The Bottom Line with Evan Davis

What is going wrong with the largest economy in Europe? It accounts for roughly one-third of the continent's total manufacturing output but since 2020 there's been very little growth. Some people suggest the problems facing the country have been brewing for decades. It's argued Germany has been slow to adapt to modern ways of doing businesses and hasn't kept up with industrial competition from abroad. Evan Davis is joined by a panel of experts to understand how much trouble the German economy is in, why it's struggling and what it can do to revive itself. Guests: Verena Pausder: Chair of the German Start-Up Association Nicola Pinder: Business expansion consultant for the German state of Baden-Wurttemberg Marcel Fratzscher: President of the German Institute for Economic Research Wolfgang Munchau: Journalist and Author of Kaput, The End of the German Miracle Presenter: Evan Davis Producers: Nick Holland & Sally Abrahams Sound: Dave O'Neill & Donald MacDonald Production Coordinator: Katie Morrison Editor: Matt Willis

If there’s one business that’s ingrained in popular culture, you could argue it's the buying and selling of antiques. You only have to count the number of TV shows where people find and flog something hoping for a profit to recognise the appeal. But how does the business really operate? Is it accurately portrayed on television and how do antiques come up for sale in the first place? Evan Davis is joined by a panel of experts to get some answers and asks whether anything we manufacture today will last long enough to be auctioned off in a hundred years-time. Guests: Catherine Southon: Catherine Southon Auctioneers and Valuers, TV expert on Flog It!, Bargain Hunt and Antiques Road Trip Mark Hill: Dealer, Author, Lecturer and TV expert on Antiques Road Show and Antiques Road Trip Conor Hannah: Founder of SellingAntiques.co.uk Presenter: Evan Davis Producers: Nick Holland & Sally Abrahams Sound: Dave O'Neill & Neil Churchill Production Coordinator: Katie Morrison Editor Matt Willis

Drones are no longer simply small flying cameras. They’re being used to fight wars, find people lost at sea, inspect infrastructure and gather intelligence. Evan Davis and guests discuss what’s driving the extraordinary growth of the drone industry. And, as the technology gets cheaper, smarter and longer-range, what does it take to build a successful drone business? Guests: Mike Armstrong, MD, Stark Defence UK Gemma Alcock, founder and CEO, Skybound Mark Westwood, director of defence and a professor of aeronautics, Cranfield University Production team: Presenter: Evan Davis Producer: Bethan Ashmead, Production Co-ordinator: Katie Morrison Sound Engineer: Neil Churchill Editor: Matt Willis

From breakthrough products and inspiring leadership to marketing disasters and strategic own goals, a panel of business leaders choose the winners and losers from the last 12 months in business. Evan Davis hosts The Bottom Line's unofficial annual awards, where the only prizes are the praise or pillory of the judges. Guests: Nicola Hodson, Deputy President, techUK Peter Bazalgette, former Chair, ITV Edwina Dunn, Co-founder, dunnhumby Production team: Presenter: Evan Davis Producers: Sally Abrahams and Nick Holland Sound engineers: Dave O’Neill and Tim Heffer Production Co-ordinator: Katie Morrison

The Bottom Line has been on BBC Radio 4 for twenty years. The programme was first broadcast in 2006. Back then smartphones weren't on sale, Facebook had only just gone public and people still went to Blockbuster to rent videos and DVDs. Tony Blair was prime minister, a litre of fuel cost 90p and interest rates stood at 4.5 per cent. Since then there's been a financial crash, we've had energy price shocks, Brexit and a pandemic. Evan Davis is joined by a panel of guests, who first appeared in the early years of the show, to reflect on how the business landscape has changed over that period of time. Guests: Nicola Horlick: CEO of Money & Co Robin Wight: Advertising Guru Kim Winser: Luxury Brand Consultant Alex Cheatle: CEO and founder of Ten Lifestyle Group Plc Presenter: Evan Davis Producer: Sally Abrahams & Nick Holland Sound: Dave O'Neil Production Coordinator: Katie Morrison Editor Sam Bonham

