:00:00. > :00:00.This is Business Live from BBC News with Rachel Horne
:00:00. > :00:09.The European boss of Goldman Sachs warns
:00:10. > :00:12.that the City of London needs a Brexit transition deal
:00:13. > :00:34.Live from London, that's our top story on Friday 21st July.
:00:35. > :00:37.Theresa May moves to reassure businesses, but the Chief Executive
:00:38. > :00:39.of Goldman Sachs International says that the uncertainty
:00:40. > :00:45.Also in the programme: Taking stock of Trumponomics.
:00:46. > :00:47.Markets have surged but, six months on, and the President
:00:48. > :00:50.is yet to deliver on growth, tax cuts or major reforms.
:00:51. > :00:58.How long will Wall Street's patience last?
:00:59. > :01:06.These are the European markets... Europe is strong and the dollar is
:01:07. > :01:10.weak, we will bring you the figures. And a big week for China, the inside
:01:11. > :01:15.track with our economic schoolroom Andrew Walker. -- economic specs
:01:16. > :01:16.but. Today, the top story on the BBC
:01:17. > :01:19.website tells of how Britain's skies are choc-a-bloc and if nothing's
:01:20. > :01:21.done about it, delays So our question -
:01:22. > :01:25.what would you do to make flying The man in charge of Goldman Sachs'
:01:26. > :01:36.European operations has urged the UK Government to agree a transition
:01:37. > :01:39.deal as soon as possible. The City of London faces
:01:40. > :01:41.a potential cliff edge if it leaves the European Union
:01:42. > :01:48.without a formal agreement. Goldman Sachs employs 6,500 people
:01:49. > :01:51.in the UK and its Brexit contingency plans involve adding hundreds
:01:52. > :01:57.of staff to their other Richard Gnodde is the head
:01:58. > :02:01.of Goldman Sachs International. He sat down with the BBC's
:02:02. > :02:03.business editor, Simon Jack. I'm spending money every single day
:02:04. > :02:08.to make sure that, come March 2019, Obviously, as each month goes by,
:02:09. > :02:16.I've spent more of that money. So, certainty becomes less
:02:17. > :02:18.useful for me as we go If I knew today that we would have
:02:19. > :02:22.a significant transition period, I could stop spending that money,
:02:23. > :02:25.taking out that insurance. Because I'd know I would always have
:02:26. > :02:27.time to transition my business. If they tell me in February
:02:28. > :02:30.of 2019 there will be a transition period,
:02:31. > :02:32.well, I've already spent all that At that point, the transition period
:02:33. > :02:45.doesn't really help. So, the sooner we know the answer,
:02:46. > :02:49.will there will not be significant transition period,
:02:50. > :02:51.it is obvious to helpful to us. Ideally, in an ideal world,
:02:52. > :02:54.you would need to know this year? Joining us is Nandini Ramakrishnan,
:02:55. > :03:11.Global Market Strategist at JP Are they going to get a deal? Is the
:03:12. > :03:14.Government listening? That is the big question for financial services
:03:15. > :03:19.and businesses in the UK. We expect a transitional agreement because of
:03:20. > :03:23.how much a priority protecting business and making sure business
:03:24. > :03:28.can function in the UK is. We're always hearing about the business,
:03:29. > :03:33.the banks, financial services. This goes beyond that industry? Across
:03:34. > :03:39.the UK, businesses in services and goods, the production and
:03:40. > :03:42.manufacturing intentions have plummeted since Brexit, the
:03:43. > :03:47.referendum result. They have recovered since, but there is still
:03:48. > :03:51.uncertainty, we will see those intentions and ideas for new
:03:52. > :03:56.businesses and Greg prospects get weaker again. How long do you think
:03:57. > :04:00.they have got? You cannot put a date on it, but it is not quite the end
:04:01. > :04:05.of the year, when have they got to come up with a solution? When 2018
:04:06. > :04:10.begins is a nice time to reconsider and make sure we do have something
:04:11. > :04:14.because just how important the UK's exports in goods and services is to
:04:15. > :04:20.the rest of the UK is the opposite almost of UK GDP going from the UK
:04:21. > :04:25.to the EU, so a large percentage and important the priority is there. You
:04:26. > :04:30.work in the city of London, what is the feeling? Is there a feeling it
:04:31. > :04:33.is too late and businesses have started putting contingency plans
:04:34. > :04:38.into place and we still do not know how it will happen and when and if
:04:39. > :04:41.there will be a transitional deal? There are tonnes of teams across
:04:42. > :04:47.various businesses in the city and Canary Wharf in the financial
:04:48. > :04:52.centres of the UK, focusing on this. But it is also important to remember
:04:53. > :04:57.that within the financial services, there are different facets. Asset
:04:58. > :05:00.management, trade management, banking, different elements
:05:01. > :05:04.filtering through, so still a diverse place in terms of thinking
:05:05. > :05:09.and not all doom and gloom. People do not feel worried about moving to
:05:10. > :05:12.Paris? Frankfurt? Where is the favourite place? It is a fun pastime
:05:13. > :05:17.to think where one might want to move but it is not a reality by any
:05:18. > :05:18.means on the floor, at least with me. Thank you so much.
