:00:37. > :00:39.Good morning and welcome to the Daily Politics.
:00:40. > :00:41.The fallout from the UK's historic vote to leave
:00:42. > :00:46.Chancellor George Osborne, still in the job - for
:00:47. > :00:50.He says there's no need for an emergency budget,
:00:51. > :00:55.and the country is in a position of strength.
:00:56. > :00:58.Boris Johnson calls for healing and building bridges as he promises
:00:59. > :01:01.Britain will still be able to trade freely with the EU.
:01:02. > :01:04.Is he going to be the next Prime Minister?
:01:05. > :01:08.And are his assurances enough?
:01:09. > :01:11.And the referendum upheaval isn't restricted
:01:12. > :01:14.Jeremy Corbyn remains defiant despite waves of resignations
:01:15. > :01:26.Can he stay in the job, and for how long?
:01:27. > :01:30.And we'll be packing all of that into just half an hour today,
:01:31. > :01:32.as we've got a shorter programme for the next few weeks
:01:33. > :01:37.And with us for the duration are two political big hitters -
:01:38. > :01:40.Conservative MP Liam Fox and Labour MP Emma Reynolds.
:01:41. > :01:46.So, if you thought the dizzying pace of political change following last
:01:47. > :01:50.week's historic vote to leave the EU would slow down this week to give
:01:51. > :01:53.you time to watch the tennis, then I'm afraid you can think again.
:01:54. > :01:56.Chancellor George Osborne, who has been conspicuous
:01:57. > :02:00.by his absence since losing the referendum, appeared early this
:02:01. > :02:02.morning at the Treasury in an attempt to calm
:02:03. > :02:07.During the campaign, he'd promised an emergency budget filled
:02:08. > :02:10.with spending cuts and tax rises, but today he said
:02:11. > :02:17.He said the UK economy was facing an "adjustment", but that the
:02:18. > :02:22.country was ready to face the future from a position of strength.
:02:23. > :02:25.It is already evident that, as a result of Thursday's decision,
:02:26. > :02:28.some firms are continuing to pause their decisions
:02:29. > :02:34.As I said before the referendum, this will have an impact
:02:35. > :02:38.on the economy and the public finances, and there will need to be
:02:39. > :02:45.Given the delay in triggering Article 50, and the Prime Minister's
:02:46. > :02:48.decision to hand over to a successor, it is sensible that
:02:49. > :02:52.decisions on what that action should consist of wait for
:02:53. > :02:56.the OBR to assess the economy in the autumn, and for the new
:02:57. > :03:01.But no one should doubt our resolve to maintain
:03:02. > :03:05.the fiscal stability we have delivered for this country.
:03:06. > :03:10.To companies large and small, I would say this: the British
:03:11. > :03:18.We are highly competitive, and we are open for business.
:03:19. > :03:21.So, that was Chancellor George Osborne.
:03:22. > :03:23.Well, have his comments had the desired
:03:24. > :03:26.effect and eased jittery financial markets?
:03:27. > :03:32.The BBC's Business Editor, Simon Jack, can tell us more.
:03:33. > :03:41.What is happening? The markets are down this morning, but not nearly by
:03:42. > :03:47.as much as we saw at the end of last week. The FTSE 100, the 100 biggest
:03:48. > :03:53.companies, is down just over 1%. If you look beyond that to the FTSE
:03:54. > :03:58.250, these are more UK focused businesses. They are down another
:03:59. > :04:03.4%, added to the ten plus at the end of last week. It's not total
:04:04. > :04:09.carnage, it's not panic, but in some sectors we are seeing a real
:04:10. > :04:14.battering, such as Barclays, down over 10% today. House-builders are
:04:15. > :04:20.also down, Mike Taylor Wimpey. Clearly, people are thinking that
:04:21. > :04:25.there is going to be less appetite to build, and those banks stocks
:04:26. > :04:32.down for a combination of reasons, such as an interest rate cut. It
:04:33. > :04:37.will push back the time they can pay dividends as well. They will also be
:04:38. > :04:41.in the firing line if there is a downturn in the property markets.
