Browse content similar to 01/02/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Sally Bundock and Ben Thompson. | :00:00. | :00:07. | |
As oil trades at near historic lows, its producers feel the pressure. | :00:08. | :00:10. | |
Nigeria is now calling on the World Bank for a massive loan | :00:11. | :00:13. | |
Live from London, that's our top story on Monday | :00:14. | :00:19. | |
The collapsing oil price claims its latest victim, | :00:20. | :00:37. | |
Nigeria is to borrow billions of dollars from the world bank | :00:38. | :00:40. | |
Also in the programme: We'll be discussing the UK's renegotiation | :00:41. | :00:48. | |
of its EU membership as Donald Tusk and David Cameron meet again today | :00:49. | :00:52. | |
And markets are up, Japan traded sharply higher today as investors | :00:53. | :01:00. | |
continued to cheer Friday's surprise move by the central bank | :01:01. | :01:03. | |
But the latest data from China dragged down shares in Shanghai. | :01:04. | :01:10. | |
We meet the London firm that says it can deliver you anything | :01:11. | :01:15. | |
within an hour, but it's facing some tough competition. | :01:16. | :01:18. | |
And we'll assess what the papers are discussing with our look | :01:19. | :01:22. | |
And remember you can get in touch with us, just use the | :01:23. | :01:27. | |
The tumbling oil price continues to ravage businesses | :01:28. | :01:42. | |
and governments around the World- today it's the turn of Nigeria. | :01:43. | :01:52. | |
to cover its growing budget deficit, a shortfall brought | :01:53. | :01:57. | |
about by the collapse in crude prices. | :01:58. | :02:01. | |
Oil is vital for the Nigerian economy. | :02:02. | :02:02. | |
It accounts for around two-thirds of government revenue and nearly | :02:03. | :02:05. | |
Brent is currently hovering around $35 per barrel and, despite a recent | :02:06. | :02:12. | |
rally in oil prices, crude is still down 70% | :02:13. | :02:15. | |
And that's prompted the Nigerian government to request $2.5 billion | :02:16. | :02:25. | |
from the World Bank and a reported $1 billion from the | :02:26. | :02:29. | |
Razia Khan, Head of African Economics at Standard Chartered, | :02:30. | :02:41. | |
What more do we know about the terms and conditions and the loan itself | :02:42. | :02:55. | |
being offered? I expect we will get more detail in time but we shouldn't | :02:56. | :03:00. | |
be surprised by this. The Nigerian government that came to power last | :03:01. | :03:04. | |
year has gone for a counter cyclical budget looking to increase spending | :03:05. | :03:07. | |
and looking to ensure that a lot more of the budget is earmarked for | :03:08. | :03:14. | |
development expenditure. Essentially, for infrastructure | :03:15. | :03:16. | |
projects. This is seen as necessary at a time of weak growth because of | :03:17. | :03:22. | |
the oil price shock. Nigeria has many options open in terms of the | :03:23. | :03:27. | |
financing of that budget. It could go to international capital markets, | :03:28. | :03:32. | |
issued another Euro bond. What we seem to be hearing from the Finance | :03:33. | :03:37. | |
Ministry is that if there is more concessional financing available for | :03:38. | :03:40. | |
this infrastructure projects, White not take advantage of cheaper | :03:41. | :03:44. | |
financing rather than going to the markets at a time when everybody is | :03:45. | :03:48. | |
very nervous about the oil price outlook and what that might mean for | :03:49. | :03:54. | |
Nigeria. In terms of how this will work, what conditions are attached? | :03:55. | :03:58. | |
We don't yet know about that. When we look at conditionality that would | :03:59. | :04:03. | |
accompany an IMF programme, perhaps what needs to be in place is general | :04:04. | :04:09. | |
would like approval of the overall economic policy in Nigeria. It is | :04:10. | :04:13. | |
not clear there will be any hard conditionality, structural | :04:14. | :04:15. | |
benchmarks or performance criteria are set. Nigeria, for now, and we | :04:16. | :04:22. | |
