:00:00. > :00:09.Trust me I'm a spy. Put as baldly as that it may not carry the ring of
:00:10. > :00:14.complete confidence, but that was in essence The pitch of the three most
:00:15. > :00:18.senior officials today as they appeared before a group of
:00:19. > :00:36.politicians. They say this man's revelations about
:00:37. > :00:38.politicians. They say this man's a profit. Is it a business or a
:00:39. > :00:42.bubble? As the Commonwealth RDZ itself to
:00:43. > :00:46.meet in Sri Lanka, we hear from Tamil who is say they have been
:00:47. > :00:56.raped and tortured by Sri Lankan authorities as recently as this
:00:57. > :01:02.Kensington and Chelsea, welcome to some of the most real estate in
:01:03. > :01:10.Britain. Are parts of this country like nothing so much now as another
:01:11. > :01:14.country. Desbanker, banker, banker, and I can't tell them apart, they
:01:15. > :01:16.have the wives that go like this and a motorcycle that they put their
:01:17. > :01:47.children in. The skinny women! MI five and GCHQ testified thus
:01:48. > :01:51.before a Parliamentary Committee today. We have to take their word
:01:52. > :01:54.for what they say has occurred, which itself rather points up the
:01:55. > :01:58.problem of trying to maintain political surveillance on
:01:59. > :02:20.intelligence surveillance. We eavesdropped on it all. It has
:02:21. > :02:27.taken a long journey out of the shadows to something like shadows.
:02:28. > :02:32.Successive chiefs and DGs of MI6 and MI5, fought a rear guard action
:02:33. > :02:37.against coming into the light. Clearly openness is something that
:02:38. > :02:56.we're moving down the road on. It is now over 20 years that we have
:02:57. > :02:59.we're moving down the road on. It is demonstration, I believe, of the
:03:00. > :03:04.Government's commitment both to the need for the sort of intelligence
:03:05. > :03:09.that we can provide and their confidence in the service as it now
:03:10. > :03:14.is. The MI6 boss spoke on the record,
:03:15. > :03:18.but off camera. I was at that press conference 20 years ago and
:03:19. > :03:23.incidentally we journalists haven't had another chance to cross-examine
:03:24. > :03:28.heads of MI6 and GCHQ on the record since then. But the thing that
:03:29. > :03:32.really sticks in my mind about that meeting was the degree to which the
:03:33. > :03:36.heads of those agencies thought they could limit their public exposure,
:03:37. > :03:39.they didn't want to be photographed, and they thought that the new
:03:40. > :03:43.commitmenty being established at that time, and which -- committee
:03:44. > :03:47.being established at that time and that met again today could be kept
:03:48. > :04:07.out of any scrutiny of their operations. Today
:04:08. > :04:11.out of any scrutiny of their hindsight we were not configured in
:04:12. > :04:15.2001 for the scale of the terrorist threat that this country faced after
:04:16. > :04:20.9/11. Our people weren't trained for it, we didn't have the experience
:04:21. > :04:26.for it or the resources for it. It took us some time to adapt to the
:04:27. > :04:29.scale of the threat we faced. This committee was set up 20 years ago,
:04:30. > :04:33.but its powers have expanded considerably. Even so there were
:04:34. > :04:37.signs today that the recent disclosures about the extent of
:04:38. > :04:41.electronic surveillance came as news to some members.