:04:42. > :04:46.Not carnage, but pockets of real damage. Do the comments from the
:04:47. > :04:51.Chancellor calm things? The banks I have spoken to and the analysts were
:04:52. > :04:55.a bit underwhelmed by what the Chancellor had to say. He didn't say
:04:56. > :05:00.anything unexpected. He said we were coming from a position of strength.
:05:01. > :05:11.He's been missing in action for a few days,
:05:12. > :05:15.so he and Mark Carney have realised it falls to them to steady the ship
:05:16. > :05:17.a bit, because the Prime Minister has resigned. The Chancellor has
:05:18. > :05:20.come out and said, I am sticking around. It was interesting that he
:05:21. > :05:25.said there would be no emergency budget yet. He's saying that there
:05:26. > :05:29.will be no budget cuts and tax increases yet. He's waiting for the
:05:30. > :05:34.OBR to have a look at the finances and the shape of the economy. He's
:05:35. > :05:39.saying he's sticking around for now, no emergency budget yet, but one is
:05:40. > :05:44.coming. What about investor confidence? It's pretty thin at the
:05:45. > :05:50.moment. Lots of people are going to safe haven assets, things like gold,
:05:51. > :05:56.things with big US exposure. Pharmaceutical companies are doing
:05:57. > :06:00.quite well. Diageo has a lot of its earnings overseas and is not very UK
:06:01. > :06:05.focused. The dollar is doing well. People are going for the usual safe
:06:06. > :06:12.havens, which means that other than those, things are pretty skittish
:06:13. > :06:22.out there. The FTSE 250 down another 4% this morning. Liam Fox, Brexit
:06:23. > :06:26.has caused uncertainty, and certain sectors are really suffering, like
:06:27. > :06:29.banking and property. It is inevitable there will be some
:06:30. > :06:36.uncertainty. The Prime Minister has resigned. I was not expecting that.
:06:37. > :06:41.I am not surprised that we have uncertainty. We have taken a
:06:42. > :06:47.phenomenally difficult decision. I am not surprised to see this.
:06:48. > :06:51.Perhaps the fact that the FTSE 100 is death -- is down less than 1% is
:06:52. > :06:57.an indication of the fact that this is an adjustment and not serious
:06:58. > :07:05.instability. What about in the weeks to come? It's damaging to the
:07:06. > :07:09.economy. In the long-term, seeing a reduction in Stirling, the IMF would
:07:10. > :07:18.say that would be helpful to Britain's exports. We have seen a
:07:19. > :07:21.bit of the pound coming down. I think you will see stability
:07:22. > :07:27.re-emerging in the coming days. No total carnage, says Simon Jack. And
:07:28. > :07:31.that warning from the Chancellor before the referendum, that isn't
:07:32. > :07:35.going to materialise? I'm glad to hear that, but I do think it was
:07:36. > :07:41.pretty irresponsible from the Leave campaign to suggest that there would
:07:42. > :07:48.be no economic impact should the decision be to leave. Liam and I can
:07:49. > :07:52.agree that now what we need to do is have a plan in place to give the
:07:53. > :07:57.markets and business more certainty. We want to see the economy come
:07:58. > :08:01.through this. That's going to be very difficult. Boris Johnson and
:08:02. > :08:06.others need to come clean with people that this isn't going to be
:08:07. > :08:12.an easy process. It is going to be tricky. We need to try now to get a
:08:13. > :08:15.plan in place. I think that the vote Leave campaign, and Boris Johnson
:08:16. > :08:20.and Michael Gove in particular, should have been thinking about this
:08:21. > :08:25.before last Thursday. We need to work out what we will do in terms of
:08:26. > :08:29.adjustments in Whitehall, and re-establish a trade department. We
:08:30. > :08:34.need to see negotiating unit set up in number ten to get our discussions
:08:35. > :08:37.under way before we get to the Article 50 part, and for the House
:08:38. > :08:41.of Commons today, I imagine both sides will want to see what
:08:42. > :08:47.contingency planning was done in advance by the civil service. After
:08:48. > :08:49.a Cabinet meeting this morning, David Cameron comes to the Commons
:08:50. > :08:55.later today to talk about the results of the EU referendum.
