Eye on AI

21:39Will Bain:I know. What do we think about that quickly before we go to the weather? Anna, more Wi-Fi on planes? I quite like the idea. I was on a plane quite late last night. I was going to say you're another traveler. I quite like the idea of not being able to do anything. But no, I can see that it's quite useful. I mean, I think actually, I was thinking yesterday when I was in London and I thought, goodness me, we're talking about SpaceX and Starlink, whereas I can't actually even get a tube to somewhere because there's a strike on. I think, yeah, the real world came clashing rather quickly together against the S1 filing.

22:17Will Bain:And also anybody who's walked through the city of London, you can't get Wi-Fi signal there either, or mobile phone signal. George, Wi-Fi on planes? I'm with the other panelists on this. I'd rather read the book. Yeah, exactly. I'd rather have an excuse not to work on the plane. Exactly. Don't give me the opportunity. And more importantly, don't give someone else the opportunity to stream their music loudly. George can download a new book. Now, as you might have heard with us earlier in the week, two water companies have been in the news. First up was South East Water, who said that there was still more than 600 homes without supply last weekend.

22:52Will Bain:We've heard from a hotel who were paying the price. Last weekend, bank holiday afterwards with the half term, we saw a massive drop of income coming into the town. And that's affected shops, it's affected retail, hotels, restaurants. Up here at the Crescent Turner, we've had two back to back weddings. I would like to see somebody come and try and operate two weddings with no water. We've had to hire in our own water pillow. We've had to hire in our own showers that has come at a cost of about£8 ,000. You know, we can't pass that on to our guests. We've put our insurers on notice. But why should we have to pay via our insurance where our premiums will be hit?

23:37Will Bain:Sean also heard from Jim Wright from Premier Might. and he's been investing in water stocks for 25 plus years. And Jim told us about how water companies take on the impact of these fines. Water companies are mandated by the regulator and will be mandated by the new and hopefully better regulator to invest certain amounts and charge certain amounts. So, you know, it is controlled by the regulator, both what they can invest and what they can charge. Anna, all of us, Sarah Simmons, by the way, who we heard the operations manager at the Crescent Turner Hotel in Whitstable there, all of the other panellists here in the studio, had their head in their hands of what Sarah was trying to deal with, I think, with that.

24:18Will Bain:Anna, does it speak to a kind of wider, a bit like you were joking about a minute ago, really, with strikes and things as well, this sort of infrastructure that can't be relied upon, it feels like, for a lot of our businesses? Yeah, I mean, it's deeply depressing, isn't it? I mean, these water companies were originally floated pretty well invested and debt free And now we've got water companies that have underinvested infrastructure. They're highly indebted. And the customers are really suffering. And this is customers. I mean, I can't even imagine trying to host a wedding without any water. I mean, that's just it's dreadful.

24:54I think that it just doesn't feel like it's getting any better, which must be just hugely frustrating for those companies in the southeast.

25:04Will Bain:How difficult, challenging, Jasper, is it as a business leader? Infrastructure kind of full stop in the UK, I guess, at the moment. I'm guessing water, perhaps not necessarily if you've not been directly impacted with it, but just the lack of reliability. I think it's reliability. It's also availability. I mean, if I think about how we have our people in Wrexham, they all drive in. Why do they drive into the office? Because there are no real reliable public transport. So if we got more buses on, if they were reliable, people could get in, that would be a big sort of tick up and make more people probably take the chance to start working instead of maybe finding a job where they were sitting at home or not working.

25:47So I think as it relates to water, I mean, what do customers want? They want a reliable supply and clear communications when things go wrong. And it sounds like that hasn't really worked out very well for this area.

25:59Will Bain:Let's come to the comms because I think that's really interesting as well. But, George, the government set out, was it last summer or the summer before, a kind of infrastructure plan, a pipeline of projects that included, you know, things like Heathrow expansion, Lower Thames crossing, lots of kind of projects about dams and reservoirs and things like that as well. What is it that gets investors into that, I suppose? What would entice them into that? Because it sounds like that investment is needed more than ever. Yes. Just as a caveat, I live in Athens, a city of Enten ruins. So yes, let me comment on the infrastructure of an empire very confidently.

26:35So what gets investors invested in infrastructure? Obviously, they do need to know that the government is behind it. They do need to know that the balance sheets are clean and good. I keep coming back to that because that's what investment is really about. It's numbers and balance sheets and income statements. But in fact, there is the nature of the problem. So keep in mind that since 1989, those water companies have paid out 85 billion shareholder dividends. And balance sheets were loaded with debt, about 60 billion worth of debt. So investors like the dividends and investors like the payback of their investment.