:04:42. > :04:45.We weren't ware of the intricacies, whilst we appreciate a lot of this
:04:46. > :04:49.is a very confidential nature and the co-operation that you have with
:04:50. > :04:53.other -- aware with the intricacies, we appreciate a lot of this is very
:04:54. > :04:57.confidential the co-operation you have with others. Can we have a
:04:58. > :05:18.commitment that you will give us the e-mails of the vast majority,
:05:19. > :05:22.that would not be proportional or legal we do not do it. It would be
:05:23. > :05:25.nice if terrorists or criminals used a particular method of communication
:05:26. > :05:29.and everybody else used something else. That is not the case. It would
:05:30. > :05:38.be very nice if we knew who all the terrorists and serious criminals
:05:39. > :05:45.were, but the Internet is a great way of making those anonymous. The
:05:46. > :05:50.moves towards making MI5 more open, and were prepared to make occasional
:05:51. > :05:53.speeches but not cross-examined. Secret organisations need to say
:05:54. > :05:56.secret, even if we present an occasion public face as I am doing
:05:57. > :06:01.today. Today they showed they also learned the value of a public
:06:02. > :06:07.platform, launching attacks on those who had published Edward Snowden's
:06:08. > :06:26.revelation, alleging grave damage to national security. The
:06:27. > :06:29.lapping it up. We have seen terrorist groups in south Asia and
:06:30. > :06:33.other places discussing the revelations in terms of the
:06:34. > :06:44.communication packages they use and they wish to move to. There are
:06:45. > :06:49.budgets to justify too, MI5 has twice the people it had at the end
:06:50. > :06:57.of the Cold War, and justifies why it thinks that is right. Since 7/7
:06:58. > :07:03.there have been 34 plots against this country at all sizes and
:07:04. > :07:07.stages. I have referred publicly and my predecessors have that one or two
:07:08. > :07:10.of those are major plots aimed at mass casualty that have been
:07:11. > :07:14.attempted each year. The hearing ended with many feeling they heard
:07:15. > :07:19.the start of a conversation that will now go on in closed session.
:07:20. > :07:37.The accountability question likewise has
:07:38. > :07:41.The accountability question likewise the word of the Intelligence
:07:42. > :07:47.Services on trust? Well it is part of a democracy, and it is why it is
:07:48. > :07:51.so important as I was saying in the Guardian earlier this week. That we
:07:52. > :07:56.built trust in the system. Because once people lose that trust then
:07:57. > :08:01.they are not just sceptical, which is healthy, but they become cynical,
:08:02. > :08:04.which isn't, because then they would preclude the Security Services from
:08:05. > :08:09.being able to develop the measures in taking on new technology and
:08:10. > :08:13.rapid change in the use of new technology which will save us from
:08:14. > :08:16.all sorts of threats including cyber.
:08:17. > :08:24.But you also suggested in that article that we needed a breath of
:08:25. > :08:27.scepticism. What did you mean? I believe that we need to challenge as
:08:28. > :08:47.ministers and in believe that we need to challenge as
:08:48. > :08:53.you ever feel you were misled during your time at the Home Office? I felt
:08:54. > :08:58.that there were times, I have to be very careful here there were times
:08:59. > :09:03.when the enthusiasm for doing the job, the commitment, sometimes
:09:04. > :09:07.overrode judgment which is why, although politicians are rarely
:09:08. > :09:13.trusted, it is important to have politicians asking the kind of
:09:14. > :09:17.questions that you would expect to ask yourself, Jeremy, and the public
:09:18. > :09:22.would ask of themselves. And on many occasions we had robust discussions
:09:23. > :09:29.and sometimes I was persuaded and on occasions I wasn't Do you think on
:09:30. > :09:33.some occasions you might have been persuaded too easily? I think there
:09:34. > :09:36.is danger when you come into a serious job like home or Foreign
:09:37. > :09:57.Secretary, that you come in, serious job like home or Foreign
:09:58. > :10:04.have had the case overstated to you or you have been misled. I think
:10:05. > :10:08.there is always a danger in public life that case is overstated to make
:10:09. > :10:12.a point. A case is overstated because people are so committed,
:10:13. > :10:18.they are so carried away with what they know that they want you to
:10:19. > :10:22.believe. We're all occasionally guilty of doing this. In something
:10:23. > :10:27.as important as the security of our country you have to believe that
:10:28. > :10:31.these people know what they are doing but something as important as
:10:32. > :10:35.civil liberties and our rights, you have to be prepared to ask the
:10:36. > :10:43.awkward question when it would be easier simply to go along with it.
