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This is Business Live from BBC News with Sally Bundock and Ben Thompson. | :00:00. | :00:09. | |
As the UK assesses its options after last week's surprise decision | :00:10. | :00:12. | |
to quit the European Union, we'll weigh up the economic impact | :00:13. | :00:15. | |
Live from London, that's our top story | :00:16. | :00:20. | |
The UK's Finance Minister, George Osborne, has been | :00:21. | :00:42. | |
speaking in the last hour, in an attempt to ease | :00:43. | :00:44. | |
We'll be live in London's financial district to find out. | :00:45. | :00:50. | |
We'll take you live to Frankfurt and Sinagpore, as global investors | :00:51. | :00:55. | |
assess what the vote could mean for them. | :00:56. | :00:57. | |
Gold prices are up sharply as the pound sinks. | :00:58. | :01:00. | |
And this is how it's looking in the first half hour of trade. | :01:01. | :01:09. | |
And what difference will the vote mean for businesses day to day? | :01:10. | :01:14. | |
We'll speak to one British exporter who voted to stay in, | :01:15. | :01:17. | |
and ask what it means now the country is heading out. | :01:18. | :01:20. | |
Send us your questions about the impact on travellers, | :01:21. | :01:24. | |
Welcome to a special edition of Business Live. | :01:25. | :01:42. | |
We're assessing the impact of Friday's historic vote - | :01:43. | :01:45. | |
the UK's decision to leave the European Union. | :01:46. | :01:49. | |
And after a weekend of political upset and economic fall-out - | :01:50. | :01:54. | |
today begins the real work of negotiating an exit and finding | :01:55. | :01:57. | |
the politicians to lead the UK through the uncertainty. | :01:58. | :02:02. | |
This morning, UK Chancellor, the Finance Minister George Osborne, | :02:03. | :02:05. | |
sought to calm financial markets in the wake of heavy | :02:06. | :02:07. | |
He said the economy was in good shape to withstand the volatility | :02:08. | :02:14. | |
ahead and to confront the challenge the country now faces. | :02:15. | :02:28. | |
He did resist calls for an emergency budget. He says he wants to play an | :02:29. | :02:35. | |
active role in the debate over Britain's relationship with the EU. | :02:36. | :02:36. | |
We'll cross live to the city in just a moment, but first here's | :02:37. | :02:39. | |
It will not be plain sailing in the days ahead. But let me be clear, you | :02:40. | :02:51. | |
should not underestimate our resolve. We were prepared for the | :02:52. | :02:55. | |
unexpected and we are equipped for whatever happens. We are determined | :02:56. | :03:01. | |
that unlike eight years ago, Britain's financial system will help | :03:02. | :03:06. | |
our country deal with any shocks and dampen them, not contribute to those | :03:07. | :03:09. | |
shocks, or make them worse. Stephanie McGovern is | :03:10. | :03:13. | |
at the financial heart What did traders make of what Mr | :03:14. | :03:24. | |
Osborne had to say? Good morning. You could have heard a pin drop in | :03:25. | :03:29. | |
the Chancellor was speaking. These guys reacting. Stuart, what has been | :03:30. | :03:37. | |
happening? When we came in, everything felt very weak again. Mr | :03:38. | :03:43. | |
Osborne coming out has been more supportive in terms of staying on. | :03:44. | :03:46. | |
We don't know how long he's going to stay on for. Sterling has rallied on | :03:47. | :03:53. | |
that. Original indications on the FTSE, we're down to three, 4%. We | :03:54. | :04:00. | |
are now only down half a percent. They are down but not as much as you | :04:01. | :04:06. | |
expected? Exactly that. We still look at European markets. You look | :04:07. | :04:12. | |
at the euro stocks, a broad base of European shares, and that is up a | :04:13. | :04:19. | |
third 1%. These Spanish elections have taken quite well. So much going | :04:20. | :04:25. | |
on in the world, you have to keep your eyes everywhere. Thank you. | :04:26. | :04:33. | |
