Browse content similar to 05/10/2016. Check below for episodes and series from the same categories and more!
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For the referendum was not just a vote to withdraw from the EU. | :00:00. | :00:07. | |
That the world works well for a privileged | :00:08. | :00:11. | |
We will not allow their children to have the | :00:12. | :00:15. | |
same opportunities that wealthier children enjoy. | :00:16. | :00:18. | |
Time to reject the ideological templates provided by the socialist | :00:19. | :00:23. | |
Theresa May tells Britain a change has got to come. | :00:24. | :00:40. | |
Tonight, Newsnight has learned of a major shift in economic policy | :00:41. | :00:42. | |
The prime minister spoke of the unfair side effects | :00:43. | :00:55. | |
I understand the government's warming up to a more Keynsian fiscal | :00:56. | :00:59. | |
One of the Prime Minister's closest advisors joins us live, | :01:00. | :01:03. | |
and we'll discuss the impact of the whole speech. | :01:04. | :01:06. | |
This week was about one woman - and one speech. | :01:07. | :01:12. | |
Today, we heard from Theresa May - full throated in her pitch | :01:13. | :01:15. | |
We'll come onto the land grab in a second. | :01:16. | :01:18. | |
But first, Newsnight has learnt of a brand new direction that her | :01:19. | :01:21. | |
Theresa May talked of the bad side effects of quantitative easing. | :01:22. | :01:28. | |
So are we about to see a quiet revolution there too? | :01:29. | :01:31. | |
Our political editor Nick Watt has the story and he's with me now. | :01:32. | :01:39. | |
What have you learned? I understand that Theresa May wants to embark on | :01:40. | :01:46. | |
a major shift of economic policy. This is to move away from what | :01:47. | :01:52. | |
George Osborne described back in 2009 as monetary activism which | :01:53. | :01:55. | |
brought us low interest rates and quantitative easing. Her view is in | :01:56. | :01:59. | |
the future the emphasis should be more in the direction of fiscal | :02:00. | :02:03. | |
policy, to you and me that means tax and spending. This is what she said | :02:04. | :02:07. | |
in her speech in Birmingham earlier today. | :02:08. | :02:12. | |
Because while monetary policy with superlow interest rates | :02:13. | :02:14. | |
and quantitative easing provided the necessary emergency medicine | :02:15. | :02:16. | |
after the financial crash, we have to acknowledge | :02:17. | :02:17. | |
that there have been some bad side-effects. | :02:18. | :02:19. | |
People with mortgages have found their debts cheaper. | :02:20. | :02:25. | |
People with savings have found themselves poorer. | :02:26. | :02:28. | |
A change has got to come and we are going to deliver it. | :02:29. | :02:39. | |
Her speech today came after a speech from Philip Hammond on Monday. He | :02:40. | :02:46. | |
said as the government response to the Brexit vote, fiscal policy may | :02:47. | :02:50. | |
have a role. Downing Street are making absolutely clear that | :02:51. | :02:53. | |
monetary policy is solely the preserve of the Bank of England | :02:54. | :02:57. | |
which is independent. But I understand that her view is that as | :02:58. | :03:01. | |
we move forward, and possibly as early as the Autumn Statement on the | :03:02. | :03:05. | |
23rd of November, we will see an emphasis away from monetary policy, | :03:06. | :03:08. | |
although the Bank of England is still in charge of that, in favour | :03:09. | :03:15. | |
of fiscal policy. And, whisper it carefully, when Theresa May talks | :03:16. | :03:19. | |
about public investment and getting a better return on the investment, | :03:20. | :03:24. | |
it feels to me as if we may be moving mildly and slowly to a more | :03:25. | :03:30. | |
Keynesian approach. What do you sense is driving this shift? There | :03:31. | :03:37. | |
is one simple explanation which is changing times require changing | :03:38. | :03:41. | |
circumstances and responses. This tells us a lot about her philosophy. | :03:42. | :03:45. | |
She said these low interest rates have hit low income earners who have | :03:46. | :03:49. | |
seen their savings suffer, and uses those are the sort of people who | :03:50. | :03:52. | |
feel disaffected and were more likely to vote out in the Brexit | :03:53. | :03:57. | |
vote. She was saying her big message today was that vote on the 23rd of | :03:58. | :04:01. | |
June was not just about leaving the European Union, it was a cry of | :04:02. | :04:06. | |
desperation from people who feel alienated from the system and that | :04:07. | :04:10. | |
it is those people that she wants to champion and it is those people she | :04:11. | :04:15. | |
says are leading her to try and redefine the centre ground of | :04:16. | :04:20. | |
British politics. We will pick-up on that in a moment. | :04:21. | :04:22. | |
Most leaders appeal to the centre ground. | :04:23. | :04:24. | |
Some leaders create the centre ground. | :04:25. | :04:25. | |
Theresa May was in no doubt which one she wants to be. | :04:26. | :04:28. | |
She attempted to stride the harbour - like the medieval vision | :04:29. | :04:31. | |
of Colossus - left foot firmly in praise | :04:32. | :04:33. | |
of state intervention, right foot placed on the pulse | :04:34. | :04:35. | |
It was a big gesture - and a towering presence of a speech | :04:36. | :04:39. | |
which name checked not just Cameron, Major and Thatcher | :04:40. | :04:41. | |
Miliband and McDonnell may well have heard echoes - or more | :04:42. | :04:47. | |
But as any classics scholar will tell you, Colossus snapped | :04:48. | :04:52. | |