:10:44. > :10:46.Do you aDWREE with the head of MI six I6 that what -- MI6 that what
:10:47. > :11:06.Edward Snowden disclosed will six I6 that what -- MI6 that what
:11:07. > :11:12.example who it should be that makes the final judgment on such sensitive
:11:13. > :11:17.material. Should it be even the most well informed and sensitive editor
:11:18. > :11:27.of a newspaper or should we have a better system within the democratic
:11:28. > :11:35.political agreen Take That allows -- arena that aLOETS that -- allows
:11:36. > :11:38.that to take place. With people like you and the intelligence agencies,
:11:39. > :11:43.the cards haven't been dealt evenly, there will be a point in the
:11:44. > :11:47.conversation where they could say to you "you will just have to trust
:11:48. > :11:53.us"? I think there will be occasions and when you err on the side of
:11:54. > :11:56.caution and caution would be back to that preset that the first and most
:11:57. > :12:17.fundamental that preset that the first and most
:12:18. > :12:21.disposal. These are such difficult delicate issues that I think the
:12:22. > :12:25.debate is a good one. But the solution has to be something better
:12:26. > :12:29.than people stealing material and then presuming that they know best
:12:30. > :12:36.in terms of what should be put in the public arena. David Blunkett,
:12:37. > :12:43.thank you. With us now is Sir Francis Richard,
:12:44. > :12:48.former director of GCHQ, the Guardian columnist, Simon Jenkins
:12:49. > :12:52.and Hazel Blears, former counter terrorism minister. Francis
:12:53. > :12:58.Richards, were you one of those whose enthusiasm and commitment
:12:59. > :13:02.overrode your judgment? I didn't think so. There is no purpose to
:13:03. > :13:05.having secret intelligence agencies if they don't tell the truth to
:13:06. > :13:07.power. That is what they are there for. Ever come a point in a
:13:08. > :13:26.conversation then certainly, I confessed. But you
:13:27. > :13:30.were happy in principle to tell them virtually everything you knew about
:13:31. > :13:35.your suspicions on the basis of your evidence? Yes, that is what we are
:13:36. > :13:39.there for. Hazel Blears did you know, as a member of the
:13:40. > :13:44.intelligence oversight committee did you know the extent of GCHQ
:13:45. > :13:48.surveillance in Britain? Yes, I would say that the committee did
:13:49. > :13:53.have a broad understanding of what the capabilities of GCHQ were. And
:13:54. > :13:59.do you judge that was all right? We have been looking at them for threy,
:14:00. > :14:02.we have been on several visits. We have had very confidential briefings
:14:03. > :14:06.about what the capabilities were and obviously we were satisfied that
:14:07. > :14:10.they were operating within our legal framework. The question I put to
:14:11. > :14:14.Iain Lobban today was quite a tough question, I asked him to guarantee
:14:15. > :14:17.that he wasn't conducting any operations that weren't covered by
:14:18. > :14:34.the British legal framework and he gave
:14:35. > :14:37.the British legal framework and he what they can do and what they were
:14:38. > :14:42.doing, in terms of being able to select information. The point that
:14:43. > :14:45.was made sod is they could collect that information but in order to go
:14:46. > :14:48.further and look at content or data they have to have a target set of
:14:49. > :14:54.people of interest. So the rest of the population are not people of
:14:55. > :14:59.interest. You knew about Tempora then? We didn't know the names of
:15:00. > :15:02.these projects and I'm sure the exact same situation applies in
:15:03. > :15:05.America. In terms of broad capabilities we did. We also heard
:15:06. > :15:09.that Iain Lobban confirm that when we are in private session and we
:15:10. > :15:12.meet every single week in private session he certainly will go into
:15:13. > :15:16.more detail both about the damage that has been done and also about
:15:17. > :15:22.the broad capabilities as well. In that case you knew precisely how big
:15:23. > :15:26.a sham the communications data bill was, didn't you? No, the
:15:27. > :16:10.Communications Data Bill was about trying to put on a
:16:11. > :16:15.keep the data you can't interrogate it. Do you think if the committee
:16:16. > :16:19.knew what was going on why didn't they tell you? More to the point,
:16:20. > :16:26.this is the biggest lapse in intelligence security of our
:16:27. > :16:32.generation, since the war, it is a colossal lapse. That is not the
:16:33. > :16:37.point, I'm asking about oversight? The claps was oversight, you would
:16:38. > :16:55.assume someone would have said you distribute
:16:56. > :16:59.assume someone would have said you Francis you at least accept had it
:17:00. > :17:03.not been for Edward Snowden and those disclosures we wouldn't see
:17:04. > :17:05.those three people before a Parliamentary Committee? I don't
:17:06. > :17:07.think that is necessarily right, I don't think it would have happened
