Bloomberg Audio Studios, Podcasts, radio News. It's a very resilient person and you know she has convictions, so I just think it's interesting to hear what she has to say and what her reflections are and what's.

Bloomberg Audio Studios, Podcasts, radio News. It's a very resilient person and you know she has convictions, so I just think it's interesting to hear what she has to say and what her reflections are and what's.

Happened to you. It means that she was right because it was two years after.

Happened to you. It means that she was right because it was two years after.

Margaret thought she was deposed.

Margaret thought she was deposed.

I was in Blackpool and there was a que around the block.

I was in Blackpool and there was a que around the block.

To see her as well.

To see her as well.

I know this Trust wasn't great with the economy.

I know this Trust wasn't great with the economy.

However, to my opinion, that was most that fault of the Bank of England that did that.

However, to my opinion, that was most that fault of the Bank of England that did that.

Well, those were supporters of Liz Trust. Speaking to Bloomberg, it has to be said she's been the star of the show. It seems that Conservative Party conference, the party says it's seeking a new direction, but that they really haunted by ghosts of prime minister's past. You're listening to the Bloomberg UK Politics podcast live from the Conservative Party conference here in Birmingham. I'm Lizzie Burden and.

Well, those were supporters of Liz Trust. Speaking to Bloomberg, it has to be said she's been the star of the show. It seems that Conservative Party conference, the party says it's seeking a new direction, but that they really haunted by ghosts of prime minister's past. You're listening to the Bloomberg UK Politics podcast live from the Conservative Party conference here in Birmingham. I'm Lizzie Burden and.

I'm James Wilcock. Welcome to the program.

I'm James Wilcock. Welcome to the program.

Now, I was out at that queue talking to those conscers de party members who went to see Liz. You said it was the main event, I would go further. I always say that was possibly the most well attended event of conference so far.

Now, I was out at that queue talking to those conscers de party members who went to see Liz. You said it was the main event, I would go further. I always say that was possibly the most well attended event of conference so far.

With the leader speeches yet.

With the leader speeches yet.

To happen tomorrow, everyone here is trying to get a handle on what is the vision of these four new leaderhip cans. How will they take the fight to labor, what will they push back on what will this new Conservatives look like? And yet you have on one hand, Liz trying to redefine what the past looks like. On the other hand, on Thursday, right after conference, that Boris Johnson published his memoirs, And so this is a party that hasn't yet finished reckoning with its own path, trying to also paint the vision for its future.

To happen tomorrow, everyone here is trying to get a handle on what is the vision of these four new leaderhip cans. How will they take the fight to labor, what will they push back on what will this new Conservatives look like? And yet you have on one hand, Liz trying to redefine what the past looks like. On the other hand, on Thursday, right after conference, that Boris Johnson published his memoirs, And so this is a party that hasn't yet finished reckoning with its own path, trying to also paint the vision for its future.

At the same time.

At the same time.

How different it is that Liz Trust and Boris Johnson should make these appearances when Rishie Sooner quietly makes his speech on the Sunday and vacates the floor for the four leadership candidates. Well, speaking of whom I sat down with the former Foreign and Home Secretary now Conservative leadership hopeful James Cleverly, and I have to say this serious pitch to business has not been what's been dominating the agenda here. It's been mostly about the culture wars and immigration. But James Cleverly admitted to me that yes, his party dropped the ball. Yes, business cares more about influencing the government than the opposition, and that's evident from the poor showing of CEOs. Here we report that they had to give away tickets to Business Day and those tickets had been on Solved for three five hundred pounds, although an official denied it. But look, as Cleverly told me, what they need to do now is win back trust. Take a listen to James Cleverly.

How different it is that Liz Trust and Boris Johnson should make these appearances when Rishie Sooner quietly makes his speech on the Sunday and vacates the floor for the four leadership candidates. Well, speaking of whom I sat down with the former Foreign and Home Secretary now Conservative leadership hopeful James Cleverly, and I have to say this serious pitch to business has not been what's been dominating the agenda here. It's been mostly about the culture wars and immigration. But James Cleverly admitted to me that yes, his party dropped the ball. Yes, business cares more about influencing the government than the opposition, and that's evident from the poor showing of CEOs. Here we report that they had to give away tickets to Business Day and those tickets had been on Solved for three five hundred pounds, although an official denied it. But look, as Cleverly told me, what they need to do now is win back trust. Take a listen to James Cleverly.

