04/07/2016 BBC Business Live


04/07/2016

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This is Business Live from BBC News with Ben Thompson

:00:00.:00:00.

Slashing tax to encourage investment.

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As the UK prepares for a future outside the EU, could lower taxes be

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Live from London, that's our top story on Monday 4th July.

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Is life about to become a little less taxing for UK firms?

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The UK Finance Minister George Osborne says he wants to reduce

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corporation tax from its current 20% to under 15% but is it enough

:00:44.:00:47.

Also in the programme - Australia in limbo.

:00:48.:00:55.

With the country's election currently too close to call, markets

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are on edge about the prospect of a hung parliament.

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After last weeks record sessions, but well in the week bring in the US

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markets? -- what will. And we'll be talking to a seafood

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company which is battling the weak pound amid fears it might struggle

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to find enough workers once It was ten days ago but it still

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dominates headlines. We want to know what you are doing to take a break

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from Brexit? Do not say watching this programme!

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Why would anybody want to take a break from Brexit? Welcome to the

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new week. Let us get started. The UK's Chancellor, George Osborne,

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has proposed a massive tax cut for business to encourage more

:01:58.:02:00.

investment in the UK after it Mr Osborne says he wants

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to slash corporation tax He'd already announced plans

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to lower the rate to 17% per cent in 2020 but the extra cut

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is being seen as a major sweetener for firms preparing

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for life outside the EU. The UK is currently a top

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destination for foreign investment but there are concerns that leaving

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the European Union could affect the number of firms wanting

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to set up or invest here. Its thought Britain has received

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more than a ?1 trillion - that's $1.3 trillion -

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of foreign direct investment. That makes it the biggest

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recipient in Europe, and globally behind only

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the US and China. But investors could be less

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willing to send their money here after the UK leaves the EU,

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with some reports forecasting a fall of more than 20% over

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the next ten years - something the Chancellor

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is keen to prevent. Stephen Adams is a Partner

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at the strategic advisory Let us start with that. If the UK

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had attempt to corporation tax rate, the lowest for any major economy, is

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this enough to keep his Mrs here and attract new business? It depends on

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how much corporation tax you pay and depends on how important corporation

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tax is for you as a business. Relative to other things. It is only

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one of the many taxes businesses pay and more importantly, as we know,

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value is a reflection not just of a cost like tax but also a reflection

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of prospects and the big issue is one that tax cut looks like when you

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put that against the greater uncertainties of the unknown is

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about the UK's forward trading framework with the EU and the rest

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of the world and that is a trade-off. Is also an issue for

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Chancellor and the Finance Minister because across the water you have

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Ireland, 12.5% corporation tax, that is lower, and that is in the EU. Do

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I go with Ireland, plus it is in the EU? It might be one of the lowest

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tax rates for a large developed country, not the lowest tax rate in

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the EU, the UK, London has other attractions for businesses, one of

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the reasons the UK has prospered even alongside Ireland inside the EU

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but it certainly would not be the lowest corporation tax rate in the

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EU. What is it UK can offer to foreign companies wanting to invest?

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We talk about technology expertise, skills and innovation, we cannot

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compete on Labour costs or manufacturing, what can we offer? We

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can offer a comparatively high skills base, up to this point it has

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always been able to offer the extraordinary advantage of being a

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bridgehead to the single market and that is now an advantage that we

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almost certainly lose to some extent, it is unsure to what extent.

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Very strong cluster of skills in London and elsewhere. A very

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long-standing tradition of being a place to do business and a

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reputation for being very well network into the global markets. We

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don't lose all of those things with Brexit but all of those advantages

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have been dulled perhaps by the effect of leaving the EU. And very

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briefly, there is talk of investment into the UK, will it continue to be

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stalled or put on hold until the investors out there and corporations

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can see what the endgame is? That could take some time? It depends on

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the extent to which the business you are investing in is focused on the

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domestic market and there is a question of the economic impact on

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the UK domestic market but if you use the UK for a base for trading

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with the rest of the world, at the moment you have a very big question

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hanging over the extent to which the UK will retain access to the single

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market or on what terms it will retain that and of course it is

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trading framework for the rest of the world that have been established

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through the vehicle of EU membership and they are up for negotiation and

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that is a big uncertainty and it is ultimately about setting the cut in

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corporation tax against that uncertainty about the horizon. We

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really appreciate your time. Thank you for joining us.

