27/06/2016 Daily Politics


27/06/2016

Jo Coburn with the latest political news, interviews and debate.


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Good morning and welcome to the Daily Politics.

:00:37.:00:39.

The fallout from the UK's historic vote to leave

:00:40.:00:41.

Chancellor George Osborne, still in the job - for

:00:42.:00:46.

He says there's no need for an emergency budget,

:00:47.:00:50.

and the country is in a position of strength.

:00:51.:00:55.

Boris Johnson calls for healing and building bridges as he promises

:00:56.:00:58.

Britain will still be able to trade freely with the EU.

:00:59.:01:01.

Is he going to be the next Prime Minister?

:01:02.:01:04.

And are his assurances enough?

:01:05.:01:08.

And the referendum upheaval isn't restricted

:01:09.:01:11.

Jeremy Corbyn remains defiant despite waves of resignations

:01:12.:01:14.

Can he stay in the job, and for how long?

:01:15.:01:26.

And we'll be packing all of that into just half an hour today,

:01:27.:01:30.

as we've got a shorter programme for the next few weeks

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And with us for the duration are two political big hitters -

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Conservative MP Liam Fox and Labour MP Emma Reynolds.

:01:38.:01:40.

So, if you thought the dizzying pace of political change following last

:01:41.:01:46.

week's historic vote to leave the EU would slow down this week to give

:01:47.:01:50.

you time to watch the tennis, then I'm afraid you can think again.

:01:51.:01:53.

Chancellor George Osborne, who has been conspicuous

:01:54.:01:56.

by his absence since losing the referendum, appeared early this

:01:57.:02:00.

morning at the Treasury in an attempt to calm

:02:01.:02:02.

During the campaign, he'd promised an emergency budget filled

:02:03.:02:07.

with spending cuts and tax rises, but today he said

:02:08.:02:10.

He said the UK economy was facing an "adjustment", but that the

:02:11.:02:17.

country was ready to face the future from a position of strength.

:02:18.:02:22.

It is already evident that, as a result of Thursday's decision,

:02:23.:02:25.

some firms are continuing to pause their decisions

:02:26.:02:28.

As I said before the referendum, this will have an impact

:02:29.:02:34.

on the economy and the public finances, and there will need to be

:02:35.:02:38.

Given the delay in triggering Article 50, and the Prime Minister's

:02:39.:02:45.

decision to hand over to a successor, it is sensible that

:02:46.:02:48.

decisions on what that action should consist of wait for

:02:49.:02:52.

the OBR to assess the economy in the autumn, and for the new

:02:53.:02:56.

But no one should doubt our resolve to maintain

:02:57.:03:01.

the fiscal stability we have delivered for this country.

:03:02.:03:05.

To companies large and small, I would say this: the British

:03:06.:03:10.

We are highly competitive, and we are open for business.

:03:11.:03:18.

So, that was Chancellor George Osborne.

:03:19.:03:21.

Well, have his comments had the desired

:03:22.:03:23.

effect and eased jittery financial markets?

:03:24.:03:26.

The BBC's Business Editor, Simon Jack, can tell us more.

:03:27.:03:32.

What is happening? The markets are down this morning, but not nearly by

:03:33.:03:41.

as much as we saw at the end of last week. The FTSE 100, the 100 biggest

:03:42.:03:47.

companies, is down just over 1%. If you look beyond that to the FTSE

:03:48.:03:53.

250, these are more UK focused businesses. They are down another

:03:54.:03:58.

4%, added to the ten plus at the end of last week. It's not total

:03:59.:04:03.

carnage, it's not panic, but in some sectors we are seeing a real

:04:04.:04:09.

battering, such as Barclays, down over 10% today. House-builders are

:04:10.:04:14.

also down, Mike Taylor Wimpey. Clearly, people are thinking that

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there is going to be less appetite to build, and those banks stocks

:04:21.:04:25.

down for a combination of reasons, such as an interest rate cut. It

:04:26.:04:32.

will push back the time they can pay dividends as well. They will also be

:04:33.:04:37.

in the firing line if there is a downturn in the property markets.

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Not carnage, but pockets of real damage. Do the comments from the

:04:42.:04:46.

Chancellor calm things? The banks I have spoken to and the analysts were

:04:47.:04:51.

a bit underwhelmed by what the Chancellor had to say. He didn't say

:04:52.:04:55.

anything unexpected. He said we were coming from a position of strength.

:04:56.:05:00.

