16/05/2017 BBC Business Live


16/05/2017

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This is business life. Brexit means what in the UK general election? The

:00:10.:00:19.

Labour Party unveils its manifesto, we will be weighing up the

:00:20.:00:20.

arguments. The leader of the UK's Labour Party

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has prioritised access to the single market-

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we'll speak to business leaders to get their view

:00:46.:00:49.

on the upcoming negotiations. And reports suggest Ford could shed

:00:50.:00:59.

10% of its workforce - Europe is open - big day

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for data with UK inflation, and euro area GDP figures -

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we'll keep and eye on the numbers. And we'll be getting

:01:05.:01:08.

the Inside Track on the global It's faced some choppy

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waters in recent times - we'll ask whether the Brexit

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negotiations can make And what do you buy

:01:15.:01:16.

from vending machines? Drinks, sweets, how

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about a supercar?! A "vending machine" in Singapore

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is offering luxury vehicles including Bentleys,

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Ferraris and Lamborghinis. Today we want to know -

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what's the most surprising thing you've ever seen

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in a vending machine? Today, the UK's Labour party

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will release its manifesto ahead Although the formal announcement

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is expected in a few hours;time, Although the formal announcement

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is expected in a few hours' time, last week a leaked copy

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of the document revealed Labour's plans to scrap the government's

:02:09.:02:10.

existing white paper The Conservative manifesto

:02:11.:02:12.

is expected in the next few days. So where do the two

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parties stand on Brexit? The Labour Party favours managed

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migration, but will stop short of committing to specific

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immigration targets, unlike the Conservatives, who have

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pledged to limit net migration Jeremy Corbyn's Labour Party says it

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wants to retain the benefits of the European Single Market

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and will negotiate on that basis. By contrast, Theresa May's

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Conservative paper has suggested it is prepared to take the UK out

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of the single market if necessary. Labour has also rejected the idea

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that Britain can leave the European Union without first

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agreeing a formal trade agreement. Meanwhile, Theresa May's says "no

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deal is better than a bad deal". John Mills is chairman of JML,

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Labour donor and part John, thanks for being on the

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programme. Just clarify your position a bit further for our

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viewers come so that they are clear. viewers come so that they are clear.

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We mentioned you are a Labour donor, have been for many years, but

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actually, you are a bit of a hard Brexiteer, you were definitely in

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the Leave camp? Yes, I think there is quite a wide consensus in this

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country that the best outcome would be for us to come out of the single

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market, come out of the European Economic Area, out of the customs

:03:36.:03:38.

union, but then to negotiate a free trade deal, which in trading terms

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would get us back pretty well to where we are at the moment, but

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without all of the costs of the single market. If we could achieve

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that, I think it would be a big results. Going on what you have just

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said to me, we assume that you're not with the Labour Party stands

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when it comes to its, which is of Brexit? I think that one I have just

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said and suggested would give British exporters access to the

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terms as they have at the moment. I terms as they have at the moment. I

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think there is a risk that that deal will not be agreed within two years,

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in which case it will be a more difficult situation. Either the

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European Union will offer us membership of the European Economic

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Area, and give us access to the market, but with cost involves. I

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think it will depend on how high those costs are, as to weather it is

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worth Britain saying, that is too expensive, we're going to go for the

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WTO option. I think that is the Government's stands. Many people

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from companies listening to you now might be thinking, that is not my

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stance at all, actually, I want access to the single market, I want

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every soft exit approach, just give them a sense of how your company

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operates, you make goods in China which are then exported all over the

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world. Yes. And you're not concerned about the chaos, the delay, that

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could become part of the normal bottle at least for a foreseeable

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time, as a consequence of the UK leaving the European Union? I don't

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think there ought to be long views and big problems. I mean, there are

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going to be changes in administrative arrangements. There

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is a difference between having free movement of goods and a free-trade

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area. The customs arrangements would be more complicated. Many would

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argue that it would be much more complicated to get goods, lorries,

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across borders, that kind of thing? There is no reason why it should. We

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are very familiar with these customs procedures. You have got to get them

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organised in advance, and that I think is what the Government should

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be doing. There is a computer system which needs to be in place by the

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time all of this happens, to make sure that you can clear containers

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and lorries through customs quickly. These are not insurmountable

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problems, just things which the Government needs to tackle. A lot of

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the businesses we have spoken to have said that a tariff is something

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they could potentially stomach, as long as they do not have the delays

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and disruption - do you really feel there would be no period of

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transition which will damage business in the UK? I don't think

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there needs to be. Of course there will be problems. At why should the

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Government take that stance? They have got briefly to do it, they need

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to recruit the people, get the procedures in place, get the IT

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systems organised, is what needs to be done. John, we appreciate your

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time this morning, thank you for coming in and being on Business

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Life. Later in the programme, we will be speaking to the chief

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executive of the UK Chamber Of Shipping, who has a different take

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on what this might mean for businesses.