Fairly calm. Of course, as we know in this game, things go up and down | :04:34. | :04:39. | |
pretty easily at the moment. It will keep us all in a job for now! | :04:40. | :04:43. | |
It would seem the pound is rising a little. There is a little bit of a | :04:44. | :04:56. | |
feeling of calm in European markets. The mood where you are? A bit more | :04:57. | :05:02. | |
of a stable tone. The same thing on the Frankfort stock exchange. You | :05:03. | :05:07. | |
can see the financial district behind me. Some of the words that | :05:08. | :05:11. | |
emanated from the Chancellor of Germany over the weekend, they had a | :05:12. | :05:21. | |
much more stabilising effect. Negotiations with Britney to be | :05:22. | :05:24. | |
carefully handled, they must not be rushed handled in a constructive | :05:25. | :05:30. | |
manner. I'm joined by Roberto spit, a finance director. Are you | :05:31. | :05:36. | |
reassured by what you have seen over the weekend in terms of how the | :05:37. | :05:42. | |
process will be managed? I certainly am. We want an amicable separation. | :05:43. | :05:47. | |
We would like to keep the economic harm to an absolute minimum. And | :05:48. | :05:51. | |
then clearly we want to keep Britain as close to the union as possible. | :05:52. | :05:56. | |
You concerned this contagion will spread am a bad there will be a | :05:57. | :06:03. | |
general feeling the EU needs some sort of reform? Definitely needs a | :06:04. | :06:07. | |
reform and we hope it will be a catalyst. There may be reasons why | :06:08. | :06:15. | |
banks may not be able to operate fully in London. Maybe you could | :06:16. | :06:19. | |
explain fully what they are, particularly the issue of euro | :06:20. | :06:23. | |
clearing. There are other reasons why it is not possible to conduct | :06:24. | :06:30. | |
negotiations outside the EU? The ECB wants superannuation. They ruled | :06:31. | :06:35. | |
accordingly and were overruled by the European Court. The High Court. | :06:36. | :06:43. | |
We will have that issue reopened and very likely we will have euro | :06:44. | :06:48. | |
clearing moving into Frankfurt. Frankfurt, in terms of those | :06:49. | :06:51. | |
operations, has an obvious pulled because the ECB is here and it | :06:52. | :06:55. | |
manages the eurozone. But it does have a very shiny new face that it | :06:56. | :07:00. | |
has developed over the past decade. It does have unquestionably more | :07:01. | :07:04. | |
appeal but it is not the only game in town. Luxembourg would like some | :07:05. | :07:08. | |
of that business as well? Everybody would get some of the business. But | :07:09. | :07:12. | |
the clearing would come to Frankfurt. We have the biggest | :07:13. | :07:17. | |
clearer in the eurozone, bigger than all of the other clears in all of | :07:18. | :07:21. | |
the other countries together. Let me ask you a better deal in the offing, | :07:22. | :07:26. | |
itself very controversial at the beginning, the deal between Deutsche | :07:27. | :07:33. | |
and the London stock exchange. Arguments about where headquarters | :07:34. | :07:38. | |
would be. Is that deal under threat? The industrial logic is clearly | :07:39. | :07:42. | |
intact. We still believe it is good to have a European solution. | :07:43. | :07:49. | |
However, it needs recalibration. Now that we know that Britain is leaving | :07:50. | :07:54. | |
the EU, clearly some of the business will more logically be located in | :07:55. | :07:59. | |
Frankfurt. We need recalibration. When it comes to headquarters, | :08:00. | :08:02. | |
Frankfurt brings the majority of the value to the table. We believe it | :08:03. | :08:09. | |
should be reconsidered. Thank you. Frankfurt is certainly poised. But | :08:10. | :08:14. | |
there is still the open question, if Britain leaves the EU, when? | :08:15. | :08:20. | |
Yes, everybody is asking that question. Tanya Beckett. | :08:21. | :08:21. | |
Andrew Walker, economics correspondent, is with us. | :08:22. | :08:26. | |