He's been missing in action for a few days,

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so he and Mark Carney have realised it falls to them to steady the ship

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a bit, because the Prime Minister has resigned. The Chancellor has

:05:16.:05:17.

come out and said, I am sticking around. It was interesting that he

:05:18.:05:20.

said there would be no emergency budget yet. He's saying that there

:05:21.:05:25.

will be no budget cuts and tax increases yet. He's waiting for the

:05:26.:05:29.

OBR to have a look at the finances and the shape of the economy. He's

:05:30.:05:34.

saying he's sticking around for now, no emergency budget yet, but one is

:05:35.:05:39.

coming. What about investor confidence? It's pretty thin at the

:05:40.:05:44.

moment. Lots of people are going to safe haven assets, things like gold,

:05:45.:05:50.

things with big US exposure. Pharmaceutical companies are doing

:05:51.:05:56.

quite well. Diageo has a lot of its earnings overseas and is not very UK

:05:57.:06:00.

focused. The dollar is doing well. People are going for the usual safe

:06:01.:06:05.

havens, which means that other than those, things are pretty skittish

:06:06.:06:12.

out there. The FTSE 250 down another 4% this morning. Liam Fox, Brexit

:06:13.:06:22.

has caused uncertainty, and certain sectors are really suffering, like

:06:23.:06:26.

banking and property. It is inevitable there will be some

:06:27.:06:29.

uncertainty. The Prime Minister has resigned. I was not expecting that.

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I am not surprised that we have uncertainty. We have taken a

:06:37.:06:41.

phenomenally difficult decision. I am not surprised to see this.

:06:42.:06:47.

Perhaps the fact that the FTSE 100 is death -- is down less than 1% is

:06:48.:06:51.

an indication of the fact that this is an adjustment and not serious

:06:52.:06:57.

instability. What about in the weeks to come? It's damaging to the

:06:58.:07:05.

economy. In the long-term, seeing a reduction in Stirling, the IMF would

:07:06.:07:09.

say that would be helpful to Britain's exports. We have seen a

:07:10.:07:18.

bit of the pound coming down. I think you will see stability

:07:19.:07:21.

re-emerging in the coming days. No total carnage, says Simon Jack. And

:07:22.:07:27.

that warning from the Chancellor before the referendum, that isn't

:07:28.:07:31.

going to materialise? I'm glad to hear that, but I do think it was

:07:32.:07:35.

pretty irresponsible from the Leave campaign to suggest that there would

:07:36.:07:41.

be no economic impact should the decision be to leave. Liam and I can

:07:42.:07:48.

agree that now what we need to do is have a plan in place to give the

:07:49.:07:52.

markets and business more certainty. We want to see the economy come

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through this. That's going to be very difficult. Boris Johnson and

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others need to come clean with people that this isn't going to be

:08:02.:08:06.

an easy process. It is going to be tricky. We need to try now to get a

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plan in place. I think that the vote Leave campaign, and Boris Johnson

:08:13.:08:15.

and Michael Gove in particular, should have been thinking about this

:08:16.:08:20.

before last Thursday. We need to work out what we will do in terms of

:08:21.:08:25.

adjustments in Whitehall, and re-establish a trade department. We

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need to see negotiating unit set up in number ten to get our discussions

:08:30.:08:34.

under way before we get to the Article 50 part, and for the House

:08:35.:08:37.

of Commons today, I imagine both sides will want to see what

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contingency planning was done in advance by the civil service. After

:08:42.:08:47.

a Cabinet meeting this morning, David Cameron comes to the Commons

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later today to talk about the results of the EU referendum.

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It'll be his first appearance since he announced his

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He's already made it clear he'll leave the negotiations

:08:58.:09:00.

on the UK's new relationship with the EU to his successor,

:09:01.:09:03.

Well, Boris Johnson, who of course led the Leave campaign,

:09:04.:09:08.

is the favourite to take over and so his first big statement

:09:09.:09:12.

This morning, we got a glimpse of his thoughts through his weekly

:09:13.:09:16.

In it, he claimed that the Government would now be able

:09:17.:09:20.

to "take back democratic control of immigration policy,

:09:21.:09:22.

with a balanced and humane points based system",

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though not how many people would be allowed into the country

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But he also says that immigration was not the main reason most

:09:27.:09:32.

people voted Leave - that actually the main issue

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was control and the undermining of British democracy.

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He promised that "there will continue to be free trade

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and access to the single market", though he didn't say

:09:43.:09:47.

whether conditions - such as free movement -

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And he raised the possibility - but only the possibility -

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that "the substantial sum of money" previously sent to Brussels

:09:54.:09:57.

