:00:00. > :00:00.the hashtag and we will get you and others across the hour. -- we will
:00:00. > :00:16.get you and service across the hour. All of last week we travelled the
:00:17. > :00:19.UK. We heard why some people wanted to leave the European Union and
:00:20. > :00:26.others did not. On Friday morning we got the hands from the whole
:00:27. > :00:33.decided to vote to get out of the decided to vote to get out of the
:00:34. > :00:38.European Union. I have come to Brussels, the centre of the European
:00:39. > :00:42.Union. Behind me is the commission and across the road is European
:00:43. > :00:47.Council. This is where the European Union does its business. Tomorrow
:00:48. > :00:53.all of the leaders from the EU will be arriving for a European Council
:00:54. > :00:59.meeting. There was plenty to discuss. The leaders of France,
:01:00. > :01:06.Italy and Germany met today in Berlin to discuss what to do about
:01:07. > :01:12.the UK leaving. At the present time, we have the responsibility is all
:01:13. > :01:19.member states of the European Union have and the institutions to lead
:01:20. > :01:24.the 27 member states on a common path, a common path that means on
:01:25. > :01:33.the one hand to negotiate with Great Britain about their exit. Nothing is
:01:34. > :01:38.worse than uncertainty. Uncertainty gets under way of political
:01:39. > :01:47.decisions. It gets way of financial decisions. They may come -- they may
:01:48. > :01:51.become a rational as a result. The United Kingdom has had this
:01:52. > :01:55.and financially speaking both have and financially speaking both have
:01:56. > :02:02.come into play and these have been the consequences. Europe is solid
:02:03. > :02:05.and strong and they will continue even if changes will have to take
:02:06. > :02:10.place and 30s be reassessed. We must place and 30s be reassessed. We must
:02:11. > :02:16.think about the strategy for the next few months, which may lead us
:02:17. > :02:25.to the heart of what Europe should be and I think we must think about
:02:26. > :02:31.security and growth and young people and it is very important to show
:02:32. > :02:39.that Europe is not just a big place of peace, where we have a 70 years
:02:40. > :02:45.kept peace. One of the people to help me have some questions is this
:02:46. > :02:50.expert. We can talk about the way there is a divide between what we
:02:51. > :02:56.can call hawks and doves within the European Union and how they want to
:02:57. > :02:59.deal with the UK. That is a political Civil War in Brussels and
:03:00. > :03:03.around the EU capitals about how to deal with the results from the
:03:04. > :03:10.referendum. Some people say we should give the UK time as it is
:03:11. > :03:15.going through a political crisis and go through the step-by-step, Hanley
:03:16. > :03:19.and carefully. Others say they should be a slice of the
:03:20. > :03:22.relationship and pressure should be put on the UK to announce that they
:03:23. > :03:29.are going to step forward with Article 50 as soon as possible this
:03:30. > :03:35.week so they can get through this messy divorce. The Parliament is
:03:36. > :03:40.about to propose a non-binding political resolution that would put
:03:41. > :03:46.pressure on the UK to submit its withdrawal from the EU. They can put
:03:47. > :03:53.pressure on but they cannot force the UK. John Kerry was in Brussels
:03:54. > :04:01.earlier and then he met the UK Foreign Secretary. He seems to be
:04:02. > :04:06.striking a town of caution. He said, we should not be vengeful or
:04:07. > :04:11.scatterbrained. We need to be very careful and have a thoughtful
:04:12. > :04:16.approach to this. He reminded the EU that the US still has a close
:04:17. > :04:19.relationship with the UK, a special relationship, and they are going to
:04:20. > :04:27.work closely to make sure this is not cataclysmic in any way. What has
:04:28. > :04:34.it has been like in Brussels? It was feverish in London and presumably it
:04:35. > :04:37.was the same here. Many people here believe in the Federalist European
:04:38. > :04:40.project and they see the future as the United States of Europe and they
:04:41. > :04:47.have just lost one of their biggest states. Those people are
:04:48. > :04:51.heartbroken, probably too emotional, and they think retribution might be
:04:52. > :04:58.the best way to stop the domino affect around Europe, but it is time
:04:59. > :05:02.to sit back and see what happens tomorrow and if they are going to
:05:03. > :05:06.spend the entire time putting pressure on David Cameron or if they
:05:07. > :05:11.are going to discuss their concerns and how they should move forward.
