Oil in troubled waters

10 Apr 2026 · 51 min · 28 chapters

Ask about this episode

Ask anything about it. ChatGPT or Claude reads this page and answers with the times it was said.

Connect VO and ask about every podcast you hear, including the moments you saved. Add to ChatGPT · Add to Claude

In short

UK and Ireland economic fallout from Middle East tensions (oil/energy prices), plus domestic cost pressures and business impacts (tax, wages, business rates), illustrated by fuel protests and TGI Fridays’ UK turnaround.

Guests (backgrounds)

  • Daniel Todaro, CEO of marketing agency Gecko.
  • Lindsay James, investment strategist at Quilter.
  • Douglas McNeill, former chief economic advisor to Rishi Sunak.
  • Kevin McPartland, CEO of Fuels for Ireland.
  • Ray Blanchett, chief executive of Sugarloaf Holdings (TGI Fridays UK owner).

Key claims

  • Ceasefire has eased oil slightly (about $110 to $100/bbl) but Straits of Hormuz remains effectively closed; markets are “treading water.”
  • Iran’s proposed shipping tolls (~$2m per ship) and pipeline damage keep oil and shipping costs high; insurance costs for tankers reportedly jump from ~0.1% to 5%+ of value.
  • Energy-linked inflation plus weaker growth creates a stagflation risk; gilt yields rise (10-year ~4.2% to ~5%, then ~4.8%).
  • UK April 1 changes (minimum wage, Employment Rights Act 2025, frozen income tax threshold) add employer costs; business rates are rising and relief is being phased out.
  • Ireland fuel protests: blockades at Whitegate refinery and terminals; protesters want diesel/petrol price caps.

Notable examples

  • Straits of Hormuz logistics concerns for Hapag-Lloyd (timing, security, cost).
  • Ireland: O’Connell Street and major routes shut; up to ~1 in 15 forecourts out of stock; risk of ~1/3 by end of day.
  • TGI Fridays: Ray Blanchett bought 33 remaining UK restaurants out of administration (closed 16); plans to rebuild culture, training, and fresh menu pace.

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

Tap a time to open that second in VO

Overview of Current Economic Climate

1:50 to 2:47

Discussion on the fragile ceasefire in Iran and its impact on global economy.

“The US-Israel-Iran ceasefire remains fragile this morning as the Prime Minister says the UK must become more resilient to deal with shocks like the conflict in Iran.”

Impact of Rising Fuel Prices in Ireland

2:47 to 4:23

Exploring the struggles of Irish businesses due to soaring fuel costs.

“another kind of extraordinary week for the global economy, hasn't it as well?”

Insights from the Panel on Economic Conditions

4:23 to 5:48

Panelists discuss their perspectives on the volatile economic situation.

“a lot of those changes in the impact on businesses here, hasn't it as well?”

Oil Prices and Market Reactions

5:48 to 8:10

Analysis of current oil prices and market reactions following the ceasefire.

“I mean, Lindsay said an extraordinary amount of work.”

Consumer Sentiment and Spending Patterns

8:10 to 10:34

Understanding how economic news affects consumer behavior and spending.

“Now, I don't think that's particularly convincing for investors.”

Government Responses to Economic Pressures

10:34 to 12:41

Discussion on potential government actions to mitigate economic challenges.

“Ultimately, it's going to be passed on to the consumer.”

Upcoming Talks and Their Implications

12:41 to 14:00

Exploration of the anticipated talks in Pakistan and their possible effects.

“So the government's got a difficult situation as we move through the year to think about how it's going to balance its budget.”

Fragile Ceasefire and Shipping Challenges

14:00 to 15:00

Discussing the implications of a fragile ceasefire and its effects on shipping operations.

“And yet, here we are, a two-week ceasefire.”

Impact on Goods and Fuel Prices

15:00 to 16:40

Exploring how the ceasefire might affect fuel and goods prices in the near future.

“I don't know if it's possible to bring 1 ,000 ships through the Strait of Hormuz just within two weeks.”

Iran's Influence on Shipping and Insurance Costs

16:40 to 18:20

Examining Iran's leverage over shipping routes and the resulting insurance cost increases.

“That creates all kinds of logistical and practical headaches for shipping operators, as the guest from earlier in the week was just telling us.”
Show all 28 chapters

Consumer Confidence and Retail Impacts

18:20 to 20:00

Analyzing the current state of consumer confidence and its effects on retail.

“But I think there's two other things here.”

Inflation and Energy Prices Connection

20:00 to 21:40

Discussing the link between energy prices and inflation and its broader economic implications.

“I agree with Lindsay that the effect will not be quite as pronounced this time as it was when we had the gas price shock in 2022.”

Changes in Employment Legislation and Business Impact

21:40 to 23:20

Reviewing new legislation affecting employment and its implications for businesses.

“but for the past five years has been frozen.”

Business Adaptations to New Economic Pressures

23:20 to 25:00

Understanding how businesses are adapting to rising costs and regulatory changes.

“What you're charging clients, basically.”

Youth Employment and Government Policies

25:00 to 26:40

Evaluating the impact of government policies on youth employment and labor market dynamics.

“But also, as well, ironically, they seem to have shot themselves in the foot here.”

Government Fiscal Challenges Amid Economic Changes

26:40 to 28:00

Discussing the financial challenges facing the government due to rising costs and tax receipts.

“And I think it's clear that a lot of burdens have been piled onto employers of youth labour, particularly in areas like the hospitality sector, a big user of young people.”

Government Financial Changes and Impact on Businesses

28:00 to 28:54

Explore the recent changes in government policies affecting small businesses, particularly in hospitality.

“Business rates, for example, have just gone up.”

Introduction to TGI Fridays and Upcoming Guests

28:54 to 29:37

A preview of the upcoming discussion involving TGI Fridays and the challenges they face.

“as always for his time this morning as well because he's going to leave us now.”

Working from the Stands at the Oval

30:39 to 31:15

Discussing the new initiative allowing fans to work from the stands during matches.

“so that you can work from there while watching the county championship.”

Protests in Ireland Over Fuel Prices

31:15 to 31:29

An update on the ongoing protests in Ireland related to soaring fuel prices.

“Well, let's head to the Republic of Ireland where the country is facing a fourth day of disruptions as protests over soaring fuel prices continue.”

Voices from the Protests: Melissa McGettigan's Perspective

31:29 to 32:51

Insights from a bus operator participating in the fuel price protests and the economic impact.

“including the Whitegate Oil Refinery in Cork, which supplies around a third of the country's fuel.”

Assessing the Fuel Crisis: Kevin McPartland Speaks

32:51 to 36:40

Kevin McPartland discusses the severity of the fuel crisis and its broader implications.

“They're sitting on a 17 billion surplus for a future Ireland fund.”

Reviving TGI Fridays: Ray Blanchett's Vision

36:40 to 42:01

Ray Blanchett shares his vision for revitalizing TGI Fridays and the restaurant industry.