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of the other stories making the news.

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The Wall Street Journal is reporting that Ford is planning to cut

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about 10% of its 200,000-strong global workforce.

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The firm had already announced plans to cut costs by 3-billion dollars -

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The firm had already announced plans to cut costs by $3 billion

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In a statement, Ford says it has not announced any new "efficiency

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actions" and it does not comment on speculation.

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A court has told Uber it must return thousands of "pilfered" files

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from Google's self driving car division - Waymo.

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from Google's self driving car division Waymo.

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The judge has also banned a top Uber engineer

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from involvement in the firms autonomous driving project.

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Waymo sued Uber over claims that a former employee stole trade

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secrets that were later used by its rival.

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Although a blow to Uber, the ruling stopped short of shutting

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Vodafone, the world's second biggest mobile operator,

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reported a $6.71 billion loss for the 12 months to the end

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of March, earnings dragged down by its troubled Indian unit.

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The company has been hit by fierce competition in India,

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one of the world's fastest mobile markets, and has been forced

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to merge its operations there with the country's Idea

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Asian stocks climbed to a fresh-two year high.

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Asia was following Wall Street's lead,

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where commodity-linked stocks and currencies got a lift

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from rising crude oil prices after major producers Saudi Arabia

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and Russia said they would extend oil supply cuts into 2018.

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Busy day in Europe - markets will be waiting on UK

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inflation data out - Germanys confidence gauge and GDP

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about what's ahead on Wall Street Today.

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In today's depressed retailing world, are there any companies which

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can buck the trend? American shoppers' hunger for a bargain is

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expected to help the retailer which is the owner of TK Maxx and

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Marshalls. America's housing recovery is also expected to help

:09:17.:09:22.

people avoid retailing blues. Rising house prices is putting more money

:09:23.:09:28.

into the pockets of consumers. That boom is also showing up in the

:09:29.:09:31.

latest data from the US commerce department - at least it is expected

:09:32.:09:40.

to. Housing starts for April are forecast to have risen to 1.26

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million units. Finally, something for football fan is, keep your eyes

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peeled for the latest earnings from Manchester United.

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Joining us is Richard Fletcher, the Business Editor

:09:51.:09:54.

We were just commenting that there is so much going on at the moment,

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it is almost like we can't touch on it all. Here in the UK we have got

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inflation data and, later in the week employment numbers. It is a big

:10:10.:10:14.

week for data in the UK. There is the election, and also we have seen

:10:15.:10:20.

the pound push up, touching $1.3. And also some indications that

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people are more positive about the pound, despite the fact that the

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signs about the UK economy, there are some worrying signs. Consumer

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confidence surveys showing a downturn and house prices showing a

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bit of a downturn as well. It is an interesting time. Also, we are

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getting inflation data today which will probably show a rise to

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something like 2.7. What is interesting is that on Monday, we

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heard that wage rises were likely to come in at about 1%. So for the

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first time since 2013, people will see wages going down in real terms.

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I wonder what the Bank of England will be thinking on that? Mark

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Carney talked last week when he gave the inflation report about it being

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a challenging time ahead for UK households. So, it's going to be a

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squeeze on real wages which will affect consumer spending, and that

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could push through into the real economy. We have had reports that

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Ford are set to cut 10% of their workforce potentially. It is

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interesting in the car industry, we had a headline that Tessa had

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surpassed Ford and General Motors as the most valuable car company, yet

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they make a fraction of the amount of cars, it is tough times for the

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traditional producers? Absolutely. Ford making $3 billion of cost cuts,

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and they will be on a bit of a collision course with Donald Trump.

:11:50.:11:53.