:05:12. > :05:16.Thank you. We can talk about Article 50, which needs to be triggered by
:05:17. > :05:20.the UK for the exit process to begin. David Cameron has said that
:05:21. > :05:25.he wants his successor to do that. Here is a treat from the editor of
:05:26. > :05:41.the BBC's news programme. That would go down very badly in
:05:42. > :05:45.some quarters here in Brussels. We can try to understand the exit
:05:46. > :05:56.process with the help of this report. No divorce is on the cards,
:05:57. > :06:01.what happens next? It could be messy and could take some time. The first
:06:02. > :06:06.thing is to remember the deal did David Cameron struck with the EU in
:06:07. > :06:09.February. I believe this is an offer me to recommend that the United
:06:10. > :06:15.Kingdom remains in the European Union. Forget that, it is off the
:06:16. > :06:22.table now and instead we are hearing a lot about this. Article 50. When
:06:23. > :06:28.the Article 50 process is triggered. Article 50 sets out how the country
:06:29. > :06:32.can leave the EU. It has never been used before. It gives the deadline,
:06:33. > :06:37.two years to negotiate the break-up and that is meant to be head,
:06:38. > :06:44.although it can be extended in all 27 European countries agree. Once
:06:45. > :06:50.Article 50 is underway, the UK is not allowed to take part in EU
:06:51. > :06:55.decisions. We would then have 24 months to negotiate a new
:06:56. > :06:58.relationship with Brussels. The key question is, what taxes and
:06:59. > :07:05.restrictions will our goods and services face? What will happen to
:07:06. > :07:10.EU workers in the UK? What will happen to the British citizens
:07:11. > :07:16.living in other European countries? At the same time, we can start to
:07:17. > :07:21.disentangle 40 years of EU law from our own British law. Many
:07:22. > :07:23.environmental regulations and consumer rights were written in
:07:24. > :07:30.Brussels and they will need to be replaced. Who will be in charge of
:07:31. > :07:36.this? We have not officially said that we want to use Article 50 yet,
:07:37. > :07:39.so the clock has not started taking. It is unlikely that will happen
:07:40. > :07:46.until we get a new Prime Minister in the autumn, or at the elections in
:07:47. > :07:48.France and Germany in 2017. -- after the elections. When the process
:07:49. > :07:55.expect in tense negotiations. Many expect in tense negotiations. Many
:07:56. > :08:02.people think through Brexit is unlikely to happen before 2020 at
:08:03. > :08:09.the earliest. This message has just been sent to us. Will this change
:08:10. > :08:14.the status of English is one of the languages of the European Union?
:08:15. > :08:18.representatives who had been saying representatives who had been saying
:08:19. > :08:21.that perhaps needs to be reconsidered giving Brexit, but
:08:22. > :08:28.nothing official has been discussed yet. This will take a long time to
:08:29. > :08:31.happen. In Westminster, the Prime Minister David Cameron address the
:08:32. > :08:38.Commons as part of a broader debate and this is what happened. The
:08:39. > :08:42.British people have voted to leave the European Union, it was not the
:08:43. > :08:47.result or out, I wanted or think is best for the country I love. But
:08:48. > :08:51.there can be no doubt about the result. I do not take back what I
:08:52. > :08:55.said about risks, it will be difficult, but will be adjustments
:08:56. > :09:01.in the economy, complex constitutional issues, and
:09:02. > :09:04.challenging negotiations to do with Europe. But me in the Cabinet are
:09:05. > :09:07.clear that the decision must be accepted and the process of
:09:08. > :09:14.implementing the decision in the best possible way must now begin.