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Shareholders in the London Stock Exchange Group will vote in the next

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hour on whether to approve a $26 billion merger with German

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The two companies insist the deal should go ahead, despite uncertainty

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The merger is designed to create one of the largest market

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companies in the world, to compete with rivals in Asia

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Russian crude exports look set to hit a record this year,

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which is intensifying competition in Europe as Iran boosts

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Exports were up nearly 5% to 5.5 million barrels a day

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Russia's output has risen every month since July 2014, according

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National Bank of Abu Dhabi is merging with rival

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First Gulf Bank in a deal that will create a regional powerhouse

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First Gulf Bank shareholders will hold 52% of the combined

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company, and the firm will retain the National Bank of Abu Dhabi name.

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I am looking for a story that is not about exit! I have been away for a

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week. The story about the future for Hinkley Point in the South of

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England. There was to be a vote and all the repercussions of that Brexit

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photo but whether that will get the go-ahead and it could be one of the

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first casualties of the vote for the UK to leave the European Union. OK.

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There is an article about... Don't smile at the camera! Worries over

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European farmers. Here in the UK. There are plenty of stories on their

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body a lot of it is related to Brexit. Can I talk about where I

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come from? Now to Australia, where there's

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political limbo ensuing as there's still no result

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in Australia's general election. Most ballots have now been counted

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but it could be Tuesday before And there are concerns the country's

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credit rating might be downgraded. Explain this. Why is this taking so

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long and why are the markets nervous? It is uncertainty after

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Brexit, that is the last thing you want, more uncertainty and this time

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Australia is bracing for what will be more uncertainty because of the

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General Election. That results in deadlock. Today is a first training

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days since the open -- the poll and the market has been swinging from

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early losses to moderate gains and now the major party has won enough

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seats to form a majority government and the coveted AAA credit rating

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could be in jeopardy but the markets seemed pretty calm at closing.

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Despite the unexpected closeness of this context, the Austrian dollar is

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trading higher against the US dollar, recovering from an initial

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drop of 0.5% and helped by a survey showing inflation picked up at the

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fastest pace since December 2013 and analysts say investors are quick to

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shrug off the election results as economic fundamentals for the nation

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as they remain fundamentally unchanged and that is not something

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Australians have not seen before. This is a nation that has had four

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prime ministers in under three years. Good stuff, thank you. Let's

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look at the numbers. The FTSE 100 posted its best week

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since 2011, in the US, the S 500 also managed

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to post its best week But given the collapse in value of

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the Blind, it makes a market look better. -- the pound.

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Markets are closed in the US for the Independence Day holiday

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and that means European markets may be a little quieter than usual.

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In Asia, the main focus was on that Australian election -

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that's failed to produce a clear winner.

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The big risk now is that any delay in forming a new government

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could undermine the Australian economy and the Ozzie dollar.

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In the UK, Bank of England governor Mark Carney was quick to reassure

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markets that the central bank remained ready to act

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to keep markets stable, and help ease worries over Brexit.

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But the big test will be whether other central banks around

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We'll discuss that more in a moment - but first,

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despite the public holiday today, Samira has the details about what's

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On Monday the US celebrates its July the 4th holiday commemorating its

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declaration of independence from Great Britain. Stock and bond

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markets are closed as the government offices. The July the 4th holiday is

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America's top beer drinking holiday, 150 million hot dogs will be

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concerned, within 40% the country will watch firework displays and the

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value of American firework imports is about $324 million. And most of

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those fireworks come from China. Some other things happening- the US

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Federal Reserve will release the minutes from its last policy meeting

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and on Friday they get the latest employment results. The economy

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added only 38,000 jobs in the month of May, the lowest game since the

