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Starmer Backs Reeves After Tears Prompt Selloff, Trump Tax Bill Latest | Bloomberg The Pulse 07/03
UK markets rebounded from a sharp selloff as Prime Minister Keir Starmer sought to calm speculation about a possible exit by Chancellor of the Exchequer Rachel Reeves by saying she will stay in the role for many years to come. In a BBC interview late Wednesday, Starmer gave Reeves his full backing, hours after failing to guarantee her position when asked in parliament. “She and I work together, we think together,” he said, adding, “We’re in lockstep.” Starmer reiterated that message in comments to a UK radio station on Thursday. In US politics, House Republicans overcame a critical procedural hurdle to advance President Donald Trump’s massive tax and spending package early Thursday, holding a key vote open for hours past midnight as the president and his allies worked to win them over.
The House finally voted 219-213 to essentially move toward a final vote on Trump’s “big beautiful bill,” which includes tax cuts Republicans campaigned on, a phase-out of Biden-era clean energy incentives and funding for the president’s crackdown on illegal immigration. Debate began immediately on the legislation, setting up a potential final vote for later in the morning in Washington, ahead of Trump’s self-imposed July 4 deadline.
Today's guests: Subitha Subramaniam, Sarasin & Partners Head of Investment Strategy, Rajaa Mekouar, Calista Direct Investors CEO, Eileen Burbidge, Passion Capital Founding Partner & Fertifa Executive Director, Andrea Illy, Illycaffe Chairman
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"The Pulse With Francine Lacqua" is all about conversations with high profile guests in the beating heart of global business, economics, finance and politics. Based in London, we go wherever the story is, bringing you exclusive interviews and market-moving scoops.
Chapters:
00:00:00 - The Pulse With Francine Lacqua
00:00:32 - Starmer Crisis Shows UK Still Lives at Mercy of Bond Market
00:02:07 - UK Markets Bounce as Starmer Says Reeves to Stay for Many Years
00:04:07 - Subitha Subramaniam, Sarasin & Partners Head of Investment Strategy
00:05:27 - Starmer Says Reeves Will Stay as UK Chancellor Despite Setbacks
00:11:39 - House Republicans Clear Critical Hurdle in Trump Tax Bill Debate
00:14:51 - Beijing Braces for US Trade Deals That Aim to Shut Out China
00:18:27 - Rajaa Mekouar, Calista Direct Investors CEO
00:21:23 - Are Non-Doms Leaving UK?
00:25:15 - Eileen Burbidge, Passion Capital Founding Partner & Fertifa Executive Director
00:32:11 - Tesla Shares Rally
00:37:59 - Andrea Illy, Illycaffe Chairman
00:45:15 - UK Gilts Rebound After Starmer Backs Reeves
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Published Jul 3, 2025
