17/01/2017

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:00:00. > :00:00.This is Business Live from BBC News with Sally Bundock and Rachel Horne.

:00:07. > :00:09.Hard Brexit ahead for HMS Britannia - The UK's PM will today say she's

:00:10. > :00:11.prepared to take Britain out of the single market

:00:12. > :00:15.Live from London, that's our top story on Tuesday

:00:16. > :00:34.That's the message from Theresa May to Brussels.

:00:35. > :00:38.The Prime Minister's speech will set out 12 priorities for the EU exit

:00:39. > :00:44.deal that she hopes to strike, but is she wishful thinking?

:00:45. > :00:46.Also in the programme, Rolls-Royce on the rack,

:00:47. > :00:50.the aerospace giant agrees to pay $800 million fine to settle bribery

:00:51. > :00:55.and corruption cases in overseas markets.

:00:56. > :01:00.It is steady for now but how will markets react once Theresa May

:01:01. > :01:11.Later we'll be live in Davos where for the first time

:01:12. > :01:13.in the history of the event a Chinese President will attend.

:01:14. > :01:16.We'll be getting the inside track on what this tells us about China's

:01:17. > :01:22.And it's being reported that flying cars could be

:01:23. > :01:26.Today we want to know what sci fi technology

:01:27. > :01:28.you would like to see becoming a reality?

:01:29. > :01:48.Good to have you with us. A warm welcome.

:01:49. > :01:50.Theresa May will today deliver a highly-anticipated speech

:01:51. > :01:52.on the UK's future outside the European Union.

:01:53. > :01:57.The speech will focus on global Britain and how the UK can be

:01:58. > :01:59.an outward-facing nation as it seeks new post-Brexit relations

:02:00. > :02:05.Reports over the weekend suggest the British Prime Minister will use

:02:06. > :02:09.today's speech to signal the UK will pull out of the EU single

:02:10. > :02:17.market, although Downing Street described this as speculation.

:02:18. > :02:24.It was all over the papers on the weekend, various leaks of what her

:02:25. > :02:25.speech will reveal. This has had a huge impact on the value of the

:02:26. > :02:32.pound. On Monday, the pound

:02:33. > :02:34.hit its lowest level for more than three months on the reports -

:02:35. > :02:37.sterling dropping more than 1% to below $1.20 before

:02:38. > :02:39.recovering slightly. The EU single market guarantees

:02:40. > :02:42.the free movement of goods, capital, services, and people but the UK

:02:43. > :02:45.Government has indicated they will want to limit the movement

:02:46. > :02:48.of people as part of any After months of pressure to tell us

:02:49. > :03:10.more about her Brexit plan, Theresa May will strike

:03:11. > :03:12.an optimistic note, telling us she wants a truly global Britain,

:03:13. > :03:15.which gets out into the world. The Prime Minister may not be

:03:16. > :03:18.explicit but she will again signal that she's ready to take Britain out

:03:19. > :03:21.of the European Single Market, and perhaps the customs union, too,

:03:22. > :03:23.in order to gain control of immigration and freedom

:03:24. > :03:25.from European law. I think it's highly likely we'll be

:03:26. > :03:28.coming out of the formal structures of the customs union and the single

:03:29. > :03:31.market, just because that's the way we can really grasp the golden

:03:32. > :03:34.opportunities that Brexit presents, not just for controlling immigration

:03:35. > :03:36.but also free trade opportunities. ..But she'll say she wants a new and

:03:37. > :03:52.equal partnership, declaring... Donald Trump's offer of a quick,

:03:53. > :03:55.fair trade deal with the UK got the thumbs up from leading

:03:56. > :03:58.Brexiteers, but whilst the President-elect said the UK

:03:59. > :04:02.was so smart to vote for Brexit, those who disagree want

:04:03. > :04:04.Britain to fight to stay I think the Prime Minister must not

:04:05. > :04:12.wave the white flag and give up on our membership of the single

:04:13. > :04:14.market if she cares If she's going to fight for Britain

:04:15. > :04:18.and fight our corner, then she needs to fight to be

:04:19. > :04:21.in the single market She also needs to indicate

:04:22. > :04:27.that the final deal will be put Theresa May will set out 12

:04:28. > :04:32.priorities for a deal. But she faces two years of hard

:04:33. > :04:36.bargaining with 27 members determined to safeguard the future

:04:37. > :04:48.of the EU without Britain. General Motors is set to announce

:04:49. > :04:51.plans to invest about $1 billion in its US factories,

:04:52. > :04:53.according to the The move is aimed at helping

:04:54. > :04:56.the firm create or retain more than 1000 jobs -

:04:57. > :04:58.it follows recent criticism of the company

:04:59. > :05:03.by President-elect Donald Trump. In Venezuela new larger denomination