We heard reaction from the city of London. What did you make of George | :08:27. | :08:36. | |
Osborne's speech? It is striking. Before the referendum he did warn | :08:37. | :08:39. | |
that there might be a need for an emergency budget. It is not going to | :08:40. | :08:44. | |
be this week but it is still very much on his mind. He talked about | :08:45. | :08:50. | |
the need for an assessment by the Office for Budget Responsibility of | :08:51. | :08:52. | |
the applications for the government finances. And there will need to be | :08:53. | :08:59. | |
some adjustment, he said, in the public finances. He is not spelling | :09:00. | :09:03. | |
out in detail what that means. But he did also say that he is | :09:04. | :09:07. | |
determined to make sure that the progress he says has been made in | :09:08. | :09:12. | |
managing government finances, that that is maintained. There is a | :09:13. | :09:16. | |
suggestion there will be a need for some further tightening in | :09:17. | :09:20. | |
government finances. It is still an open question of whether he will be | :09:21. | :09:26. | |
the person to do it. You say he talked about the budget, but only | :09:27. | :09:29. | |
when he was asked about it. He actually spoke for quite some time | :09:30. | :09:34. | |
and some length about what he has done, but what Mark Carney has done | :09:35. | :09:40. | |
to bring calm, the challenges ahead. Indeed. He mentioned three | :09:41. | :09:49. | |
particular challenges. The first, the most immediate one, was about | :09:50. | :09:52. | |
trying to deal with the volatility that we saw particularly on Friday. | :09:53. | :09:57. | |
And frankly, yes, it is important for finance ministers to make | :09:58. | :10:00. | |
reassuring noises in those circumstances. But the real levers | :10:01. | :10:07. | |
are in the hands of central bank. Mark Carney was indicating what | :10:08. | :10:11. | |
powers he had particularly in terms of providing support. There have | :10:12. | :10:14. | |
been similar statements from other central banks around the world. The | :10:15. | :10:19. | |
Swiss National bank has actually done something. But then Mr Osborne | :10:20. | :10:23. | |
wanted to talk about the uncertainty about the new relationship, the UK | :10:24. | :10:27. | |
will have with the rest of Europe. And then the business of deciding | :10:28. | :10:33. | |
and negotiating what the relationship will be. Clearly he | :10:34. | :10:37. | |
wants to have a role in it. We will see what position he does have in | :10:38. | :10:42. | |
those important negotiations. Thank you. | :10:43. | :10:51. | |
Some breaking news in the UK. Over the weekend here in the UK, we have | :10:52. | :10:54. | |
had a number of departures from the shadow cabinet, from the opposition. | :10:55. | :10:58. | |
We have got new appointments to those jobs. Shadow Foreign Secretary | :10:59. | :11:04. | |
will be Emily Thornberry. Shadow health secretary, Diane Abbott. | :11:05. | :11:10. | |
Shadow Education Minister secretary, Pat Glass, shadow transport | :11:11. | :11:12. | |
secretary, Andy McDonald. Defence, Clive Lewis. And Rebecca Long Bailey | :11:13. | :11:18. | |
shadow Chief Secretary to the Treasury. 12 members departed over | :11:19. | :11:26. | |
the weekend. They are keen to get things back and running. A swift | :11:27. | :11:31. | |
response this morning in terms of organising a new cabinet for the | :11:32. | :11:35. | |
opposition party. Let's look at the Business Live home | :11:36. | :11:41. | |
page. The key picture, George Osborne at his press conference. It | :11:42. | :11:50. | |
also talks of the reaction to UK shares and the pound. Continuing to | :11:51. | :11:54. | |
fall. A slight uptake in Stirling at the beginning of the trading | :11:55. | :11:58. | |
session. Other stories out there. Companies coming out with profit | :11:59. | :12:03. | |
warnings, like easyJet. Yes, they have talked about the risk | :12:04. | :12:08. | |
of Brexit. It could cost them 5% in terms of revenue over the coming | :12:09. | :12:11. | |