27:21but the question is private investors that is but the question is is this compatible with good infrastructure projects okay that's where the balance must be struck it's going to be a

27:33Will Bain:very delicate one comes in the same week as well that southeast issues that southwest water find 1.8 million pounds over a parasite outbreak in the brixham devon area new water regulator on the way we know from the government that supposedly to have more powers than your teeth doesn't sound like it can come quickly enough really just on the comps then yes but when something's going wrong in a company as the chief exec what what are your sort of rules i suppose i think it's less about rules more about principles of um when things go wrong what you want to do is to speak to your customers and tell them what you're doing about it um what why is that important for them right now they want to understand what's going on you might not be able to tell them everything you won't have the answers to everything but as long as they get out there in front tell people what's going on and continue that proactive communications flow and certainly from what sarah was telling us at the hotel in winstable she hadn't heard at all from her water company through that can't imagine that situation she must have it must have been horrible for her yeah it's sounding do go back on the wake up to money podcast you can skim back and hear sarah's interview in the second half of the programme on Tuesday.

28:45Will Bain:George, thanks so much for your time this morning. Always really appreciate it. Thank you very much. George Ligarius, the Chief Economist and Investment Strategist at Forvis Mazar Wealth Management. Plenty more from Anna and Jesper in the second half of the programme. We're going to be talking steel. Tariffs are back in the news. We're trying to explain how and why. And we'll also be talking Netflix because Reid Hastings, one of the founders of the company, is set to leave the streaming giant. So we'll ask whether that matters and what the next chapter might hold for it. Ever invest in something that seemed incredible at first, but didn't live up to the hype?

29:20Like those$5 roses at a gas station, or a second-hand piece of technology that breaks in the first 10 minutes? Marketers know that feeling. We optimize for the numbers that look great, impressions, reach, and reacts. But when they don't show revenue, well, that's a not-so-great conversation with the CFO. LinkedIn has a word for that. Bull spend Now you can invest in what looks good to your CFO LinkedIn ads generates the highest ROAS of all major ad networks You'll reach the right buyers because you can target by company, industry, job title and more So cut the bull spend Advertise on LinkedIn The network that works for you Spend$250 on your first campaign on LinkedIn ads and get a$250 credit for the next one Just go to linkedin.com slash broadcast.

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30:49Will Bain:Wake Up To Money with Will Bain. Morning, welcome back to Wake Up To Money on Friday the 5th of June. Jesper with Folkstrop, the Chief Executive of Moneypenny, is here in the studio with me, Adam MacDonald, Investment Strategy Director at Hargreaves Lansdowne. author with us this morning 85058 to get in touch on the text 08085 909693 is the WhatsApp I can see as always a few of your texts are coming in about what's been going on with our water infrastructure always a topic I know that gets people going we're going to turn though to tariffs but not been in the news quite as much this year haven't they perhaps shunted off the front pages on the front of the business pages a little bit by the impact of the ongoing war in Iran but the UK business secretary is in brussels today as britain and the eu seem to be clashing over new limits on well basically how much steel they can import from each other without facing tariffs gareth states is the director general of the trade body uk steel and joins us now gareth morning good morning so so what is at the center of this just trying to explain because it's slightly complicated isn't it it is really complicated um but it's the global steel sector free trade in the global steel sector is dead.

31:59So many steel producing nations right across the world, the US, Canada, the EU, and now the UK, we're revising our trade measures, putting in place restrictions on imports from the Far East. That's where the problem lies. You know, China makes a billion tons of steel a year, half of the world's steel, but it exports because its economy can't take all of that. It exports 120 million tonnes a year. We only make two and a half million tonnes in the UK, so 120 million tonnes a year looking for a home, and it often gets dumped on our shores. So what we need to do is protect ourselves. And what I would say is the last government to put robust trade measures in place will be the first government to lose its steel industry.

32:46So that is what Trade Secretary Peter Kyle is going to see the Trade Commissioner Sefik Sekevich today about, is to say, hey, look, we're friends. We trade perfectly well together. But the problem that we both face is dumped state-supported, state-subsidized, state-controlled steel from the Far East coming onto our market and ruining our steel sector. We could be as efficient as we would like to be, but we would still be always undercut. And therefore, the EU is 80 % of our exports. It's a hugely important market for us. They actually export into our market double the amount of steel that we send to them.

