08/01/2018 BBC Business Live


08/01/2018

Similar Content

Browse content similar to 08/01/2018. Check below for episodes and series from the same categories and more!

Transcript


LineFromTo

This is Business Live from BBC News,

with Ben Thompson and Sally Bundock.

0:00:030:00:07

France's Emmanuel Macron arrives

in China, but can he forge stronger

0:00:070:00:10

ties between the EU and the world's

second biggest economy?

0:00:100:00:15

Live from London, that's our top

story on Monday the 8th of January.

0:00:150:00:19

The trade relationship

between France and China

0:00:340:00:36

currently favours China -

so the French are hoping to close

0:00:360:00:39

the gap with exports

of beef, wine and cheese.

0:00:390:00:46

Also in the programme...

0:00:460:00:48

Will Tesla take the back seat

in the electric car market?

0:00:480:00:51

We get an exclusive look

at a new design by former

0:00:510:00:54

BMW and Apple staff.

0:00:540:00:57

A new week for the markets -

and after last week's highs,

0:00:570:01:00

all eyes on whether the rise can

continue.

0:01:000:01:03

And if you've had enough

of your spouse after the holiday

0:01:040:01:07

period, you're not alone!

0:01:070:01:08

Today has been dubbed 'Divorce Day'

because of the number of couples

0:01:080:01:11

looking to end their marriages.

0:01:110:01:13

One app is helping them do it

in the most amicable way possible.

0:01:130:01:21

We will speak to one of its

founders.

0:01:210:01:23

A new report says we're

still spending on booze,

0:01:230:01:25

cars and stuff for our houses

as we rein in shopping

0:01:250:01:28

on other items.

0:01:280:01:29

So, today we want to know -

what are you still spending on?

0:01:290:01:32

Are you cutting back this year?

0:01:320:01:35

Just use the hashtag #BBCBizLive.

0:01:350:01:38

Hello, and welcome to Business Live.

0:01:470:01:54

So much for dry January... We are

still spending on booze. Let us know

0:01:540:01:59

what you are still spending on too.

Use the hashtag BBC Bisla life. --

0:01:590:02:08

biz live.

0:02:080:02:09

The French President,

Emmanuel Macron, has arrived

0:02:090:02:11

on a state visit to China focusing

on improving economic ties.

0:02:110:02:14

The two countries are important

partners for each other.

0:02:140:02:18

In 2016, trade between the two

was worth more than $68 billion,

0:02:180:02:21

and it's growing all the time.

But it's massively skewed

0:02:210:02:24

in China's favour.

0:02:240:02:27

They have a $33 billion

surplus with France.

0:02:270:02:31

So President Macron is likely

to seek better access for exports

0:02:310:02:34

for exports of beef and wine,

as well as access to

0:02:340:02:36

financial markets.

0:02:360:02:37

For China, better ties with France

offer more opportunities to export

0:02:370:02:40

goods to the entire European Union.

0:02:400:02:45

In 2016, those exports were worth

nearly $416 billion.

0:02:450:02:48

And, as both sides build on that

trade, they're expected to announce

0:02:480:02:51

a Franco-Chinese investment fund

worth around $1.2 billion.

0:02:510:02:57

Professor Steve Tsang, Director

of SOAS China Institute, is with me.

0:03:060:03:09

You were listening to what Ben had

to say. What are your expectations

0:03:090:03:13

for this visit?

Neither government

can afford it to be otherwise. The

0:03:130:03:21

Chinese see France more as a

diplomatic partner than as a

0:03:210:03:25

business partner. The most important

business partner for China in the EU

0:03:250:03:30

is Germany, and that's not going to

change. Some of the big business

0:03:300:03:34

deals will materialise. And it is

happening at a time when the UK is

0:03:340:03:40

becoming less important, and the

Chinese are concerned about

0:03:400:03:43

potential change in relationships

with the US administration.

