30/01/2018

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0:00:00 > 0:00:08Live from London, that's our top story on Tuesday 30th January.

0:00:16 > 0:00:22The internal document points to a slowdown

0:00:22 > 0:00:24in growth over the long-term, but government ministers have been

0:00:24 > 0:00:27quick to criticise the nature of the leak.

0:00:27 > 0:00:29Is the honeymoon over for cryptocurrencies?

0:00:29 > 0:00:34South Korea introduces a ban on anonymous trading -

0:00:34 > 0:00:38but will others follow suit?

0:00:38 > 0:00:40And ahead of a Fed meeting and rate setting decision later

0:00:40 > 0:00:42and the anticipation of President Trump's first State

0:00:42 > 0:00:50of the Union address - markets look like this...

0:00:50 > 0:00:52Tackling the turbulence -

0:00:52 > 0:00:54the president of Emirates tells us how he's plotting a course

0:00:54 > 0:00:59for clearer skies after a tough 18 months for the Middle

0:00:59 > 0:01:00East's biggest airline.

0:01:00 > 0:01:02And staying with airlines, the boss of Easyjet says he'll

0:01:02 > 0:01:11cut his salary to match that of his predecessor.

0:01:11 > 0:01:13So today we want to know, would you reduce your pay

0:01:13 > 0:01:15to the same as a colleague?

0:01:15 > 0:01:16Let us know.

0:01:16 > 0:01:26Just use the hashtag #BBCBizLive.

0:01:26 > 0:01:31Hello and welcome to Business Live.

0:01:31 > 0:01:34The UK economy will grow more slowly outside the European Union

0:01:34 > 0:01:38no matter what deal is struck with Brussels, a leaked

0:01:38 > 0:01:45government document suggests.

0:01:45 > 0:01:47The BuzzFeed news website reports that Whitehall

0:01:47 > 0:01:48analysis found that growth

0:01:48 > 0:01:52over the next 15 years could be up to 8% lower than if the UK

0:01:52 > 0:01:53stayed in the EU.

0:01:53 > 0:01:55Government sources say the UK will not be worse off,

0:01:55 > 0:01:57and its preferred bespoke trade deal option was not analysed

0:01:57 > 0:02:04in these figures.

0:02:04 > 0:02:13We're joined by our economics correspondent Andrew Walker.

0:02:13 > 0:02:13What correspondent Andrew Walker.

0:02:13 > 0:02:13What does correspondent Andrew Walker.

0:02:13 > 0:02:13What does it correspondent Andrew Walker.

0:02:13 > 0:02:14What does it tell correspondent Andrew Walker.

0:02:14 > 0:02:14What does it tell us, correspondent Andrew Walker.

0:02:14 > 0:02:14What does it tell us, if correspondent Andrew Walker.

0:02:14 > 0:02:17What does it tell us, if anything? correspondent Andrew Walker.

0:02:17 > 0:02:20What does it tell us, if anything? Well, it's looking at how the

0:02:20 > 0:02:23economy would perform under three different scenarios compared with

0:02:23 > 0:02:29what we currently have. So it's not making a specific forecast that the

0:02:29 > 0:02:32economy will grow by so much over the next 15 years, but that it will

0:02:32 > 0:02:37be less than it would otherwise have been by a certain amount. Those

0:02:37 > 0:02:43figures are 8% less cumulative economic growth if we were to go out

0:02:43 > 0:02:49on what is sometimes called WTO terms, so with no trade deal, 5%

0:02:49 > 0:02:53less if it were a comprehensive free trade agreement with the European

0:02:53 > 0:02:58Union, 2% less if the UK were to remain in the single market but

0:02:58 > 0:03:04having left the customs union. It must be said that inevitably, when

0:03:04 > 0:03:06you are looking over economic projections over such a long period,

0:03:06 > 0:03:11there is an enormous amount of uncertainty associated with them and

0:03:11 > 0:03:14of course, Brexit supporting MPs have been quick to point that out.

