07/06/2017 BBC Business Live


07/06/2017

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This is Business Live from BBC News with Ben Thompson and Sally Bundock.

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So less than 24 hours until Britian goes to the polls, so which party

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has the policies to make voters prosper in a post-Brexit world?

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Live from London, that's our top story on Wednesday, 7th June.

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We'll hear from both main parties on how they'll pay for public

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services and manage the country's finances.

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Australia sees yet another quarter of economic growth,

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but is 26 years of growth a world record?

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We will have the details. Markets are looking like this across Europe

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as the last day of campaigning gets under way before the UK's general

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election. We will have all the details.

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100,000 hotel rooms and 20 million visitors.

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Dubai sets its sights high as it prepares for the 2020 World Expo.

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We'll get the inside track from the hotelier hoping to cash

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So luxury hotelsment we want to know what's the best perk you got from a

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hotel. Keep it clean. I dread to think what people will

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send after that comment from Sally. There is just one day

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to go until voters here in the UK head to the polls

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for the general election. It's the second national

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poll in two years after the referendum

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on EU membership. In light of recent terror attacks,

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security been a key issue on the campaign trail,

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but the economy will be a key factor And that could be

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determined by Brexit. Minimising disruption to the economy

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is one of the most divisive issues between the governing Conservatives

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and the opposition Labour Party. Since the 2005 election,

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you can see how the UK economy has gradually recovered

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since the 2008 financial crisis. But growth has been

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slow and unsteady. For many businesses,

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Brexit means uncertainty. 29th March 2019 is the current

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deadline for the UK Without a trade deal in place firms

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in the UK and in the EU And maintaining growth is critical

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for the UK's growing national debt. This year it's expected

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to be 88% of GDP or everything the country produces -

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which is higher than most In the year to the end of March

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the government spent $67 billion more than it raised through tax

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and other revenues. The Conservatives say that they'll

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get this deficit back down zero Labour says it wants to eliminate

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the deficit on day to day spending in five years,

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but will borrow to invest. But the independent economic

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think-tank the Institute for Fiscal Studies says Labour's

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figures don't add up. That's something we put

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to Shadow Chief Secretary I disagree with the Institute for

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Fiscal Studies. What we've tried to do in our manifesto is set out what

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our spending plans are going to be and we've got another document which

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sets out how we're going to raise those figures. They are set out

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clearly. It is the most clearly costed manifesto for many years. It

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is certainly more clearly costed than the Conservative manifesto and

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it is there for all to see and the Institute for Fiscal Studies have

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had the opportunity to pour over our figures. They disagree to some

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extent, but nevertheless we stand by the figures.

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With me is David Gauke who is the UK's Chief Secretary

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to the Treasury and the Conservative candidate for South West

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Hertfordshire which is just north of London.

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Good morning David. Now, of course, everybody now in this country is

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trying to crystallise its thought process on what's been a very swift,

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but for some, very confusing campaign period. For Theresa May she

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wanted to present a strong and stable message, but many are saying

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she has not really delivered a credible picture on what life will

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be like outside of the European Union which was kind of her trump

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card. What's your response to Well, I disagree. Clearly, we are going to

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enter into a period of negotiations. Negotiations that begin in 11 days'

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time. They are crucial for the future of this countriment they are

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crucial for the economy. And what is very important is we have the right

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leadership to go in and undertake that negotiation, to get the best

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possible deal for the United Kingdom, one that strengthens our

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economy, makes best use of the opportunities that are created, but

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also addresses some of the risks that may arise from Brexit. It's

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really, really important that we have the right leadership with a

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strong mandate to go out there and negotiate that deal. But looking at

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your manifesto, the Institute for Fiscal Studies, if I can get my

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words out, says it is extremely light when it comes to the details

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on the tax and spend proposals as is the Labour manifesto. There is a lot

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of detail in there, but they don't believe it adds up. But in terms of

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yours, not enough detail? Well, the difference, of course, is that we

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produced a Budget in March, signed off by the Office for Budget

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Responsibility, we set out more detail there in terms of what we are

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doing and as the Institute for Fiscal Studies have said we build on

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that approach. It's not a vast departure from what we've said

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before in the very detailed Budget. What we got from the Labour Party is

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a huge wish-list of spending proposals with some very dubious tax

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increases, dubious in terms of unlikely to raise anything like the

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revenue that they say in the short-term, they'll clearly fail to

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get the money, but in the longer term really damaging the capacity of

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the United Kingdom, damaging business confidence and as a

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consequence, really weakening the economy and that's a huge risk for

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the British people that they face when they go to the polls tomorrow.