at the knees as an earthquake sent the statue tumbling to the ground. | :04:53. | :04:56. | |
So tonight, we ask the big question of the May premiership. | :04:57. | :04:59. | |
And can she remain upright in her attempts to occupy so much of it? | :05:00. | :05:09. | |
First, a reminder that perhaps not all of Theresa May's vision is | :05:10. | :05:18. | |
entirely new. To stand up for the week and to | :05:19. | :05:26. | |
stand up to the strong. He may be strong at standing up to the week, | :05:27. | :05:30. | |
but he's always weak when it comes to standing up against the strong. A | :05:31. | :05:37. | |
director who takes out massive dividends while knowing that the | :05:38. | :05:44. | |
company pension is about to go bust. Under Labour there will be no more | :05:45. | :05:50. | |
Philip Greens at all. Our lower skilled workers with less education | :05:51. | :05:54. | |
to compete directly against vulnerable American workers and they | :05:55. | :05:59. | |
are hurting a lot of our people that cannot get jobs. Someone who finds | :06:00. | :06:04. | |
themselves out of work or on lower wages because of low skilled | :06:05. | :06:10. | |
immigration, life simply doesn't seem fair. We need is an economy | :06:11. | :06:15. | |
with that works for every part of this country so that no community is | :06:16. | :06:20. | |
left behind. To build a country that works for everyone, not just the | :06:21. | :06:29. | |
privileged few. We mean -- we need to make sure that our economy works | :06:30. | :06:34. | |
for everyone, not just those at the top. Clement Attlee, with a vision | :06:35. | :06:41. | |
to build a great institution. Clement Attlee who presided over a | :06:42. | :06:47. | |
great Labour government. That is why when markets are functional we | :06:48. | :06:51. | |
should be prepared to intervene. Some people blame the companies but | :06:52. | :06:54. | |
ultimately, I don't think that is where the blame lies. I think it | :06:55. | :06:58. | |
lies with government on not having the strength to take it on. Not | :06:59. | :07:02. | |
having stood up to the powerful interests. Lots of echoes there, if | :07:03. | :07:15. | |
you think you have heard it all before, you might have heard some of | :07:16. | :07:16. | |
it before. George Freeman is Theresa May's | :07:17. | :07:18. | |
designated thinker, I want to come onto the philosophy | :07:19. | :07:28. | |
that you and she are setting out, but just a word on the story which | :07:29. | :07:31. | |
Nick brought us there. Does that sound right, the resetting economic | :07:32. | :07:38. | |
policy away from what we have seen, the concert is easing towards | :07:39. | :07:42. | |
something which seems much more Keynesian? Yes, Philip Hammond will | :07:43. | :07:46. | |
set this out in the Autumn Statement. Theresa May has been very | :07:47. | :07:52. | |
clear that this model of bail out the banks and stabilise the economy | :07:53. | :07:56. | |
has had a profound effect on distribution of wealth. Those with | :07:57. | :08:00. | |
assets have done very much better than those without. We have to | :08:01. | :08:03. | |
listen to the roar that we heard this year and we have to think that | :08:04. | :08:09. | |
with money available at 0%, we want to drive industrial strategy and get | :08:10. | :08:12. | |
infrastructure built, we have to make sure we have all the mechanisms | :08:13. | :08:16. | |
to make sure money flows properly. So this is a green light to all | :08:17. | :08:22. | |
things we can expect to come? I don't know about all the things. If | :08:23. | :08:26. | |
we are to build a model of economic growth with opportunities, creates | :08:27. | :08:30. | |
hope that through the pain of getting through the debt crisis that | :08:31. | :08:34. | |
there is growth and sustainable growth for tomorrow, and the people | :08:35. | :08:37. | |
in places that have been left behind, and see infrastructure and | :08:38. | :08:44. | |
opportunity. Does she shut off the QE tap? It is up to the Bank of | :08:45. | :08:49. | |
England to set out with their mandate how they handle that, but | :08:50. | :08:53. | |
she is signalling loud and clear that we have to understand what | :08:54. | :08:55. | |
affect this model of growth has had for those who are paying for it, the | :08:56. | :09:00. | |
citizens of this country, and we have to make sure the economy works | :09:01. | :09:05. | |
for them. OK, let's get the big speech. There is talk of the quiet | :09:06. | :09:11. | |
revolution but it was not quite at all, Brexit, it is the biggest thing | :09:12. | :09:15. | |
to happen to this country in decades. It was certainly a | :09:16. | :09:21. | |
revolution. There was a moment of shock. She has done three big | :09:22. | :09:27. | |
things, firstly to signal we heard it, we heard that shock and the roar | :09:28. | :09:32. | |
behind it. Yes, people have voted to leave the EU but we are also hearing | :09:33. | :09:36. | |
something else and we cover this party, are listening. She was rates | :09:37. | :09:39. | |
clear that we will be reformers and we will put in place the change to | :09:40. | :09:44. | |
deal with it. Secondly, when you think of the division in the spring | :09:45. | :09:49. | |
in this country and the Conservative Party, she has unified us and she is | :09:50. | :09:54. | |
talking about unity of the country, Scotland, Northern Ireland, England | :09:55. | :09:58. | |
and Wales. But this was a big land grab. Ed Miliband will have heard | :09:59. | :10:04. | |
echoes of many of his speeches, even the predator speech which he was | :10:05. | :10:09. | |