ran through the numbers about how heavily dependent they are on oil | :04:23. | :04:26. | |
revenue, what country next? In terms of the falling oil price, we know it | :04:27. | :04:31. | |
is affecting all producers, but Nigeria more than most. Who's next? | :04:32. | :04:37. | |
This is an interesting question. We have seen healthier oil prices, but | :04:38. | :04:42. | |
also better access to international capital markets for a range of | :04:43. | :04:46. | |
African sovereigns. Whether or not they were when producers. Often we | :04:47. | :04:50. | |
were finding a preference for issuing externally because it was | :04:51. | :04:54. | |
relatively cheap when it wasn't really the case that countries had | :04:55. | :04:57. | |
made full use of the concessional financing available to them. I think | :04:58. | :05:02. | |
there is still? Around this. How much should we be seeing it as | :05:03. | :05:06. | |
Nigeria looking to borrow from the World Bank and the African | :05:07. | :05:09. | |
development bank because of the current level of one prices which | :05:10. | :05:13. | |
work how much are they thinking through their longer term choices | :05:14. | :05:15. | |
for financing infrastructure spending? One we will watch closely. | :05:16. | :05:19. | |
Thank you. The European Council president | :05:20. | :05:23. | |
Donald Tusk exited last night's talks with British Prime | :05:24. | :05:25. | |
Minister David Cameron, saying there was no deal yet over | :05:26. | :05:27. | |
the UK's relationship with the EU. The UK's Prime Minister seeks | :05:28. | :05:32. | |
to restrict welfare payments for EU migrants and prevent Britain | :05:33. | :05:34. | |
from being drawn into further Mr Cameron is aiming to strike | :05:35. | :05:37. | |
a deal to be put before EU leaders ahead of a summit in just | :05:38. | :05:44. | |
over two weeks. Manufacturing in China | :05:45. | :05:48. | |
slowed again in January, hitting the weakest level | :05:49. | :05:50. | |
in more than three years. The economy is already growing | :05:51. | :05:54. | |
at the slowest rate in a quarter of a century and one trillion | :05:55. | :05:57. | |
dollars has flown out of its stock The UK's biggest bank, HSBC, | :05:58. | :06:00. | |
is to impose a global freeze on pay Details sent to staff yesterday | :06:01. | :06:06. | |
outline the measures as part In June, HSBC told investors it | :06:07. | :06:10. | |
would slash $5 billion Barclays is to be fined 70-million | :06:11. | :06:15. | |
dollars for misleading investors about its so-called 'dark | :06:16. | :06:24. | |
pool' trading operations. Dark pools allow investors to trade | :06:25. | :06:28. | |
shares - while keeping A settlement with Credit Suisse - | :06:29. | :06:30. | |
which is expected to pay 84-million dollars - is also | :06:31. | :06:36. | |
expected later today. Let's take you to the business live | :06:37. | :06:51. | |
page. And stories we can fit in but rose Royce are winning a new order | :06:52. | :06:54. | |
from Norwegian airlines would streamline engines. There is a lot | :06:55. | :06:59. | |
of rivalry between point and Airbus but it seems they have plumped for a | :07:00. | :07:05. | |
point with their true minor for $1.9 billion worth. That is 19. The | :07:06. | :07:10. | |
lucrative part of this is the long-term maintenance contract. We | :07:11. | :07:13. | |
will talk about energy because we were talking about the cost of oil. | :07:14. | :07:18. | |
When it comes to our homes, the cost of energy delivery is going up. All | :07:19. | :07:25. | |
and gas prices are falling. But before that as filter through to our | :07:26. | :07:29. | |
bills, we hope. Not quite. Refund of one energy firms says the cost of | :07:30. | :07:32. | |
delivery is rising. That is getting it to our homes and that is keeping | :07:33. | :07:37. | |
the price higher. Not least on top of the extra things like tax and | :07:38. | :07:41. | |
other costs that go into making up your bill. Toyota making headlines | :07:42. | :07:47. | |
for all the wrong reasons. It is hard to stop car production in Japan | :07:48. | :07:51. | |