You

0:03:430:03:48

mention the fact that Germany is the

most important trading partner for

0:03:480:03:52

China, but at the moment they are

involved in their own domestic

0:03:520:03:55

political affairs and not having a

government in place is pretty

0:03:550:03:58

critical. I would imagine Emmanuel

Macron is going to China with the

0:03:580:04:03

message, I'm the person to talk to

about Europe. With the UK leaving

0:04:030:04:06

and Germany not able to discuss

issues right now in terms of trade.

0:04:060:04:09

I think you're absolutely right.

That is the message President and

0:04:090:04:15

will be projecting in China. And it

has a certain currency in China, but

0:04:150:04:20

I think the Chinese will be looking

at the longer term relationship and

0:04:200:04:25

potentially that Germany will

return.

You mentioned that business

0:04:250:04:29

deals are likely to be announced.

Airbus is likely to be a winner, for

0:04:290:04:33

example, one company that could do

well here. What about the issue of

0:04:330:04:38

market access, which France really

wants to try and grapple with? Will

0:04:380:04:41

they see any progress in that area,

for example?

That is going to be a

0:04:410:04:46

difficult issue for the Chinese.

What you are really saying is that

0:04:460:04:53

President will ask for reciprocity

in terms of marks of access. --

0:04:530:04:56

market access. The Chinese has not

granted reciprocity to its

0:04:560:05:02

international partners in general

terms. So making that as a special

0:05:020:05:07

concession to France is problematic

because if France gets it, the Trump

0:05:070:05:11

administration will insist on it,

and I don't think Xi Jinping is

0:05:110:05:15

prepared for that yet.

Thank you so

much for your time. Interesting

0:05:150:05:19

conversation. We will keep on how

Emmanuel Macron gets on in China.

0:05:190:05:26

Let's take a look at some of

the other stories making the news...

0:05:260:05:29

The Japanese firm Takata has had

to recall a further 3.3 million cars

0:05:290:05:32

over faulty airbags.

0:05:320:05:33

The company was forced to file

for bankruptcy back in June.

0:05:330:05:36

The scandal is already the biggest

recall in automotive history.

0:05:360:05:42

A senior BBC journalist has stepped

down from her role accusing

0:05:420:05:45

the broadcaster of having

a "secretive and

0:05:450:05:49

illegal" pay culture.

0:05:490:05:55

Carrie Gracie is leaving her job

as China Editor, citing

0:05:550:05:57

what she called an "indefensible"

pay gap with male colleagues.

0:05:570:06:00

She made the announcement in an open

letter, in which she said

0:06:000:06:03

that the BBC was breaking British

equality law.

0:06:030:06:06

The accountancy firm KPMG has

quit its advisor role

0:06:060:06:10

on the Grenfell inquiry.

0:06:100:06:14

Campaigners had called

its appointment to be reversed,

0:06:140:06:16

saying the firm had failed

to disclose a conflict of interest.

0:06:160:06:19

KPMG is the auditor of three

firms under scrutiny

0:06:190:06:22

by the inquiry into the blaze

which killed 71 people last year.

0:06:220:06:27

Last week, the Chinese government

announced that it's introducing

0:06:290:06:39

a ten-year visa scheme to attract

highly-skilled talent

0:06:390:06:42

from across the globe.

0:06:420:06:46

China has now named

the first high-end executive

0:06:460:06:53

to receive the Certificate

for Foreign High-End Talent

0:06:530:06:56

as Microsoft executive Saju George.

Leisha Santorelli is following

0:06:560:07:00

the story from our Asia Business

hub in Singapore.

0:07:000:07:04

Usually it is difficult to get a

visa for China, but this is a

0:07:040:07:08

10-year multiple entries up till it

is notoriously difficult to get TVs

0:07:080:07:11

for China and currently

foreigners

have renewed their visa what ever --

0:07:110:07:18

every one or two years. If you are a

top athlete or a Nobel Prize winner,

0:07:180:07:23

you are in luck, you can get a

special visa for high-end

0:07:230:07:27

foreigners. The Chinese government

is looking to attract top tier

0:07:270:07:30

talent in the area of science and

technology and sport, but they are

0:07:300:07:36

also earning six times China's

annual wage, which in Beijing was

0:07:360:07:40

around 14,000 US dollars per year.

