20/06/2017 BBC Business Live


20/06/2017

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

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UK authorities launch criminal proceedings against Barclays bank

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over claims it committed fraud in a deal with Qatar at the height

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Live from London, that's our top story on Tuesday 20th June.

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The former chief executive and three other ex Barclays staff are ALSO

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We'll get the latest from our Business Editor.

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Also in the programme, setting a course for Brexit,

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the UK's finance minister outlines his vision

:00:49.:00:51.

This is what the European markets are looking like. We'll tell you all

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you need to know for the day ahead. Banks Down Under in trouble as well.

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Some down-graded by Moody's. Today, as Venetians vote to ban the big

:01:20.:01:24.

cruise ships, let us know what you think. Are you a fan of a cruise or

:01:25.:01:29.

is it possibly the worst holiday idea that you could even come

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across? ! Use # Bizlive.

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The former chief executive and three other ex Barclays staff are ALSO

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The charge relate to the emergency funding. At the height of the

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financial crisis in 2008 this was. It was at the same time that rival

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banks, RBS and Lloyds turned to the Government here in the UK for help,

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but Barclays instead opted to seek money from Qatar, the Gulf state.

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There are now questions over how the funds were raised and what Barclays

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offered to Qatar in return. Let's get the details with our Business

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Editor Simon jack who is in Central London for us. This has been

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rumbling on for a time. It's interesting to look at the detail.

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RBS and Lloyds went one way, turned to the Government, Barclays said we

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are going to ask Qatar for money? Yes. There are two bits of that

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transaction and fund-raising in Kay far which prompted this five-year

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investigation. The first was advisory fees that were not

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disclosed first and eventually it was disclosed at ?332 million, that

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was the amount paid to Qatar holdings who supplied the investment

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in advisory fees. There was a question mark over whether that

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advice was non-existent and this was really just like a bung to their new

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benefactors in the Middle East, if you like. The second was a loan that

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was made from the bank to Qatar Holdings at around the same time as

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this investment and the charge there is that essentially the bank was

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lending Qatar money to buy shares in Barclays Bank. That's what's known

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as unlawful financial assistance, a big no-no for regulators. The most

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interesting thing is, this is the first time senior executives have

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been personally charged with criminal conduct for their role in

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the financial crisis. Now, as you say, around this time, RBS and

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Lloyds were turning to the Government, Barclays was desperate

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not to do that and some wild say the SFA may eventually get their man one

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day when it goes to court, but have they got the right person, because

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in a way it was Barclays attemptses that ousted this person. Barclays is

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considering its position. We are yet to hear from John Varley, the former

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Chief Executive and the other executives. One very important point

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I should point out, this is Barclays Plc, this is the holding company

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that has been charged. It's an operating company which is Barclays

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Bank. That has not been charged. That is important because, if

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Barclays Bank, the operating company, was to be convicted of

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criminal charges, they would find it very difficult to do business in

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other areas of the world, including at least 50% of their business in

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the US in their investment banking business. It's very important, the

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distinction between the holding company and the operating company.

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The operating company's not been charged. I'm told if they can get a

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fine in the low hundreds of millions and carry on with their business in

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the US and Barclays Bank wasn't charged, they might plead guilty to

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this so they can move on with their lives and start rebuilding the

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business. They're considering their position as we speak this morning.

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Just a brief word on what it tells us about the culture of banking, we

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know since the financial crisis so much has changed in terms of

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regulation. What does it tell us about what was happening in that

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fateful weekend in 2008? Yes, it tells us that the powerful bankers

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were well connected to some of the wealthiest people in the world,

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Sheikh Mansuhr for example in Qatar. There are claims from other parties

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saying they were owed money as well and that rumbles on. They were

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desperate for the Government not to be a shareholder. If you watched RBS

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over the last ten years, you will remember the boss there had to

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forego his bonus year after year because it was Government-owned and

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it was felt the Government couldn't sanction big payouts like that, so

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by keeping the Government out of their business, they were able to

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keep paying themselves by industry standards pretty well.