There was this thing about opening a plant in Mexico, and they scrapped

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that plan and instead promised to have more jobs in Michigan. This

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report in the Wall Street Journal, talking about 10% of jobs in North

:12:01.:12:05.

America and Asia. 200,000 people worldwide. That's a large number of

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people. And Ford's response has been not clear one way or the other? No,

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it looks as if this is quite a well sourced report, a bit of kite

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flying. And a quick word on oil? We have seen Russia and Saudi Arabia

:12:20.:12:24.

talk about cutting further their output channels 1.2 billion barrels

:12:25.:12:33.

a day. That has sent oil higher. But oil is in this kind of Goldilocks

:12:34.:12:39.

period at a trading price which is great for the world economy. And the

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international energy agency will release its estimates of April Opec

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production today, which will give us a sense about the Opec members and

:12:48.:12:50.

how they are sticking to those production cuts which they agreed on

:12:51.:12:56.

last year. Still to come, we will be getting the inside track on the

:12:57.:12:59.

global shipping industry, which has faced some choppy waters in recent

:13:00.:13:01.

times. You're with Business

:13:02.:13:04.

Live from BBC News. Low-cost airline easyJet slumped

:13:05.:13:10.

into a half-year loss despite boasting a record

:13:11.:13:20.

number of passengers. EasyJet shares currently down about

:13:21.:13:25.

4% in London. Theo Leggett is in

:13:26.:13:31.

the Business newsroom with more. Shares have actually been down as

:13:32.:13:39.

much as 6% in early trading this morning. Investors are not happy. In

:13:40.:13:44.

one sense, EasyJet is not doing too much wrong. Passenger numbers are up

:13:45.:13:49.

about 9%, revenues are up, but the problem is, the company isn't making

:13:50.:13:54.

as much money, and a big factor is the fall in the value of sterling

:13:55.:13:58.

since the Brexit referendum last June. EasyJet reckons that alone has

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cost them ?180 million. It has also increased the companies costs

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because its fuel bill is paid for in dollars. Also, Easter was later this

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year, meaning it falls outside the six-month period come and Easter is

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a very profitable time for the airlines generally. So, that was a

:14:16.:14:21.

problem as well. Let's hear what the chief executive of EasyJet had to

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say earlier today. Outlines ten to make losses, 19 out of 21 years,

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EasyJet has lost money in the winter. The two years we made money,

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all the stars aligned of foreign exchange and everything. So

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actually, ?80 million of that was foreign exchange, the weakness of

:14:43.:14:45.

the pound against the dollar. Because we buy our fuel in dollars.

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And of course, the ?45 million is a hit in the first half but it is a

:14:52.:14:54.

benefit in the second-half, because Easter moved into April effectively.

:14:55.:14:59.

We also got some information in the earnings they today about what

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EasyJet is planning to do in the post-Brexit world. It says as a

:15:07.:15:11.

result of the UK referendum, it expects to establish an air

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operator's certificate in another member state during the summer. This

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will secure the flying rights of the 30% of routes which are within the

:15:19.:15:22.

EU. It still has not said which country that will be in. But it

:15:23.:15:27.

still leaves legal uncertainty over what happens with routes from

:15:28.:15:30.

Britain to the European Union after Brexit.

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You can tell me we're live when there are people sneezing in the

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background! The Labour manifesto is due later

:15:44.:15:44.

today. You're watching Business Live.

:15:45.:15:49.

Our top story: The UK's Labour Party

:15:50.:15:54.

will release its manifesto ahead Although the formal announcement

:15:55.:15:56.

is expected in a few hours time, last week a leaked copy

:15:57.:16:00.

of the document revealed Labour's plans to scrap the Government's

:16:01.:16:04.

existing white paper The Conservative Party are expected

:16:05.:16:06.

to release their manifesto The UK public will head

:16:07.:16:12.

to the polls on 8th June. Now let's get the inside track

:16:13.:16:17.

on the shipping industry which is under pressure

:16:18.:16:21.

like never before. From a global perspective,

:16:22.:16:24.

overcapacity has been squeezing profits, but in the UK

:16:25.:16:29.

the impending departure from the European Union means even

:16:30.:16:32.

more disruption for the industry. In 2015, more than 80%

:16:33.:16:35.

of all the world's goods were moved It's also an important industry

:16:36.:16:40.

for the British economy. Government figures suggest

:16:41.:16:45.