The winner of the lucky golden

0:07:400:07:45

ticket of the first 10-year multiple

entry visa is Microsoft's human

0:07:450:07:50

resources director, but I think they

will see quite a few more coming

0:07:500:07:53

after him as well.

Thank you. Sadly

I don't think we qualify as highly

0:07:530:08:00

skilled by that definition!

Nonetheless, thank you.

0:08:000:08:07

Is this the week when some reality

finally sets into the markets?

0:08:070:08:11

There's quite a lot for them to

digester, it's been quiet over the

0:08:110:08:14

holiday period. We have the highs

last week boosted by the strong jobs

0:08:140:08:18

data in the US. Markets still riding

on the tax cut in the US. We will

0:08:180:08:26

get earnings and inflation data

released in the US next week, and an

0:08:260:08:30

indication about what the retailers

and how they fared over the

0:08:300:08:33

Christmas period. In durable, the

FTSE 100 having a record-breaking

0:08:330:08:36

first week of trading for 2018 -- in

Europe. What we are seeing an

0:08:360:08:41

markets is the strength in Asia when

markets were not overly worried by

0:08:410:08:45

reports of a potential rise in

interest rates in China. We will

0:08:450:08:48

also get an update on German factory

orders, Eurozone business and

0:08:480:08:54

consumer confidence later as well as

retail sales figures after the

0:08:540:09:00

crucial Christmas period. We will

talk about those in a moment.

0:09:000:09:03

And Yogita Limaye has

the details about what's ahead

0:09:030:09:05

on Wall Street today.

0:09:050:09:12

This week, investors will get

a lot of consumer-related

0:09:120:09:14

data here in the US.

0:09:140:09:17

Today, the Federal Reserve

will release numbers for how much

0:09:170:09:19

outstanding credit has been extended

to American people.

0:09:190:09:21

It's expected to have increased

to nearly £21 billion in the month

0:09:210:09:25

of November, which suggests that

either people have taken more debt

0:09:250:09:27

on or they're repaying it slower.

0:09:270:09:31

Now, debt is a double-edged sword

for the American economy.

0:09:310:09:35

While it means people are spending,

which is good, too much of it

0:09:350:09:39

presents a risk of bad loans.

0:09:390:09:42

And later in the week we will find

0:09:420:09:45

out whether or not people are buying

more, when the retail sales

0:09:450:09:48

numbers are released.

0:09:480:09:50

We will also have the Consumer Price

Index, a key measure of inflation

0:09:500:09:53

watched by the Federal Reserve.

0:09:530:09:54

In corporate news, big banks like JP

Morgan Chase and Wells Fargo will be

0:09:540:09:58

releasing earnings on Friday.

0:09:580:09:59

It is quite busy in terms of

earnings, in Asia they are gearing

0:09:590:10:01

up for a lot of earnings coming out

this week.

0:10:010:10:05

Joining us is Jeremy

Cook from World First.

0:10:050:10:08

A new trading week is starting

robustly.

Everything is kicking on,

0:10:080:10:13

we have started 2018, the start of a

new narrative, maybe, but a lot of

0:10:130:10:17

the narrative has carried on from

2017, the second half of 2017, which

0:10:170:10:21

was a Federal Reserve still looking

to raise interest rates a couple or

0:10:210:10:25

three or maybe four times this year.

The growth is starting to lift

0:10:250:10:29

around the world. Moderate prices

running high. So nothing's really

0:10:290:10:34

set to knock that. -- commodity

prices. There is a lot of political

0:10:340:10:38

news coming up over the course of

the next couple of weeks, you know,

0:10:380:10:42

the leadership in Germany getting

together and hopefully will get a

0:10:420:10:46

government after the reshuffle in

Downing Street in the next 24 hours.