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Thank you very much. We have heard from Roger Jenkins, one of the four

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individuals being charged. He said he'll vigorously defend himself

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against the criminal charges filed by the Serious Fraud Office. That's

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Roger Jenkins, the first to respond. Let's take a look at some of

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the other stories making the news. The republican house speaker

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has vowed to complete Paul Ryan says President Trump

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and his fellow Republicans in Congress cannot allow the chance

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of overhauling the US It's no longer just

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about funny faces and filters. Snapchat users will be able to watch

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scripted dramas and comedies after Time Warner and Snap agreed

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a deal to develop original content. Time Warner brands HBO,

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Turner and Warner Bros will also The deal is reportedly

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worth US $100 million. Tokyo's Nikkei finished

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at its highest level since august 2015 boosted by optimism over

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the health of the US economy - Comments from the New York Fed Chief

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suggesting that the outlook Oil prices hitting a new seven month

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low, as increasing shale production, along with rising output from Libya

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and Nigeria undermined OPEC In Europe there's a lot going

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on today not least here in London. Bank of England governor Mark Carney

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is speaking this morning, One to watch after last week's wide

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spilt on the monetary policy committee with three policymakers

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voting to raise UK interest rates. The pound didn't do much

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as the first day of Brexit talks got And as we've been reporting -

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Barclays and four individuals, including former boss John Varley,

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have been charged with conspiracy to commit fraud relating

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to the bank's emergency fundraising And, the details about what's ahead

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on Wall Street Today. Here is Samira. FedEx's shipping

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company's bottom line will be revealed. Investors will be

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interested on what is coming up looking at forecasts for the new

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fiscal year and on the cost measures. The maker of photo shop

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will be reporting earnings. Its higher demand for software on the

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cloud will be boosting revenue. And the second largest US home builder

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will also be reporting earnings, that is Lennar. Better job

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opportunities for young people have boosted home sale else. Investors

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will be looking to the spring selling season and what the company

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expects going forward. Joining us is James Bevan,

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Chief Investment Officer at CCLA Nice to see you, James. Good to be

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here. Whilst we are chatting away, Mark Carney's delivering his speech,

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this is all ongoing in London at the moment. Absolutely. We can see there

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the Governor of the Bank of England, just following on from Philip

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Hammond, the Chancellor of the Exchequer, they are all discussing

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Brexit, the negotiating stance. At the same time, we have Barclays

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unfolding, a Serious Fraud Office investigation, criminal charges,

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just gives your thoughts on all of this? A busy day? As a microcosm for

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Barclays itself, this is relatively old news, and if there is a fine of

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say ?200 million, that's worth around two bases points off capital.

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This is a bank trading on 0.7 with tangible book value, in other words

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cheap given that banks tiply shouldn't trade to discount to their

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tangible book value. Can I ask though, four individual bankers are

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also being charged, John Varley one of them to who is really

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respected... A man of immense integrity, absolutely. He's being

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charged, criminal charges by the SFO, him and three others? Exactly.

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I want to separate out the extraordinary personal misery Mr

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Varley will be feeling on the back of the charges and the fact that he

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is a man of immense integrity from our position as market commentators

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and investors where frankly we have to let that go. Mr Varley has

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retired. Where is bay clays? It has ruffly a 5% return. It has an

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opportunity to do much better. That is why people don't want to sell the

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shares. That is why the shares are down a bit, not a big reaction?

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People are saying, it's still sorting problems out from the past.

