ultimately the only need the u.k. is.

and the u.k. in particular is it possible to sum up to make sense of of brigs it in one simple sentence i think has been a massive distraction of effort self and a g.'s n. and you know i think it was really a misguided decision but we have to live with that and the you know u.k. people decided to leave the euro i think that the government has to believe it but again it has been a massive distraction from more important issues there and so it's been great to talk to you many thanks indeed for being with us and counting the cost thanks. so it's a distraction meanwhile people are getting poorer in britain and the united nations is trying to find out why the world body is to investigate areas in the u.k. hardest hit by a decade of austerity one such place is the town of j. wick on england's east coast from there i was there as lawrence lee reports. half a century ago j. week was a thriving holiday resorts that it's hard to imagine now for years this village on the east coast of england has been listed

., of a u.k.-wide backstop for the custom part, so this is a compromise. i can take you, the proposal in the beginning was very difficult to implement. to put it into agreement, introducing provisions, which are complex, so there has been technical work to transform this agreement, so that was a typical compromise to say who won and who lost. this should the taken into account. a fair and balanced compromise where concerns on both sides have been taken into account. haveine: right, could we had more clarity on the future ?elationship of the u.k. and eu this feels like the u.k. would be part of the customs union, but it is unclear. >> it is written in the text that this backstop is not to be used because both sides have committed to work for a framework for future whose mainp, which principles are in this outline and has been agreed, but it has to be completed. there is still work to be done to complete the points which are in order tofined give a more clear sense of where are we heading. so in my

once the u.k. has left the european union and that will happen on the twenty ninth of march twenty nine thousand so what we have here with the political agreement is more or less a guideline this can be changed it can also fail that's why by i go by the way it was so important for the e.u. to have a backstop to avoid a hard border between northern ireland and ireland because of everything about the future relationship between the u.k. and that you had already been agreed on no you would not need a backstop so even if this was quite an impressive statement what he said there was clear you know has been clear for quite some time now rights and now theresa may also address the issue of brought her this is what she said last night i spoke to prime minister sanchez of spain we have been working constructively with the governments of spain and gibraltar in the negotiations on the withdrawal agreement and we want to continue in the future relationship but i was absolutely clear that you approach this brit

and to allow the u.k. to do the trade deals that it says it wants to do outside of the european union. well let's push away i mean it's negative anyway i mean blacks it is negative is negative for the u.k. deeply negative for the u.k. it's certainly also negative for the rest of the e.u. so there's no adapter that any kind of deal that you can actually strike with the u.k. and the you on the other hand is going to be negative but at least it's less negative that other options that are on the table for instance i think you would be highly disruptive if there is no deal and the u.k. ends up with the kind of damage to your backstop with no effective. no not dream and on anything for that would be very disruptive in my view would increase the sharply uncertainty so this solution today did with the one it is on the table and it's not yet one on the percent sure clearly it has to go through the political process and. i think is the least damaging option that is on the table or at. it's possibly too early to say

it ends the jurisdiction of the european court of justice in the u.k. . we will make our own rules in our own parliaments here in westminster and in edinburgh cardiff and belfast and they will be adjudicated on by u.k. courts and it means an end to sending vast sums of money to the e.u. so we can take full control of our money mr speaker the draft text that we have agreed with the commission is a good deal for our country and for our partners in the e.u. it almost approach. it honors the coach of the british people by taking back control of our borders our laws and our money while protecting jobs security and the integrity of our precious united kingdom. that's british prime minister person made defending her draft that agreement and let's unpack it here but i had an unfinished ney's a professor from macroeconomics and economic policy at berlin's university of applied sciences for engineering and economics law comfort and many businesses were worried about access to the common market was a problem solved. i would say solved but the treaty as we have it on

