Up next in 10
The newly appointed Shadow Chancellor has told City AM he wasn't involved in formulating Liz Truss's disastrous mini-budget, following accusations from Andy Burnham that he contributed to the chaos at Wednesday's PMQs - City Editor Simon Hunt has the interview.
Meanwhile, new data suggests many graduates are unlikely to ever repay their student loans, and that only the top earners will ever be free of the punitively high interest rate.
Plus: Inside F1's plans to expand - and the teams that spent the most in this year's transfer window.
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0:00
Hello everyone, welcome back to Business
0:01
as Usual, brought to you by Workday with
0:04
me, Martin Kimble.
0:05
>> And me, Matt Kenyon. Coming up on the
0:07
podcast today, City AM chats exclusively
0:09
to the new Shadow Chancellor about the
0:10
new PM, the budget, and more.
0:13
>> As the cost of borrowing reaches new
0:15
highs, we speak to our editor-in-chief,
0:16
Christian May, about the stark economic
0:19
choices facing this new government.
0:21
>> Plus, we will reveal which ale is at
0:24
risk of an anti-woke backlash.
0:26
>> Now, in just a moment, we're going to
0:28
tell you which ale company is coming
0:30
>> in for some flak about going woke. Uh
0:32
we're also going to be looking at plans
0:34
to add another team to the F1 lineup.
0:37
That's with Matt Hardy later on in the
0:38
show.
0:39
>> But first, let's get the latest from our
0:41
city slicker, Simon Hunt.
0:43
>> Top of the morning to you.
0:44
>> Top of the morning to you, too. So,
0:45
you've been on the phone to the new
0:48
Shadow Chancellor, freshly appointed.
0:51
That's Andrew Griffith. He was um yeah,
0:54
picked by Kemi Badenoch to replace Mel
0:55
Stride just the other day. He's already
0:57
taken some flak.
0:59
>> And bullied.
0:59
>> From none other than the Prime Minister,
1:01
Andy Burnham, in Burnham's first Prime
1:04
Minister's Questions. You can hear a
1:05
clip of that now.
1:07
>> She removed a Shadow Chancellor who said
1:10
that the Truss mini budget was a
1:12
mistake.
1:14
And she replaced that Shadow Chancellor
1:17
with one that helped to write the Truss
1:20
mini budget.
1:22
>> He says he wants new politics. He says
1:24
he wants honesty. So, why is he
1:26
pretending that a junior minister wrote
1:28
that budget?
1:29
>> [laughter]
1:31
>> Thank you, Richard. How did this guy get
1:32
elected?
1:32
>> So wrong.
1:33
>> He was just an intern.
1:35
>> [laughter]
1:35
>> So, yeah, it's it's tough cuz she starts
1:37
by saying um that's a completely
1:39
irrelevant line of attack. Then says,
1:40
"Oh, he's obviously very junior."
1:42
>> Yeah.
1:42
>> Are they Are the Tories ever going to
1:43
get over this Liz Truss policy? It's
1:45
been It's been 4 years, and it's still
1:47
such a potent attack line.
1:49
>> Yes, it does it does weigh heavily in
1:52
the in the hearts and minds of a lot of
1:53
a lot of Tory MPs from that era.
1:56
Um and it does seem that um, Andy
1:59
Burnham um, does like to talk about this
2:01
quite a lot. He mentioned it at PMQs on
2:03
Wednesday. He mentioned it also on on
2:05
Tuesday when he appeared at the dispatch
2:07
box. So, Andrew Griffith is someone that
2:09
he loves talking about and this is
2:11
something that he's going to have to
2:12
confront. So, I did ask him, how do you
2:14
deal with this and what's your sort of
2:15
reflection of being in government in
2:17
that era?
2:18
>> was one of his like first interviews
2:19
immediately after that bodying by uh,
2:22
Andy Burnham. So, important to state
2:24
that this is fresh, hot off the press.