:08:56. > :08:57.It'll be his first appearance since he announced his
:08:58. > :09:00.He's already made it clear he'll leave the negotiations
:09:01. > :09:03.on the UK's new relationship with the EU to his successor,
:09:04. > :09:08.Well, Boris Johnson, who of course led the Leave campaign,
:09:09. > :09:12.is the favourite to take over and so his first big statement
:09:13. > :09:16.This morning, we got a glimpse of his thoughts through his weekly
:09:17. > :09:20.In it, he claimed that the Government would now be able
:09:21. > :09:22.to "take back democratic control of immigration policy,
:09:23. > :09:24.with a balanced and humane points based system",
:09:25. > :09:26.though not how many people would be allowed into the country
:09:27. > :09:32.But he also says that immigration was not the main reason most
:09:33. > :09:35.people voted Leave - that actually the main issue
:09:36. > :09:38.was control and the undermining of British democracy.
:09:39. > :09:42.He promised that "there will continue to be free trade
:09:43. > :09:47.and access to the single market", though he didn't say
:09:48. > :09:48.whether conditions - such as free movement -
:09:49. > :09:53.And he raised the possibility - but only the possibility -
:09:54. > :09:57.that "the substantial sum of money" previously sent to Brussels
:09:58. > :10:06.He dismissed Nicola Sturgeon's call for a second
:10:07. > :10:09.saying there was "no real apetetite for one soon."
:10:10. > :10:12.But he acknowledged that the 52-48 referendum win was "not
:10:13. > :10:28.He said that the winning side much reach out, heal and build bridges.
:10:29. > :10:30.Earlier this morning, he tried to do exactly that.
:10:31. > :10:33.There has been a lot of confusion over the weekend about the status of
:10:34. > :10:36.It is absolutely clear that people from
:10:37. > :10:37.other European countries, who are living here,
:10:38. > :10:42.All people want to see is a system that is fair, impartial and
:10:43. > :10:44.humane to all people coming from around the world.
:10:45. > :10:46.Also, obviously, people from the UK living abroad,
:10:47. > :10:49.living in the rest of the EU will also have their rights completely
:10:50. > :10:53.I just worry there has been a certain amount of confusion
:10:54. > :11:08.Boris Johnson, sounding conciliatory. Is that because he is
:11:09. > :11:13.worried? Are you all worried? You didn't think you would win, and
:11:14. > :11:17.there is no plan? You have to be conciliatory. I argued right through
:11:18. > :11:21.the referendum that we would continue to be the governing party,
:11:22. > :11:26.and however many passions were ignited in the referendum, we'd have
:11:27. > :11:32.to work together afterwards. I'm glad that that tone is coming to the
:11:33. > :11:36.fore. We do have to get back to business as usual. There is a
:11:37. > :11:41.political vacuum now, because the Prime Minister has resigned. He will
:11:42. > :11:48.go in the autumn. What happens next? What is your road map? The 1922
:11:49. > :11:53.committee will meet and telling a timetable. The choice of that
:11:54. > :11:57.timetable is a very rapid one, that the Parliamentary element of that is
:11:58. > :12:02.done by the 21st of July, or a slightly longer one, which was done
:12:03. > :12:07.in 2005, which takes it beyond the party conference. But what is the
:12:08. > :12:13.road map now, because there is a political vacuum until that takes
:12:14. > :12:20.place? We need to look at the issues that are out there on trade, and on
:12:21. > :12:25.diplomacy. Who should lead that? A range of people. We have a lot of
:12:26. > :12:30.very good people, such as Peter Lilley, who was part of one of the
:12:31. > :12:35.global trade rounds. He has great expertise. We need to get people
:12:36. > :12:39.from politics, people from law, people who understand the European
:12:40. > :12:45.mechanics, altogether, and it needs to be set up quickly. We need to get
:12:46. > :12:48.moving on this. It is the stability and control of the agenda that will
:12:49. > :12:54.give confidence to those watching the process. Are you a bit world by
:12:55. > :13:00.it all? No. In the House of Commons, we need to see the preparations that
:13:01. > :13:06.were made. I do not believe that no contingency planning has been done.