0:03:14 > 0:03:18Iain Duncan Smith has said this is a highly speculative assessment which

0:03:18 > 0:03:22needs to be taken with a pinch of salt. He suggests that it has been

0:03:22 > 0:03:26leaked deliberately to feed into the political debate.Downing Street

0:03:26 > 0:03:29says their preferred option has not been included in this analysis, but

0:03:29 > 0:03:34people watching this will say, we were told that there was no

0:03:34 > 0:03:37analysis, the Downing Street wasn't going to do an analysis, and

0:03:37 > 0:03:45actually, there is. What's going on? The analysis argument was about the

0:03:45 > 0:03:50suggestion that there were detailed impact assessments, sector by

0:03:50 > 0:03:57sector, in what was called painful detail. From what we have seen so

0:03:57 > 0:04:00far from these Buzzfeed links, this doesn't go into that kind of level,

0:04:00 > 0:04:04it is broadbrush assessments of the overall impact. It would be very

0:04:04 > 0:04:09surprising if the government were not having at least some sort of

0:04:09 > 0:04:14broad indication of what we could expect under the various scenarios.

0:04:14 > 0:04:17Your point about the timing is interesting as well, Iain Duncan

0:04:17 > 0:04:21Smith pointing out that there are said to be quite a bit of turmoil

0:04:21 > 0:04:26within the Conservative Party at senior levels with regards to

0:04:26 > 0:04:30Brexit, how it is being handled, where the negotiation process is

0:04:30 > 0:04:34being headed, hard, soft and whatever is in between.Mr Duncan

0:04:34 > 0:04:37Smith is not saying anything explicit about who he thinks is

0:04:37 > 0:04:43responsible for the leak, but some sources are saying that the

0:04:43 > 0:04:46imprecations of this are favourable to the Philip Hammond view of the

0:04:46 > 0:04:51world, the Chancellor's view, that the UK economy would be better off

0:04:51 > 0:04:54maintaining its position as close as possible to the EU and the single

0:04:54 > 0:05:02market.And whilst we will look at these forecasts and what they mean

0:05:02 > 0:05:06for business, one of the big retailers in the UK this morning,

0:05:06 > 0:05:10House of Fraser, has been saying, we want a definite signal about what

0:05:10 > 0:05:14kind of Brexit deal we are having. Business wants to know what the deal

0:05:14 > 0:05:20will be and then they can plan.Yes, indeed. And the fact that we have

0:05:20 > 0:05:22this analysis looking at such a wide range of potential outcomes is

0:05:22 > 0:05:27indicative of the fact that they will probably have to live with a

0:05:27 > 0:05:31certain amount of uncertainty for some time yet. It perhaps would have

0:05:31 > 0:05:36been useful if this analysis had contained some assessment of what

0:05:36 > 0:05:39the government's preferred option is. This idea of the comprehensive

0:05:39 > 0:05:42trade deal to include financial trade services, one assumes it would

0:05:42 > 0:05:47come somewhere between the two figures of 2% for being in the

0:05:47 > 0:05:55single market and the 5% for a comprehensive trade deal. That is

0:05:55 > 0:05:59what the government is probably aiming at, but Brexit supporters of

0:05:59 > 0:06:03course reckon they can do better than these figures suggest.We will

0:06:03 > 0:06:09keep an eye on it.

0:06:09 > 0:06:14Let's take a look at some of the other stories making the news.

0:06:14 > 0:06:16US soft drink maker Dr Pepper Snapple is to merge

0:06:16 > 0:06:17with coffee company Keurig Green Mountain.

0:06:17 > 0:06:20The deal will bring together well-known brands such as Dr Pepper,

0:06:20 > 0:06:22Orangina, Schweppes and Sunkist with Green Mountain Coffee Roasters.

0:06:22 > 0:06:32Keurig Dr Pepper will have a combined annual revenue of $11bn.

0:06:34 > 0:06:37Oil giant Exxon Mobil plans to spend $50 billion in the US over

0:06:37 > 0:06:38the next five years.

0:06:38 > 0:06:41More than $35 billion of that is for new projects.

0:06:41 > 0:06:43Exxon's Chief Executive said the investment is partly due to cuts

0:06:43 > 0:06:45to the corporate tax rate.

0:06:45 > 0:06:47Nissan car sales hit a record high in 2017.

