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First Move with Julia Chatterley
King Charles Appears in Public Ahead of Coronation; King Charles III Coronation gives UK Tourism a Boost; Payrolls Increased by 253,000 in April; Lord Mayor: Privilege and Honor to Take Part in Ceremony; People Camping Out Security Preps Underway. Aired 9-10a ET
Aired May 05, 2023 - 09:00:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[09:00:00]
(COMMERCIAL BREAK)
JULIA CHATTERLEY, CNN HOST, FIRST MOVE: A warm welcome to "First Move", coming to you live once again from London and the special Royal Road Trip
edition of the program for you this Friday coming up we'll be driving down. Apple results of Boulevard the April jobs report highway.
And last but not least Coronation Street will have a royal lineup of guests ahead as we preview King Charles the third's coronation on Saturday and an
entire weekend of celebrations across the United Kingdom and around the world. Joining us over the next hour Nicholas Lyons, the Lord Mayor of
London, who will be a key participant in tomorrow's ceremony at Westminster Abbey?
And Patricia Yates, the CEO of Visit Britain and Visit England, the U.K. national tourism agency who's anticipating a whopping $400 million boost
plus, to tourism during the weekend of royal commemorations. We're also likely to get a glimpse of King Charles at this hour, as he welcomes
government leaders from the Commonwealth nations and arrest on the big day before the big event.
And the crowning event of course for global investors today the April U.S. jobs report, just released numbers showed the United States at a much
better than expected 253,000 jobs net last month got to be a little bit cautious of prior month revisions, though.
And we'll discuss that wage growth was also hotter than expected great news for U.S. workers. But the numbers perhaps do complicate somewhat the
picture for the Federal Reserve after hinting earlier this week that they may be ready to pause, those rate hikes going forward.
U.S. futures have been higher in the meantime all morning. And here is the picture we remain in positive territory pre market for now, but a rough
week for the U.S. majors with the DOW dipping into negative territory for the year during part to ongoing fears about the help of Regional Banks and
Bank like PacWest and Western alliance or gaining ground pre market recapturing a fraction of recent losses.
Western alliance in our refuting reports it's exploring it's some kind of sale. Plenty to begin the show with and just to begin I did promise you
that we would get a glimpse of King Charles the third and very habit. A roll welcome there for visitors on the Mall.
You can hear the Chairs shaking hands with people and thanking them for coming a day early for many of these people of course a lot of people
camping out as well. And in the background it didn't whether we can actually hear what people are saying but you can certainly hear--
I think that lady was telling him where she was from but I didn't quite hear it but certainly traveled somewhat a distance to come and see him and
what a moment to be able to shake his hand and say hello. I'm just going to continue to watch him make his way -- picking up flags there ahead of--
Unless of course no rest on the day before the big coronation as I mentioned earlier he's been meeting leaders of the Commonwealth nations now
of course as I mentioned out on the Mall surrounded by security but meeting those well wishes --.
Right, this is where I need my lip reading skills and I don't have them. But I tell you what, he looks relaxed and he looks happy. And you can see
him there just very relaxed, shaking hands with everybody personal comments joking with the crowds as well. He's clearly enjoying this moment.
I think that's very clear and the sunshine is out as well after a torrential rain earlier so they clearly timed this well as well, big
smiles.
[09:05:00]
King Charles speaks -- clearly I supported there in a hat Union Jack covered in badges, wow! Very animated there some point we may get a glimpse
of Prince William and Kate who I believe are also on the Mall there shaking hands. So if we get a glimpse of them, I'll let you know.
But I do believe Anna Stewart is with us as well. Anna, the day before the big event but no rest for King Charles out on the Mall greeting people and
clearly plenty of support is there awaiting him. I think you're joining us from Westminster Abbey. I'm sure everybody's left and headed over to the
Mall at least for today to see what they can see.
ANNA STEWART, CNN REPORTER: I know it's tricky to know where to go, isn't it?
CHATTERLEY: Yes.
STEWART: --today because actually Westminster Abbey is definitely where it will happen tomorrow. But I'm just looking at those pictures now of King
Charles. Look at how happy all those well wishes are. These are likely people who have turned out many of them may well have camped trying to get
their spot ahead of time.
We're told the Princess of Wales is also on the Mall right now speaking to people and has actually said that her plan is to "go wherever the fun is"
so that sounds like this royal walkabout will be very engaging. It's been a busy day. You know, this is the day before the coronation, you know the
huge events the first in 70 years King Charles and Queen Camilla have had rehearsals.