:13:07. > :13:12.I find that absurd. We need to see what work has been done by the civil
:13:13. > :13:15.service. And is it Labour's role to unite behind the government to make
:13:16. > :13:20.sure that there is no vacuum that continues on in autumn? I hope that
:13:21. > :13:24.Labour and the other parties will have a voice in the negotiations. In
:13:25. > :13:28.the campaign, I stressed that I would like to see the employment and
:13:29. > :13:33.environmental protection is being kept in place at a national level if
:13:34. > :13:37.we are not guaranteed them at a European level. I hope there were
:13:38. > :13:44.some contingency -- contingency plans done by the government. I am
:13:45. > :13:47.concerned. Liam is striking a different tone, but to hear Boris
:13:48. > :13:53.say there is no rush... It is not in our interest for these negotiations
:13:54. > :13:58.to go on for years and years. Let's be under no illusions. Free trade
:13:59. > :14:01.agreements are difficult. We don't want it to run for years and years,
:14:02. > :14:08.because that wouldn't be good for the economy? Should we join the
:14:09. > :14:12.single market? No. If we were to be in the single market, in the
:14:13. > :14:17.position that Norway is, we would be back to the full and open Kolisi of
:14:18. > :14:21.free movement of people, which is one of the things people voted
:14:22. > :14:26.against. You can sell into the single market without being in it,
:14:27. > :14:31.like the US and Canada. They do not have quite the same access. We need
:14:32. > :14:35.to have an honest discussion. To have unfettered access to the single
:14:36. > :14:40.market, we would need to have some sort of arrangement like Norway. In
:14:41. > :14:43.my constituency, people were worried about immigration, so is it
:14:44. > :14:48.realistic to suggest that we can have our cake and eat it? I don't
:14:49. > :14:52.think it is. We need to have an honest discussion with the British
:14:53. > :14:56.public about what can be achieved. If you want to be in the single
:14:57. > :15:02.market, there is a price to play, and one of that is in -- is
:15:03. > :15:08.unfettered migration. We have to look at the options available. We
:15:09. > :15:13.have to get these talks under way. Before we trigger Article 50, we
:15:14. > :15:17.need to know exactly what it is we are negotiating. What about what
:15:18. > :15:21.voters were promised, or what they believed they were promised by the
:15:22. > :15:24.Leave side? Let's look at immigration. Many voters will be
:15:25. > :15:28.hoping that immigration will come down quickly. Will that happen in
:15:29. > :15:37.the short-term? We cannot do that we leave the European Union.
