Browse content similar to 27/06/2016. Check below for episodes and series from the same categories and more!
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The Headlines - Britain's prime minister, David Cameron, | :00:10. | :00:17. | |
goes to the House of Commons for the first time since | :00:18. | :00:19. | |
the referendum result and since his resignation. | :00:20. | :00:22. | |
Mr Cameron stressed the process of leaving the EU was down | :00:23. | :00:26. | |
to Britain alone - but that the country should not | :00:27. | :00:30. | |
I think everyone is agreed that we will want the strongest | :00:31. | :00:35. | |
possible economic links with our European neighbours | :00:36. | :00:37. | |
as well as with our close friends in the US, our Commonwealth | :00:38. | :00:39. | |
and important partners like India and China. | :00:40. | :00:44. | |
The leader of the Labour opposition - Jeremy Corbyn - who faces | :00:45. | :00:47. | |
considerable pressure from inside his own parliamentary | :00:48. | :00:49. | |
party, criticised the campaign as "too often divisive and negative." | :00:50. | :00:56. | |
To moral and EU summit will be again and today the leaders of Germany and | :00:57. | :01:11. | |
France met and told the UK the process of exiting will only begin | :01:12. | :01:16. | |
when they are formally instructed of the desire to do so. And here in | :01:17. | :01:24. | |
London I will have a reaction from the US Secretary of State, John | :01:25. | :01:28. | |
Kerry. He expresses regret at what will be Britain's absence in | :01:29. | :01:33. | |
negotiations between America and Europe. | :01:34. | :01:39. | |
Hello and welcome to BBC World news, live from Westminster - | :01:40. | :01:42. | |
The backdrop here at Westminster may look the same - | :01:43. | :01:46. | |
but just about everything else has changed, since that | :01:47. | :01:48. | |
The British Prime Minister has been speaking to parliament for the first | :01:49. | :01:56. | |
time since the UK voted to leave the EU. He says it is up to Britain | :01:57. | :02:00. | |
alone to choose when to begin the formal process of leaving, and he | :02:01. | :02:04. | |
will leave the decision to his successor. Following a meeting in | :02:05. | :02:10. | |
Berlin, the leaders of Germany, France and Italy say there can be no | :02:11. | :02:14. | |
talks about the departure until the legal process is actually triggered. | :02:15. | :02:20. | |
The German Chancellor described the British decision as painful and | :02:21. | :02:26. | |
regrettable. The US Secretary of State John Kerry has encouraged EU | :02:27. | :02:30. | |
members not to lose their heads so Britain has not diminished out of | :02:31. | :02:31. | |
the EU, just changed. The Prime Minister set out to | :02:32. | :02:44. | |
explain the decision that forced him from office, triggered unprecedented | :02:45. | :02:48. | |
political turmoil and caused instability in the financial | :02:49. | :02:51. | |
markets. Statement, the Prime Minister. He said it was not least | :02:52. | :02:57. | |
result he wanted but the strength of the economy meant the country was | :02:58. | :03:01. | |
well placed to face the challenges. I do not take back what they said | :03:02. | :03:05. | |
about the risks. It will be difficult and we have seen there | :03:06. | :03:09. | |
will be adjustments in our economy, complex constitutional issues and | :03:10. | :03:12. | |
challenging new negotiation to undertake. I agree with what the | :03:13. | :03:19. | |
Cabinet said this morning that the decision must be accepted and the | :03:20. | :03:21. | |
process of implementing the decision must now begin. He said it was for | :03:22. | :03:28. | |
his successor to determine when to begin the formal process of | :03:29. | :03:33. | |
Britain's departure under article 50 but the new unit was beginning | :03:34. | :03:37. | |
preliminary work. There were words of the assurance but no hiding the | :03:38. | :03:42. | |
emotion. I believe we should hold fast to revision of Britain that | :03:43. | :03:46. | |
wants to be respected abroad, tolerant at home, engaged with the | :03:47. | :03:51. | |
world and working with international partners to preserve safety and | :03:52. | :03:55. | |
security for generations to come. I have fought for of my political life | :03:56. | :04:01. | |
and will continue to do so. Early as the Chancellor had sought to calm | :04:02. | :04:05. | |