:05:19. > :05:22.Let's take a look at some of the other stories making the news...
:05:23. > :05:25.US authorities have fined Exxon Mobil $2m for violating
:05:26. > :05:29.sanctions against Russia while Secretary of State Rex
:05:30. > :05:34.Exxon dealt with Igor Sechin, the president of Russian oil giant
:05:35. > :05:36.Rosneft, who was blacklisted, the US Treasury Department said.
:05:37. > :05:42.Exxon has challenged the finding, calling it "fundamentally unfair".
:05:43. > :05:43.Microsoft says quarterly profit almost doubled
:05:44. > :05:46.to over $6.5 billion - thanks to strong growth
:05:47. > :05:50.Microsoft is hoping to be the first choice for businesses
:05:51. > :05:52.relying on cloud computing, as the industry moves away
:05:53. > :05:56.But it faces stiff competition from Amazon and Google -
:05:57. > :06:07.all three are investing heavily in artificial intelligence.
:06:08. > :06:09.Let's stick with the theme of Brexit.
:06:10. > :06:11.UK Foreign Secretary Boris Johnson is in Japan to discuss trade
:06:12. > :06:14.relations, ahead of Britain's departure from the European Union.
:06:15. > :06:30.Hello. What is the feeling of that, what is Boris Johnson trying to
:06:31. > :06:33.achieve? Well, the Japanese are looking for clarity on what
:06:34. > :06:39.Britain's relations with the EU will be after Brexit and what that means
:06:40. > :06:42.for business. Mr Johnson is not directly involved in Brexit
:06:43. > :06:46.negotiations but as a senior official, it is important for him to
:06:47. > :06:50.reassure Japan's leaders because of the important trading relationship.
:06:51. > :06:56.Japanese companies have invested more than $50 billion in the UK and
:06:57. > :06:59.the UK is the second-biggest destination for Japanese foreign
:07:00. > :07:03.direct investment. To give you more numbers, more than 1,000 Japanese
:07:04. > :07:09.firms operate in Britain, including Toyota Nissan, factories employing
:07:10. > :07:13.thousands of workers across the country. What is interesting,
:07:14. > :07:18.Japanese foreign direct investment spiked after the Brexit referendum
:07:19. > :07:22.last year. According to data from capital economic is. That shows
:07:23. > :07:28.continued confidence. But that sentiment could change depending on
:07:29. > :07:33.whether we see a hard Brexit or a soft Brexit. There is the question
:07:34. > :07:36.of whether the UK and Japan could sign a free trade deal after Brexit
:07:37. > :07:38.given Japan's assigned one with the EU not long ago. Thank you very much
:07:39. > :07:39.for that. President Donald Trump has been
:07:40. > :07:42.in office for six months. He made some big promises on the US
:07:43. > :07:45.economy - inspiring a wave But most of them are still
:07:46. > :07:49.just that, promises. And some are now questioning
:07:50. > :07:57.the reality of Trumponomics - or to use the new catchphrase,
:07:58. > :08:00.MAGAnomics - as in Make The Dow Jones index surged
:08:01. > :08:05.on Mr Trump's election in November and it has continued its upwards
:08:06. > :08:07.march after breaking through the 20,000 mark
:08:08. > :08:11.at the start of the year. It's up 3,200 points,
:08:12. > :08:14.or 17%, since the election. But political divisions
:08:15. > :08:17.are beginning to see the Trump Take his flagship policy,
:08:18. > :08:21.replacing the Affordable He's struggling to get fellow
:08:22. > :08:25.Republicans to agree One senior figure in the party
:08:26. > :08:33.is now warning it may take as long That has raised doubts
:08:34. > :08:37.over political support for some of his other plans,
:08:38. > :08:40.the ones that got Wall Street so excited, cutting regulation
:08:41. > :08:42.in the energy and banking sectors, and the big one - his highly
:08:43. > :08:45.anticipated overhaul of the tax system that would see big cuts
:08:46. > :08:47.for business and middle So what about the broader
:08:48. > :08:57.economy itself? President Trump promised to raise
:08:58. > :08:59.the GDP growth rate to 3%, a level it hasn't sustained