0:10:460:10:50

That could change things but at the

moment everything looks robust.

We

0:10:500:10:55

are going to get some results right

around the world, but particularly

0:10:550:10:58

in Europe and the UK we will get a

lot of updates on how they fare. It

0:10:580:11:03

is familiar terms of winners and

losers.

Yes, did Christmas come.

0:11:030:11:07

People on the High Street? Certainly

in the developed world, retail

0:11:070:11:12

consumption drives GDP, not

manufacturing or tourism all raw

0:11:120:11:16

materials, it is what we go out and

spend money on. Whether it is in the

0:11:160:11:21

supermarkets in the UK or the

department stores in the US, we will

0:11:210:11:24

find out.

What do you still spend

your money on?

A wedding, at the

0:11:240:11:30

moment!

This is it! The week before

Harry and Meghan, Jeremy will be

0:11:300:11:35

going down the aisle in London!

That's where all the money is going!

0:11:350:11:40

That's where all of the money is

going, I'm spending my money on

0:11:400:11:43

photographers and flowers and

things.

Is it you spending it or

0:11:430:11:50

what your future wife?

They have a

corporate budget, of course!

It's

0:11:500:11:57

divorce day-to-day as well!

There's

no link to this at all!

He's not

0:11:570:12:03

even married yet!

0:12:030:12:05

Still to come...

0:12:050:12:07

January 8th is being called

0:12:070:12:10

'Divorce Day' by lawyers,

because of the surge

0:12:100:12:12

of requests from couples

considering ending their marriages

0:12:120:12:14

after the holidays -

but technology is helping

0:12:140:12:16

to reduce the discord.

0:12:160:12:18

We'll find out how.

0:12:180:12:20

You're with Business

Live from BBC News.

0:12:200:12:24

Before we grapple with that rather

difficult issue, let's talk about

0:12:390:12:43

British manufacturers.

0:12:430:12:45

Britain's manufacturers

are optimistic about the year ahead,

0:12:450:12:49

and say a growing global economy

will boost orders and growth.

0:12:490:12:52

That's

0:12:520:12:53

according to a survey published

today by the manufacturing

0:12:530:12:55

manufacturing group the EEF.

0:12:550:12:56

It's Chief Economist

is Lee Hopley, she joins us now.

0:12:560:12:58

It is rare we can talk about such

optimism at the start of the New

0:12:580:13:02

Year. Many people use the famous

phrase, cautious, or nervous. But

0:13:020:13:08

manufacturers are optimistic?

That's

right, that's a different story to

0:13:080:13:11

the one we were looking at going

into 2017. But actually growth,

0:13:110:13:15

particularly in the second half of

last year, was pretty good. It feels

0:13:150:13:19

like there is enough momentum to

carry the sector through this year.

0:13:190:13:22

I think a lot of the positive

sentiment has been driven by what's

0:13:220:13:26

happening in the rest of the world.

Companies in Berdych reporting much

0:13:260:13:33

more confidence about the global

outlook than they were 12 months

0:13:330:13:35

ago. A bit less so about their

expectations for the UK economy, not

0:13:350:13:38

surprisingly.

I wanted to ask about

that. I don't want to be pessimistic

0:13:380:13:42

or anything, but there are a lot of

things that could change, good and

0:13:420:13:45

bad depending on which side of the

fence you sit on, but it is

0:13:450:13:49

uncertainty, as we have always

discussed, that causes nervousness

0:13:490:13:52

for business.

That's absolutely

right, and you are right to point to

0:13:520:13:56

some of the caution out there.

Indeed, our survey shows that more

0:13:560:14:06

companies the risks ahead rather

than opportunities for their

0:14:060:14:08

business this year. And inevitably

some of those are related to what's

0:14:080:14:10

happening on the political agenda.