2:26
>> Absolutely. And and he said uh, that
2:28
Burnham was making up stories about
2:30
influence in a budget which is simply
2:32
not the case. Uh, he said, "I was a
2:34
newly appointed junior minister
2:36
responsible financial services
2:37
regulation. I wasn't cited on the budget
2:39
until it had already gone to print the
2:41
night before." So, from his perspective,
2:43
you know, it's very much nothing to do
2:44
with me, mate, kind of thing.
2:46
>> It's It's feel like these interviews are
2:47
those when you get a 23-year-old MP and
2:50
they they say, "Well, I'm actually just
2:51
very young and I was born after Brexit."
2:53
[snorts]
2:54
>> Yeah. Yeah.
2:55
>> I mean, it it is difficult because
2:56
obviously like we're we're now talking
2:57
about the bond markets left, right, and
2:59
center.
3:00
>> Which are now, by the way, higher than
3:01
they were the yields are higher than
3:02
they were in the in the Truss era.
3:03
>> A lot of people um, both in the public
3:05
consciousness but also frankly in the
3:06
lobby, uh, only really discovered what
3:08
the bond markets were in September 2022.
3:10
So, this is a really delicate issue for
3:12
them.
3:13
Did he tell you anything more about I
3:14
suppose
3:15
his way of navigating through this what
3:18
will be a a massive attack line against
3:19
him?
3:19
>> Well, as you can imagine, it's not
3:21
something he's desperately keen to talk
3:22
about. Um, but what he did say was
3:25
um, that he um,
3:27
what he learned from it uh, that it was
3:30
that it reinforces the imperative to
3:31
tell people when making decisions,
3:33
spending money, or cutting taxes,
3:35
precisely where the money is coming
3:37
from. So, he's effectively implying that
3:39
yes, it was a sign of fiscal
3:42
irresponsibility. But I but having
3:44
experienced that, I know how not to do
3:46
it. So,
3:46
>> And I suppose you can then sort of nudge
3:47
[snorts] towards Labour and the upcoming
3:50
budget and I suppose some of the quite
3:52
difficult fiscal arithmetic they're
3:53
going to have to make. Well, we'll
3:54
[clears throat] be touching on that
3:55
difficult fiscal arithmetic in just a
3:57
moment when we've got Christian May in
3:59
the studio. But for now, Simon, we've
4:02
had some rather sobering data out this
4:04
week about graduates like us with plan
4:06
two student loans.
4:08
>> Yes,
4:09
and I think this is something that's
4:10
probably close to both of our hearts
4:12
>> [laughter]
4:14
>> as people who are the the beneficiaries
4:16
of this plan.
4:18
Um
4:19
Yes, this is some research that found
4:21
that anyone who isn't earning at least
4:25
£45,000
4:27
within 6 years of graduating is unlikely
4:31
to pay off
4:33
their student loan ever in the future.
4:35
In other words, it's probably going to
4:36
be written off after 30 years.
4:39
And this is in large part because
4:42
of course the
4:43
interest on that debt compounds. And so
4:47
if you don't pay that interest off in a
4:49
given year, in the subsequent year, not
4:52
only are you also paying that interest,
4:53
but the interest that's compounded on
4:55
the interest you haven't paid in the
4:56
previous year. So it can just keep going
4:59
up indefinitely or at least not go down
5:01
enough for you to pay off the principal.
5:03
>> So
5:04
according to reporting on this,
5:07
unlike the subsequent plan five scheme
5:10
for those who started degrees from 2023
5:12
where interest is charged
5:13
at retail price inflation, plan two
5:15
loans, which is what we're on, start at
5:18
RPI and rises to RPI plus three
5:21
percentage points once earnings are over
5:24
52.8k.
5:26
That is capped at 6%. There is no credit
5:28
card out there that would punish you
5:30
this badly.