“So it's quite unclear, but I have to say I'm hopeful that that meeting this afternoon will lead to a lifting of the blockades because we really need to get fuel out.”

Business Rates and Economic Impact

42:01 to 44:29

The discussion centers on the unfairness of business rates and their impact on the economy and workforce.

“people are going to vote ultimately for an economy that's growing, that's creating opportunities for people, that's creating jobs.”

Changing Trends in Casual Dining

44:30 to 45:59

An exploration of how consumer habits have shifted, affecting the casual dining sector.

“the casual dining sector has been a bit of a bit of a wreckage for multiple years now.”

Remote Working at Sporting Events

46:00 to 46:56

An introduction of a new initiative allowing remote work at cricket matches with high-speed Wi-Fi.

“to celebrate occasions, actually, it happens at home a lot of the time as well.”

Perceptions of Working from Cricket Grounds

46:57 to 49:39

A debate on the feasibility and distractions of working while attending cricket matches.

“So first home game of the season today, and you've got this super fast Wi-Fi.”

Financial Health of County Cricket

49:40 to 53:49

Insights into the financial stability of county cricket and the impact of new funding.

“And suddenly, you know, there's cricket going on in the background and there might be in the future.”
Hear the part that matters, and keep it.Open this episode in VO. Double tap your headphones to save a moment as you listen.
Get VO free

Transcript

Automatic transcript. May contain errors.

0:00This BBC podcast is supported by ads outside the UK.

0:29CFO. 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. That's linkedin.com slash broadcast. Terms and conditions apply. Save on tropical flavors at Whole Foods Market during the Savor the Tropics event with yellow sales signs highlighting seasonal finds throughout the store.

1:19The produce section is bursting with pineapples, mangoes, and kiwis at their juiciest. Grill up fresh seafood paired with tropical fruit marinades or grab and enjoy the spicy Hawaiian pizza, huli huli chicken and more. Finish with a sweet slice of mango yuzu chantilly cake. Savor the tropics and save at Whole Foods Market.

1:42BBC Sounds, music, radio, podcast. Wake up to money from BBC Five Live. Hello, morning. Welcome to Wake Up to Money. The US-Israel-Iran ceasefire remains fragile this morning as the Prime Minister says the UK must become more resilient to deal with shocks like the conflict in Iran. Lots then to talk about with our regular Friday panel this morning and what it all means for the economy here and around the world. One place where it is being felt acutely is Ireland at the moment, where businesses are struggling with rising fuel prices. Our overheads have gone through the roof to a point where we're just wondering how we're going to afford to go back after the Easter break.

2:21Yeah, we'll be hearing more about widespread protests and blockades with the country's head of their fuel body a little bit later on in the programme and why one of the country's most famous cricket grounds is making space for those of us who feel the need to do some work while watching the match. Wake up to money with Will Bane. Morning, welcome to wake up to money on Friday the 10th of April. Just gone five o 'clock in the morning. We're with you this morning. Great to have your company as we round out what's been another kind of extraordinary week for the global economy, hasn't it as well? We will have some lighter stuff as we were mentioning there in the opener as well though so not all loran we will be chatting to the boss of surrey cricket club as he throws open the oval as a workspace says they're going to they boosted the wi-fi so you can come and watch the county championship uh for example like their game with leicestershire at home today and work at the same time so is that just a good marketing gimmick or a good idea uh you can get in touch with us about that on 85058 should you wish to we're also going to hear from the man who's bought out of administration the uk's tgi Friday's franchises.

3:21So as well, another good idea or gimmick question perhaps for you on 08085 909693 on the WhatsApp. We are going to start the week, though, looking at what's gone on in Iran, although there are the changes that have come in to all those changes that were sort of flagged in the budget, the sort of new financial year changes as well that we'll round up with our panel. So why don't we introduce you to them this morning? Alongside me in the studio this morning is Daniel Todaro, the chief executive of the marketing agency Gecko. Morning. Good morning, Will. How's business at the moment? Great. At the moment, we're not really seeing a massive impact.

3:53We're seeing budgets remain as they are. We're coming into what is technically our financial year. So a lot of budget planning has happened. There's been a few increases in pricing, which has impacted, you know, as a result, statutory increases that came in on the 1st of April. But apart from that, we're kind of being optimistic in that. We're seeing it being quite buoyant. But I appreciate that things are going to change over the next few months. Yeah, and we will come to that very domestic picture later because it's interesting, isn't it? And in the kind of obviously of what everything that's been going on internationally been lost a little bit this week, a lot of those changes in the impact on businesses here, hasn't it as well?

4:27In terms of that, step aside to something a bit more enjoyable though as well. You were just telling me two nights at the Pet Shop Boys 40th anniversary this week for you. You're doing your bit for UK hospitality. Absolutely. You know, I couldn't not miss it. Even last night I was there and I thought I have to be up so early tomorrow morning. So you've done very well. How were they? They were fabulous. I mean, you can't beat the Petrol Boys. They are just amazing. Live, but even just, it's exactly like listening to Memorial Radio. And this is alongside this sort of 40th anniversary stuff they're doing, including a book.

4:57So it was all kind of sort of B-sides and things you were saying as well. Yeah, so it's called Obscure. So they're basically doing B-sides and stuff of the album. So none of the hits. And was it full? It was rammed. It was absolutely packed. There's a bit of good news for UK hospitality this morning from Daniel. Alongside Daniel for the next half hour, in fact, for the next full hour, in fact, So, Lindsay James is going to be with us, our markets specialist this morning. Lindsay, the investment strategist at Quilter. Morning. Good morning, Will. I hope you had an early night. We haven't had everybody out late, have we?

5:27It wasn't me at the Pet Shop Boys last night. No, it wasn't an early night. But you've sent me lots of work to do. We've got a lot to talk about today. Yeah, we absolutely have. And to round out our panel this morning, Douglas McNeill here for the first half of the programme. Douglas is a former chief economic advisor to Rishi Sunak when he was the prime minister. Douglas, morning. Great to have you back on the programme too. Good morning. Pleasure to be here. Why don't you lead us off then? I mean, Lindsay said an extraordinary amount of work. How have you found trying to follow it all this week?

5:55Well, a lot of ups and downs, that's for sure, as everybody knows. And we end the week in a depressingly familiar place, I think, depressingly similar to where we were about a week ago. Now, there has been an improvement because there has been the ceasefire. and so the damage to Gulf production, oil production facilities that was occurring has stopped. Those strikes from Iran have stopped. So that's a positive thing and that's why the oil price has come off a little bit. This time last week it was trading at about$110 a barrel and that's down now to about$100. So that's a step in the right direction but it's not a huge change and of course before all this started the price of oil was down at around$65 a barrel.

