Browse content similar to 04/07/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from BBC News with Ben Thompson | :00:00. | :00:00. | |
Slashing tax to encourage investment. | :00:07. | :00:11. | |
As the UK prepares for a future outside the EU, could lower taxes be | :00:12. | :00:16. | |
Live from London, that's our top story on Monday 4th July. | :00:17. | :00:35. | |
Is life about to become a little less taxing for UK firms? | :00:36. | :00:39. | |
The UK Finance Minister George Osborne says he wants to reduce | :00:40. | :00:43. | |
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 | :00:56. | :00:58. | |
are on edge about the prospect of a hung parliament. | :00:59. | :01:10. | |
After last weeks record sessions, but well in the week bring in the US | :01:11. | :01:14. | |
markets? -- what will. And we'll be talking to a seafood | :01:15. | :01:20. | |
company which is battling the weak pound amid fears it might struggle | :01:21. | :01:23. | |
to find enough workers once It was ten days ago but it still | :01:24. | :01:30. | |
dominates headlines. We want to know what you are doing to take a break | :01:31. | :01:36. | |
from Brexit? Do not say watching this programme! | :01:37. | :01:38. | |
Why would anybody want to take a break from Brexit? Welcome to the | :01:39. | :01:53. | |
new week. Let us get started. The UK's Chancellor, George Osborne, | :01:54. | :01:57. | |
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 | :02:01. | :02:03. | |
to slash corporation tax He'd already announced plans | :02:04. | :02:11. | |
to lower the rate to 17% per cent in 2020 but the extra cut | :02:12. | :02:15. | |
is being seen as a major sweetener for firms preparing | :02:16. | :02:20. | |
for life outside the EU. The UK is currently a top | :02:21. | :02:25. | |
destination for foreign investment but there are concerns that leaving | :02:26. | :02:30. | |
the European Union could affect the number of firms wanting | :02:31. | :02:33. | |
to set up or invest here. Its thought Britain has received | :02:34. | :02:35. | |
more than a ?1 trillion - that's $1.3 trillion - | :02:36. | :02:38. | |
of foreign direct investment. That makes it the biggest | :02:39. | :02:41. | |
recipient in Europe, and globally behind only | :02:42. | :02:44. | |
the US and China. But investors could be less | :02:45. | :02:49. | |
willing to send their money here after the UK leaves the EU, | :02:50. | :02:54. | |
with some reports forecasting a fall of more than 20% over | :02:55. | :02:57. | |
the next ten years - something the Chancellor | :02:58. | :03:00. | |
is keen to prevent. Stephen Adams is a Partner | :03:01. | :03:05. | |
at the strategic advisory Let us start with that. If the UK | :03:06. | :03:20. | |
had attempt to corporation tax rate, the lowest for any major economy, is | :03:21. | :03:24. | |
this enough to keep his Mrs here and attract new business? It depends on | :03:25. | :03:31. | |
how much corporation tax you pay and depends on how important corporation | :03:32. | :03:35. | |
tax is for you as a business. Relative to other things. It is only | :03:36. | :03:44. | |
one of the many taxes businesses pay and more importantly, as we know, | :03:45. | :03:49. | |
value is a reflection not just of a cost like tax but also a reflection | :03:50. | :03:55. | |
of prospects and the big issue is one that tax cut looks like when you | :03:56. | :03:59. | |
put that against the greater uncertainties of the unknown is | :04:00. | :04:03. | |
about the UK's forward trading framework with the EU and the rest | :04:04. | :04:06. | |
of the world and that is a trade-off. Is also an issue for | :04:07. | :04:11. | |
Chancellor and the Finance Minister because across the water you have | :04:12. | :04:17. | |
Ireland, 12.5% corporation tax, that is lower, and that is in the EU. Do | :04:18. | :04:23. | |
I go with Ireland, plus it is in the EU? It might be one of the lowest | :04:24. | :04:30. | |
tax rates for a large developed country, not the lowest tax rate in | :04:31. | :04:36. | |
the EU, the UK, London has other attractions for businesses, one of | :04:37. | :04:40. | |
the reasons the UK has prospered even alongside Ireland inside the EU | :04:41. | :04:46. | |
but it certainly would not be the lowest corporation tax rate in the | :04:47. | :04:52. | |
EU. What is it UK can offer to foreign companies wanting to invest? | :04:53. | :04:56. | |
We talk about technology expertise, skills and innovation, we cannot | :04:57. | :05:00. | |
compete on Labour costs or manufacturing, what can we offer? We | :05:01. | :05:05. | |
can offer a comparatively high skills base, up to this point it has | :05:06. | :05:09. | |
always been able to offer the extraordinary advantage of being a | :05:10. | :05:15. | |
bridgehead to the single market and that is now an advantage that we | :05:16. | :05:19. | |
almost certainly lose to some extent, it is unsure to what extent. | :05:20. | :05:28. | |