:15:38. > :15:46.Boris Johnson said immigration was not the main reason why people voted
:15:47. > :15:48.to leave. Is he right? The issues of identity and controlled by
:15:49. > :15:56.governments were a big part of that. It is important for people to
:15:57. > :16:01.understand we are leaving the EU. We're not leaving right away. There
:16:02. > :16:07.was an idea that we're going to fall off a precipice because we are going
:16:08. > :16:10.to leave the next day. Many of us on the remaining side did not think we
:16:11. > :16:17.would come out so quickly. There would always be a process of
:16:18. > :16:20.negotiation. The question of debate would, -- was, how good would the
:16:21. > :16:25.terms be? That is still up in the air. The Foreign Secretary said
:16:26. > :16:31.losing access to the single market would be catastrophic. I do not
:16:32. > :16:35.believe that. I think losing access to the single market would be
:16:36. > :16:38.damaging to the economy, not least because banks and insurance
:16:39. > :16:42.companies which operate out of London to save and can operate
:16:43. > :16:46.across the EU because they are regulated and can do that. Some of
:16:47. > :16:54.them now might move their staff to other parts of the EU. Banks are
:16:55. > :17:00.already doing that? They are moving them to Dublin and Frankfurt. They
:17:01. > :17:10.are withdrawing from London because they are in part of the EU. They are
:17:11. > :17:18.rumours. Some jobs have moved from investment banks. The issue of past
:17:19. > :17:21.sporting as well. What it means is any country that has regulatory
:17:22. > :17:24.systems which are the same as the European Union can passport and it
:17:25. > :17:32.will not make a difference to us whether we are in terms of being in
:17:33. > :17:38.the EU or not. Would you promise that net migration would fall to
:17:39. > :17:43.tens of thousands? It will. We have to get control of the non-EU. One
:17:44. > :17:47.question which was addressed in the referendum is, why do we not have
:17:48. > :17:52.control of the half we should? You're supposed to have control of
:17:53. > :17:57.that is a government. One failure in government has been inability to
:17:58. > :18:01.control that part of immigration. EU migrants here now, should they be
:18:02. > :18:06.worried? No. What about people coming over here now? For the next
:18:07. > :18:11.two years, migration will continue. We will not change that. People are
:18:12. > :18:17.still -- we are still part of the European Union. After that, we get
:18:18. > :18:21.control. The whole point of the referendum is, in the longer term,
:18:22. > :18:27.we get control over things we do not have control over today. People
:18:28. > :18:29.cannot have it both ways. They cannot say you're getting migration
:18:30. > :18:33.of the next two years and we do not want seven break with the EU. If you
:18:34. > :18:39.want stability, you need that transition. There has been a lot of
:18:40. > :18:49.rolling back from the cup at a letter vote League campaign. Iain
:18:50. > :18:54.Duncan-Smith -- Vote Leave campaign. They promised 350 million a week to
:18:55. > :18:58.the NHS. Lots of people who are swayed by your campaign will be very
:18:59. > :19:02.disappointed if you keep rolling back on these things. Are you going
:19:03. > :19:08.to come clean with people I going to deliver on some of these promises? I
:19:09. > :19:19.kept saying the tempo Maca is not a government. There will be money. --
:19:20. > :19:27.the Vote Leave. Will it be on the NHS? It will be up to the Government
:19:28. > :19:39.of the day. The temp macro poster said, let's give the NHS the money.
:19:40. > :19:45.-- the Vote Leave. The argument was there would be about ?10 billion a
:19:46. > :19:49.year available to any government, Labour, Conservative, to spend on
:19:50. > :19:53.the priorities they want. I tried to make the point regularly during the
:19:54. > :19:58.referendum, including on this programme, these were choices for a
:19:59. > :20:02.future government. Boris Johnson stood in front of that bus night
:20:03. > :20:04.after night people saw it on television screens. His running to
:20:05. > :20:08.be Prime Minister of this country. The tension between Jeremy Corbyn
:20:09. > :20:10.and many of his MPs has been well-known ever
:20:11. > :20:13.since he unexpectedly swept to win But following the vote to leave
:20:14. > :20:17.the EU, and amid accusations that he hadn't done enough
:20:18. > :20:19.to try to secure a Remain vote, Mr Corbyn has been hit by a wave
:20:20. > :20:22.of front-bench resignations aimed Yesterday started with the news that
:20:23. > :20:26.Shadow Foreign Secretary Hilary Benn had been sacked from the front
:20:27. > :20:31.bench, which led to a flurry of 11 resignations from his Shadow Cabinet
:20:32. > :20:33.colleagues throughout the day. This morning, three junior
:20:34. > :20:50.shadow ministers resigned. -- 13 junior shadow ministers have
:20:51. > :20:51.resigned. Another has announced an intention to go if Jeremy Corbyn
:20:52. > :20:54.does not step down. But Jeremy Corbyn has
:20:55. > :20:56.still refused to step down, and today has announced
:20:57. > :20:58.several replacements They include moving Diane Abbott
:20:59. > :21:01.from International Development to Health, Emily Thornberry moves
:21:02. > :21:03.to Shadow Foreign Secretary, and Pat Glass moves from the Europe
:21:04. > :21:07.brief to Education. Among the new faces,
:21:08. > :21:13.Corbyn loyalist Clive Lewis comes in as Shadow Defence Secretary,
:21:14. > :21:17.and Cat Smith becomes the Shadow Secretary
:21:18. > :21:29.for Voter Engagement This morning, Mr Corbyn met with his
:21:30. > :21:33.deputy, Tom Watson, telling Labour leaders he had no authority left in
:21:34. > :21:37.the Parliamentary party and faces a leadership challenge. Both
:21:38. > :21:40.supporters and opponents of Mr Corbyn have been on the airwaves
:21:41. > :21:42.this morning, making their position known.