condemned for and Aaron Banks said she has relabelled the Conservative | :10:10. | :10:13. | |
Party as Ukip. Does that make you happy? Not at all. She has signalled | :10:14. | :10:18. | |
that we will go into the territories that Labour have abandoned. Labour | :10:19. | :10:23. | |
have abandoned their working-class roots and Ukip are stealing a march. | :10:24. | :10:28. | |
She mentioned the working class seven times. Who are the working | :10:29. | :10:33. | |
class? She was also cleared to call out the sneering dismissal of the | :10:34. | :10:39. | |
basic needs, desires and aspirations of the working class. She meant it | :10:40. | :10:44. | |
in a very generous way... But who is that? They work and want the simple | :10:45. | :10:47. | |
things in life. They want to know they are not being taken for | :10:48. | :10:53. | |
granted. But are they the same as alarm clock Britain or the strivers | :10:54. | :10:57. | |
or the hard-working families? Is she talking about a different set or is | :10:58. | :11:02. | |
it another word? Why does she bring class back into it? I think she is | :11:03. | :11:07. | |
trying to make clear that there is a cohort of people in this country, I | :11:08. | :11:11. | |
don't think she was meaning anything derogatory at all, there is a group | :11:12. | :11:15. | |
of people in this country who have tightened their belts, spend less, | :11:16. | :11:19. | |
worked harder. Many families, everyone in the family working and | :11:20. | :11:22. | |
this model of growth has not been working for them and she is | :11:23. | :11:26. | |
absolutely determined, if the Labour Party are to abandon them, we will | :11:27. | :11:32. | |
not. You think you can talk tough on immigration. Some language has been | :11:33. | :11:36. | |
called xenophobic and you can appeal to the left, if you like, the | :11:37. | :11:42. | |
traditional left? Banker I completely reject. Xenophobia has | :11:43. | :11:45. | |
come from Ukip, filling the space which has been left by the Labour | :11:46. | :11:51. | |
Party and this model of growth. The third thing today's she has put | :11:52. | :11:56. | |
herself up there with a speech, a vision, omission, we have now got to | :11:57. | :12:03. | |
it into policy and deliver it. She is signalling that we will go to the | :12:04. | :12:06. | |
next stage and make sure everyone can play in this game, not just the | :12:07. | :12:09. | |
few. Thank you. But enough for a moment from us - | :12:10. | :12:11. | |
the journalists and speechwriters and commentators - | :12:12. | :12:14. | |
the newly-named and shamed What of all those she was really | :12:15. | :12:16. | |
appealing to with this speech? John Sweeney gathered | :12:17. | :12:20. | |
a roomful of Labour voters, Tory voters, Remainers | :12:21. | :12:22. | |
and Brexiteers in Birmingham. Six Birmingham people in a room, | :12:23. | :12:46. | |
Stuart Hansen, Ukip activist. Jackie Cummins, floating voter. An | :12:47. | :12:56. | |
economics student labour, a doctor, Tori. A floating voter and a Tory | :12:57. | :13:08. | |
who voted for Brexit. Theresa started them up all right. Do we | :13:09. | :13:14. | |
have a plan for Brexit? We do. Are we ready for the effort it will take | :13:15. | :13:21. | |
to see it through? We are. Can Boris Johnson stay on message for a full | :13:22. | :13:23. | |
four days? LAUGHTER | :13:24. | :13:31. | |
She is not Ken Dodd but she had a go. A relaxed feel. You felt relaxed | :13:32. | :13:41. | |
listening to her. She was more relaxed in last year's conference | :13:42. | :13:46. | |
speech I thought when she was Home Secretary. There was more of levity | :13:47. | :13:50. | |
this time round and I think she is comfortable in the she is in now. | :13:51. | :14:00. | |
We are truly the party of the workers, of public servants, of the | :14:01. | :14:05. | |
NHS. APPLAUSE | :14:06. | :14:12. | |
It was interesting the way she has taken the Conservative Party more | :14:13. | :14:15. | |
into the middle. Talking about social fairness and justice. And | :14:16. | :14:22. | |
wanting to be able to reach both parts of the Conservative Party as | :14:23. | :14:28. | |
never before. Surely this is bad news for Labour? Stealing their | :14:29. | :14:33. | |
boats? It is a huge risk for Labour, stealing Labour's clobazam language. | :14:34. | :14:40. | |
At the same time, with all of the language, I think Labour voters are | :14:41. | :14:46. | |
intentionally Labour Ukip inclined and she has thrown red meat to the | :14:47. | :14:50. | |
traditional Tory voters. I would agree, there was a lot of rehashing | :14:51. | :14:57. | |
of old policies and mantras without necessarily the substance behind it. | :14:58. | :15:01. | |
Come with me and we will write that brighter future, we will make that | :15:02. | :15:07. | |
change. What is a verdict of the Birmingham judges? It was delivered | :15:08. | :15:14. | |
well. It came across well. I would have to say she is nothing like | :15:15. | :15:20. | |
David Cameron, which is a positive. Jackie, you voted for Labour in the | :15:21. | :15:27. | |
past? I have, yes. Did she rock your boat? She did and I am waiting to | :15:28. | :15:30. | |
see what she can deliver, if she can stand to her word. Well delivered, | :15:31. | :15:38. | |
she was pitching to Labour voters strongly and she sounded like the | :15:39. | :15:43. | |
last Labour manifesto. The test if she can deliver it. I thought you | :15:44. | :15:47. | |
set had very clear visions of the revival of the nation. I was a | :15:48. | :15:58. | |