Very strong cluster of skills in London and elsewhere. A very | :05:29. | :05:34. | |
long-standing tradition of being a place to do business and a | :05:35. | :05:36. | |
reputation for being very well network into the global markets. We | :05:37. | :05:40. | |
don't lose all of those things with Brexit but all of those advantages | :05:41. | :05:45. | |
have been dulled perhaps by the effect of leaving the EU. And very | :05:46. | :05:51. | |
briefly, there is talk of investment into the UK, will it continue to be | :05:52. | :05:57. | |
stalled or put on hold until the investors out there and corporations | :05:58. | :06:01. | |
can see what the endgame is? That could take some time? It depends on | :06:02. | :06:06. | |
the extent to which the business you are investing in is focused on the | :06:07. | :06:10. | |
domestic market and there is a question of the economic impact on | :06:11. | :06:14. | |
the UK domestic market but if you use the UK for a base for trading | :06:15. | :06:18. | |
with the rest of the world, at the moment you have a very big question | :06:19. | :06:22. | |
hanging over the extent to which the UK will retain access to the single | :06:23. | :06:25. | |
market or on what terms it will retain that and of course it is | :06:26. | :06:29. | |
trading framework for the rest of the world that have been established | :06:30. | :06:32. | |
through the vehicle of EU membership and they are up for negotiation and | :06:33. | :06:38. | |
that is a big uncertainty and it is ultimately about setting the cut in | :06:39. | :06:44. | |
corporation tax against that uncertainty about the horizon. We | :06:45. | :06:47. | |
really appreciate your time. Thank you for joining us. | :06:48. | :06:49. | |
Shareholders in the London Stock Exchange Group will vote in the next | :06:50. | :06:55. | |
hour on whether to approve a $26 billion merger with German | :06:56. | :06:58. | |
The two companies insist the deal should go ahead, despite uncertainty | :06:59. | :07:03. | |
The merger is designed to create one of the largest market | :07:04. | :07:09. | |
companies in the world, to compete with rivals in Asia | :07:10. | :07:12. | |
Russian crude exports look set to hit a record this year, | :07:13. | :07:17. | |
which is intensifying competition in Europe as Iran boosts | :07:18. | :07:20. | |
Exports were up nearly 5% to 5.5 million barrels a day | :07:21. | :07:26. | |
Russia's output has risen every month since July 2014, according | :07:27. | :07:31. | |
National Bank of Abu Dhabi is merging with rival | :07:32. | :07:40. | |
First Gulf Bank in a deal that will create a regional powerhouse | :07:41. | :07:44. | |
First Gulf Bank shareholders will hold 52% of the combined | :07:45. | :07:53. | |
company, and the firm will retain the National Bank of Abu Dhabi name. | :07:54. | :08:07. | |
I am looking for a story that is not about exit! I have been away for a | :08:08. | :08:21. | |
week. The story about the future for Hinkley Point in the South of | :08:22. | :08:27. | |
England. There was to be a vote and all the repercussions of that Brexit | :08:28. | :08:30. | |
photo but whether that will get the go-ahead and it could be one of the | :08:31. | :08:34. | |
first casualties of the vote for the UK to leave the European Union. OK. | :08:35. | :08:41. | |
There is an article about... Don't smile at the camera! Worries over | :08:42. | :08:46. | |
European farmers. Here in the UK. There are plenty of stories on their | :08:47. | :08:51. | |
body a lot of it is related to Brexit. Can I talk about where I | :08:52. | :08:54. | |
come from? Now to Australia, where there's | :08:55. | :08:56. | |
political limbo ensuing as there's still no result | :08:57. | :08:58. | |
in Australia's general election. Most ballots have now been counted | :08:59. | :09:01. | |
but it could be Tuesday before And there are concerns the country's | :09:02. | :09:06. | |
credit rating might be downgraded. Explain this. Why is this taking so | :09:07. | :09:19. | |
long and why are the markets nervous? It is uncertainty after | :09:20. | :09:24. | |
Brexit, that is the last thing you want, more uncertainty and this time | :09:25. | :09:31. | |
Australia is bracing for what will be more uncertainty because of the | :09:32. | :09:36. | |
General Election. That results in deadlock. Today is a first training | :09:37. | :09:41. | |
days since the open -- the poll and the market has been swinging from | :09:42. | :09:45. | |
early losses to moderate gains and now the major party has won enough | :09:46. | :09:50. | |
seats to form a majority government and the coveted AAA credit rating | :09:51. | :09:54. | |
could be in jeopardy but the markets seemed pretty calm at closing. | :09:55. | :10:00. | |
Despite the unexpected closeness of this context, the Austrian dollar is | :10:01. | :10:06. | |
trading higher against the US dollar, recovering from an initial | :10:07. | :10:10. | |
drop of 0.5% and helped by a survey showing inflation picked up at the | :10:11. | :10:15. | |
