Browse content similar to 31/03/2017. Check below for episodes and series from the same categories and more!
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The EU will set out its stall on Brexit later but Britain says | :00:00. | :00:19. | |
trade talks must get under way at the same time. | :00:20. | :00:23. | |
Why the price of butter is soaring on US markets. | :00:24. | :00:29. | |
If you are in Britain it is nice and early, stay where you are and give | :00:30. | :00:58. | |
me eight minutes, nine minutes they just told me, and I will give you an | :00:59. | :01:02. | |
exciting snapshot of the exciting world of business and money. | :01:03. | :01:06. | |
We start in Malta, where later this morning EU | :01:07. | :01:08. | |
Council President Donald Tusk will present Europe's guidelines | :01:09. | :01:10. | |
The key question for Britain - can it negotiate a future trade deal | :01:11. | :01:15. | |
Or, as France is insisting, must it wait until | :01:16. | :01:20. | |
Two years is already seen as tight to do such a complex trade deal. | :01:21. | :01:26. | |
So what happens if one can't be done in time? | :01:27. | :01:29. | |
For a start, these: Tariffs are customs taxes slapped | :01:30. | :01:32. | |
They range from around 1.5% on things like toys and watches, | :01:33. | :01:46. | |
If the UK leaves the EU single market without a deal, | :01:47. | :01:50. | |
it would be subject to those tariffs under | :01:51. | :01:52. | |
According to the think tank, Civitas, that would see British | :01:53. | :01:58. | |
exports to the EU hit by tariffs worth $6.5 billion. | :01:59. | :02:03. | |
That would make them more expensive and less attractive. | :02:04. | :02:11. | |
Civitas says Europe's tariff bill would be well over double that, | :02:12. | :02:17. | |
$16 billion, a lot of it landing on Germany and its carmakers. | :02:18. | :02:20. | |
A huge incentive then on both sides to do a deal as fast as possible. | :02:21. | :02:25. | |
Then there's the potential chaos caused by all those extra customs | :02:26. | :02:27. | |
checks at ports and airports, especially in the south of England. | :02:28. | :02:34. | |
For Britain, there's another specific worry. | :02:35. | :02:41. | |
It also needs to secure access to the EU for its huge financial | :02:42. | :02:45. | |
If it fails, 70,000 jobs in the City of London could be at risk. | :02:46. | :02:51. | |
Within five to ten years, Britain's total trade could slump | :02:52. | :02:56. | |
by 30% if there's no trade deal with the EU. | :02:57. | :03:01. | |
That's according to a recent study by the National Institute | :03:02. | :03:04. | |
It argues deals with the likes of the US and Australia just | :03:05. | :03:16. | |
wouldn't make up for the loss of the EU single market. | :03:17. | :03:19. | |
David Campbell Bannerman is a conservative member | :03:20. | :03:25. | |
of the European Parliament representing the east of England. | :03:26. | :03:28. | |
He is a former deputy leader of the UK Independence Party, | :03:29. | :03:30. | |
which of course campaigned for Brexit, and he co-chairs | :03:31. | :03:33. | |
the Eurosceptic pressure group Conservatives for Britain. | :03:34. | :03:35. | |
Great to have you with me this morning on this programme, David. | :03:36. | :03:40. | |
Let me start with this, no matter what side of defence people sit on, | :03:41. | :03:44. | |
I think we all agree a deal has to be done. Is it realistic, two years, | :03:45. | :03:50. | |
to get a deal? I think we can. I work on trade deals all the time on | :03:51. | :03:54. | |
the trade committee. We have just done Canada. That has taken seven | :03:55. | :03:59. | |
years, three years of negotiations. We don't have any tariffs to | :04:00. | :04:04. | |
negotiate, not 1600 Paris as Canada did, we don't have any quotas and | :04:05. | :04:08. | |
all other laws are a equivalent, so we start in a very different | :04:09. | :04:14. | |
position from any trade deal under WTO rules than the US -- 1600 | :04:15. | :04:18. | |
tariffs. Picking up on that, talking about deals around the world, the | :04:19. | :04:22. | |