because they are running out of parts. Let's go to Singapore. This | :07:52. | :07:56. | |
sounds astonishing that a car-maker as big as Toyota pass to stop | :07:57. | :08:03. | |
production. Tell us more. It is a supply chain problem. They have run | :08:04. | :08:07. | |
out of parts. Due to a shortage of steel used in making things like | :08:08. | :08:13. | |
engines and transmissions. They are stopping production starting from | :08:14. | :08:15. | |
the bridge it, which is conveniently the Chinese New Year. It will run | :08:16. | :08:18. | |
until the 15th. That is not a huge amount of time | :08:19. | :08:28. | |
but it will stop production. The producer was badly damaged in an | :08:29. | :08:32. | |
explosion in January so Toda have said they were looking for | :08:33. | :08:35. | |
alternative options, including sourcing parts and components from | :08:36. | :08:38. | |
other steelmakers. They really give no specifics as to how the car is | :08:39. | :08:44. | |
produced in Japan will be affected. What we know is that overseas | :08:45. | :08:49. | |
factories will not be affected. We do know that Toyota produced about 4 | :08:50. | :08:54. | |
million cars in Japan last year and that nearly half of those were | :08:55. | :08:58. | |
exported. If someone ordered the latest hybrid and they are codified | :08:59. | :09:03. | |
it will not notify -- not arrive on time, we know why. Investors aren't | :09:04. | :09:09. | |
too concerned because shares rose 2% along with the -- broader market. | :09:10. | :09:17. | |
Japan had a good session. True to jurors are higher. Most stocks are | :09:18. | :09:22. | |
because the Japanese yen is cheaper because of the cut in interest | :09:23. | :09:28. | |
rates. But boosted trade there. Hong Kong and Shanghai had a tough | :09:29. | :09:32. | |
session following news about factory data out of a January showing | :09:33. | :09:35. | |
contraction begin. That was because of Wall Street. But look at Europe. | :09:36. | :09:40. | |
To get a sense of how the new week is shaping up, we are all in the red | :09:41. | :09:45. | |
at the moment. But of companies coming up with earnings. We will | :09:46. | :09:48. | |
talk more about that. Let's look ahead to what will happen on Wall | :09:49. | :09:50. | |
Street. This is a big week for earning | :09:51. | :10:00. | |
reports and data. The parent company of Google report their | :10:01. | :10:03. | |
fourth-quarter results for the first time. The company said the numbers | :10:04. | :10:09. | |
will be broken into two categories. Google and what it calls other | :10:10. | :10:15. | |
things, such as calico and nest. After Facebook reported strong | :10:16. | :10:19. | |
mobile Avenue -- advertising revenue, and this will look to see | :10:20. | :10:25. | |
how Google is doing. The maker of Barbie dolls report the latest | :10:26. | :10:28. | |
earnings after it straight quarters of falling sales, investors are | :10:29. | :10:30. | |
looking for a strong holiday quarter. While the big economic news | :10:31. | :10:37. | |
this week is the jobs report, this Monday sees report on the | :10:38. | :10:40. | |
manufacturing sector and on consumer spending. | :10:41. | :10:42. | |
Joining us is James Hughes, Chief Market Analyst, | :10:43. | :10:44. | |
Nice to see you. But just touch on China. Another slowdown in growth. | :10:45. | :10:57. | |
How worried should we be? The workshop of the word slowing down, | :10:58. | :11:03. | |
we knew that already. I don't think we should be more worried about the | :11:04. | :11:06. | |
latest figures but we should be worried about the overall slowdown, | :11:07. | :11:10. | |
to be honest. That is being shown in these markets up until now. The fact | :11:11. | :11:15. | |
that these numbers are still falling and they are likely to continue | :11:16. | :11:19. | |
falling. It is not just manufacturing, it is imports and | :11:20. | :11:23. | |
exports, GDP. Everywhere you look, there is a problem in China. We have | :11:24. | :11:26. | |
to be ready for this word China. Markets seem to go yes when | :11:27. | :11:37. | |