year. There has been a lot of debate about what it could mean for the | :12:12. | :12:15. | |
open skies agreement, whereby airlines are free to fly anywhere | :12:16. | :12:20. | |
within the European Union. If the UK votes to leave, question marks over | :12:21. | :12:25. | |
that arrangement. Do take a look. ABC online. Lots of | :12:26. | :12:31. | |
other reaction. Business leaders talking about the outcome. Let's get | :12:32. | :12:38. | |
a sense of how Asia reacts to this. Friday was pretty grim for most of | :12:39. | :12:43. | |
the main markets in Asia. Yes, markets closed down pretty | :12:44. | :12:44. | |
sharply. Following Friday's post-Brexit slide | :12:45. | :12:46. | |
of almost 8%, the Nikkei in Tokyo Our Asia Business Correspondent, | :12:47. | :12:49. | |
Karishma Vaswani, Is this a bit of profit-taking while | :12:50. | :13:04. | |
prices are cheap, or is this flying to somewhere that is not a European | :13:05. | :13:08. | |
market? I think it is a bit of both. There is a sense among many traders | :13:09. | :13:13. | |
here in Asia and investors that it is a time to take stock. There was a | :13:14. | :13:17. | |
lot of panic on Friday because there was a sense that the actual | :13:18. | :13:23. | |
referendum vote was not priced into the markets. Everybody was expecting | :13:24. | :13:27. | |
a Remain vote. They got what they were not expecting, which is why you | :13:28. | :13:32. | |
saw the major dramatic falls on shares across Asia on Friday. Japan | :13:33. | :13:37. | |
has picked up today. Some 2%. It must be said that the strength in | :13:38. | :13:41. | |
the Japanese yen, that is a safe haven currency, investors selling | :13:42. | :13:45. | |
the pound and buying the end, that is bad for economic recovery. Even | :13:46. | :13:52. | |
though we have seen some Asian markets pick we are hearing some | :13:53. | :13:57. | |
cautionary voices from Asian leaders. The Prime Minister row of | :13:58. | :14:01. | |
Japan, and the Chinese leader as well, talking about the impact that | :14:02. | :14:07. | |
Brexit may have on the wider region. Although we did not see any action | :14:08. | :14:12. | |
from the central bank in Japan, which some were expecting, we have | :14:13. | :14:16. | |
seen action in China as far as the yen is concerned? | :14:17. | :14:22. | |
Yes, we have seen action with regard to Chinese officials setting the | :14:23. | :14:26. | |
midpoint lower. It is a controlled currency. They decide where the | :14:27. | :14:30. | |
midpoint is right to be. It has now been set to its lowest levels in | :14:31. | :14:35. | |
five and I have years. China is caught between a rock and a hard | :14:36. | :14:41. | |
place. It needs the yuan to be cheaper so it can continue to export | :14:42. | :14:46. | |
the way big economies in Asia do. But it doesn't wanted to be too weak | :14:47. | :14:50. | |
because then you have a situation where Chinese investors, are wealthy | :14:51. | :14:55. | |
people in China, get worried about the economy, worried about the | :14:56. | :14:59. | |
economy, and start to take their money out of the markets. Capital | :15:00. | :15:03. | |
flight, if you well. What we are seeing across Asia are concerns over | :15:04. | :15:07. | |
how the pound's weakness is having an impact on the strength of the | :15:08. | :15:10. | |
Japanese yen and a knock-on effect on the Chinese yuan. | :15:11. | :15:15. | |
Still to come, what Brexit means for business. | :15:16. | :15:21. | |
We will speak to one British exporter about | :15:22. | :15:23. | |
the impact on her business of last week's vote to leave the EU. | :15:24. | :15:32. | |
From the front cover on our passports to the currency | :15:33. | :15:35. | |
we take away with us, the decision to leave the EU | :15:36. | :15:41. | |
will have a big impact on our holidays abroad. | :15:42. | :15:43. | |
And with the summer holidays approaching, | :15:44. | :15:45. | |
many of us will already have our trips planned. | :15:46. | :15:47. | |