and the u.k. are seemingly in sign up to the idea of no hard border between the republic of violent and northern alliance or the nile and at least under the current draft do that my force to you kate to stay in the european customs union how is that compatible with the idea of breck's it and britain. well it is of course highly incompatible with the idea of brooks's and britain so you have to put your finger on it worse still it's highly. incompatible with the union of the new of the united kingdom the united kingdom is a union between england scotland wales and northern ireland so. it's incompatible and that's why the democratic unionist didn't like it but i'd like to make a slightly different point or just to share with you. a couple of basic facts the facts is that. already at the moment as we speak the irish border the border between us and the rule of the republic of ireland is so ready a taxation buda it's already a v. a t. border it's already an excise border it it's already and it's alread

and the u.k. to have those planes flying now why didn't we have a singular deal struck by now why is this all inside the same package the reason is this what you've called cherry picking the you has no interest in handing out the cherries while staying with all the obligations and the rest of the package they want an orderly process it and they want that this is applied to all areas of cooperation they'll stay with us i'd like to bring in john burke here john just based on what gilligan saying the way the u.k. had set out its negotiating position in the promises that would be. early on in the process that you were following it almost sounded like they were going to get big the best part of the e.u. has the field to do that it's largely failed to do that correct it did it took the u.k. a very long time to even work out what its negotiating position even was really became clear in the summer. essentially the e.u. offered the u.k. a series of options how fall in toward or close to the e.u. do you wan

possible all eyes next on the u.k. have all of a mole coverage coming at the top of the hour you've been watching the news live from going to need to do. more updates thanks so much for watching. good shape enhancing performance with drugs michael doses of l.s.d. creativity can of this to relieve pain. not always legal. but increasingly part of our daily lives how when are drugs harmful and who can they help. the tempo of technology. with. the markets. the momentum of the board. made in germany. your business magazine d w. a continent is reinventing itself. as africa's tech scene discovers its true potential. inventors entrepreneurs and high tech professionals talk about their visions successes and day to day business the difference. in history in the everyone school. system now from commission. to. digital africa starts december twelfth on w. welcome to in good shape coming up. good for you or bad the metabolic affects of fact. drugs and focus the debate on the legalization of cannabis and.

and the u.k. in particular is it possible to sum up to make sense of of brigs it in one simple sentence i think has been a massive distraction of effort self and a g.'s n. and you know i think it was really a misguided decision but we have to live with that and the you know u.k. people decided to leave the euro i think that the government has to believe it but again it has been a massive distraction from more important issues learns it's been great to talk to you many thanks indeed for being with us and counting the cost thanks. so it's a distraction meanwhile people are getting poorer in britain and the united nations is trying to find out why the world body is to investigate areas in the u.k. hardest hit by a decade of a stereo one such place is the town of j. wick on england's east coast from there i was there as lawrence lee reports. off a century ago jaye week was a thriving holiday resorts that was hard to imagine now for years this village on the east coast of england has been listed as one

good use for london's financial district the u.k. and the e.u. could be close to a break the deal allowing banks to stay put but still do business with the blog. fear and concern among businesses on both sides of the irish border over the u.k.'s divorce from the e.u. . and germans can launch a class action lawsuits for the first time from today guess who this suing. i'm in physical and let's do business a british official says prime minister to resign may is close to striking a deal with brussels that will give banks continued access to the european market after brags that it would mean financial services in london would not have to move their headquarters to the continent continue doing business with the e.u. the british pound again point six percent on the news the financial sector contributes an annual one hundred twenty billion pounds to the u.k. economy. analysts craig golden joins us from london is this the breakthrough we've been waiting for craig. i think it's one of the breakthroughs we've been waiting for necessarily resolve the issue o

so the u.k. remains divided house marks what's the view from brussels on means johnson is going to sum it up in one word bad they agree of course with the assessment of budget just explained here but what are they to do the european union has won the gold cheating partner they have to negotiate with the government of the united kingdom and the prime minister's theresa may so they can it take into account the internal divisions that she has in her own party's they're just going to go ahead with with their plan with the procedure and then if it doesn't pass the house of commons i think that the view here is we'll cross that bridge when we get there but people do think that there still is a slight chance it will pass we'll just have to wait and see right bigod final question to you is a heartbreak is it still a possibility. a hog breaks it is a possibility and that's also the trump call that terrorism a has because she knows palm and really does no one's heart breaks if there's not a majority for fo