33:31So we're an important market to them. So I'm hoping the message today is we're in this together. Let's work together. give each other free allocation to and from, and let's actually tackle the pipeline.

33:44Will Bain:How has it got to that then? Because it does seem to have spilt into quite a bitter row between these two sides, when, as you say, all the measures, and we've got new measures here in the UK, supposedly coming in in July, right, aren't they? They're basically aimed at keeping out some of that Chinese dumping that you were talking about, exactly the same with the EU measures that they're proposing. So how has it become a row between the two? I think it's what's called negotiations. And therefore, these negotiations are ongoing. I know there was discussions in Geneva yesterday. And as you said, today, it's all about there is only a certain amount of allocation that the UK can give for those imports and the EU the same.

34:27And so it's just about that negotiation of finding that right level. You know, we used to export or we have historically 1.7 million tons into the EU. And as I said, they export back to us 3.6 million tons. We need imports into our economy. We can't, as the UK steel industry, we can't make all of the steel our economy needs. So therefore we want imports, but we want them from free, fair and healthy trade from economies like the EU and the US and Canada.

34:57Will Bain:Is it complicated? Are the issues complicated around other trade deals that we have done or are trying to do as the UK around the world? I'm thinking in particular this has been at the centre of a hold up, hasn't it? Issues about steel quotas. Again, when we're talking about quotas, we're talking about how much can come in without tariffs. Around the trade deal we've got with India, for example, is that the concern here? That fine, if we could strike a deal with the EU, but the EU is then wondering, well, hang on a minute. Is there going to be loads more steel coming from all these other places that Britain's gone off and done post-Brexit trade deals with?

35:29Well, what we always find is that steel actually does often sit kind of outside and alongside those trade deals. It's usually not part of it. Steel normally carries zero tariffs. It's outside of that tariff-free quota, you know, free trade agreement section. So really what it's about today, I think, is the UK has built up these import quotas that they're going to come into force on the 1st of July from a bottom-up approach, looking at like 20 to 30 different steel categories. And it's worked out what our economy needs, what we can make, and therefore what imports we need. Whereas the EU has just said we're going to cut imports by 47%.

36:12And so therefore, I think the difficulty is working out with the European Commission how we as the UK can fit into that 40 % reduction. And as I said, I think it's about saying, come on, we're in this together. We're fighting a different enemy. We're not your enemy. So let's give each other favorable terms within what for the EU is quite tight framework.

36:35Will Bain:And we've done a lot of the kind of sort of big picture, the real high level stuff of this, Gareth. Bring it right in. And what does it mean potentially for prices, materials, you know, for construction, etc., if something isn't agreed? If something isn't agreed, this would be, and I'm not even understating this, this would be devastating for the steel industry. As I've just said, you know, we export 80 percent. 80 percent of our exports go to the EU, but half of what we make is exported. and therefore if that market was really closed off to us, if we couldn't get a deal, then we would certainly see further job losses in the steel industry and therefore today is a really important day for us.

37:19I was going to say, we're rushing away, aren't we?

37:21Will Bain:Because it's less than a month now. 1st of July is meant to be our changes. I know the EU ones are sort of a similar timeframe as well. This is quick now then. Yeah, they both will come into force on the 1st of July. To me, that's come what may. The UK will publish its final import numbers. They're already out for consultation since March. The UK will publish its final import numbers, I think, before the 1st of July. But the EU actually has this strange rule that they can come into force, but they might have up to two weeks before they publish their numbers of who can import into the EU and at what levels and which type of steel, etc.

37:57And therefore, again, that makes the negotiations much more difficult

38:01Will Bain:because you're operating on a slightly different time frame. Well, we will see how those negotiations go today. Gareth, thanks so much for speaking to us. Always appreciate your time. Thank you. Gareth Stace there, the Director-General of UK Steel. As I mentioned, lots of your texts coming in on water in particular. Ciarán in Belfast, water privatisation has been an unmitigated disaster, nationalised now because infrastructure is what we pay taxes for, back to basics required, yet the political class epically fail us yet again and Francis also on 85058. I'm afraid privatization failed for water and trains.

38:36Will Bain:It's in the process of failing for energy. National infrastructure needs to be owned by us. Is that the panacea? Always, I mean, you work right around the world. What do you think about state ownership of, do you have a particularly strong view one way or another? I'm probably deep down a capitalist. I don't necessarily think that owning everything is absolutely right for government or state. That said, if we think about what we talked about today, something that's so essential is water. I mean, you don't live very long if you don't have water to drink. And people want to go out and enjoy the nature and swim in waters and stuff like that.