We've seen some royal escorted cars heading to Westminster Abbey earlier this morning. There are also of course, plenty of heads of state and
dignitaries who've traveled from all over the world to be here. And many of those will be hosted at Buckingham Palace later today.
So quite a busy day for our King Charles the third ahead of this huge ceremony tomorrow no doubt he'll be looking for an early night I imagine.
Oh, look, he's there some lots of flags there. Lots of people and you know what it is not I know you're in the studio right now.
I can tell you the British weather. It has not been kind and may look sunny in these pictures right now but it has been torrential rain on and off all
morning.
CHATTERLEY: I know, I mentioned that it certainly looked threatening when I looked out of the window earlier. Anna and you were just mentioning
actually people camping out. We just saw what looked like two sheets of topsoil in next week. And look, you can see that in the background of the -
-.
STEWART: I wondered.
CHATTERLEY: So that's certainly a makeshift tent, but someone's persevering nonetheless. You know what I noticed? And just as you were talking, we saw
it there. The picture just froze briefly but ladies in bonnets covered in flowers, and I'm one of them in red just had what seemed to be a very
lovely exchange and King Charles patted her hand at the end, whatever she told him.
So it's a very warm King Charles, as we were both discussing, he looks very happy. He looks very comfortable in this position. Look, another bonnet
there another red bonnet. This is an immense moment I think for these people that were hoping to see something at the coronation tomorrow.
But a day early, they actually get to speak to the King, meet the King, shake hands with the King for those that do your point that have traveled
all this distance to see him. What an incredible moment a day ahead of the coronation to be able to share some words with him.
STEWART: I'm getting to shake his hand. I mean, you're seeing there, people shaking the King's hand and have seen the late Queen was unlikely to ever
actually make sort of physical contact necessarily with crowds like this. Or we're seeing Prince William of Wales also out and about.
Here we go. Someone's got a lovely little gold crown on I think it'll look a little sad compared to some of the crowns we'll be seeing tomorrow. I've
also been losing lots of flags. People from overseas have come for this when I was covering the diamond, the sorry, the Platinum Jubilee last year.
What really amazed me was how many people actually traveled to the U.K. to witness one of these big royal events that moment in history really,
someone just kissing King Charles's hand there. Wow, look at those crowds. Aren't they lucky? You know, we've actually seen similar things in the
past.
When we had the Queen's laying in state the late Queen Elizabeth the Second the lying in state queues. Prince Charles or King Charles as he had just
become then actually visited the crowds who are waiting in line. So did the Prince of Wales so this isn't actually unheard of I almost expected it.
I said to my producer this morning. I wonder if we'll see any royal visits today. But actually, of course not where I am at Westminster Abbey along
The Mall where people are allowed to camp out and be ready for the big day tomorrow and it's going to be huge that Mall is going to have nearly 7000
military personnel 5600 will be part of the procession. 1000 will line that route front to back the military procession will be an entire mile.
[09:10:00]
You're now seeing the Princess of Wales speaking to more well wishes that's the first time we've seen her on this feed. I believe there was actually a
lunch at Buckingham Palace for governors general and Prime Ministers of the Commonwealth. So they've actually had a pretty busy day and there will be
more events later today within Buckingham Palace because they're hosting so many of the Heads of State who have travelled to especially for the
coronation.
CHATTERLEY: Yes and we just saw King Charles crossover them all as well to speak to crowds on the other side who I'm sure are delighted having watched
him. Watched him progress, you're just seeing him now sharing a joke, a back and forth with the lady there who was laughing out loud.
Again, I just, we have to reiterate. And you made such a great point about the kind of crowds that we saw for the funeral of Queen Elizabeth the
second of the support that we saw there and same again here for those that are perhaps questioning support for the monarchy that certainly not evident
in what we're seeing in terms of the sheer quantity of the crowds a day before the official coronation event, big smiles, clearly great joy and
people being happy to see him.
Admittedly, these are the most buoyant of supporters. But certainly this is a great showcase, I think for the country and support for him too. And we
were just seeing images as you were talking, of course, as well of Kate and William and she always manages to engage with families, I think in children
as well, which is quite nice.
There was a very shy little girl back there as well. I'm sure she'll remember meeting a future Queen one day.
STEWART: Well, it was a much less shy little girl. I think last week, you actually took her handbag in one of these walkabouts, which was an
absolutely hilarious moment, put it in the child's mouth as well. What's useful about this, just seeing all the back and forth is really trying to
engage with the public.
And you're right there has been some criticism of a coronation. Not everyone is on board with a ceremony that is, you know, incredibly
exclusive and elitist because that's what it is, the anointing of a King by God. Of course, many people in U.K. don't have Christian faith, but they
are doing what they can feel the royal family to engage people where they can.