:09:00. > :09:01.since the 1990s. But six months in, that goal
:09:02. > :09:04.still looks a long way off. In the first three
:09:05. > :09:06.months of this year - despite being revised up -
:09:07. > :09:13.the figure's less than half of that. And the rate for April to June
:09:14. > :09:16.is expected to be better, With me is Leslie Vinjamuri,
:09:17. > :09:22.Associate Fellow, US The Americas Programme,
:09:23. > :09:29.at Chatham House. What is strange with those figures,
:09:30. > :09:33.the economy seems to be doing well and the market is doing well, but he
:09:34. > :09:38.has achieved nothing, I am right when I say that? He has not achieved
:09:39. > :09:43.very much, especially in light of what he aims to achieve. His two big
:09:44. > :09:47.achievements are paper achievements, pulling the US out of the
:09:48. > :09:54.Trans-Pacific Partnership and has taken the US out of Paris. What his
:09:55. > :10:02.corporate base wanted is to see, as we have seen, tax reform, his base
:10:03. > :10:04.is interested in the repeal of the Affordable Care Act, and those
:10:05. > :10:10.things are not happening. Repealing the Affordable Care Act essential
:10:11. > :10:15.for funding tax reform. There is not only no success on the stage for
:10:16. > :10:19.that, but there was also no clear detail and for tax reform. This is a
:10:20. > :10:22.President who has not been very interested in working with Congress
:10:23. > :10:27.and building the coalitions that were necessary to push any of these
:10:28. > :10:31.legislative policies drew in large part because he is very distracted
:10:32. > :10:36.by what is going on with the Russian investigations. What is stopping him
:10:37. > :10:41.from getting legislation through? He has a majority. It was a
:10:42. > :10:46.satisfactory election for him. Why is he not achieving change that he
:10:47. > :10:50.promised? That is right, there are many things going on. First, he does
:10:51. > :10:56.not seem to have the temperament to focus on the details to build
:10:57. > :10:59.political coalitions. There has been distraction as a result of remember
:11:00. > :11:04.one of the core things he wanted to do was to reset the relationship
:11:05. > :11:08.between the United States and Russia and this has become one of the most
:11:09. > :11:11.difficult things because he is being investigated and those around him
:11:12. > :11:15.for their ties to Russia so tremendous focus within the White
:11:16. > :11:19.House just simply and trying to deal with this crisis. He is also at the
:11:20. > :11:25.level of governance failing to put forward well over 4,000 400 names
:11:26. > :11:27.subject to Senate confirmation. If you look at the bureaucracy, they
:11:28. > :11:34.are not functioning at the level they need to take on his
:11:35. > :11:38.deregulatory agenda. A bit of crystal ball gazing, is this going
:11:39. > :11:45.to come to a head, is there going to be a crisis, or is this going to be
:11:46. > :11:50.a slow, really unpleasant grinding for -- four years and it is going to
:11:51. > :11:55.get worse? This is the big question, with many wondering, will there be
:11:56. > :12:00.impeachment? That is very far away I think, as long as the Republicans
:12:01. > :12:03.control both houses. But whether it is grinding, his approval ratings
:12:04. > :12:10.are still hovering around 36%. How does that compare? That is not
:12:11. > :12:15.great. It is very low for a President. And even lower if you
:12:16. > :12:20.consider his strong approval ratings are down to 20%, that is very low.
:12:21. > :12:25.Remember that politics does not operate in a vacuum and there is no
:12:26. > :12:28.obvious alternative challenging, there is no vision or obvious
:12:29. > :12:32.alternative, so I think we are likely to see grinding along and a
:12:33. > :12:36.series of the bomb calls along the way.
:12:37. > :12:37.Thank you very much. -- and a series of problems along the way.
:12:38. > :12:47.A big week for China, the inside track with our economic specs but.
:12:48. > :12:53.You're with Business Live from BBC News.