if the u.k. government cannot agree a comprehensive future relationship by january twenty twenty one which few believe would be possible and the last two years gives us no confidence this government can then knows negotiations would have to be put on hold because the focus would then inevitably shift from negotiations on the future relationship to negotiations on an extension of the transition period including further payments to the new article one three two sets out this process fairly clearly so can the prime minister firstly tell the house how confident she is that a deal can be done by the end of twenty twenty and also confer. that if a new trade agreement is not agreed to by the thirty first december twenty twenty then article one three two applies paying a huge financial contribution in order to extend the transition period if we have to avoid triggering the backstop as the prime minister insists is her position on the backstop itself should it come into force there is no time limit or end

and the u.k. can't reach an agreement on how to break up big spending decisions were deferred meaning austerity is still in place public services apart from health care like schools and police will remain starved of cash despite upgrades to growth forecasts and there could be more pain in store crucially in the event of a no deal breaks it public spending could be even lower and emergency spring budget might be required mr hammond's message was unless briggs it goes smoothly the prospect for further tax cuts and higher spending is not good hammond said if a deal is agreed we could spend more money next year or that would include the fifteen billion dollars set aside as a fiscal buffer meanwhile the bank of england has kept interest rates steady on thursday he's also warned there is no guarantee it would cut interest rates to support growth and jobs under a disorderly bragg's it and all that uncertainty is having an impact in contrast business investment has been weaker than previously anticipated

well u.k. prime minister drazen may is taking a breath battle plan to the austerity hit three to the u.k. and joining me now is your recordings former shadow communities and local government minister chris williams and chris thanks for coming back on before we go to the constitutional and political breaks at crises we had from the russian ambassador in part one what do you think about the leaks suggesting foreign office funding for journalists to attack russia would take nation states perhaps what they the government receives design in my view it's completely inappropriate on acceptable for the government to be funding something like that if that's true i think that you know we should be reliant upon government to play things with a straight but really other thing once you start getting into that sort of black propaganda which this seems to suggest they are doing then it calls into question think you know many of this sort of statements and positions that you know the government's taken up and

i would continue to look across u.k. stocks as an investor. m&a in the u.k. market is a pr oof point that retail investors institutional investors cannot stomach the near-term uncertainty. anna: should investors factor in the chance of jeremy corbyn's government a little more? the majority of people will struggle to justify investments in the u.k. assets. that is where opportunity is. i think the form of government will be negative for a what a view case docs. -- a lot of u.k. stocks. matt: how long do you think it will take until we get this resolved? >> i have no idea. it will take a long time. eighteen on air for minutes -- it feels to me like inll get a meaning ful vote december. two to three weeks is a long time in politics. i have to struggle and think about international assets as a sterling investor, and the underlying impact on stocks. and also the operating perspective in terms of the u.k. economy. it's very hard because it is so uncertain. anna: thank you. heart to call what happens on politics and the next half hour, let alone a week from now. let

and the u.k. can't reach an agreement on how to break up big spending decisions were deferred meaning austerity is still in place public services apart from health care like schools and police will remain starved of cash despite upgrades to growth forecasts and there could be more pain in store crucially in the event of a no deal break that public spending could be even lower and emergency spring budget might be required mr hammond's message was unless briggs it goes smoothly the prospect for further tax cuts and higher spending is not good hammond said if a deal is agreed you could spend more money next year or that would include the fifteen billion dollars set aside as a fiscal buffer. meanwhile the bank of england has kept interest rates steady on thursday and also warned there is no guarantee it would concentrate rights to support growth and jobs under a disorderly brags that and all that uncertainty is having an impact in contrast business investment has been weaker than previously anticipate