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autumn of 2010. Go on! Joining us is Manji Cheto, Africa

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analyst from Teneo Intelligence. Calm down in the gallery! Can we

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start with oil? The Russian output is expected to be another record,

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churning more of the black stuff. It will continue to suppress the price

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and you have it run adding more and Nigeria had a rebound? -- Iran. Most

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of the market was driven by the Nigerian market owing down and now

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Russia is going back up oil prices hovering around $50 per barrel, is

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this equilibria for the medium outlook because we have been asking

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questions about whether equilibria is for the oil price is? We should

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explain, we talk about the difference between the FTSE 100 and

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the 250, the 250 has more UK focus so there is more vulnerability. Why

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do we see such good figures on the 100, given the collapse in the value

:13:38.:13:41.

of sterling and that is having a big effect on the overall market? The

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dollar is a lot stronger, the pound is quite weak so earnings have gone

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up significantly for dollar companies but this is just a blip

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because the next few weeks we shall get company results of company is

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giving the first hint as to whether the uncertainty affects earnings

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longer term and that might be the beginning of when we might see new

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volatility returning to the markets of anybody who was happy at the

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moment, older horses, we not quite there. Will you come back to take us

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through the papers? Great! Senior Editor. Some other non-Brexit

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stories. Still to come... As the pound falters,

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we're meeting the businesses The boss of importer

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New England Seafood will be here to talk Brexit fears,

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fishing and finding enough workers You're with Business

:14:27.:14:29.

Live from BBC News. Our top story: The British Finance

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Minister says he wants to cut a key tax on business profits

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following last month's There has been a workplace

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demonstration to call for legally guaranteed protection to help the

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two million EU migrants who work in the UK. Let's speak to one of the

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campaign organisers. Your response from Foreign Secretary, Philip

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Hammond who said it is absurd to promise EU nationals that they can

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remain in the UK. Look, these are real people, real families with real

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lives who have been contributing so much to the British economy for many

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years and you can't expect people to live in uncertainty. They will make

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their choices about where they want to go. The narrative really has been

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very negative about migration. Obviously for years, but

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particularly in this very divisive campaign. We want to, you know, show

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how much we value the contribution that EU migrants make to Britain.

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They're working hard to make Britain great. They represent 7% of the

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total UK workforce and pay way more into Britain than they take out and

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they are feeling really rejected right now. It is possible for all

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the Conservative leadership candidates to make a clear pledge. I

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know that pledges are not something they particularly like to do, but it

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is possible por them to say, "Look, for those people who are living and

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working here right now, their future will be secure."

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I hope you don't mind me saying, a little birdie said your partner is

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from France. You're concerned about this, on a personal level? My

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husband is a French national. We have been here for ten years and

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we've go two kids and we've set up and we are seriously considering our

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options about whether to stay or not. This isn't my Britain, the

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negative narrative about migration isn't Britain. You know, I think

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this is all about showing that we don't have a fear of foreigners, we

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value the contribution that EU migrants make, in fact all migrants,

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but this is about the EU migrants. Thank you, Emily, we appreciate your

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time. Cheers. Osborne pledging to cut corporation

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tax, there is more on the website. Also the Business Live page, we talk

:17:06.:17:08.

about it a lot, but it is a really great place to check out the stories

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we can't necessarily fit into this programme!

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Our top story: The British Finance Minister says he wants to cut a key

:17:17.:17:22.

tax on business profits following last month's

:17:23.:17:23.

referendum decision to leave the European Union.

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The Chancellor of the Exchequer, George Osborne, has outlined plans

:17:26.:17:30.

to reduce corporation tax from 20% to under 15%, giving the UK

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one of the lowest rates of any major economy.

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A quick look at how markets are faring.