6:40So we're still way above that. And we still find ourselves with the Straits of Hormuz effectively closed. And whereas last week we were hanging on every word over the weekend from the US president and his social media posts and commentary and so on. This week, we're going to be hanging on the words of the US vice president, J.D. Vance, who's heading to Islamabad for peace talks with the Iranians. presumably he will want to update us over the weekend. And so markets and economists like me will be paying very close attention to what he has to say. And presumably his boss will have a few things to say over the weekend as well.

7:17Quite, it does seem to. And I'm sure it'll be on his favourite social media channel as he does it. Lindsay Douglas teed us up there a little bit with the oil price there. Do the wider sweep then of where we are kind of markets wise this morning and as of last night kind of in the US and look ahead to what you're a bit of crystal ball gazing as Douglas was about what investors might take away from these talks in Pakistan this weekend. Okay, sure. So when we look at how markets have responded so far, since we had news of a ceasefire, and we've seen about half of the earlier drops retraced now, but we're now really treading water.

7:52So when we look at how markets behaved yesterday, overnight in Asia, they really moved sideways. The US was up a little bit. there was some kind of positive momentum around the comments from Trump having spoken to Netanyahu with the term that he's going to low-key it now. Now, I don't think that's particularly convincing for investors. You know, we'll have to wait and see what that actually means. But either way, I don't think people are keen to kind of continue to buy in until we see more concrete evidence that the ceasefire is going to hold. Added to that, we've got no real increase in volume of ships moving through the Straits as yet.

8:29And this 10-point plan from Iran is actually, you know, really a worse situation than we had before the war in terms of the tolls that they're proposing to charge. Now, at around$2 million per ship, that adds about$2 to a barrel of oil ongoing. And of course, will it stay at$2 million? Who knows? It would give them new leverage that it wasn't really recognised that they had before this conflict. So all these moving points are kind of happening. At the same time, we're getting more stories out of Saudi saying that there was the attack on the east-west pipeline knocked out about 10 % of that pipeline's capacity.

9:06They had damage to production overall across the country that knocked out about 5 % of their capacity as well. So we're starting to get more concrete evidence now of the damage done during this war. And that just underlines the fact that this is just going to take time to flow through to lower our oil prices. Daniel, Douglas used this very depressingly familiar position. Is that how it feels as a business leader this morning? Yeah, absolutely. It's that weird thing in that I think we've become in a really perverse kind of way used to this in that it's not really changed. It's been quite volatile over the last year that you kind of realise that these surprises are going to happen.

9:43So when they do happen, we're a bit more prepared. I suppose we're less panicky about it all. What's it doing to kind of consumer sentiment? because I'm guessing that's a really important part that filters through to your business. Totally. It's having a massive impact because people do stop spending. When they hear this rhetoric happening on the radio, in the newspapers and generally around, it reminds them that they need to effectively look at or reconsider how they spend their money and maybe they pull back on that spending. And we hear stories about how holidays are increasing in price, which again will deter people from spending or booking that holiday that they may have already booked by now for this coming summer.

10:19You know, things like clothing, if it's a man-made fibre that come from petrochemicals, it's actually already gone up 25%. That knock-on effect is going to happen out there on the high street. And I think Nex has already announced that that's going to impact them by about 50 million. Ultimately, it's going to be passed on to the consumer. Douglas, you've been in the room. What on earth do you do when so many of the things are out of your control to try and stop what Daniel's saying is going on at home? It's a really difficult mix because what we're looking at here is a sort of stagflationary scenario where you have inflation going up.

10:55That's the inflation part of the equation. But you also have a downward impact on growth as well. And that's what we are seeing. The expectation is that inflation, rather than heading back towards the target level, as we were expecting earlier in the year, is now more likely to go up and growth expectations for the economy have been cut. So we were hoping for perhaps 1.5 % growth this year, and it now looks as if it will be more like 1%. So that is very difficult to deal with. For the government, there is a temptation to try and step in and help people with energy costs, for example, or easing tax burdens of other types, that sort of thing, try and get a bit of money into people's pockets.

11:36But that doesn't necessarily make the situation better overall, all because that can help to perpetuate the price rises. It maintains demand in the economy. And whilst that might seem like a good thing, it does make the Bank of England's job harder from an inflation control point of view. So that may mean that interest rates have to go up more than they otherwise would have in order to keep inflation under control. So it's a really toxic mix, a really difficult mix for policymakers to deal with this one. And Lindsay, just give us a quick sense of what the markets are making of some of those options that Douglas has laid out.

12:10Well, we can see it through gilt yields really, which the 10-year gilt yield is the best benchmark, if you like, for corporate borrowing costs and also for government borrowing costs as well. So that moved from around 4.2 % before this began to about 5%, it's back now to around 4.8%. But what that actually means in reality is that that on its own would wipe out the fiscal headroom that the government's got. And then, of course, you've got the added hit to growth as well, which would further impact that. So the government's got a difficult situation as we move through the year to think about how it's going to balance its budget.

12:49And we could well see further tax rises, or we're going to have to see reshuffling and spending to account for this. Because when you look at oil prices, they're still at$80 a barrel, really, by the end of the year when you look at the futures market. Well, let's look at where we are as we go into those talks in Pakistan. Earlier in the week, of course, we had President Trump warning of those kind of escalating attacks. Step back from that. We now have potentially talks, although neither side seem to agree on what is actually on the table as part of these talks. Gina Abercrombie Wynne Stanley of the Atlantic Council's Middle East program chatted to us a little bit earlier in the week describing the agreement to put a temporary end to hostilities in Iran.

13:28How she took it? Both sides blinked. Certainly, President Trump's threat was extraordinary and extraordinarily unpopular domestically. So he had pressure to find his way off. The Iranians also blinked because they had been saying since the beginning of this conflict that they would not accept anything short of a full cessation of hostilities. A ceasefire was not going to be enough. And yet, here we are, a two-week ceasefire. Yeah, a two-week ceasefire for now. Been described as fragile by J.D. Vance, the vice president who Douglas was talking about earlier. We heard from the Iranian government on the Today programme earlier in the week saying that they considered attacks on Lebanon as breaches of that ceasefire already.

14:20So even before those talks begin, question marks about how long it holds. Certainly question marks about how effective it would be, even if it did come fully into force, though, for those two weeks from the likes of the big shipping firms around the world. Hapag Lloyd, one of the biggest of those. They spoke to our team on the World Service earlier in the week. We are ready to switch on the engines. We are ready to go. if all our questions are answered, how will it look like? What are the conditions to cross the Strait of Hormuz? What about security, safety? What about cost? What about, you know, the procedure?

14:56Who is leaving first? How will that happen? And I mean, we also see the timing. It's only two weeks. I don't know if it's possible to bring 1 ,000 ships through the Strait of Hormuz just within two weeks. and I'm not seeing it that it's going to happen tomorrow or the day after tomorrow. And that sounded to me like Niels Happert from Hapag-Lloyd, the German global shipper there. Daniel, is that the bit that we've not kind of seen yet? We've seen the immediate impact and things like fuel and people seeing that shoot up perhaps around where they are, but actually the price of goods because of what's happened to the shippers or what's happened to their containers and things like that, is that still sort of come down the track later in the year, do you think?