5:31
>> The only other use of RPI as a measure
5:33
of that was when the BMA were trying to
5:35
justify [laughter] doctor's strike. It's
5:36
a It's a quite a weird measure of
5:38
inflation to be using.
5:39
>> Yes, and the other thing of course that
5:40
most lenders, you know, in the in the
5:42
private sector, would actually cut the
5:44
interest rate that that they charge you
5:47
if you're a higher earner because you
5:49
are a lower risk payer. But you have the
5:51
reverse situation student loan situation
5:53
where if you earn more they will charge
5:54
you even more interest.
5:56
>> that prints on a on on pink sheets of
5:59
paper
6:00
has written that plan two borrowers must
6:02
be earning between 45,000 and 50,000
6:05
pounds before their probability of
6:07
repayment reaches 50%. Now, what's the
6:09
average wage in the UK? Like 28 to 30
6:11
grand? I mean
6:14
This is insane.
6:15
>> Mhm.
6:15
>> Yeah. Um of course the the flip side of
6:17
that is if you are
6:20
earning above that,
6:21
what do you do? There are lots of
6:22
different options because because you
6:24
know you can as I've heard some people
6:26
do just try and put more into their
6:29
pension so that they can reduce their
6:32
student loan repayment. But at the same
6:35
time you know I've I've also heard
6:36
people who once they they exceed that
6:38
sort of 50k threshold thinking well
6:40
actually it's the onus is now on me to
6:42
try and repay it as quickly as possible
6:44
so that I'm not paying years and years
6:46
of interest up until I'm in my 50s.
6:48
>> Yes. Just to put an end to this moan
6:50
fest. I know it sounds a bit like you
6:52
know very entitled
6:53
white collar workers moan about student
6:55
loan. But people on plan two student
6:58
loans once they earn more than 50 grand
7:01
and they're in that 40% tax bracket
7:03
their
7:04
the marginal tax rate is 51p on the
7:08
pound. Now, I don't know about you but
7:10
that doesn't sound to me like a great
7:12
motivator to get a
7:14
a better job, a well paying job, or a
7:17
promotion, or something like that. And
7:19
so don't be don't be surprised when
7:20
people salary sacrifice themselves into
7:22
pension below that point or salary
7:24
sacrifice money to buy more days off per
7:27
year which is going to hurt product
7:28
productivity.
7:29
>> Well indeed and one of the
7:31
if you're one of those unfortunate souls
7:33
such as me that also has a post graduate
7:34
loan it's closer to about 60% marginal
7:37
tax rate that you're paying.
7:39
And the thing I try not to think about
7:41
which is I think the salient point here
7:43
is think what I could have done with
7:44
that money if I weren't spending
7:46
hundreds pounds a month. You know, if
7:47
I'd stuck that all in the Nasdaq, I'd
7:48
probably have quite a nice savings pot
7:51
behind me now, but never mind.
7:52
>> Boys, we're whining now.
7:54
>> [laughter]
7:54
>> So, I'm going to move us on to a fun
7:56
final topic to talk about Simon. Which
7:59
170-year-old beer brand has just given
8:01
itself a little millennial rebrand?
8:04
>> Yes. So, this is a
8:07
a beer company called Timothy Taylor or
8:10
as it's known up north, Timmy Taylor.
8:13
>> It's a favorite of yours.
8:13
>> And it Oh, it was a favorite of mine.
8:17
Now that they've done this rebrand, I'm
8:18
starting to reconsider because it's it's
8:20
been described online as had quite a
8:22
backlash. Described online as a as a as
8:24
a woke rebrand. So, they've replaced
8:27
this sort of balding older man pouring a
8:29
pint with a picture of a much younger
8:32
bloke with a beard
8:34
who looks very Gen Z, looks like he
8:36
probably enjoys, you know, an avocado
8:38
smash burger in a in a seeded brioche
8:41
bun.