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After what was a volatile week last week, a mixed picture opening up

:17:43.:17:50.

across Europe. We have seen a little rally in the

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pound. I don't think rally is the word. Some gains. It is a slight

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uptake is the description! We're continuing our special series

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this week, looking at the firms affected by the UK's vote

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to leave the EU. And today we're assessing

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the impact on importers. New England Seafood is one

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of the UK's biggest importers of fish and it has already having

:18:10.:18:11.

to face challenges posed The firm has a turnover

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of about $133 million a year and imports from dozens of countries

:18:15.:18:17.

around the world before processing and supplying the seafood

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to British supermarkets. They say importers of wild salmon

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could be facing price rises of up to 30% as a result of the weaker

:18:24.:18:26.

pound and the rising costs With 480 staff from more than 30

:18:27.:18:30.

different countries, the firm is also worried it may

:18:31.:18:36.

struggle to find enough workers once Dan Ahearn, CEO of

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New England Seafood. Dan welcome to the programme. Not

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one stitch of anything you brought in with you? No, I didn't. No fish

:18:55.:19:02.

and chips for us in the morning. Dan, there are three key area,

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aren't there, that you're concerned about as an importer. We have just

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mentioned them, but there is the value of the British pound...

:19:10.:19:12.

Absolutely. Migrant workers and the other? Duty tariffs. Whatever they

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maybe. Whatever they maybe depending on what we do. What's the biggest

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risk for you? The biggest risk really is the impact of sterling on

:19:23.:19:28.

volume. So inevitably, you know, a business such as ours, a food

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business, we are reliant, we work on pretty fine margins, it is a volume

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game. It is an efficiency game. You know, food manufacturing counts for

:19:38.:19:40.

16% of manufacturing turnover in the UK. It is the largest sector,

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automotive combined with the aerospace industry, food

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manufacturing, it is a massive area for us. You know, businesses like

:19:55.:20:00.

ours, rely on the ability to invest, in innovation, and efficiency and

:20:01.:20:09.

productivity and when you see sterling deappreciating, that's ?7

:20:10.:20:14.

million on a business that would aim to make 3% to 4%. The Chancellor's

:20:15.:20:23.

possible cut in corporation tax to 15%. That would be a boost for a

:20:24.:20:27.

company like yours, no? Well, you have got to make the profit to spend

:20:28.:20:32.

the tax. For us, you know, a 5% break in tax on a ?3 million profit,

:20:33.:20:38.

?150,000 pails into insignificance when you're staring at up to ?7

:20:39.:20:42.

million inflation on the cost of goods. Clearly, the issue of

:20:43.:20:45.

managing that through the chain, you've got supermarkets who are

:20:46.:20:49.

reluctant to pass inflation on to their consumers given how

:20:50.:20:51.

competitive that industry is. It really puts a squeeze on, I think,

:20:52.:20:57.

the food industry and in real term consumers will see the price of

:20:58.:21:01.

their shopping baskets going up as a result of the decision. Looking at

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the pictures we showed earlier of people working in your sites. I

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imagine you rely on a lot of migrant workers and you are worried about

:21:11.:21:13.

being able to get those workers if and when the UK leaves? It would be

:21:14.:21:18.

a concern. We employ 476 I think at the last count. 117 British, 176

:21:19.:21:28.

Polish, pull garian, Romanian and Lithuanian 130 and more

:21:29.:21:31.

nationalities making up the balance. These are people who have worked

:21:32.:21:34.

with us for 15 years. They have built lives in the UK and moved to

:21:35.:21:39.

within management positions within the business and they've contributed

:21:40.:21:42.

hugely. The UK food industry employees 400,000 people which of

:21:43.:21:47.

which food manufacturing, 25% of those are non-UK EU migrants who

:21:48.:21:51.

have come to work in the UK. And we're looking for 110,000 more

:21:52.:21:56.

employees in the next five years. How are we going to find those if we

:21:57.:22:01.

start to close the gates? Dan, good to talk to you, thank you for your

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take on that. Best of luck with the business.

:22:08.:22:08.

Dan Ahearn There. The fall in the value of the pound

:22:09.:22:13.

post Brexit Vote has For British companies

:22:14.:22:16.

which are export-focussed, it's been a gift because it's

:22:17.:22:19.

made their goods cheaper abroad. The British Hovercraft Company,

:22:20.:22:21.

based in Kent, has reported a wave of new enquiries from abroad

:22:22.:22:24.

over the past week. Its owner, Emma Pullen,

:22:25.:22:26.

is now planning a worldwide export drive, saying Brexit has opened

:22:27.:22:29.

up a "brave new world" I'm from the British

:22:30.:22:31.