pound which has plunged almost one point seven percent against the dollar hitting a one month low of u.k. currency was pummeled as for mrs quit in protest against the e.u. exit deal the departures could put the brakes it deal at risk leading traders to sell off the british currency ju-ju growing uncertainty about the future of the u.k. concerns shared by politicians in parliament on thursday the prime minister is desperate to huge and damaging for your deep deep misgivings they all seem to have a beef with teresa mayes draft breaks a plan. but business owners see it differently. it's going to be straightforward and simple if the deal on the deal goes in one is going to be some problems. those problems might look like this a long line of trucks good sitting still costing money in time a disaster for any firm but the current arrangement would give businesses time to adjust to the post breaks that landscape at least until the end of twenty twenty that's because the u.k. would remain in the e.u. customs union until a trade deal is in place and it would abide by e.u. regulations. that means g

and the u.k. can't reach an agreement on how to break up big spending decisions were deferred meaning austerity is still in place public services apart from health care like schools and police will remain starved of cash despite upgrades to growth forecasts and there could be more pain in store crucially in the event of a no deal breaks it public spending could be even lower and emergency spring budget might be required mr hammond's message was unless bragg's it goes smoothly the prospect for further tax cuts and higher spending is not good hammond said if a deal is agreed you could spend more money next year or that would include the fifteen billion dollars set aside as a fiscal buffer meanwhile the bank of england has kept interest rates steady on thursday is also warned there is no guarantee it would cut interest rates to support growth and jobs under a disorderly bragg's it and all that uncertainty is having an impact in contrast business investment has been weaker than previously anticipated

state mandated media has been interviewing the u.k. funded white helmets claiming that russia not the u.k. has been responsible for killing in syria foreign office minister alistair burt even posed with the leader of the white helmets in westminster joins me now via skype from paris france is a mother superior from a monastery in homes agnes mariam to the mother agnes thanks so much for being on the show what do you make of the british government proud. oddly showing their support for the white helmet when you know we expect. you to go to learn to. think he and he meant that in that. other companies and that should be the next. leg. that he cannot spot or i'm not on the with. because the white helmets when you say ambiguous the white house would say they have helped that they've helped save one hundred fifteen thousand syrians maybe some in your community in homs province know what you have seen now you know who are being left out and. from where. the snake. eyes. it means it's the way ten men did not for duty. being the difficult time

and the u.k. and i think the referendum was a terrible mistake because everyone was so really informed but you see. they didn't anyway and it was not only cheaper it's going to lead people to the right because the politicians are talking amongst themselves and not listening. i really hope there is another referendum and people get a chance to actually buy on the facts actually come to be the tree rather than the lies that we were fed i don't know how it will affect money i know somebody told me to just get a whole bunch of your ideas and put them in like a box just in case. they get some sort of deal which is acceptable to both sides i think that's the important thing. and i think she seems to be. slowly but surely we can hope is that the right people get around the table and. we end up with a. negotiated settlement of this all to continue to do what we do best which is trade with each other security freedom of movement when he when. you hold as well so. all of a lot certainly important but certai

lam byrne who requested the survey told the u.k. guardian that absent major reforms global policy makers are. risking a new explosion instability corruption and poverty on the other side of the proverbial coin a november twenty seventeen report from credit suisse found that people on the bottom fifty percent of the income scale on less than one percent of global wealth got that fifty percent of lower income folks on less than one percent o.-m. g. .

operation in spain saw a u.k. running the secret operation in spain if that's not meddling in other countries affairs then well what is. ok you go thanks very much for that which you can see down of there with all the details on that document was exposed by the hacking group anonymous but we did contact the foreign and commonwealth office asking for confirmation they funded the so-called integrity initiative we haven't had a reply if we do we'll let you know what they say. let's talk further now about this with security analyst and former u.k. army officer charles bridge charles good evening t. i don't know if you had much time to look at these documents they seem legitimate at first glance would you go along with that. yes i had a look through of course the very interesting if they are genuine and there's nothing so far to suggest that they're not of course a consistent with a long long history of british influence operations perhaps going back even one hundred years to the first world war and so on we think abou