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It's not affecting Barclays, they have a huge opportunity, shares

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could go a lot better. Let us talk about the other big UK story, Mark

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Carney speaking, the Governor of the Bank of England. We got the interest

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rate decision last week, no change? Quite right. The split was what

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everyone was looking at; three voting for a rate rise. We are not

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there yet, of course rates aren't going up, but they're looking to the

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US where rates are going up, what does it tell us? We might get three

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more hikes in the US to a peak in the current cycle of around 2% in

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the States and that would be consistent with a climate of really

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quite low growth and also low inflation, so we have this

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extraordinary situation where we have bond yields falling and equity

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markets rising. On the face of it that appears odd, if it's correct

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that we have a climate now of sustainable noninflationary growth,

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we can see bond yields continuing to stay low. We keep talking about

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rates going up but they are going up to historically low levels,

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emergency levels, we have to keep remembering we are emergency low

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levels? We absolutely are and the UK economy faces many hurdles, Brexit

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clearly is the headline issue but we have a composition challenge, we

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have an economy that cannot deliver strong productivity growth because

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it's overly dependent on financial services that not enough

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manufacturing production is happening. Where does the

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productivity come from? Historically it's come because we put more money

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into the economy. We don't want to have more debt. Productivity debt is

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challenging. That will be a big challenge for the May Government.

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James will be back later to talk about more stories, including his

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take on cruise holidays. Don't forget that one! Lots of comments

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coming in already on that one, cruising holidays - your idea of

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heaven or hell. Or somewhere in-between!

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Moodies has downgraded 12 Australian banks. Hywel Griffith is in Sydney

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for us. Talk us through this, they have said in big cities like

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Melbourne and Sydney, prices are booming and that is not sustainable?

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Yes, and they have been booming for several years, it's what everyone

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here in Sydney talks about, when will that boom finally come to an

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end, the bubble burst? Moodies weren't expecting a sharp

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correction. A month ago we heard from Standard Poor, they thought

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things could go south quickly as they downgraded the ratings of the

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banks, so there is concern about how much debt has been carried, about

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how wages growth is slow and the number of interest-only mortgages

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being offered by the banks. The Australian reserve bank is also

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worried. We had the minutes of its last meetings two weeks ago, it's

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kept interest rates low, it's trying to follow things really day-by-day.

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But everyone expecting some sort of correction. We know already that the

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prices of apartments have started to cool. That's where we have seen a

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lot of money spent in the last couple of years. Thank you very much

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indeed. Still to come: The UK Finance Minister, Philip Hammond,

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has just set out his vision of Britain after Brexit. We'll be

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assessing what he had to say right now, as we speak, Mark Carney, the

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Governor of the Bank of England, is in the same place delivering his

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speech as well. That is the scene live now at the

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Mansion House. Stay with us. Day two of Brexit negotiations -

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and more calls from business The latest is from the Society

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of Motor Manufacturers and Traders. It says the Government needs to make

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sure there's a transitional Brexit deal to protect

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the car industry. The boss - Mike Hawes -

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told us a full deal We need a back-up plan. Something

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that gives us part of the customs union, ideally part of the single

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market so we can maintain the success that we're currently

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enjoying. We have a trading relationship with over 160 countries

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around the world. We benefit from some of the existing trade

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aagreements that the EU already has with Europe. What happens with those

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existing arrangements and the new deals that are currently already

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being negotiated, we really want to see the UK trading and being

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successful around the world, but not at the jeopardy what we currently

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have. In his speech today Mr Hawes

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will say that a lot A lot of cars are made in the UK,

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but they say it is Europe that's their priority not necessarily the

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home market, the UK. If we look at where we are, there is less than 20

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months before we leave the EU and we recognise we're leaving the EU. For

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our sector to be a success we need to have a new arrangement with our

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biggest market. The chances of doing that in less than 20 months and

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having to be approved by all the respective parliaments, I think is

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slim. So we need that back-up plan. We certainly don't want

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brinksmanship and we don't want to go near the cliff edge without

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having some arrangement supporting us. We are part of the European

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automotive industry and yes, we are a big market, but Europe is a bigger

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market and I have been talking to various member states, organisations

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across Europe and they say the future is more Europe than the UK

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automotive market and that makes sense.

:17:27.:17:39.

The Chancellor of the Exchequer, Philip Hammond, has just been

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delivering his speech at Mansion House.