little bit enamoured, shall we say! You used to be Lib Dem? Where you | :15:59. | :16:05. | |
turn on and off? Middle ground. She came across reasonably well, but | :16:06. | :16:08. | |
parts of the speech were a little bit soppy. I thought your priorities | :16:09. | :16:14. | |
are uniting the country that needs to go through a lot of change and | :16:15. | :16:19. | |
she got that across really well. Soppy? Yes, the Brownlee brothers, | :16:20. | :16:25. | |
that is a great story to watch. As other competitors ran past, he | :16:26. | :16:29. | |
stopped, reached out his hand. And gently carried him home. I thought, | :16:30. | :16:38. | |
pass me the sick bucket! To sum up, thumbs-up? | :16:39. | :16:45. | |
LAUGHTER I could not count those films! We | :16:46. | :16:47. | |
will come back to that later. Joining me now, Julian Glover, | :16:48. | :16:49. | |
former speechwriter and Jonathan Friedland | :16:50. | :16:51. | |
from the Guardian. Julian, you have written speeches | :16:52. | :17:01. | |
were David Cameron, how do you see this? A brave speech? Certainly | :17:02. | :17:06. | |
break, a great success, she came across as somebody who really | :17:07. | :17:09. | |
believed what she was saying, this is something she has been storing up | :17:10. | :17:12. | |
many years, she has finally get the chance to get it over and she said | :17:13. | :17:16. | |
that well and interrupted her own applause at times, it was not | :17:17. | :17:20. | |
completely fluent but heartfelt and it will have impressed voters and | :17:21. | :17:22. | |
had extremely strong ideas at the core and that | :17:23. | :17:34. | |
helps the speech. You told us earlier you thought it was rather | :17:35. | :17:38. | |
cowardly? In the form that it deposited itself as a uniting | :17:39. | :17:40. | |
speech, everyone, this party is but everyone in Britain and it created a | :17:41. | :17:42. | |
character of immediate predecessors, George Osborne, David Cameron, the | :17:43. | :17:44. | |
liberal elite, people like myself and Jonathan, were accused of having | :17:45. | :17:47. | |
sneered at the working class. And Melanie, also! I am outnumbered! I | :17:48. | :17:54. | |
think we all fall into the metropolitan elite somehow and we | :17:55. | :17:59. | |
have to just... Confess and move on! But the call of that but he did | :18:00. | :18:02. | |
suggest there was a group of people who somehow meant harm to Britain | :18:03. | :18:06. | |
and she is speaking for a fresh centre ground and she reinvented the | :18:07. | :18:10. | |
centre ground. That was a little bit cowardly and not a fair description | :18:11. | :18:13. | |
of her predecessors but in terms of ideas it was strong. You are Times | :18:14. | :18:21. | |
columnist, that is very establishment by the judgment of | :18:22. | :18:24. | |
most people, do you think this speech reached the heart of Britain? | :18:25. | :18:29. | |
I think she has put her finger on an important point, that the division | :18:30. | :18:33. | |
now is not between left and right, these are meaningless concept and it | :18:34. | :18:37. | |
is not between parties, any more, it is within parties and the great | :18:38. | :18:41. | |
division, and it has been like this for at least three decades, she is a | :18:42. | :18:46. | |
first politician to articulate this, the great division is between | :18:47. | :18:50. | |
putting the individual first, myself, my lifestyle, I cannot tell | :18:51. | :18:51. | |
anybody else how to live, my culture is no | :18:52. | :19:05. | |
better than anybody else, it is liberal internationalism that were | :19:06. | :19:08. | |
part of a brotherhood of man, there is something unsavoury about the | :19:09. | :19:09. | |
nation and the particular and identifying with a particular | :19:10. | :19:11. | |
community with a particular nation and particular culture... What are | :19:12. | :19:14. | |
you saying that people are not allowed to admit to? Were not | :19:15. | :19:18. | |
allowed to identify with the particulars of the nation expressing | :19:19. | :19:20. | |
itself through democratic self-governance. This is until | :19:21. | :19:26. | |
Brexit, reflecting a particular culture, tradition, set of | :19:27. | :19:30. | |
traditions, religion, literature and the rest of it. Do you think that | :19:31. | :19:36. | |
has been dead and? And left and right have been complicit, an unholy | :19:37. | :19:43. | |
Alliance, on the left, what I would call social liberalism, | :19:44. | :19:46. | |
internationalism, and on the right, economic liberalism, and both have | :19:47. | :19:52. | |
put the individual alone at the heart of politics. This is quiet | :19:53. | :19:56. | |
revolution? Melanie is projecting her own and issues. This is not | :19:57. | :20:01. | |
necessarily what Theresa May signed up for, a nation without patriotism, | :20:02. | :20:06. | |
until June 23, and then we switched onto some other people. David | :20:07. | :20:12. | |
Cameron, he would have spoken in collective terms of his predecessors | :20:13. | :20:16. | |
also. This was a very big deal, this speech. It was formidable and a very | :20:17. | :20:21. | |
effective speech. And a chartered a lot of ideas. The big one for me | :20:22. | :20:27. | |
was, here is the second woman Prime Minister breaking from the view of | :20:28. | :20:31. | |
the first one, touching on individualism, there is more towards | :20:32. | :20:35. | |
us and individuals, there is a society and it really does include | :20:36. | :20:39. | |
the state so this was a plea for active interventionist government. | :20:40. | :20:44. | |
Ed Miliband, Heseltine could have delivered it. We have this admission | :20:45. | :20:48. | |