:17:08. > :17:11.today but that is the direction which things are moving. The
:17:12. > :17:15.position of the agencies has changed enormously in the last ten years, as
:17:16. > :17:21.the chief security threats to this country have become covert. That
:17:22. > :17:28.means that they have moved from the rear of the country's defences into
:17:29. > :17:32.the front line. They cannot operate without trust and that trust is
:17:33. > :17:37.going to demand a much closer relationship both for them and the
:17:38. > :17:42.oversight with the public. The reason why I stayed and did this,
:17:43. > :17:45.Edward Snowden was not a disloyal enemy of security, the reason he did
:17:46. > :17:47.it is he simply saw his bosses lying to Congress over and over again. The
:17:48. > :18:04.monitoring system to Congress over and over again. The
:18:05. > :18:09.unbelievably lucky that he didn't put it all on the Internet or give
:18:10. > :18:14.it to an enemy. He gave it to a newspaper and they have published
:18:15. > :18:17.less than 1% of the material. You are perfectly happy that a newspaper
:18:18. > :18:21.editor is competent to judge what may or may not be safely made
:18:22. > :18:26.public? In this case, every story is matter of trust on the part of the
:18:27. > :18:29.editor. In this case a tiny percentage of it was considered in
:18:30. > :18:33.the public interest, it was all shown to security officials before
:18:34. > :18:38.it was published, a lot was deDAKTed as a result of that. It was as
:18:39. > :18:43.precise an exercise as you could have performed. What is your
:18:44. > :18:47.analysis? I think Edward Snowden has placed the information in places
:18:48. > :18:54.where it was inevitable. It has been given wider circulation by those
:18:55. > :18:56.capable of accessing it. Do you think the newspapers acted
:18:57. > :19:15.responsibly in this case? Can I think the newspapers acted
:19:16. > :19:19.the act. For the first time we have powers to go into the agencies and
:19:20. > :19:21.look at their documents and see primary intelligence materials.
:19:22. > :19:25.Oversight is never going to be perfect, but actually it is an awful
:19:26. > :19:31.lot more stringent than it used to be.
:19:32. > :19:35.GCHQ were boasting in their own documents that they had an easier
:19:36. > :19:40.life as they were concerned than the Americans were having. That is what
:19:41. > :19:45.they call the unique selling proposition of GCHQ service, they
:19:46. > :19:51.were selling to NSA, they were utterly insecure. It is insecure.
:19:52. > :19:55.Francis Richards how worried were you by Edward Snowden's disclosures?
:19:56. > :20:01.Very worried. Intelligence only works if you can do things that your
:20:02. > :20:06.targets, those who threaten national security don't know you can do. If
:20:07. > :20:07.you put out a huge quantity of what you have
:20:08. > :20:26.you put out a huge quantity of what never going to leak? I'm not
:20:27. > :20:31.responsible for American oversight and nor is the Intelligence and
:20:32. > :20:34.Security Committee. I don't think we are talking about that. All of your
:20:35. > :20:38.material was accessible to NSA, they had access to the material and were
:20:39. > :20:41.clearly unable to keep it safe. That in my mind is the security threat?
:20:42. > :20:47.We are talking about British oversight here, not about American.
:20:48. > :20:55.How secure is this information that you have not in the Guardian
:20:56. > :21:01.disclosed? It is locked in a room. It is locked in a room is it? It is
:21:02. > :21:09.not in the keeping of Glenn Greenwald. No, it is locked in a
:21:10. > :21:16.room. Where? In America. Are you certain? Yeah. Why is Mr Greenwald's
:21:17. > :21:34.partner flying around the world with a computer
:21:35. > :21:37.partner flying around the world with catastrophe, not the Guardian's
:21:38. > :21:41.fault. Given a good story I think we did the most responsible thing we
:21:42. > :21:46.did given a good story is to work out which was in the public
:21:47. > :21:49.interest. Which is what we did do. You have this information, it is
:21:50. > :21:53.your problem? To that extent you are right. And you are asking us to
:21:54. > :21:58.trust you that you will make a sensible judgment in the best
:21:59. > :22:03.interests of people w are the sworn enemies of others to whom this will
:22:04. > :22:09.be used? We are safer custodians of it than GCHQ and NSA were. Almost a
:22:10. > :22:18.million people had access to this material, the wicky leaks has access
:22:19. > :22:22.for -- Wikileaks has access to it. A man flying around the world with a
:22:23. > :22:24.computer full of the most secret information that there is to have,
:22:25. > :22:47.with password on a piece information that there is to have,
:22:48. > :22:52.effect en Clair. What do you make of the judgment, many would say the
:22:53. > :22:55.Guardian did act responsibly in deciding not to release everything?