:05:04. > :05:06.bank notes have been issued against a backdrop

:05:07. > :05:08.of spiralling inflation. The largest of the first three

:05:09. > :05:13.new notes is a 20,000 bolivar note. They were meant to be released

:05:14. > :05:15.in December and the delays have caused chaos as people queued

:05:16. > :05:18.for days to exchange A South Korean court will decide

:05:19. > :05:23.on Wednesday whether the boss of Samsung should be arrested

:05:24. > :05:26.on bribery charges. Lee Jae Yong is accused of paying

:05:27. > :05:29.around $36 million to organisations controlled by a friend

:05:30. > :05:34.of the South Korean President. It's alleged that the de facto

:05:35. > :05:37.leader of Samsung received favours that helped him gain control

:05:38. > :05:51.of the company. Two things are dominating business

:05:52. > :05:56.today, Theresa May's speech and what is going on in Davos. It is a big

:05:57. > :06:01.day there for other reasons but you found this story quite amusing,

:06:02. > :06:06.coming out of the Swiss ski resort. Yes, somebody has decided to cash in

:06:07. > :06:10.on the low temperatures, they are given away free hats, seen as a good

:06:11. > :06:16.marketing tactic. I hope the hats have a nice bobble on the top, that

:06:17. > :06:19.is the trend. Also on the Businesslike page, lots

:06:20. > :06:26.of information on what is happening with the ?. -- on the Business Live

:06:27. > :06:28.page. Soon we will be speaking with the

:06:29. > :06:29.markets expert. Rolls Royce is paying more

:06:30. > :06:32.than $800 million to settle a bribery probe with UK,

:06:33. > :06:40.US and Brazilian authorities. The British engineering group

:06:41. > :06:43.was accused of paying to win contracts in Indonesia,

:06:44. > :06:57.China, Brazil and other markets. Let's get the low-down from Mariko

:06:58. > :06:58.Oyella are Asia business hub. Such a well-known brand name, some people

:06:59. > :07:02.are finding it shocking that they are finding it shocking that they

:07:03. > :07:05.are paying such an enormous pine for dodgy behaviour?

:07:06. > :07:10.Critics have already come out to say that this deal shows that the UK

:07:11. > :07:13.Government is not exactly serious about tackling bribery and

:07:14. > :07:18.corruption, but as you mentioned the agreements have been reached between

:07:19. > :07:23.the company and authorities in the UK and US. You mention China and

:07:24. > :07:26.Indonesia, according to a joint investigation by the BBC at the

:07:27. > :07:32.Guardian last year it identified last year that at least a dozen

:07:33. > :07:36.countries were identified where Rolls-Royce had allegedly hired

:07:37. > :07:39.commercial agents to help secure high-value contracts. The UK

:07:40. > :07:46.authorities started looking into this in 2012 with some deals dating

:07:47. > :07:51.back more than a decade. Now with these agreements it means that the

:07:52. > :07:56.suspension over prosecution, provided that the company fulfils

:07:57. > :07:59.certain requirements. Thank you, Mariko. Rolls-Royce

:08:00. > :08:04.making all the news for the wrong reasons last night and today.

:08:05. > :08:10.Japan had a tough time today, mainly because the yen has strengthened

:08:11. > :08:15.quite significantly for six days in a row versus the US dollar.

:08:16. > :08:22.Safe havens are in favour, the price of gold has gone up, as has the yen,

:08:23. > :08:27.that has hit exporters trading in Tokyo.

:08:28. > :08:31.The Dow is down. Will the FTSE 100 react when Theresa

:08:32. > :08:37.May speaks? We will discuss that in a moment. We have UK inflation data

:08:38. > :08:41.coming out today which is very interesting given that lad Mark

:08:42. > :08:45.Carney's speech last night, the governor of the Bank of England. --

:08:46. > :08:48.given that we had Mark Carney's speech.

:08:49. > :08:52.Let's look ahead to the day on Wall Street.