15:35I think the impact will be in the next month or so that we'll see those container ships. But I think, you know, we're fortunate enough in that the Strait of Hormuz is predominantly oil-based in that it's not going to be container ships full of product that's coming from Asia. So hopefully that stuff is still on the sea and isn't being impacted. But ultimately, yes, there will be an impact that's going to be in supply shortages, but also as well in the impact in the cost of those average products. Yeah, I probably should have framed that better, Douglas, actually, as well. But just in terms of this potentially spiralling, you know, especially with the way Iran are talking about what are often referred to as their proxy.

16:09So they're talking about Lebanon, Hezbollah, specifically in the moment, but the Houthis being another one of those in Yemen. They have, of course, fired on those container ships that Daniel was talking about, taking that other route. That there are sort of other things in play here around these talks at the weekend, right? Yes, I think there are a wide range of issues here. And the Iranians are waking up to the fact, the rest of the world is waking up to the fact that they have quite a lot of leverage here. They have managed to close the streets. They are able to credibly threaten shipping coming through the streets without necessarily having to do all that much.

16:47That creates all kinds of logistical and practical headaches for shipping operators, as the guest from earlier in the week was just telling us. So insurance costs, for example, are still way above where they used to be. You know, it used to be that you could ensure your tanker for about 0.1 % of its value if you wanted to go through the Straits of Hormuz. That has leapt up to 5 % and more. So it's a huge, huge change. And it's not clear that the Americans have a way of persuading the Iranians to reopen the Straits, short of resuming their bombing campaign on Iran. And, of course, that is exactly what the markets don't want to see.

17:29That would certainly provoke an Iranian reaction, provoke a resumption of attacks on Gulf oil producing infrastructure and would not guarantee that the Iranians would in fact reopen the streets. So far, the American bombing has had exactly the opposite effect. Lindsay, I guess I'm banging away at some of the domestic areas of this because I feel like lots of our listeners by now will know a lot about what's going on with the oil and the gas and obviously the overarching kind of headline impacts of that. But I'm just looking at some stats we're going to be talking about a little bit later on on Five Live Breakfast from the British Retail Consortium this morning.

18:00I mean, they use the word collapse in terms of consumer confidence and footfall in this footfall tracker that people have heard us talk about a lot. We've been hearing, haven't we, perhaps in not full results yet, but sort of statements, the likes of Next. We have Mountain Warehouse on the programme, kind of retailers saying this stuff's coming, right? Yeah, I think that's definitely part of it, that retailers have been on the front foot. But I think there's two other things here. I think firstly, it is the very visible added cost of filling up your car is one of them. And also the very visible cost of renewing your mortgage if that is coming up for renewal.

18:34Added to the fact you've also got energy bills potentially rising later on this year. So this is stuff that people are very sensitive about. We've seen that historically it has been a major driver of inflation. We've been burnt once, if you like, in 2022. And I think those memories are still very fresh in people's minds. So there's been this natural reaction that, oh, goodness, it's going to be 2022 all over again. Now, it's not. It's not to the same extent, the impact on inflation. We are in a different place. But nevertheless, you know, old habits are hard. So people have been reacting very, very cautiously about this, but they're spending.

19:09Douglas, the concerns around how inflationary all this would be? Very much so. I mean, I think it's hard to overestimate the extent to which inflation is linked to energy prices. You can almost say that inflation is the energy price. And that then feeds through into all kinds of areas of economic activity that there aren't obviously energy intensive. Petrol is one clear example. But then you get into things like food production, for example, where there's not obviously a link with energy. But a lot of our food is grown in greenhouses, for example, which are powered by ultimately by fossil fuels, some of them from the Gulf.

19:47And some of our food comes from a long way away. So it has to come on ships or planes that are powered by fossil fuels that come from the Gulf. So once energy prices start to move, inflation inevitably responds. And we're certainly going to see that this time around. I agree with Lindsay that the effect will not be quite as pronounced this time as it was when we had the gas price shock in 2022. But it will still be comfortably enough to be noticeable. Yeah. And I think to add to that, food inflation is another thing that people are going to factor in. and they know that they can see everything going up in price.

20:20I mean, interestingly, we're going to see a lot of gameplay out there from the supermarkets. I know in the last year, Lidl grew their market share on the basis that they were the cheapest out there and attracting people on all of those costs. I think what we'll begin to see is there be a positive slant to this, where it begin to move, where people will be attracted to those grocers that can sell them at the lowest possible price. Interesting. Well, that brings us kind of quite neatly back to the very domestic picture. Daniel mentioned this right at the top of the programme. And it has been lost a little bit, Douglas, hasn't it?

20:49All of the changes that came in on the 1st of April, right at the start or through the first week in April as the new tax year got underway because of everything that was going on, perhaps obviously with Iran. But no less impactful, I guess, on businesses right across the country and households. That's right. So a range of changes. The national living wage, the minimum wage has gone up, for example. There's new employment legislation, the Employment Rights Act 2025 has just taken effect. So that has a bearing on things like statutory sick pay and parental leave obligations. Makes it somewhat easier for trade unions to call strike action as well.

21:32One thing that hasn't changed but is also significant is the income tax threshold. which used to go up pretty much every year, but for the past five years has been frozen. So no change there, but that in itself is a sort of, you know, a tax increase and something that people will realise. Well, on sick pay in particular, that was something, Wake Up To Money regular, Louise McLean, who runs Signature Bubs, big pub group right across Scotland, Glasgow, Edinburgh, some of their big sites as well. She was chatting to Sean about that on the programme a little earlier this week. what I worry about is people just not coming to work because they fancy a day off or because you know they've been out partying too hard the night before and leaving the business in the lurch it's not the cost it's the knock-on effect for the business and for your colleagues and for our customers if we end up short-staffed what Daniel you mean like people having too much fun at the pet shop coming into work I mean on a serious note what would you make as a sort of business owner?

22:33Yeah, it's, you know, ultimately, it's going to have an impact. And, you know, we've seen statistics that come out from people like the CIPD saying that as a result, what it's going to have the knock on effect is people are going to employ less full time staff, because reality is, is that they need to now invest more into their staff based on what they're paying out. They can't afford to increase their workforce. I mean, has it shaped you guys's decisions at all? Oh, God, absolutely. We've had to change so much in the last two weeks, we've had to really kind kind of rally around and change stuff, not only based on the inflation and what we know is coming, but also implementing then these statutory changes.

23:05So whilst we were ready for the statutory piece, the other bit we then had to bolt on very, very quickly, because we know that for us will really impact us in the next three months. So what kind of things do you do? Well, we have to look at the cost and how we break that down, you know, based on what we do. What you're charging clients, basically. Exactly. And clients base this on the cost per acquisition. So they want to see a return on investment. They don't just spend money for the sake of spending it. They want to know that that one pound they spent on marketing to drive that consumer into store online to purchase the product has actually delivered a result.