Brexit related risks are right up

0:14:100:14:13

there. Particularly in relation to

some of the practical impacts from

0:14:130:14:16

Brexit. Exchange rate for the

Tylicki, risks for major customers

0:14:160:14:20

relocating and clearly loss of

skills EU workers featured quite

0:14:200:14:25

strongly.

Thanks for explaining

that. If you are planning to travel

0:14:250:14:31

by train or maybe you are trying

right now and you have got stuck,

0:14:310:14:35

but as having a very tough time.

Five train companies on strike

0:14:350:14:39

today, Wednesday and Friday. They

are more than most rail,

0:14:390:14:42

south-western, Greater Anglia and

southern today as well. We have got

0:14:420:14:47

details on the BBC live page. Real

union boss might cash saying

0:14:470:14:52

strikers at five train companies are

solidly supporting the action, big

0:14:520:14:56

lines were mounted this morning. And

the members have walked out on those

0:14:560:15:01

various rail services that I've

already mentioned. Details on our

0:15:010:15:04

website.

0:15:040:15:13

You're watching Business Live.

0:15:130:15:17

Our top story - France's Emmanuel

Macron arrives in China hoping

0:15:170:15:22

to forge stronger ties with

the world's second biggest economy.

0:15:220:15:31

Parting is such sweet sorrow,

at least if Shakespeare

0:15:320:15:35

is to be believed.

0:15:360:15:37

But don't take his word for it.

0:15:370:15:39

Yes, there were almost

107,000 divorces in England

0:15:390:15:41

and Wales in 2016.

0:15:410:15:43

And according to the Office

for National Statistics,

0:15:430:15:46

this accounts for 43%

of all marriages.

0:15:460:15:54

The separation process can be pretty

unpleasant emotionally,

0:15:540:15:55

but also economically.

0:15:550:15:57

So Amicable was created

following the founder's

0:15:570:16:00

own traumatic and expensive divorce

to help others avoid

0:16:000:16:03

the pitfalls of ending

a marriage without a lawyer.

0:16:030:16:05

We're joined by Kate Daly,

the co-founder of Amicable.

0:16:050:16:11

Welcome, Kate to the programme.

Thank you for coming on. So you

0:16:110:16:15

started this company with one other

and your area of expertise is

0:16:150:16:19

psychology.

That's right.

The other

founder is technical. So, neither of

0:16:190:16:23

you are lawyers?

No, we're not. I've

worked in the legal field for quite

0:16:230:16:29

a while as a family consultant. I

work with some of the country's

0:16:290:16:35

leading labtive lawyers and as a

consequence of my own really

0:16:350:16:39

traumatic and awful divorce and the

experience of working with them and

0:16:390:16:42

seeing how it could be done, really

very well, we set-up up Amicable,

0:16:420:16:48

but the trouble with the

collaborative process was it was

0:16:480:16:51

just too expensive for very many

people. So, one of the founding

0:16:510:16:55

principles of Amicable is

affordability and access to justice

0:16:550:17:04

because since the regulation, since

Legal Aid was abolished for family

0:17:040:17:10

cases, for divorcing unless there is

a domestic violence issue. So since

0:17:100:17:14

that has happened it has been very

difficult for people to get good

0:17:140:17:19

advice in an affordable manner so

that's, you know, what Amicable set

0:17:190:17:22

out to do.

You talked about your own

experience. I want z won't ask you

0:17:220:17:26

to relive too much of it, but what

are the things that really stood out

0:17:260:17:30

for you as being real sticking

points or difficulties in that

0:17:300:17:33

process?