financial worries in an early statement. The is increasing | :04:06. | :04:09. | |
pressure on those who lead the Brexit campaign to clarify plans and | :04:10. | :04:13. | |
it was notable that Boris Johnson was absent from the house for the | :04:14. | :04:18. | |
statement. It is clear there will not be an emergency budget and the | :04:19. | :04:23. | |
pound is stable in the markets are stable. The Labour leader Jeremy | :04:24. | :04:29. | |
Corbyn said the referendum campaign had been divisive and negative but | :04:30. | :04:35. | |
also turned on his own side with the crisis engulfing his leadership. Our | :04:36. | :04:40. | |
country is divided down the country will thank neither the benches in | :04:41. | :04:46. | |
front of me nor those behind for indulging in internal factional | :04:47. | :04:47. | |
manoeuvring at this time. Mr Speaker,, we have... Serious | :04:48. | :05:06. | |
matters to discuss in this house and in the country. The SNP's leader at | :05:07. | :05:12. | |
Westminster said Scotland had faltered to remain in the EU and | :05:13. | :05:17. | |
would not be part of a diminished Little Britain. We have no intention | :05:18. | :05:21. | |
whatsoever of seeing Scotland taken out of Europe. That would be totally | :05:22. | :05:31. | |
democratically unacceptable. We are European country and we will stay a | :05:32. | :05:35. | |
European country. If that means we have to have an independence | :05:36. | :05:39. | |
referendum to protect Scotland's place, so be it. Many MPs expressed | :05:40. | :05:47. | |
regret at the Prime Minister's departure but he made clear that of | :05:48. | :05:49. | |
the decision that will not be reversed. The reason for my decision | :05:50. | :05:56. | |
was the country has made a clear decision to move any particular | :05:57. | :06:01. | |
direction and I believe it needs a new leadership and a fresh pair of | :06:02. | :06:05. | |
eyes committed to that path and I think that requires change and that | :06:06. | :06:13. | |
is why I made that decision. An extraordinary session over the road | :06:14. | :06:23. | |
in a packed chamber. Worth just going through some of the key lines | :06:24. | :06:28. | |
you heard because David Cameron started by seeing the decision must | :06:29. | :06:31. | |
be accepted and went on to talk about bringing the country together. | :06:32. | :06:37. | |
He said we will not stand for hate crimes, the backlash we have seen | :06:38. | :06:41. | |
over the last couple of days aimed at EU citizens. He said there was no | :06:42. | :06:47. | |
immediate change in the circumstances for anyone in the EU | :06:48. | :06:51. | |
living in this country. The same is true about the way we trade and on | :06:52. | :06:55. | |
the key decisions he said they will all have to wait until the new Prime | :06:56. | :07:02. | |
Minister is in place. He said he spoke to Angela Merkel and he will | :07:03. | :07:06. | |
not trigger article 50 but that'll be the job of the next Prime | :07:07. | :07:12. | |
Minister. Jeremy Corbyn, you saw how he was heckled when he talked about | :07:13. | :07:15. | |
how the country wouldn't put up with factional manoeuvring. A lot of | :07:16. | :07:22. | |
voices from his own backbenchers heckling Hemant shouts of rezoning. | :07:23. | :07:28. | |
23 of his front bench have already resigned out of 31, but he spoke | :07:29. | :07:34. | |
about the ten order of the debate, the half-truths which he described | :07:35. | :07:38. | |
as shameful and said now was the time to calm our language. Those | :07:39. | :07:43. | |
were some of the key planks from those exchanges through the course | :07:44. | :07:50. | |
of the supplement. Let's turn to economic matters because so much is | :07:51. | :07:52. | |
moving in terms of that. First thing this morning, | :07:53. | :08:00. | |
George Osborne broke his three day silence to try to reassure | :08:01. | :08:02. | |
the markets - saying the UK economy was strong enough to face | :08:03. | :08:05. | |
the challenges ahead. But that didn't stop | :08:06. | :08:07. | |
a day of volatility. The pound plummeted to a 31 year low | :08:08. | :08:09. | |
against the dollar. Banking, airline and property | :08:10. | :08:12. | |
shares were all hit. But the former Bank | :08:13. | :08:14. | |
of England Governor, Mervyn King urged calm, | :08:15. | :08:15. | |
telling the BBC that people shouldn't be "particularly worried" | :08:16. | :08:18. | |