23:38So, again, it's about reshaping those metrics. Lindsay, is that what you're talking about, about how many people end up being in that position, really shaping where inflation goes this time? it's a bit of a different dynamic this time because the jobs market isn't as strong in the first instance so workers haven't got the same amount of bargaining power that they had a couple of years ago so we've been seeing unemployment creeping up and we've seen that in particular within youth as well so the argument has been that the government's moved too far too fast on on those youth pay rates. But, you know, I think there's more to it.

24:19I think it's just that they have piled on all this cost, layers and layers of cost to businesses all at the same time. And it's often the same sectors which have been hit time and time again when you think about hospitality with energy costs and business rates as well as those employment costs. So I think it's more a case of their timing on this one rather than the overall materiality of what they're doing. But in terms of the inflationary impact, I think it's going to be more modest this time. But the resulting impact is that people will just lose some of that purchasing power of their wage because it may not keep up with inflation in the same way.

Read the full transcript

24:58Yeah, and the purchasing power, I think, is going to be impacted. But also, as well, ironically, they seem to have shot themselves in the foot here. You know, unemployment is at 5.1 % and it's apparently going to shoot up to 5.5%, you know, purely as a result of what they've done here and the burden that they've put on businesses. So this kind of feels a little bit odd that they've done this and done this so quickly because the long-term impact, you know, on unemployment is obviously going to cost them more. And Douglas, are the government now stuck as well because of what's going on internationally, what we've been talking about in terms of trying to perhaps remedy some of those burdens, as Daniel puts it?

25:33Well, the public finances are going to be a little more stretched than they were. the government is going to have to pay probably a little bit more for its debt than it was. And tax receipts, they'll be looking very nervously in the Treasury at the level of tax receipts, because when growth goes down, tax receipts go down as well. And so that raises the prospect of more borrowing than the Chancellor was reckoning on, and just possibly brings into play the prospect of a breach of her fiscal rules. Now, they don't bite for a few more years, so there isn't necessarily an immediate problem. but they'll be thinking about that as well.

26:09In a way, the current crisis may give her a little bit of a get-out-of-jail-free part. If she has to amend or temporarily suspend the fiscal rules or something like that, she can do so and with some credibility blame things on external affairs. But nevertheless, you've got to be very careful these days that you don't upset the bond markets by trying to push your luck too far and borrow too much money. And on that unemployment picture, if you were advising this prime minister rather than the previous one, would that be ringing alarm bells, those figures that Daniel was talking about? Well, it would.

26:44And I think it's clear that a lot of burdens have been piled onto employers of youth labour, particularly in areas like the hospitality sector, a big user of young people. people. Now, one crumb of comfort here is that the rise in the national living wage this year has been a bit more modest than over the past few years. So it's just gone up by about 4%. Over the previous few years, that was more like the 7 % to 10 % range. So it's come back into a range to a level that is more in keeping with wage growth in the economy as a whole. And so that is something that may help employers to cope with it a little bit better than over the past few years.

27:28But still, you know, 4 % is still 4%. And if consumers are not spending, then finding even that level of money to fund pay rises can be difficult. So what would you do? Or are there things that you'd think about doing? Well, there can be initiatives in trading, for example, and dissemination of information to help people find jobs. But ultimately, you know, it's the private sector that creates jobs. The government can't do it for them. You've got to make sure that you've got a happy, thriving private sector. And that brings you back to things like tax increases. Business rates, for example, have just gone up.

28:06That's another change this year. And some of the discount schemes, some of the relief that was in place for smaller retail, hospitality and leisure businesses has been phased out. So changes like that, areas like that are areas where the government can sometimes do some good. But then that brings you back to the previous point that we were making about the state of the public finances and the need for the government to make sure that it is not putting itself in a position where it has to borrow a lot more money than it expected. As a result, it feels like it's a conundrum. We're on these panels, isn't it?

28:44I can see Daniel's itching to come in on that. We're going to talk about business rates in particular because it comes up in our chat with TGI Fridays actually in the second half of the programme. So we'll get you in on that there as well. But we'll say bye to Douglas and thank you as always for his time this morning as well because he's going to leave us now. Douglas McNeill, the former Chief Economic Advisor to the Prime Minister Rishi Sunak. But plenty more from Daniel and Lindsay in the second half when, yes, we will hear from the man who's taken over all 33 of the remaining TGI Fridays restaurants around the UK.

29:10We're going to hear about those fuel protests in Ireland over what's been going on in the Middle East. And the chief exec of Surrey is going to join us live on the program before their first home game of the season in the county championship. And it's going to be one where you can work from the stands at the Oval. We shall explain all. My Amex Blue Cash Everyday card is my go-to accessory. When I shop, I can earn 3 % cash back on U.S. online retail purchases. Try on the Blue Cash Everyday card. Learn more at americanexpress.com slash explore dash BCE. Terms and cashback cap apply. Spring showers bring epic off-road adventures.

29:47So bring on the mud and bring on the spring at the Honda Spring Event. Honda vehicles are built for exploring. With the rugged Honda Pilot, Ridgeline, CR-V, and Passport, the road might stop, but you're not done. All from the 2025 Kelley Blue Book Best Value brand. For great deals, visit your local Chicagoland and Northwest Indiana Honda dealer today. Based on 2025 Consumer Choice Awards from Kelley Blue Book, visit kbb.com for more information.

30:38about the introduction of better Wi-Fi right around the Oval so that you can work from there while watching the county championship. Sound like a good idea or just a good marketing gimmick? 85058. Love to know what you think. Love to know if you're going to take advantage of it if perhaps you're in the South London or Kent, top of Sussex, kind of edge of Surrey kind of areas within striking distance of the Oval and what would get you back through the doors of TGI if you used to go there and don't anymore. 85058, as I say, is the text number. But if you want to join the conversation or perhaps you've got a question for our panel this morning or 08085 99693 is the WhatsApp number if you would prefer to get in touch that way.

31:16Well, let's head to the Republic of Ireland where the country is facing a fourth day of disruptions as protests over soaring fuel prices continue.

31:28Yeah, demonstrators have been blocking major roads, fuel depots and key sites, including the Whitegate Oil Refinery in Cork, which supplies around a third of the country's fuel. Garda, Ireland's police force, are saying that it's putting food and fuel supplies at risk and the army has been deployed to help clear vehicles from critical infrastructure. The Irish government has already introduced some tax cuts, but protesters want caps on the price of diesel and petrol. Melissa McGettigan runs McGettigan's Travel in Donegal. She led a convoy from there as part of the protests and she told Arneve McDermott why she was taking part.