fastest pace since December 2013 and analysts say investors are quick to | :10:16. | :10:18. | |
shrug off the election results as economic fundamentals for the nation | :10:19. | :10:23. | |
as they remain fundamentally unchanged and that is not something | :10:24. | :10:26. | |
Australians have not seen before. This is a nation that has had four | :10:27. | :10:30. | |
prime ministers in under three years. Good stuff, thank you. Let's | :10:31. | :10:35. | |
look at the numbers. The FTSE 100 posted its best week | :10:36. | :10:37. | |
since 2011, in the US, the S 500 also managed | :10:38. | :10:45. | |
to post its best week But given the collapse in value of | :10:46. | :11:00. | |
the Blind, it makes a market look better. -- the pound. | :11:01. | :11:04. | |
Markets are closed in the US for the Independence Day holiday | :11:05. | :11:07. | |
and that means European markets may be a little quieter than usual. | :11:08. | :11:09. | |
In Asia, the main focus was on that Australian election - | :11:10. | :11:12. | |
that's failed to produce a clear winner. | :11:13. | :11:15. | |
The big risk now is that any delay in forming a new government | :11:16. | :11:18. | |
could undermine the Australian economy and the Ozzie dollar. | :11:19. | :11:20. | |
In the UK, Bank of England governor Mark Carney was quick to reassure | :11:21. | :11:23. | |
markets that the central bank remained ready to act | :11:24. | :11:26. | |
to keep markets stable, and help ease worries over Brexit. | :11:27. | :11:29. | |
But the big test will be whether other central banks around | :11:30. | :11:31. | |
We'll discuss that more in a moment - but first, | :11:32. | :11:37. | |
despite the public holiday today, Samira has the details about what's | :11:38. | :11:40. | |
On Monday the US celebrates its July the 4th holiday commemorating its | :11:41. | :11:48. | |
declaration of independence from Great Britain. Stock and bond | :11:49. | :11:53. | |
markets are closed as the government offices. The July the 4th holiday is | :11:54. | :11:59. | |
America's top beer drinking holiday, 150 million hot dogs will be | :12:00. | :12:03. | |
concerned, within 40% the country will watch firework displays and the | :12:04. | :12:07. | |
value of American firework imports is about $324 million. And most of | :12:08. | :12:15. | |
those fireworks come from China. Some other things happening- the US | :12:16. | :12:19. | |
Federal Reserve will release the minutes from its last policy meeting | :12:20. | :12:24. | |
and on Friday they get the latest employment results. The economy | :12:25. | :12:29. | |
added only 38,000 jobs in the month of May, the lowest game since the | :12:30. | :12:32. | |
autumn of 2010. Go on! Joining us is Manji Cheto, Africa | :12:33. | :12:39. | |
analyst from Teneo Intelligence. Calm down in the gallery! Can we | :12:40. | :12:50. | |
start with oil? The Russian output is expected to be another record, | :12:51. | :12:54. | |
churning more of the black stuff. It will continue to suppress the price | :12:55. | :13:02. | |
and you have it run adding more and Nigeria had a rebound? -- Iran. Most | :13:03. | :13:07. | |
of the market was driven by the Nigerian market owing down and now | :13:08. | :13:11. | |
Russia is going back up oil prices hovering around $50 per barrel, is | :13:12. | :13:17. | |
this equilibria for the medium outlook because we have been asking | :13:18. | :13:20. | |
questions about whether equilibria is for the oil price is? We should | :13:21. | :13:24. | |
explain, we talk about the difference between the FTSE 100 and | :13:25. | :13:31. | |
the 250, the 250 has more UK focus so there is more vulnerability. Why | :13:32. | :13:37. | |
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 | :13:42. | :13:46. | |
dollar is a lot stronger, the pound is quite weak so earnings have gone | :13:47. | :13:51. | |
up significantly for dollar companies but this is just a blip | :13:52. | :13:55. | |
because the next few weeks we shall get company results of company is | :13:56. | :13:58. | |
giving the first hint as to whether the uncertainty affects earnings | :13:59. | :14:01. | |
longer term and that might be the beginning of when we might see new | :14:02. | :14:05. | |
volatility returning to the markets of anybody who was happy at the | :14:06. | :14:09. | |
moment, older horses, we not quite there. Will you come back to take us | :14:10. | :14:14. | |
through the papers? Great! Senior Editor. Some other non-Brexit | :14:15. | :14:18. | |
stories. Still to come... As the pound falters, | :14:19. | :14:21. | |
we're meeting the businesses The boss of importer | :14:22. | :14:23. | |
New England Seafood will be here to talk Brexit fears, | :14:24. | :14:26. | |
fishing and finding enough workers You're with Business | :14:27. | :14:29. | |
Live from BBC News. Our top story: The British Finance | :14:30. | :14:42. | |
Minister says he wants to cut a key tax on business profits | :14:43. | :14:52. | |