Bob Atkinson is a travel expert from Travel Supermarket and joins us | :15:48. | :15:52. | |
Bob, good morning to you. Good morning. First of all, let's talk | :15:53. | :16:03. | |
money. People who have not bought euros already, wham pact on them and | :16:04. | :16:08. | |
people going outside Europe, a lot of those countries have their | :16:09. | :16:11. | |
currency pegged to the dollar? The first thing I would say at the | :16:12. | :16:18. | |
moment don't panic. There is a lot of volatility in the market. Whilst | :16:19. | :16:25. | |
we saw dramatic falls on Friday and who knows what is going to happen? | :16:26. | :16:29. | |
If you have got a holiday planned immediately then buy the currency | :16:30. | :16:33. | |
because you need it. You're going to need to buy your euros and buy your | :16:34. | :16:39. | |
dollars, there is nothing you can do about the exchange rate | :16:40. | :16:41. | |
realistically, you need to go and get the dollars and euros. If you've | :16:42. | :16:45. | |
got a holiday further down the line what I wouldn't be doing is trying | :16:46. | :16:49. | |
to speculate on what could happen. And the value of the pound could | :16:50. | :16:54. | |
value. It could rise, it could stay the same and so, you know, unless | :16:55. | :16:58. | |
you've got a crystal ball and let's face t none of us have, I would just | :16:59. | :17:02. | |
hold on to your money and wait until you need to buy it, but I would be | :17:03. | :17:06. | |
planning ahead to look at how can I get my best value when I do need to | :17:07. | :17:10. | |
change my money by avoiding your things like your bank charges and | :17:11. | :17:13. | |
knowing where to get the best rates. I'd plan ahead for that. Bob, | :17:14. | :17:17. | |
briefly, for us, let's talk passports. A lot has been made of | :17:18. | :17:21. | |
whether the purple passport disappears? A word on that. If | :17:22. | :17:27. | |
you're travelling, until we have negotiated exit, everything carries | :17:28. | :17:31. | |
on as normal. Your passport will work as normal. You will be able to | :17:32. | :17:38. | |
use the blue channels arriving through duty-free, your health card | :17:39. | :17:41. | |
will work and the roaming charges on your phone that have been coming | :17:42. | :17:45. | |
down, that will stay the same. Basically, nothing changes at the | :17:46. | :17:48. | |
moment. The only thing that consumers really need to be | :17:49. | :17:51. | |
concerned about is about the exchange rates and monitoring what | :17:52. | :17:57. | |
those are and buying, you know, at a time that's suitable to them. | :17:58. | :18:00. | |
Thanks, Bob. More online. Including news about | :18:01. | :18:04. | |
HSBC possibly losing staff. Our top story, the UK's | :18:05. | :18:07. | |
Finance Minister George Osborne has moved to reassure global markets | :18:08. | :18:11. | |
saying the country is ready to face the future from | :18:12. | :18:16. | |
a position of strength. A quick look at how European | :18:17. | :18:19. | |
markets are faring. We are still losing ground, but | :18:20. | :18:29. | |
nothing like the serious declines we saw on Friday. Some would argue | :18:30. | :18:34. | |
actually that that news from the UK Finance Minister or Chancellor if | :18:35. | :18:39. | |
you prefer, has brought some calm to markets in Europe this Monday | :18:40. | :18:45. | |
morning. The FTSE 100 down. It closed not the worse off across | :18:46. | :18:50. | |
Europe. Actually the FTSE 100 on Friday closing up on the week, above | :18:51. | :18:55. | |
the 6,000 level because the psychologically important level is | :18:56. | :19:01. | |
6,000. You will see the DAX tipping into positive territory. It has been | :19:02. | :19:09. | |
volatile as you would expect. So we've assessed the economic impact. | :19:10. | :19:14. | |
Pampeano is an Oxford-based firm that sells leather goods both | :19:15. | :19:17. | |
It was founded in 2007 and nearly 30% of its sales are to countries | :19:18. | :19:21. | |