The biggest difficulty is

that the system dictates that if you

0:17:330:17:38

use a lawyer each person has to have

their own lawyer and a lawyer did

0:17:380:17:44

duty-bound to put your interests

first. It sets up a win listen lose

0:17:440:17:48

situation. If your lawyer does well

for you, it means your partner has

0:17:480:17:52

got less somehow or is doing less

well and at Amicable we take a

0:17:520:17:56

fundamentally different approach

because we're not set up as a law

0:17:560:17:59

firm. We're set up as a legal

services firm and that allows us to

0:17:590:18:05

work with both partners together to

help them come toen a agreement in

0:18:050:18:09

an amicable way and if they have got

children to prioritise their

0:18:090:18:12

children and put the needs of the

family and the children first. We do

0:18:120:18:18

that by helping them set goals about

what the future may look like and

0:18:180:18:23

saying if you have got these goals

and these resource, how can we split

0:18:230:18:28

the resource it achieve these goals

and that's fundamentally different

0:18:280:18:31

to the traditional way of doing it

which is well, you're entitled to

0:18:310:18:35

this and you're entight told that.

You are look to go reduce your fees

0:18:350:18:39

even more to make yourself more

accessible to those who can't afford

0:18:390:18:43

good advice as you've already

mentioned, but how will you be able

0:18:430:18:46

to do that and sort of stay

profitable as a company?

So that's

0:18:460:18:51

where the technology comes in. So my

co-founder Pip Wilson is technology

0:18:510:18:57

entrepreneur and it's looking at how

technology can take the strain and

0:18:570:19:01

can take away some of the

administrative burden that

0:19:010:19:05

traditionally lawyers or other

people have done so we're not

0:19:050:19:09

looking to polarize the debate. We

are not looking to say that

0:19:090:19:12

technology is a panacea that's going

to solve all of these problems, it

0:19:120:19:16

really is the combination of people

and technology working together

0:19:160:19:21

that's going to make the difference

and make this scaleable and

0:19:210:19:25

profitable and reduce the cost.

What's the response been from

0:19:250:19:29

traditional lawyers? Because you're

a disrupter, you're coming in their

0:19:290:19:34

industry and shaking up how they do

it. It strikes me like estate agents

0:19:340:19:41

and conveysancing, the system is set

up to favour lawyers?

I think we've

0:19:410:19:44

had a mixed response. There are some

very enlightened lawyers, we've had

0:19:440:19:49

talks with the Law Society and the

solicitors regulator authority and

0:19:490:19:53

they have been warm and receptive

because everybody recognises that

0:19:530:19:56

the current system is pretty broken.

It costs this country £48 billion a

0:19:560:20:03

year in divorce bills. And that's

the combined cost of the mental

0:20:030:20:08

illness and things that happen after

a traumatic experience. It is the

0:20:080:20:12

additional benefits, it is the cost

to the Prison Service and the

0:20:120:20:15

additional cost to schools so there

is a gam it of costs and I think

0:20:150:20:18

everybody recognises that we need to

do more to help people do this in a

0:20:180:20:23

more kind and humane way and that's

really what we're talking about

0:20:230:20:25

here.

OK, Kate, thank you very much.

Really interesting. Best of luck

0:20:250:20:32

with it.

Thank you.

0:20:320:20:35

A new car designed by former BMW

and Apple employees has been

0:20:360:20:44

unveiled ahead of the Consumer

Electronics Show in Las Vegas.

0:20:440:20:46

Called the Byton, it sports a huge

touch-screen dashboard,

0:20:460:20:51

as Dave Lee reports.

0:20:510:21:01

What we want to do is

try to merge your life

0:21:080:21:11

outside the car with your experience

in the car.

0:21:110:21:13

Everything will be controlled

via touch and then certain aspects

0:21:130:21:15

will be controlled via voice

and also very novel to us

0:21:150:21:18

is gesture control.

0:21:180:21:19

Some of the most exciting features

of the Byton car are going to be

0:21:190:21:22

disabled until we live in a world

of fully autonomous driving.

0:21:220:21:26

So perhaps think of this

vehicle as bridging the gap

0:21:260:21:28

between our dumb driving past

and our smart driving future.