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You criticised Labour for not having detail about how it would fund some

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of the proposals in its manifesto. The criticism of the Conservative

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manifesto is you can't afford the austerity measures that you're

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putting in place. That after seven years of austerity, already, you

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can't actually deliver the promised spending cuts. How can people

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believe that you will deliver what you're saying. ? Well, if you look

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at what we have done over the last seven years, we have delivered the

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spending reductions that we promise that had we would deliver and in

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that time, we have got more children going to good or outstanding

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schools. We have seen crime fall. You know, the NHS is treating more

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people than it has ever treated before. So I believe that we can

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continue to deliver the spending plans we've set out. Yes, there is

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more money for the NHS, yes, there is more money for schools. But

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within the great scheme of things, that is continuing an approach which

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I think has delivered for the British people, we've got record

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levels of employment in the UK. We have been one of the faster growing

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major economies of the last three years or so, so I think we can build

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on that. But just briefly, David, for businesses whether they be

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small, medium or large, I mean the situation with Europe and leaving is

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one of their key concerns and they are very concerned about the

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commitment you've made to net migration of the tens of thousands

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and what that will do to the labour market, to the skilled workers

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they're relying on from outside the UK? Well, what I would say to they

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will, look,er' not going to end immigration, but it is -- look,

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we're not going to end immigration, but we are looking to move to a

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different model because it is not sustainable. What is important is

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that we train up our people that we do more on skills, that employers

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are engaged with that's a key part of our modern industrial strategy so

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we have got our own skilled workforce so that employers have got

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the people that they need. All right, David Gauke, thank you.

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The UK's Chief Secretary to the Treasury and a member of the

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Conservative Party. And there's plenty more on the UK

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election on a special section of our website including

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on the economy and the policies You can also access via the BBC News

:08:43.:08:44.

app and select Election 2017. You can also access via the BBC News

:08:45.:08:49.

app and select Election 2017 tab. Let's take a look at some of

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the other stories making the news: The Spanish bank Banco Popular has

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been rescued by its larger Santander will pay just one euro

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for the bank but inject almost Banco Popular has been struggling

:09:05.:09:12.

since the eurozone crisis of 2012 because of billions of dollars

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of toxic loans and The ride hailing app Uber has fired

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20 of its staff as part of an investigation into sexual

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harassment and other problems around Action is also being taken

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against other staff. The company launched

:09:26.:09:28.

an investigation in February after former employee wrote a blog

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detailing what she said was systemic sexual harassment and gender

:09:32.:09:34.

bias at the company. The boss of Tesla says that

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new buyers of its Model 3 vehicle It will be the end of next year

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before they receive their new car. They've each paid a deposit

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of $1,000 to Tesla but the firm has needed to raise funds to prepare

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for the launch. That's something our correspondent

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prejicted would happen! Some breaking news coming into it

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us. It is news from Iran. State media is reporting two operate

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attacks in Tehran. In the first, gunmen, we're told opened fire

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inside the Iranian Parliament. It's reported that several people have

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been injured. One member of Parliament told local media that

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there were four gunmen inside the complex at one point. They were

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armed with rivals and a peus -- rifles and a pistol. As and when we

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get more detail what about is happening, we will update you.

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Here's a staggering statistic for you.

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Australia has just reported its 103rd quarter of economic growth

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Hence the nickname the Wonder from Down Under!

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Monica Miller has the details from our Asia Business hub.

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I suppose we're wondering how they have done this. China has a big part

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to play. It is a long streak, however some economists are

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questioning whether this is a record and this is why. They say that Japan

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actually experienced better growth between the 1960s and 1990s so that

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kind of phrase is actually, you know, it's a bit under question at

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this point. What it means is that Australia's economy grew by 0.3%.