8:41
>> Simon, I'm I'm going to I'm going to I'm
8:43
going to have to discredit this. If I
8:45
mean, I I I don't know from the video
8:46
version if we can put a picture of him.
8:47
He also he does look He looks pretty
8:49
all-American though. Like he looks like
8:50
he's I I don't think anyone's claiming
8:52
that he's a sort of metrosexual.
8:53
>> No.
8:54
>> What's the issue with him?
8:55
>> But he's he's choosing the side salad
8:57
over the
8:57
>> Do you think he's Do you think Is is is
8:59
the disagreement here with Timmy
9:00
Taylor's that they they've made him too
9:02
hot?
9:03
>> Well, well, [laughter] I mean, maybe,
9:04
but I think it's they are they are
9:05
meddling with a a very well-established
9:08
brand to try and make it look like it's
9:11
some kind of sexy young person thing.
9:13
And I think a lot of older drinkers
9:15
>> I feel alienated by that.
9:16
>> Yes, I I think so.
9:17
>> I think of brand heritage, doesn't it?
9:20
You know, Jaguar threw it all in a bin
9:22
and set fire to it.
9:24
Various other brands have tried to do
9:26
that recently as well. And
9:28
well, we we shall see if their sales
9:31
increase or not.
9:32
>> me of a lot of it actually of You know
9:34
when Aldi or Lidl try and do a sort of
9:36
fake version of a well-known brand. It's
9:39
a bit like they've done that to
9:40
themselves.
9:41
Like Audi have Birra Moretti, which is
9:44
their version of Moretti, for example.
9:47
Yes, they've basically done this to
9:48
themselves. So, I don't know why they've
9:50
done this.
9:50
>> I I think this is a more subtle rebrand,
9:53
but I also I'm so excited to see some
9:55
sales stats come through and see you
9:56
cover it at some point.
9:57
>> Well, maybe they're learning from
9:58
Jaguar's any publicity is good
9:59
publicity. I don't
10:01
They're on this podcast.
10:02
>> Well, that's the thing, but I and with
10:03
the with the Jaguar one, I mean started
10:05
to see some more like interior shots of
10:06
what that would look like in real life.
10:07
I would not be surprised, and I might
10:09
also be completely wrong, if that ends
10:10
up being something which is in the midst
10:12
of all of the cultural around it
10:13
surprisingly successful. Because that
10:15
that took a dying brand. I'm not saying
10:16
that Timothy Taylor's a dying brand,
10:17
absolutely not. [snorts] But it's taking
10:19
a brand which is not in the headlines
10:20
all the time, and it's getting us
10:22
talking about it. It's getting us
10:23
talking about it. And that's got to be a
10:24
good thing.
10:25
>> At time of recording, the woke Jaguar is
10:28
the the third most read thing on the
10:29
website.
10:30
>> Yeah, it is definitely. Yeah. Oh, it's
10:31
been it's been big for us.
10:33
Simon,
10:34
as ever, thanks very much for joining
10:36
us.
10:36
>> to drown my sorrows.
10:37
>> What a pleasure. Yeah, yeah, with with
10:39
Asahi or
10:39
>> [laughter]
10:40
>> some other brand.
10:41
>> Some some properly grown-up brand.
10:44
Thank you, Simon. Coming up after the
10:46
break, the cost of government borrowing
10:47
continues to tick up as markets react to
10:50
Burnham's agenda. Our editor-in-chief,
10:51
Christian May, is in the hot seat next.
10:54
>> Guessing is for game shows, not for your
10:56
business, especially when your margin of
10:58
error is close to zero.
10:59
>> Workday is the enterprise AI platform
11:01
for HR, finance, and IT with a deep
11:04
understanding
11:05
>> of your organization's context and
11:07
guardrails.
11:08
>> So, every AI action is permission aware,
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giving you accuracy 24/7 and the ability
11:13
not just to get work done, but get it
11:15
done right.