I'm putting myself forward to be the next Conservative Prime Minister of this country. So it is now. It's not just appropriate, but I am duty bound to set out my vision.

I'm putting myself forward to be the next Conservative Prime Minister of this country. So it is now. It's not just appropriate, but I am duty bound to set out my vision.

And what's that?

And what's that?

So my vision is a more productive economy. We have regulated ourselves to be a less productive economy than many of our international competitors. That has got to change. Too highly taxed compared with many of our international competitors, that has got to change, so less tax, less red tape. We've also got to make sure we are properly defended, which is why I'm committed to three percent of defense spending. And also, when I say less tax i don't just mean nibbling away at margins, which is really important. I want to make sure we send a message both domestically and internationally that Britain is open for business. We're going to build, build, build, We're going to get our economy firing again. We're going to do that by taking the limitters away to unlock potential, both in individuals and in British based businesses. We've got to get the energy back, optimism, positivity, but some real energy, and that will attract international investors and support British workers.

So my vision is a more productive economy. We have regulated ourselves to be a less productive economy than many of our international competitors. That has got to change. Too highly taxed compared with many of our international competitors, that has got to change, so less tax, less red tape. We've also got to make sure we are properly defended, which is why I'm committed to three percent of defense spending. And also, when I say less tax i don't just mean nibbling away at margins, which is really important. I want to make sure we send a message both domestically and internationally that Britain is open for business. We're going to build, build, build, We're going to get our economy firing again. We're going to do that by taking the limitters away to unlock potential, both in individuals and in British based businesses. We've got to get the energy back, optimism, positivity, but some real energy, and that will attract international investors and support British workers.

Just to go back to defense, since you say it's central to your vision, is the UK government doing enough to extract those British citizens from Lebanon?

Just to go back to defense, since you say it's central to your vision, is the UK government doing enough to extract those British citizens from Lebanon?

Well, when I was foreign sectary, I changed the travel advice to advise people not to go to Lebanon. The British government has been telling people for weeks they should leave, they should leave Lebanon. The point is it may well be it is quite likely to be impossible to do a facilitated evacuation from Leven. This is why we tell people to leave. If people don't leave, we can't guarantee that we can get them out, which is why we told them to leave. In the first place.

Well, when I was foreign sectary, I changed the travel advice to advise people not to go to Lebanon. The British government has been telling people for weeks they should leave, they should leave Lebanon. The point is it may well be it is quite likely to be impossible to do a facilitated evacuation from Leven. This is why we tell people to leave. If people don't leave, we can't guarantee that we can get them out, which is why we told them to leave. In the first place.

Okay, and you say that economics is going to be at the heart of your vision. I was listening to Liz trust yesterday. She said she hadn't seen any evidence that any of you running for the Tory leadership really understand why things are so bad for the Conservatives.

Okay, and you say that economics is going to be at the heart of your vision. I was listening to Liz trust yesterday. She said she hadn't seen any evidence that any of you running for the Tory leadership really understand why things are so bad for the Conservatives.

Is she right?

Is she right?

I'm a really good friend of Liz, who was a good boss when she was Foreign Sectary.

I'm a really good friend of Liz, who was a good boss when she was Foreign Sectary.

She's not back to you. She's not back to anyone.

She's not back to you. She's not back to anyone.

No, she's not back to anyone. We're trying to understand. None of the former prime ministers have are backed the leadership candidates, and that makes perfect sense. I don't always agree with Liz, and I don't agree with her on this case. I'm setting out a very very clear agenda, which is to ease the tax burden on both businesses and individuals to really get activity back in the UK economy. I want to push for greater productivity, particularly when excessive regulation is stifling that productivity. I want to make sure that we defend ourselves properly. Three percent is an upturn from where we are at the moment, but three percent on defense is considerably less expensive than going to war. Ukraine is spending forty percent of its GDP on defending itself. Three percent is cheap and creating a safe environment is good for British people, good for British business.

No, she's not back to anyone. We're trying to understand. None of the former prime ministers have are backed the leadership candidates, and that makes perfect sense. I don't always agree with Liz, and I don't agree with her on this case. I'm setting out a very very clear agenda, which is to ease the tax burden on both businesses and individuals to really get activity back in the UK economy. I want to push for greater productivity, particularly when excessive regulation is stifling that productivity. I want to make sure that we defend ourselves properly. Three percent is an upturn from where we are at the moment, but three percent on defense is considerably less expensive than going to war. Ukraine is spending forty percent of its GDP on defending itself. Three percent is cheap and creating a safe environment is good for British people, good for British business.

