Shadow brexit secretary, the portuguese finance minister, and a Brexit Committee member. The Vice President of the European Commission also joins us a little later on. The four we get the brussels, lets get straight to the bloomberg first word news. Heres nejra cehic. Nejra President Trump will be briefed later on various ways to implement comprehensive tax code changes. He will be presented with possible changes i officials including gary cohn. That is according to people familiar with the meeting. French president ial candidate Francois Fillons wife penelope has been charged in the fake jobs probe according to reports by french Media Outlets citing unidentified judicial sources. Her husband has been charged with graft, which he denies. Calls to an olivia fillons lawyer were not immediately returned. Blackrock is said to be shaking up its unit by cutting jobs, reorganizing funds, and lowering fees according to a person familiar with the matter. The revamp moves money into cheaper offerings, with some fees cut by about half. They also said more than 30 employees were let go. Global news 24 hours a day powered by more than 2600 journalists and analysts in more than 120 countries. Im nejra cehic. This is bloomberg. Francine thank you so much. Were just over three hours from theresa may triggering article 50, firing the starting gun on negotiations as britain seeks to leave the European Union. The letter will be hand delivered to the e. U. President at 12 20 p. M. U. K. Time and may will address lawmakers in the house of commons at the same time. Lets go to westminster now and anna edwards. Anna very pleased to say im joined by the Labour Party Shadow brexit minister in westminster. Let me start by asking, we start the clock today, the clock starts ticking we understand that perhaps the mandate will be to just negotiate initially on the terms of the divorce. What kind of disappointment would that be from a u. K. Negotiators perspective . I think that will be a mistake. I accept that you cant do with the divorce and the new agreement incompletion in the two years, but it is very important that as we go through the article 50 process, we have a clear idea what the future relationship will look like. For me, the ideal outcome is we have a full article 50 deal in two years, we have transitional arrangements, and then we have a collaborative new International Treaty that sets out the changed relationship. That will take time, but you need to weave in what the future looks like. Anna yousef out six tests for the brexit deal. One of those is securing the same benefits as the Single Market and the customs union. I know where you get that from. That was one of the promises of those who have been arguing for brexit. Do you think that is achievable . These are tests that can achieve the right deal and we will hold the Prime Minister to them. That was not just a promise. That was a commitment from david davis. Arrangements that he intends to negotiate will give the precise same benefits as membership to the Single Market and customs union. That is his commitment made in parliament. Anna some time ago you might have argued that would not be an achievable expectation. I argued passionately to stay in the now we have to argue to get the best future we can for our country. We have set tough tests, but we are talking about shaping the country for generations. You would expect them to be tough. But the government has said it can achieve, and that was no other than the secretary of state for exiting the e. U. In parliament. After todays proceedings, we hear from the government on the great repeal bill, whatever it wont be called. It is very much about repeal. Anna under what circumstances would you vote against that . Entrenchingea of all the rights or protections we have because of our membership to the e. U. Is a good idea. Our ask of the government is that all those rights are entrenched in full without qualification, without limitation, and without that after five years they all fall away. We are arguing that all of them are put into legislation. Anna theresa may said she wants to protect workers rights. I want to hear more about environmental rights and Consumer Rights and human rights and i want to hear more about how they are going to the enforced. We will be absolutely holding them to account on that. Anna if theres too much latitude given to ministers in translating the law, then labour party could vote against that . Wouldnt that risk an early election call . If there are rights and protections in play, they should be put into our law and they should not be capable of being taken away without the involvement of parliament. I dont want to see secondary legislation which doesnt have all the qualities to that effect. As for the early general election, the Prime Minister is serving article 50 today. Theres two years of intense negotiations about the future of britain. I think the Prime Minister needs to focus on that. Anna what the labour party back it if there were to be a call . A month, six months, two years, three years, of course the labour party will be ready for an election. Days think today of all the focus needs to be on everything that has got to be achieved in the next two years. Anna are you still in the labour party considering some kind of federal solution where scotland manages to stay in the e. U. . Our leader in scotland has been saying for some time, and i think theres a lot in it, it is not formal policy that weve adopted. There are discussions about how do we ensure that power is in the right place. I think what the referendum told us is that many people feel very distant from politics and politicians. We need to change that and to empower