Hovercraft Company. We make small hovercraft

:22:32.:22:41.

and we sell about 100 a year throughout the world

:22:42.:22:44.

for leisure use instead of a boat or a jet ski or for commercial use

:22:45.:22:46.

so people will use them for rescue We use a lot in Kuwait

:22:47.:22:50.

and in the Middle East for some of those things and in some

:22:51.:22:54.

of the colder countries for ice The fall in the value of sterling

:22:55.:22:57.

was excellent for our business I had 25 new enquiries by Saturday

:22:58.:23:01.

afternoon from Jamaica, I have also had enquiries

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from Africa, and India again has A lot of people that had previously

:23:06.:23:09.

been considering buying from us realised that the pound having

:23:10.:23:13.

a massive drop was great for them. My vision is now we are a single

:23:14.:23:16.

country on our own and very soon be able to trade much simpler

:23:17.:23:20.

with other countries, I want us to expand to a much bigger

:23:21.:23:22.

global market and I feel that this is very possible working as the UK

:23:23.:23:26.

dealing with countries such as India I think we're going to able

:23:27.:23:29.

to create trade deals that allows us to do business and to trade

:23:30.:23:36.

with these countries so much easier and it is a brave

:23:37.:23:38.

new world out there. What other business

:23:39.:23:48.

stories has the media been Manji Cheto, Africa analyst from

:23:49.:23:54.

Teneo Intelligence joins us again. The headline is, "Companies in legal

:23:55.:24:06.

challenge to Brexit"? They want to set this legal challenge, you can't

:24:07.:24:10.

leave the EU without an Act of Parliament, is that right? The point

:24:11.:24:15.

is we have so much uncertainty facing us and we're only at the

:24:16.:24:19.

point where we're trying to decide when do we activate Article 50? For

:24:20.:24:24.

me, I mean, I think, I'm really frustrated because I'm like let's

:24:25.:24:28.

just get on it, keep calm, carry on, we've had a vote already, let's get

:24:29.:24:31.

on with it and start the negotiation which is uncertain. I think, you

:24:32.:24:35.

know, I understand why companies are going down this route, but at this

:24:36.:24:39.

point you've got to decide what's best for the national interests and

:24:40.:24:42.

moving forward... Some leadership would be good. Some leadership

:24:43.:24:47.

giving us a rudder. You're asking for too much. Let's talk Wall Street

:24:48.:24:53.

Journal. This is a non-Brexit story. VW rejecting cash offer for European

:24:54.:24:57.

car owners. This is only interesting because they've offered cash if

:24:58.:25:01.

you're in America, but if you're in Europe, you won't get it. I don't

:25:02.:25:05.

think it is a question of saying Europeans are not going to get it,

:25:06.:25:10.

it is a question of will Europeans get compensation similar to what US

:25:11.:25:17.

customers are getting and VW's position is no. If they give

:25:18.:25:21.

compensation to European customers, they could be paying out additional

:25:22.:25:25.

40 billion euros. This is a moral thing, they say we can get away with

:25:26.:25:29.

not paying it in Europe, we can't get away with not paying it in

:25:30.:25:33.

America? I'm not sure it will fly with European authorities, but at

:25:34.:25:36.

the moment VW made it quite clear where they stand, so we will see

:25:37.:25:40.

where this goes. I wonder if it will impact future sales within Europe.

:25:41.:25:44.

If Europeans go, "You don't care about us, take your cars to America,

:25:45.:25:49.

and we ain't buying anymore." Thank you for your messages, another

:25:50.:25:52.

viewer says, "I'm getting on with life. Head down. Ignore Brexit." On

:25:53.:26:01.

that, thank you for your company. We will see at the same time and the

:26:02.:26:03.

same place tomorrow. See you

:26:04.:26:04.

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