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Now, that's modest compared to what they had a quarter ago which was

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1.1%. But, you know, exists were having their doubts going into

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today's announcement and that's because a lot of families in

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Australia really aren't seeing the benefits of this strong economy.

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They're struggling with low wages and punishing debt. The results

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should however be a relief to the reserve bank of Australia. Yesterday

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they decided to keep their interest rate at 1.5% where it has been since

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August because they were worried about lower GDP, we will have to see

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what happens next session. Back to you Sally and Ben. Monica, thank

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you. We will be back with you for the latest in the region.

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Shares in Japan barely moved. Investors are waiting to see

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what happens in potentially market moving global events later this week

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including, as we've discussed, the general election in the UK,

:12:39.:12:40.

a European Central Bank policy decision and former FBI director

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James Comey's Senate testimony There's also a whole load of data

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from China due this week. Tensions in the Gulf also not

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helping oil prices much. In Europe it's all eyes on the UK

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ahead of the general election. The opinion polls all show different

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outcomes for tomorrow's vote. The pound hasn't been

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significantly affected, but is still vulnerable

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if there's a hung parliament More on that shortly,

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but first let's head to the US where Michelle has the details

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about what's ahead on Wall Street. With economic data light and with

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politics on the minds of many investors this week, from the UK

:13:29.:13:33.

election to former FBI director James Comey's testimony before the

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Senate on Thursday, unsurprisingly markets are shying away from taking

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on too much risk. Against this backdrop Donald Trump continues his

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push this week to spend more on infrastructure. On Monday you may

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recall the president spoke of the need to upgrade America's air

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traffic technology by privatising the system. This Wednesday, he will

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be in Cincinnati. Trump's economic agenda from infrastructure to tax

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reform as well as deregulation proved popular with voters,

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businesses and with the stock market, but lately fears have grown

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about just how much of his agenda will the president be able to

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deliver? That's the question on many people's

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minds, since November last year. Joining us is Jeremy Stretch,

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head of currency strategy Good morning. Good morning. We are

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looking at the story of Santander rescuing a bank. Give us your take.

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It is a reminder of the risk out there in Europe? This is one of the

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reasons why Europe has been slower in terms of the recovery process

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because a until of banks in Europe have still been rather under

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capitalised and one of the reasons why this bank was struggling was the

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fact they had almost 37 billion of non performing real estate loans. So

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it is a reminder if it were needed that there are still problems in the

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banking sector, not just in Spain, but in parts of Europe which have

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been holding back the eurozone recovery somewhat. Sepp

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Some reaction to the acquisition of Banco Popular. This is Nick Leeson.

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He says that banks are getting cheaper, Banco Popular only 1 euro.

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He says this underlines the risk of that banks face and the desperate

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need to recapitalise. Indeed. We have been seeing these problems in

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the banking sector going back to Northern Rock in the UK, although we

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had a liquidity crisis which has been one of the problems for this

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particular bank. And there are still ongoing concerns. And for viewers in

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Spain, the European Commission is at pains to say that their deposits are

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safe. Indeed. That is the message we are getting, that the supervisory

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mechanism across Europe is doing what it should do in terms of making

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sure, and guaranteeing that a failing bank is taking over by

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another one, well funded institution such as Santander so that investors

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will see their deposits maintained. We note that there will be no

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uncertainty in that context. Jeremy is coming back later. Two. To us

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about other stories. -- to talk to us.

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Still to come, build it and they'll come.

:16:31.:16:32.

We get the inside track on Dubai's latest building boom - for hotels.

:16:33.:16:35.

AS the city prepares for 20 million visitors ahead

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You're with Business Live from BBC News.

:16:38.:16:53.

Another day, another house price survey and a week after nationwide

:16:54.:16:58.

reported a cooling of prices, Halifax are saying that growth is

:16:59.:17:02.

slowing, too. If we look at the overall figure, prices have gone up

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by 3.3% year on year but have fallen by 0.2% over the last quarter. There

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has been a shift. Feel like it has been crunching the numbers. He is in

:17:15.:17:23.

our business newsroom. -- Theo Leggett. This has been pretty

:17:24.:17:26.

consistent. The message coming out of the moment is that the housing

:17:27.:17:31.

market is cooling. If you take that figure of 3.3% growth over the past

:17:32.:17:36.

year, a little more than a year ago it was 10%. This quarterly fall of

:17:37.:17:43.