:12:54. > :12:56.Vodafone says that it is seeing good momentum in Europe, with robust
:12:57. > :13:04.The world's second largest mobile operator saw sales up 2.2%
:13:05. > :13:13.Matthew Howett, Telecoms Analyst at Ovum joins us now.
:13:14. > :13:18.How have they been doing in the UK? They have had problems in the UK
:13:19. > :13:21.with customer service. Well-publicised problems with
:13:22. > :13:25.customer service have been going on a couple of years. There is a
:13:26. > :13:29.recovery under way. The changes they are making to improve the service
:13:30. > :13:35.for customers is getting noticed and things like the net promoter,
:13:36. > :13:39.whether Vodafone get recommended to other people, is getting better so
:13:40. > :13:43.the turnaround is working. What about elsewhere? They have done
:13:44. > :13:47.quite well in Southern Europe with challenges in India, is that
:13:48. > :13:50.correct? Yes, Southern Europe is looking good, they have seen a lot
:13:51. > :13:54.of revenue growth because the price has been going up. India is a lot
:13:55. > :13:57.more challenging, a new competitor has come into the marketplace which
:13:58. > :14:03.has challenged the existing by almost giving away data and Vodafone
:14:04. > :14:07.has struggled in particular. Why strip -- Weiss Southern Europe? The
:14:08. > :14:11.economy is not known for being strong. A couple of reasons.
:14:12. > :14:14.Initially, they have successfully increased the amount consumers pay
:14:15. > :14:18.each month so the revenues have gone up. In Spain, they have been able to
:14:19. > :14:21.sell across the portfolio of products and not just mobile phones,
:14:22. > :14:27.things like broadband to consumers. What is next for Vodafone?
:14:28. > :14:30.Ultimately, Vodafone has to look at its position in the UK. It is a
:14:31. > :14:34.British company and it needs to be number one, it is number three. It
:14:35. > :14:38.wants to turn that around two leading position and it needs to
:14:39. > :14:42.focus on how it will do that by thinking what is next. Things like
:14:43. > :14:52.five G, for example. Thank you very much for your time. Left and look at
:14:53. > :14:59.what is going on in business. We have Michael Gove talking to farmers
:15:00. > :15:05.today. He seems to be coming out as quite a green Environment Secretary.
:15:06. > :15:09.He is using a speech in Surrey to save farmers will continue to
:15:10. > :15:14.receive funding after the UK leaves the EU, but only if they agree to
:15:15. > :15:21.protect the environment and rural life. Another story on the website
:15:22. > :15:24.is all about the UK skies. It is potentially the busiest day for
:15:25. > :15:30.flying in the UK. We want you to get in touch and let us know what he
:15:31. > :15:32.would do to improve airport travel. That is your report? But my name is
:15:33. > :15:40.not on at! Sad! Our top story - the man in charge
:15:41. > :15:44.of Goldman Sachs' European operations has urged the UK
:15:45. > :15:46.government to agree a transition Goldman Sachs employs 6,500 people
:15:47. > :15:50.in the UK and its Brexit contingency plans involve adding hundreds
:15:51. > :15:58.of staff to their other Let's look at how the markets have
:15:59. > :16:03.been getting on this morning. You can see the FTSE is up ever so
:16:04. > :16:08.slightly. On the currency markets we have a very strong euro. The dollar
:16:09. > :16:18.continues to be weak. Yes, after the meeting of the European Central
:16:19. > :16:21.Bank. Dropped a hint saying there might be some tough monetary policy.
:16:22. > :16:24.We are not going to talk about that. We are going to get the inside track
:16:25. > :16:29.on the other big economic news of the week, China. They have been in
:16:30. > :16:35.the spotlight after announcing growth figures. That's right. So,
:16:36. > :16:40.give us the figures. What was the reaction? 6.9%, the second quarter
:16:41. > :16:43.compared with the same period a year earlier. It was a little better than
:16:44. > :16:48.most people expected. I think most thought that the fact the Chinese
:16:49. > :16:54.authorities had been taking a bit of a clamp-down on financial risks,
:16:55. > :16:57.concerns about the growth of debt, very strong housing markets, there
:16:58. > :17:03.were concerns that they might conceivably be the foundations for
:17:04. > :17:07.future financial instability. The clamp-down has not been reflected in
:17:08. > :17:10.growth figures, that did hold up better than some people expected.