there will be a Keynesian economic policy. Was this essentially | :20:49. | :20:56. | |
borrowed... The editor of the Daily Mail could have written other chunks | :20:57. | :21:00. | |
of this! It was remarkably clever or means nothing? Things are changing. | :21:01. | :21:07. | |
And the old labels, things fall apart, so the centre cannot hold, it | :21:08. | :21:11. | |
is being reformed before our eyes about where politics lies. I guess | :21:12. | :21:15. | |
she would just be the Prime Minister for Brexit? And she is trying hard | :21:16. | :21:20. | |
not to be that. She has, in strongly and sensibly with the first speech, | :21:21. | :21:25. | |
the good that the state can do, that is a powerful idea. Because that | :21:26. | :21:29. | |
Melanie is referring to is the big debate in politics at the moment is | :21:30. | :21:33. | |
inside the Conservative party between George Osborne and everybody | :21:34. | :21:38. | |
else in the Cabinet agreeing with Theresa May. Open versus closed. | :21:39. | :21:42. | |
George Osborne should be the leader, quite frankly. That is the division, | :21:43. | :21:47. | |
social liberalism versus nation and community and the poor, for whom the | :21:48. | :21:51. | |
left are supposed to stand for, have been left high and dry by economic | :21:52. | :21:56. | |
and social liberalism. We need community. Labour has set its face | :21:57. | :22:00. | |
against this, saying people who stand up community in the sense of | :22:01. | :22:04. | |
the nation by xenophobic, bigoted and all the rest of it and Brexit | :22:05. | :22:09. | |
was a result of those people against the sneering metropolitan | :22:10. | :22:13. | |
intelligentsia. You are painting the idea of the people had an issue of | :22:14. | :22:18. | |
migration, that has automatically been branded and that is not right, | :22:19. | :22:22. | |
you can believe still in the nation, you don't have to sign up for the | :22:23. | :22:26. | |
rest of what you describe. This point of believe and remain | :22:27. | :22:30. | |
distinction is the big fault line in politics within parties and outside. | :22:31. | :22:36. | |
That does go to open and closed. People who to be independent of the | :22:37. | :22:41. | |
EU, to restore them a chronic -- democratic self-governance have been | :22:42. | :22:45. | |
called xenophobic. Nothing to do with immigration... The word was | :22:46. | :22:51. | |
parochial. The first term I had the word being used without it being | :22:52. | :22:57. | |
derogatory. She has a word about -- she has a point about the | :22:58. | :23:00. | |
metropolitan elite? Representing areas of Britain that have been | :23:01. | :23:07. | |
ignored. For me, it'll be the people in the outer suburbs of times like | :23:08. | :23:11. | |
Derby, seats like North East Derbyshire Newal Road I live, is it | :23:12. | :23:15. | |
the Conservative Party nearly one, traditionally Labour, quite right | :23:16. | :23:19. | |
wing in many cultural attitudes, Labour has walked away from that | :23:20. | :23:21. | |
seat and the Conservative party has a chance and I think it is true that | :23:22. | :23:27. | |
at the glossiness and the London angle of politics did not speak for | :23:28. | :23:32. | |
those people. She wants to be defined by being non-London? In the | :23:33. | :23:40. | |
way that people find very reassuring. The word parochial is | :23:41. | :23:44. | |
interesting because parochial as Bilic of abuse but there are huge | :23:45. | :23:48. | |
swathes of people for whom the parish and the community is where | :23:49. | :23:52. | |
their whole lives and well-being are rated. The famous metropolitan | :23:53. | :24:00. | |
intelligentsia... They are not linked that way. Let us not pretend | :24:01. | :24:05. | |
this is a new device, to reel against the hated elite. There is | :24:06. | :24:09. | |
something of the strawman in this, the idea of the elite on their | :24:10. | :24:12. | |
yachts but they are also the same people who are also liberal on | :24:13. | :24:17. | |
social issues. It is a very convenient device. It can be the | :24:18. | :24:23. | |
many against the very few. It is the self, I am making money and free to | :24:24. | :24:27. | |
live exactly as I choose and to hell with everybody else. That is -- that | :24:28. | :24:33. | |
is an entirely on their representation at David Cameron, he | :24:34. | :24:36. | |
talked about the big society, he worked for these things and it is | :24:37. | :24:40. | |
unfair to say that Cameron and Osborne, that legacy and Tony Blair | :24:41. | :24:45. | |
and Gordon Brown, that people dying. It has been airbrushed. It is a | :24:46. | :24:49. | |
little bit and we have record employment here, and with people | :24:50. | :24:57. | |
from the UK. I think they will challenge Theresa May with some of | :24:58. | :25:01. | |
the easy promises that might be made to people are not delivered, she did | :25:02. | :25:05. | |
not talk about the deficit. We have run out of time. I am so sorry! | :25:06. | :25:07. | |
Thank you all so much. One reason there appears to be | :25:08. | :25:10. | |
so much centre ground, of course, is the absence of what she sees | :25:11. | :25:13. | |
as any workable opposition. She dubbed Labour | :25:14. | :25:15. | |
the new nasty party. And she made a clear appeal to Ukip | :25:16. | :25:17. | |
- a party who as of today - cannot even say for sure | :25:18. | :25:21. | |
who leads it. After Diane James quit less | :25:22. | :25:23. | |
than three weeks into the job - the party is wondering | :25:24. | :25:26. | |