leaders have sent a warning to u.k. politicians that there will be no better off well and yet there are many here in the u.k. who seem to think all maybe pretend that there might be a better offer so for example the opposition leader. is saying well if i had negotiated i was able to renegotiate for the u.k. i would be able to get a better deal he says there is something like a jobs first brags that and he thinks that if britain is in the customs union and much closer access to the single market he says he can deliver that as labor leader now we have heard from the e.u. that it's very unlikely and still here at home many think that she hasn't gotten the most out of out of the e.u. so yes a lot of adversity and a lot of differing opinion here in the u.k. when it comes to this. so bear get what i mean chances of pushing this deal through the u.k. parliament. reason may has a very very thin majority in parliament she is in government because the d u p the northern irish protestant person party is propping her up they have j

the the fact that the the u.k. and spain both are where in the or are still are in the european union just like with northern island where the republic of ireland and the u.k. are in the european union it has solved a lot of problems so all sorts of tax issues of custom related issues have been resolved by the fact that they were both in the same club but they were playing by the same rules now if one side pulls out that creates all sorts of problems particularly because spain has never given up the claim to sovereignty of this tiny spots of the u.k. right in front of its doorstep so it is politically sensitive but it's also a huge as you cheek anomic implications are now gary let's talk about what happens next is prime minister may still expected to visit brussels on saturday just twenty four hours before that all crucial summit on sunday. absolutely i mean that is the expectation here on the european side it was always clear the leaders will need a unanimous decision on sunday they will need consensus and so yes

we as the u.k. foreign office to comment we're yet to receive a response but it tells another media outlets that information about the project is publicly available and that it welcomes any publicity it gets meanwhile a source that russia's foreign ministry told us that they're looking at the documents and i'm not surprised that you case carrying out such activities we also got quite a response from one of the people featured in the documents released by anonymous. the documents prove no such thing i have not been paid by the institute but i applaud their work in dealing with the checketts regimes punishes information and influence operations the kremlin is losing russia bullying neighboring countries and murdering its critics why don't you investigate that the real risks of phobia instead of trying to smear people who are trying to resist the kleptocratic xenophobic incompetent hoodlums who make your wonderful country into an international pariah and if discuss the issue with security analyst and f

and the u.k. can't reach an agreement on how to break up big spending decisions were deferred meaning austerity is still in place public services apart from health care like schools and police will remain starved of cash despite upgrades to growth forecasts and there could be more pain in store crucially in the event of a no deal break that public spending could be even lower and emergency spring budget might be required mr hammond's message was unless briggs it goes smoothly the prospect for further tax cuts and higher spending is not good hammond said if a deal is agreed you could spend more money next year or that would include the fifteen billion dollars set aside as a fiscal buffer. meanwhile the bank of england has kept interest rates steady on thursday and also warned there is no guarantee it would concentra straits to support growth and jobs under a disorderly brags that and all that uncertainty is having an impact in contrast business investment has been weaker than previously anticipated

very very small chunk of the of the u.k. territory but reason may has made clear that she wants to reach an agreement for the whole u.k. family and so that also includes you brolga and she has said through has been expressing that the u.k. government is working on this with the spanish government to reason me is concentrating is focusing really on the entitle position that she has here in the u.k. we have today the do you peer which is the northern irish party that's helping to raise a maize government we have them having that party conference and they are very very critical they have invited boris johnson to speak somebody who is really antagonistic to its reason may when it comes to the brics a deal i think it's fair to say we have a lot of opposition that she's dealing with in the u.k. so do you broad so she will hope will not but this disagreement. and max what is the view from brussels on means chances to get it through the house of commons in the u.k. a probably not much different from the assessment of her that is ove

and think that the u.k. needs itself and the need to get out there are others and i would say boris johnson is a good example of an opportunist because actually you may remember a couple of years ago he wrote an article for one of the english newspapers the daily telegraph in which he said actually i'm going to back brics it but it also written the other side which also got out and said he wasn't even clear and he has taken the chosen the path to be a brick city and to lead from the front but at. they are not convincing just look at what happened to his brother who was in the government until two weeks ago gerry johnson he quits his government role saying that he not only opposes breck's it but he wants that to be a second referendum so even within boris johnson's own family it is very divided before we take a look at where it all goes from here let's take a look at the e.u. side in all of this alex just reminded us that the brics a two years say everything about the e.u. is wrong from the start the european