:21:43. > :21:44.This is not the time for the Labour Party to be
:21:45. > :21:49.We have to hold our nerve, and we have to think very carefully,
:21:50. > :21:51.for the sake of the country, as to what happens next.
:21:52. > :21:54.You need 95 people to put up a proper opposition front bench
:21:55. > :21:57.There's 15 gone already, and that doesn't include
:21:58. > :21:59.the Parliamentary Private Secretaries as well,
:22:00. > :22:02.people like Stephen Kinnock and so on, and I would be
:22:03. > :22:06.amazed if Jeremy is able to fulfil all of that.
:22:07. > :22:09.It may well be there's a vote of no confidence
:22:10. > :22:13.He's the elected Leader of the Labour Party by party members -
:22:14. > :22:19.So, no, Jeremy shouldn't resign at all.
:22:20. > :22:21.Well, this battle over the leadership of the party
:22:22. > :22:23.is really a struggle between many Labour MPs
:22:24. > :22:27.who voted for Mr Corbyn in such large numbers.
:22:28. > :22:29.The group, Momentum, set up to support Mr Corbyn,
:22:30. > :22:32.is holding a demonstration this evening at the same time as MPs meet
:22:33. > :22:34.to discuss a vote of no confidence in their leader.
:22:35. > :22:42.And Sam Tarry from Momentum joins us now.
:22:43. > :22:49.He is going to have to go, isn't he? Pressure is building. We have had
:22:50. > :22:53.waves of resignation from the Shadow Cabinet. He is struggling to fill
:22:54. > :23:00.all the positions. His deputy has said he has lost little authority.
:23:01. > :23:03.It is a difficult situation, absolutely. What we will be facing
:23:04. > :23:08.in terms of a situation where nearly every single trade union member, the
:23:09. > :23:12.vast amount of trade union members and the vast amount of the Labour
:23:13. > :23:16.Party membership, even if there has been some slippage in terms of
:23:17. > :23:20.support for Corbyn, it will still be an overwhelming win for him in a
:23:21. > :23:27.leadership contest. What worries me is people in the PLP who have been
:23:28. > :23:31.resigning also knows that. What is the endgame? The irresponsible mass
:23:32. > :23:33.of doing this at a time when the Tories are trying to punch
:23:34. > :23:40.themselves into the face have decided they will do it. This is
:23:41. > :23:46.crazy. Why is Labour doing this? There is concern that Jeremy did not
:23:47. > :23:49.communicate with voters. A few weeks ago half voters did not know we were
:23:50. > :23:54.campaigning to remain for that there is also a concern we do have a
:23:55. > :23:58.disconnect with working class communities in the Midlands were my
:23:59. > :24:01.own seat, and also in the north. There is concern that Jeremy does
:24:02. > :24:06.not have the leadership skills to reach out to those people. I have
:24:07. > :24:10.had a number of e-mails over the weekend from people who did support
:24:11. > :24:18.Jeremy last and are now very disappointed with the lack of
:24:19. > :24:24.passion and can pitch -- he showed join the referendum campaign. We
:24:25. > :24:27.could lose very many seats. We could lose 30% of the support we had last
:24:28. > :24:36.check, which was a bad result in itself. If there is a leadership
:24:37. > :24:47.election, he will win again? We do not know that. I am a councillor in
:24:48. > :24:53.Dagenham. Jeremy is in a good position, he is Eurosceptic but
:24:54. > :24:58.remain position. That is where the vast majority of people were. People
:24:59. > :25:02.talk about Jeremy Corbyn. The rot set in a long time ago. These
:25:03. > :25:07.communities have felt abandoned because they felt there was an elite
:25:08. > :25:13.politicians not listening to them and taking in their concerns. There