:08:53. > :08:56.It is a shortened week in the US as Monday was a market holiday. On

:08:57. > :08:59.Tuesday Morgan Stanley will report earnings and like US banks it is

:09:00. > :09:03.expected to have benefited from the volatile US markets around the

:09:04. > :09:06.presidential elections. The same thing will likely play out

:09:07. > :09:12.on Wednesday when we hear from Goldman Sachs. We will also hear

:09:13. > :09:15.from Citigroup on Wednesday, the most international of the big US

:09:16. > :09:19.banks. People will be asking about the prospects for global trade

:09:20. > :09:24.during the presidency of Donald Trump, who has said that he will

:09:25. > :09:29.rework trade agreements. IBM's fortunes seem to be rising from its

:09:30. > :09:33.cloud and data analytics businesses, but we will know for sure on

:09:34. > :09:36.Thursday when they report. The weekends with the inauguration of

:09:37. > :09:39.Donald Trump as the next president of the United States.

:09:40. > :09:40.Thank you. Joining us is Nandini Ramakrishnan,

:09:41. > :09:49.global market strategist at JP Thank you for coming in this

:09:50. > :09:53.morning. Sally was talking about sterling dollar, Stirling had quite

:09:54. > :09:57.a sharp fall against the dollar yesterday, it is up slightly this

:09:58. > :10:01.morning, what factors are in play? The reality of Brexiters coming

:10:02. > :10:04.forward with Theresa May's speech today, there is nervousness and

:10:05. > :10:10.jitters in the market about what it means with the UK 's nation ship

:10:11. > :10:14.with the EU under the parts of the world. Trade is such an important

:10:15. > :10:17.part of the marketeer, currency is the way that the markets play out

:10:18. > :10:21.that nervousness. The Governor of the Bank of England,

:10:22. > :10:25.Mark Carney, spoke last night about what the Bank of England might do in

:10:26. > :10:30.terms of interest rates, which is hard to gauge. We will have the

:10:31. > :10:35.inflation numbers out in about 50 minutes. Your thoughts? A bit of a

:10:36. > :10:38.mixed bag, the high inflation is you would expect Mark Carney and the

:10:39. > :10:42.Bank of England to tighten rates, then you have the other factor of

:10:43. > :10:48.Brexit on the table weakening the pound, that inflation in the UK is

:10:49. > :10:51.1.2% at the latest region, expectations are for slightly

:10:52. > :10:59.higher. Factors in play are higher oil prices, a lower pound, that

:11:00. > :11:03.feeds into the British economy. He said the next move could be up or

:11:04. > :11:09.down, I read that and I thought it was not helpful, trying to plan

:11:10. > :11:12.ahead. It is difficult for businesses and consumers? Towards

:11:13. > :11:15.the end of the year because of how high inflation might get, when you

:11:16. > :11:20.look at some of what Mark Carney said, there is a lot of strength in

:11:21. > :11:23.the UK consumer and the consumption numbers are quite strong, people are

:11:24. > :11:30.still buying on the high street, ordering online and that kind of

:11:31. > :11:33.commerce is still going on. The next move for the Bank of

:11:34. > :11:37.England should be up, but later in the year. Do you think we will stick

:11:38. > :11:40.at no point to 5%, which it is currently? Yes, and then maybe

:11:41. > :11:47.towards the ends of the year it might get higher. -- do you think we

:11:48. > :11:52.might stick at 0.25%. Remember that the Bank of England can reduce

:11:53. > :11:56.quantitive easing and interest rates, it is watching the whole mix

:11:57. > :11:59.of things this year. Nandini, you will be doing the

:12:00. > :12:00.papers with is that the end of the programme, thank you.

:12:01. > :12:04.China takes Davos spotlight - President Xi Jinping will today

:12:05. > :12:06.become the first Chinese leader to address the annual

:12:07. > :12:08.World Economic Forum in the Swiss resort.

:12:09. > :12:10.We're going to be discussing the country's global

:12:11. > :12:23.You're with Business Live from BBC News.

:12:24. > :12:25.First news of a big deal in the tobacco industry.

:12:26. > :12:28.British American Tobacco has agreed the terms of a ?40 billion deal

:12:29. > :12:30.for control of US rival Reynolds, creating the largest

:12:31. > :12:36.The UK company has been in talks with Reynolds for months

:12:37. > :12:40.about buying the 57.8% stake it does not already own.

:12:41. > :12:48.Theo Leggett is in the business newsroom.