nationalistic or economic and social research, you know, the point about | :04:23. | :04:26. | |
Britain not making up for the loss of trade with the EU with the likes | :04:27. | :04:30. | |
of the US and Australia... Go on. They are EU funded, that body, they | :04:31. | :04:36. | |
are a disgrace in the referendum, carrying on Project Fear. It is | :04:37. | :04:39. | |
nonsense. We are the largest single customer of the rest of the EU. | :04:40. | :04:43. | |
Let's not forget that. They want access to the fifth-largest | :04:44. | :04:47. | |
continent in the world, that is asked, the UK, they want access to | :04:48. | :04:52. | |
the city of London. Let's do a good deal like Canada, super Canada what | :04:53. | :04:57. | |
I argue for, and the EU has done trade deals in most countries in the | :04:58. | :05:01. | |
world. And the ones it has done deals with it is doing so now. Yes, | :05:02. | :05:07. | |
no, absolutely, I am an Aussie, so let's do big deals with Australia | :05:08. | :05:11. | |
and New Zealand, go back to that relationship. Direct me if I am | :05:12. | :05:16. | |
wrong, you are in Norwich, big farming community. Is their concern | :05:17. | :05:22. | |
about the whole immigration FAQ? Farming needs workers and typically | :05:23. | :05:26. | |
a lot are migrant workers. Yes, I think we should go back to the | :05:27. | :05:30. | |
temporary workers scheme, agriculture workers scheme, started | :05:31. | :05:34. | |
in 1947, way before the EU was created. So we have been there | :05:35. | :05:39. | |
before. We need agricultural workers in the east of England, yes. That | :05:40. | :05:43. | |
will continue. Under a new visa regime. I think the point is, even | :05:44. | :05:50. | |
if we have the worst case scenario, which is WTO rules, you touched on | :05:51. | :05:54. | |
that, well, six out of ten of the largest trading partners of the EU | :05:55. | :05:59. | |
use those rules, including the US, Japan, China. We import 300 Willian | :06:00. | :06:05. | |
dollars worth of Chinese goods -- $300 billion worth of Chinese goods | :06:06. | :06:08. | |
without a formal trade agreement. Can I ask briefly before we wrap up, | :06:09. | :06:13. | |
I am curious on your point, I was travelling the last three weeks, | :06:14. | :06:17. | |
this is my week back, people asking about Brexit, and I am like, yes, a | :06:18. | :06:22. | |
big issue, but I am like, you know what, watch what happens in the rest | :06:23. | :06:26. | |
of Europe, keep your eye on that, not necessarily just tax it. France | :06:27. | :06:31. | |
is only, what, three weeks away from an election? I mean, that could | :06:32. | :06:38. | |
overtake Brexit, couldn't it? Well, that is true, I mean, Marine Le Pen | :06:39. | :06:42. | |
is in a strong position. She is likely to get to the second round. | :06:43. | :06:46. | |
We'll have to see what happens, whether she is beaten in the second | :06:47. | :06:49. | |
round stage, which is probably likely. As we saw with President | :06:50. | :06:54. | |
Trump and with Brexit, surprises can happen. Brexit's case, thank | :06:55. | :06:59. | |
goodness they did it. We appreciate your time. Thank you very much. | :07:00. | :07:04. | |
To Asia now, where there's more evidence China's economy | :07:05. | :07:06. | |
Activity in the country's factories has increased at its fastest pace | :07:07. | :07:14. | |
There's also been string growth in services and construction. | :07:15. | :07:18. | |
Rico Hizon has been looking at the numbers for us in Singapore. | :07:19. | :07:23. | |
Hey, Rico, I have missed you! Welcome back from your holiday. | :07:24. | :07:31. | |
Well, I was visiting family. It wasn't really a holiday, Rico. Hey, | :07:32. | :07:36. | |
listen, my friend. China, Beijing and the administration, the powers | :07:37. | :07:42. | |
to be, have for the last several years tried to shift the economy | :07:43. | :07:48. | |
away from making staff to being more services driven. At the moment the | :07:49. | :07:52. | |
factories are making a lot of stuff. That is right. It looks like it is | :07:53. | :07:56. | |
coming from both manufacturing and from services. That is why things | :07:57. | :08:01. | |