:25:14. > :25:18.is a disconnect between the Labour Party in those communities. I agree
:25:19. > :25:22.that it did start before now I did start before Jeremy. I do not think
:25:23. > :25:27.Jeremy is in a position to reach out to those people. He is not reaching
:25:28. > :25:32.out to those people now. You were waiting for an excuse to move on
:25:33. > :25:37.Jeremy Corbyn? I wanted us to vote to remain in the EU. I slogged my
:25:38. > :25:42.guts out for days and days and weeks and weeks. I wish we had had that
:25:43. > :25:55.results on Thursday. Now everything is changed. The results were not as
:25:56. > :25:57.bad as many would have expected. A more profound question, the
:25:58. > :26:01.disconnect between the Parliamentary Labour Party and the Labour Party
:26:02. > :26:05.outside Parliament, to the point where you can end up in a Catch-22
:26:06. > :26:10.situation, which is not good for politics. There was a real danger of
:26:11. > :26:18.the Labour Party splitting. They are two very separate movements. A
:26:19. > :26:27.Blairite Parliamentary party and all socialists -- a more Socialist
:26:28. > :26:32.Party. There is something about it being responsible to voters as well
:26:33. > :26:40.as members. They are responsible to voters who voted them in. I think we
:26:41. > :26:43.will still get the same result. If there is another left candidate on
:26:44. > :26:51.the ballot paper, they would win as well. Who would you have replaced
:26:52. > :26:55.Jeremy Corbyn? We are not in that place yet. We are going to have a
:26:56. > :26:59.discussion tonight at a meeting of Labour MPs about whether we have
:27:00. > :27:03.this motion of no-confidence. We have to debate that night and I hope
:27:04. > :27:07.that vote will take place sometime this week. As Tom Watson said to
:27:08. > :27:11.Jeremy coheres in a very difficult position now than he has lost
:27:12. > :27:15.authority amongst many in the Parliamentary particles that if you
:27:16. > :27:18.cannot fill the 95 positions to field a team against the Government
:27:19. > :27:27.that puts the Labour Party in a very bad position. The party will not
:27:28. > :27:33.split. If you look at the candidate standing against Jeremy, who would
:27:34. > :27:37.have had a far, far worse result with some of those candidates
:27:38. > :27:42.standing. They were clueless about how angry working class people were
:27:43. > :27:50.in this country. Thank you very much.
:27:51. > :27:58.resignation on Friday morning - it's hard to keep up
:27:59. > :28:01.So, will it be Boris or anyone but Boris?
:28:02. > :28:05.Well, the man we turn to at times like this is Alex Donohue
:28:06. > :28:13.how are Boris Johnson's to looking? At the moment he is the favourite.
:28:14. > :28:17.One horse is making rapid headway, Theresa May. Boris is proving
:28:18. > :28:22.unpopular. He was odds-on and Theresa May was 4/ one foot she is
:28:23. > :28:29.now 9/ four. Looking like a two horse race. All the momentum is with
:28:30. > :28:36.Theresa May. We have Stephen Crabb at 10:1. His odds have been creeping
:28:37. > :28:42.in all the while. Then there is a whole host of familiar faces. Liam
:28:43. > :28:47.Fox in the studio with us today is 16:1. You are 25:1 on Friday. People
:28:48. > :28:52.seem to think you are in with a chance. Then we have George Osborne
:28:53. > :28:56.25:1. We'll be keeping an eye on him, seeing how he performs in his
:28:57. > :29:09.speech this morning. One name is missing, isn't there? Michael Gove.
:29:10. > :29:10.He was 5:1. That's it from us. We will be back tomorrow at 11.
:29:11. > :29:12.Goodbye.