the maritime sector is worth about $14 billion a year

:16:46.:16:48.

to the country. But Brexit means there are questions

:16:49.:16:54.

about Customs controls And also about the falling

:16:55.:17:07.

number of seafarers, people who work at sea and will be

:17:08.:17:13.

crucial as the UK seeks We're joined by Guy Platten,

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Chief Executive of the UK Thank you very much for joining us

:17:17.:17:29.

this morning. Thank you. Give us a bit of a background of who you are

:17:30.:17:34.

and how you got into shipping? I finished my A-levels and runaway to

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sea in romantic style. I became a master mariner and did time at sea

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and came ashore and looked after lifeboat crews for a while and

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salvaged ships and got into the management and this job here. That

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is the normal process, isn't it, for those who go into that career?

:17:55.:17:58.

Typically someone going away to sea will spend a period of their career

:17:59.:18:03.

at sea serving on board ships and then they will come on board to fill

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a variety of jobs, it could be technical superintendents, it could

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be in Government, in our regulator, it could be as lawyers or ship

:18:12.:18:16.

broking or any type of careers as well. In terms of recruitment that's

:18:17.:18:20.

something you're concerned about. There is 800 people a year training?

:18:21.:18:26.

Yes, we have got 800 young people who start their careers in the

:18:27.:18:31.

Merchant Navy and we'd like to see the number increase by 50% and

:18:32.:18:35.

hopefully double as well. We need those people to man the shipping

:18:36.:18:39.

offices and to man the regulator and these things further down the line.

:18:40.:18:45.

It takes ten years to get to that position so we need to start

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training the people now to fulfil the jobs in the future. There is a

:18:50.:18:52.

recruitment crisis because of the cost. It's the industry that's

:18:53.:18:58.

bearing the cost of seeing the new young wannabes come through? That's

:18:59.:19:02.

rightment at the moment two-thirds of the cost of training is borne by

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the sponsoring companies and there is some support from Government and

:19:07.:19:11.

it's called SMART funding and that ratio used to be 50% and it has

:19:12.:19:17.

dropped to a third. It is a disincentive to train more than they

:19:18.:19:20.

could. A lot of companies would train and source more UK cadets if

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the cost could fall. Shipping is international and they can source

:19:25.:19:27.

people from all over the world, some highly trained people. To us it's a

:19:28.:19:32.

priority to try as reduce some of that burden to companies and in

:19:33.:19:35.

return they'll offer good careers for the young people coming through.

:19:36.:19:39.

Now, earlier in the programme we were speaking to John Mills, he is a

:19:40.:19:45.

businessman and Labour donor, but voted for the Leave campaign. He was

:19:46.:19:51.

arguing that when it comes to Brexit, customs, trade, issues at

:19:52.:19:54.

borders are all things that we should be able to get around. It

:19:55.:19:58.

should not cause excessive disruption if the UK leaves the

:19:59.:20:01.

single market. What's your experience? The concern for us is

:20:02.:20:06.

not so much on the container, the low load, the load on, load off type

:20:07.:20:09.

market because things can be sorted. We have a concern about the

:20:10.:20:17.

processing from the system for processing customs declarations, the

:20:18.:20:22.

volumes will vastly increase when we come out of the credit union so that

:20:23.:20:27.

needs -- customs union so that needs to be upgraded. But our real concern

:20:28.:20:33.

is on the roll on/roll off sector. At the moment lorries turn up at the

:20:34.:20:36.

ferry ports and go on board the ferries and come across and on to

:20:37.:20:42.

the road network whether it be the UK or Europe. Any barrier through a

:20:43.:20:47.

hard customs board are will be catastrophic in terms of the ports

:20:48.:20:51.

and the business model and the ferry companies as well because you know

:20:52.:20:55.

every small delay, the lorry getting through is going to, operation stack

:20:56.:21:00.

will be a permanent feature on the M20. Operation stack being a road in

:21:01.:21:09.

the UK which was standing for miles, lorries stuck, not able to move

:21:10.:21:15.

across through to France. Just explain the daily movement at Dover,

:21:16.:21:26.

just on its own. 10500 vehicles? It is 8,000 vehicles in total. It does

:21:27.:21:31.

peak. In November it was over 10,000. It is 7,000 EU vehicles and

:21:32.:21:36.