In wristrument right on NATO.

In wristrument right on NATO.

Well that I've been advocating that all NATO members spent at least that two percent. I speak to friends in Eastern Europe who are literally bordering Russia and they are crying out for all NATO members to spend the two percent, which is a commitment. That Karris Bay commitment is really really key. I've always said that I want to go further. I'm going to spend three percent of GDP on defense.

Well that I've been advocating that all NATO members spent at least that two percent. I speak to friends in Eastern Europe who are literally bordering Russia and they are crying out for all NATO members to spend the two percent, which is a commitment. That Karris Bay commitment is really really key. I've always said that I want to go further. I'm going to spend three percent of GDP on defense.

And you know you talk about business regulation, cutting red tape, and yet there are very few CEOs here. Why do you think they've abandoned the party.

And you know you talk about business regulation, cutting red tape, and yet there are very few CEOs here. Why do you think they've abandoned the party.

Well, we've got to recognize that we're not in government anymore. Of course, people want to influence the party of government and because we dropped the ball, that is not us. We need to win back the ear of British business, British voters, British people. I know that I am best placed to do that. That is why I am running, and that is why I know i'd be the best leader of the opposition and ultimately take us back into government and become Prime minister.

Well, we've got to recognize that we're not in government anymore. Of course, people want to influence the party of government and because we dropped the ball, that is not us. We need to win back the ear of British business, British voters, British people. I know that I am best placed to do that. That is why I am running, and that is why I know i'd be the best leader of the opposition and ultimately take us back into government and become Prime minister.

Do you worry that Kenny badenox comments on maternity pay are going to put women off the party?

Do you worry that Kenny badenox comments on maternity pay are going to put women off the party?

Well they shouldn't this This is a party that has had not one, not two, but three female prime ministers. We promote on merit I very much, and I've made this point. I really value the embedded talent in working women and those who want to go back to work should be able to do so. The cost of childcare, as I say, is putting a lot of them off. That's what I want to tackle, so that everyone in society, whether you're a parent or not, can play an active part in the economy. And that will remain a priority for me.

Well they shouldn't this This is a party that has had not one, not two, but three female prime ministers. We promote on merit I very much, and I've made this point. I really value the embedded talent in working women and those who want to go back to work should be able to do so. The cost of childcare, as I say, is putting a lot of them off. That's what I want to tackle, so that everyone in society, whether you're a parent or not, can play an active part in the economy. And that will remain a priority for me.

But just finally, some of the briefing against Kemmy Badenock's been pretty toxic. Are you Tom Tooganheart and Robert Jenerick colluding against her?

But just finally, some of the briefing against Kemmy Badenock's been pretty toxic. Are you Tom Tooganheart and Robert Jenerick colluding against her?

No? No, no, no no. I've made it absolutely clear in my campaign right from the start that we would run an optimistic and positive campaign. I said, anyone in my team involved in Blue on Blue is off the team, no yellow card, no second chance, You're off. The team I intend to campaign as I intend to lead, as I intend to govern, which is by putting the best foot forward, being optimistic, promoting my values and my ideas, and not talking down of my friends, because every single one of these other candidates is not just a colleague but also a friend.

No? No, no, no no. I've made it absolutely clear in my campaign right from the start that we would run an optimistic and positive campaign. I said, anyone in my team involved in Blue on Blue is off the team, no yellow card, no second chance, You're off. The team I intend to campaign as I intend to lead, as I intend to govern, which is by putting the best foot forward, being optimistic, promoting my values and my ideas, and not talking down of my friends, because every single one of these other candidates is not just a colleague but also a friend.

That was the shadow Home Secretary and Tory leadership candidate James Cleverly. James, Look, he's in a difficult position, all of them are. You've got to please your fellow MPs to get on the ballot paper. You've got to please the Tory grassroots to win the vote and then to win over the electra eventually to become Prime minister. You've got to thread this very delicate needle. And clearly Cleverly's rivals Robert Jenrick and kemmy Baden are focused on the grass roots for now. They're more right wing than him and Tom tougan Hart. But interestingly, Yougov's Patrick English came on Bloomberg Radio with us earlier and he said that it's not necessarily the best strategy because this is still an open race, but it raises a question who's the real James Cleverly. He served under Boris Johnson. Is trust and Rishi Sunak. So what is cleverlyism? He says, it's about having a positive message, a more productive economy, less red tape, lower taxes for individuals and businesses. He wants more childcare and more house building. But when I spoke to him, he wasn't willing to relax migration rules to provide those things. So is it all just warm words?