0:06:47 > 0:06:50It helped the wider group to become the best selling car

0:06:50 > 0:06:57manufacturer of the year.

0:06:57 > 0:06:59Total sales came in at 10.6 million light vehicles.

0:06:59 > 0:07:02The group beat Volkwagen and Toyota, which came in second and third

0:07:02 > 0:07:05for the year respectively.

0:07:05 > 0:07:08Not a day goes by without a headline about so-called

0:07:08 > 0:07:13cryptocurrencies.

0:07:13 > 0:07:15Today, a ban on anonymous cryptocurrency transactions comes

0:07:15 > 0:07:17into effect in South Korea.

0:07:17 > 0:07:20From now on, only accounts linked to a verified bank account will be

0:07:20 > 0:07:27allowed to buy and sell Bitcoins.

0:07:27 > 0:07:29This is all in the name of transparency.

0:07:29 > 0:07:32The South Korean government wants to cut down on any illegal

0:07:32 > 0:07:35activity that could be going on because of

0:07:35 > 0:07:41the anonymous nature of cryptocurrency transactions.

0:07:41 > 0:07:43You may remember the WannaCry attack last year

0:07:43 > 0:07:45that affected hundreds of thousands of people in 150 countries -

0:07:45 > 0:07:48and asked for ransom to be paid in Bitcoin.

0:07:48 > 0:07:50That kind of negative publicity has helped to shape opinion.

0:07:50 > 0:07:54Earlier in January, two exchanges - Bithumb and Coin-one -

0:07:54 > 0:07:56were raided by South Korean tax authorities over concerns that not

0:07:56 > 0:08:01everyone is paying their fair share.

0:08:01 > 0:08:03And just last week in Japan, one of the world's biggest

0:08:03 > 0:08:13cryptocurrency heists took place.

0:08:16 > 0:08:18Simon Taylor is the co-founder of 11fs, a consultancy

0:08:18 > 0:08:19which advises banks

0:08:19 > 0:08:26and governments on the future of money.

0:08:26 > 0:08:26So Ben was talking the future of money.

0:08:26 > 0:08:27So Ben was talking about the future of money.

0:08:27 > 0:08:27So Ben was talking about some the future of money.

0:08:27 > 0:08:27So Ben was talking about some of the future of money.

0:08:27 > 0:08:27So Ben was talking about some of the the future of money.

0:08:27 > 0:08:29So Ben was talking about some of the stories that have come into the

0:08:29 > 0:08:33limelight, a lot of it painting a picture that this is a murky world

0:08:33 > 0:08:37of crypto currencies. South Korea has taken steps to regulate it. What

0:08:37 > 0:08:42are your thoughts about what South Korea has decided to do?It is

0:08:42 > 0:08:45sensible. The big concern around crypto currencies has been the

0:08:45 > 0:08:51unlimited. Governments are rightly concerned about fraud and terrorist

0:08:51 > 0:08:54financing, scary things. People could lose a lot of money. People

0:08:54 > 0:08:59are losing a lot of money. People have taken out debt and mortgages to

0:08:59 > 0:09:03buy cryptocurrencies, which are highly volatile. So the need for

0:09:03 > 0:09:05transparency and protection makes sense, but there is a balance here

0:09:05 > 0:09:11that needs to be struck, because if we overregulate, with potentially

0:09:11 > 0:09:14push this further underground.But why do the transactions need to be

0:09:14 > 0:09:22anonymous anyway?Because all of the transactions are out in public, they

0:09:22 > 0:09:29are transparent.But we don't know who is making the payments.If you

0:09:29 > 0:09:32bought a coffee this morning on the way in and you got the train you get

0:09:32 > 0:09:36every day, I only need two or three transactions to figure out who you

0:09:36 > 0:09:39are. So it's easy for me to break your privacy if all of your

0:09:39 > 0:09:43transactions are in the public, especially if your name is attached.