11:16
>> It's a new Workday.
11:18
>> Welcome back to Business as Usual. Now,
11:20
as mentioned in the previous segment,
11:21
Andy Burnham, our new Prime Minister,
11:23
has faced his first PMQs, and depending
11:25
on who you ask, the bond markets aren't
11:27
all too pleased. Well, to mark the
11:30
entrance of a new leader, we have our
11:32
own in the studio, Christian May.
11:34
Welcome back. Been a while.
11:36
>> Thank you very much. I see if I can
11:38
channel Andy Burnham and say that I'm
11:40
interested in problem-solving and not
11:42
point-scoring. [laughter]
11:43
>> Well, why don't we solve the problem of
11:46
these dodgy bond yields on on government
11:48
borrowing?
11:49
>> Oh, yeah, that's easy.
11:50
Allow me.
11:52
No, that is very much Andy Burnham's
11:54
problem and John Healey's problem.
11:56
Truth, of course, is that it's it's all
11:58
of our problem.
12:00
Bond markets across advanced economies
12:02
are all having a bit of a moment.
12:04
There are some commonalities between
12:06
that for the reasons why. There are also
12:07
some circumstances unique to each
12:09
country.
12:10
Let's not dwell on the US and the
12:13
extraordinary
12:14
levels of debt accumulating in in that
12:17
country.
12:19
In this country, undoubtedly, whilst
12:21
bond markets still
12:23
concerned around the spectrum of
12:26
inflation and the impact of the Iran
12:27
war, which just seems to be going on and
12:30
on and on.
12:31
It's also very much the case that as we
12:32
approach the budget, there's now that
12:34
period of speculation, however much
12:36
the government try to contain it,
12:38
where we're looking at how much money
12:39
does Andy Burnham want to spend and
12:41
where's he going to get it from?
12:43
And you only have a handful of options,
12:45
which is to raise taxes, cut spending,
12:47
move the money elsewhere, or borrow
12:49
more.
12:50
And I think it's quite clear that bond
12:51
markets are absolutely
12:54
probably over the precipice of what
12:55
they're prepared to tolerate in terms of
12:57
government bond government borrowing.
12:59
So, it's an enormous headache and it has
13:02
immediate implications around the size
13:05
of the fiscal headroom
13:06
that John Healey has to play with. It's
13:08
been cut down to almost nothing.
13:11
Economists in the city today talking
13:13
about the need to raise taxes, possibly
13:15
by as much as 16 billion pounds on top
13:18
of the 40 billion or so I think was
13:21
raised at the last budget which followed
13:23
the 60 billion or so that was raised at
13:25
the previous budget. So, it's it's not a
13:27
pretty situation, no.
13:29
>> So, we had that benchmark where the cost
13:31
government borrowing got to 2008 levels
13:34
earlier this week. If it keeps rising at
13:36
this level, what are the sort of things
13:37
that could start going wrong and and the
13:39
sort of potential risks ahead
13:42
for investment and for businesses?
13:44
>> Well, you talk about the elevated yields
13:46
on the 30-year and the 10-year
13:49
UK government bond. They are very
13:50
alarming. I think the 30-year is is
13:53
yields at its highest since 2007 now and
13:58
10-year since what, 1998? Now, I got
14:01
those the other way around, but
14:03
basically, it's not it's not pretty.
14:05
But, the 2-year yield indicates that
14:07
investors are now banking on three
14:09
interest rate hikes. And that is going
14:12
to be a nightmare for people on
14:14
mortgages. I think
14:16
my own mortgage is is due for renewal at
14:18
some point over the next 12 months.
14:20
Thank you, Burnham. And of course, also
14:24
elevated cost of borrowing for
14:25
businesses is is is completely contrary
14:27
to that
14:28
that necessity as I just alluded to of
14:30
incentivizing and supporting at least
14:33
private sector investment and job
14:34
creation. So, the consequences are very,
14:36
very real.