what or who comes next. Steven Woolfe - who memorably missed | :25:27. | :25:28. | |
the deadline last time around - has thrown his hat into | :25:29. | :25:31. | |
the ring today. Aaron Banks, the businessman who has | :25:32. | :25:33. | |
bankrolled Ukip in recent years I asked him about the lack | :25:34. | :25:36. | |
of authority that Diane James complained about in her resignation | :25:37. | :25:41. | |
letter. Well, I think it has been clear | :25:42. | :25:44. | |
to everybody that there is a rift in the party and we have this time | :25:45. | :25:49. | |
of faction led by Neil Hamilton and They made his life very difficult, | :25:50. | :25:53. | |
particularly in the referendum. And it was those two | :25:54. | :26:00. | |
who made her life difficult, was it? I wouldn't say that exactly, | :26:01. | :26:03. | |
but what I would say is she got elected on the idea of her reform | :26:04. | :26:07. | |
agenda, which she obviously felt So for the party to go forward | :26:08. | :26:09. | |
there is going to have to be You talked about a new direction, | :26:10. | :26:14. | |
a kind of momentum for the right. Is that where you would still | :26:15. | :26:19. | |
like to go? As a result of the referendum | :26:20. | :26:21. | |
campaign, we had nearly And we think that is quite | :26:22. | :26:23. | |
powerful and we certainly If you look at what is happening | :26:24. | :26:30. | |
in Italy with the Five Star movement, I think there | :26:31. | :26:35. | |
is still scope for an online movement but you would really have | :26:36. | :26:37. | |
to say to yourself, if you looked to Theresa May's speech today, | :26:38. | :26:40. | |
it was really Nigel Farage It is all the policies he has been | :26:41. | :26:43. | |
condemned for for a very long time. And what it does show is that | :26:44. | :26:47. | |
in the end, pressure does pay off, particularly if it has | :26:48. | :26:51. | |
got public support. So she is stealing your | :26:52. | :26:53. | |
voters, pretty much? I don't know whether | :26:54. | :26:55. | |
she is stealing. She has basically today rebranded | :26:56. | :26:58. | |
the Conservative Party Ukip. Many people would say | :26:59. | :27:03. | |
he is but I don't think he is. He got in with some very | :27:04. | :27:12. | |
specific objectives, If the Tories have adopted Ukip, | :27:13. | :27:14. | |
you don't need to exist? If you look at the General Election, | :27:15. | :27:21. | |
Ukip finished second all over the north, in places the Tories | :27:22. | :27:26. | |
cannot possibly win. And, in fact, the analysis | :27:27. | :27:30. | |
of the General Election result showed that it was Ukip votes | :27:31. | :27:32. | |
in marginal seats that gave So I think there is a huge | :27:33. | :27:35. | |
opportunity to take on the Labour Party and actually | :27:36. | :27:43. | |
make a huge difference. It is jolly weird when somebody | :27:44. | :27:46. | |
like Steven Woolfe, who today said he is standing, nearly defected | :27:47. | :27:49. | |
to the Tories himself? Politics nowadays is | :27:50. | :27:54. | |
pretty weird, isn't it? Give us a sense of who | :27:55. | :27:57. | |
you are backing. I don't blame him, by the way, | :27:58. | :28:00. | |
in a sense because it was treated In the last leadership election | :28:01. | :28:03. | |
he was not allowed to put his name forward because his forms were 17 | :28:04. | :28:11. | |
minutes late, despite the fact he had been trying | :28:12. | :28:13. | |
all day to submit them. So this is all about personality | :28:14. | :28:17. | |
rifts and not policy rifts? I think the party has | :28:18. | :28:19. | |
to professionalise, it has to get its act together, | :28:20. | :28:27. | |
but Steven Woolfe could actually do that, particularly in the Labour | :28:28. | :28:30. | |
heartlands, he is I know the media like to write off | :28:31. | :28:35. | |
Ukip but Ukip have fundamentally I don't think anyone is writing | :28:36. | :28:39. | |
you off but we are Your money would follow Steven | :28:40. | :28:45. | |
Wolfe? I will back the party | :28:46. | :28:47. | |
if it is reformed and has You called the last lot out | :28:48. | :28:53. | |
of their depth in a paddling pool. Can I ask if it was Susanne Evans | :28:54. | :29:00. | |
or Paul Nuttall or Raheem Kassam, I think Steven Woolfe is the one | :29:01. | :29:04. | |
candidate who could do it. So without Steven Woolfe, basically, | :29:05. | :29:11. | |
Aaron Banks' money isn't in Ukip, He is going to win overwhelmingly | :29:12. | :29:14. | |
so I don't think it is really Can you rule yourself out | :29:15. | :29:21. | |
of the contest? I don't think Ukip needs | :29:22. | :29:30. | |
a leader that is more For all the bad press it gets, | :29:31. | :29:32. | |
the financial services industry employs more than a million people | :29:33. | :29:41. | |
in this country - indeed - it's something we do well - | :29:42. | :29:44. | |
most of the world's biggest banks A scheme called passporting allows | :29:45. | :29:47. | |
them to trade all over Europe, and the worry up till now has been | :29:48. | :29:52. | |
what happens after we leave the EU. Well, the City, it seems, | :29:53. | :29:56. | |
is putting its faith Adam Parsons asks if it really | :29:57. | :29:58. | |
is the answer, and crucially if our European friends really | :29:59. | :30:06. | |
want to help London. Are there cracks appearing | :30:07. | :30:22. | |
in the City of London, the very heart of our | :30:23. | :30:25. | |
financial services industry? This place has known some heady | :30:26. | :30:30. | |
times and some very public crises. But it remains an incredible machine | :30:31. | :30:34. | |