500 non-EU vehicles and that's where our concern is. On average it takes

:21:37.:21:41.

about 20 minutes to clear to the Customs. Things can be improved and

:21:42.:21:46.

things can be made more efficient, but either so any day with 8,000

:21:47.:21:54.

vehicles passing through will be really difficult for the ports and

:21:55.:21:59.

for the ferry companies to manage. The physical constraints... But they

:22:00.:22:06.

have to find a way to manage. I find it very difficult to see how that's

:22:07.:22:09.

going to happen other than what's going to be a massive disruption to

:22:10.:22:12.

trade and if you think about it, it is just in time. You've got tomatoes

:22:13.:22:19.

coming up from Spain. You put delays there and you've got, you put the

:22:20.:22:23.

whole just in time sort of business model in jeopardy.

:22:24.:22:27.

Gosh, it's really interesting. Guy, thank you for coming in. Guy Platten

:22:28.:22:34.

the Chief Executive of the UK Chamber of Shipping.

:22:35.:22:37.

In a moment we'll take a look through the Business Pages but first

:22:38.:22:40.

here's a quick reminder of how to get in touch with us.

:22:41.:22:43.

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:22:44.:22:45.

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:22:46.:22:47.

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:22:48.:22:49.

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:22:50.:22:51.

Get involved on the BBC business live web page: bbc.com/business.

:22:52.:23:01.

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Business Live on TV and online, whenever you need to know.

:23:05.:23:09.

And you have been in touch today which is great. We asked you the

:23:10.:23:16.

question what surprises have you seen, received, or paid for from a

:23:17.:23:18.

haven'ting machine? The BBC's Dominic

:23:19.:23:20.

O'Connell is with us. First of all, explain what is on

:23:21.:23:29.

offer in Singapore? Super cars! Not little ones? Not little toys, but

:23:30.:23:40.

full sized super cars. If you're a billionaire that fancies add to go

:23:41.:23:44.

the stable, you push a button and a couple of minutes a car is delivered

:23:45.:23:48.

and you can take it for a drive and buy it. It's not really a vending

:23:49.:23:54.

machine, but it is like a stack of cars, it is a novel way of selling

:23:55.:23:58.

things. I'm just wondering about how you pay for it? . Not with notes.

:23:59.:24:04.

You put in the PIN number and hope that it's approved. Something like

:24:05.:24:08.

that. A viewer from Leeds said the best thing he got from a vending

:24:09.:24:14.

machine is a hot kebab! I once saw eggs in a vending machine in Japan.

:24:15.:24:20.

Japan has got everything in vending machines. Let's not mention what you

:24:21.:24:25.

can get there. Dominic have you had any surprise snz In Japan,

:24:26.:24:31.

everything. And on every street corner. They are almost everywhere

:24:32.:24:36.

you walk along, vending machines are there selling just about everything

:24:37.:24:38.

you require really. There you have it.

:24:39.:24:43.

Let's talk about JP Morgan. It's part of the trickle of jobs out of

:24:44.:24:52.

the City. They're convinced they're not going to be able to hold obto

:24:53.:24:58.

passporting rights so they're moving to other European capitals so they

:24:59.:25:02.

can keep their clients inside the European Union once we leave. What's

:25:03.:25:06.

going on in their thinking when it comes to where? It depends on the

:25:07.:25:10.

institution. There are all sorts of factors at play. We haven't seen any

:25:11.:25:15.

particular things about tax. Everyone thought it would be tax

:25:16.:25:19.

deals. Ireland does have a low rate of corporate taxment it is a low tax

:25:20.:25:24.

environment. It depends, it seems to depend on where they have been

:25:25.:25:28.

established before, property costs and just the individual

:25:29.:25:31.

circumstances, JP Morgan for example was big in Dublin and it is getting

:25:32.:25:35.

bigger. Frankfurt, we have seen a similar thing. The banks moving to

:25:36.:25:40.

Frankfurt have been there before. Brussels lured Lloyds of London's

:25:41.:25:44.

headquarters which nobody thought would happen. It hasn't quite played

:25:45.:25:48.

out the way we expected. Thanks, Dominic. Good to see you. That's it

:25:49.:25:52.

from Business Live today. There will be more business news throughout the

:25:53.:25:55.

day on the BBC. See you soon. Bye-bye.

:25:56.:25:59.

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