people in a different way. Anna keir starmer, thank you for your time this morning. Joining us here in westminster. Francine. Francine thank you so much. Anna edwards with the shadow brexit secretary in western. The u. K. s departure from the European Union will be the first time a country has quit the blocs sixyear history. Portugals friendship with england dates back to 1386, making it by some accounts the oldest alliance in the world. With me this morning is the senior minister of one of those nations, the finance minister of portugal. Welcome to the program. Thank you for joining us. This is an important day for europe. In the divorce proceeding, you have to look at yourself and say, what did europe do wrong . What could europe have done better and will article 50 change europe . It is an extraordinary day. We are entering and we have to understand that somehow uncharted waters. Thinkk europe needs to about this event and consider ofengthening and completion europe. I think this is what is needed at this state. To allow citizens also to way toand what is the get out of this difficult situation. Francine minister, portugal has gone through a threeyear bailout program. There are still concerns about nonperforming loans and other issues. Do you worry that brexit will weaken portugal if the eurozone gets weakened . , we cannotlenge is forget it. As any challenge, there is an opportunity here as well. The opportunity is precisely for leaders in europe to understand that you need to give a step forward and as i mentioned before, complete the banking union, complete the instrument that allows very strong economic area, because the euro area today presents really good results in terms of fiscal situation of external trade position. It is a very strong market, very strong economy, and it has to portray itself as such. If we are able to do that, we can certainly cope with brexit, with protectionism coming from the u. S. Administration policy stance. If we do that, europe [indiscernible] that will make also the Brexit Process easier, because if s economics it position, its power in terms of markets francine minister, are you not concerned that article 50 gets triggered and you are talking about banking union, and this would spare other members within the eurozone to want to leave the bloc, so we have a disintegrated europe, and what does that mean for npls, nonperforming loans, it also for the portuguese economy . Being member of a Monetary Union, if that Monetary Union courseisintegration, of we will be affected by that. What i was saying is that i dont see at this stage a risk of that happening, and on the contrary, i think the union, the Monetary Union has such a good economic condition, Economic Growth is picking up, the fiscal position of the euro area is have the Economic Situation to be able to cope with the challenges at hand. Of course this needs to be very clearly stated in terms of the political process, because the referendumthe u. K. Whether resulting european elections are pretty much the result of people not fully understanding what this precisely meant and what is the goal, the ultimate goal of the policies. Francine a lot of investors are concerned about debt and they are concerned about portuguese debt, italian debt. Can portugal grow out of it debt burden . Its something that we are very much focused in. We are generating primary surpluses. In 2016, we will have a primary surplus above 2 , 2. 2 . The projection for 2017 is close to 3 . Our economy is accelerating. These are the main ingredients for that equation that you need to deliver. We are doing that. We are in a position to be able to leave the excess capacity procedure. This will be an upgrade on the situation of portugal, on the credibility of our public finance, and we are stabilizing the Financial Sector. Ago, you back one year will see several problematic institutions in the Banking Sector in portugal, and we have been able to fix each one of these difficulties, and we are now about to close the deal on francine youve done two capital increases. Nova bronco is about to be sold. Is there anything you can do to deal with nonperforming loans . That we facede was a very challenging one. First of all, we need to stabilize the Banking Sector. Each piece of the Banking Sector , you mentioned the capitalization of several banks, with foreign capital, attracting foreign capital in 2016 was a major success, and very difficult in europe these days to capitalize with banks, and we were able to attract, actually, capital from all over the world, to our Banking Sector. I mean, these interventions, this capitalization of banks, we are now able to face the npl challenge better, in a better position. Say, that the very strong capitalization that is going to be closed today precisely will bring the capital ratios positive, the largest bank in portugal, to levels that will make it much more easier to ls. With and be with np they are now in a much better position. [indiscernible] they have now the capital to deal with it. Francine going back to brexit, you told me you think the european the eurozone will be much stronger if it comes together postbrexit. What kind of relationship do you see being cemented between the u. K. And the e. U. . Will the u. K. Have to pay the 50 billion Jeanclaude Juncker was talking about . That brings me back to the uncharted waters. We are dealing with issues that no one considered before in a very detailed manner. U. K. For our economic future. Important tos very economy close to the european economies. It is not only the very Long Alliance that we have with england. Key for our its firms, for our workers, for our economies, for us to stay close. Francine