by markets moving up and down. Here's our Economics | :08:19. | :08:20. | |
Editor Kamal Ahmed. The Chancellor emerged after three | :08:21. | :08:26. | |
days of silence to insist it wasn't Good morning, everyone, | :08:27. | :08:32. | |
welcome to the Treasury. George Osborne said the UK's economy | :08:33. | :08:37. | |
was strong and with the pound falling and share prices | :08:38. | :08:43. | |
tumbling, the Government was ready to do whatever it takes | :08:44. | :08:45. | |
to stabilise the markets. It will not be plain sailing | :08:46. | :08:48. | |
in the days ahead. You should not | :08:49. | :08:52. | |
underestimate our resolve. We were prepared for the unexpected | :08:53. | :08:55. | |
and we But surely this was the man | :08:56. | :08:58. | |
who was predicting economic chaos. Who said two weeks ago Britain | :08:59. | :09:04. | |
would need an Did you consider resigning, | :09:05. | :09:06. | |
and if not, why First of all I have an important | :09:07. | :09:16. | |
job to do, which is, as Chancellor, to speak to | :09:17. | :09:21. | |
international investors, to speak to my counterparts, to do | :09:22. | :09:23. | |
what I can to stabilise That is what people | :09:24. | :09:25. | |
would expect of their Chancellor and that is what I am | :09:26. | :09:32. | |
100% focused on and will continue to It has been another day | :09:33. | :09:35. | |
of turmoil, as fears of Brexit That is good for exports, bad | :09:36. | :09:41. | |
for holiday-makers and inflation, as The FTSE 250 index | :09:42. | :09:53. | |
of major companies in Britain fell by 7% as investors | :09:54. | :10:00. | |
worried about uncertainty. RBS, which we still | :10:01. | :10:06. | |
own a chunk of, down These share prices are | :10:07. | :10:11. | |
seen as a bellwether When you have a move | :10:12. | :10:17. | |
like last Friday post Brexit, this thing | :10:18. | :10:25. | |
is I think with all the uncertainty | :10:26. | :10:26. | |
around, this could be volatile. More to the downside, | :10:27. | :10:35. | |
it feels at the moment, but we are probably going to see | :10:36. | :10:38. | |
hopefully some positive A view shared in part by this man, | :10:39. | :10:40. | |
Lord Mervyn King, the former governor of | :10:41. | :10:45. | |
the Bank of England. He accused the government | :10:46. | :10:47. | |
of peddling fear, treating people like idiots, saying warnings | :10:48. | :10:51. | |
of gloom had been overdone. We don't know yet where | :10:52. | :10:54. | |
they will find their The whole aspect of volatility, | :10:55. | :10:57. | |
there is a trial and error process going on before | :10:58. | :11:01. | |
markets discover what the right level, stock markets | :11:02. | :11:05. | |
and exchange rates actually are. There is no reason | :11:06. | :11:07. | |
for any of us to panic. Investors are watching | :11:08. | :11:12. | |
the Chancellor closely, looking for signs that someone | :11:13. | :11:13. | |
somewhere has a plan. Tonight, one of the major | :11:14. | :11:18. | |
credit rating agencies Tomorrow, business leaders | :11:19. | :11:20. | |
are set to express Tensions in the market are not | :11:21. | :11:25. | |
going anywhere soon. More on that in just a moment but | :11:26. | :11:42. | |
let's speak to the Economist here with me. We were listening to that | :11:43. | :11:50. | |
piece with the former governor of the Bank of England saying markets | :11:51. | :11:54. | |
go up and down. How long would you expect the turbulence to last? | :11:55. | :12:00. | |
Mervyn King is right, there's a lot of volatility, but we're getting to | :12:01. | :12:05. | |
the stage where markets are looking for further direction from political | :12:06. | :12:07. | |
leaders before deciding whether the errors for the pressure to calm, | :12:08. | :12:15. | |
Stirling and global equities, but certainly the lack of political | :12:16. | :12:18. | |
leadership thus far has been behind what we have seen in terms of | :12:19. | :12:25. | |
violent moves lower, down to 1.32, a 31 year low against the US dollar. | :12:26. | :12:30. | |
That will start to stabilise as we get more political leadership. What | :12:31. | :12:34. | |
do you think this means that interest rates, not just here but in | :12:35. | :12:40. | |
America and Europe? Domestically in the UK markets are starting to price | :12:41. | :12:45. | |
the idea that the Governor may cut interest rates as he starts to | :12:46. | :12:48. | |