And we've seen that in the last few days, we'll certainly see it, I think, tomorrow with a huge recession. We'll see on Sunday with the street parties
on Monday, there's a huge volunteer effort. All this I think to try and make sure that people feel included in this event, which could otherwise
feel purely elitist and exclusive.
And it's an ancient ritual and tomorrow, there will be a lot to it is very, very solemn so also creating the celebratory moments around it. I think
it's important at this point.
CHATTERLEY: Yes, and to make that out, we tend to make it as your point multicultural and multi faith too. I want to bring in Royal Correspondent
Max Foster, who joins us outside Buckingham Palace as well. Max, I'm show you've been watching these pictures.
And I think we're strongest observation. And I keep saying it, but it is a strong one is them how relaxed he looks and how he's enjoying the moment
and clearly the people that are getting to shake hands with him a day before the coronation, feel the same too.
MAX FOSTER, CNN ROYAL CORRESPONDENT: Yes, so he's always lived in the shadows, hasn't he of his mother? This is the first big state event which
is entirely his own. So I think you're right. I mean, I was at a garden party with the King and Queen earlier in the week. They were in very
buoyant form.
I recently I was in Germany and I spoke to both of them. And they are on very positive form about the future they feel that they have a strong
monarchy ahead of them. And this is the big event, the big branding exercise where they introduce themselves to a global media. I mean, there
are cameras here from all over the world.
Many networks around the world are going to be enrolling coverage for hours around this event. It's a big opportunity for him to present himself to the
world, and also to the United Kingdom as not just their King, but also the Head of the Church of England. Ultimately, as Anna was suggesting, this is
a solemn event at the heart of it, where he's anointed with holy oil and becomes God's representative on earth.
Nothing less than that, it's a pretty profound moment for him. That's why we won't see that particular moment. But around it a huge amount of theater
and pomp and pageantry the likes of which we haven't seen since the last coronation. So this place will be full of 4000 troops on parade and other
3000 lining the route.
It will be absolutely spectacular, biggest party you can really imagine and that theater is something that Britain is pretty good at but at the center
of it. Obviously there's very holy moment as well. It really goes back to a time when you know that there wasn't an automatic right to the throne.
It was disputed, often. So there was this massive presentation of a King on the coronation cheer and all the crown jewels receiving that and the world
seeing it so it's an extension of that but with a modern twist.
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CHATTERLEY: Yes, it was quite nice to just, I'm sure you heard it there as he were speaking the sheers of the crowd as he crossed over once again and
approached a separate group of people all with their phones raised. I mean, one of the big differences, I think, between the coronations that we've all
seen in film of his mother, Queen Elizabeth, the second is that all these individuals will have captured it on their mobile phones.
There are a lot of selfies being taken and he, to your point, clearly enjoying this moment and being really for the first time on not a solemn
occasion, this center stage and truly in the spotlight and the limelight.
Yes, so obviously, that I think the pageantry will pull people in on the day, tomorrow, it will be truly spectacular but then there's the separate
story about Charles the current monarch that he's going to be and whether he can use this opportunity to really express himself and as a person, away
from his mother, away from his children, away from Diana Eden, really asserting himself as an individual.
He feels he's very confident and can have a very strong reign. There's no suggestion that Williams is going to take over anytime soon. I don't think
he really wants that either. And I think there will be a really poignant moment tomorrow when the one person that's going to pledge allegiance and
kneel down in front of the King will be the Prince of Wales, William.
And then of course, we've got this public homage, which has been pretty controversial where you know, the wider world is invited to pay their
homage to new King as well. Whether or not people do that or not, I think will be a quite an interesting tests.
But you know, all the people that you're seeing Charles, with at the moment are, you know, they are the super fans, Julia, though the front of that
particular section. They've been camping out for days. They're not necessarily representative of wider society.
CHATTERLEY: Yes--
FOSTER: I think -- viewing figures and the social media reaction.
CHATTERLEY: Yes. I think that is the great point, Max.
FOSTER: Yes--
CHATTERLEY: Yes, look at that, a final wave there and a final cheer. Max, before I let you go, I do think the point you were making there is it's
very important that we see him now walking back through the gates and the crowds giving him a final cheer. And they are clearly achieved, as you
quite rightly point out the super fans.