He dismissed Nicola Sturgeon's call for a second

:09:58.:10:06.

saying there was "no real apetetite for one soon."

:10:07.:10:09.

But he acknowledged that the 52-48 referendum win was "not

:10:10.:10:12.

He said that the winning side much reach out, heal and build bridges.

:10:13.:10:28.

Earlier this morning, he tried to do exactly that.

:10:29.:10:30.

There has been a lot of confusion over the weekend about the status of

:10:31.:10:33.

It is absolutely clear that people from

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other European countries, who are living here,

:10:37.:10:37.

All people want to see is a system that is fair, impartial and

:10:38.:10:42.

humane to all people coming from around the world.

:10:43.:10:44.

Also, obviously, people from the UK living abroad,

:10:45.:10:46.

living in the rest of the EU will also have their rights completely

:10:47.:10:49.

I just worry there has been a certain amount of confusion

:10:50.:10:53.

Boris Johnson, sounding conciliatory. Is that because he is

:10:54.:11:08.

worried? Are you all worried? You didn't think you would win, and

:11:09.:11:13.

there is no plan? You have to be conciliatory. I argued right through

:11:14.:11:17.

the referendum that we would continue to be the governing party,

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and however many passions were ignited in the referendum, we'd have

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to work together afterwards. I'm glad that that tone is coming to the

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fore. We do have to get back to business as usual. There is a

:11:33.:11:36.

political vacuum now, because the Prime Minister has resigned. He will

:11:37.:11:41.

go in the autumn. What happens next? What is your road map? The 1922

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committee will meet and telling a timetable. The choice of that

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timetable is a very rapid one, that the Parliamentary element of that is

:11:54.:11:57.

done by the 21st of July, or a slightly longer one, which was done

:11:58.:12:02.

in 2005, which takes it beyond the party conference. But what is the

:12:03.:12:07.

road map now, because there is a political vacuum until that takes

:12:08.:12:13.

place? We need to look at the issues that are out there on trade, and on

:12:14.:12:20.

diplomacy. Who should lead that? A range of people. We have a lot of

:12:21.:12:25.

very good people, such as Peter Lilley, who was part of one of the

:12:26.:12:30.

global trade rounds. He has great expertise. We need to get people

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from politics, people from law, people who understand the European

:12:36.:12:39.

mechanics, altogether, and it needs to be set up quickly. We need to get

:12:40.:12:45.

moving on this. It is the stability and control of the agenda that will

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give confidence to those watching the process. Are you a bit world by

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it all? No. In the House of Commons, we need to see the preparations that

:12:55.:13:00.

were made. I do not believe that no contingency planning has been done.

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I find that absurd. We need to see what work has been done by the civil

:13:07.:13:12.

service. And is it Labour's role to unite behind the government to make

:13:13.:13:15.

sure that there is no vacuum that continues on in autumn? I hope that

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Labour and the other parties will have a voice in the negotiations. In

:13:21.:13:24.

the campaign, I stressed that I would like to see the employment and

:13:25.:13:28.

environmental protection is being kept in place at a national level if

:13:29.:13:33.

we are not guaranteed them at a European level. I hope there were

:13:34.:13:37.

some contingency -- contingency plans done by the government. I am

:13:38.:13:44.

concerned. Liam is striking a different tone, but to hear Boris

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say there is no rush... It is not in our interest for these negotiations

:13:48.:13:53.

to go on for years and years. Let's be under no illusions. Free trade

:13:54.:13:58.

agreements are difficult. We don't want it to run for years and years,

:13:59.:14:01.

because that wouldn't be good for the economy? Should we join the

:14:02.:14:08.

single market? No. If we were to be in the single market, in the

:14:09.:14:12.

position that Norway is, we would be back to the full and open Kolisi of

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free movement of people, which is one of the things people voted

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against. You can sell into the single market without being in it,

:14:22.:14:26.

like the US and Canada. They do not have quite the same access. We need

:14:27.:14:31.

to have an honest discussion. To have unfettered access to the single

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market, we would need to have some sort of arrangement like Norway. In

:14:36.:14:40.

my constituency, people were worried about immigration, so is it

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realistic to suggest that we can have our cake and eat it? I don't

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think it is. We need to have an honest discussion with the British

:14:49.:14:52.

public about what can be achieved. If you want to be in the single

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market, there is a price to play, and one of that is in -- is

:14:57.:15:02.

unfettered migration. We have to look at the options available. We

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have to get these talks under way. Before we trigger Article 50, we

:15:09.:15:13.

need to know exactly what it is we are negotiating. What about what

:15:14.:15:17.

voters were promised, or what they believed they were promised by the

:15:18.:15:21.