they bank of Japan cut interest rates. Are we feeling the effects? | :11:38. | :11:46. | |
Most definitely. We saw a hellish start to the year and then all of a | :11:47. | :11:50. | |
sudden the bank of Japan, and it was out of the blue, we didn't expect | :11:51. | :11:55. | |
it, we get it and it wipes out a lot of the negativity we have had so we | :11:56. | :11:58. | |
are starting from scratch again which is a good thing for the | :11:59. | :12:05. | |
markets. Let's talk -- touch on Ryanair. They raised their profit | :12:06. | :12:06. | |
guidance in September and it been cut back as a result of those | :12:07. | :12:13. | |
terror threats in Paris and tough competition in the market. Where are | :12:14. | :12:16. | |
we with Ryanair in terms of what the market expects? Expectations are | :12:17. | :12:19. | |
going little bit in terms of what are singing airlines and it has been | :12:20. | :12:23. | |
a struggle and industry for a fact they are now saying they are | :12:24. | :12:33. | |
likely to get end of year profit figures is really a good sign when | :12:34. | :12:37. | |
there With Ryanair are doing so, talking | :12:38. | :12:46. | |
about terror threats and lower prices | :12:47. | :12:55. | |
positivity there. For quite a while, there has not been. Especially... | :12:56. | :12:58. | |
Ryanair has thrown off the cheap and nasty image and now it is... It is | :12:59. | :13:03. | |
no experience as well. You have to | :13:04. | :13:09. | |
remember Ryanair is fighting a big reputation of situation. Good stuff. | :13:10. | :13:13. | |
Thank you Still to come, delivered | :13:14. | :13:15. | |
to your door at the touch It was once the stuff of science | :13:16. | :13:18. | |
fiction, but these days you can get We meet one firm that says it can | :13:19. | :13:24. | |
do it within the hour, You're with Business | :13:25. | :13:27. | |
Live from BBC News. Budget airline Ryanair has | :13:28. | :13:39. | |
reported its third quarter results this morning and says its on track | :13:40. | :13:42. | |
to meet its full-year profit Higher passenger numbers helped | :13:43. | :13:45. | |
to make up for lower fares and the airline says it will return | :13:46. | :13:48. | |
?600 million to shareholders The Chief Financial Officer | :13:49. | :13:51. | |
of Ryanair is Neil Sorahan, Thank you for being on the | :13:52. | :14:08. | |
programme. Strong set of numbers yet again. You have highlighted some | :14:09. | :14:14. | |
issues that hit you after September last year like all airlines. | :14:15. | :14:18. | |
Sentiment was against you following what happened in Paris at the end of | :14:19. | :14:23. | |
last year. Also, the lower price of oil helping you. There are strong | :14:24. | :14:31. | |
set of numbers. Our profit was up 110% to 103 million. The first half | :14:32. | :14:35. | |
of the quarter was strong but after the Paris and Brussels events on | :14:36. | :14:39. | |
November 13, the sort softness in the market which we reacted to with | :14:40. | :14:44. | |
price promotions and discounting. The outcome was that we saw our | :14:45. | :14:49. | |
passenger numbers increase by 20% to 25 million and our load factor was | :14:50. | :14:54. | |
up five percentage points to 23%. Cost performance in the quarter was | :14:55. | :15:03. | |
excellent and we came in with 103 million when our average was down 1% | :15:04. | :15:06. | |
to 40 euros. A good performance in the quarter. Talk us through the | :15:07. | :15:09. | |
weight the higher passenger numbers helped to offset lower fares because | :15:10. | :15:13. | |
he faced tough competition in the market and clearly you need to cut | :15:14. | :15:16. | |
fares to keep passengers on board but you are managing to keep in line | :15:17. | :15:17. | |
with that guidance. Is We have got the lowest costs of | :15:18. | :15:27. | |
any airline out there. Our costs per passenger excluding fuel was 29 euro | :15:28. | :15:32. | |
last year. The next nearest to us would be 35% higher and easyJet | :15:33. | :15:38. | |