for generating billions But now the future is | :30:35. | :30:37. | |
becoming rather confused. The industry is facing huge, | :30:38. | :30:46. | |
almost existential, questions We will be hit in two | :30:47. | :30:49. | |
years down the road. The problem at the moment | :30:50. | :30:57. | |
is we don't quite know We don't know where we are going | :30:58. | :31:02. | |
to end up and we don't know So why all those nervous | :31:03. | :31:07. | |
looks and furrowed brows? It's the system that | :31:08. | :31:17. | |
lets our financial institutions - that's everything from insurance | :31:18. | :31:24. | |
giants to hedge funds and our big famous banks operate | :31:25. | :31:27. | |
easily across Europe. It means that a Spanish | :31:28. | :31:31. | |
bank can work in Italy or an Italian insurance giant can | :31:32. | :31:36. | |
sell its products But the biggest beneficiary has been | :31:37. | :31:38. | |
Britain. Companies come from all over | :31:39. | :31:41. | |
the world to base themselves here. Partly because of the access | :31:42. | :31:49. | |
that passporting gives It is a system that has | :31:50. | :31:52. | |
worked pretty seamlessly. Pull out of the EU and you pull | :31:53. | :31:56. | |
out of passporting. With no certainty about | :31:57. | :32:04. | |
what will follow. Well, if you walk the halls | :32:05. | :32:08. | |
of offices in the city or in Canary Wharf right now, | :32:09. | :32:10. | |
of course there is a lot Just as there is across the economy | :32:11. | :32:13. | |
and society in general because we just don't | :32:14. | :32:18. | |
know what Brexit means. Is it a soft Brexit, a hard Brexit, | :32:19. | :32:22. | |
what are the implications of that? If passporting is not an option, | :32:23. | :32:32. | |
then some believe there is still a way through the fractures, | :32:33. | :32:35. | |
and it is a process It is about proving that | :32:36. | :32:37. | |
a country's system of laws, rules and regulations | :32:38. | :32:44. | |
is the equivalent of those that govern countries | :32:45. | :32:46. | |
across the European Union. Do you, for instance, have the same | :32:47. | :32:50. | |
rules about foreign exchange trading Prove all that and you can | :32:51. | :32:53. | |
finally claim equivalence. And a license to | :32:54. | :33:03. | |
trade across Europe. The point about equivalence is it | :33:04. | :33:07. | |
does the job of passporting Because these firms have the right | :33:08. | :33:10. | |
to sell into the single market on the same terms as anyone | :33:11. | :33:18. | |
in the single market. The problem is, it is relatively | :33:19. | :33:23. | |
untested, untried and untested. And the rules, essentially, | :33:24. | :33:30. | |
once we leave the EU, Equivalence has to be granted | :33:31. | :33:33. | |
by the European Commission so it is not guaranteed | :33:34. | :33:39. | |
and it is not timely. More than 30 countries from all over | :33:40. | :33:44. | |
the world have already Seeing as our regulations | :33:45. | :33:47. | |
are based on European laws, It looks easy but when Switzerland | :33:48. | :33:51. | |
tried to do it, they couldn't. We shouldn't kid ourselves | :33:52. | :33:57. | |
that it is going to be Of course, I hope that it | :33:58. | :33:59. | |
will be easy. But I just sense that the Germans | :34:00. | :34:04. | |
and the French are particularly keen on making all sorts of statements | :34:05. | :34:07. | |
about how big financial institutions will be terribly welcome | :34:08. | :34:11. | |
in Frankfurt and Paris. By definition, equivalence | :34:12. | :34:16. | |
is all about following European legislation and that creates | :34:17. | :34:19. | |
an important question. So what happens if European | :34:20. | :34:22. | |
regulators want to bring in new rules that we don't want | :34:23. | :34:29. | |
and don't agree with? If we end up signing up | :34:30. | :34:34. | |
to all the same things that we had before, all those people who said | :34:35. | :34:37. | |
they wanted to leave to try to get around things like the bankers' | :34:38. | :34:41. | |
bonuses provision that was imposed upon us by Europe may find that | :34:42. | :34:43. | |
we're still going to have to comply with that in order to get access | :34:44. | :34:48. | |
to the European market. One of the leading academics behind | :34:49. | :34:54. | |
the Brexit campaign insists it's about choice - that we should | :34:55. | :35:00. | |
embrace equivalence but also be prepared to walk away | :35:01. | :35:03. | |
if the rules change. The EU has not a very good track | :35:04. | :35:07. | |
record in the way it treats We have had proposals | :35:08. | :35:12. | |
for the financial transactions tax, we have had things | :35:13. | :35:17. | |
like the bonus cap. All of which are hostile, | :35:18. | :35:20. | |
really, to what they regard The basic point is, actually, | :35:21. | :35:23. | |
from the point of view of the city and the national interest, | :35:24. | :35:29. | |
we don't care. He thinks the city will prosper | :35:30. | :35:33. | |
regardless, but with no equivalence deal in place, | :35:34. | :35:35. | |
plenty of financiers I have spoken They are making sure that whatever | :35:36. | :35:38. | |
happens in negotiations that go forward, and we don't know | :35:39. | :35:45. | |
how they will play out, that they will continue | :35:46. | :35:47. | |
to serve their customers. All of the banks, the international | :35:48. | :35:49. | |
banks and the UK banks, are making contingency plans to make | :35:50. | :35:53. | |