Leave side? Let's look at immigration. Many voters will be

:15:22.:15:24.

hoping that immigration will come down quickly. Will that happen in

:15:25.:15:28.

the short-term? We cannot do that we leave the European Union.

:15:29.:15:37.

Boris Johnson said immigration was not the main reason why people voted

:15:38.:15:46.

to leave. Is he right? The issues of identity and controlled by

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governments were a big part of that. It is important for people to

:15:49.:15:56.

understand we are leaving the EU. We're not leaving right away. There

:15:57.:16:01.

was an idea that we're going to fall off a precipice because we are going

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to leave the next day. Many of us on the remaining side did not think we

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would come out so quickly. There would always be a process of

:16:11.:16:17.

negotiation. The question of debate would, -- was, how good would the

:16:18.:16:20.

terms be? That is still up in the air. The Foreign Secretary said

:16:21.:16:25.

losing access to the single market would be catastrophic. I do not

:16:26.:16:31.

believe that. I think losing access to the single market would be

:16:32.:16:35.

damaging to the economy, not least because banks and insurance

:16:36.:16:38.

companies which operate out of London to save and can operate

:16:39.:16:42.

across the EU because they are regulated and can do that. Some of

:16:43.:16:46.

them now might move their staff to other parts of the EU. Banks are

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already doing that? They are moving them to Dublin and Frankfurt. They

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are withdrawing from London because they are in part of the EU. They are

:17:01.:17:10.

rumours. Some jobs have moved from investment banks. The issue of past

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sporting as well. What it means is any country that has regulatory

:17:19.:17:21.

systems which are the same as the European Union can passport and it

:17:22.:17:24.

will not make a difference to us whether we are in terms of being in

:17:25.:17:32.

the EU or not. Would you promise that net migration would fall to

:17:33.:17:38.

tens of thousands? It will. We have to get control of the non-EU. One

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question which was addressed in the referendum is, why do we not have

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control of the half we should? You're supposed to have control of

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that is a government. One failure in government has been inability to

:17:53.:17:57.

control that part of immigration. EU migrants here now, should they be

:17:58.:18:01.

worried? No. What about people coming over here now? For the next

:18:02.:18:06.

two years, migration will continue. We will not change that. People are

:18:07.:18:11.

still -- we are still part of the European Union. After that, we get

:18:12.:18:17.

control. The whole point of the referendum is, in the longer term,

:18:18.:18:21.

we get control over things we do not have control over today. People

:18:22.:18:27.

cannot have it both ways. They cannot say you're getting migration

:18:28.:18:29.

of the next two years and we do not want seven break with the EU. If you

:18:30.:18:33.

want stability, you need that transition. There has been a lot of

:18:34.:18:39.

rolling back from the cup at a letter vote League campaign. Iain

:18:40.:18:49.

Duncan-Smith -- Vote Leave campaign. They promised 350 million a week to

:18:50.:18:54.

the NHS. Lots of people who are swayed by your campaign will be very

:18:55.:18:58.

disappointed if you keep rolling back on these things. Are you going

:18:59.:19:02.

to come clean with people I going to deliver on some of these promises? I

:19:03.:19:08.

kept saying the tempo Maca is not a government. There will be money. --

:19:09.:19:19.

the Vote Leave. Will it be on the NHS? It will be up to the Government

:19:20.:19:27.

of the day. The temp macro poster said, let's give the NHS the money.

:19:28.:19:39.

-- the Vote Leave. The argument was there would be about ?10 billion a

:19:40.:19:45.

year available to any government, Labour, Conservative, to spend on

:19:46.:19:49.

the priorities they want. I tried to make the point regularly during the

:19:50.:19:53.

referendum, including on this programme, these were choices for a

:19:54.:19:58.

future government. Boris Johnson stood in front of that bus night

:19:59.:20:02.

after night people saw it on television screens. His running to

:20:03.:20:04.

be Prime Minister of this country. The tension between Jeremy Corbyn

:20:05.:20:08.

and many of his MPs has been well-known ever

:20:09.:20:10.

since he unexpectedly swept to win But following the vote to leave

:20:11.:20:13.

the EU, and amid accusations that he hadn't done enough

:20:14.:20:17.

to try to secure a Remain vote, Mr Corbyn has been hit by a wave

:20:18.:20:19.

of front-bench resignations aimed Yesterday started with the news that

:20:20.:20:22.