following last month's There has been a workplace | :14:53. | :15:03. | |
demonstration to call for legally guaranteed protection to help the | :15:04. | :15:07. | |
two million EU migrants who work in the UK. Let's speak to one of the | :15:08. | :15:13. | |
campaign organisers. Your response from Foreign Secretary, Philip | :15:14. | :15:17. | |
Hammond who said it is absurd to promise EU nationals that they can | :15:18. | :15:22. | |
remain in the UK. Look, these are real people, real families with real | :15:23. | :15:25. | |
lives who have been contributing so much to the British economy for many | :15:26. | :15:28. | |
years and you can't expect people to live in uncertainty. They will make | :15:29. | :15:31. | |
their choices about where they want to go. The narrative really has been | :15:32. | :15:35. | |
very negative about migration. Obviously for years, but | :15:36. | :15:38. | |
particularly in this very divisive campaign. We want to, you know, show | :15:39. | :15:43. | |
how much we value the contribution that EU migrants make to Britain. | :15:44. | :15:47. | |
They're working hard to make Britain great. They represent 7% of the | :15:48. | :15:52. | |
total UK workforce and pay way more into Britain than they take out and | :15:53. | :15:56. | |
they are feeling really rejected right now. It is possible for all | :15:57. | :16:01. | |
the Conservative leadership candidates to make a clear pledge. I | :16:02. | :16:06. | |
know that pledges are not something they particularly like to do, but it | :16:07. | :16:10. | |
is possible por them to say, "Look, for those people who are living and | :16:11. | :16:14. | |
working here right now, their future will be secure." | :16:15. | :16:23. | |
I hope you don't mind me saying, a little birdie said your partner is | :16:24. | :16:26. | |
from France. You're concerned about this, on a personal level? My | :16:27. | :16:30. | |
husband is a French national. We have been here for ten years and | :16:31. | :16:34. | |
we've go two kids and we've set up and we are seriously considering our | :16:35. | :16:37. | |
options about whether to stay or not. This isn't my Britain, the | :16:38. | :16:40. | |
negative narrative about migration isn't Britain. You know, I think | :16:41. | :16:44. | |
this is all about showing that we don't have a fear of foreigners, we | :16:45. | :16:48. | |
value the contribution that EU migrants make, in fact all migrants, | :16:49. | :16:54. | |
but this is about the EU migrants. Thank you, Emily, we appreciate your | :16:55. | :17:01. | |
time. Cheers. Osborne pledging to cut corporation | :17:02. | :17:05. | |
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 | :17:09. | :17:12. | |
we can't necessarily fit into this programme! | :17:13. | :17:16. | |
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. | :17:24. | :17:25. | |
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 | :17:31. | :17:33. | |
one of the lowest rates of any major economy. | :17:34. | :17:38. | |
A quick look at how markets are faring. | :17:39. | :17:42. | |
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 | :17:51. | :17:55. | |
pound. I don't think rally is the word. Some gains. It is a slight | :17:56. | :17:59. | |
uptake is the description! We're continuing our special series | :18:00. | :18:02. | |
this week, looking at the firms affected by the UK's vote | :18:03. | :18:05. | |
to leave the EU. And today we're assessing | :18:06. | :18:07. | |
the impact on importers. New England Seafood is one | :18:08. | :18:09. | |
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 | :18:12. | :18:14. | |
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 | :18:18. | :18:20. | |
to British supermarkets. They say importers of wild salmon | :18:21. | :18:23. | |
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 | :18:37. | :18:39. | |
New England Seafood. Dan welcome to the programme. Not | :18:40. | :18:54. | |
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, | :19:03. | :19:06. | |
aren't there, that you're concerned about as an importer. We have just | :19:07. | :19:09. | |
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 | :19:13. | :19:17. | |
maybe. Whatever they maybe depending on what we do. What's the biggest | :19:18. | :19:22. | |
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 | :19:29. | :19:32. | |
business, we are reliant, we work on pretty fine margins, it is a volume | :19:33. | :19:37. | |
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, | :19:41. | :19:52. | |
automotive combined with the aerospace industry, food | :19:53. | :19:54. | |
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 | :21:02. | :21:05. | |
the pictures we showed earlier of people working in your sites. I | :21:06. | :21:10. | |
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 | :22:02. | :22:07. | |
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 | :23:02. | :23:05. | |
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. |