consider whether there will be a sustained impact of this vote on | :12:49. | :12:54. | |
demand, maybe needs to be more stimulative, and he also mentions | :12:55. | :12:59. | |
additional quantitative easing. Or internationally, there is very | :13:00. | :13:02. | |
little the eurozone can do, it has done a lot of monetary policy in | :13:03. | :13:06. | |
recent times, but in the US where they started to talk before interest | :13:07. | :13:13. | |
rate rises, we are now in a position where we do not expect any more. And | :13:14. | :13:17. | |
foreign investment, articulated again today, about whether | :13:18. | :13:22. | |
everything that is happening here politically and the uncertainty | :13:23. | :13:25. | |
feeds into foreign investment. Is there any early signs that that is | :13:26. | :13:32. | |
in any drying up? There were signs during the campaign that some of the | :13:33. | :13:37. | |
transactions were having Brexit clauses returned to them in the | :13:38. | :13:40. | |
event the UK border to leave the European Union. Now that has come to | :13:41. | :13:47. | |
pass those transactions are being considered. 48-72 hours on, we're | :13:48. | :13:51. | |
not seeing much evidence of deals being held up but certainly the | :13:52. | :13:56. | |
people I am speaking to in the city say we don't know the environment | :13:57. | :14:04. | |
that they will be operating and in several years' time, so why are we | :14:05. | :14:06. | |
making decisions against that backdrop? Early there was a tweet | :14:07. | :14:14. | |
from the editor of Newsnight saying we knew we will have a couple of | :14:15. | :14:19. | |
months before there's a new Prime Minister, and he thinks the | :14:20. | :14:22. | |
possibility of a general election, so all of that potentially puts back | :14:23. | :14:28. | |
with Article 50 is triggered. If you are talking a timescale almost until | :14:29. | :14:32. | |
the end of the year, economically does that uncertainty change things, | :14:33. | :14:38. | |
do you think, as opposed to just a couple of months of uncertainty? I | :14:39. | :14:44. | |
think it does, and it is a deliberate calculation under half of | :14:45. | :14:48. | |
the Chancellor and Prime Minister to get a long lead-in time for all most | :14:49. | :14:54. | |
buyers remorse for those people who voted for this looking at the | :14:55. | :14:58. | |
economic conditions that may happen and look whether there will be | :14:59. | :15:02. | |
another test of public opinion. I happen to agree that there may well | :15:03. | :15:06. | |
be another general election that acts as a full second referendum, | :15:07. | :15:12. | |
because let's be honest, the referendum in this first form wasn't | :15:13. | :15:17. | |
a particular type of exit. There were many views as to what an | :15:18. | :15:21. | |
excellent looks like and that needs to be defined and public opinion | :15:22. | :15:26. | |
tested. Markets against that backdrop remain turbulent. | :15:27. | :15:36. | |
mentioned that downgrade selects cross back from more on that story. | :15:37. | :15:49. | |
In the last few minutes the rating agency Standard Poor's has stepped | :15:50. | :15:52. | |
Britain of the top rate credit rating. Taylor's first of all what a | :15:53. | :15:59. | |
credit rating is and what it means for the country? It is basically | :16:00. | :16:05. | |
saying how much creditworthiness a country has, you can have it for | :16:06. | :16:09. | |
people and countries and companies. It is telling investors what the | :16:10. | :16:13. | |
likelihood is of them getting their money back and the likelihood of | :16:14. | :16:24. | |
getting back dividends. In the case of the United Kingdom, it is one of | :16:25. | :16:27. | |
the safest places to invest your money. It has had up till now the | :16:28. | :16:39. | |
second highest rating, it assesses the safety of investment in these | :16:40. | :16:42. | |
areas and countries and companies, and Standard Poor's is one of the | :16:43. | :16:46. | |
biggest, and it has lowered just a touch from Triple-A to double-A and | :16:47. | :16:54. | |
it is a little bit riskier. Not hugely! But when you are right at | :16:55. | :17:00. | |
the top and you get this tweak down, it is a slap in the face. On the | :17:01. | :17:06. | |
other hand the face that was expected many months ago by people, | :17:07. | :17:12. | |