:09:15. > :09:18.Many people feel disenfranchised and powerless. Especially in parts of
:09:19. > :09:27.the country that have been left behind for too long. Communities, Mr
:09:28. > :09:34.Speaker, that have been let down, not by the European Union but by
:09:35. > :09:39.Tory governments. Those communities do not trust politicians to deliver
:09:40. > :09:43.because for too long they have not. In Scotland we are being told from
:09:44. > :09:48.majority against weaving, we are majority against weaving, we are
:09:49. > :09:53.going to have to do is we are told and we will be taken out of Europe
:09:54. > :09:58.against our will. Mr Speaker, let me tell the House and are friends
:09:59. > :10:08.across Europe, we have no intention whatsoever of seeing Scotland taken
:10:09. > :10:13.out of Europe. That would be totally democratically unacceptable. We are
:10:14. > :10:17.European country and we will stay at European country and if that means
:10:18. > :10:23.we have to have another independence referendum to protect Scotland then
:10:24. > :10:30.so be it. Could I have skin to say today, and to condemn very clearly,
:10:31. > :10:34.those people who are implying that decent people all over this country
:10:35. > :10:42.who voted to leave the European Union are somehow closet racists.
:10:43. > :10:47.Can I urge him to look at broader arrangements to build a wider
:10:48. > :10:51.consensus, setting up a joint Committee of both Houses of
:10:52. > :10:55.Parliament, cross-party, to look at wider arrangements and involve
:10:56. > :11:01.people from all across the country in the negotiations about our future
:11:02. > :11:05.Britain with the EU. Britain feels divided now and we have a
:11:06. > :11:11.responsibility to build a new consensus for the future. Ben Brown
:11:12. > :11:15.live from Westminster. We did not hear from the Prime Minister and
:11:16. > :11:19.Chancellor over the weekend. There was talk of a power vacuum in
:11:20. > :11:25.Westminster. The David Cameron address that today? I think he did
:11:26. > :11:33.and he tried to be calm about the whole Brexit result, not the result
:11:34. > :11:38.that he wanted he said, but the process towards leaving the European
:11:39. > :11:42.Union will be far from plain sailing although the British economy is
:11:43. > :11:48.strong. That was also the message from George Osborne, the chance of
:11:49. > :11:53.big checker. He made some remarks at 7am before the markets opened. Some
:11:54. > :11:59.people are calling it Project Reassurance. He was trying to say
:12:00. > :12:05.that the British economy is strong and they can withstand whatever
:12:06. > :12:10.storms lie ahead, but since then the pound has fallen to its lowest level
:12:11. > :12:19.against the dollar for 31 years, the credit rating has been downgraded
:12:20. > :12:22.for the UK, and on top of the fallout of the referendum results
:12:23. > :12:27.there is a political crisis at Westminster and build parties
:12:28. > :12:31.because the Conservative Party are looking for a new leader,
:12:32. > :12:45.nominations open on Wednesday, and the Labour Party as we will see
:12:46. > :12:50.later on, there are a lot of people calling for Jeremy Corbyn to go and
:12:51. > :12:59.be a leadership election thereto. We know that Hilary Benn was sacked and
:13:00. > :13:05.Lucy decided to go. Owen Smith also resigned. Angela Eagle went today. I
:13:06. > :13:08.don't think we could call what was happening in the Labour Party
:13:09. > :13:14.unusual scene. Angela Eagle was unusual scene. Angela Eagle was
:13:15. > :13:22.almost in tears as she resigned. Huge emotions here. In the last hour
:13:23. > :13:25.at Westminster we had a meeting of the Parliamentary Labour Party
:13:26. > :13:28.inside the Palace of Westminster. Lots of Jeremy Corbyn's MPs were
:13:29. > :13:32.telling him to step down and that he telling him to step down and that he
:13:33. > :13:36.was not good enough to be a leader, but outside some left-wing members
:13:37. > :13:39.of the grassroots organisation of the grassroots organisation
:13:40. > :13:44.Momentum, that supports the Labour leader, saying he should not resign.