That was the shadow Home Secretary and Tory leadership candidate James Cleverly. James, Look, he's in a difficult position, all of them are. You've got to please your fellow MPs to get on the ballot paper. You've got to please the Tory grassroots to win the vote and then to win over the electra eventually to become Prime minister. You've got to thread this very delicate needle. And clearly Cleverly's rivals Robert Jenrick and kemmy Baden are focused on the grass roots for now. They're more right wing than him and Tom tougan Hart. But interestingly, Yougov's Patrick English came on Bloomberg Radio with us earlier and he said that it's not necessarily the best strategy because this is still an open race, but it raises a question who's the real James Cleverly. He served under Boris Johnson. Is trust and Rishi Sunak. So what is cleverlyism? He says, it's about having a positive message, a more productive economy, less red tape, lower taxes for individuals and businesses. He wants more childcare and more house building. But when I spoke to him, he wasn't willing to relax migration rules to provide those things. So is it all just warm words?

See you ask what is cleverlyism? I think you could quite fairly ask what is baidnockism? Chemism? What is genericism? What is too ganhatism? I think the problem a lot of them have here at this conversation outside of the conservative bubble, most of the general public do not know what they are and what they stand for. I mean, for those of you who are listening in broadly, to really simplify them, you have Robert Jenrick wants to tackle immigration in the ecchr Bad is a classic libertarian. She thinks there is too much nanny state. She wants to cut back on regulation on business. Like Lizzie said in that beginningview, there, Cleverly is the unity candidate who wants general and options around the party. And Tugenhartz is a centrist but sort of a tough line on security.

See you ask what is cleverlyism? I think you could quite fairly ask what is baidnockism? Chemism? What is genericism? What is too ganhatism? I think the problem a lot of them have here at this conversation outside of the conservative bubble, most of the general public do not know what they are and what they stand for. I mean, for those of you who are listening in broadly, to really simplify them, you have Robert Jenrick wants to tackle immigration in the ecchr Bad is a classic libertarian. She thinks there is too much nanny state. She wants to cut back on regulation on business. Like Lizzie said in that beginningview, there, Cleverly is the unity candidate who wants general and options around the party. And Tugenhartz is a centrist but sort of a tough line on security.

Now.

Now.

The problem is though any opposition is going to be defined by what happens in government, and like everyone else, they are all waiting for this UK big, big budget that Rachel Reeves is going to be setting out in just six weeks time to actually say what they're against, because in many ways, this is the last moment they have, Lizzie to actually define.

The problem is though any opposition is going to be defined by what happens in government, and like everyone else, they are all waiting for this UK big, big budget that Rachel Reeves is going to be setting out in just six weeks time to actually say what they're against, because in many ways, this is the last moment they have, Lizzie to actually define.

Themselves as leaders.

Themselves as leaders.

I don't know, did you get the sense on your Cleverly interview that that's what he's doing. Is there a big, bold vision, Is there sort of big policy acts, Is there a way they want to Is there even answer to Liz Trust's question at an event of what went wrong for the past few years.

I don't know, did you get the sense on your Cleverly interview that that's what he's doing. Is there a big, bold vision, Is there sort of big policy acts, Is there a way they want to Is there even answer to Liz Trust's question at an event of what went wrong for the past few years.

I think that James Cleverly is more realistic about the fact that something went wrong for the Conservatives and then they need to own that. I think the political consensus post Liz Trust is that economic growth needs to be the top priority. But I haven't heard more specific policy made here. Then I heard a labor and that's the problem. The problem is that we've got this policy vacuum, and what everybody wants, especially the markets, especially business, is detail and at the moment we're in a vacuum.

I think that James Cleverly is more realistic about the fact that something went wrong for the Conservatives and then they need to own that. I think the political consensus post Liz Trust is that economic growth needs to be the top priority. But I haven't heard more specific policy made here. Then I heard a labor and that's the problem. The problem is that we've got this policy vacuum, and what everybody wants, especially the markets, especially business, is detail and at the moment we're in a vacuum.