would be 80% higher on their cost per passenger. That's something that | :15:39. | :15:44. | |
Ryanair is well able to do. As we move into the next quarter, Q 4, | :15:45. | :15:51. | |
March 2016, we're guiding that our fares will be down on average 6%, | :15:52. | :15:59. | |
however we have got lower costs. Our fares will be down about 2% which | :16:00. | :16:03. | |
means we will be profitable again. We're out of time. The chief | :16:04. | :16:07. | |
financial of Ryanair, we appreciate your time. That's the latest from | :16:08. | :16:12. | |
that budget carrier. More on the tablet. | :16:13. | :16:17. | |
Our top story, Nigeria has asked the World Bank for an emergency loan | :16:18. | :16:22. | |
to cover the country's growing budget deficit. | :16:23. | :16:23. | |
The Nigerian economy has been hit hard by the collapse in oil prices | :16:24. | :16:29. | |
and the World Bank says it's been asked for $2.5 billion, | :16:30. | :16:36. | |
with a further $1 billion reportedly sought from | :16:37. | :16:38. | |
Imagine ordering something online and getting it delivered | :16:39. | :16:43. | |
That's what one central London firm is promising to its customers. | :16:44. | :16:47. | |
Quiqup has 500 drivers who say they can deliver almost anything, | :16:48. | :16:54. | |
from picking up your favourite hamburger to bringing you keys | :16:55. | :16:56. | |
Using a mobile app, it aims to deliver your order within an hour | :16:57. | :17:01. | |
but only within central London at the moment. | :17:02. | :17:03. | |
Since it started in 2014, Quiqup says it's made more | :17:04. | :17:11. | |
With me is Bassel El Koussa, co-founder and Chief Executive of | :17:12. | :17:16. | |
You said it is now 200,000? Actually more than that. We need to keep | :17:17. | :17:28. | |
things confidential in this industry. 200,000 deliveries since | :17:29. | :17:34. | |
2014. Talk us through this. There is a lot of competition in that market. | :17:35. | :17:40. | |
You're offering more than them because it is not just about food, | :17:41. | :17:43. | |
this is about everything and as we said, it could be the keys you left | :17:44. | :17:47. | |
in the office, a bunch of flowers or the food you want, a takeaway. This | :17:48. | :17:53. | |
is becoming a very competitive space because there is a lot of demand for | :17:54. | :17:57. | |
faster lifestyle for people to get that kind of convenience. What we | :17:58. | :18:03. | |
look to do differently is to kind of bring power to the retailers and | :18:04. | :18:09. | |
give you the ability to pretty much get anything you want. Anything that | :18:10. | :18:15. | |
you could usually find on an E commerce website, you can source | :18:16. | :18:19. | |
within 14 kilometre radius from where you stand in the metropolitan | :18:20. | :18:26. | |
area. We look to flip the E commerce model on its head and we end up | :18:27. | :18:32. | |
giving local businesses the ability to compete and stay relevant in the | :18:33. | :18:37. | |
growing E commerce space. We are giving them legs, the ability to be | :18:38. | :18:42. | |
online and reach customers. Is that the bit with smaller retailers are | :18:43. | :18:47. | |
lacking, they can't take on the big retrailers and it is a labour | :18:48. | :18:50. | |
intensive process if you're promising to get stuff to people | :18:51. | :18:54. | |
within an hour, you need a lot of drivers in a lot of places to meet | :18:55. | :18:57. | |
the deadline. That must cost you money though? 100%, but the thing is | :18:58. | :19:03. | |
the difference between us carrying that and the retailers themselves | :19:04. | :19:06. | |
carrying that is that we end up being able to benefit from different | :19:07. | :19:10. | |
patterns of demand throughout the day because people buy things at | :19:11. | :19:15. | |
different times of the day and there are different behaviours that | :19:16. | :19:18. | |
aggregate into us creating a level of efficiency with our business. | :19:19. | :19:21. | |
Imagine people order lunch at certain times and dinner at certain | :19:22. | :19:25. | |