:13:45. > :13:47.He went out and spoke to them. He did not speak directly about his
:13:48. > :13:52.leadership or the referendum results very much, but John MacDonald who is
:13:53. > :14:01.his right-hand man and long-time friends and allies said to the rally
:14:02. > :14:06.outside Parliament, let me make it clear, Jeremy Corbyn is not
:14:07. > :14:10.resigning and we are not going anywhere. There is a crisis in the
:14:11. > :14:15.Labour Party, the main opposition party. Jeremy Corbyn may have the
:14:16. > :14:20.support of members in the country, but certainly lots of his MPs and
:14:21. > :14:28.most senior MPs want him to stand down. Thank you for joining us live
:14:29. > :14:31.from Westminster. He will be back later, so if you have questions
:14:32. > :14:38.about what is happening you can use our hashtag. One man is saying why
:14:39. > :14:42.is the pound being down against the dollar but not reporting the pound
:14:43. > :14:45.to your old relationship. I think they are both relevant but the
:14:46. > :14:50.reason we are reporting the ball against the dollar is striking,
:14:51. > :14:58.bigger than that against the Euro. The pound is at 831 year low. One of
:14:59. > :15:07.the top credit rating agencies just downgraded the UK's AAA rating.
:15:08. > :15:08.We're going to talk to them about why they have taken that decision in
:15:09. > :16:29.a couple of minutes. Welcome back to Brussels. I next to
:16:30. > :16:33.the European Commission and our lead story here from the BBC is that the
:16:34. > :16:37.leaders of France, Italy and Germany have met today to discuss the UK's
:16:38. > :16:41.plans to leave the European Union. The express regret but also said
:16:42. > :16:50.they are committed to the EU project. Some of the main stories
:16:51. > :16:55.from BBC World Service. The radio has been covering the elections in
:16:56. > :16:58.Spain. The Prime Minister is preparing to start college in talks.
:16:59. > :17:06.His party won the largest number of seats but failed to secure an high
:17:07. > :17:09.rate majority. Israel and Turkey have reached an agreement to
:17:10. > :17:11.normalise their relationship after normalise their relationship after
:17:12. > :17:17.the six-year rest. Ties were ruptured when Israel raided a
:17:18. > :17:25.Turkish vehicle that was taking aid to people in Gaza. Nessie has
:17:26. > :17:30.decided to retire from football. He was on losing sites in a major final
:17:31. > :17:40.when Argentina went down against Chilean penalties. We can talk about
:17:41. > :17:47.the business side of the story of the UK leaving the European Union.
:17:48. > :17:59.The credit in the -- the credit rating agency S has downgraded the
:18:00. > :18:03.UK's credit rating from AAA to AA. It says that the decision will
:18:04. > :18:11.weaken the predictability, stability and effectiveness of policy-making
:18:12. > :18:14.in the UK. We can bring in the chief ratings officer at the agency. Thank
:18:15. > :18:21.you for your time. Why did you you for your time. Why did you
:18:22. > :18:23.choose to announce this today? We announced that because we had a
:18:24. > :18:29.referendum on Thursday where the outcome was released on Friday and
:18:30. > :18:33.this has changed our view on how we assess the institutional framework
:18:34. > :18:39.under which policy-making takes place in the UK. This is reflecting
:18:40. > :18:45.the new information that came in late last week and that is why be
:18:46. > :18:48.published today. Do you think that some of the difficulties I just
:18:49. > :18:55.lifted being short or medium-term problems rather than fundamental
:18:56. > :19:05.problems? They are a medium to longer term but also fundamental.
