in terms of getting the people what they really want. there is clearly other reasons, political reasons, social reasons why you might want to control immigration but there is an econ

it was the chancellor, philip hammond, who set out that claim today in a news conference behind me. have a listen to what he said. his economic policies are a recipe for chaos, instability, uncertainty, and insecurity. britain simply cannot take the risk of jeremy corbyn in downing street unleashing economic chaos on the country. just when we need strong and stable leadership for our economy and our country over the crucial next five years, as we negotiate our exit from the eu, and chart a new course in the years beyond, jeremy corbyn offers a kay attic and high—risk gamble that would lead to higher taxes, more borrowing and more debt. just in case you didn't get the message behind mr hammond, we can show you the poster which the tories are launching today. this tax bombshell poster which they say ordinary families would face in taxes and debts ifjeremy corbyn was elected. that's the poster they want to stick in our minds, but let me say, it is turning into a bit of a retro election because if you wind back the clock, we have been here before. let me remind you of 1992! do you rem

we can bring you the thoughts of the chancellor, philip hammond. i've woken up this morning to the terrible news of this barbaric attack in manchester. it is it isa it is it is a terrorist incident and my thoughts are with the victims and their families and the people of manchester and i would like to pay tribute to the emergency services who have done a greatjob throughout the night and are continuing to work at the scene. the government's emergency committee, cobra, will be meeting in the next hour or so and i shall attend the meeting now and return to london at lunch time. thank you. the labour leaderjeremy corbyn has issued a statement in which he says that he has spoken directly to the prime minister and mrs may and mr corbyn agreed that national campaigning in the general election would be suspended untilfurther notice. we have seen similar state m e nts notice. we have seen similar statements from all of the other political parties as well. the snp we re political parties as well. the snp were due to be publishing their election manifesto in