0:09:43 > 0:09:46So there was a concern early on with the technology that we wanted to

0:09:46 > 0:09:59maintain privacy, but in doing so you also create a problem about,

0:10:03 > 0:10:06what of that person commits a crime. So now we have exchanges where you

0:10:06 > 0:10:09would take your pounds or dollars or Euros and exchange those for your

0:10:09 > 0:10:11crypto currencies. They have your passport and your identity. So the

0:10:11 > 0:10:13South Koreans have that, if you have this identity information, if that

0:10:13 > 0:10:15person commits a crime, you should share that information with the

0:10:15 > 0:10:18regulators and you shouldn't allow somebody to be anonymous in the

0:10:18 > 0:10:20first place.Isn't the entire point of cryptocurrencies the fact that

0:10:20 > 0:10:22they are not regulated by the old institutions, the banks with

0:10:22 > 0:10:25regulators and shareholders, and the fact that they are not constrained

0:10:25 > 0:10:28by that? So saying you have to link it with a bank account defeats the

0:10:28 > 0:10:33object.The key is balance. How we balanced the possibility of not

0:10:33 > 0:10:36being part of the system and creating efficiency and

0:10:36 > 0:10:40transparency, which are the benefits of the technology, with the

0:10:40 > 0:10:43opportunities that if you bring in too much control, you may push this

0:10:43 > 0:10:54underground?Thank you for coming in. Cryptocurrencies and Brexit sums

0:10:54 > 0:11:00us up. They are a daily event. Let's move onto something else that is a

0:11:00 > 0:11:05regular event on this show, ride sharing apps.

0:11:05 > 0:11:07Ola - India's ride-sharing company - is moving in to the Australian

0:11:07 > 0:11:09market in its first international venture.

0:11:09 > 0:11:12The Australian taxi app industry is currently dominated by Uber,

0:11:12 > 0:11:13Ola's biggest rival in India.

0:11:13 > 0:11:22Devina Gupta is live in Delhi and can tell us more.

0:11:26 > 0:11:29It is such a competitive market and they are all vying for a share. Who

0:11:29 > 0:11:36is going to win?Well, we are looking at a tough competition and

0:11:36 > 0:11:42it has been a tough market in India as well with Ola and Uber competing.

0:11:42 > 0:11:48Ola hopes to expand in Australia, which is Uber's turf. We have also

0:11:48 > 0:11:53seen that Ola is now inviting private hire vehicle owners to

0:11:53 > 0:11:56register with them. It brings in experience of being in the Indian

0:11:56 > 0:12:00market, where it is known for experimenting with electric vehicles

0:12:00 > 0:12:05and also with a system called Ola play, which is on wide entertainment

0:12:05 > 0:12:10and popular with its 200 million-plus customers in India.

0:12:10 > 0:12:17Interestingly, both Ola and Uber have a single investor in the

0:12:17 > 0:12:19Japanese Softbank and they would be competing in conditions which are

0:12:19 > 0:12:25quite different from India. But in Australia, there would be more

0:12:25 > 0:12:31competition for Ola from European taxi apps as well and the home-grown

0:12:31 > 0:12:37Australian competition as well.We have now got Remi Olu-Pitan with us.

0:12:37 > 0:12:46She is the fund manager at Schroders. Another busy day. We have

0:12:46 > 0:12:50two mentioned the Fed. The last meeting was presided over by Janet

0:12:50 > 0:12:56Yellen, the Fed chair. What are your expectations?We expect the Fed to

0:12:56 > 0:12:59say that the economy is doing OK and that the path of tightening interest

0:12:59 > 0:13:06rates will be maintained. Janet Yellen's term has been successful.

0:13:06 > 0:13:14And as she hands over her role, we expect to say that the Fed will

0:13:14 > 0:13:17remain on course.Speaking of announcements, it is also President

0:13:17 > 0:13:21Trump's first State of the union address. What are we expecting him

0:13:21 > 0:13:26to say?We expect him to say that he has been making America great again.

