Browse content similar to 08/03/2017. Check below for episodes and series from the same categories and more!
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It's budget day in the UK, with the Chancellor poised | :00:00. | :00:22. | |
But how much money has he got to hand out and who will get it? | :00:23. | :00:28. | |
And what does the boss of Renault-Nissan think | :00:29. | :00:30. | |
He gets a grilling from Simon Jack at the Geneva Motor Show. | :00:31. | :00:41. | |
Also in the programme, a Chinese telecoms company gets | :00:42. | :00:46. | |
slammed with the biggest fine ever by the US | :00:47. | :00:48. | |
for braking sanctions against Iran and North Korea. | :00:49. | :00:57. | |
The Chancellor of the Exchequer, or UK Finance Minister, | :00:58. | :01:04. | |
will deliver the country's final budget before the government | :01:05. | :01:06. | |
triggers Article 50 and Britain begins its negotiations to leave | :01:07. | :01:09. | |
Despite the ongoing uncertainty over Brexit, | :01:10. | :01:11. | |
Philip Hammond received an eve-of-Budget boost | :01:12. | :01:16. | |
from the Organisation for Economic Co-operation | :01:17. | :01:18. | |
It now expects growth in the UK of 1.6% this year, | :01:19. | :01:29. | |
up from its previous estimate of 1.2%. | :01:30. | :01:30. | |
In theory this means more tax revenue for the Treasury and more | :01:31. | :01:34. | |
money flowing in to the government's coffers. | :01:35. | :01:36. | |
Despite this, economists are not expecting a spending spree from Mr | :01:37. | :01:39. | |
Instead, he's expected to put the additional funds to one side | :01:40. | :01:42. | |
in a Brexit war chest as Britain prepares for its divorce settlement | :01:43. | :01:45. | |
Nevertheless, one area which may receive some immediate attention | :01:46. | :01:48. | |
are the so-called "business rates" paid on commercial property. | :01:49. | :01:52. | |
Despite the government's reassurances that Britain remains | :01:53. | :01:54. | |
open for business, some companies will see more than a 40% rise | :01:55. | :01:58. | |
To help cushion the blow, the Treasury has already announced | :01:59. | :02:11. | |
that corporation tax will fall to 17% by the end of the decade. | :02:12. | :02:20. | |
With me is Victoria Waldersee, commissioning editor for Economy. | :02:21. | :02:24. | |
What are you expecting from the budget? I think from everything we | :02:25. | :02:30. | |
think so far we are seeing two main messages. One is to be this idea | :02:31. | :02:34. | |
that this is a time for so-called fiscal discipline and that we are | :02:35. | :02:39. | |
entering an era of what Philip Hammond calls economic turbulence. | :02:40. | :02:43. | |
The main reason for that he says his Brexit. The other hand we have this | :02:44. | :02:49. | |
from the OECD and Philip Hammond to say growth is higher and things are | :02:50. | :02:53. | |
better than we thought they were. They think it is recognising that | :02:54. | :02:57. | |
these figures of growth predictions, the last ones we had were that | :02:58. | :03:01. | |
things weren't going well. -- worth recognising. Before that they said | :03:02. | :03:05. | |
things were going to be great. They have all been calculated with models | :03:06. | :03:11. | |
that I'm very good at picking unexpected events. It is fair to say | :03:12. | :03:15. | |
that it is hard to know how it will go over the next two years. We don't | :03:16. | :03:21. | |
know how we will fare as a consequence of the Brexit | :03:22. | :03:24. | |
negotiations. In the meantime, presumably he has to hedge his bets | :03:25. | :03:29. | |
and be quite careful about spending? Absolutely. It makes sense and I | :03:30. | :03:34. | |
think it will give people a sense of security to know that the government | :03:35. | :03:38. | |
will set money aside for these negotiations. At the same time I | :03:39. | :03:43. | |
think people can expect more clarity. He has been talking about | :03:44. | :03:47. | |
gas in the tank, the economy is however more copper Katy just an | :03:48. | :03:51. | |
engine fuelled by money. Also it is an economy that has been grappling | :03:52. | :03:56. | |
with austerity for some years and many departments have been happy to | :03:57. | :04:00. | |
digestive enormous cuts. Welfare state, policing, defence, the list | :04:01. | :04:06. | |
is long. Will we expect any handouts to help with those areas? What we've | :04:07. | :04:13. | |
seen so far in terms of specific policies that it looks like he's | :04:14. | :04:19. | |
likely to rollout is national insurance for the self-employed and | :04:20. | :04:21. | |
classic taxes on alcohol and cigarettes. What we've been hearing | :04:22. | :04:26. | |
about is social care as well and of course the big issue is business | :04:27. | :04:31. | |
rates. It may be a contribution to some, taking funds away from these | :04:32. | :04:35. | |
businesses but then setting up a fund to then give that money back in | :04:36. | :04:38. | |
the transition area says. There definitely seems to be a sense of | :04:39. | :04:45. | |
where is all of this money going? That's why we need more clarity on | :04:46. | :04:51. | |
what the ?60 billion is for and how it will give people the security | :04:52. | :04:54. | |
they need during the Brexit negotiations. Not long to wait until | :04:55. | :04:59. | |
we find out what's in that speech. Thank you for coming in and for your | :05:00. | :05:03. | |