Shadow Foreign Secretary Hilary Benn had been sacked from the front

:20:23.:20:26.

bench, which led to a flurry of 11 resignations from his Shadow Cabinet

:20:27.:20:31.

colleagues throughout the day. This morning, three junior

:20:32.:20:33.

shadow ministers resigned. -- 13 junior shadow ministers have

:20:34.:20:50.

resigned. Another has announced an intention to go if Jeremy Corbyn

:20:51.:20:51.

does not step down. But Jeremy Corbyn has

:20:52.:20:54.

still refused to step down, and today has announced

:20:55.:20:56.

several replacements They include moving Diane Abbott

:20:57.:20:58.

from International Development to Health, Emily Thornberry moves

:20:59.:21:01.

to Shadow Foreign Secretary, and Pat Glass moves from the Europe

:21:02.:21:03.

brief to Education. Among the new faces,

:21:04.:21:07.

Corbyn loyalist Clive Lewis comes in as Shadow Defence Secretary,

:21:08.:21:13.

and Cat Smith becomes the Shadow Secretary

:21:14.:21:17.

for Voter Engagement This morning, Mr Corbyn met with his

:21:18.:21:29.

deputy, Tom Watson, telling Labour leaders he had no authority left in

:21:30.:21:33.

the Parliamentary party and faces a leadership challenge. Both

:21:34.:21:37.

supporters and opponents of Mr Corbyn have been on the airwaves

:21:38.:21:40.

this morning, making their position known.

:21:41.:21:42.

This is not the time for the Labour Party to be

:21:43.:21:44.

We have to hold our nerve, and we have to think very carefully,

:21:45.:21:49.

for the sake of the country, as to what happens next.

:21:50.:21:51.

You need 95 people to put up a proper opposition front bench

:21:52.:21:54.

There's 15 gone already, and that doesn't include

:21:55.:21:57.

the Parliamentary Private Secretaries as well,

:21:58.:21:59.

people like Stephen Kinnock and so on, and I would be

:22:00.:22:02.

amazed if Jeremy is able to fulfil all of that.

:22:03.:22:06.

It may well be there's a vote of no confidence

:22:07.:22:09.

He's the elected Leader of the Labour Party by party members -

:22:10.:22:13.

So, no, Jeremy shouldn't resign at all.

:22:14.:22:19.

Well, this battle over the leadership of the party

:22:20.:22:21.

is really a struggle between many Labour MPs

:22:22.:22:23.

who voted for Mr Corbyn in such large numbers.

:22:24.:22:27.

The group, Momentum, set up to support Mr Corbyn,

:22:28.:22:29.

is holding a demonstration this evening at the same time as MPs meet

:22:30.:22:32.

to discuss a vote of no confidence in their leader.

:22:33.:22:34.

And Sam Tarry from Momentum joins us now.

:22:35.:22:42.

He is going to have to go, isn't he? Pressure is building. We have had

:22:43.:22:49.

waves of resignation from the Shadow Cabinet. He is struggling to fill

:22:50.:22:53.

all the positions. His deputy has said he has lost little authority.

:22:54.:23:00.

It is a difficult situation, absolutely. What we will be facing

:23:01.:23:03.

in terms of a situation where nearly every single trade union member, the

:23:04.:23:08.

vast amount of trade union members and the vast amount of the Labour

:23:09.:23:12.

Party membership, even if there has been some slippage in terms of

:23:13.:23:16.

support for Corbyn, it will still be an overwhelming win for him in a

:23:17.:23:20.

leadership contest. What worries me is people in the PLP who have been

:23:21.:23:27.

resigning also knows that. What is the endgame? The irresponsible mass

:23:28.:23:31.

of doing this at a time when the Tories are trying to punch

:23:32.:23:33.

themselves into the face have decided they will do it. This is

:23:34.:23:40.

crazy. Why is Labour doing this? There is concern that Jeremy did not

:23:41.:23:46.

communicate with voters. A few weeks ago half voters did not know we were

:23:47.:23:49.

campaigning to remain for that there is also a concern we do have a

:23:50.:23:54.

disconnect with working class communities in the Midlands were my

:23:55.:23:58.

own seat, and also in the north. There is concern that Jeremy does

:23:59.:24:01.

not have the leadership skills to reach out to those people. I have

:24:02.:24:06.

had a number of e-mails over the weekend from people who did support

:24:07.:24:10.