Talk to us about that homage and I think perhaps some of the misunderstanding and the message that the royal family was, and King
Charles was trying to send with that. And perhaps some of the perception, particularly in the media, that this was something that was supposed to be
less elitist in traditional form where peers would swear allegiance and actually opening it out to individuals across the nation on the
Commonwealth and misunderstanding, perhaps--
FOSTER: Yes, it didn't go down particularly well, this idea that the public will be asked to pay homage. That's how it was interpreted in the media
here. Actually, if you look at what they said, they wanted to invite people at home around the world, if they wanted to be part of that moment.
And this was part of the idea of inclusivity that they're trying to integrate into the whole of this very ancient service. So bring other
religious leaders into the ceremony, for example, bring female bishops in, bring children into the service as well, trying to involve as many people
as possible.
And there is this poignant moment after the King is crowned, where traditionally you would have lords and peers paying homage to the King, so
showing his authority over the land. But they wanted to get rid of that because they felt it was outdated. And they wanted to bring the public in
instead and they would be invited to pay homage in their own way at that moment.
So that's where the lot of people feeling pretty upset that is being told to pay homage. I don't think that's what they intended. So they didn't mess
up I think the communications around that. And we'll actually see how many people actually want to get involved but they're trying to include people
in this event.
And if you think back you know, just the King's grandfather, their way of including more people in that coronation was inviting four members of the
working classes. So they've made some progress at least.
CHATTERLEY: Yes, some progress at least, I -- suppose you're watching that because you're probably talking to me, but can I just point out princess as
well, shoes, were absolutely fabulous there. I do think something will be written about the fashion stakes and if you don't know why you know that
either you can or maybe not. She looked great. I'm excited. I think it's going to be a fabulous couple of days.
STEWART: --I just like talking to Max Foster about royal outfits is--
CHATTERLEY: --silent and let him speak. He's like connection issues, Max Foster outside Buckingham Palace there. Thank you so much.
FOSTER: Hi both, I can tell you I mean I have to talk about case few issues many times in the past.
[09:20:00]
I can talk to you about how she was its particular heels then sink into grass. I've got it all down -- in a particular way.
CHATTERLEY: Yes--
FOSTER: Yes she can actually do a side shuffle in heels. So looks -- she's moving towards someone without actually walking towards them anyway. Anna,
knows more about this amazing--
CHATTERLEY: --episode. Anna Stewart and Max Foster thank you both. We're back after this stay with "First Move".
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to "First Move", millions of Brits are planning an overnight domestic break for the coronation weekend delivering an estimated
1.2 billion pounds or equivalent to 1.5 billion-dollar boost to the economy. According to the Tourism Board visits England from dining out and
sharing a pint to taking a show in the West End.
Millions of pounds are expected to pour into London's hotels, pubs and theaters and beyond. Tourism Chiefs say the carbonation is also a magnet
for Americans in particular, playing a major part in Britain's tourism recovery.
And joining us now to discuss is Patricia Yates, CEO of VisitBritain and VisitEngland. Patricia, fantastic to have you on the show, just talks us
through what your expectations are for this long weekend?
PATRICIA YATES, CEO OF VISITBRITAIN AND VISITENGLAND: Well, as you said, we are going to be out partying and going away for the weekend and going to
pubs and restaurants and hotels and having a great weekend and that's right across the country. There is a government U.K. website and it has events
right across the country.
And then internationally we're seeing that our American visitors are temp sent up in May, our Western European visitors our temps sent up and I
should say the British recovery is really being driven by the American market, our most valuable markets, that real connection with our history
and heritage. So it will be great to host so many of them over this long weekend.
CHATTERLEY: Yes, I'm sure some of them also booked trips when we saw a weaker pound though it certainly recovered now. Can you break that 1.2
billion pounds some into where you're expecting it to come from whether it's a piece of tourism of hotel receipts, money spent, as you said
partying perhaps in some of them Britain's infamous pubs around the country as well? Can you break it down?
[09:25:00]
YATES: Well, the 1.2 billion is what people tell us, they're going to say, if you look at what some of the trade bodies are talking about hospitality
is talking about 350 million pounds of revenue, the West End company, talking about 50 million pounds of spend just in the West End alone.
So that's in our shops and retail and then pubs talking about 72 million extra pints being pulled over the weekend.
CHATTERLEY: Wow!
YATES: So right across, right across the hospitality sector. And I should say, this isn't just about people coming this weekend, though, of course,
they are really welcome and we'll have a great time. It's about those millions of people who will see us on their screens, and we'll see history
and heritage brought to life. I'm sure it's going to be an amazing weekend and really, you have to come to Britain to experience that.
CHATTERLEY: Yes, I was just looking at the numbers for the British Beer and Pub Association, because I do think those 72 million extra pints drunk,
were apparently going to equate to 120 million pounds of additional spending this weekend, you can count on the Brits.