Success doesn't always bring confidence. In fact, some of the most accomplished people privately worry they're not as capable as everyone believes. They live with a nagging fear that one day, they'll be exposed as a fraud. It’s often called imposter syndrome, and can affect anyone, at any stage of their career. Evan Davis and guests explore what imposter syndrome really is, why it happens and how it can hold people back. And they'll share practical tips and strategies for quietening that inner critic and building confidence. Guests: Andy Ransom, former CEO, Rentokil and now chair designate, Teenage Cancer Trust Katy Leeson, former MD, Social Chain and founder of Courageous Dr Valerie Young, co-founder, the Imposter Syndrome Institute Production team: Presenter: Evan Davis Producers: Sally Abrahams and Nick Holland Production co-ordinator: Liam Morrey Sound engineer: Dave O’Neill Editor: Justine Lang

Few disagree we need business regulations to protect the rights of workers and consumers, ensure markets operate fairly and set standards for a whole host of industries. However, one thing some business owners get frustrated about is the amount of regulation they have to comply with. It's not just that we over-regulate, they also complaint that we're slow to regulate too, causing unnecessary and expensive delays. Evan Davis explores the nature of the regulatory landscape in the UK and assesses whether we fairly weigh up their costs and benefits. Presenter: Evan Davis Producer: Sally Abrahams & Nick Holland Sounds: Neil Churchill and Rod Farquhar Production Coordinator: Katie Morrison Editor: Sam Bonham Guests: John Fingleton: CEO of Fingleton Consultancy Polly Dhaliwal: COO of Enterprise Nation David Buttress: Co-Founder of Just Eat

Evan Davis hosts the business conversation show

Whether it’s McDonald’s and Cadbury or H&M and Karl Lagerfeld, brand collaborations are booming. From food to fashion, homeware to movies, why are partnerships having such a moment and what makes some 'collabs' succeed while others fail? Evan Davis and his guests explore the deals, the strategies and the creative thinking that turn collaborations into commercial successes. They also consider the consequences of what happens when things don't go to plan? Guests: Karen O’Rourke, Managing Director, H&M, UK and Ireland Gill Williams, head of partnerships, tpf Rita Clifton, branding expert, former London CEO, Interbrand Presenter: Evan Davis Producer: Nick Holland and Sally Abrahams Sound engineers: James Breard and Andy Garratt Production co-ordinator: Katie Morrison Editor: Sam Bonham

What does it take to drill oil out of the ground and then refine it into petrol, jet fuel or other petrochemical products? The world currently uses about a hundred million barrels of oil a day. However, the daily flow has been affected by the closure of the Strait of Hormuz. A fifth of the global supply normally passes through the waterway in tanker ships, but it's been blocked since the end of February 2026. How has the industry adapted? Guests: Nick Bone, Fuels Industry UK Luke Johnson, Director of OPC Edward Hayden-Briffet from Onyx Capital Presenter: Evan Davis Producers: Sally Abrahams & Nick Holland Sound: Dave O'Neill & James Piper Production Coordinator: Katie Morrisson Editor: Sam Bonham

Evan is joined by a panel of top entrepreneurs to answer your listener questions. How do you make your business stand out in a crowded market? Where can you find the information you need to start your own business? Why don't we hear about the failures along the way to success? And how do you know which risks are worth taking? Evan and his guests answer listeners' questions and discuss the ins and outs of starting your own business, as well as the unique challenges of being an entrepreneur. Guests: Trinny Woodall, CEO and founder of Trinny London Sarah Willingham, CEO and founder of Nightcap Brent Hoberman, serial entrepreneur and investor Production team: Presenter: Evan Davis Producer: Mhairi MacKenzie Production Co-ordinator: Katie Morrison Sound engineers: Jack Graysmark and Dave O'Neill Editor: Matt Willis The Bottom Line is produced in partnership with The Open University