may be looking up, Aaron, for the Chinese economy. This is another | :08:02. | :08:06. | |
fresh sign that it is picking up steam, factory activity picking up | :08:07. | :08:09. | |
yet again last month to its highest level in nearly 60 months, Aaron, | :08:10. | :08:15. | |
with the official PMI index climbing 51.8 from 51.6 - a number of bad 50 | :08:16. | :08:25. | |
is an indicator of expansion and it is the strongest level since April | :08:26. | :08:29. | |
2012 with a report revealing production orders expanded in the | :08:30. | :08:34. | |
key manufacturing industry. As for the official nonmanufacturing | :08:35. | :08:38. | |
Purchasing Managers' Index, Aaron, it rebounded as well, indicating | :08:39. | :08:43. | |
strength in the services sector. Growth in the services industry is | :08:44. | :08:46. | |
accelerating at the fastest pace in nearly three years and the services | :08:47. | :08:50. | |
sector accounts for over half of the mainland economy and for the | :08:51. | :08:57. | |
majority of its 6-.7% growth in 2016. So, things are looking | :08:58. | :09:01. | |
positive for the Chinese economy, hopefully. Indeed, a healthy Chinese | :09:02. | :09:06. | |
economy is a healthy global economy. OK, Rico, love you, in the | :09:07. | :09:10. | |
nonbiblical sense, of course. We will see you soon, have a great | :09:11. | :09:12. | |
weekend. Stay with me, I didn't make a | :09:13. | :09:13. | |
mistake. We are in the US | :09:14. | :09:21. | |
where there's a new meaning The price of butter | :09:22. | :09:24. | |
is at an all time high - butter futures on the Chicago | :09:25. | :09:27. | |
Mercantile Exchange have jumped 14% So what's behind all | :09:28. | :09:29. | |
this spread betting? Jonathan White and his dog Lorraine | :09:30. | :09:41. | |
by his side is off to meet his co-workers. That is stellar right | :09:42. | :09:47. | |
there. Oh, and that is Lousi. The cows here are all 100% grass fed. | :09:48. | :09:53. | |
The dairy is used primarily to make cheese but also butter. Since I got | :09:54. | :09:58. | |
into the butter business in 1983, but has had a huge - I wouldn't even | :09:59. | :10:06. | |
call it a comeuppance, it is a calm - backance and it is gratifying to | :10:07. | :10:12. | |
see. The demand is set to skyrocket this year as more people want to eat | :10:13. | :10:16. | |
clean, less processed food and it means the price of butter will go | :10:17. | :10:20. | |
up, which is great news for dairy farmers like this one, but it is not | :10:21. | :10:25. | |
a win for everyone. So there is as much butter as this... This pastry | :10:26. | :10:33. | |
Seth is making his version of a lemon tart -- chef. Creamy and | :10:34. | :10:37. | |
smooth like shaving foam. This shop online users at 635 kilograms of | :10:38. | :10:44. | |
butter per week -- alone. The bakery will use a lot more butter than any | :10:45. | :10:49. | |
restaurant. A bakery will use so much butter for all the bread, all | :10:50. | :10:53. | |
of the dough, all of the croissants and we can sell large volumes, so it | :10:54. | :10:59. | |
is something to look at. Making these rich pastries is getting | :11:00. | :11:03. | |
costly. The price of butter is 10% higher than one year ago. That is | :11:04. | :11:10. | |
because America's new taste for butter has caught the dairy industry | :11:11. | :11:15. | |
by surprise. And these hard workers have yet to catch up with the | :11:16. | :11:20. | |
demand. But maybe a pricey commodity these days but the results are just | :11:21. | :11:25. | |
delicious -- butter. Butter on everything. It is good for | :11:26. | :11:35. | |
you. Follow me on Twitter, I will be back with Alpa to look at the papers | :11:36. | :11:37. | |
from around the world. Bye bye. The Head of NHS England says waiting | :11:38. | :11:44. | |
times will be longer for routine operations as a "trade off" | :11:45. | :11:49. | |
for improvements in A performance and better | :11:50. | :11:52. | |
treatment in other areas. Simons Stevens is to unveil | :11:53. | :11:54. | |
a new strategy for the NHS later. | :11:55. | :11:58. |