sure that they can carry on serving their customers | :35:54. | :35:56. | |
across Europe in terms of looking at what operations they might have | :35:57. | :35:58. | |
to move to other The UK relies on its financial | :35:59. | :36:01. | |
services more than any Trade with European companies | :36:02. | :36:06. | |
and governments has been And that is why | :36:07. | :36:11. | |
negotiations will be tough. The moving parts here | :36:12. | :36:16. | |
are absolutely staggering. And I think it is going to take time | :36:17. | :36:20. | |
and I think it is going to take goodwill on both sides | :36:21. | :36:24. | |
to make this work. But I would also say that for the UK | :36:25. | :36:26. | |
and for the EU, there are still massive incentives to find | :36:27. | :36:30. | |
a solution that works All the while, the Brexit countdown | :36:31. | :36:33. | |
goes on and the longer we go without a deal, | :36:34. | :36:42. | |
the more that nerves will fray. We know there is a strong | :36:43. | :36:47. | |
possibility it is going to be a hard We will start to get really hurt | :36:48. | :36:52. | |
and get really nervous Right now, we're putting boards | :36:53. | :36:58. | |
in front of our windows to make sure We understand that | :36:59. | :37:04. | |
our alternatives are. One senior banker told me these | :37:05. | :37:08. | |
will be the negotiations The city is the financial capital | :37:09. | :37:16. | |
of the world and right now it is having to deal | :37:17. | :37:23. | |
with a changing, To the unsuspecting ear, | :37:24. | :37:25. | |
the hits of Michael Jackson, George Benson and other soul stars | :37:26. | :37:35. | |
might have come from the heartlands In fact, many of them | :37:36. | :37:39. | |
owe their origins to the hardscrabble, bluesy | :37:40. | :37:45. | |
delta of...Lincolnshire. They were written by | :37:46. | :37:48. | |
Cleethorpes's own Rod Temperton, whose death was announced | :37:49. | :37:51. | |
today, just 66. He said, I want to put a harp on the | :37:52. | :38:12. | |
front of it. I said to Rod, if you do that, no one will play it. | :38:13. | :38:21. | |
American soul radio will not play it and radio one will not do it because | :38:22. | :38:25. | |
it does not fit any genre. He said, that is why I want to do it. It is | :38:26. | :38:33. | |
the great untold story of pop that almost everyone has heard by now, | :38:34. | :38:38. | |
the maestro of black music who turns out to have been a pallid fish | :38:39. | :38:44. | |
batter from Cleethorpes. Quincey always talks about thinking I must | :38:45. | :38:49. | |
have been black, before he met me, because of the music of Heatwave. | :38:50. | :38:57. | |
Jones was looking for a writer for Michael Jackson's first solo album. | :38:58. | :39:03. | |
One night we were in the studio working and the phone call came | :39:04. | :39:06. | |
through. I was really shocked because this was a guy I used to | :39:07. | :39:12. | |
listen to his records on Saturday afternoons in Cleethorpes with my | :39:13. | :39:19. | |
mates. I was really flattered. # rock with you... The whole thing | :39:20. | :39:27. | |
took two weekends and the whole thing was amazing. By the time it | :39:28. | :39:32. | |
was over Quincey and I have become such buddies and he said I want you | :39:33. | :39:38. | |
to work never think I am doing, so I said, OK, great. Those albums, the | :39:39. | :39:51. | |
Dude and Give Me The Night were just amazing records to make because | :39:52. | :39:55. | |
there were so many people involved. Everybody is giving it up and it is | :39:56. | :40:00. | |
just a lot of fun to be involved in a situation like that. Rod Temperton | :40:01. | :40:12. | |
also wrote Michael Jackson's Thriller, including a wrap for | :40:13. | :40:16. | |
Vincent Price scribbled in the back of a cab. I am frantically writing | :40:17. | :40:22. | |
in the back and when I got to the studio I saw this limousine pulled | :40:23. | :40:27. | |
up to the front and out stepped Vincent Price. I said to be cab | :40:28. | :40:31. | |
driver go round the back, so we raced round the back. I jumped out, | :40:32. | :40:37. | |
went through the back door, grabbed hold of a secretary and said, | :40:38. | :40:42. | |
photocopy this, quick! I raced through and that it on the music | :40:43. | :40:47. | |
stands and Vincent walked in and just hit it, two takes. Darkness | :40:48. | :40:55. | |
falls across the land, the midnight hour is close at hand, creatures | :40:56. | :41:01. | |
crawl in the search of blood, to terrorise your neighbourhood. I | :41:02. | :41:08. | |
remember when Michael Jackson toured England, either the Daily Mirror or | :41:09. | :41:13. | |
the Sun sent reporters up to my hometown. There was a great headline | :41:14. | :41:19. | |
and I have still got it: Grimsby fish the litter wheels in to Ashman | :41:20. | :41:25. | |
reels in fortune for what code Dzeko! | :41:26. | :41:30. | |
Remembering the music of Rod Temperton. | :41:31. | :41:34. | |
We leave you with Theresa May's Birmingham peroration. | :41:35. | :41:37. | |
We weren't sure it was clear enough quite what the takeaway was, | :41:38. | :41:39. | |
So to everyone here this morning, and the millions beyond, whether | :41:40. | :41:46. | |
Leavers or Remain, I say, come with me and we'll write | :41:47. | :41:49. | |
Come with me and we'll make that change. | :41:50. | :41:52. | |
# And you'll be in a world of pure imagination...#. | :41:53. | :42:00. | |
Come with me if you want to live. | :42:01. | :42:02. | |
Come with me and together let's seize the day. | :42:03. | :42:17. | |
MUSIC: Mr Blue Sky by ELO. | :42:18. | :42:20. |