How Private Equity Ate Britain

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Next month’s UK election will likely be a reckoning for Prime Minister Rishi Sunak, the Conservative Party and its handling of the aftermath of Brexit and the pandemic. It turns out both events have already played a key role in shifting control of some of Britain’s best-known brands to foreign hands. High Street retailers like Morrisons, Byron Burgers, Wagamama and others have all been scooped up by US private equity firms in recent years. And the debt they owe, compounded by high interest rates may be endangering their financial resilience while putting employees at risk. 1:00 - Leveraged buyout explained 2:10 - The fall of Morissons 3:30 - The impact of Brexit and Covid 4:05 - Private equity is everywhere 4:45 - Morrisons and its colossal debt 5:50 - Jobs, consumers and consequences -------- Like this video? Subscribe: Get unlimited access to Bloomberg.com for $1.99/month for the first 3 months: Bloomberg Originals offers bold takes for curious minds on today’s biggest topics. Hosted by experts covering stories you haven’t seen and viewpoints you haven’t heard, you’ll discover cinematic, data-led shows that investigate the intersection of business and culture. Exploring every angle of climate change, technology, finance, sports and beyond, Bloomberg Originals is business as you’ve never seen it. Subscribe for business news, but not as you've known it: exclusive interviews, fascinating profiles, data-driven analysis, and the latest in tech innovation from around th