From smartphones to trainers, confectionary and cleaning products, we live in a culture of constant updates. Companies reformulate, redesign and refresh their products in a continuous race to stay ahead. But how are those decisions made? What counts as meaningful improvement and how much is designed to make last year’s version feel old? Evan Davis and guests discuss how products evolve and why standing still is the fastest way to fall behind. Guests: Tom Moody, Senior Vice President and Managing Director, P&G (Proctor & Gamble) Northern Europe Dr Garry Moppett, Senior Director of Research & Development at Mars Dave Ward, UK and International Managing Director, Amazon Ring. Production team: Presenter: Evan Davis Producer: Sally Abrahams Sound engineers: Lee Wilson and Donald MacDonald Production co-ordinator: Katie Morrison Editor: Matt Willis The Bottom Line is produced in partnership with The Open University

Across our professional careers, many of us will come into contact with a difficult colleague or hard-to-please superior. But what happens when difficult behaviour crosses over into bullying at work? What effect does this have, not only on our wellbeing, but on our workplace as a whole? Evidence suggests that bullying may be on the rise in the UK. A 2025 survey of British workers conducted by ACAS (Advisory, Conciliation and Arbitration Service) found that 44% of respondents had experienced conflict at work in the last 12 months. And on the global stage, the resurgence of ‘strong man’ leadership has reignited a debate: does bullying behaviour get you what you want? Evan and the panel look at what workplace bullying is, when and why bullying can occur, and the steps individuals and organisations can take to tackle this behaviour in the workplace. Guests: Jason Warner, Managing Director (UK and EMEA) at SBS Kevin Rowan, Director of Dispute Resolution at ACAS Kara Ng, Senior Lecturer in Organisational Psychology at Alliance Manchester Business School, University of Manchester Production team: Presenter: Evan Davis Producer: Mhairi MacKenzie Production Co-ordinator: Katie Morrison Sound engineers: James Beard and Neil Churchill Editor: Matt Willis The Bottom Line is produced in partnership with The Open University

The UK’s private rental market has grown dramatically over recent decades, creating what often feels like a tale of two nations: ‘Generation Rent’ who are priced out of home ownership and unable to access social housing; and buy-to-let investors who view property as a reliable income stream or pension plan. Rising rents, poor conditions and fierce competition for homes have fuelled frustration with landlords, prompting political efforts to strengthen protections for tenants and increase tax pressure on property owners. Now the sector is facing a turning point – with large institutional investors, backed by pension funds, for example, playing an increasing role. Evan Davis and guests discuss the state of the UK rental market and where it might be heading. Guests: Ashley Winston, Director of Palmdale Car Finders Andy Graham, Host, HMO Podcast Polly Simpson, Head of multi-family development at Savills Production team: Presenter: Evan Davis Producer: Sally Abrahams Production Co-ordinator: Katie Morrison Sound engineers: Ben Andrews and Tim Heffer Editor: Matt Willis The Bottom Line is produced in partnership with The Open University

Everyone wants to get the best price they can when they buy, whether that’s a product, a service or an experience. But the ‘best price’ can look different for different people, and at different times. Surge pricing, tiered prices, off-peak discounts, time-of-use pricing- technology has enabled more industries to employ dynamic pricing to get the best prices for their products by altering them depending on a range of sophisticated considerations. But this has made pricing less predictable and left customers feeling like the prices are often stacked against them; most notably after the Oasis reunion tour ticket sales in 2024. Is dynamic pricing really as bad as we all think? Evan and guests look at the psychology behind consumer perceptions of dynamic pricing, and ask how different industries can utilise the pricing model to benefit themselves and their customers. Guests: Richard Howle, founder of RH Insights Zoisa North-Bond, CEO of Octopus Energy for Business Marco Bertini, Professor of Marketing at Esade Business School Production team: Presenter: Evan Davis Producer: Mhairi MacKenzie Production Co-ordinator: Katie Morrison Sound engineers: Daniel Fox and Steve Greenwood Editor: Matt Willis The Bottom Line is produced in partnership with The Open University