39:13If we can put guardrails around it and there's an efficient way of private also being involved with that, great. Otherwise, it's probably something that's so close to human beings living that should be available for everyone. Yeah.

39:27Will Bain:And tariffs, the kind of really unwanted knock at the door for the global economy and the UK economy suddenly booming around again. Not just this argument that we've just heard Gareth outline around steel, but obviously President Trump, as Sean was talking about earlier in the week as well, sort of trying to find new ways, it seems, to bring tariffs themselves back again. Yeah, I mean, I would actually take this back to thinking about what. So we've got Chinese. The Chinese do subsidize a lot of their own steel production. And in effect, we do the very opposite by there are such we suffer such punitive energy costs in the UK that it makes it very, very difficult to produce competitively.

40:11for many of these sort of great industries of, you know, we do know that steel, I'm looking on the UK government website, you know, they talk about how important steel is to the, it's, you know, it's core to national infrastructure and defence. And so in order to really encourage it, we should be encouraging production of it. And energy is a huge component of that. And frankly, that's not happening. And it hasn't happened for years, encouraging cheaper production of energy. So I think that would go a long way to help.

40:47Will Bain:Yeah, high energy costs have been a massive impact, hasn't it, on British industry, British job, British competitiveness. We chatted about it right at the start of the programme, yes, but this sense of confidence, without being too sloppy and offhand about this, the sort of vibes, I guess, in the UK economy at the moment. We're going to get some more data from the British Retail Consortium about what they call footfall, So how many people are going out and about to the shops at the moment? As we were saying at the start, you go right around the UK all the time. What's the mood at the moment, would you say?

41:15I think it's probably one of controlled optimism is probably good. I think people are trying to sort of – I'm a pretty optimistic person, I think. I think a lot of people are sort of like, yeah, we want to be optimistic, but this is hard, right? I mean, it's costing me more to operate my business. There's more sort of things that I have to do. and stuff like uncertainty that we just heard about sort of in steel. I mean, in anything, uncertainty that comes down, if I don't know what to expect tomorrow, why would I take a risk? That's a lot what we hear. So therefore, why people speak to us about it is, well, how can I make sure that I don't lose a lead?

41:57If I generate a lead, how do I make sure that we're there for them? How do I make sure that I drive loyalty for my business? So people are almost getting the fortress walls up instead of sort of making sure they're building new ground right now. And we need to create the base for people to build ground.

42:15Will Bain:How do you do that, the sort of the building loyalty part? That's an interesting thought. So what we do, of course, is if at core what we do is answer our phone. So if you as a customer are calling a business and you're trying to place a repeat order or handle an issue that might not have gone totally right, then we answer that call. And instead of people having businesses, having people employed to do that, we can create that with flexibility and we can make sure that we do it faster than probably what a business does. So that in itself creates trust with the business and that generates loyalty.

42:51Will Bain:Anna, you two are always in all sort of corners of the country. What's your kind of sense, I guess, of that word vibes as well at the moment? People's kind of mood, people's confidence. Gosh, it's hard, isn't it? I mean, I think that I've been reflecting. It's 10 years since Brexit. And I'm just thinking about how much we've all been has been thrown at us all since then. You know, we've had if you think about the pandemic, if you think about the invasion of Ukraine, if you think about all that's happened around energy costs. And really, frankly, there's quite a lot of political upheaval still.

43:28And I think that people have had to deal with an awful lot. And I think that is bound to affect people's confidence. But I think the other way to think about it is, you know,

43:42we've actually got a great country, we've got an exciting summer to come with the World Cup. and you know there's lots of things to to feel positive about and um until both the teams crash

43:55Will Bain:out in the group phases when we need to be positive like come on well like bring on yes i was thinking about how well we if you think about it we um i've always i always have a wry smile when i look at um confidence indicators um and they get published and um the if you just on the same measure I always find it quite amusing how how Americans even even in in the depths of recession or tariff crises will always be more positive than we are in the UK and sometimes I just think come on you know it's not that bad letting that handbrake off as Jesper said and yeah yeah I'll caveat them my own misery too it's almost impossible to get knocked out in the group phases at this World Cup because it's so big and so enlarged and so many teams go through in the group phases.