To your point and I think it's a very important one. It's not just about this weekend it's a showcase to for all things on offer. If tourists do
want to come to the U.K. and see what's on offer here and you expect to see a longer lasting bump in terms of tourism receipts. I know it's difficult,
but can you quantify that too and there's a purpose for me asking.
YATES: Well, we are forecasting got a very bullish forecast for this year, that our income will be 29.5 billion pounds. So that's back to pre COVID
levels and visitor numbers about 86 percent. So they're slightly slower. So what we can see is people are coming, they're staying slightly longer and
they're spending more.
And throughout the summer, our attractions or hotels, or doing coronation themed events, coronation themed exhibitions. And we know historically,
when there's been a bit big event, like Wills and Kate's wedding, that people have come in numbers to see those royal events, and those more
occasions, and to be part of that, even months after the event.
CHATTERLEY: Yes, there are all sorts of speculation about what this is ultimately going to cost in terms of coronation spending, and I'll hone in
on just one of them, which is around 100 million pounds. If we put that into perspective, relative to the bump that you're talking about seeing in
terms of tourism receipts and a boost to the economy, then then it's dwarfed.
But do you understand those that say, perhaps, in the midst of a cost of living crisis, this is not the time to making the spending? And what's your
response to those in light of the conversation that we've just had? What do they need to understand?
YATES: Well, what I see post COVID, and what I hear around me is that people are so fed up with being on their own in a room. And what we have at
the moment is a real sense of community and of excitement.
And people want to be together and enjoying that, whether that's the people who are camping on the Mall and have been there for days, whether it's for
people who are going to turn up tomorrow, whether it's people who are going out to their villages to have lunches tomorrow.
So I think that real community feel that is right across the country and tourism is a very important industry. And our history and heritage is our
big draw internationally. And the royal family is intrinsically linked with that when you look at the major attractions, like Westminster Abbey, like
the Tower of London, like Windsor Castle, they all have that royal thread running through them.
CHATTERLEY: Yes, final question for you, because I do think the point that you're making is a vital one. And we don't have to go into the numbers of
this because I know it's complicated and some of its subjective. But in your mind, the royal family, the monarchy is a net financial contributor to
the U.K. economy and to tourism.
YATES: Well, what I would say is for any destination that has history and heritage as its main draw, the problem is how would you say to people, you
have to come this year, because it could be the same as it was 100 years ago, and will be the same as 100 years in the future?
What the royal family and events like we're seeing over the weekend give us is that sense of immediacy, that sense of experience and that connection to
new and younger generations who think yes, I'd like to go, I'd like to go and experience that and be part of that? So I think, you know there are the
places that we are really strong at but the people is part of that story.
[09:30:00]
CHATTERLEY: Yes. Something quintessentially British and it will be certainly on show in the next 24 hours. Patricia, great to have you with
us, thank you.
YATES: Thank you, Julia.
CHATTERLEY: Patricia Yates, the CEO of Visit Britain, thank you. OK coming up here on "First Move" a banking bounce and a jobs jolt, U.S. stocks on
target for a strong open the early numbers just ahead.
(COMMERCIAL BREAK)
CHATTERLEY: Welcome back to "First Move" and another jobs Friday in the United States ahead of coronation, Saturday here in the UK more special CNN
coverage of the coronation of King Charles, the third in just a moment. But first U.S. stocks solidly higher in early trade at this Friday, all the
major averages bouncing back after four straight days of losses and much needed rally too in regional U.S. bank shares helping the market mood.
Early session gains for beaten down names like PacWest and First Horizon. Wow look at that bounce in PacWest, also today a surprisingly strong new
read on U.S. jobs. 253,000 jobs added to the U.S. economy net last month. Some 70,000 more than expected the first time in three months that jobs
growth has accelerated.
That said we did see some sharp revisions downwards in the month of February and March almost 150,000 jobs fewer than originally reported. So
always watch the revisions. Nela Richardson joins us now, she' Chief Economist at Payroll Processing and Human Resources firm ADP. Nela, great
to have you on the show as always, what did you make of these numbers?
NELA RICHARDSON, CHIEF ECONOMIST, ADP: Thanks for having me. These numbers are really, really strong. We saw a broad base hiring across a variety of
industries from professional business services, information and technology to social services. Even those industries that had big headlines of the
United States about layoffs they hired in April that's really important that brought the overall unemployment rate to 3.4 percent. In the United
States that's near our at-record lows.
[09:35:00]
CHATTERLEY: I mean, this is astonishing, if you could have said to Jay Powell and the crew at the Federal Reserve a year ago, guys, it's going to
be OK, you can raise interest rates from zero to 5 percent. And you're going to have a 3.2 percent unemployment rate, they would have said,
awesome, we'll take it.