0.2% is only the second quarterly fall since 2012. We're seeing that

:17:44.:17:46.

house prices have risen to such an extent in London and the south-east

:17:47.:17:49.

in particular that they are now becoming less affordable, and it is

:17:50.:17:53.

tailing off. That is not the case according to many of the surveys

:17:54.:17:57.

that we have had in the north of the country in particular. Those prices

:17:58.:18:00.

are still pretty buoyant. But because of the slowdown in the

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south, the picture across the country is that prices are easing

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off. And what is so interesting is that we get caught up in these

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numbers. We have to give it a bit of context and a bit of perspective

:18:14.:18:16.

because there is no point getting caught up on month by month, the

:18:17.:18:20.

overall trend is what we should care about. Yes, and the overall trend

:18:21.:18:26.

means you look at the trend year on year, where house prices are rising

:18:27.:18:29.

but not as quickly. Over the past year, don't forget that we have had

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a great deal of political uncertainty following the EU

:18:34.:18:36.

referendum vote, we got a general election, and people are not

:18:37.:18:40.

entirely sure what is happening with interest rates. What Halifax says is

:18:41.:18:44.

that there is still a relatively short supply of houses, would not

:18:45.:18:48.

that much on the market. Interest rates are still fairly low and there

:18:49.:18:52.

is every reason to expect that they will firm up a bit over the coming

:18:53.:18:55.

months. Thanks a lot. We will see you very soon. Stay away from the UK

:18:56.:19:02.

election for a few more minutes, Anglo-American has named a new

:19:03.:19:09.

chairman. A big player on the FTSE 100. They have appointed steward

:19:10.:19:12.

chambers, who was with a UK ship maker. Stewart is on the right-hand

:19:13.:19:21.

side there he is with the boss of Softbank. That is some more news.

:19:22.:19:39.

Our top story here, politicians across Britain making their last

:19:40.:19:44.

full day of campaign stops before the election. Both main parties have

:19:45.:19:48.

been criticised over their plans for the public finances. Labour

:19:49.:19:52.

criticised for how it plans to fund some of its manifesto promises and

:19:53.:19:56.

the Conservatives under fire for how they will continue austerity cuts.

:19:57.:20:00.

Looking at the market is very briefly, don't forget that we have

:20:01.:20:04.

got fact checking and all sorts on our website. Take a look at the

:20:05.:20:09.

manifestos and what they promise. The markets in Europe are fairly

:20:10.:20:14.

flat, as you can see. There is a European Central Bank meeting

:20:15.:20:16.

tomorrow, as well as the European election -- UK election. Investors

:20:17.:20:22.

remaining cautious. You might think the last thing Dubai needs is more

:20:23.:20:25.

hotels, but as the country prepares to hold the world Expo intention --

:20:26.:20:32.

world export to limit exposure in 2020s says it needs more than

:20:33.:20:37.

100,000 hotel rooms to cope with an extra 20 million visitors.

:20:38.:20:39.

So as well as building new hotels, the city

:20:40.:20:42.

is expanding existing ones - including the Atlantis Resort, built

:20:43.:20:44.

I met up with Serge Zaalof, the Managing Director

:20:45.:20:49.

at Atlantis Dubai and asked him what's driving Dubai's building

:20:50.:20:52.

The good thing about to buy, we have over 20 different nationalities in

:20:53.:21:02.

Dubai. If you are successful in Europe occupation, it does not

:21:03.:21:06.

matter what religion or ethnic to see you are, you will be taken

:21:07.:21:12.

seriously. It is a very good society. Logistically, they are

:21:13.:21:16.

working on it and it is improving year-on-year. But there is always

:21:17.:21:19.

some instruction happening. It is for the good of the country and the

:21:20.:21:24.

city and the people working here also, and for tourists of course.

:21:25.:21:29.