44:44Will Bain:So maybe we've got that. And actually, jokes apart, yes, but it can be a big boom, can't it? Things like the World Cup, we know. The spending goes through the roof, actually. And actually, from a pure economic perspective, it can often be very good news. And it's an opportunity for everybody to be happy, right? To be positive, for businesses to create cultures that allow people to watch the matches and be a little bit flexible and don't have them necessarily work the normal shift patterns and stuff. That happy people in a great culture means that growth will also be easier, right? And to your joke earlier, though, it'd be interesting to see some of these games kick off very late at night, whether your phone answering system is answering a few calls first thing in the morning.

45:23They may be, but let's get ahead of it and make sure there's flexibility for all those people.

45:28Will Bain:Well, let's stay in the world of kind of TV and entertainment, because one of the biggest figures in that space for the last couple of decades, really, Reed Hastings, officially stepping down from the board of Netflix, the company he built alongside Ted Sarandos. and Greg Peters and Brian Weiser joins us. Brian, the chief exec at the advertising and media consultancy, Madison and Wall out in the States. Brian, great to have you back on the program. Thanks for being with us. Thanks for having me. So what is this then? Is it just a natural kind of end, I suppose? Feels like he's done everything there or is there anything more to it?

45:59Yeah, well, I think it's a pretty class act to get out of the way when you've already made it clear that you want to let someone else run the company. I mean, I think it's a pretty natural evolution, But I think a lot of people in that position hang on for far too long, well beyond when they should be around.

46:16Will Bain:That's an interesting thought. Jesper, as kind of leaders hanging around too long, how getting the right, getting the succession planning right. Not that I'm trying to get you out of your job, but just in your previous point in your career. Let me know. I think you know when you've been doing something for a little bit too long or maybe it's coming up to that point. And I can certainly think of roles where I felt a little bit too comfortable and you need to push yourself afterwards. And I think that succession planning is really important for that. Making sure people have side projects that you stretch people in a different way is important for people to be excited about staying with the business and continuing to deliver value both for the business, for themselves and for those people around them.

47:00Yeah.

47:00Will Bain:And certainly to that point, Brian, certainly Ted Sarandos had stepped forward a lot more as a more kind of conventional CEO, didn't he? And Reed Hastings had taken more of a backseat, certainly from a sort of media facing perspective in the last, certainly in the time that I've been doing this job, 10 years or so. Yeah, well, I think that they made a very natural transition. And again, it's just illustrative of how well-run that company I think Netflix has been, which is among the reasons why they have done as well as they've done commercially and from consumer perspectives, because they've been very thoughtful about all of these steps.

47:33Let's also emphasize that it's not just Sarandos. This co-CEO arrangement has worked shockingly well. And whether it's a testament to the individuals or the process or whatever, it is a co-CEO-ship. and we shouldn't forget that.

47:48Will Bain:Anna, amazing the kind of journey of this company in Reed Hastings' time to 29 years. I mean, I think we're all old enough to remember when this was a company that was sending you DVDs in the post. And there will be some of our listeners who don't even know what one of those is. I know. I used to, I used to, I think it was, it bought Love Film in the UK. Yes. I used to have Love Film and I used to be excited about the DVDs because it meant you didn't have to go down to sort of, you didn't, you were less likely to be late and incurring late fines on sending your DVDs back. Yes, it's a whole new world for our younger listeners that you couldn't actually just go online and select something.

48:27I mean, it's been a pretty phenomenal story, Netflix. And I mean, recently the share price has not performed as well and they are finding some difficulties in competing with YouTube, particularly with younger listeners. But if you think about how transformational it's been for the industry to have Netflix and how, you know, we didn't have box sets and watch whole seasons of things. We called things series and we waited for them to come out on television. So, you know, it has been a transformational force in the entertainment industry, as it were. And I think he's been a big part of that. And the way he's been quite a sort of maverick, he talks about, you know, he was very much, I suppose, at the beginning of that move fast and break things type thing.

49:15You know, he talks, you know, for innovative companies, they should run apparently on the edge of chaos. So, you know, he's been, you know, he really did. He did really change the way investors and the stalwarts thought, you know, the originals who are providing all those media companies. He really did shake it up. I also think that the transformation from being a distributor from the DVDs into streaming, they're now putting money into creating real good quality creative work. And I think more of that, like Anna's comment about, yes, YouTube might be performing differently. That's a different sort of content form.

49:54It's short form. It's maybe more user generated, although there's more and more professional on YouTube too. But I think seeing how Netflix has managed to produce really good TV movie shows and get followings from that has been great. And what's not to like about money going into creating great creative as well.