RICHARDSON: I hope they would say that as inflation is going down, that's really, really important.
CHATTERLEY: Good point.
RICHARDSON: In fact, the strongest real indicator of what's going on in the labor market, and on the inflation front is the pay data. And here we saw
that average hourly earnings in the United States crept up a little bit. If you look at the ADP numbers, and we pay one in six workers in the United
States, so around 20 percent of the U.S. workforce, we see those numbers, we're actually seeing some D.C. looks deceleration and pay growth. That's
also a good sign for the Fed that they won't be battling wage growth as they're trying to fight inflation as well.
CHATTERLEY: That's a fascinating point, because I was going to ask you about that because this jar slightly with the data that we got from you
guys at ADP earlier this week, what do you make, then if that's some of the increased pressure that we've seen in these numbers, you're saying that's
perhaps an anomaly simply because you, you have a really good sense of the market, given that you process what as you said 20 percent.
So perhaps just the ADP numbers on this, rather than what feels to be sort of pushy, inflationary, once again on the wage data in these farm payroll
numbers?
RICHARDSON: Yes, we're going to see numbers bumped around. And survey data, which is what the BLS relies on, those are going to bump a little bit. But
they're in line and they show if you look over several months, deceleration in wage growth, the ADP numbers are actual payrolls.
And what we've seen is a significant slowdown in April, especially for people who switched jobs over the last year. And those people are much more
subject to local and real time labor market conditions. So overall, across the board, we're seeing a deceleration in pay growth, which doesn't seem so
exciting to the average worker, but it is good in terms of keeping inflation contained. So you actually feel the benefit of a pay increase.
CHATTERLEY: Yes, and to your point, the sheer quantity, volume of data difference that we have to focus on and it's very important at this moment.
The thing that we were discussing last time, when I found it quite interesting was the slower pace of hiring at larger firms that was also
allowing some of the smaller and medium sized firms to finally be able to hire the people that they need.
And that might also be putting a bit of downward pressure on the wage growth that we were seeing, too. Is that's still what you're seeing?
RICHARDSON: That's an excellent point. And thank you for recalling it. Yes, we're seeing small firms really start to hire. They had been blocked out
last year by a larger firm hiring, they couldn't compete in terms of pay increases, they couldn't compete in the same way in terms of benefits. Now
that larger firms are starting to kind of pull back some of their hiring, it does add a little room.
And you can see that that smaller firm is hiring, but they're not increasing their pay growth at the same time, they're able to hold the line
on pay growth while making moves on hiring. And that shows that even though these numbers are strong, and the unemployment rate is low, the labor
market overall is loosening, it's allowing smaller players to actually be able to add headcount.
CHATTERLEY: OK, so we're going to go full circle here and begin where we started or end where we started, which was, what does this mean for the
Federal Reserve. They indicated that they might be ready to pause the market clearly expects them to base on and it's only one data point, but
this data today, do you think it's still OK, that they've indicated a pause and can continue to do so? Or may there be more work to do?
RICHARDSON: You know the Fed is going to have to evaluate a lot of different things. But the labor market signal is extremely strong. What
you're seeing here is robust hiring, and overall a slowdown in pay growth. So that's a positive signal that the Fed can kind of put in their back
pocket to say, OK, I'm going to look at the credit signals.
I'm going to look at the consumer sent signals, like when I look at the economic growth signals, but I know that the labor market, that signal
continues to be robust, so I can really pay attention to these other factors going on in the economy. The labor market is actually adding
strength and supporting the consumer. So I would read this data as one thing that the Fed doesn't have to worry about, which is the strength of
the labor market in terms of helping the consumer.
CHATTERLEY: Yes, and your point is vital. I think more important at this moment is credit conditions, what's going on in the banking sector and the
implications perhaps for lending tariffs, particularly small businesses and the consumer 70 percent of the economy as you always tell us. Nela,
brilliant to have you on as ever!
RICHARDSON: Thanks for having me, enjoy the weekend.
[09:40:00]
CHATTERLEY: Thank you, I will, Chief Economist at ADP, you too. Coming up, doing what Britain does best, history and ceremony and some pomp after the
break, a majestic guy from a key figure in the king's procession. The Lord Mayor of London joins us now.