Jeremy last and are now very disappointed with the lack of

:24:11.:24:18.

passion and can pitch -- he showed join the referendum campaign. We

:24:19.:24:24.

could lose very many seats. We could lose 30% of the support we had last

:24:25.:24:27.

check, which was a bad result in itself. If there is a leadership

:24:28.:24:36.

election, he will win again? We do not know that. I am a councillor in

:24:37.:24:47.

Dagenham. Jeremy is in a good position, he is Eurosceptic but

:24:48.:24:53.

remain position. That is where the vast majority of people were. People

:24:54.:24:58.

talk about Jeremy Corbyn. The rot set in a long time ago. These

:24:59.:25:02.

communities have felt abandoned because they felt there was an elite

:25:03.:25:07.

politicians not listening to them and taking in their concerns. There

:25:08.:25:13.

is a disconnect between the Labour Party in those communities. I agree

:25:14.:25:18.

that it did start before now I did start before Jeremy. I do not think

:25:19.:25:22.

Jeremy is in a position to reach out to those people. He is not reaching

:25:23.:25:27.

out to those people now. You were waiting for an excuse to move on

:25:28.:25:32.

Jeremy Corbyn? I wanted us to vote to remain in the EU. I slogged my

:25:33.:25:37.

guts out for days and days and weeks and weeks. I wish we had had that

:25:38.:25:42.

results on Thursday. Now everything is changed. The results were not as

:25:43.:25:55.

bad as many would have expected. A more profound question, the

:25:56.:25:57.

disconnect between the Parliamentary Labour Party and the Labour Party

:25:58.:26:01.

outside Parliament, to the point where you can end up in a Catch-22

:26:02.:26:05.

situation, which is not good for politics. There was a real danger of

:26:06.:26:10.

the Labour Party splitting. They are two very separate movements. A

:26:11.:26:18.

Blairite Parliamentary party and all socialists -- a more Socialist

:26:19.:26:27.

Party. There is something about it being responsible to voters as well

:26:28.:26:32.

as members. They are responsible to voters who voted them in. I think we

:26:33.:26:40.

will still get the same result. If there is another left candidate on

:26:41.:26:43.

the ballot paper, they would win as well. Who would you have replaced

:26:44.:26:51.

Jeremy Corbyn? We are not in that place yet. We are going to have a

:26:52.:26:55.

discussion tonight at a meeting of Labour MPs about whether we have

:26:56.:26:59.

this motion of no-confidence. We have to debate that night and I hope

:27:00.:27:03.

that vote will take place sometime this week. As Tom Watson said to

:27:04.:27:07.

Jeremy coheres in a very difficult position now than he has lost

:27:08.:27:11.

authority amongst many in the Parliamentary particles that if you

:27:12.:27:15.

cannot fill the 95 positions to field a team against the Government

:27:16.:27:18.

that puts the Labour Party in a very bad position. The party will not

:27:19.:27:27.

split. If you look at the candidate standing against Jeremy, who would

:27:28.:27:33.

have had a far, far worse result with some of those candidates

:27:34.:27:37.

standing. They were clueless about how angry working class people were

:27:38.:27:42.

in this country. Thank you very much.

:27:43.:27:50.

resignation on Friday morning - it's hard to keep up

:27:51.:27:58.

So, will it be Boris or anyone but Boris?

:27:59.:28:01.

Well, the man we turn to at times like this is Alex Donohue

:28:02.:28:05.

how are Boris Johnson's to looking? At the moment he is the favourite.

:28:06.:28:13.

One horse is making rapid headway, Theresa May. Boris is proving

:28:14.:28:17.

unpopular. He was odds-on and Theresa May was 4/ one foot she is

:28:18.:28:22.

now 9/ four. Looking like a two horse race. All the momentum is with

:28:23.:28:29.

Theresa May. We have Stephen Crabb at 10:1. His odds have been creeping

:28:30.:28:36.

in all the while. Then there is a whole host of familiar faces. Liam

:28:37.:28:42.

Fox in the studio with us today is 16:1. You are 25:1 on Friday. People

:28:43.:28:47.

seem to think you are in with a chance. Then we have George Osborne

:28:48.:28:52.

25:1. We'll be keeping an eye on him, seeing how he performs in his

:28:53.:28:56.

speech this morning. One name is missing, isn't there? Michael Gove.

:28:57.:29:09.

He was 5:1. That's it from us. We will be back tomorrow at 11.

:29:10.:29:10.

Goodbye.

:29:11.:29:12.

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