:12:49. > :12:55.Give us some more details? As you say, this deal has been in the thing

:12:56. > :12:58.for several months now and it is pretty easy to see why British

:12:59. > :13:02.American Tobacco is so clean on getting hold of Reynolds, which is

:13:03. > :13:07.the maker of Camel cigarettes -- is so keen on. Reynolds provides a good

:13:08. > :13:11.large chunk of British American Tobacco's annual profits, around

:13:12. > :13:16.20%, so taking over the company as a whole, that is likely to go up. The

:13:17. > :13:23.United States remains the second most profitable tobacco market in

:13:24. > :13:25.the world after China, that sounds like good business as well. The

:13:26. > :13:28.reason the companies from other countries have been reluctant to

:13:29. > :13:32.take control of American tobacco makers is pretty clear, because

:13:33. > :13:35.there were litigation risks. A number of US companies were facing

:13:36. > :13:40.very large legal bills for their past record of how they marketed

:13:41. > :13:44.cigarettes. That seems to have gone away, to a certain extent. Then

:13:45. > :13:48.there is the e-cigarette market, electronic cigarettes are becoming

:13:49. > :13:54.much more popular as governments start to clamp down on other types

:13:55. > :13:58.of smoking and snuff etc. So vaping is becoming more popular, that is

:13:59. > :14:03.another potential advantage of the deer. Investors are not quite sure

:14:04. > :14:05.what to make a bit, shares were up yesterday evening, down at the

:14:06. > :14:09.opening this morning and now creeping back up again -- that is

:14:10. > :14:11.another potential advantage of the deal.

:14:12. > :14:17.Thank you, Theo Leggett from the business unit.

:14:18. > :14:23.I will play a quick word satiate a game with you, I say sausage rolls,

:14:24. > :14:31.you say... Greggs. -- word association. Greggs

:14:32. > :14:34.has reported a strong end to the financial year, expecting full

:14:35. > :14:38.profits to be slightly ahead of expectations. You will remember last

:14:39. > :14:42.you that they opened 145 shops but they are a bit more cautious about

:14:43. > :14:46.the outlook for next year. Like many other retailers they are talking

:14:47. > :14:49.about an increase in prices in imports and concerns about

:14:50. > :14:54.inflation. You did that so well. The latest on

:14:55. > :14:55.Greggs on business life, it is all that, regardless of the story. See

:14:56. > :14:58.you soon. Our top story, the British Prime

:14:59. > :15:06.Minister, Theresa May, will give a long-awaited speech

:15:07. > :15:08.later today setting out her In the speech she is expected to say

:15:09. > :15:13.she wants a full break from the European Union rather

:15:14. > :15:16.than a deal that leaves Britain A quick look at how

:15:17. > :15:28.markets are faring. For London and for currency traders

:15:29. > :15:33.it is very much threading water at this point. The pound has gone up

:15:34. > :15:35.versus the dollar compared to this time yesterday, but it will be

:15:36. > :15:39.interesting to see what happens in the next few hours when she starts

:15:40. > :15:42.her speech which is take place here in London.

:15:43. > :15:44.The leader of the world's second biggest economy is getting

:15:45. > :15:47.ready for a star turn at the World Economic

:15:48. > :15:51.It's the first time that Xi Jinping or any Chinese president has

:15:52. > :15:53.addressed the global gathering and what he says about growth

:15:54. > :15:58.The country is keen to move away from heavy industry and sees tech

:15:59. > :16:02.It has launched an ambitious five year programme to boost

:16:03. > :16:08.There are around 780 government-backed

:16:09. > :16:10.venture funds designed to boost innovation.

:16:11. > :16:12.Latest estimates suggest those funds have raised around $231 billion

:16:13. > :16:20.Dr Kai-Fu Lee is a former vice-president

:16:21. > :16:23.at Google and now runs a venture capital firm Sinovation

:16:24. > :16:32.which invests in start ups in China and the US.

:16:33. > :16:38.Welcome to Business Live. Thank you for joining us from Davos. So,

:16:39. > :16:39.speaking soon, what are you shope speaking soon, what are you

:16:40. > :16:47.he'll say? Well, I think with he'll say? Well, I think with

:16:48. > :16:52.Trump's election and Brexit, the world is looking for leadership that

:16:53. > :16:56.will bring back globalisation and multilateralism and I don't know the

:16:57. > :17:00.content of President Xi Jinping's speech, but the fact that he is

:17:01. > :17:04.coming gives us hope that there will be strong leadership that will help

:17:05. > :17:10.globalisation continue rather than become stalled. China coming on to

:17:11. > :17:13.the world stage, just as this protectionist president-elect is

:17:14. > :17:16.starting his new job in America at the end of the week and as we're

:17:17. > :17:22.negotiating Brexit, do you think that gives China an upper hand?