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CHATTERLEY: Welcome back to "First Move". And some royal fever on the show. Among the dignitaries taking part in Saturday's historic coronation
ceremony will be the Lord of Mayor of London. My next guest Nicholas Lyons leads the City of London Corporation and acts as a global ambassador for
the UK's financial and professional services industry
Now he'll be carrying this 600 year old Crystal Scepter during the king's procession. It was a gift from King Henry, the Fifth to the City of London
and is the city's most ancient treasure. And he will be wearing these ceremonial robes last used by his predecessor for the coronation of Queen
Elizabeth the Second.
Nicholas Lyons is the Lord Mayor of London and he joins us now. Lord Mayor, welcome to the show. Thank you so much for joining us. The Lord Mayor's
participation in coronations dates back to the 14th century, whether that's the royal procession or beyond, how does this moment feel personally, but
also for the City of London?
NICHOLAS LYONS, LORD MAYOR OF LONDON: Well, of course, it's a great privilege and an honor to be taking part in such a wonderful and
traditional ceremony. But of course, it is also a very great symbol of the long term relationship between the monarchy and the City of London, a
relationship that goes back 1000 years.
CHATTERLEY: Can you talk to us about some of the rehearsals that you've taken part in? I think there's some obvious questions, which is how heavy
is the scepter? What's it like in person? I'm sure you've already seen it or have you?
LYONS: I have, no I was at dress rehearsal yesterday, I was six, six hours at Westminster Abbey, as a lot of sitting around and processing. But I've
got to tell you that when the, it's a very large procession that takes part on the way in a much smaller procession that takes part on the way out.
But on the way in two sides of the cloisters of Westminster Abbey were filled with people in all of their finery. And when before the dress
rehearsal started, the actual Crown Jewels were delivered to the various people carrying scepters and crowns and orbs and swords.
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It was absolutely spectacular and riveting. But it is it is going to be a really marvelous ceremony and a great, great tribute to King Charles and
Queen Camilla.
CHATTERLEY: Just describe that moment too, because I can imagine, we see these things, you can obviously go and visit the Tower of London and see
some of the crown jewels, but that moment when you saw such a collection, all in one place. For many of us, it's been 70 years since the last
coronation. For many of us seeing a collection like this, it's only ever been on video and it's something I think that we'll remember for the rest
of our lives.
LYONS: Yes, and its one thing to see it close up. But it's another thing actually to carry one of those items. And as you say quite rightly, I carry
the Crystal Scepter which was given by Henry the Fifth after the Battle of Agincourt. It was traditional that the king would come to the city of
London to borrow money to raise an army, which of course happened back in the early 15th century.
The city being good bankers, took the collateral of the loan, we took the crown jewels as collateral to make sure we got our money back. And the gift
from Henry the Fifth when he won the battle of Agincourt and got his crown Jews back was this amazing Crystal Scepter, which is very beautiful. It's
not very heavy.
But I wouldn't want to be holding it for more than the two hours that I will be holding it. It's absolutely priceless. So I'm wearing some calfskin
gloves to give myself proper grip on it. So I don't drop it, which would be not what I want to be remembered for.
CHATTERLEY: Yes, you hope it can resolve on -- when comes about. Can we also talk about your robe as well?
LYONS: Yes.
CHATTERLEY: In many ways, it's true to the ethos of sustainability, I think that King Charles has promoted for what more than more than 50 years and
this dates back to the coronation of Queen Elizabeth the second?
LYONS: Yes, well, it's a bit of luck, because traditionally, there is a new robe made for each coronation. And it is then given to the Lord Mayor who
has the honor and privilege of wearing it for the coronation and for his or her use. But the Lord Mayor in 1953 was Sir Rupert De la Bere, who was a
member of the Skinner's Livery Company.
And after he had worn his coronation robe, he gave it to the Skinner's company, so they have kept it for 70 years. And they very kindly offered to
lend it to us. I'm actually a Merchant Taylor and there's a lot of history between the Merchant Taylors and the Skinner's. We had great rivalries in
old days, but we're great friends now. That's just as well, I'm a Merchant Taylor.
CHATTERLEY: I know.
LYONS: The stakes of it after 70 years meant that it needed some work.
CHATTERLEY: Oh, OK. I'm glad that the rivalry is over now, because otherwise you'll be seen wearing the opposition's robe. Is that heavy too
when is it warm?
LYONS: It's warm, but it's not too heavy. It's actually a cape. It's on my shoulders, and it's fastened with a chain at the neck. So it's, it's quite
comfortable. But I do wear black velvet caught dress and britches underneath it. So happily, the Westminster Abbey is not that hot. So I
don't think I got overheat.
CHATTERLEY: Nor too drafty either because there's an old building. You've represented the city financed through numerous previous iterations of your
careers as well. And obviously, there's been a debate about not only the role of the monarchy going forward, but the cost of the coronation, the
challenges for many in the United Kingdom amid a cost of living crisis.