32:04Well, as a bus and coach operator, we pay the full at the price pump. We don't get the 23 % fat back on the fuel. So our overheads have gone through the roof to a point where we're just wondering how we're going to afford to go back after the Easter break. I know the government did come with a small increase of the rebate, but, you know, they're basically, what the rebate is, you can apply from the rebate every quarter, and it's gone up to 12 cents per litre. That is nothing. Like, some of the pumps there now are up at 224. It's absolute madness. We have about 18 to 20 buses. It's a family-run business, so, I mean, we have uncles, we have brothers, my dad, my mum, we're all there, so we are together.

32:47We're hoping the government, you know, comes with something. They're sitting on a 17 billion surplus for a future Ireland fund. So they have the figures there to be able to come and say, right, we can give you a tax break. We can give you some kind of relief. You know, at the end of the day, there's so many private operators, even holliers, farmers. It's a chain reaction. And I don't know why they're not seeing the bigger picture of this. Melissa McGettigan of McGettigan's Travel in Donegal there. Well, let's speak to Kevin McPartland, CEO of Fuels for Ireland. Kevin, morning. Thanks for being with us.

33:20Morning, Will. So how serious is the disruption at this point then? It's pretty grave. The situation that we have as things stand, and there does seem to be a little bit of hope, but at the moment, three facilities, two fuel terminals, one in Galway, one in Foynes in County Limerick, and the only refinery we have in the country, which is in Whitegate and County Cork, have all been entirely blocked by fuel protesters. And look, I'd have a good deal of sympathy with their plight, as your contributor there said. You know, small businesses, hauliers, agricultural contracts, whatever, are paying huge price increases for fuel.

34:02And those increases on commodity markets have been greatly exacerbated by the very, very high level of tax that we pay in the Republic of Ireland. And to illustrate that, just to give you an example, that in Northern Ireland, the price differential before the initial attack on Iran was somewhere around 30 cents a litre, or that's 26 pence per litre. So your contributor there from Donegal, had she nipped across the border to Derry, would have been paying 26 pence less per litre of fuel than she was in the Republic. So we were paying a very, very high level of tax. And that's why this is hurting people so much.

34:38but the tactics I have to say I think they've got them wrong because we are now in a situation last night as I was heading to bed we had about 100 that's one in 15 of all of the forecourts in the country were out of stock if this continues for for the rest of today by close of business today we could have as many as 500 that would be a third of all of the of the forecourts in the country out of stock and that increases exponentially because what happens is somebody goes to a forecourt, finds there's no fuel, they keep going to the next one, the next one, until they find one. So the ones that do still have stock run out incredibly quickly.

35:15Yeah, more reports of potential panic buying this morning from RT and the National Broadcaster and others. I'm looking as well, Kevin, at some extraordinary pictures that we've got on our website of people walking down the side of the motorway in Dublin to get to the airport. So having an impact beyond just fuel availability as well, right, the blockades. Oh, well, I mean, once you go past just the fuel terminals, they have completely shut down O 'Connell Street. Anybody who's visited Dublin will have been to O 'Connell Street, I'm sure. Completely shut that down. The quays along the River Liffey have been shut down.

35:48There's been essentially rolling blockades along the major arterial routes since Tuesday of this week. So, yes, I mean, we did hear yesterday the government did say that the Guardia or police force had asked for the defence forces to work with them on a native civil power basis. That hasn't actually happened yet. There's been no deployment. And late last night on Prime Time, our sort of flagship current affairs programme, it was discussed that the protesters have been invited to a meeting today with some government ministers, which was one of their demands. but then the water quickly muddied when a minister from the government on the same programme said, well, we haven't invited them.

36:35We've invited representative bodies and if they bring these people, that's up to them, but we haven't invited them. So it's quite unclear, but I have to say I'm hopeful that that meeting this afternoon will lead to a lifting of the blockades because we really need to get fuel out. We're now at the situation where it's not just normal punters, It's not the likes of me and you going to visit our Auntie Mary that are being discombobulated. It's actually, you know, emergency services. It's, you know, critical workers getting to and from work. This needs to be resolved very quickly. Right, so it's urgent now.

37:11Oh, it really is. It's very grave. Kevin, thanks so much for your time this morning. Really appreciate it. And best of luck navigating all of that. Kevin McPartland there, the Chief Executive of Fuels for Ireland. Well, perhaps if you are travelling, I know a lot of you listening in Northern Ireland, perhaps are you travelling for work? if you come across this, 85058, we'd love to know your experiences, or 08085 909693, the WhatsApp there. Well, let's turn to TGI Fridays, shall we? Sure, many of you have celebrated a birthday, perhaps on an anniversary there over the years. The American-themed dining chain, a feature of lots of our towns and city centres, particularly from my memory, I don't know about you, Daniel, but in like sort of shopping centres and sort of cinema complexes and places like that, right?

37:52Retail parks. Yeah, exactly. Well, Ray Blanchett is the man tasked with turning things around for a brand that sort of had its heyday in the 90s and has been under tough times here in the UK since. He bought the 33 remaining UK restaurants out of administration in sorry, the overall chain out of administration. He bought 33 UK restaurants as a result in January of this year. And despite having to close 16 of its restaurants as part of that deal, he's got high hopes for turning it around. Here he is chatting to us. The last several years have been extremely challenged. I just believe that with the right leadership, taking great care of our team members, creating jobs that they're proud to have, it's likely to come back very, very strong.

38:34You told a story, I guess, of the wreckage that you found. Fridges turned off, all this kind of stuff. Could you believe the state it was in? No, that was unnerving because we're a brand that's been built on standards, right? We have the highest training standards and the food safety standards. And so when you walk in and see the business in disrepair, that's when we decided as a management team, maybe it's time for us to step in. Right. Rather than step away. No, no, no, no. It's too important of a business. We can't step away. And what convinced me, Will, is Phil Broad, the president of Fridays and I, we were driving around the UK.

39:11I think we drove sort of 800 or 900 miles in two or three days just visiting restaurants. And you can see the team members sort of hanging on to the old culture by their fingernails. And when I saw that the culture was still there and they still want to take great care of their guests, they wanted to serve food that they were proud of. They wanted to sell experiences that they were proud of and celebrate people in the way they were accustomed to. That's really what kind of gave me the courage. I thought, we still have the base here. We can build off of this. How do you build on that? In some areas, you sort of look back and go, what are those things that we've always done that are still relevant to today around how we recognize our team members, celebrate them doing things right rather than try and catch them doing things wrong?

39:55We believe that the guest experience will never exceed the team member experience. So we kind of put our teams first so that they will then go out and put the guests first. I mean, the way you treat your team members is the way they're going to treat the guests is what we believe. And so I thought if we do that and we bring that culture back and then do our job correctly, innovating new food and making sure that the food that's on the menu is freshly prepared, served at pace. I mean, those are the things that we're known for. And obviously, we know how to throw a party, right? We know how to celebrate those meaningful milestones in people's lives.

