A divided Bank of England
FT News Briefing
Forhecz Topher
4.4 • 1.2K Ratings
🗓️ 8 August 2025
⏱️ 14 minutes
🧾️ Download transcript
Summary
Donald Trump has nominated Stephen Miran to fill a soon-to-be vacant seat on the Federal Reserve’s board of governors, and the Bank of England lowered rates by a quarter per cent in a close vote. Plus Europe’s weapons factories are expanding fast and US President Donald Trump threatens a 100 per cent tariff on chips excluding Apple.
Mentioned in this podcast:
https://www.ft.com/content/298bf95e-49ec-4d9f-8948-b7f72cf4ffdd
BoE cuts rates with a hawkish shift in its outlook
Europe builds for war as arms factories expand at triple speed
Donald Trump threatens 100% tariff on chips but with carve-out for Apple
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Today’s FT News Briefing was produced by Sonja Hutson and Marc Filippino. Additional help from Sam Giovinco, Gavin Kallmann and David da Silva. The FT’s acting co-head of audio is Topher Forhecz. Our intern is Michaela Seah. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | For over 40 years, Equinoor has been an energy partner to the UK. |
| 0:04.1 | During that time, we've played our part in the switch from coal to gas, |
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| 0:13.5 | Equinor, an energy company, searching for better. |
| 0:16.9 | 99.6% of Equinor's energy output is oil and gas. |
| 0:20.5 | Our investment in renewables and low-carbon |
| 0:22.4 | solutions has increased from 4% in 2020 to 27% in 2024. Find out more at equinor.com. |
| 0:32.6 | Good morning from the Financial Times. Today is Friday, August 8th, and this is your FT News Briefing. |
| 0:39.3 | There might be a new face at the Federal Reserve soon, and the Bank of England had a tough time |
| 0:44.7 | getting on the same page yesterday. Plus, U.S. President Donald Trump says he wants to put 100% |
| 0:51.0 | tariffs on semiconductor imports, but there is a major carve-out. |
| 0:56.4 | I'm Mark Filipino, and here's the news you need to start your day. |
| 1:09.8 | U.S. President Donald Trump nominated a new governor to the Federal Reserve yesterday. |
| 1:14.8 | Stephen Myron is chair of the Council of Economic Advisors. |
| 1:18.7 | He'll get to vote on interest rate decisions, and he's probably going to support Trump's |
| 1:22.5 | calls for aggressive cuts. |
| 1:24.9 | Myron is set to take the seat that's being vacated by Adriana Coogler. Her term was set to |
| 1:30.0 | end in January, but she's leaving the Fed today. Once Myron's term is up next year, Trump is |
| 1:36.9 | expected to use that seat to nominate a replacement for Chair J. Powell. The president has |
| 1:41.9 | repeatedly put pressure on Powell to cut rates more quickly, but |
| 1:45.6 | due to sticky inflation, the Fed has continued to take a cautious approach. |
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