analysis. Just to say of course we will be right across that budget | :05:04. | :05:07. | |
announcement on the BBC, with all of our experts and resources on | :05:08. | :05:12. | |
television, radio and online. So you can keep right across it as it | :05:13. | :05:14. | |
happens. Moving on now. The US Justice Department has | :05:15. | :05:15. | |
levied its largest ever criminal fine in an export control | :05:16. | :05:18. | |
and sanctions case against The company has pleaded guilty | :05:19. | :05:21. | |
to violating the trade embargos Rico Hizon has been following | :05:22. | :05:24. | |
the story from our Singapore bureau. What's been going on? And | :05:25. | :05:41. | |
interesting investigation. Now just as Will indeed be served. The | :05:42. | :05:44. | |
Chinese telecommunications giant which will pay a hefty fine of more | :05:45. | :05:50. | |
than $1 billion US is accused of buying US components, putting them | :05:51. | :05:54. | |
into ZTE equipments and then illegally shipping them to those two | :05:55. | :05:58. | |
countries, North Korea and Iran. The equipment included Routers, micro- | :05:59. | :06:07. | |
services and controllers, put on the encryption or antiterrorism reasons. | :06:08. | :06:12. | |
They also made 283 shipments of mobile phones to North Korea, | :06:13. | :06:17. | |
despite knowing this contravened rules around exports to the country. | :06:18. | :06:22. | |
According to sources, ZTE bought around one third of its components | :06:23. | :06:26. | |
from US businesses like Microsoft and Intel and also sold phone sets | :06:27. | :06:34. | |
the major carriers like AT At it seems like ZTE is apologetic and | :06:35. | :06:39. | |
knows it has made mistakes and is working towards improving its | :06:40. | :06:45. | |
procedures. OK, thanks a lot and good to see you. | :06:46. | :06:47. | |
As we reported yesterday the Geneva Motor show is just taking | :06:48. | :06:53. | |
One of the most influential leaders in the global | :06:54. | :07:04. | |
He asked him what he saw as the biggest challenges facing | :07:05. | :07:08. | |
The main challenge is what happening at the level of the product. On top | :07:09. | :07:17. | |
of this, there may be incentives for countries to maybe go from a free | :07:18. | :07:24. | |
trade to add the dimension of what they consider as being fair trade. | :07:25. | :07:29. | |
But most of the trade agreements are very old and the reality today is | :07:30. | :07:33. | |
very different from what it was. So I'm not so worried about it. This is | :07:34. | :07:38. | |
not what keeps me awake at night. I am much more focused and attentive | :07:39. | :07:42. | |
to what is taking place at the level of the products. You spoke about | :07:43. | :07:47. | |
some of the disruptive changes. One of those potentially is the UK | :07:48. | :07:52. | |
leaving the EU, which it will. Back in October you said you would | :07:53. | :07:55. | |
increase investment in Sunderland. What in January you said you would | :07:56. | :07:59. | |
review the deal before then. We just want to understand where you stand. | :08:00. | :08:03. | |
How solid is that guarantee that you will increase investment in | :08:04. | :08:07. | |
Sunderland? You don't know, I don't know, you don't know what the Brexit | :08:08. | :08:11. | |
rules are because they haven't been negotiated in Britain when it will | :08:12. | :08:16. | |
happen. In the meantime, our best policy is to believe the commitment | :08:17. | :08:24. | |
made by the UK government to say, I'm going to preserve the | :08:25. | :08:28. | |
competitiveness of my industry through Brexit. There is no reason | :08:29. | :08:33. | |
to doubt that. We've been in the UK for so many years, we have a | :08:34. | :08:41. | |
tradition to honour the commitment. So we believe it and we feel good | :08:42. | :08:45. | |
about it. A final question. You are in a joint-venture with... With | :08:46. | :08:52. | |
General Motors, in Luton. Now that it has been taken over what's the | :08:53. | :08:57. | |
future of the joint-venture? There are contracts, we will honour the | :08:58. | :09:01. | |
contracts. So you will go to the contracts, everything in the | :09:02. | :09:02. | |
contracts will be honoured. There you go! I'm assuming that | :09:03. | :09:10. | |
Simon is hotfooting it from Geneva to be here budget day. He is key to | :09:11. | :09:16. | |
our output today, as is our economics editor Kemal. All | :09:17. | :09:23. | |
available on our website as budget day unfolds. This is currently the | :09:24. | :09:28. | |
scene in Asia. A mixed picture. The same issues on the minds of | :09:29. | :09:34. | |
investors. Really unsure about geopolitics at the moment. This is | :09:35. | :09:38. | |
how things ended on Wall Street the night before and a bit of | :09:39. | :09:40. | |
nervousness about whether this global rally, seen in the US, has | :09:41. | :09:45. | |
actually run out of steam and of course next week most believe the US | :09:46. | :09:48. | |
Federal Reserve will increase interest rates in the world's | :09:49. | :09:52. | |
biggest economies. That's what happening with markets. See you | :09:53. | :09:53. | |
soon. How do you encourage more people to | :09:54. | :10:10. | |
catch public transport? A Singaporean bus operator believes it | :10:11. | :10:12. | |
has the answer, smelly | :10:13. | :10:13. |