:17:23. > :17:27.Well, it is an interesting opportunity because China is now

:17:28. > :17:35.ready as very fast growing economy as well as a very strong tech

:17:36. > :17:39.sector. We at Sinovation Have invested in some of the world's best

:17:40. > :17:44.technology company and they are based in China and they are doing

:17:45. > :17:48.face recognition and we believe that tech readiness gives China an

:17:49. > :17:52.opportunity to take on a greater role worldwide. You, as a company,

:17:53. > :17:58.are focussed on China or the US when it comes to start-ups and where

:17:59. > :18:02.you're investing. Are you concerned if president-elect Trump does turn

:18:03. > :18:08.out to be fairly protectionist and anti-China and how that will affect

:18:09. > :18:13.your business? Well, our investments are 95% in China. Only 5% in the US.

:18:14. > :18:18.So we think our exposure is fairly small. But nevertheless, we have, we

:18:19. > :18:23.bring a lot of positive benefits to China. Sorry, we bring a lot of

:18:24. > :18:29.benefits to the US. For example, one of our investments VIP Kid will

:18:30. > :18:33.bring 30 to 50,000 American teachers with additional income by teaching

:18:34. > :18:37.Chinese kids. So we think there can be still win-win, if there is

:18:38. > :18:40.growing protectionism on the US side. If you have got 95% of your

:18:41. > :18:47.start-ups are in China, 5% in the US, is there a reason why you're not

:18:48. > :18:51.investing in Europe? I would love to learn more about the opportunities.

:18:52. > :18:56.There should be a lot of great tech companies. We know that for example

:18:57. > :19:02.in the UK, artificial intelligence is very advanced and it is we would

:19:03. > :19:06.be interested in looking at. What do you look for when you invest in a

:19:07. > :19:09.tech start-up? I looked at your portfolio and the companies you have

:19:10. > :19:13.invested in and they are extremely diverse. It is not a specific type

:19:14. > :19:19.of product from what I can see, is it about leadership? Is it about

:19:20. > :19:23.that kind of thing? It's first and fore most about people because we

:19:24. > :19:27.invest in the very early stage. When we go in, a company maybe worth only

:19:28. > :19:32.$5 million and when we exit hopefully it is $5 billion so those

:19:33. > :19:36.are the companies we target. First and fore most, the founders have to

:19:37. > :19:39.be very strong. They have to be great leaders. They have to have

:19:40. > :19:42.great ideas and also great in execution. Secondly, we want to

:19:43. > :19:47.invest in areas that are rapidly growing. Trends that are not yet

:19:48. > :19:51.recognised, but will become much bigger. So we don't want to invest

:19:52. > :19:57.in companies to take more share from a known existing pie, but in areas

:19:58. > :20:00.that are not well understood, but have massive opportunity, autonomous

:20:01. > :20:04.vehicles would be a good example of that today. And what would be your

:20:05. > :20:08.advice to someone who is in a start-up world as it were, we

:20:09. > :20:11.interview a lot of company bosses on this programme, they are quite small

:20:12. > :20:15.companies, innovative companies, what's your advice to them and just

:20:16. > :20:20.to say advice to you, watch our show if you want to know about good

:20:21. > :20:24.European tech start-ups! Well, I think for any start-up,

:20:25. > :20:28.having a big market is important. That's why US and China have some

:20:29. > :20:33.unique advantages. If we look at the greatest markets in the world, it is

:20:34. > :20:36.really the English speaking market and the mainland China market

:20:37. > :20:41.because they are large enough for any company to snowball and increase

:20:42. > :20:45.their venture capital intake by showing that the market opportunity

:20:46. > :20:50.and potential is there. So from Europe, if it is from the UK, I

:20:51. > :20:54.would suggest look at English speaking markets as a way to boot

:20:55. > :20:57.strap your company. If it's from smaller countries or non English

:20:58. > :21:02.speaking countries, I think it is focus on a core technology that can

:21:03. > :21:08.easily go into the US market or the China market. Thank you very much

:21:09. > :21:10.for your time this morning. The Chinese premier will be speaking in

:21:11. > :21:21.20 minutes P go and get your seat! Some breaking news. This is comments

:21:22. > :21:25.from the Austrian Finance Minister saying it will take five years for

:21:26. > :21:29.Britain to fully negotiate its exit from the European Union rather than

:21:30. > :21:34.the two years more than That is more often cited. This is the Austrian

:21:35. > :21:39.Finance Minister who said this earlier today. He said nobody knows

:21:40. > :21:43.how exactly it will happen. It's not clear what Article 50 means. It's

:21:44. > :21:46.not clear if it is possible to negotiate in parallel, the exit and

:21:47. > :21:50.the new contract or not. So really saying there is a lack of clarity.