have you had any dealings with the government here, telling you privately that portuguese citizens living in the u. K. Can remain here . We are pretty much sure that that will happen. Issues thatere are can be raised on that front, but we think it is very important for our societies that are based on Free Movement of goods and services, and of course also and to to Stay Together face the future with great prospects. Of course in the end of the it to rules, but we want be a successful process. Francine thank you so much, minister. Great pleasure to have you in the studio. The finance minister of portugal joining us. We talked about banks, nonperforming loans, and brexit. Turning today, the what did you miss team will take a look at populism changing the dynamics of the Global Economy. They will speak with experts on nationalism including citigroups chief Global Political analyst, jeanclaude trichet, and the former italian Prime Minister. If you are a bloomberg customer, you can watch the show using tv. You can ask questions by going underneath the video screen right there. You can click on this, ask the guest a question. You can also follow our great chart and analysis. After the failure of president S Health Care bill, talking about President Trump, what does the future hold for tax reform . We will discuss that next. This is bloomberg. Francine this is bloomberg surveillance. President trump will be briefed later on various ways to implement comprehensive tax code changes. He will be presented with possible options by Administration Officials including gary cohn. That is according to three people familiar with the meeting. Optimism in the strength of the u. S. Economy has been rekindled after Consumer Confidence climbed to its highest level in more than 16 years. Federal reserve chairman janet yellen says challenges remain in the labor market, including concentrations of elevated joblessness in poor and minority communities. While the market for the United States as a whole has improved markedly since the depths of the financial crisis, the persistently higher unemployment rates in low income and minority communities show why Workforce Development is so essential. Today, a with us professor at henley business school. Thank you for joining us. Will who talks about you play a part in the Trump Administration . Have you had any discussions with the president . The discussions continue. It is to be determined. Francine but you are close to the president. I talk to people in that circle quite regularly. Francine what would be your focus, or what would you like to serve as . My background is in interNational Economics. Certain things in europe have been on the horizon. Francine trade, is trade the one thing that the president needs to focus on . Yes . Francine political economy meaning what . Relations with other big blocks of countries. Francine is he changing the way we do diplomacy . I think he is. Clearly more will run out of the white house then out of the state department, as it has in the past. , which that his views are clearly articulated on economic development, on trade, on security, will be foremost in the administration. There are different pockets of power in commerce, instate, in other agencies, in the National Security council, but the president is front and center in all things. I do need to ask you, as there were certain allegations of things around you. Have you discussed that with the president . I certainly havent discussed that with the president or his inner circle. They are petty allegations that weve basically challenged and most of them are in fact false. Francine does the u. S. Gain from europe breaking apart . No, and i dont think the u. S. Has a policy to break europe apart. View, Security Point of we want a very Strong Partner in europe. Wem an economic perspective, want a strong trading partner in europe. Whether that means that all countries have to be part of the same entities or not is certainly to be determined. In the case of nato, i think the president s opinion has been more forceful than in the recent past. I think hes even changed his mind on nato and said it has very strong prospects. Weve never had the opinion that all countries need to belong to the European Union. We have relations with all the countries in europe and we also have strong relationships with brussels. Francine what do you think the most fragile will be . Is it china . If you are looking globally, the key hotspots of course are the china relationship and of course with most controversy, although it is a less significant economy today, the relationship with russia. Francine we will get back to that and talk more about russia but also focus on article 50. Ted malloch. We will also look at pound. This is bloomberg. Careful joe, theyve got you outnumbered. The dinosaurs extinction. Dont listen to them. Not appropriate. Now im mashing these potatoes with my stick of butter. Why dont you sit over here. Something for everyone is awesome. Find your awesome with the Xfinity Stream app. More to stream to every screen. Thank you so much for that down home welcome. Show me female vocalist of the year. Thank you so much. Thank you so much acms, i appreciate it. Show me acm best moments. I could never have wished for, asked for and dreamt of anything more than this. Catch your favorite moments from the acm awards and an exclusive encore performance by Kelsea Ballerini following the show on xfinity x1. The acm awards. Live on sunday, april 2nd 8 7 central on cbs. Is brexit,his article 50, whats next. Lets get straight to the bloomberg first word news. Heres nejra cehic. Nejra donald trump has issued an executive order rolling back his predecessors carbon