40:32And when you look at who the customer is today, they may have celebrated their seventh or eighth birthday with us. and now they have seven or eight year olds. So we have a whole new generation that's coming into TGI Fridays and we want to be there to help them celebrate. How nerve wracking then Ray to do that in the backdrop with here in the UK. I mean, John Vinson runs the Leon restaurants telling the Times newspaper, restaurants are done, restaurants are dead and that the government is killing them. Can you run restaurants against the current backdrop of the business landscape set out from a sort of government tax perspective?

41:03It's incredibly challenging right now, But I'm bullish in that we're a major employer in the UK. We create jobs that matter. We serve communities. And when a restaurant builds in a community, it lifts everybody up. I mean, it's from the guy delivering produce, the construction worker that builds the restaurant. I mean, every part of an economy is touched when you have a vibrant restaurant industry that's growing. And so at some point, common sense will prevail. There's no way that a restaurant industry as large as it is, is going to go away in the UK. But right now it is extremely challenging.

41:42But when you say common sense prevailing, what does that look like? What needs to happen? I know as an American right now saying that, you know, common sense in politics sounds a little foolish. But we've been through cycles like this. Like I said, when you've been in this business for a long time, you've seen the ups and downs. And for us, we want to weather the storm. people are going to vote ultimately for an economy that's growing, that's creating opportunities for people, that's creating jobs. If there was sort of one thing rather than all the things that you could tinker with, perhaps. I would like to see a level playing field, especially as it relates to tax.

42:18I don't think the pub industry is any different than the restaurant industry. We have the same type of P &L. We essentially serve the public exactly the same way. So I would like to see parity and responsible taxes. I'd much rather see the tax base be predicated on a growing economy where you're creating more jobs, you're expanding your tax base. So you're talking about business rates here, right? Absolutely. That's Ray Blanchett there, the chief exec of Sugarloaf Holdings, the owners of the TGI Fridays restaurants here in the UK. Daniel, we did a lot of those kind of changes in the second half of that interview in the first half of the programme.

42:50People can whiz back on sounds and listen to that there. But business rates is one we didn't quite get to and you were itching to come in on. I'm guessing you echo what Ray Blanchett was saying there. Yeah, it's really unfair. And what they've done with relief and how it's been kind of engineered in that they're trying to make out it's fair really isn't. And we're seeing a massive increase in those business rates. And to operate a permanent site, a fixed site, bricks and mortar out there is costing exponentially more than it was two months ago. so that impact again is going to impact not only the consumer but also your staffing the amount of people you're able to employ because you have to cut back and one of the things that came back earlier was about training and how you develop you know to grow your workforce and educate and skill them but when your overheads are increasing as they are the things need to get cut back and usually what gets cuffed back is those soft skills those things that you would normally invest in like training, those are the things that then your employers begin to miss out on because you can't afford to do them.

43:46Right. So that's the thing. They're the things that get squeezed. They're the things that are the nice to haves, actually. Absolutely. And, you know, on any P &L, they are the nice to have. So the bits that you will always chip away at if you need to find a way of making a saving. And it's unfair on those people that you employ because ultimately they're looking to learn and grow with you as their employer. And you want to be able to give them those skills. should say, reviewing business rates in the whole, was in the Labour Party manifesto. Keep saying it's going to happen. We'll be interested to have the government on to tell us all about it.

44:15If and when they do launch their sort of plans for what that would look like. Lindsay, more broadly, we actually got to it in some of the stuff that hit the cutting room floor a bit in that interview with Ray Blanchett, but isn't that sort of elephant in the room a bit here that people have moved away from some of these brands a little bit? the casual dining sector has been a bit of a bit of a wreckage for multiple years now. Yeah, I think that's right. I think this started to really change in the years actually running up to the pandemic. Well, I remember we saw some of the major restaurant brands in the UK owned by the restaurant group really, really being hit by all the cost factors that have been touched on.

44:56But this has been long, long term, if you like. But there's changing trends as well in place. You know, there's a lot more appetite for people to order at home. And I think when you add up all the other costs for going out, whether that's babysitters or, you know, transport and all sorts of other things, then, you know, there's a lot of reasons why people just aren't to the same extent. Well, Daniel, you were making that point while the tape was going out, wasn't it? These restaurants aren't that cheap anymore either for a family, say, to go to. No, you know, the perception of casual dining was always that it was relatively inexpensive.

45:28It was a nice meal out, whereas now you really do count the cost and it doesn't matter what brand it is. Ultimately, when that bill comes, it's a bit of a surprise because you didn't factor in certain costs and charges. But it's also as well this element in casual dining and people's habits have changed. You know, one for a later show in the month when the World Cup starts. But we can already see Deliveroo and all those other kind of companies gearing up when the matches kick in at 9 p.m. and they know because people will stay in and they're order in. They won't go out to enjoy that particular occasion with friends and family.

45:59So, you know, our habits and the way in which we decide to spend our money to celebrate occasions, actually, it happens at home a lot of the time as well. Yeah, whatever they say, that competition is at home. We've had a few of those bosses on and say, oh, we don't see that as competition. It's a different kind of thing. It doesn't seem to be borne out in the stats, does it? Both of you have just been saying there as well. Well, you tell us what you're seeing because it's you we're talking about and your spending power. 85058 is the text number 08085 909 693 if you would like to get in touch that way.

46:31We'd love to know your thoughts on our final item today. Would you fancy an office, for example, that sounded a bit like this? Yates is playing this one solidly. Now, from a Surrey perspective, they want to work it before lunch. Yeah, well, for Surrey County Cricket Club fans, a new remote working option has appeared that could make that a reality. And Steve Elworthy, the chief exec at Surrey, joined us on the programme as well. Morning, Steve. Morning, Will. How are you? Yeah, really good, thanks. So first home game of the season today, and you've got this super fast Wi-Fi. Yes, I know. It's funny enough, it's not been – this has been happening for a while, actually.

47:09It's not something groundbreaking or new. It's been happening at the club for quite a long time. and you know on my travels and walking around the ground or the members forums over the course of the last couple of years it's been mentioned to me a few times that why don't we sort of why don't we promote it a bit more it's you know we see people with on laptops in the stands and on the terraces on Fridays and Saturdays Sundays and Mondays you know Champo Cricket is particularly Friday to Monday so I thought we thought this was a really good opportunity to maybe to try and drive some more people to watch one of the greatest Red Bull competitions in the world.

47:51So it's certainly something we've invested in. We've put in super high-speed Wi-Fi. We've made areas available so people can come down and watch. So as I said, it's not new, but I think it's just a bit more of a push to try and get a few people down, which would be great. How in your mind does it work kind of perfectly? If it was you, if you were sort of, I don't know, running your own company or chief exec like Daniel was? You're coming in and you're doing a couple of hours work and then watching a bit and doing a couple of hours work or you're sort of tinkering away on the emails in the background?

