Crypto News: Bs in your bonnet

The next few weeks are all about the letter B, according to this piece which assesses the mood inside government following the Windsor Framework.

Here's Bloomberg's government team: "Sunak's allies told MPs at the away day they would focus on 'four Bs' over the coming weeks to produce a more positive story about his government: Brexit, Biden, the budget and boats."

It would appear then that part of the utility of last week's B was that it was a twofer. At first glance, it was about Brexit but No.10 hope it unlocks the second B — Biden. As the Bloomberg team report, Sunak will travel to America to meet President Joe Biden this month and hope he reciprocates sometime soon (a US trip to the UK could bring investment dollars in its wake).

US President Joe Biden Photographer: Oliver Contreras/Sipa

The third B is boats, which we'll come to in a tick, but the B gridded for next week is the Budget. Here, the better news continues. Stats out today show an unexpected rebound in commercial and civil engineering work. Lucy White reports that these figures boost "hopes that the economy may avoid a prolonged recession."

With these ever so slightly better than expected economic noises, Tories are angling for red meat. Bloomberg's Phil Aldrick and Joe Mayes look at five options for the Budget — extending the fuel duty freeze and help on childcare. But it's pretty obvious what letter Sunak and Hunt's rank and file want briefed out — T for tax cuts.

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The stories you need to know about this evening

The CBI's director-general, Tony Danker, has stepped aside from the role while an independent probe into his workplace conduct is carried out.
Senior doctors in the NHS are threatening strike action over pay and pensions, while nurses remain in talks with the government.
Keir Starmer has branded Boris Johnson "desperate" for complaining about his decision to offer Sue Gray a job.
Starbucks is investing £30 million to open 100 UK stores in the UK next year.

Throughout the weekend and into today, the government has been unveiling certain aspects of its plan to curb illegal migration – or "small boats" as it's become known, the last of those Bs. The new legislation is expected tomorrow.

It's one of Sunak's five pledges made earlier this year and one of the more stretching. Sunak wants "stop the boats" to be something voters judge him on in the run up to the next election, even though it has proven impossible for previous administrations to get a handle on. Sunak is meeting Emmanuel Macron in Paris on Friday where Channel crossings will be high up the agenda.

What we know so far: The legislation means that channel migrants should be removed from the UK, banned from future re-entry and unable to apply for British citizenship. Currently, asylum seekers coming to the UK have the right to seek protection under the UN's Refugee Convention and the European Convention on Human Rights — which makes it difficult for the government to remove them from the country.

So, is it to be the Windsor Framework mark II? There have already been sounds of discord — lots of briefing over the weekend from sources close to former Home Secretary Priti Patel calling the plan merely "window dressing" which will get stuck in legal action. Her close source said "it's incredible that, having hyped up what they will do, they've not come up with anything remotely new, nor a game-changer."

Keir Starmer indicated this morning that Labour will vote against the plans for that reason – that we've seen big promises on new legislation before, but the figures have continued going up.

One of the things to watch out for tomorrow will be a possible Tory rebellion from MPs who believe the only way to settle this issue is to withdraw the UK from the European Convention on Human Rights. As Bloomberg's reporters put it: "That could cause Downing Street a headache as officials look to rebuild their relationship with the European Union."

That's the verdict of the 404 professional and retail investors who took part in the latest MLIV Pulse survey. Two-thirds of respondents said the cash in their portfolios would bolster rather than drag down their performance in the year ahead. Fears of a potential bear market, continued rate hikes and a looming recession have investors nervous, worried that 2023 could be a reprise of 2022's brutal hit to portfolios.

Get ahead of the curve

Pre-Budget growth push. The UK has unveiled a £360 million science plan to make Britain a science "superpower" by the end of the decade.

Clean energy future. Shell's new boss said Britain is less attractive as an investment destination than both the US and Europe because it is failing to match green energy subsidies.

Post-Brexit adjustment. Citigroup is building a new trading floor in Paris as the Wall Street giant prepares to nearly double its staff in the French city.

Sold out. Credit Suisse has lost one of its biggest backers — Harris Associates stock picker David Herro sold the firm's entire stake in the bank.

Alright for some. UBS raised CEO Ralph Hamers' compensation for last year by 11%, while bonuses for the rest of the firm were cut.

Freezing. The UK is preparing for a late blast of cold next week that could mark the start of an unusually chilly March.

25%

Aston Martin stock surged on Monday in an unusual rally that some analysts attributed to a short squeeze.

One key story, every weekday

Bao Fan, founder and chief executive officer of China RenaissancePhotographer: David Paul Morris

After a two-year crackdown on the private sector, Xi Jinping is trying to persuade China's entrepreneurs they can safely return to founding tech startups and rebuilding the country's economy. It's a tough sell, especially after Bao Fan, the tech industry's star banker, disappeared last month.

Read The Big Take.

Allegra Stratton worked for Prime Minister Rishi Sunak when he was chancellor and runs an environmental consultancy, Zeroism.

Please send thoughts, tips and feedback to readout@bloomberg.net. You can follow Allegra on Twitter.