0:13:26 > 0:13:33And that that will continue. He will elaborate on the Trump effect. We

0:13:33 > 0:13:37expect him to announce some form of infrastructure spending. We expect

0:13:37 > 0:13:43him to say that the tax cut if successful and companies are

0:13:43 > 0:13:53increasing wages. So we expect a positive story. The only caution is

0:13:53 > 0:13:57whether he announces anything around trade policy, any protectionist

0:13:57 > 0:14:03agenda.In the meantime, stock markets are pretty negative. We had

0:14:03 > 0:14:13a torrid time on Wall Street. Asia was all red. Your thoughts?In the

0:14:13 > 0:14:20grand scheme of things, it has been a great start to the year. There has

0:14:20 > 0:14:25been a bit of red, but it has been a strong start. So it is reasonable to

0:14:25 > 0:14:30expect a bit of a pull-back. Overall, the backdrop is still

0:14:30 > 0:14:35supported. Corporate earnings are strong, so we expect the market to

0:14:35 > 0:14:41continue to climb higher.We are going to talk about Amazon go and

0:14:41 > 0:14:46that supermarket later and whether it is too easy to shoplift. And too

0:14:46 > 0:14:53easy to spend! Let's move on.

0:14:53 > 0:14:56Still to come:

0:14:56 > 0:14:59Is the worst of the turbulence over for the Gulf's biggest airlines?

0:14:59 > 0:15:01We sit down with the boss of Emirates about the airline's

0:15:01 > 0:15:02plans to tackle tougher times.

0:15:02 > 0:15:10You're with Business Live from BBC News.

0:15:14 > 0:15:19In a few hours, the government will launch an inquiry

0:15:19 > 0:15:21into construction giant Carillion, which collapsed two weeks ago,

0:15:22 > 0:15:23putting thousands of jobs at risk.

0:15:23 > 0:15:25Joining us now to talk about this is Lord Maude,

0:15:25 > 0:15:30former minister for Business, Innovation and Skills.

0:15:30 > 0:15:34Welcome to Business Live. Good morning to you.Good morning.There

0:15:34 > 0:15:43are so many elements to this collapse of Carillion. It is hard to

0:15:43 > 0:15:49know where the Government start to investigate.Clearly they need to

0:15:49 > 0:15:57understand what went wrong. I was the minister responsible for the

0:15:57 > 0:16:01efficiency programme where we took £50 billion out of the overhead

0:16:01 > 0:16:03running costs of government in the space of five years. One of the

0:16:03 > 0:16:07things we did was to look at how we did government procurement and it

0:16:07 > 0:16:16was almost as if that at that stage procurement was being done in a way

0:16:16 > 0:16:21to freeze out small supplies making the Government reliant on a handful

0:16:21 > 0:16:28of big suppliers. They used to do you have got to show three years

0:16:28 > 0:16:31accounts and insurance in place to cover the last of the liability

0:16:31 > 0:16:35under a contract before you bid for the contract. So, a hole lot of

0:16:35 > 0:16:40things like that which were counter productive and gave far too much

0:16:40 > 0:16:44power to a handful of big suppliers and we reformed that in the space of

0:16:44 > 0:16:49five years in a way that did give a lot of support to UK-based smaller

0:16:49 > 0:16:53suppliers who found themselves in many cases for the first time able

0:16:53 > 0:16:59to bid for and win government contracts.Briefly, how

0:16:59 > 0:17:01comprehensive will this investigation be and will it be one

0:17:01 > 0:17:06that people will believe in?I hope so. It will to be comprehensive and

0:17:06 > 0:17:12look at everything. It will not avoid the fact that businesses,

0:17:12 > 0:17:16sometimes fail. That is a fact of life whether the Government is

0:17:16 > 0:17:22counter party or not. Sometimes businesses are not well run and

0:17:22 > 0:17:26sometimes external events move against them in a way that makes

0:17:26 > 0:17:29them unsustainable. It will need to look at what happened here, but the

0:17:29 > 0:17:33one thing, I would be concerned about, was we have set in place a

0:17:33 > 0:17:38system where the Government had Crown representatives senior figures

0:17:38 > 0:17:44who spent a bit of time dealing specifically with suppliers and that

0:17:44 > 0:17:47post was left unfilled I'm told. Thank you for your time on Business

0:17:47 > 0:17:50Live.