14:37
>> Just very finally,
14:38
um
14:39
if you'd have recruited the entire City
14:41
AM newsroom into CCHQ to write Kemi
14:44
Badenoch's PMQs, I don't think you'd
14:46
have gone down a very different route to
14:48
what she did. She's got to point out
14:49
these um these bond yields, right? But,
14:53
as we had Tina Fordham in here on our
14:55
Wednesday's podcast, you know, a lot of
14:56
this is international. Are the public at
14:59
home buying that this is frivolous
15:01
spending by the Labour Party versus
15:03
Donald Trump borrowing and borrowing or
15:06
AI companies
15:07
loading up private corporate debt as
15:09
well? You know, how much do you think
15:12
the
15:13
voter is going to blame Burnham for
15:16
their mortgage going up?
15:18
>> Oh, whoever's in government will get the
15:19
blame when people's mortgage costs
15:21
increase, particularly if if it's if
15:23
it's comes to be understood that their
15:25
mortgage is increasing because of
15:26
government policy and government
15:27
decisions, or indeed government inaction
15:29
on trying to get the cost of debt under
15:31
control. So, yes, [snorts] there will be
15:32
a political penalty there. More broadly,
15:34
I think one of the reasons why we're in
15:36
such a mess in this country is that
15:37
there is a general lack of interest and
15:39
lack of understanding around, you know,
15:41
30-year bond yields and and the ways in
15:43
which governments borrow and what the
15:44
implications are around all of that. Um
15:46
just consider how quickly we forgot and
15:48
chose to forget about the 300 billion
15:51
pounds uh we spent, real money, uh on
15:55
our COVID response.
15:56
Do people think for a moment that
15:57
doesn't have to be found or paid back or
16:00
accounted for somewhere else? Uh these
16:02
things are quite abstract. They're often
16:04
very different as soon as you start
16:05
talking about something with the with
16:07
the word 30 years um in its in its
16:10
title, perhaps people assume that this
16:12
is going to be somebody else's problem.
16:13
And of course, to a degree, it will.
16:15
It'll be our children's problem, um and
16:17
at this rate, their children's problem,
16:18
too.
16:19
>> On that sunny note, Christian, thank you
16:21
very much for joining us. I'm sure we'll
16:22
be watching the build-up to the budget
16:23
in great detail.
16:24
>> Did I do my bit to put hope in every
16:26
heart?
16:27
>> Please uh send us
16:29
uh your response on the fan mail link if
16:31
you are
16:32
>> postcode.
16:33
>> If you From all the postcodes, yes,
16:34
thank you.
16:35
>> And finally, Formula 1 is big business
16:37
and it's only getting bigger.
16:39
Broadcasting deals with big streamers
16:40
have carved out a younger and more
16:42
female fan base, and all corners of the
16:44
world seem to want in. Now, there are
16:47
suggestions that the motorsport could be
16:48
expanding even further, and I've
16:51
actually sports editor Matt Hardy has
16:52
been writing about exactly this.
16:55
Welcome, Matt.
16:56
>> Good morning. How are we doing?
16:57
>> Very well, thank you. Lovely to have you
16:58
back.
16:58
>> Better than you. You sound ill as hell.
17:00
>> It's I'm just committed to the cause of
17:02
the podcast.
17:03
>> is brilliantly stoic, um
17:05
and you're driving forward uh in
17:08
much the same way uh that F1 looks to be
17:11
driving forward into new territories uh
17:14
both geographical and otherwise.
17:16
What's going on?
17:17
>> So, yeah, look, there are 11 teams on
17:19
the Formula 1 grid at the moment.
17:20
Cadillac joined just this year.
17:23
>> Which is quite That's quite an awkward
17:24
not round number.