:17:11. > :17:16.Maybe we shouldn't attach too much weight to a tenth of a percentage
:17:17. > :17:23.point here or there. And Chinese figures? That's my point. Capital
:17:24. > :17:27.Economics, the London consultancy, say they doubt it is the official
:17:28. > :17:31.growth figures. Implausibly stable growth over recent years, they say.
:17:32. > :17:34.But they do also take the view that what we saw in the latest figures,
:17:35. > :17:39.particularly if you look at June, it does seem to be holding up quite
:17:40. > :17:43.well. They do think, and I think there is good reason for thinking
:17:44. > :17:46.this, that the clamp-down on financial risks is likely to take a
:17:47. > :17:50.little bit of the steam out of the economy. We have the Congress coming
:17:51. > :17:56.up as well, the political side of it? It is good to have these
:17:57. > :18:01.figures? That is true. It is worth taking a step back and thinking
:18:02. > :18:04.about the longer-term context, which is China's attempt to manage a
:18:05. > :18:10.transition to a slower pace of growth. It was an average of 10% a
:18:11. > :18:13.year in the three decades after 2010, to something that is more
:18:14. > :18:16.sustainable, lest riven by investment, less driven by exports
:18:17. > :18:21.and with a bigger role for the Chinese consumer. You mentioned
:18:22. > :18:25.exports, that is the other story we had out of China. On Tuesday, the
:18:26. > :18:30.meeting with the US over trade. President Trump set 100 days to try
:18:31. > :18:34.to start doing more China- US trade. They couldn't even agree on how to
:18:35. > :18:38.word what they disagreed about? Indeed, they didn't hold press
:18:39. > :18:43.conferences. We got news during the day that those had been cancelled.
:18:44. > :18:47.That can often be a sign of just how difficult negotiations are. At an
:18:48. > :18:51.earlier stage in the process, a couple of months earlier, they
:18:52. > :18:54.managed to agree on improved access for American beef to China, credit
:18:55. > :19:00.rating agencies and Chinese cooked chicken. That is really low level
:19:01. > :19:05.stuff. It does indicate that it is going to be difficult. Resident
:19:06. > :19:10.Trump wants to see a major reduction in the bilateral deficit. Frankly, a
:19:11. > :19:14.lot of economists would tell you that what really drives trade
:19:15. > :19:19.balances is not so much this kind of minutiae of trade policy, but the
:19:20. > :19:25.level of savings. America is a relatively low save the economy,
:19:26. > :19:29.China is a very high saving economy. Away from China, Greece, the IMF has
:19:30. > :19:34.decided to join the party, lending money. Has there been dancing in the
:19:35. > :19:40.streets in Greece this week? I think not. IMF is only provisionally
:19:41. > :19:45.joining the party. They have agreed a programme of 1.6 billion euros in
:19:46. > :19:55.the context of a bailout from the eurozone that is up to 86. It is a
:19:56. > :19:58.small contribution, moving towards the IMF result of some of the doubts
:19:59. > :20:01.that it has about the programme. They are also saying they are not
:20:02. > :20:07.actually going to handle money over until they have more assurances
:20:08. > :20:10.about debt relief for the future. Nonetheless, Christine Lagarde,
:20:11. > :20:13.going to her board and saying I think we should make this commitment
:20:14. > :20:17.in principle and board has said yes. That represents the IMF's member
:20:18. > :20:22.countries. Let us know when they hand it over.
:20:23. > :20:28.Now it is time for the next in our series of million-dollar ideas. Now
:20:29. > :20:32.we look at the family favourite, the Frisbee.
:20:33. > :20:47.Summer is here! Get to the beach! Queue the sun and the Frisbee! Who
:20:48. > :20:52.came up with the idea? 1938... Walter Morrison and his wife were on
:20:53. > :20:58.a beach in California, tossing a metal cake pan to and fro. People
:20:59. > :21:03.offered to buy it for five times more than they paid for it in the
:21:04. > :21:08.shop. Easy money. Guess what? Was made into business. After the war,
:21:09. > :21:11.he made better flying versions out of plastic and sold the design to
:21:12. > :21:17.the toy company Wham-O. They called it the... Well, the boss had heard
:21:18. > :21:26.about students who had tossed around empty pie trays from the Frisbee
:21:27. > :21:37.baking company. So he took the name, changed the I 4-iron E and the brand
:21:38. > :21:40.was born. They got it involved in sports like Frisbee golf. The world
:21:41. > :21:47.record throw was 338 metres. There you go!