0:18:06 > 0:18:11No matter what deal is struck with Brussels. The document was leaked to

0:18:11 > 0:18:16BuzzFeed. It says that in a period of the next 15 years, growth could

0:18:16 > 0:18:25be as low as 8% or 8% lower if the UK stayed in the European Union. It

0:18:25 > 0:18:29is 8% lower than if it was trading at WTO rules. The Government makes

0:18:29 > 0:18:33it clear, they say this analysis does not take into account the

0:18:33 > 0:18:36Brexit option that it prefers, but nonetheless, concerns too about

0:18:36 > 0:18:43whether that stewedy shows the fate of the UK economy after Brexit.

0:18:43 > 0:18:46The past decade has been good to Middle Eastern Airlines,

0:18:46 > 0:18:47particularly those in the Gulf.

0:18:47 > 0:18:49They've been the biggest buyers of new planes,

0:18:49 > 0:18:51they've been building bigger and bigger airports and passenger

0:18:51 > 0:18:52numbers have soared.

0:18:52 > 0:18:55But the last 18 months have been much tougher -

0:18:55 > 0:18:57blamed on economic uncertainty and worries over security

0:18:57 > 0:19:03and global terrorism.

0:19:03 > 0:19:07And also some frOksist actions in the US.

0:19:07 > 0:19:10-- protectionist actions in the US.

0:19:10 > 0:19:12The biggest airline in the region is Emirates.

0:19:12 > 0:19:14It's based in Dubai - and operates more than

0:19:14 > 0:19:153,600 flights a week.

0:19:15 > 0:19:19Those flights go to more than 150 destinations around the globe.

0:19:19 > 0:19:21And last year they carried more than 59 million passengers.

0:19:21 > 0:19:23I caught up with company's President, Sir Tim

0:19:23 > 0:19:24Clark in Los Angeles.

0:19:24 > 0:19:26And I stared asking him how the firm has been coping

0:19:27 > 0:19:28with the problems of the past year.

0:19:28 > 0:19:32I used to tell the team we probably have two major events that are going

0:19:32 > 0:19:37to affect us. Having five, six, seven or eight in six months is

0:19:37 > 0:19:41difficult. I think we learn from what happens. We learn about how we

0:19:41 > 0:19:46went about managing the issue, how we managed to transform certain

0:19:46 > 0:19:49elements of the business to deal with it and the more you do that,

0:19:49 > 0:19:52the more capable you are when things come along. You never know what

0:19:52 > 0:19:57they're going to be. We moved quickly on the laptop ban. It took

0:19:57 > 0:20:02us four days to get the company's procedures and protocols so we could

0:20:02 > 0:20:08deal with that. We introduced technology into the company so we're

0:20:08 > 0:20:14stripping out layers of process and dare I say, people in that context,

0:20:14 > 0:20:21but you know, it goes on. This is a continuation of addressing the

0:20:21 > 0:20:24business, the various pockets, the corners, every part of the business

0:20:24 > 0:20:29is under the microscope.One of the things that people will notice are

0:20:29 > 0:20:33the most visible changes for example starting to charge to book a seat in

0:20:33 > 0:20:38Emirates economy. Do you worry that that changes the brand? It changes

0:20:38 > 0:20:43it into a low-cost model?Now, it's clear to us that the price sensitive

0:20:43 > 0:20:52nature of our markets is becoming more and more apparent and that

0:20:52 > 0:20:57assisted by the onset of the digital world in terms of the BTC reach

0:20:57 > 0:21:03through airline online systems and also booking and search engines, I

0:21:03 > 0:21:07can name a few, that are there and place prices in front of consumers

0:21:07 > 0:21:12more and more. Far more than ever before and the consumer is becoming

0:21:12 > 0:21:17far more price sensitive and far more discerning and in that context,

0:21:17 > 0:21:21we found that people are prepared to go for the lowest price, but they

0:21:21 > 0:21:25would like a menu of things to select so if they want seat

0:21:25 > 0:21:30selections, they want better food and whatever it maybe, more baggage,

0:21:30 > 0:21:35etcetera, they're prepared to pay it with an uplift through the ancillary

0:21:35 > 0:21:40stream.Emirates always put the on board product front and centre of

0:21:40 > 0:21:43what it offers. It is not just an airline. It is everything that goes

0:21:43 > 0:21:50with it. If it becomes all about price, be that the price

0:21:50 > 0:21:53transparency on flight website and the number, do you lose that thing