17:26
>> Yeah, 11's odd. Um you're allowed to
17:28
have 24 cars on an F1 grid, the current
17:30
regulations say, and
17:32
11 * 2, two two drivers in each in each
17:35
team, that's 22. There are two spots
17:37
left. We were talking to um
17:39
Liam Parker at Formula 1 this week, and
17:41
I should say while he
17:43
didn't say that, you know, he didn't say
17:45
to expect a team anytime soon, he said,
17:47
"The door is open." You know, if someone
17:49
wants to make an offer, you know, they
17:51
are there to listen. The teams don't get
17:52
a say, this is on Formula 1, this is on
17:54
the FIA. Um there are some regulation
17:56
changes coming at the end of the decade,
17:57
which suggests maybe someone would wait
17:59
there, but
18:01
what if it's China? What if it's America
18:03
again? What if we're going to get
18:05
something
18:05
>> like a BYD Motors or Geely put a team
18:08
in?
18:08
>> someone said Caterham might have another
18:09
look. Um could we get a big powerhouse
18:12
from Russia now that they're allowed
18:14
back in
18:15
>> sport. You know, it's quite It's quite
18:16
political. It's quite exciting.
18:17
>> Iran have a car.
18:18
>> Um Iran can have a car if they want to.
18:20
Uh I think they're a bit busy at the
18:21
moment, but um but yeah, this is
18:23
incredible, and I think there's a
18:24
one-off entry fee of something in the
18:26
region of $400 million
18:29
to get in, which is distributed amongst
18:30
the other teams, because obviously the
18:32
more teams you have,
18:33
the the the smaller your slice of pie.
18:35
So this might not happen, it may happen.
18:37
If it does, it would be brilliant to see
18:38
where it comes from.
18:39
>> Drive to Survive, the Netflix
18:40
documentary series, has really changed
18:42
its image. I mean, I remember 10 12
18:44
years ago it felt like quite a lame,
18:46
quite techy sport.
18:47
>> Yeah, and anorak-y, yeah.
18:48
>> Yeah, yeah, exactly, a particular kind
18:50
of like man who wears North Face jackets
18:52
before North Face jackets became cool,
18:53
wears
18:54
watches that. And now it's yeah, people
18:57
you have these celebrity drivers, I
18:58
think particularly Lando Norris, I think
19:00
has particularly captured the
19:00
imagination here. Got a really sort of
19:02
younger Gen Z audience. Also suggestions
19:06
uh that we could see some new locations
19:08
for Grand Prix Grand Prix.
19:10
>> Grand Prix. Yeah, so Korea, South Korea
19:13
I should say, uh are looking at
19:15
Pyongyang as a possibility.
19:18
Um, would be quite quite amazing.
19:20
Um, yes, so South Korea, there's talks
19:22
at the moment about Thailand.
19:25
Um, Brazil um has one.
19:28
Uh, South America elsewhere doesn't.
19:29
Argentina might get one, which would be
19:31
quite amazing. Um, South Africa are
19:33
looking it to sounds like F1 are going
19:35
to pour cold water on that. Um, and
19:37
Rwanda, um,
19:39
which is, you know, an amazing idea. It
19:41
sounds like Britain have some chartered
19:42
flights. We could maybe get on one.
19:44
>> Yeah, well, there's some small like
19:45
Arsenal shirts that could be repurposed
19:47
for that as well.
19:48
>> There's already some rooms that we've
19:49
pre-paid over there that never got used.
19:52
Or visit Rwanda and our Premier League
19:53
sponsor, front of shirt sponsor with
19:55
Aston Villa. So, you can get a lot of
19:57
Brummies down there to to go and watch
19:59
the Formula 1.
19:59
>> Well, I'm glad you mentioned football
20:01
because can't let you go before getting
20:03
a quick word from you on another
20:04
record-breaking transfer window. Players
20:07
were bought and sold, and uh Premier
20:10
League Premier League clubs spent a
20:12
record amount of nearly 3 and 1/2
20:14
billion pounds on new signings. We see
20:17
this headline almost every single year.