times, but they order groceries at certain times and we can keep our | :19:26. | :19:30. | |
drivers busy. That's how the model becomes profitable. It is all about | :19:31. | :19:35. | |
that operational efficiency that we can create. How expensive is it? I | :19:36. | :19:42. | |
have left my keys here and it causes havoc. If I was to order a Quiqup to | :19:43. | :19:49. | |
pick them up and bring them to my house. Generally speaking, is it | :19:50. | :19:52. | |
something that's do-able for most people? OK, so there are two sides | :19:53. | :19:59. | |
of the service. There is the pure convenience side where you want to | :20:00. | :20:03. | |
just get get something from wherever you want and it is not from a | :20:04. | :20:07. | |
retailer that we have a relationship with and so, then you would carry | :20:08. | :20:12. | |
the cost of that delivery. Whereas, it would average ?5 for you to do | :20:13. | :20:17. | |
something like that. If we have a partnership with a specific retailer | :20:18. | :20:22. | |
or restaurant, it would be as low as ?1.50. We are running out of time. | :20:23. | :20:30. | |
But I want to mention the Quiqup dog. Something we're finding with a | :20:31. | :20:35. | |
lot of our entrepreneurs, who come in, there is a dog that's with the | :20:36. | :20:41. | |
company, but also how cute is your dog. Quickly, you're from Lebanon | :20:42. | :20:47. | |
and you ran a business there and a lot of what you learned there, or | :20:48. | :20:51. | |
put into practise there, is what you're finding is really helpful in | :20:52. | :20:56. | |
London? Life is about experiences and you learn things along the way. | :20:57. | :20:59. | |
I didn't run a business in Lebanon, I was part of a family business. I | :21:00. | :21:05. | |
grew up in an entrepreneurial household and it helped a lot. It is | :21:06. | :21:09. | |
a place you need to be very versatile and so a lot of the things | :21:10. | :21:11. | |
I learned in that experience, I brought with me here. | :21:12. | :21:16. | |
Really nice to see you. Time is tight, but really nice to see you. | :21:17. | :21:17. | |
Thank you so much. In a moment, we'll but getting more | :21:18. | :21:20. | |
on the UK's EU membership negotiations but first here's | :21:21. | :21:23. | |
a quick look at some of the papers. The Telegraph reports that | :21:24. | :21:26. | |
Saudi Arabia faces years of austerity as the low oil | :21:27. | :21:28. | |
price forces the kingdom In other oil related news, | :21:29. | :21:31. | |
the Washington Post says that | :21:32. | :21:41. | |
Venezuela is on the brink with an inflation rate | :21:42. | :21:42. | |
running at a massive 720%. The Guardian focuses on that | :21:43. | :21:46. | |
EU UK renegotiation. The paper claims that | :21:47. | :21:48. | |
David Cameron's hopes of early EU referendum have receded | :21:49. | :21:50. | |
as his attempt to broker a deal David Cameron and European Council | :21:51. | :21:53. | |
President Donald Tusk are set for a "crucial" day of talks | :21:54. | :21:59. | |
about the UK's renegotiated A meeting last night | :22:00. | :22:02. | |
ended without a deal, though a Downing Street sources say | :22:03. | :22:10. | |
there had been a "breakthrough" on restricting benefits | :22:11. | :22:12. | |
for EU migrants. Robert Oulds, director | :22:13. | :22:14. | |
of The Bruges Group, A little earlier he gave us his | :22:15. | :22:15. | |
thoughts on today's negotiations. Well, I think we will get more | :22:16. | :22:26. | |
political theatre. We will get the position of David Cameron trying to | :22:27. | :22:29. | |
argue that he is trying to force a real change in Britain's terms of | :22:30. | :22:32. | |
and under resistance from other EU and under resistance from other EU | :22:33. | :22:36. | |
leaders in advance of a deal at the European Council meeting later in | :22:37. | :22:41. | |
February. They would only be minor changes and the issue of migrants | :22:42. | :22:47. | |
access to benefits is a side issue. It is not the burning issue in | :22:48. | :22:51. | |
British politics that we need to get resolved. Whilst you are in the | :22:52. | :22:56. | |