0:21:53 > 0:21:59that you have had for so long?We must deliver what we have done in

0:21:59 > 0:22:03the past, create the aspirations through the brand marketing

0:22:03 > 0:22:05programme and deliver the aspirations and better and somehow

0:22:05 > 0:22:09we have got to be able to do that cheaper and I believe we can and

0:22:09 > 0:22:16that requires in the next few years a fundamental change in approach to

0:22:16 > 0:22:20the manufacturers of our aero planes, the interior, the

0:22:20 > 0:22:22distribution systems themselves. We have to go after that and the secret

0:22:22 > 0:22:28of this is the way we apply digital technologies to all of this.

0:22:28 > 0:22:31Technology absolutely changes the experience that passengers have on a

0:22:31 > 0:22:36flight, be that the TV, be that the wi-fi, be that the seat. What's the

0:22:36 > 0:22:41biggest change for you?We have been the pioneers, path finders in a lot

0:22:41 > 0:22:46of what's gone on in the last few years. For instance, you know, TVs

0:22:46 > 0:22:51in all seats in all classes, we were the first to do that back in the

0:22:51 > 0:22:56early 90s and as we've gone on we've pushed the manufacturers to increase

0:22:56 > 0:22:59content and increase their technological aspects of screens,

0:22:59 > 0:23:03touch-screen, etcetera, the size of the servers, how much we can deliver

0:23:03 > 0:23:07and more recently, the advent of wi-fi and bringing in the internet

0:23:07 > 0:23:10into the aircraft.What is it that passengers tell you they want most

0:23:10 > 0:23:15on planes?Connectivity. Once we crack that, and the smartphone came

0:23:15 > 0:23:22along and the ability and connectivity became the sort of

0:23:22 > 0:23:29ruling mantra, call it what you like of mankind, so we had to transfer

0:23:29 > 0:23:35that into the aeroplanes. That was Sir Tim Clark Speaking to

0:23:35 > 0:23:47me there. Ryanair told us it has agreed to

0:23:47 > 0:23:50recognise a union that represents its pilots. It hasn't recognised

0:23:50 > 0:23:57them in a union. They said they would do that in a bid to avert the

0:23:57 > 0:24:01strikes over Christmas. They have signed on the dotted line. They will

0:24:01 > 0:24:05recognise the unions.

0:24:05 > 0:24:09Remi is back to look through the papers.

0:24:09 > 0:24:14It is a BBC debate today as well, about the pay and equality between

0:24:14 > 0:24:19men and women, but the new boss of easyJet saying he will take a pay

0:24:19 > 0:24:24cut to match that of his predecessor.That's noble. That's a

0:24:24 > 0:24:305% cut in his pay, a reduction of about £34,000. That's meaningful and

0:24:30 > 0:24:34that's quite good particularly given that his predecessor was very

0:24:34 > 0:24:43credible lady. So it makes a lot of sense.Just to say as well, to put

0:24:43 > 0:24:47it into prospective, both the new boss of easyJet and Caroline McCall,

0:24:47 > 0:24:52the previous boss were both earning over £700,000 per year in excess of

0:24:52 > 0:24:59that. So that's where we are.Yes.A lot of you getting in touch. It

0:24:59 > 0:25:04reflects your point Reme. Colin says, "No, give them a pay rise to

0:25:04 > 0:25:11match." Peter says, "I don't earn enough to take a pay cut." Joe says,

0:25:11 > 0:25:15"Increase my colleagues, but decease mine."That's a good idea so the

0:25:15 > 0:25:19average of both previous salaries, many of you have noted that actually

0:25:19 > 0:25:24you don't earn enough to be taking a pay cut and you can understand that

0:25:24 > 0:25:28viewpoint, can't you, Reme?I think that's reasonable. I think most the

0:25:28 > 0:25:32most important thing here is it has to be fair. So the previous pay, if

0:25:32 > 0:25:35it is clearly unfair, the reason for the gap, that's what is most

0:25:35 > 0:25:41important. There has to be some level of unfairness.Reme, nice to

0:25:41 > 0:25:45see you. Thank you for your comments. We will see you