From headline deals like Vodafone-Three or home builder, Barratt buying rival, Redrow, corporate mergers and takeovers are on the rise. Evan Davis and guests take a fresh look at what happens when companies combine. They discuss why deal-making is growing, why execs turn to M&A, what can go wrong and whether mergers deliver growth or simply disguise deeper problems. Guests: Vittorio Colao, CEO at Vodafone Group 2008-2018, and now Vice Chairman, EMEA, General Atlantic Pip Hulbert, CCO for International Markets at VML Farshid Azadegan, Director of BEC Distribution Production team: Presenter: Evan Davis Producer: Sally Abrahams Production Co-ordinator: Katie Morrison Sound engineers: Russell Newlove and Andy Garratt Editor: Matt Willis The Bottom Line is produced in partnership with The Open University

In the years after the COVID pandemic we are travelling more and expecting more from our journeys. Travel is increasingly viewed as an end-to-end experience that begins before you even set foot on board your flight. As people look to inject luxury into their travel, airport lounge usage has boomed. But lounges’ rise in popularity has created a unique problem for their operators: how do you grow your customer base whilst maintaining a degree of exclusivity? Evan Davis speaks to industry operators and experts about balancing the scales. Guests: Mignon Buckingham, CEO of Airport Dimensions Claude Roussel, VP of Sky Clubs and Lounge Experience at Delta Airlines Nicky Kelvin, Senior Director of Content at The Points Guy Production team: Presenter: Evan Davis Producer: Mhairi MacKenzie Production Co-ordinator: Katie Morrison Sound engineers: Dave O’Neill and Tim Heffer Editor: Matt Willis The Bottom Line is produced in partnership with The Open University

Right now, Artificial Intelligence feels unstoppable. Investors are piling in, expectations are sky-high and claims about a radically different future are everywhere. To anyone who remembers the late 1990s, it all feels strikingly familiar. Back then, the internet sparked the dotcom boom - a frenzy of big ideas, easy money and soaring valuations. When the bubble burst in 2000, billions were lost and companies wiped out. Yet the core idea proved right - the internet did transform lives, just more slowly and messily than expected. And there are important lessons to be learned. Evan Davis talks to Ernst Malmsten, co-founder and CEO of boo.com, one of the most high-profile startups of the dotcom era. From his frontline seat in the boom and bust, he shares what really happened and what today’s AI moment can learn from it. Guests: Ernst Malmsten, co-founder and former CEO, boo.com Gretchen Morgenson, business reporter at the New York Times during the dotcom bubble, now senior financial reporter, NBC News Investigations David Pringle, tech writer and former Wall Street Journal reporter Production team: Presenter: Evan Davis Producer: Sally Abrahams Production Co-ordinators: Katie Morrison and Jack Young Sound: Dave O’Neill and Rod Farquhar Editor: Matt Willis The Bottom Line is produced in partnership with The Open University.

Every country likes to think it’s world-class at something. The Italians claim style, the Germans have their engineering and the Americans have Silicon Valley - and swagger. So, what about us? What’s Britain’s superpower? It’s a serious question. If we know what the UK is good at, we can play to our strengths and build an economy that pays for the things we all rely on – like hospitals, homes and schools. Evan Davis and guests discuss what Britain does well across culture, innovation and capital. And asks what works, what doesn’t and why it matters. Guests: Ric Lewis, founding partner of Tristan Capital Partners Kate Bingham, managing partner at SV Health Investors Shona McCarthy, former CEO, Edinburgh Festival Fringe Society Production team: Presenter: Evan Davis Producers: Sally Abrahams and Neal Razzell Production Co-ordinator: Katie Morrison Sound: Jonathan Greer and James Beard Editor: Matt Willis The Bottom Line is produced in partnership with The Open University.

Frustrated by the lack of sophisticated non-alcoholic drink options, Ben Branson began experimenting in his kitchen, distilling herbs from his garden to create an alcohol-free spirit. Seedlip launched in 2015 and rapidly scaled. In just three and a half years, he took the company from a hobby to a global brand, sold in 35 countries and 30 US states, before selling the business to the drinks giant, Diageo. Ben tells Evan Davis how before all that, he’d tried his hand at a variety of jobs, some of them quite bizarre.