u.k. parliament. there was a warning that both ,ides have to be responsible they have to take responsibility for what happens next. thank you to our reporters for joining us. let's get to the markets, and we solve it cap declined for u.s. equities yesterday. the s&p 500 dropping to a two-week low, concerns around trade and economic growth and also around tech. u.s. futures trading flat as we look at the s&p 500. a bit of a waiting game for sterling, are we going to see any resignations from the cabinet or elsewhere in the next few days? will we see theresa may's position challenged? whether theuestion deal she struck with the e.u. can get through parliament. station --nded the the session where it started. , jumpingthe aussie after the data was up .6%. and you'rein focus also looking at oil. if you thought yesterday was a reprieve in the oil market, the problem is made in america. back on the downside, talking on nymexr supplies crude. we have run the numbers here in the middle east. our c

i asked the u.k. labour party leader, jeremy corbyn, about what he would plan to do if he were in government. exchangeirman of atlas , it was said that a hard brexit would be armageddon. i asked jeremy corbyn what he made of those comments. >> he's got a pretty vivid sense of imagination, but i think he should read something in the more positive in the future. i don't want to -- a no deal, i want a deal, and i want a society that works for all. i'm comfortable living in a society where the united nations tell us that are 14 million inple living in syria poverty. anna: jeremy corbyn, the leader of the u.k. opposition party. joining mouth is the ceo of ort.eg, shaun p your base case, talking to jeremy corbyn, he says a second referendum is on the table, but there are many things he wants to get through before that becomes anything like a sounded.ty, it you think this deal will get through parliament but you think it will take a few iterations? shaun: i think with the deadline looming it will really focu

announcement last week of between the u.k. and the eu was taken as good domestiche market, but opposition is mounting. , in our view, the deal is the best possible u.k. couldthe expect. it is hard to imagine they could improve the current deal. but itar from perfect, is probably the closest economic relationship the u.k. can achieve. that are 90% probability the parliament will reject the deal, at least initially. dealntinue to think a no will be avoided at the last minute by either a standing article 50 or the deal passing a second parliamentary vote, but pressure on u.k. assets between now and then. is an analysis suggesting a no-deal breaks could cost gdp in 5% to 8% of u.k. the long-term, so there is a strong incentive for the government and parliament to reach some kind of agreement. we still believe the base case scenario will see a deal at the end. yousef: let me just jump in here. i want to flush that point you made out a little bit more in terms of the cable tray. at clients can pull this up gyv . .- gtv the

the u.k. after a marathon five-hour meeting with the cabinet, theresa mayay got a major breakthrough on brexit. it >> this was the result of thousands of hours by hard negotiations of u.k. offfficial, help with our eu counterparts. i firmly believe the draft agreement is the bestst that can bebe negotiad.d. reporter: the draft withdrawal agreement is about how the u.k. leaves the eu, not about future relationships between the two. as anticipated, it sets out the small print for the divorce bill. expected, britain is to pay between 45 billion and 45 -- between 40 billion and 45 billion euros. there is a 12 month transition period, during which eu law will continue to apply in full. this is to allow time for the two sides to negotiate their future relationship. maintains social security rights of more than 3 million eu citizens in the u.k. and about one million u.k. nationals living on the continent. last but not least, a commitment majorwhat has been a sticking point, the future of the border b

and communities within the u.k. because there's no easy compromises no easy consensus if nothing good pleasure talking to you thank you and thank you for taking questions directly from our viewers as well. our online team is going big on what you need to know about breaks at three very helpful articles starting with what you need to know specifically about this summit and his son who was explaining to us what happens if things had south and the vote in london eventually then there is what you need to know about gibraltar which is really quite interesting for itself the fight over between the kind spain is fascinating if you are not aware of the history there and finally what you need to know about the border between the republic of ireland and northern ireland because once the u.k. leaves that becomes an official border between the u.k. and europe so just search for brags that al jazeera dot com and you'll find all these articles have been posted just in the last couple of days. and you can keep in touch with us as