The last time I was in Dubai, I was astonished at how many new hotels

:21:30.:21:33.

were there. So many more hotel rooms. Does that worry you? No

:21:34.:21:40.

because we have been talking about this since the 90s. We thought we

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would be suffering from low occupancy rates but this is not

:21:49.:21:53.

happening. Compared to last year, we are 93% occupancy. In the old days

:21:54.:21:59.

we had a lot of problems and then the Russians started coming, and now

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we have the Chinese and the Indians. The Germans and French are coming

:22:04.:22:06.

back. And Russia is coming back also. You currently have the

:22:07.:22:11.

Atlantis hotel and you are about to expand and open a new one down the

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road. Tell me about that. We are opening at the end of 2019 and we

:22:17.:22:21.

have a very iconic architecture, a bit of a departure from what we have

:22:22.:22:24.

right now. It is very modern architecture. It will be linked by a

:22:25.:22:29.

bridge in the middle and I think that we are going to look at the

:22:30.:22:34.

Guinness book of records because we will have 94 swimming pools in the

:22:35.:22:38.

building, between the hotel and the residences. A lot of challenges for

:22:39.:22:46.

the global travel industry at the moment, be that travel bans or

:22:47.:22:49.

people having less money in their pocket. How do you keep people

:22:50.:22:57.

coming to your hotels? We have a lot of attractive offers for our

:22:58.:23:00.

customers. We are very flexible. One thing that is amazing about Dubai is

:23:01.:23:05.

that tourism works very closely with the private sector. The Minister of

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tourism, he calls me every two weeks. This would not happen in any

:23:13.:23:20.

other country. So to buy, they are keeping their hands on it, and it is

:23:21.:23:26.

very effective. The Emirates airline reported a big fall in profits last

:23:27.:23:33.

year, does that worry you? No. Emirates have dropped rates because

:23:34.:23:38.

they have to, and we have to also. Atlanta's have dropped their rates

:23:39.:23:42.

less than the competition, and we are doing what we expected to do,

:23:43.:23:46.

the same numbers in 2016. We are beating the budget and we are very

:23:47.:23:51.

happy. But we are not worried about Emirates. Dubai has a 2020 vision

:23:52.:23:56.

and it is all about getting everybody aligned behind that for

:23:57.:24:00.

the world Expo. How important is something like that for all the

:24:01.:24:06.

different parts of the economy to get behind? The committee for 2020

:24:07.:24:12.

is meeting with us at Atlantis, and we are very much involved in the

:24:13.:24:17.

discussion. It will happen and it will be positive. When Dubai does

:24:18.:24:21.

something, it does it well or does not. We are confident it will be a

:24:22.:24:27.

good success. The managing director of Atlantis India by speaking to me

:24:28.:24:30.

about their expansion plans. 100,000 hotel the target by 2020. So we

:24:31.:24:38.

asked you if you had had any incredible free hotel perks, and

:24:39.:24:40.

what was important to you when staying in a hotel. Suzy got in

:24:41.:24:44.

touch. She works for Alltel because she says, we arrange for guests to

:24:45.:24:50.

see the on the beach. -- we arranged for a guest to sleep on the beach.

:24:51.:24:56.

They moved the entire room out to the beach. Let's reintroduce Jeremy.

:24:57.:24:59.

He is back with us. The most important thing for you in a hotel?

:25:00.:25:04.

Obviously why fight is won, and I think a very good shower is always

:25:05.:25:10.

very useful. -- obviously wi-fi is one. I find that those cards that

:25:11.:25:13.

they use instead of a key, they always many function -- there was

:25:14.:25:18.

not auction. Let's talk about Qatar because they are looking at the

:25:19.:25:24.

diplomatic spat between Qatar and its neighbours. They are trying to

:25:25.:25:27.

count the economic cost as anger continues. It is an interesting

:25:28.:25:34.

story. Clearly there is this diplomatic impasse between the

:25:35.:25:38.

powers within the region and clearly that is related Berkeley to

:25:39.:25:42.

negotiations or relations with Iran, which obviously are a thorny issue

:25:43.:25:50.

for Saudi Arabia. In the context of Qatar, there are real concerns about

:25:51.:25:52.

price pressures and shortages of goods. Good to see you. Time is

:25:53.:25:58.

tight but thank you for coming in. We are back tomorrow.

:25:59.:26:02.

A busy day ahead of the general election. Bye-bye.

:26:03.:26:07.

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