:00:00. > :00:00.Now for the latest financial news with Sally and World Business
:00:00. > :00:22.Can Britain plough its own furrow, or is there a bitter
:00:23. > :00:28.UK farmers meet to discuss the post-Brexit future.
:00:29. > :00:31.Plus, the Brexit bulls keep running - global stocks surge again
:00:32. > :00:37.as the Bank of England hints at stimulus measures.
:00:38. > :00:46.Also in the programme: The boss of oil giant Shell tells us
:00:47. > :01:05.As people here in the UK and the rest of the world wait
:01:06. > :01:08.to find out what what a post-Brexit Britain might look like,
:01:09. > :01:11.not to mention who will be leading it, there is one group today
:01:12. > :01:15.Later, the National Farmers Union, which represents farmers in England
:01:16. > :01:18.and Wales, holds a special meeting to try and figure out how people
:01:19. > :01:21.who work in agriculture will be affected by a departure from the EU.
:01:22. > :01:25.While the NFU itself believed staying in was the safest bet,
:01:26. > :01:28.many UK farmers voted Leave and the industry was
:01:29. > :01:33.Let's take a look at some of the issues now facing farmers.
:01:34. > :01:35.The first is access to the European market.
:01:36. > :01:38.Over the past five years almost two thirds of Britain's farm exports
:01:39. > :01:44.went to the EU, according to Government figures,
:01:45. > :01:47.with just over a third to the rest of the world.
:01:48. > :01:50.So the terms of trade will be very important.
:01:51. > :01:57.Then there's the question of EU subsidies.
:01:58. > :02:00.UK farmers get an average of around ?17,000 a year per farm in subsidies
:02:01. > :02:08.Those subsidies make up more than HALF the income
:02:09. > :02:12.of the average farm, according to the NFU.
:02:13. > :02:15.And there's the question of all the farm EU workers over
:02:16. > :02:18.UK farms rely heavily on them, especially at harvest time
:02:19. > :02:20.when thousands more come from Eastern Europe
:02:21. > :02:37.These were all concerns that farmers voiced to the BBC in the run up
:02:38. > :02:45.For the children's future we should take things back in hand. Make alloy
:02:46. > :02:56.and rules and regulations relevant to this country, for our benefit. --
:02:57. > :02:58.make our own. It is the huge risks to any horticultural business,
:02:59. > :03:04.whether that be fruit, horticultural plants or vegetables. The whole
:03:05. > :03:12.industry relies on this labour coming into the country. I am
:03:13. > :03:17.prepared to give up what I think the subsidies are worth and it is not
:03:18. > :03:20.worth its face value. If we don't have any subsidy at all I believe
:03:21. > :03:25.our costs will come down, land values will public down, rent will
:03:26. > :03:30.certainly come down. -- probably come down. I think it would be
:03:31. > :03:34.scaremongering to suggest that we won't be able to trade with the EU.
:03:35. > :03:39.Obviously a trade deal will be negotiated. But it is very fussy. We
:03:40. > :03:43.don't know how long that trade deal will take to negotiate. What's going
:03:44. > :03:46.to happen in the interim? There are far too many unknowns. There are
:03:47. > :03:53.many unknowns, that's for sure. I enjoyed by the president of the
:03:54. > :03:58.National Farmers Union. Good morning and thanks for coming in. There are
:03:59. > :04:03.a lot of unknowns and the key thing that you need to know is who will be
:04:04. > :04:09.Prime Minister and what the Cabinet will be that follows, and therefore
:04:10. > :04:13.who was in charge of farming. Who is in the Cabinet and who is PM will be
:04:14. > :04:17.extremely important, but all I would say to the incoming Prime Minister
:04:18. > :04:20.and to their government is that farming is so important to the
:04:21. > :04:26.nation. It feeds the nation, it is the bedrock of producing ingredients
:04:27. > :04:31.to the food and drink industry, and industry worth ?108 billion to the
:04:32. > :04:38.UK economy. It employs 3.9 million people. So it is so important that
:04:39. > :04:44.the new government delivers a competitive agricultural policy,
:04:45. > :04:49.that farming can actually the profitable, it can be competitive
:04:50. > :04:54.and we can keep feeding the nation as our consumers demanded. There is
:04:55. > :04:59.so much to discuss. We've highlighted some of the key issues.
:05:00. > :05:04.In terms of the EU subsidies, some ?17,000 a year to a British farmer,
:05:05. > :05:09.that of course will stay in place for some two years, it won't go away
:05:10. > :05:14.immediately. But are you looking for a UK government to replace that?