Founder Jennifer Brown was hoping for a Remain vote. | :19:22. | :19:24. | |
Welcome to Business Live. Give us your reaction to all this as someone | :19:25. | :19:38. | |
who started a company, you're based in the UK and you're exporting? It | :19:39. | :19:43. | |
was disappointing news for us, we were keen that we remained. It is | :19:44. | :19:48. | |
negative news. We purchase everything in dollars so a weak | :19:49. | :19:53. | |
pound hits us very hard. We're about 18% down on the long-term average of | :19:54. | :19:58. | |
the pound to the dollar. There is also the very big concern, will this | :19:59. | :20:03. | |
have an economic, a negative economic effect for us? And so, that | :20:04. | :20:07. | |
is really not something we want clearly. Can I break this down into | :20:08. | :20:16. | |
two real issues, one is short-term and that's the volume volatility | :20:17. | :20:20. | |
we're seeing on the markets. Longer term, I'm interested in whether it | :20:21. | :20:24. | |
changes your outlook of where you might want to expand and sell to and | :20:25. | :20:29. | |
hire staff or expand your business. Have you started to consider that? | :20:30. | :20:33. | |
Not long-term. We have looked in close detail at the next six months | :20:34. | :20:38. | |
and made decisions on a protect our self basis for the next six months. | :20:39. | :20:43. | |
Beyond Christmas, this point I'm not going to try and judge what we think | :20:44. | :20:48. | |
will happen. We've reduced our investment, halt it had wherever we | :20:49. | :20:52. | |
can, we have put a freezing hire on and we will try and reduce our | :20:53. | :20:59. | |
inventory so we can get through a negative period if one happens. | :21:00. | :21:04. | |
Where do you sell to? So the UK, but as you said a moment ago, nearly 30% | :21:05. | :21:08. | |
to Europe and 8% to the rest of the world. So in terms of your exports | :21:09. | :21:13. | |
to Europe, I guess, you like everybody else in your position, | :21:14. | :21:16. | |
you're waiting to hear about what is negotiated and how it will work in | :21:17. | :21:20. | |
the future? Certainly, yes. It is difficult to tell because as I said, | :21:21. | :21:25. | |
you know, it, the trade deal is one problem, but that will take | :21:26. | :21:29. | |
sometime. Let's longer term. In the shorter term, will people stop | :21:30. | :21:35. | |
buying luxury leather goods? For the six months, will people stop | :21:36. | :21:38. | |
spending on luxury purchases, that's what really is going to affect us | :21:39. | :21:42. | |
and our business to Europe because if the consumers aren't buying, our | :21:43. | :21:45. | |
retailers will not buy, of course, as well. Briefly, time is against | :21:46. | :21:49. | |
us, but I'm just interested in your priority now, what is the one thing | :21:50. | :21:53. | |
that you must deal with now? The short-term? To reduce our operating | :21:54. | :21:58. | |
costs and to free up cash. Thank you for coming in. We appreciate your | :21:59. | :22:01. | |
time. Good luck. Thank you very much. With the future and how it | :22:02. | :22:04. | |
works out for your business. In a moment we'll take a look | :22:05. | :22:09. | |
through the business pages, but first here's a quick reminder | :22:10. | :22:12. | |
of how to get in touch with us. The Business Live page is where you | :22:13. | :22:22. | |
can stay ahead with all the day's breaking business news. We will keep | :22:23. | :22:25. | |
you up-to-date with all the latest details. With insight and analysis | :22:26. | :22:29. | |
from the BBC's team of editors right around the world. And we want to | :22:30. | :22:35. | |
hear from you too. Get involved on the BBC Business Live wep page at: | :22:36. | :22:41. | |
And on Twitter, we're at: And you can find us on Facebook at: | :22:42. | :22:48. | |
Business Live on TV and online whenever you need to know. | :22:49. | :23:00. | |
Some tweets from the programme. Markets not collapsing as was | :23:01. | :23:03. | |