But then I'm not sure business really would mind what the Conservatives said. We have been talking to some of the big sort of business leaders here at conference. You know, Trevorn have a land for the British Tramber of Commerce was saying that there are businesses here, but they are not sending the CEOs. They're sending their public affairs representatives. They are building relationships, but not necessarily yet thinking about policy. They are waiting to see if as a leader, and frankly also waiting to see if this leader is going to be a leader that sticks around in time for the next election. All I would caution everyone who is watching these leadership elections and wondering what might come of them is five years ago people were wondering what would come after Jeremy Corbyn. I'm wondering if label will be out of power for a decade. And now here we are with Labor having their largest landslide majority in fifteen years and the ability to reach the country as they wish. So I think for many people, including Patrick English from Yugo that we talked to this morning.

But then I'm not sure business really would mind what the Conservatives said. We have been talking to some of the big sort of business leaders here at conference. You know, Trevorn have a land for the British Tramber of Commerce was saying that there are businesses here, but they are not sending the CEOs. They're sending their public affairs representatives. They are building relationships, but not necessarily yet thinking about policy. They are waiting to see if as a leader, and frankly also waiting to see if this leader is going to be a leader that sticks around in time for the next election. All I would caution everyone who is watching these leadership elections and wondering what might come of them is five years ago people were wondering what would come after Jeremy Corbyn. I'm wondering if label will be out of power for a decade. And now here we are with Labor having their largest landslide majority in fifteen years and the ability to reach the country as they wish. So I think for many people, including Patrick English from Yugo that we talked to this morning.

Politics is more volatile.

Politics is more volatile.

Things can all change and in five years time, one of the four people speaking tomorrow at their big leader speeches might be in charge of the country.

Things can all change and in five years time, one of the four people speaking tomorrow at their big leader speeches might be in charge of the country.

It's very true politics is fickle, especially in the UK. But look for now. As we report on Bloomberg this morning, business chiefs are the most pessimistic they have been about Britain's economy since late twenty twenty two. The last time we were here James in this arena in Birmingham, when the country was reeling from the effects of Liz Trus's spell as Prime ministers. So we've been through a lot in the economy and somebody needs to inject some optimism. That's what James Cleverly has been trying to do. I also just want to note on the geopolitical front, we've had the enormous news that Israel has invaded Lebanon, and Cleverly says he backs the Israelian cursion after those Hesbula rocket attacks. He says, though it US be in line with international law. Can that line hold the more the incursion continues, as the risk of retaliation from Iran increases, and as the gap from US policy widened. It's a story we will monitor as the leadership race continues.

It's very true politics is fickle, especially in the UK. But look for now. As we report on Bloomberg this morning, business chiefs are the most pessimistic they have been about Britain's economy since late twenty twenty two. The last time we were here James in this arena in Birmingham, when the country was reeling from the effects of Liz Trus's spell as Prime ministers. So we've been through a lot in the economy and somebody needs to inject some optimism. That's what James Cleverly has been trying to do. I also just want to note on the geopolitical front, we've had the enormous news that Israel has invaded Lebanon, and Cleverly says he backs the Israelian cursion after those Hesbula rocket attacks. He says, though it US be in line with international law. Can that line hold the more the incursion continues, as the risk of retaliation from Iran increases, and as the gap from US policy widened. It's a story we will monitor as the leadership race continues.

And I guess we'll be seeing in those speeches tomorrow if you have generic tougan Hat and Bade also coming out with these comments on foreign policy as they try and stake out what this party means. That's it from us for today. If you like the program, don't forget to subscribe and give it five stars that other people can find it on Apple Podcasts, Spotify or wherever you listen.

And I guess we'll be seeing in those speeches tomorrow if you have generic tougan Hat and Bade also coming out with these comments on foreign policy as they try and stake out what this party means. That's it from us for today. If you like the program, don't forget to subscribe and give it five stars that other people can find it on Apple Podcasts, Spotify or wherever you listen.

This episode was produced by Tewa Adabaio and our audio engineer was Sean Guastamachia. I'm Lizzie Burden and I'm James Wilcock.

This episode was produced by Tewa Adabaio and our audio engineer was Sean Guastamachia. I'm Lizzie Burden and I'm James Wilcock.

Will be back with more tomorrow. This is Bloomberg.

Will be back with more tomorrow. This is Bloomberg.

Bloomberg UK Politics listen weekdays at noon on DAB Digital Radio in London

Bloomberg UK Politics listen weekdays at noon on DAB Digital Radio in London