:05:15. > :05:16.Obviously we have the reassurance from the European Union agricultural
:05:17. > :05:21.Commissioner that the existing support stays in place, but the
:05:22. > :05:24.important message to the UK government will be that British
:05:25. > :05:32.farmers must not be disadvantaged from their other competitors and our
:05:33. > :05:37.competitors will be in France, Holland, Germany. If we are to have
:05:38. > :05:43.a modern and efficient, resilient, profitable industry, then UK farmers
:05:44. > :05:50.must not be disadvantaged. Does that mean each farmer will need help from
:05:51. > :05:53.the UK government? A majority of countries across the globe support
:05:54. > :05:59.their farming. As long as UK farming is not disadvantaged from its
:06:00. > :06:06.competitors, then British farmers can meet the cost. But if European
:06:07. > :06:09.competitors will receive support, ?20 up to ?40 per acre, and we
:06:10. > :06:12.receive little, then it is difficult to compete and create that
:06:13. > :06:17.efficient, competitive industry going forward. The trade
:06:18. > :06:22.negotiations will be key as well, for farmers. Most of our goods are
:06:23. > :06:26.exported to Europe. If tariffs are slapped on those goods or any kind
:06:27. > :06:31.of scenario, that could have a big impact, wouldn't it? It is a major
:06:32. > :06:37.concern. Through these negotiations should be and up with import tariffs
:06:38. > :06:41.on the products that we export to Europe, we could be importing food
:06:42. > :06:45.to other parts of the world with no import tariffs into the UK and food
:06:46. > :06:49.that may not be produced to the same standards that UK farmers produce at
:06:50. > :06:55.present, then that would make us extremely uncompetitive and it would
:06:56. > :07:01.not help British farmers to be competitive in the long-term. We
:07:02. > :07:04.appreciate your time this morning. Of course we will keep across how
:07:05. > :07:08.you get on and farmers in Europe are of course concerned about the
:07:09. > :07:12.situation. Thank you for your time. That is one industry in the UK that
:07:13. > :07:15.is very worried. Let's stay with Brexit.
:07:16. > :07:19.bosses of businesses both large and small are all trying to work out
:07:20. > :07:23.The BBC has been speaking to Ben van Beurden, the boss
:07:24. > :07:28.He was attending the company's annual fuel economy competition,
:07:29. > :07:31.He told us he's very concerned that the UK retains access
:07:32. > :07:46.I hope the relationship that will be defined by the governments of the UK
:07:47. > :07:50.and the EU will be such that they will still give us access to the
:07:51. > :07:56.single market, ideally free movement of people as well, for a company
:07:57. > :07:59.like us that's important. We are still large exporters in two
:08:00. > :08:06.different countries. But it would be speculative to say what will happen.
:08:07. > :08:08.We will still come to eat our investment programmes that we have
:08:09. > :08:16.in the UK and still provide energy to our customers in the UK, we will
:08:17. > :08:19.still recruit people in the UK. In the long run what will happen, we
:08:20. > :08:26.will have to wait and see. That is what most company bosses are
:08:27. > :08:31.telling us. Short-term is manageable, but what about the
:08:32. > :08:34.long-term? There's much uncertainty. Markets are not too concerned about
:08:35. > :08:39.that. The optimism is still very much in due. Global shares have been
:08:40. > :08:43.going up again for a third straight session. The FTSE 100 is surging,
:08:44. > :08:45.although it was a wobbly start to business on Thursday. Let's have a
:08:46. > :08:46.look at Let's talk to Rico
:08:47. > :09:22.Hizon, in Singapore. It is pretty much the same
:09:23. > :09:24.conversation as we had yesterday, but it is encouraging markets and
:09:25. > :09:31.not getting pessimistic again today. Absolutely. The gains are continuing
:09:32. > :09:37.for a fourth day here in the region, with investors remaining in a buying
:09:38. > :09:40.mood. Amid low interest rates and of course global markets, recovering
:09:41. > :09:46.from the Brexit shock of Japan, South Korea, Australia, China and
:09:47. > :09:49.south-east Asian markets, all in positive territory. And with the
:09:50. > :09:53.gains today Asia has recovered nearly all of their wrecks at
:09:54. > :10:00.losses. Let's take a look in particular at the Chinese markets.
:10:01. > :10:06.The gains are being capped. Growth in the manufacturing sector has
:10:07. > :10:09.deteriorated again. The manufacturers' index came in lower
:10:10. > :10:13.than expected and policymakers in Beijing are continuing to battle to
:10:14. > :10:18.revive growth, which has slowed to a 25 year low last year, a little to
:10:19. > :10:22.show for their effort. Over the past week markets were all over the
:10:23. > :10:29.place, creeping confidently up and then down, but gradually creeping up
:10:30. > :10:33.again. Nice to see you. That is all from World Business Report for the
:10:34. > :10:36.time being. 20 more business stories to discuss in The Papers in a few
:10:37. > :10:38.minutes. -- plenty more. See you then.