Right here’s a completely automated transcript:
Hello, it is Rachlle Abbott, welcome again to The Commonplace podcast.
For those who’re new right here, hit observe and provides us a ranking.
Arising, the key lives of London’s mega mansions.
Regardless of being empty for many of the yr, there are employees inside at work and at play.
For those who think about a housekeeper in one thing like Downton Abbey, they’re overseeing all the pieces to maintain your own home operating and undamaged when you’re away.
We’ll be joined by Properties and Property editor Prudence Ivey to search out out all the pieces.
However first, it has been a tense week as Trump’s commerce wars proceed.
On Wednesday, a 25% US tariff on imports of metal and aluminium got here into impact.
It was a transfer that prompted the EU to hit again with counter tariffs on $28 billion in US items from April.
Then on Thursday, the US president threatened a 200% tariff on EU wines and champagnes if an EU tariff on imported US whisky is not eliminated.
Trump insists he will not again down as he appears to overtake US commerce coverage and rethink free commerce agreements which have stood for many years.
And his MAGA grasp plan is spooking the markets.
To clarify extra, we’re joined by The London Commonplace’s enterprise editor, Jonathan Prynn, who has been writing on this week’s paper about Trump’s tariff insanity.
To kick off, may you inform us about your piece on this week’s version?
Effectively, I imply, I do not assume anybody’s failed to note the truth that Donald Trump has been making some extraordinary selections on tariffs towards a few of America‘s greatest buying and selling companions this week.
And it appears not a day handed this week or within the final couple of weeks with out one other type of tariff being imposed on Canada, Mexico, European Union, China and so forth.
And this has actually unsettled the inventory markets in America and all over the world, however significantly in America.
They worry that commerce wars are going to break financial prospects for the American financial system, which appears to be slowing down.
Shoppers are very nervous in America.
A number of the financial indicators at the moment are trying much less constructive than they have been a number of weeks in the past.
So consequently, we have seen these absolute gyrations on the principle American inventory markets over the previous couple of weeks.
And the way is Wall Avenue trying?
In your article, you say that the tech-focused NASDAQ has been hit worst.
NASDAQ has taken the most important hits over this week.
It recovered a bit bit in direction of the top of the week.
Early within the week was carnage.
I imply, that is partly displays a pattern that is been occurring for the reason that begin of the yr, actually, that the large tech shares had such a unprecedented run final yr and the yr earlier than that they have been shedding worth, maybe greater than different firms.
There is a feeling on the market that the AI revolution could also be barely overbought and that the heavy charges of progress cannot be continued, so that they’ve come off.
They do appear to be most uncovered to the nervousness in regards to the world financial system as a result of cash goes out of those thrilling progress shares and into extra secure haven and of regular, regular eddy shares, together with some British firms as properly which have seen good will increase of their share values in the previous couple of weeks.
And regardless of President Donald Trump having robust allies with the likes of the most important tech tycoons, akin to Tesla’s Elon Musk, Jeff Bezos of Amazon and Meta’s Mark Zuckerberg, it seems they’re now worse off for the reason that US election.
Yeah, properly, I imply, it’s extraordinary so that you can depend up the loss of their private wealth.
The 5 wealthiest people who find themselves on the inauguration have misplaced 160 billion kilos at one stage this week within the worth of their private shareholdings of their firms.
It is simply unfeasible quantities of cash.
That is type of the equal to the nationwide financial system of a type of medium sized nation.
, they’re worse off.
They don’t seem to be going to battle to pay the fuel invoice.
These individuals have gotten, you already know, who measure their wealth in tens or a whole bunch of billions, between three and 5, they’re going to be okay.
However yeah, it does let you know one thing, that every one the euphoria in regards to the financial system that was round on the time of the inauguration, loads of that has gone now.
And as I mentioned a couple of minutes in the past, loads of the symptoms on the financial dashboard in America at the moment are flashing pink.
And individuals are beginning to speak about potential recession this yr.
How was Wall Avenue trying earlier than Joe Biden handed the reins over to Trump?
Effectively, Wall Avenue had a very good run.
Prime markets in America have been very, very robust over the past couple of years.
There was a sort of Trump rally as properly, however all the pieces is now up for grabs.
Nobody fairly is aware of the place the markets are going to go.
And the factor about Trump is you do not simply get a type of a brand new commerce coverage, you get tariffs which might be on, they’re off, they’re on, they’re off once more.
He is so mercurial and the coverage adjustments so quickly, that the markets discover that significantly unnerving.
There is a type of cliche that cease markets, the one factor cease markets cannot stand is uncertainty.
They will take again information as long as they know what’s coming afterwards.
However uncertainty, they discover very laborious to take care of.
So who is aware of when the following tariff announcement goes to be made and what’s going to occur after that.
I imply, we won’t learn Trump’s thoughts, however certainly this was a recognized threat?
I feel the markets have satisfied themselves.
He had talked up tariffs through the marketing campaign earlier than the election.
So I do not assume it is a terrific shock that tariffs are being talked about now.
I feel what stunned the markets is that he is pushed by way of so quickly and so aggressively a few of these tariffs on the sale on America’s greatest buying and selling companions.
I feel what possibly atypical People have not fairly appreciated was which means the price of residing for them will go up, or not less than loads of the overseas items that they loved earlier than the tactical commerce wars can be simply masses dearer.
