Latest news with #WilfredFrost
Sky News
23-07-2025
- Business
- Sky News
Goldman Sachs boss sounds warning to Reeves on tax and regulation
London and the UK's leading status in the global financial system is "fragile", the boss of Goldman Sachs has warned, as the government grapples with a tough economy. Speaking ahead of a meeting with the prime minister, David Solomon - chairman and chief executive of the huge US investment bank - told Sky News presenter Wilfred Frost's The Master Investor Podcast of several concerns related to tax and regulation. He urged the government not to push people and business away through poor policy that would damage its primary aim of securing improved economic growth, arguing that European rivals were currently proving more attractive. He said: "The financial industry is still driven by talent and capital formation. And those things are much more mobile than they were 25 years ago. "London continues to be an important financial centre. But because of Brexit, because of the way the world's evolving, the talent that was more centred here is more mobile. "We as a firm have many more people on the continent. Policy matters, incentives matter. "I'm encouraged by some of what the current government is talking about in terms of supporting business and trying to support a more growth oriented agenda. "But if you don't set a policy that keeps talent here, that encourages capital formation here, I think over time you risk that." He had a stark warning about the recent reversal of the "Non Dom" tax policy, which occurred across both the prior Conservative government and the current Labour government, which has played a part in some senior Goldman partners relocating away from London. 1:16 Richard Gnodde, one of the bank's vice-chairs, left for Milan earlier this year. "Incentives matter if you create tax policy or incentives that push people away, you harm your economy," Mr Solomon continued. "If you go back, you know, ten years ago, I think we probably had 80 people in Paris. You know, we have 400 people in Paris now... And so in Goldman Sachs today, if you're in Europe, you can live in London, you can live in Paris, you can live in Germany, in Frankfurt or Munich, you can live in Italy, you can live in Switzerland. "And we've got, you know, real offices. You just have to recognise talent is more mobile." Goldman is understood to have about 6,000 employees in the UK. Rachel Reeves is currently seeking ways to fill a black hole in the public finances and has refused to rule out wealth taxes at the next budget. Mr Solomon expressed sympathy for her as her tears in parliament earlier this month led to speculation about the pressure of the job. "I have sympathy, I have empathy not just for the chancellor, but for anyone who's serving in one of these governments," he said, referring to the turbulent political landscape globally. Commenting on the chancellor's Mansion House speech last week, he added: "The chancellor spoke here about regulation, she's talking about regulation not just for safety and soundness, but also for growth. 1:54 "And now we have to see the action steps that actually follow through and encourage that." One area he was particularly keen to see follow through from her Mansion House speech was ringfencing - the post financial crisis regulation that requires banks to separate their retail activities from their investment banking activities. "It's a place where the UK is an outlier, and by being an outlier, it prevents capital formation and growth. "What's the justification for being an outlier? Why is this so difficult to change? It's hard to make a substantive policy argument that this is like a great policy for the UK. So why is it so hard to change?"
CNBC
02-07-2025
- Business
- CNBC
Former Treasury Secretary Jack Lew: Mamdani's policies are not good for New York
Former Treasury Secretary Jack Lew joins Wilfred Frost to discuss outlooks on the policies of New York City mayoral candidate Zohran Mamdani, the path forward for the Democratic party, and more.
Yahoo
18-06-2025
- Politics
- Yahoo
'That's Failure': Sky News Presenter Slams Labour Minister Over Huge Rise In Small Boat Numbers
A Sky News presenter accused Labour of 'failure' as the number of asylum seekers crossing the English Channel in small boats soars. Nearly 17,000 migrants have made the perilous journey so far this year – nearly 50% more than at the same stage 12 months ago. That is despite the government's vow to tackle the problem by tackling the people smuggling gangs behind it. Housing minister Matthew Pennycook tried to defend the government's record on Sky News this morning, but presenter Wilfred Frost was having none of it. He said: 'Is it fair to say that so far, a year or so into government, that the government's failed in this area?' The minister replied: 'I don't think that's the case. We inherited an immigration and asylum system in complete chaos, we've got to restore order, but there was never going to be a quick, overnight fix on this, and we are taking action in a variety of areas.' But Frost told him: 'To claim you're rapidly bearing down, and to cite once again the inheritance, when we're a full year into your term in office ... and it's not like the numbers have persisted, they're 50% worse. Thus far, that's failure.' Pennycook said: 'I don't accept that. There's no overnight fix to this. We have to put in place the measures that will allow us to rapidly bring down numbers.' Frost hit back: 'Some people will be worried that you don't see it as failure thus far.' Darren Jones Admits He Was Wrong To Say Most Migrants On Small Boats Are 'Children, Babies And Women' Starmer Accused Of Dancing To 'Farage's Tune' With Small Boats Crackdown Labour Split Erupts After Asylum Seekers On Small Boats Banned From Becoming UK Citizens
The Independent
21-05-2025
- Business
- The Independent
Rachel Reeves's interview disrupted by on-air audio glitch as Chancellor's voice turns high pitched
A interview was stopped mid-air due to a technical glitch that resulted in her voice sounding extremely high pitched. Discussing recent inflation data from the Office of National Statistics in a squeaky voice, the Chancellor was cut short mid-sentence by Sky News. Presenter Wilfred Frost had to apologise for the technical blunder: "I think we've got a problem there with the sound, again," he explained. Inflation rose to 3.5 per cent last month – the largest month-on-month rise in two and a half years.
Daily Mail
21-05-2025
- Business
- Daily Mail
Rachel Reeves appears on Sky News with squeaky high voice thanks to technical blunder as she discusses UK's latest economic woes
The chancellor Rachel Reeves ' voice grew increasingly high pitched today as she spoke about the 'disappointing' rise in inflation amid an embarrassing technical blunder. Speaking to Sky News, Ms Reeves said: 'The numbers today are clearly disappointing. We want to see inflation coming down after the cost of living challenges that people have been through these last few years.' Her voice was then silenced entirely with the audience left guessing what she had to say as broadcast bosses apparently realised the mistake. The confused looking presenter Wilfred Frost was lost for words for a good few seconds as he looked at the camera with a gaping mouth. Switching back to reality, Mr Frost said: 'I think we've got a problem there with the sound again.' Many viewers have since taken to social media to make jibes at the error, comparing the rise in Ms Reeves' voice to Labour party policies which have caused 'ballooning national debt'. Someone said on X 'there's the ballooning debt for you' while another joked 'further, faster and higher'. It comes amid today's news that UK inflation surged to its highest level for more than a year in 'Awful April' after households were hit by a raft of bill increases.