:21:51. > :21:54.That's a direct quote from him. It just brings to the fore again,

:21:55. > :21:57.doesn't it, that there is a lot of uncertainty about how this process

:21:58. > :22:01.will actually take place despite the fact that Theresa May may well be

:22:02. > :22:05.delivering her speech with her 12 key points. There is a lot going on

:22:06. > :22:07.in term of the legality across Europe, but also here in the UK with

:22:08. > :22:10.our own Parliament. In a moment we'll take a look

:22:11. > :22:13.through the Business Pages but first here's a quick reminder of how

:22:14. > :22:16.to get in touch with us. The Business Live page

:22:17. > :22:18.is where you can stay ahead with all the day's

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:22:21. > :22:22.with all the latest details with insight and analysis

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:22:38. > :22:56.whenever you need to know. There you go. You have got no

:22:57. > :23:04.excuse! We have got a fun story in the

:23:05. > :23:15.business pages. Do you remember Chilly chilly bang, bang. Airbus CEO

:23:16. > :23:27.says flying car prototype will be ready by the end of the year.

:23:28. > :23:33.Chitty-Chitty Bang Bang, you remember that. It should alleviate

:23:34. > :23:39.traffic and congestion in cities. From a macroeconomic prospect this

:23:40. > :23:42.is a cool manifestation this infrastructure theme. People putting

:23:43. > :23:47.money and time into developing new products that help the consumer and

:23:48. > :23:51.the urban dweller. If it works, it should be exciting. I'd like to take

:23:52. > :23:55.a ride in one. We asked for tweets, what would you like to see as a

:23:56. > :24:02.sci-fi thing come real, what would you? A flying car would be cool.

:24:03. > :24:07.Maybe like a James Bond can sneak up on your traffic and enemies. I'd

:24:08. > :24:16.like a cape like Harry Potter has so I can be invisible. A-viewer says,

:24:17. > :24:22."Jet packs so I can fly." We have got one for teleportation

:24:23. > :24:27.technology. A viewer says, "I waited 50 years

:24:28. > :24:32.since James Bond and they still haven't arrived." I would like time

:24:33. > :24:38.travel. Just press pause so I'd get more sleep! A hover board. We have

:24:39. > :24:49.got hover boards. They overheat. Moving on. We have got... We were

:24:50. > :24:54.talking about Mark Carney, weren't we? We were talking about it earlier

:24:55. > :24:58.and how difficult it is? A bit of a tightrope. The key message for him

:24:59. > :25:02.was that there are a lot of good parts of the UK economy, some of the

:25:03. > :25:06.things we track as I was mentioning earlier is the consumer and one of

:25:07. > :25:11.the positives is that more consumer debt has come out and that looks a

:25:12. > :25:15.bit, at face value maybe scary, but that's the payment on the debt is a

:25:16. > :25:19.smaller percentage of income from consumers. It is a type of inflation

:25:20. > :25:24.as well. It is not the right type, is it? Or is it the right type? What

:25:25. > :25:28.I mean by that, it is just energy prices going up? It is that kind of

:25:29. > :25:31.thing. It is not everything going up because of demand? That's a huge

:25:32. > :25:36.part of the inflation dynamic at the moment. You would, ideally like

:25:37. > :25:39.prices to go up because people are willing to pay more. Businesses are

:25:40. > :25:42.willing to pay more. Is it actually more, it costs more because the

:25:43. > :25:45.pound is so low and oil prices are so high? These are the things that

:25:46. > :25:48.we will have to wait and see in the reports that come out this year.

:25:49. > :25:52.Thank you very much for joining us this morning. Thank you too, for

:25:53. > :25:58.your time. It has been good fun today. Wells you tomorrow. Join us

:25:59. > :25:59.for more Business Live. I'm sure we'll been in Davos tomorrow as

:26:00. > :26:11.well. See you soon. Good morning to you.

:26:12. > :26:15.The weather is very quiet on the weather front today. Just a lot of

:26:16. > :26:18.cloud across the UK and that's how it's going to stay through most of

:26:19. > :26:20.the day and much of this week. The