:22:56. > :22:59.You heard from Iain Lobban today that he has evidence, direct
:23:00. > :23:04.evidence of groups of terrorists who would seek to harm our country, now
:23:05. > :23:10.discussing the specific revelations and how they might change their
:23:11. > :23:14.operating techniques to evade scrutiny in the future. He has
:23:15. > :23:17.promised in a private session he will give us more information about,
:23:18. > :23:20.that the actual evidence we can see, and I very much look forward to
:23:21. > :23:26.being able to drill down into that. I think this is matter of major
:23:27. > :23:31.concern for the country, if groups are seeking to evade our scrutiny
:23:32. > :23:35.then that could result in harm. This is a cat and mouse game all the time
:23:36. > :23:59.with the technology, the terrorists with the technology, the terrorists
:24:00. > :24:09.changing the way they behave. I wasn't very surprised, it shows GCHQ
:24:10. > :24:14.is doing its job. Were you worried, distressed? It seemed to confirm
:24:15. > :24:18.what the most alarmist reports indicated? It confirmed what one
:24:19. > :24:21.already knew to be the case. It would be very surprising if, given
:24:22. > :24:28.the scale of the revelations that have been made, our enemies were not
:24:29. > :24:33.making arrangements to use more secure methods of communication that
:24:34. > :24:40.they don't think we can access. Do you think, Simon, we are ever going
:24:41. > :24:43.to get to a point where you can have and we can get beyond saying you are
:24:44. > :25:03.just going to have to trust me on this? It is like a haystack, we
:25:04. > :25:06.just going to have to trust me on want your society to surrender all
:25:07. > :25:11.its PRIFies and freedoms in the interests -- PRIF sees, and in the
:25:12. > :25:15.interests of stopping not that many terrorists. How many lives do you
:25:16. > :25:19.think it is worth? It is not world war that could break out? It could
:25:20. > :25:35.be a very serious terrorist incident? It is not a world war that
:25:36. > :25:37.will break out a very serious terrorist incident? It is not a
:25:38. > :25:41.world war that will break out. Ruby Wax rubbishes the neighbours. It is
:25:42. > :25:48.a cat and mouse game, how rich are you? Represents of the Governments
:25:49. > :25:53.of the Commonwealth meet next week in Sri Lanka to discuss good
:25:54. > :25:55.governance, democracy and mutual aid. Those worthy values seem to
:25:56. > :26:16.many of those aid. Those worthy values seem to
:26:17. > :26:25.distressing images and some of the interviewees names have been changed
:26:26. > :26:29.NIER protection. This is what the Sri Lankan Government wants you to
:26:30. > :26:35.see, an Indian Ocean paradise recovering from decades of war.