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Our top story, Barclays Bank and four individuals

:17:49.:17:54.

including its former chief executive, John Varley,

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have been charged with conspiracy to commit fraud.

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The charges relate to the bank's emergency fundraising

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during the financial crisis in 2008 and agreements between Barclays

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Barclays shares down a touch on the news.

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All eyes are on the UK's Finance Minister today

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as he outlines his vision of Britain after Brexit.

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The Chancellor of the Exchequer, Philip Hammond has been

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delivering his famous Mansion House speech in London -

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one of the biggest set-piece events of Britain's economic calendar.

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Mr Hammond is hoping to calm fears of an abrupt shift in relations

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He acknowledges the UK will leave the single market and customs union,

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but insists it should reach a deal that allows British goods

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to flow without tariffs, delays and bureaucracy.

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And he stresses it would be "a very, very bad outcome"

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That's despite the Prime Minister Theresa May's mantra that no deal

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One of the biggest issues, of course, is immigration and the

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Chancellor says that while the UK seeks to manage migration t doesn't

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want to shut it down entirely. We are not about to turn inward, but

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we want to make sure that the arrangements that we have in place

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work for our economy just as the British people understand the

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benefits of trade so too they understand how important it is to

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business to be able to access global talent and to move individuals

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around their organisations. So while we seek to manage migration, we do

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not seek to shut 2 it down. Neil Williams, Chief economist,

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Hermes joins us now. The governor of the Bank of England

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is delivering his speech. What did you make of what he had to say?

:20:08.:20:12.

Well, a softer tone. Many of us in business would welcome that. Talking

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about free trade and not turning inward and also encouragingly

:20:18.:20:19.

pointing out the importance of services and financial services

:20:20.:20:23.

which respectively are about 80% and 10% of what we do in the UK. This is

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the start of a negotiating process. There is a lot of cherry-picking

:20:28.:20:32.

here at the beginning and after 12 months of being in the departure

:20:33.:20:36.

lounge in terms of Brexit, I for one are buckling up for a long journey.

:20:37.:20:41.

It will take way beyond the two years we're hoping for for Article

:20:42.:20:48.

50. It's only day two. So much more to deal with. It's interesting

:20:49.:20:52.

because we heard earlier from UK car makers, we hear from the City of

:20:53.:20:56.

London, we hear from so many different parts of industry and

:20:57.:20:59.

business. As you say, it is a balancing act. Who gets what at

:21:00.:21:03.

these negotiations and who for the UK should be a priority. Who do you

:21:04.:21:06.

think should be a priority? Well, the bottom line as well is that we

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have possibly chosen one of the worst times to go into these

:21:12.:21:14.

negotiations because of course elsewhere in Europe there are

:21:15.:21:17.

elections almost everywhere. We have managed to get through France and

:21:18.:21:20.

Holland without too much disruption, but we've got Germany and Italy next

:21:21.:21:25.

spring to come. It is surely not in the interests of those mrushtions to

:21:26.:21:29.

give us a no strings attached deal otherwise it will look like we're

:21:30.:21:32.

opening the trap door for other countries to follow suit. There will

:21:33.:21:38.

be a lot of position swapping on the way and that slope that Mr Haloned

:21:39.:21:42.

talks about out of the EU, I hope that that is a slope that doesn't

:21:43.:21:47.

lead to a path that effectively gets us back to square one which takes

:21:48.:21:52.

many years. What's your view on our position now on this side of the

:21:53.:21:57.

general election? Well, if you believe the process is going to be a

:21:58.:22:01.

long one then the election upheaval was an additional speed bump on the

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way. En route to the calendar we're going to have to get this through

:22:07.:22:09.

Parliament and looking at it briefly, what Mr Hammond seems to

:22:10.:22:14.

want is negotiations leading to November 2018 and then sign off in

:22:15.:22:20.