50:16Will Bain:Brian, as somebody who watches that closely, how do they do it and how they got it right when others, you know, legacy players, as they're called, perhaps haven't got that right? Well, I mean, at a high level, they've actually invested in content. What a crazy idea. I think all of us here could randomly throw a billion pounds against a wall and something would stick randomly. Now, you increase that one billion pounds to 1.2 billion, 20 % more will stick. And if you keep doing that, keep doing that, keep doing that, when others are holding the line or cutting. I mean, it was baffling when ITV would say, oh, we can't possibly spend 50 million pounds on BritBox.

50:56That's ludicrous. It's such a shame that English language content doesn't play well around the world. That's a joke. The fact is that they gave up, every other major media company on earth gave up on this opportunity or failed, other than Disney, you could argue at the present time, failed to capitalize on this opportunity. They failed to invest. They failed to recognize that they had a global opportunity. Netflix invested against content. They continually grew their spend to the point where it is now, what,$17 billion? And it will continue to rise. And if others hold the line, and more importantly, others are focusing, especially in the United States, but also in other markets where they've committed so much to sports rights, which is not unimportant, but it's critical to supporting their affiliate fees and other forms of revenue.

51:45They're overcommitted to content that won't produce growth in viewership. And meanwhile, Netflix just continues to invest against the gourmet cheeseburgers, as they call it, that continue to drive a lot of viewership.

52:00Will Bain:And revenue up again in their most recent results. Brian, do you think they sort of dodged a bullet a little bit getting out of the Warner Brothers bidding war? Is that still to be decided? Generally, yes. I don't doubt that they would have done well with it if they did end up with Warner Brothers or at least with the studio. I think they're smart enough operators. Actually, I pushed back on the comment about chaos earlier, running on the edge of chaos. I think they've just been a very incredibly well-run, efficient machine. The challenge is that this would have pushed them in ways that they haven't been pushed before.

52:34So it added risk, which is maybe the important point. So yes, in a sense, they did dodge a bullet. I think they're fine if they continue to invest against content. they continue to be open-minded to their business models and how they're approaching things i think they'll continue to do well anna those challenges ahead um no i think i think they they they i mean the the the the outlook is always changing and i do i do wonder i mean i know that youtube is a little bit of a different uh can be short form form um content as opposed to what we are used to from Netflix. But I do think that they, I mean, the share price has underperformed this year.

53:20It's not done so well. I think that that could have been concerns about potential overpaying for Paramount Skydance, but they haven't, sorry, Warner Brothers that Paramount Skydance bought. But I think that it is finally seems that there has been a bit more of an established competition from Google who owns YouTube. So, I mean, I think it's still a phenomenal brand and a phenomenal company, but it has got challenges ahead.

53:49Will Bain:And where's the next big area, Brian, in the kind of 30 seconds or so we've got less? Is it sports? Is that where they move to next? There's definitely a place, although I would argue that they really aren't competing with YouTube at all. I think they are only competing with YouTube in the same way they're competing with sleep. It's very much on the margins. Same as the way that they think that they're competing with video games. Well, as I say, this was Ted Sarandos' argument, though, wasn't it, in court when he went to Capitol Hill and spoke to those senators, competing with sleep, competing with YouTube, competing to anything that gets our attention.

54:19Yeah, on the margins, all of those things is true. But realistically, no, it is long-form content they're competing with. And as long as they continue to invest when others do not, they'll actually be fine.

54:28Will Bain:Well, Brian, thanks so much for your time as always. Really appreciate it. Brian Weiser there the Chief Executive of the Advertising and Media Consultancy Madison and Ward big thanks too to Anna MacDonald from Hargreaves Lansdown and yes but with Folkstrup from Moneypenny who's been here in the studio with me this morning and of course big thanks to all of you for listening to Wake Up To Money Wake Up To Money with Will Bain So much sport today and all the goals as they go in up and down the league This is 5 Live Sports It's all ice and the lights and foot to the floor. To ball him. It's not to stop out.

55:05Everyone's standing around the 18th green. Overhead kick. That is sensational. He shows to the centre. And they're going to do it. Oh, the right hand and the former champion is down. It's an extraordinary start. They've got all the show for us tonight.

55:19Will Bain:He gets on his knees and kisses the turf. Five Live Sports. The home of the world's greatest sporting events. Just in the full time with them. Listen on BBC Sounds.

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