:26:36. > :26:39.But there is also dark side to this beautiful island. Four years after
:26:40. > :26:45.the conflict ended terrible things are still going on. I have now
:26:46. > :26:49.collected compelling evidence from 12 people, both men and women who
:26:50. > :26:54.say they have been raped in decontinuation by members of the Sri
:26:55. > :26:58.Lankan security forces this year. It is impossible toor rob rate every
:26:59. > :27:02.detail of each person's story, but I have spoken to doctor, seen medical
:27:03. > :27:03.reports and in some cases people have been granted asylum in Europe
:27:04. > :27:53.on the In 2009 the Sri Lankan army slushed
:27:54. > :27:58.-- army crushed the Tamil Tigers. They used child soldiers and
:27:59. > :28:02.assassinated prime ministers and Presidents. The United Nations
:28:03. > :28:09.accused the Government and tigers of committing war crimes and crimes
:28:10. > :28:16.against humanity in the final months of the war. Acoring to the UN, up to
:28:17. > :28:16.70 thou civilians were killed, the majority
:28:17. > :28:36.70 thou civilians were killed, the photographs, believed to have been
:28:37. > :28:43.taken by Government soldiers at the end of the war appear to show dead
:28:44. > :28:47.Tamil women. The UN said these images demonstrated a strong
:28:48. > :28:54.inference that rape or sexual violence may have occurred either
:28:55. > :28:58.prior to or after execution. It is rare for Tamil women to talk about
:28:59. > :29:02.sexual abuse. But with no hope of justice, some women are now starting
:29:03. > :29:09.to speak out in the hope of stopping this happening to others. To our
:29:10. > :29:15.knowledge this is the first Tamil rape survivor to recount her ordeal
:29:16. > :30:27.in public. Nandini says she was abducted and raped this year. But it
:30:28. > :30:31.is not just women who talk of sexual abuse. Ravi says he was forced to
:30:32. > :30:33.join the Tamil Tiger rebels for the last six months of the war. Before
:30:34. > :31:15.being detained for nearly four years last six months of the war. Before
:31:16. > :31:20.ex-rebels. Stories like these are only emerging now, because it has
:31:21. > :31:24.taken years for former Tamil Tigers, like Ravi to escape abroad and be
:31:25. > :31:29.able to speak out. We found six Tamils in the UK who also alleged
:31:30. > :31:31.torture in the rehabilitation programme. Four of them have
:31:32. > :31:36.Government documentation to prove they were in the camps and
:31:37. > :31:43.independent medical reports establishing torture. This British
:31:44. > :32:02.doctor has seen many Sri Lankans branded
:32:03. > :32:05.doctor has seen many Sri Lankans former rebel was detained and badly
:32:06. > :32:07.tortured, right in the heart of the capital. He has official documents
:32:08. > :33:22.to prove where and when he was held. His doctor says he will never fully
:33:23. > :33:29.recover. Seva himself despairs of ever getting justice. We shared the
:33:30. > :33:36.evidence in this film of on going rape and torture with a leading
:33:37. > :33:41.British lawyer. The cases you have gathered are striking in that they
:33:42. > :33:46.have common features in relation to how the victims are picked up, what
:33:47. > :33:52.happens to them, particularly there is evidence of cigarettes being used
:33:53. > :33:58.to burn the victims in order to get compliance. And basically to carry
:33:59. > :34:02.out torture. The use of cigarettes has long been held to be within the
:34:03. > :34:23.definition of torture. So there is absolutely no dispute upon that.
:34:24. > :34:24.definition of torture. So there is looking at them being referred to
:34:25. > :34:28.the International Criminal Court for further investigation. We asked the
:34:29. > :34:31.Sri Lankan Government for a response. The High Commision in
:34:32. > :34:35.London said it was not fair to expect them to respond fully to
:34:36. > :34:40.allegations contained in anonymous testimony. Their written statements
:34:41. > :34:45.suggested our interviewees could have been paid to discredit Sri
:34:46. > :34:57.Lanka or even tortured in the past by the Tamil Tigers
:34:58. > :35:03.Next week Prince Charles, the Prime Minister and the Foreign Secretary
:35:04. > :35:08.will be in Sri Lanka for the Commonwealth meeting. Canada is the
:35:09. > :35:11.lone voice of dissent, its leaders boycotting because they say they are
:35:12. > :35:12.not in the business of accommodating evil.
:35:13. > :35:33.In a statement to the BBC evil.
:35:34. > :35:40.on the BBC News channel this weekend on Saturday and Sunday evening at
:35:41. > :35:45.9.30pm. Twitter shares put on sale, market goes nuts, there in 140
:35:46. > :35:49.characters is the story of what happened on the New York Stock
:35:50. > :35:54.Exchange today. It often seems everybody is on it, Twitter has yet
:35:55. > :35:58.to make a profit. That didn't put off buyers, and soon the cost of a
:35:59. > :36:04.single share had getting on for doubled its price. Don't anyone
:36:05. > :36:09.mention the dotcom bubble or the Dutch TU little mania of 1637.
:36:10. > :36:13.Gillian Tett won't or she might. Can you understand it? I think many
:36:14. > :36:17.people would think what happened today is completely bonkers.