48:20How are you perceiving people to use it? Yeah, I think it's up to every individual. You know, I think there are lots of people out there. You know, there's thousands of people every day in London that are looking for dedicated workspaces. And we're saying come along to the Oval and, you know, it's an option. The backdrop is just a game of cricket in the background. We start at 11 in the morning and we continue on to sort of 6.30, 7 in the evening. And it's a short walk to the bar as well. Or the coffee shop as well. It's not too far down the road, exactly. It's all right, right, if it was like it was on Wednesday, belting sunshine in South London.

48:55It's a bit different if you've got the forecast that you've got for the weekend, though, isn't it? Yeah, it is a little bit. It is a little bit. I'm sure we'll see a few people wrapped up over the course of the weekend. But, you know, this is a, I suppose it's a long burn. You know, we've had, last year we had around about 80 odd thousand people come and watch County Champ, more than 80 ,000 people come and watch our seven County Championship home games. And we want to try and beat that record again this year. So, you know, I'm going to be a huge advocate of anything. And so it doesn't really matter if they're not fully, fully engaged.

49:27You just think if you get them in there, that what, they will might come back and watch it, watch it as a fan as well. Yes, exactly. Exactly. You know, these are potentially people who may come. You know, there might be people who've never thought of the Oval and cricket as an option. And suddenly, you know, there's cricket going on in the background and there might be in the future. So, you know, I think we've got to look at all ways of exploring. There might be a membership. It might be tickets further down the line. So, you know, I think we just got to be a little bit more open to getting people down to the ground.

49:58Well, Daniel here in the studio with me, been to the Oval a lot of times for events, you were saying, not for the cricket. What do you make of Steve's pitch? for the cricket too but I think it's great I think it's a lovely soundtrack you know it's a really calming soundtrack to be working against the backdrop of cricket I know it's really nice you've probably become more productive you should put that into the marketing spin as well as a result of it but I think it's great I mean the only thing I can see here is then how do you control the noise because if people want to make phone calls and then do video calls etc isn't that going to interrupt for those die hard cricket fans that have really come to watch the match yeah well listen I think what But where we've positioned a couple of these terraces, they're sort of mid-tier.

50:37They're a little bit higher up. And they're sort of dedicated spaces. So you're not potentially going to have too many spectators around you. If you've decided you want to sit in the stand and do some work, you're probably not going to take your call there. You might have to head off into the concourse in the back and maybe do that. So, you know, because we get a roundabout between three and a half, 4 ,000 to six and a half, 7 ,000 on a match day, the Oval, there's enough space to find places to go and make a call. So I think it should be absolutely fine just so long as people manage that themselves.

51:12Yeah. Yeah. So if I'm watching Jamie Smith bat, I certainly don't want my wife typing behind me. She's like the Kermit gift banging away on those when I hear her working from home. Lindsay, what do you make of this as an idea? I think it's terrible. Oh, no. I mean, I'm not a cricket fan, so that's probably one of the issues here. But the reason why is that time and time again, people with genuine reasons to want to work remotely, whether that's their health or whether that's the fact that childcare and holidays is nine till three and not eight till six. You know, they are constantly having to fight back from companies who are saying you need to be back in the office.

51:45And media who are often saying if you're working from home, you're not working very hard. and unfortunately you know these sorts of measures just kind of give them ammunition to say that great if it's a bit of fun in the summer on a Friday or if you work for yourself and you're having a quiet day but I think for most people with proper jobs it's a non-starter. Steve just while we've got you in the last couple of minutes as well your first home game of the season as well and presumably there's a serious bit beyond this kind of serious point that Lindsay's making as well there's a serious element to this too in that the finances of of county cricket it's always interesting to get kind of a perspective from you guys because you are financially the most stable in the country there's been more kind of wreckage hasn't there through the summer Middlesex and Sussex among those struggling financially what is the kind of health as you as you see it as we kind of begin another season or a week into another season yeah are you specifically talking about just across the game yeah and I mean kind of the county championship as well I mean we've covered the hundred money a lot of times but is that making a difference at county championship level for the counties themselves?

52:46I think so. Listen, we have a review meeting with the ECB, where funnily enough, we had ours yesterday. And, you know, I think, and as you've spoken about the hundred money there, that does shore up a lot of the county's balance sheets. But, you know, I think one of the key elements for me around the finances of the game is we've had this, we've had this injection in the middle of a broadcast cycle of just over half a billion pounds. And we need to safeguard that money so that we can keep making sure that we've got sustainable businesses going forward, as you say, whether it's the middle six of the world and Sussexes of the world.

53:26And I think it's the way the money is going to be spent is really critical for us. There are a number of places that are struggling, but it's all relative. We're a very big club but it's a very thirsty ground and a very thirsty club so you know we've just got to make sure we spend the money properly well good luck today i hope there's not too many people on their laptops and thanks for speaking to us steve wellworthy the boss of surrey there big thanks to daniel and to lindsey as well bbc sounds music radio podcasts

53:59chicago talks a lot hold on let me step over here people are talking too much We debate about food, deep dish, tavern style, who's got the best beef. We yell across rooms, across blocks, across generations. Yes, nice earrings, Grammy. And now we're doing it on our phones, too. Video calls from the L train, group chats that never shut up. Neighbors texting you the score before your TV catches up. Get a load of this guy. Ketchup on a dog. Yeah, we've got thoughts. Because nothing here gets built without conversation. Nothing moves without connection. So if you think you know AT &T, it might be time to rethink that because their network has improved, like, a lot, which means Chicagoans can keep speaking their mind with the top-rated fiber internet in the city.

54:45Chicago won't stop talking. Our improved network backs it up. AT &T, connecting changes everything. AT &T Fiber limited availability in select areas. Top-rated and fastest internet. AT &T Fiber, based on analysis by Oocalypse, because intelligence data to age 2025. Roll the window down. Do you hear that? It's the sound of spring. So bring on the spring at the Honda Spring Event. Honda's family of hybrids and EVs are ready for wherever spring takes you. Check out the all electric Honda Prologue, CR-V Hybrid, Accord Hybrid, and Civic Hybrid, all from the 2025 Kelley Blue Book Best Value Brain. For great deals, visit your local Chicagoland and Northwest Indiana Honda dealer today.

55:25Based on 2025 Consumer Choice Awards from Kelley Blue Book, visit kbb.com for more information.

From the publisher

With attacks on Lebanon signalling peace in the Middle East is yet to be guaranteed, Sean Farrington will be discussing what it all means for the economy at home and abroad. In Ireland, anger at fuel prices rises has turned into blockades of depots and roads. We'll be hearing from an industry boss about what's at the heart of the protests. And why sneaking out of the office to watch the cricket no longer means dodging work. We'll be finding out all about the cricket stadium that doubles as a co-working space.

More from Wake Up to Money

All 187 episodes
Oil in troubled watersWake Up to Money · 51 min
Listen in VO