Lord Mayor, what's your view on all of this? And, and, and what this moment means for the people but also perhaps what they need to understand about
what monarchy and events like this represent to?
LYONS: Yes, look, I think, if you look around the world, when her late majesty died, and we had her funeral, the whole world, literally the whole
world took their hat off and bowed to this country, for the pomp and the ceremony and the beautiful way that we paid our respects to a remarkable
monarch.
That is an irreplaceable competitive advantage. And we should play with that with trepidation. So look, I think the role of the monarchy is
integral to what makes the United Kingdom great. I am a great optimist at the financial services sector that I represent is an absolute jewel in the
crown for the UK.
And we need as a country now to get onto the front foot. We put the past six years behind us and we're through COVID. Of course, there are
significant economic challenges. Of course, we have to make sure that we have a safety net for those who are most vulnerable in our society.
But we can't pay for the health services and the care services and the education services that we want to have, let alone you know, defense and,
and policing, unless we have growth in the economy and really sort of productive economy.
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And it needs the financial services sector in the City of London, to prime the pump for that and make sure that capital is allocated as effectively as
possible. So there is great interaction now with the government and indeed with the Labor Party about what growth and investment in the UK can look
like.
And we as a nation need to get on the front foot again. We need to be confident, we need to be bold, we have a great future ahead of us. And the
monarchy sits on top of all of that. And it's when I travel abroad, everybody loves the British monarchy, and they will be talking to me for
the rest of my -- about the coronation, I'm quite sure.
CHATTERLEY: We wish you luck, sir. Good luck with the gloves. Please don't drop it. And we'll speak to you soon.
LYONS: Thanks very much.
CHATTERLEY: Thank you, the Lord Mayor of London there, Nicholas Lyons thank you once again. OK, more on coronation preparation, after this short break.
We're live at Buckingham Palace as the finishing touches are added to Saturday's historic ceremony. That's next.
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CHATTERLEY: And welcome back to "First Move" where excited royal fans are out and about in London and beyond preparing for King Charles, the third's
coronation tomorrow. A little earlier we saw the king on a walkabout along the mile near Buckingham Palace meeting and greeting and shaking hands with
people in the crowd.
And the Princess of Wales too were also out, shaking hands, waving lots of smiles and celebrations it seems. Now to ensure everyone is kept safe more
than 29,000 police officers have been deployed across London. Firearm officers, dog handlers, mounted police and helicopters all part of what the
police call Operation Golden Orb.
Royal Correspondent Max Foster is outside Buckingham Palace, warmed up and ready to go Max. It is going to be I think an incredible spectacle over the
next couple of days. I could talk to you about Princess Kate shoes, but I'm going to skip over that and ask you another awkward question.
How many times have you been asked what role Harry's going to play? And whether or not he'll be on the balcony tomorrow? What can we expect?
FOSTER: Yes, I mean, you are asking the crucial question about the balcony because it's the one part of the entire day that we haven't had confirmed.
They say they're going to make a decision in the moment. So how they feel, just so you know, the whole of the front of the palace, all of those rooms
there, they're all being renovated. It's literally like a building site.
So the room where they come out, literally has floorboards missing, they've had to put them back in to get the family through. So they do have to be
quite organized. They have to decide, you know, a bit ahead of time that's going to come out. Cynics would argue the reason they're not telling us is
because it's not entirely clear whether or not Harry either will be invited or has been invited and hasn't responded. It's not entirely clear what the
situation is there, we know he's coming to the service.
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He won't be coming with the rest of his family. My feeling is I have to say, Julia, I put my neck out a bit and say, I think he will be given a
prominent position in the church because if he's there, he is there as the king's son. And that is a senior position in the family.
He won't have any sort of role, though, because it's not a working royal. If it's just the King and Queen up there on the balcony, he won't be there.
It could possibly be with the Wales is potentially that will be the working royals.
But if they decide to have the entire family with all the cousins filling up the whole balcony, it certainly you know, wouldn't look out of place
there. I just don't know whether or not he's even been invited there and what sort of discussion is going on behind the scenes. But it's one of the
things that adds a bit of tension to the day, we don't know what's going to happen.
CHATTERLEY: I know. We like surprises though. For me, I would love to see a family moment, but I know it's complicated. So we'll keep guessing, Max.
Thanks for putting your neck out there. Great to have you with us as always, Max Foster, thank you. And that's it for the show. "Connect the
World" with Becky Anderson is up next. Have a happy coronation weekend for all those we care and are watching we'll see you next week.
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