economists who said if we? This would happen. Wilbur Smith be | :17:13. | :17:19. | |
worried by this? It makes it harder for us to borrow money on the | :17:20. | :17:24. | |
international market. It is not the short term like Bank of England | :17:25. | :17:28. | |
day-to-day borrowing, this is long-term borrowing on the | :17:29. | :17:30. | |
international markets and it will become more difficult and more | :17:31. | :17:35. | |
expensive. That will affect the ability of banks to finance | :17:36. | :17:39. | |
mortgages, so things like mortgages and long-term lending will become | :17:40. | :17:41. | |
possibly just a little more expensive. Thank you. | :17:42. | :17:48. | |
The British Foreign Secretary Philip Hammond has been | :17:49. | :17:50. | |
meeting the US Secretary of State John Kerry in London. | :17:51. | :17:54. | |
He reassured Britain that the special relationship between the two | :17:55. | :17:59. | |
countries would not change because of the decision to leave the EU. | :18:00. | :18:05. | |
The special relationship we often refer to this perhaps even more | :18:06. | :18:12. | |
important in these days of questioning but I want to make it | :18:13. | :18:18. | |
clear that we believe it remains as strong and as crucial as ever. We | :18:19. | :18:25. | |
are bound together by a lot of different things. By a lot of | :18:26. | :18:33. | |
history. By many shared traditions, shared values. A shared language, | :18:34. | :18:36. | |
mostly. Our Diplomatic Correspondent, | :18:37. | :18:38. | |
James Robbins, is in Westminster. John Kerry saying it was important | :18:39. | :18:52. | |
for nobody to lose their heads over this. Who is he directing that | :18:53. | :18:58. | |
comment towards? I think he is directing at both to people in | :18:59. | :19:02. | |
Britain and to Britain's existing European partners as the process | :19:03. | :19:07. | |
gets underway to negotiate the British exit. John Kerry changed his | :19:08. | :19:11. | |
travel plans specifically to come here to London and extend the | :19:12. | :19:16. | |
European tour because he is aware of this is a huge moment in Britain's | :19:17. | :19:21. | |
political history and a pretty big moment in the history of the | :19:22. | :19:24. | |
European Union to. He wanted to issue the sort of soothing words, | :19:25. | :19:32. | |
reassuring language we just heard. He kept on that theme that the | :19:33. | :19:36. | |
special relationship that exists between London and Washington would | :19:37. | :19:40. | |
not be changed and he conceded Britain's role in the world with not | :19:41. | :19:47. | |
be changed and not diminished. He said he would have preferred to | :19:48. | :19:50. | |
Britain to stay at the European Union table and we know President | :19:51. | :19:55. | |
Obama famously intervened and the debate and want a Britain that if it | :19:56. | :20:01. | |
left the EU that would go to the back of the nightly future trade | :20:02. | :20:05. | |
with United States. I asked John Kerry if that perhaps had been a | :20:06. | :20:11. | |
mistake to intervene and he told me it wasn't, it was right for the | :20:12. | :20:17. | |
president to make clear his views, but he also made clear the United | :20:18. | :20:20. | |
States could not yet judge how Britain's decision to leave would | :20:21. | :20:25. | |
impact on its future trading relations around the world and | :20:26. | :20:32. | |
therefore its economic prospects. There was a little bit of the | :20:33. | :20:36. | |
downbeat as well as the upbeat. James, thank you. As well as the | :20:37. | :20:45. | |
political reaction, EU leaders are trying to find a way forward. We can | :20:46. | :21:03. | |
join my colleague in Brussels. Tomorrow evening in Brussels there | :21:04. | :21:09. | |
will be a European Council dinner. The council represents the leaders | :21:10. | :21:12. | |
of the countries of the European Union and the dinner will be focused | :21:13. | :21:16. | |
on exactly how the UK's exit from the European Union is going to work | :21:17. | :21:22. | |
but inevitably the leaders of Germany, France and Italy felt we | :21:23. | :21:25. | |
had some talking to do in advance of the dinner because they had been in | :21:26. | :21:29. | |
Berlin today focusing on how the EU should check its response to that | :21:30. | :21:34. | |
ought, an extraordinary vote last Thursday by the people of the UK. | :21:35. | :21:39. | |