:36:18. > :36:21.Basically Twitters' shares have doubled. The market cap is bigger
:36:22. > :36:44.than Yahoo, Time doubled. The market cap is bigger
:36:45. > :36:47.global equity markets awash with cash from central banks and you
:36:48. > :36:51.don't actually have that many companies who have a good growth
:36:52. > :36:56.story to tell. The story of Twitter is incredible. Not only do so many
:36:57. > :37:00.people use it, it is a story of a bunch of scrappy entrepeneur, who
:37:01. > :37:04.used innovation and came back from failure to build a great story, it
:37:05. > :37:08.is a kind of story that American investors love to look at. That is a
:37:09. > :37:18.fable, it is not a profit base? It is a future Hollywood film I'm sure.
:37:19. > :37:22.Can these returns ever be justified? Well the Twitter team, the current
:37:23. > :37:26.CEO said he's looking at acquisitions and getting very savvy.
:37:27. > :37:30.Using advertising to try to build a revenue stream. One of the big
:37:31. > :37:34.questions is are people who use Twitter going to accept having
:37:35. > :37:52.advertising coming into their messages or not?
:37:53. > :38:00.bubble? I think the more important parallel is actually with the IT
:38:01. > :38:04.bubble. The DT combubble? -- the dotcom bubble? You had a lot of
:38:05. > :38:08.shares growing rapidly and there was hype and excitement, many companies
:38:09. > :38:15.later suffered badly. More recently though you can look to companies
:38:16. > :38:21.like Linkedin and they have had a good run and cop TRAS with Groupon
:38:22. > :38:26.and Zing who had excitement at the start and didn't deliver. It is
:38:27. > :38:30.whether people will be willing to let advertisers use their data for
:38:31. > :38:33.those on Twitter. Would you? Only time will tell. I won't answer that
:38:34. > :38:37.question! Thank you very much. Now a story from one of this country's
:38:38. > :38:42.ghettos, it has been revealed that the poor, and that is undoubtedly
:38:43. > :38:44.the wrong world, the poor people of the borrowing of Kensington and
:38:45. > :39:03.Chelsea are -- the borrowing of Kensington and
:39:04. > :39:07.tax may not bother the natives and Russian royal barons of the borough.
:39:08. > :39:18.But as we discovered the property market in London has created an
:39:19. > :39:20.extraordinary neighbourhood. Hings like tax may not bother the natives
:39:21. > :39:23.and Russian royal barons of the borough. But as we discovered the
:39:24. > :39:24.property market in London has created an extraordinary
:39:25. > :39:26.neighbourhood. Welcome to Britain's very own Monoco. This is the London
:39:27. > :39:31.Borough of Kensington and Chelsea, home to some of the richest people
:39:32. > :39:36.in the world. More likely second, third or fourth home. Many of them,
:39:37. > :39:40.like in Monaco, pay very little tax. They mix with each other but they
:39:41. > :39:50.don't engage much with the wider society around them. And here in
:39:51. > :39:52.Knightsbridge property prices at ?2400 per square foot have caught up
:39:53. > :40:12.with Monaco. The average price of ?2400 per square foot have caught up
:40:13. > :40:16.take was bigger than Scotland, Wales, Northern Ireland, the
:40:17. > :40:22.north-east, the North West, Yorkshire and the Humber put
:40:23. > :40:25.together. There has been a massive influx of intnational buyers, they
:40:26. > :40:30.are coming from all over the place, the breath of the range of different
:40:31. > :40:33.-- breadth and range of nationalities is greater than it has
:40:34. > :40:42.ever been. Property prices are so high in this part of London it has
:40:43. > :40:47.become become hollowed out, only the very rich or council houses are
:40:48. > :40:51.moving in. The ones who aren't super-rich are those who have lived
:40:52. > :40:56.there a long time. This is the new Beverly Hills, who would have thunk.
:40:57. > :41:00.It started off as coach house, there is no eccentrics now, they got rid
:41:01. > :41:03.of those, it is banker, banker, banker, I can't tell them apart.