2019. We then effectively try to get the whole thing sorted after a two

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year settling in period. Has he factored in the 27 other countries

:22:25.:22:27.

signing off as well though in his timetable? Well, I hoe he hasn't. It

:22:28.:22:33.

is often at stages like this, to look at what presidents, the only

:22:34.:22:40.

two we have is Greenland in the mid-1980s, it took three years to

:22:41.:22:43.

sign itself out of the EU. They had one issue which was fishing rights

:22:44.:22:46.

and Canada, you may remember, last year signed a deal. That took seven

:22:47.:22:51.

years and it was almost derailed by a small state in Belgium. So,

:22:52.:22:55.

straightforward probably, it's not going to be. I think you're right on

:22:56.:23:00.

that! That's something we can be certain of, Neil, thank you.

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Mark Carney, the governor of the Bank of England is still talking!

:23:08.:23:13.

Lots to get through. People call him the George Clooney of Central

:23:14.:23:15.

Bankers. Did you know that? I did that. But maybe George Clooney moves

:23:16.:23:18.

a bit quicker. In a moment we'll take a look

:23:19.:23:21.

through the Business Pages but first here's a quick reminder of how

:23:22.:23:24.

to get in touch with us. The Business Live page

:23:25.:23:27.

is where you can stay ahead of all the day's

:23:28.:23:29.

breaking business news. We'll keep you up-to-date

:23:30.:23:31.

with all the latest details, with insight and analysis

:23:32.:23:33.

from the BBC's team of editors Get involved on the BBC business

:23:34.:23:36.

live web page: bbc.com/business. on Twitter: @BBCBusiness

:23:37.:23:41.

and you can find us on Facebook Business Live on TV and online,

:23:42.:23:44.

whenever you need to know. We have touched on a subject that

:23:45.:24:01.

gets you talking. That's the cruise holiday. It's like Marmite, you love

:24:02.:24:07.

it or you hate it. James is back. Where are you? Just

:24:08.:24:13.

declare... Well, I have been a non participant, but I don't have much

:24:14.:24:16.

of a view either way. Come on, James. Are you sitting on the fence?

:24:17.:24:21.

I am because I have no visceral appetite to go cruising and yet if

:24:22.:24:26.

you said look, this there is this marvellous opportunity I'd probably

:24:27.:24:30.

take it. If you lived in Venice... Definitely. What would be your take

:24:31.:24:35.

on it? Many are saying and this is the story in the press the nations

:24:36.:24:40.

have voted against these cruise ships docking, coming in to Venice

:24:41.:24:44.

and yet many are saying the economy relies on the people on those ships?

:24:45.:24:50.

I don't buy this issue of reliance on cruises. Venice gets one million

:24:51.:24:55.

tourists in round figures. One of these large cruise ships has 4,000

:24:56.:25:01.

people. So, the number of people who come, via aeroplanes or cars or

:25:02.:25:06.

trains is huge. Equally, the vote which is non binding and indicative

:25:07.:25:10.

only is saying we want you to come, but we don't want you to actually

:25:11.:25:14.

have your big boats here, come in small boats and park outside. The

:25:15.:25:18.

reason I'm laughing is because a lot of you have been getting in touch

:25:19.:25:20.

with your tweets this morning talking about them. Lesley, a big

:25:21.:25:23.

fan. Yes, I have been on three already this year. Cruising is big

:25:24.:25:27.

business and the Venice economy will suffer says Lesley. Jonathan says

:25:28.:25:33.

"Great news they have been banned." Naomi says, "A friend of mine went

:25:34.:25:40.

on a cruise and the ship was so big, it was like walking around Croydon!

:25:41.:25:45.

" I have been on a cruise to the Falklands and the other was North

:25:46.:25:50.

Cape and spits burg. Thank you, we know your holiday calendar so far.

:25:51.:25:58.

More on those stories that we have been covering on the website.

:25:59.:25:59.

Bye-bye. Hello there. Good morning. Yesterday

:26:00.:26:12.

was the hottest day of the year so far. Temperatures got to 32.5

:26:13.:26:16.

Celsius in South West

:26:17.:26:17.

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