0:21:280:21:31

We have to come together

and share this infrastructure

0:21:570:21:59

across the companies because this

is not a differentiating factor,

0:21:590:22:01

this is something which makes

the whole industry successful.

0:22:010:22:10

I like the music on that.

0:22:310:22:33

Jeremy Cook is back.

0:22:330:22:38

A tweet from Elon Musk says, "Gunner

put on an old school driving and

0:22:380:22:45

roller skates and rock restaurant at

one of the new super charger

0:22:450:22:50

location in LA."

Only one. Why can't

they been everywhere.

Have you been

0:22:500:22:57

to a drive-in?

No.

I've been to one

in South Africa. They do them in

0:22:570:23:02

South Africa which is where he's

from. Let's say with our

0:23:020:23:10

marriage-divorce theme. There is a

really interesting yarn in the

0:23:100:23:16

Business Insider about Harry and

Meghan's wedding. One of the issue

0:23:160:23:20

of weddings is the list as you know,

who do you not invite?

The headline

0:23:200:23:24

is that Trump may deny the UK a

Brexit deal if he is snubbed from

0:23:240:23:29

Prince Harry's wedding, the nuptials

on 19th May. Prince Harry is more

0:23:290:23:34

close with the Obamas given the...

Their support for the Invictus

0:23:340:23:39

Games.

But Donald Trump has always

looked at a state visit to the UK as

0:23:390:23:44

something which he really, really

wants and whether that coincides

0:23:440:23:51

with Meghan and Harry's nuptials.

He's not coming to ours because

0:23:510:23:55

we're not having kids! He may still

be turning up at Windsor Castle.

The

0:23:550:24:00

Obamas could be there and Trump

perhaps not there, but because the

0:24:000:24:04

Obamas have the connection with the

Games and everything which is a

0:24:040:24:07

legit reason for inviting them.

This

is not, the thing about the royal

0:24:070:24:11

wedding, it is not a full state

occasion. You know, Prince Harry is

0:24:110:24:14

only fifth or sixth in line, he is

closer line, this is not in

0:24:140:24:21

Westminster Abbey, he is going to

get a state visit himself.

We asked

0:24:210:24:26

you what you're spending your money

on. This is in the Washington Post,

0:24:260:24:30

liquor, home, hobbies and cars. So,

we are still spending, it seems.

0:24:300:24:33

Yes.

But a lot of things falling by

the way side?

A lot of squeeze on

0:24:330:24:39

incomes. Inflation here in the UK,

about 3%, real wages, still

0:24:390:24:44

negative, the post Brexit kind of

chronic crawl that we are seeing and

0:24:440:24:47

it is interesting to see how we are

now, not also what we are spending

0:24:470:24:52

our money, but how we are spending,

whether we are did it on the high

0:24:520:24:57

street, Amazon and that kind of

thing. A lot of people are getting

0:24:570:25:01

more experienced buying.

A lot of

tweets still spending on holidays,

0:25:010:25:06

but cutting back on clothing and

fashion items is one point.

0:25:060:25:11

Languages and culture, holidays in

the in sun.

One says, "No money to

0:25:110:25:17

spend at all." That's Darling.

People will be more willing to save

0:25:170:25:23

and go for quality than go for the

disposable fashions which is going

0:25:230:25:27

to stack them high and sell them

cheap and throw them away when they

0:25:270:25:31

fall apart.

We will see how the

retailers fair. Thanks Jeremy for

0:25:310:25:38

coming in. Nice to see you.

Having

discussed Jeremy not so much wedding

0:25:380:25:44

and possible divorce!

Ben, we didn't

say that.

We just said a divorce.

0:25:440:25:51

The pessimist to the optimist.

We

will see you tomorrow. Are you here

0:25:510:25:55

tomorrow?

I am.

So am I. We'll see

you tomorrow. Take care. Bye-bye.

0:25:550:26:04

Download Subtitles

SRT

ASS