:41:04. > :41:22.They have the wives with the hair that goes like this
:41:23. > :41:28.They have the wives with the hair annual income in the borough ?128
:41:29. > :41:33.,000 is the highest in the country. Here in Notting Hill in the north of
:41:34. > :41:37.the borough, it used to be full of bohemium and artistic types, now it
:41:38. > :41:43.is choc full of bankers and the shops that service them. You can
:41:44. > :41:47.spend ?3 on a loaf of bred here. You can buy it cheaper round the corner
:41:48. > :41:51.in Portabello Market and the stall holders there remember the area the
:41:52. > :41:58.way it used to be. This was a real poor area, real poor. People were
:41:59. > :42:03.fighting in them days to get out of this I can't remember. Now they are
:42:04. > :42:07.fighting to get into this I can't remember. I was born 100 yard up the
:42:08. > :42:11.road from here in the little mews. And mum and dad and my sister we
:42:12. > :42:31.used to live in a little mews flat there. Dad used to pay
:42:32. > :42:37.their fruit on-line and they are in a fruit market. There is no
:42:38. > :42:43.community now. Where there is a shortage of space and lots of demand
:42:44. > :42:47.people have to build. In Monaco they are building up in ever-higher
:42:48. > :42:52.skyscrapers to the fury of many locals.
:42:53. > :42:59.# Down Down # Deeper and down Here in Kensington
:43:00. > :43:04.and Chelsea they are digging down, creating huge basement, sometimes on
:43:05. > :43:09.many levels. I have been given a sneak preview of this house in one
:43:10. > :43:15.of the swankyist squares in Knightsbridge, on the market for ?11
:43:16. > :43:19.million. The owner has dug a sub-basement below the existing one
:43:20. > :43:21.to house another sitting room and what estate agents now like to call
:43:22. > :43:43."a media room". But some people what estate agents now like to call
:43:44. > :43:48.should contain into a small, narrow London terraced home. Some of these
:43:49. > :43:52.are called "icebergs" because they have more below ground than above.
:43:53. > :43:58.Under another house in the same square they are digging a huge
:43:59. > :44:03.sub-basement. The hole is so big you can see it on Google Earth. As in
:44:04. > :44:09.Monaco the neighbours of the basement diggers are incanned
:44:10. > :44:15.desSANT, the endless drilling, the dust the lorries are driving them
:44:16. > :44:18.mad. I only know drill, I have had silicone implants not to hear the
:44:19. > :44:28.drilling. It is a competition who can build low Er. It is about --
:44:29. > :44:33.lower. It is how rich are you, some are hitting the crust of the earth.
:44:34. > :44:51.More than half of residents were born
:44:52. > :44:56.More than half of residents were -- to London, the capital has low
:44:57. > :44:59.taxes on expensive house, less than half of New York's and a third of
:45:00. > :45:03.Hong Kong's. And some of these houses are barely lived in, their
:45:04. > :45:07.owners see them as investments. Even if they do live here full-time, a
:45:08. > :45:11.lot of them don't have much stake in society. They tend to avoid state
:45:12. > :45:15.schools and the NHS and public transport. Some of them even club
:45:16. > :45:19.together and hire private security guards to patrol their streets. It
:45:20. > :45:22.is as if they are living in a bubble separate from the rest of us and
:45:23. > :45:29.only mixing with other extremely rich people. So what affect does
:45:30. > :45:37.this have on the the area they live in. Dorling is a doing fee -- Danny
:45:38. > :45:41.Dorling is a goingy prove yes, sir SOR and has been studying that. The
:45:42. > :46:01.rich don't see much back for their taxes so don't like to pay them. The
:46:02. > :46:03.rich don't see much back for their just social, the area has been
:46:04. > :46:09.hollowed out physically too, with all the giant sub-basements being
:46:10. > :46:14.dug, there is a honeycomb of holes under the clay under Kensington and
:46:15. > :46:18.Chelsea's seats. You can almost imagine the disaster movie ending as
:46:19. > :46:29.the borough collapses into a sink hole of its own making.
:46:30. > :46:35.That's it for tonight, the short list for the least wanted writing
:46:36. > :46:40.award, the Literary Review's Bad Sex Award was announced today. Unlike
:46:41. > :46:47.last year when our late Economics Editor was gutted not to win for his
:46:48. > :46:50.depiction of bonking on horse back. Not even Mark Urban have been
:46:51. > :47:13.nominated. We are tipping this book. Not even Mark Urban have been
:47:14. > :47:23.with mine remains. We streak like superheroes past suns and Solar
:47:24. > :47:31.System, we dive through shoals of atomic nuclei, in our breakthrough
:47:32. > :47:35.to the fourth star statisticians across the universe rejoice.