expected. The pound and the FTSE finding support. Good news for those | :23:04. | :23:06. | |
in the City and we certainly heard from a few of them at the start of | :23:07. | :23:10. | |
the programme. He says nowhere near the lows we expected on Brexit. Is | :23:11. | :23:13. | |
this just the calm before the storm or are we looking at markets in the | :23:14. | :23:17. | |
UK fighting back? His view, he says, I don't think we have seen the lows | :23:18. | :23:19. | |
quite yet. Joining us again is Jane | :23:20. | :23:26. | |
Foley, Senior Currency Where do you think sterling is | :23:27. | :23:35. | |
headed? I don't think we have seen the lows yet. Yes, there has been | :23:36. | :23:40. | |
lots of speculators, lots of hedge funds. These are people that may | :23:41. | :23:46. | |
manage our pension funds, corporate customers, their business is not | :23:47. | :23:50. | |
foreign exchange, those guy also have stepped away and they will have | :23:51. | :23:53. | |
tomorrow to come back and given the political uncertainties and given | :23:54. | :23:56. | |
that we know that political unsrnity is a negative for confidence, for | :23:57. | :24:00. | |
investment, for concernsies, there is a significant chance that we | :24:01. | :24:03. | |
haven't seen those lows yet. For people like you, you can't really | :24:04. | :24:06. | |
afford to be away from your desks right now, but at the same time | :24:07. | :24:10. | |
those of you that work in the City of London or kay Nairy wharf, you're | :24:11. | :24:15. | |
worrying about your own futures? Indeed, many of us work for banks or | :24:16. | :24:20. | |
branches of European banks that are here on passporting rules and there | :24:21. | :24:23. | |
is a big question mark over what will happen now? Those passporting | :24:24. | :24:26. | |
rules, they cannot sustain the way they are if Britain comes out of the | :24:27. | :24:29. | |
EU, what are those arrangements going to be? There is a huge amount | :24:30. | :24:34. | |
of uncertainty. A huge amount to be negotiated by the politicians in | :24:35. | :24:38. | |
terms of our future and whilst the uncertainty is there, it hangs over | :24:39. | :24:41. | |
our heads. Yeah, job insecurity, significantly higher than it was a | :24:42. | :24:45. | |
couple of days ago. And certainly, as we've just heard with your small | :24:46. | :24:49. | |
business customer, insecurity means job insecurity for a lack of | :24:50. | :24:52. | |
investment means job insecurity for a lot of people. You talk about | :24:53. | :24:57. | |
hedge funds. There is a story in the Times, hedge funds wiped out by vote | :24:58. | :25:02. | |
to leave. We knew there would be volatility, it depends on your | :25:03. | :25:06. | |
positioning before and what City was expectingment a lot of people | :25:07. | :25:10. | |
betting it would be a Remain vote? The bookies odds were skewed because | :25:11. | :25:14. | |
of the bigger votes in London. London did vote to Remain. Some | :25:15. | :25:18. | |
speculators got it wrong. In Europe, there was a sense of disbelief that | :25:19. | :25:22. | |
the UK could ever vote to move out, many investors got it wrong. Real | :25:23. | :25:27. | |
money and corporates were not really involved in the latest volatility | :25:28. | :25:30. | |
over those last few days. Those people will have taken their | :25:31. | :25:33. | |
position and stayed out. This was a very much a speculative trade. Jane, | :25:34. | :25:38. | |
it has been good to have you with us. Thank you for coming in and | :25:39. | :25:43. | |
thank you for your company. Dig deep online, more analysis from our team | :25:44. | :25:46. | |
at the BBC. More on that reshuffle of the Shadow Cabinet. More later. | :25:47. | :25:48. | |
See you soon. Bye-bye. There is plenty of rain on the | :25:49. | :26:14. | |
horizon. Cool and blustery at times, but today, not too bad. We are in | :26:15. | :26:17. | |
between weather | :26:18. | :26:18. |