This newest 200% tariff on European wine, it is laborious to think about simply how costly a bottle of French wine goes to be in America after this, however it should be such a luxurious merchandise.
And I feel that is solely now starting to daybreak on American voters.
And such as you say in your piece, realistically, the Plutocrats are most likely going to be OK, nevertheless it’s the tens of millions of atypical People who’ve wealth and financial savings tied up within the inventory markets.
They will most likely really feel this essentially the most, will not they?
Yeah, no, I imply Bezos and Musk and all these individuals, as I say, they’re going to be capable to put meals on their desk, French wine on their desk, even with a 200% tariff.
However for tens of millions of atypical American shoppers, People are rather more closely invested in, straight within the inventory markets than many British individuals.
British individuals have a tendency to not make investments very closely within the inventory market straight, People do.
And they’re going to have seen huge hits to their private wealth, private valuations of their shares and their trusts and so forth over the previous couple of days.
And that may make them nervous.
As I mentioned, loads of the symptoms are already displaying shopper confidence is weakening.
Some main American firms have already type of issued warnings a few fall off in confidence amongst their clients.
So we’ll see, we’ll see the way it goes.
However I feel that the Trump administration appears to have determined that that may be a worth value paying, fulfilling the MAGA dream.
Let’s go to a fast break.
Partially two, we unlock and step inside London’s most luxurious mega mansions with Properties and Property editor Prudence Ivey.
We’ll see you again right here in only a second.
Please do drop us a observe and a ranking within the meantime.
On this week’s version of the London Commonplace newspaper, journalist Emma Magnus has written in regards to the secret lives of London’s mega mansions.
Whether or not you reside within the capital or not, you must know the properties I imply.
Largely represented in historic TV exhibits, and even motion pictures, and line West London proudly.
Hyde Park, Belgravia, et cetera.
However one factor you might not know is that 1000’s of those luxurious properties lay empty.
And regardless of this, 1000’s of kilos are spent on property managers to maintain them immaculate across the clock.
Sounds a bit like Downton Abbey, proper?
To seek out out extra, I am joined by The London Commonplace’s Properties and Property editor Prudence Ivey.
Hello Prudence, thanks for approaching the podcast.
Thanks for having me, hello.
Prudence, do you wish to briefly describe the sorts of properties we’re speaking about right here?
Simply how luxurious are they?
Yeah, these homes, I imply truthfully, you need not depart them for those who do not wish to.
They’re stuffed with all of the sort of leisure and different facilities that you can presumably need.
, they’re going to have a number of workplaces generally for a couple of member of the household.
All of the bedrooms can be on suite.
There will be a gymnasium, a sauna generally, a swimming pool.
These at the moment are sort of a bit pedestrian as extras, and individuals are usually including sort of much more wacky, strange issues.
, there’s bowling alleys, there’s cinema rooms.
And these properties are managed by property managers. What precisely is their function?
So a property supervisor, for those who think about a sort of a housekeeper in one thing like Downton Abbey, they’re overseeing all the pieces to maintain your own home operating and undamaged when you’re away.
, they are not doing this on their very own in loads of these homes.
, do not assume it is that lowly a pursuit.
They’re managing big groups of employees who can be coming in to work on all their type of totally different areas, areas of specialism inside the home.
Has residence insurance coverage received something to do with it?
So yeah, I feel there’s a number of causes.
I feel residence insurance coverage is one in all them.
I feel protecting burglars out.
But in addition for those who simply take into consideration the sort of the devastation that may be wrought on a home by some rogue ivy rising over one thing or in the event that they did get a leak and no person observed, you already know, individuals are away from their properties for months and months and months of the yr.
In that point, in an unoccupied home, something can occur.
So actually, it is simply ensuring that these properties aren’t truly unoccupied.
One more reason is that they will have a home-owner pull them up and say, we’ll be there in a number of hours.
So they should have executed all that work in readiness.
, you possibly can’t polish a complete set of silver in time for somebody to be again they usually do not wish to see you doing it.
So all of it needs to be prepared for them to reach on a whim each time they wish to.
So behind the scenes of those mega mansions, may you run us by way of what sort of labor is occurring?
So truthfully, it is all the pieces from checking for mice and moths and different vermin, fixing the roof, clearing the gutters, usually simply protecting all the pieces operating as if there was somebody residing there, even when there is not.
Are there any wider impacts to London with these mega mansions laying empty?
And the councils the place it is a quite common follow, so Westminster and Kensington and Chelsea, are reporting tens of 1000’s of properties which might be majority unoccupied by way of the yr, which has a huge effect on their neighbourhoods, footfall on the street, bin assortment, I imply, all the pieces, truthfully.
So they’re attempting to crack down on this.
They’re working to cut back their huge council home ready lists, for instance, and but they’re type of multi-room mansions which might be simply mendacity principally unused.
So yeah, there are undoubtedly implications.
And at last, what’s life like for the individuals staffing these homes?
Effectively, I feel by the sounds of it, in keeping with Emma’s piece, it is fairly laborious work.
Actually, when the homeowners are there, you might be on name 24-7.
However then possibly it is a bit bit extra enjoyable after they’re away.
It seems like, you already know, the cooks are nonetheless cooking, the chauffeurs are nonetheless driving.
And so that you get to go about all of your errands, you already know, in a chauffeur-driven automotive, which may very well be fairly good.
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