:19:06. > :19:09.When you are assessing sovereign risk it depends how decisions are
:19:10. > :19:14.made, it is the political institutions that decide how an
:19:15. > :19:18.economy can react to certain challenges that they might be facing
:19:19. > :19:25.economically or otherwise. What we learnt last week, to our surprise
:19:26. > :19:30.and many others, is that the predictability of policy-making in
:19:31. > :19:35.the UK is not what we believed it was. It is difficult going forward
:19:36. > :19:37.to come to the view that the effectiveness and transparency and
:19:38. > :19:42.stability of policy-making in the UK is still among the best in the world
:19:43. > :19:49.and that is why we reassessed our view on that and we no longer think
:19:50. > :19:54.that the institutions are a strength on the credit file of the UK. You
:19:55. > :19:58.will be aware that when you make an announcement like this there are
:19:59. > :20:03.political consequences and economic consequences, it makes it harder to
:20:04. > :20:07.borrow money. Do you consider those consequences when you are producing
:20:08. > :20:20.a rating? Our role as a rating agencies to inform investors in a
:20:21. > :20:26.non-biased way. This may be a good moment to remind everyone that the
:20:27. > :20:36.rating has gone from AA to AAA. That is still a very high rating, it is a
:20:37. > :20:43.matter of shades of grey. We thank all things considered that the
:20:44. > :20:48.decision to leave the European Union raises so many uncertainties that we
:20:49. > :20:56.think that the risks to investors have increased. Thank you for
:20:57. > :21:00.explaining your thinking on that. We can highlight a couple of the
:21:01. > :21:05.elements of the financial fallout from the boat to leave the European
:21:06. > :21:11.Union. The pound has hit a 31 year low against the dollar, down by
:21:12. > :21:17.3.6%, down 11% since the vote was announced. The FTSE 250, which
:21:18. > :21:23.merely contains companies that are UK focus, it has seen falls
:21:24. > :21:31.particularly on Friday it not seem since the 1980s. That meant people
:21:32. > :21:35.wanted to hear from the Chancellor of the Exchequer, George Osborne,
:21:36. > :21:40.the man in charge of the economy. Early in the morning he gave this
:21:41. > :21:45.statement. It will not be plain sailing in the days ahead. You
:21:46. > :21:50.should not underestimate our resolve. We were prepared for the
:21:51. > :21:57.unexpected and we are equipped for whatever happens. We are determined
:21:58. > :22:02.that unlike it years ago, Britain's financial system will help our
:22:03. > :22:08.country deal with any shocks and dampen them, not contributed those
:22:09. > :22:12.shocks or make them worse. When you look at all these things, depending
:22:13. > :22:19.on who you are you get different cancers as to how serious this
:22:20. > :22:28.financial response to Brexit is. -- different cancers. The people you're
:22:29. > :22:34.talking to, how do they describe it? I have spent all day at their stock
:22:35. > :22:41.exchange on Wall Street. I'm speaking to investors and traders
:22:42. > :22:45.here. On Friday there was a lot of shock and use that reflected in the
:22:46. > :22:52.shop has subsided but today there shop has subsided but today there
:22:53. > :22:58.are still so many unknown is an unanswered questions. -- the shock.
:22:59. > :23:02.What is Britain look like and what is the framework? As a result of
:23:03. > :23:08.those questions you are seeing a lot of uncertainty on US markets. The
:23:09. > :23:11.markets have just closed 15-20 minutes ago and they are down again
:23:12. > :23:19.on the different indices. It is a on the different indices. It is a
:23:20. > :23:25.sense that investors are searching for and so is that I'm not been made
:23:26. > :23:32.very clear because of the political turbulence you mentioned. Thank you.
:23:33. > :23:45.A few minutes ago I was talking to the SNP. -- I was starting to SNP.
:23:46. > :23:49.-- I was talking to death and P. There is a warning that could be
:23:50. > :23:59.more downgrades. Lots of you are sending in messages. We will get
:24:00. > :24:02.into this life Westminster so if you have any questions about any
:24:03. > :24:07.elements of the Brexit story you are welcome to get in touch. Some people
:24:08. > :24:12.are asking about the crisis in the Labour Party and how that might end
:24:13. > :24:16.up. Others are asking about the border between Northern Ireland and
:24:17. > :24:18.the Republic of Ireland. There are a lot of questions and I cannot
:24:19. > :24:25.promise you an answer for all of promise you an answer for all of
:24:26. > :24:30.them but I will do my best with the experts.