:21:48. > :21:55.He is not safe to be let out. Alan Haselhurst, if you didn't realise.
:21:56. > :21:58.Let's see what the media has been taking an interest in.
:21:59. > :22:00.Nandini Ramakrishnan, Global Market Strategist at JP
:22:01. > :22:02.Morgan Asset Management, is joining us again to discuss.
:22:03. > :22:15.The Fed, fining Exxon $2 million? It is all to do with Rex Tillerson?
:22:16. > :22:20.There were business deals done when there were sanctions on Russia.
:22:21. > :22:23.Exxon is claiming there is a line where it was not specified between
:22:24. > :22:27.the personal and business sanctions in place. Overall, it's not great
:22:28. > :22:30.news for some of that is very much in the spotlight politically in the
:22:31. > :22:36.US, in the Trump administration. Doesn't tie into the rush
:22:37. > :22:40.administration, it just doesn't look good? Two separate issues and
:22:41. > :22:44.streams going on. Again, as it comes out in the media, it is not great
:22:45. > :22:49.for the Trump administration and the general sense of keeping things in
:22:50. > :22:58.Russia clean. Not that $2 million is anything to Exxon? No, they are
:22:59. > :23:03.contending they didn't necessarily know. Saying it is unfair? Exactly.
:23:04. > :23:07.At the start of the programme, we mentioned the story on the BBC
:23:08. > :23:12.website, UK air traffic controllers warning of overcrowded skies. They
:23:13. > :23:17.say today could be one of the busiest days for travel in the UK.
:23:18. > :23:25.Jamie wrote this story, but it doesn't have his byline! We will
:23:26. > :23:31.give him credit. It's staggering, 8800 flights expected today. It
:23:32. > :23:35.marks the beginning of a doubling of the size and Manchester Airport. All
:23:36. > :23:39.airports are seeing growth in air traffic. The problem is, the place
:23:40. > :23:43.is just crammed with aeroplanes. They've got to reorganise everything
:23:44. > :23:46.in order to be able to make it work. It's interesting, taking a step
:23:47. > :23:51.back. The airline industry is always in the news in terms of profits,
:23:52. > :23:54.because it is such a high difficulty area of making profits, getting
:23:55. > :24:00.price competition between different airlines. As these guys get busier
:24:01. > :24:02.and is the airports get busier, it put even more pressure on them for
:24:03. > :24:06.delivering that service. The other side of the story, actually, the
:24:07. > :24:10.whole thing coincides, there are a lot of things happening today to do
:24:11. > :24:13.with aviation. There is the consultation paper being put out by
:24:14. > :24:17.the UK Government. They are looking up the entire industry, everything
:24:18. > :24:21.from drones, the way you do baggage handling, the way you fly from one
:24:22. > :24:27.airport to another. It is the whole lot. There is a consultation paper
:24:28. > :24:31.going out, any people with ideas on how to improve it, write to the
:24:32. > :24:34.government. The first ideas are coming in as we speak. James says
:24:35. > :24:39.that air travel is where we wanted it to be 15 years ago, I would say
:24:40. > :24:43.stop moaning and get used to it. Chris says that it has changed for
:24:44. > :24:50.the worst, so undignified for wheelchair users. He says airlines
:24:51. > :24:57.are refusing to adapt. For 100 years, they refused to adapt. One
:24:58. > :25:01.other story, an interesting one. The Wall Street Journal. Low income
:25:02. > :25:05.earners are getting the fastest wage growth. This is what happens when
:25:06. > :25:12.you get full employment? In the US imply that rate -- and implement
:25:13. > :25:15.rate, it is below 5%, it is a tight labour market. It gives people that
:25:16. > :25:21.are looking for jobs a bit more power. It is the low in the The
:25:22. > :25:25.Income bracket that is able to do it. Could it happen here? We are
:25:26. > :25:31.behind in terms of the tightness of the labour market, but if jobs keep
:25:32. > :25:35.getting taken up, there is the power of negotiation they can have. Thank
:25:36. > :25:41.you very much for your time this morning. That is it from us. We have
:25:42. > :25:46.come to the end of Business Live. You will get more business news
:25:47. > :25:48.throughout the day on the web page. Have a great weekend and we will see
:25:49. > :26:09.you again next week. Good morning. I think it is going to
:26:10. > :26:14.be fair to say that for some of us today it is not going to be a very
:26:15. > :26:15.nice July day at all. A deep area of low pressure