They gave a press conference sometime ago and this is some of it | :21:40. | :21:45. | |
we agreed Article 50 of the European Treaty is a very clear statement. | :21:46. | :21:49. | |
The member state wanting to leave the European Union has two apply to | :21:50. | :21:57. | |
the European Council and before this application no further steps can be | :21:58. | :22:02. | |
taken. Only then the European Council can issue guidelines and | :22:03. | :22:12. | |
along those guidelines negotiations can be conducted, which means there | :22:13. | :22:16. | |
are no informal talks about the exit of Great Britain before such an | :22:17. | :22:25. | |
application for exiting the European Union has been submitted to the | :22:26. | :22:34. | |
European Council. We have to show no sadness, because it is sad, but also | :22:35. | :22:40. | |
showed responsibility, because the responsibility is ours and we are | :22:41. | :22:48. | |
responsible not to lose any time, neither are dealing with the | :22:49. | :22:52. | |
question of the except of the UK, and we must also deal with the new | :22:53. | :22:59. | |
impulse we will have to give to the new European Union with 27 members, | :23:00. | :23:04. | |
and why should we not lose any time because nothing is worse than | :23:05. | :23:10. | |
uncertainty. Uncertainty gets in the way of political decisions. It also | :23:11. | :23:14. | |
gets in the way of financial decisions. If it is true that on the | :23:15. | :23:22. | |
one hand as they said we are sad, and I agree that we are sad, but it | :23:23. | :23:27. | |
is also true that this is the right time to write a new page in the | :23:28. | :23:30. | |
European history and we want to do it together, starting from what | :23:31. | :23:34. | |
unites us which is much more than what has divided, and we are so many | :23:35. | :23:41. | |
people are so negative. We should not waste even a minute and Italy | :23:42. | :23:47. | |
will play its role. There we have the leaders of Italy, Germany and | :23:48. | :23:52. | |
France and we heard Angela Merkel talk about how uncertainty does not | :23:53. | :23:57. | |
serve the European Union well. The problem for hard and the other 27 | :23:58. | :24:05. | |
leaders is that although we know the UK has chosen to lead, the process | :24:06. | :24:08. | |
can only begin when something called article 50 in the Lisbon Treaty is | :24:09. | :24:14. | |
triggered and the only entities that can trigger article 50 R member | :24:15. | :24:19. | |
states. Even though Angela Merkel and others can apply political | :24:20. | :24:23. | |
pressure, it is only the UK that can begin this process. Factor in the | :24:24. | :24:27. | |
fact that David Cameron has said he will not be triggering the article | :24:28. | :24:33. | |
until he has a replacement, in early September, and as we discussed | :24:34. | :24:38. | |
earlier, there is a possibility that there could be a general election | :24:39. | :24:41. | |
called together that you read the full legitimacy he or she needs to | :24:42. | :24:45. | |
see through this exit process the European Union, even though they | :24:46. | :24:51. | |
don't like this uncertainty mainly to wait a little while. One other | :24:52. | :24:57. | |
thing, there may not be a huge amount of formal negotiations | :24:58. | :25:00. | |
because article 50 has not been triggered but things are already | :25:01. | :25:05. | |
shifting and the president of the European Council will convene on | :25:06. | :25:07. | |
Thursday what is being called an informal summit of the 27 members of | :25:08. | :25:12. | |
the UK is not invited and that is a feeling they will have to get used | :25:13. | :25:16. | |
to, so that is the first chance for those 27 to come together and do | :25:17. | :25:24. | |
what Matteo Renzi was talking about, what they want the next stage of the | :25:25. | :25:27. | |
European Union to be. It'll be interesting to see what they decide. | :25:28. | :25:35. | |
Absolutely, thank you. Before we go I want to take you to a rally in | :25:36. | :25:40. | |
central London by supporters of Jeremy Corbyn, holding a rally in | :25:41. | :25:47. | |
support of him. He is due to address his supporters very shortly and we | :25:48. | :25:51. | |
will bring that to you if we can. For now from all of us on BBC world | :25:52. | :25:56. | |
you, thank you for joining us, plenty more on our website and for | :25:57. | :25:58. |