20:19
Should we even be surprised by this
20:21
anymore?
20:21
>> This is the fifth year in a row it's
20:23
over 1 billion. It's the
20:25
third year in a row it's over 2 billion.
20:27
And now it's the second year in a row
20:28
it's over three. So, like it's just
20:30
going up and up and up. And it's
20:31
incredible. We saw the British transfer
20:34
fee matched yesterday when Enzo
20:36
Fernandez
20:37
was announced as a Man City player.
20:40
Interestingly, of the top 10 transfers
20:43
in Premier League history, he's in there
20:45
twice.
20:46
>> Wow.
20:46
>> So, him signing for Chelsea and him
20:48
leaving Chelsea for Man City is in
20:50
there. Uh,
20:52
you know, spending 125 million pounds on
20:54
a player is incredible. I I was saying
20:56
to you both earlier about Morgan Rogers
20:58
who went from my team Villa to Chelsea
21:00
for 117 million.
21:04
Was 2 million pounds short of the price
21:06
that Sainsbury's sold Argos for. So,
21:09
this is the
21:09
>> And he doesn't have a catalog.
21:10
>> And he doesn't have a catalog. He's got
21:12
catalog of shots, and that's about it,
21:14
you know, techers. But, um but yeah,
21:17
this is incredible amount of money. And
21:18
and and the promoted teams each each
21:20
spending hundreds of millions of pounds
21:22
uh in the hope of staying up.
21:24
>> I'm looking at a parochial sport website
21:26
called skysports.com,
21:28
which says uh Liverpool top the table
21:30
with 220 million pounds, followed by
21:33
Ipswich.
21:34
>> So, Ipswich, they're coming up. The gap
21:36
between the championship and the Prem is
21:37
so much. You've got to You've got to
21:40
You've got to spend your way in.
21:41
Sunderland, incredibly last year got
21:43
promoted, spent about 100 million quid,
21:45
and then made it to the European places.
21:47
Now, they're going on away days to
21:48
Greece and and everything in the in the
21:50
dark months of winter. So, you know, and
21:52
that's where the money is. Um new new
21:54
squad cost rules have come in. Wouldn't
21:56
bore you with that. And and as I say, I
21:58
think Aston Villa sold 350 million
22:01
pounds worth of players.
22:03
Um So, you know, there's money to be
22:05
made in this sport if you if you know
22:06
how to do it. And a couple of clubs are
22:08
in are in net kind of profit having done
22:11
their transfer windows over the last few
22:13
years. Brighton's a notable one.
22:14
>> Well, Matt, there's so much money in
22:15
sport, and it's always a pleasure to to
22:17
dig into that money with you. Thank you.
22:19
>> If they'd like to give some to me, that
22:20
would be great.
22:21
>> Well, yeah, get get him involved in the
22:23
next transfer window. That's my message
22:24
to both uh the Premier League and
22:26
>> Can we transfer Matt Hardy to
22:27
>> Yeah.
22:28
>> Saudi Pro League.
22:29
>> Sky Sports.
22:30
>> Yeah.
22:30
>> Yeah.
22:30
>> There's always someone. Matt, thank you
22:32
so much for joining us.
22:33
>> Cheers, boys.
22:33
>> Well, that's just about all we have time
22:35
for today. Thank you very much for
22:36
listening to or watching Business as
22:38
Usual brought to you by Workday.
22:41
>> As ever, don't forget to subscribe to
22:43
our various daily and weekly
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22:46
to download our free app.
22:47
>> You can watch or listen back to all our
22:49
videos and podcasts there, including
22:51
this excellent podcast. Uh this episode
22:54
was produced by Joey Curette Tanada for
22:56
you, and we'll be back in your podcast
22:58
feeds tomorrow at 6:00 a.m. But for now,
23:00
bye-bye.
23:00
>> Goodbye.
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