European Union, there is still supremacy of EU law over national | :22:57. | :22:59. | |
laws and there are still costs, David Cameron isn't getting to a | :23:00. | :23:03. | |
grip of those major issues and the issue of migrants access to benefits | :23:04. | :23:07. | |
is something that's been invented by David Cameron so he can project | :23:08. | :23:11. | |
himself as a Euro-sceptic, but it doesn't mean that Britain would stop | :23:12. | :23:18. | |
paying billions to the EU each year. That the supremacy of EU law. So | :23:19. | :23:21. | |
really, we need substantial window-dressing. | :23:22. | :23:33. | |
That's one view there. Peter Wilding joins us now. Peter, | :23:34. | :23:38. | |
welcome to Business Live. In or out, what is your view on the UK's | :23:39. | :23:44. | |
continued membership. Where should we lob k looking? We should be a | :23:45. | :23:49. | |
leading nation within Europe and by being a leading nation within | :23:50. | :23:53. | |
Europe, we will continue to be a leading nation within the globe. | :23:54. | :23:57. | |
Europe is a leaver of power we have. We want a reformed European Union. | :23:58. | :24:01. | |
We have a great number of allies who want the same. I believe you will | :24:02. | :24:06. | |
see that deal done on 19th February. If we don't get reforms or changes | :24:07. | :24:11. | |
that many are arguing that they want including the likes of the | :24:12. | :24:16. | |
Confederation of British Industry, are you still for us remaining in? | :24:17. | :24:20. | |
Well, there are four reforms the Prime Minister wants. He wants the | :24:21. | :24:24. | |
completion of the single market, more competitiveness, less red tape, | :24:25. | :24:27. | |
more power for national parliaments, an end to ever closer union and the | :24:28. | :24:32. | |
final migration issue. He has got deals on all of those. The only | :24:33. | :24:35. | |
thing we're waiting for right now is the breakthrough that you just | :24:36. | :24:39. | |
mentioned a second ago. It seems to me that Number Ten and Donald Tusk | :24:40. | :24:46. | |
have got agreement, the 24 hours of negotiation are really about ironing | :24:47. | :24:49. | |
out the details. But the detail will be the bit that determines whether | :24:50. | :24:54. | |
we remain within Europe because the detail is what everybody needs to | :24:55. | :24:57. | |
know, that's what the detail that will affect our day-to-day lives. It | :24:58. | :25:00. | |
is all well and good having the headline agreement, but until the | :25:01. | :25:03. | |
detail filters through to the red tape on business, on the benefits | :25:04. | :25:06. | |
from migrants coming to the UK, those are the details that people | :25:07. | :25:10. | |
will get so concerned about? Well, yeah. The Prime Minister has made | :25:11. | :25:14. | |
his case clear. If he gets what he has demanded then he has succeeded | :25:15. | :25:18. | |
and it will be presented to the country, but we must remember here | :25:19. | :25:20. | |
and businesses watching our programme will be be guiled by the | :25:21. | :25:25. | |
fact that we are talking about these microissues. Britain's membership of | :25:26. | :25:31. | |
the European Union is about much more than indeed the microdetails, | :25:32. | :25:35. | |
it is about Britain playing its part in the world, opening up markets, | :25:36. | :25:38. | |
creating jobs and making sure there are more profits. I would hate it if | :25:39. | :25:45. | |
this debate just simply came down to fear and economics when it is really | :25:46. | :25:49. | |
about the power of Britain in the modern world and I think that's | :25:50. | :25:53. | |
really what this is all about. . Peter, thank you very much. | :25:54. | :25:56. | |
We will see you soon. Hello there. The start of February | :25:57. | :26:12. | |
and we've got the eighth named storm hurtling in off the Atlantic. The | :26:13. | :26:16. | |
centre of Storm Henry will pass between Iceland and the United | :26:17. | :26:18. | |
Kingdom, but | :26:19. | :26:19. |