the u.k. landscape feeling the pain also we are looking at barclays decline, 4.5% for the first two, the worst in two years. for barclays the biggest decline about one year. not just exposed to a no deal brags it but also pricing and potential of a labor government. there is a risk off tone for the major averages on this thursday and we do have the dow, s&p 500 and nasdaq lower. the s&p 500 down six days in a row, so the uncertainty not just around brexit, but a lot of lingering concerns are on the , we see the risk also confirmed by the fact that haven bonds are higher on the day. this matches a losing streak we did see in october. what makes this notable, that six-day losing streak for the the500 back in october was longest losing streak in two years. we are matching that losing streak, the uncertainty in october returning. let's take a look at some retail names. walmart down, they beat earnings but missed sales slightly. amazon down 2.5%. there is the threat of competition from walmart, the

breaks that landscape at least until the end of twenty twenty that's because the u.k. would remain in the e.u. customs union until a trade deal is in place and it would abide by e.u. regulations that means goods traveling across the border won't run up against tolls or inspections business will keep moving more business leaders are speaking out in favor of the draft including the c.e.o.'s of airbus and major trade groups their take questions remain but the draft appears better than a no deal parts of the draft are still difficult for some to swallow the city of london will be limited to offering financial products and services already found in the e.u. it will still have access to the market but the same access as other countries but certainly at that does not appear to be anything within that three paragraphs that would appear to offer the u.k. financial services a better relationship with the e.u. than perhaps a panel the u.s. and that's why many financial institutions have moved some of their operations to the continent. i want to get more on this now with our finan

made bombs u.k. made bombs even italian made bombs have been used in yemen in episodes where there was an indiscriminate killing of civilians including of course as we know. children or are we men the high court in london said that or robust arms export regime here is is brilliant. britain must continue and must be able to continue exporting killing machines to the these which are being used it's very difficult this is something of course we can't corroborate because we don't have the resources and. and the ability to verify what kind of weaponry has been used for all these bombings because now we have really been documented to read apparently leaked to a british newspaper saying that the saudis have done sort of publish a deal for publishers g. for aid money and saudi arabia the u.a.e. third of the total humanitarian aid budget for your minister britain as blows aid and in return i don't know maybe it will be the casualty figures but certainly their actions in yemen it's up to price strategy and bot

the u.k. prime minister says breaks at negotiations have reached a critical moment burson has now agreed to a draft dail on its future relationship with the european union and to resume a saying that she will do everything possible to deliver it. is scheduled to vote on the agreement on sunday reports now from westminster in central london to speak i would like to update the house on a go see a sions to leave the european union a crucial step forward in britain's brics a journey we haven't agreed text between the u.k. and the european commission the negotiations are now to a critical moment and all our efforts must be focused on working with our european partners to bring this process to a final conclusion in the interests of all off people. a draft political declarations now in place determining the future political relationship between the e.u. and he. for the twenty six page document was attacked by politicians to crossing some of the government's earlier red lines and failing to provide ma

to calculate the major u.k. banks will still have capital ratios around three times higher than they had before the financial crisis. i would -- i will ask you that the bank's stress test is 2.5 times more severe than the brexit scenario, the worst-case brexit scenario i just described. that is what is being prepared for all eventualities requires. secondly, major u.k. banks have withstand anty to major, financial disruption. additionalcess an 300 billion pounds of liquidity through the bank of england's regular facilities. major u.k. banks can now withstand many months without access. thirdly, they have worked with other authorities to assume most risks of disruptions have been addressed. back maingard, to actions remain -- two main actions remain. passed for ato be fully and functioning regulatory framework for financial services to be in place ahead of brexit. dear pain commission needs to provide greater clarity to reduce disruption in derivative markets following their recent statements. haslly, the bank of

this could be a preacher medically bad idea for the u.k. -- a pretty dramatically bad idea for the u.k. he said yes for the u.k., not for the world. what would that mean for you at mmg? are you altering any of your positioning on the risk of a hard brexit? moment isinty at the possible and our portfolios have be positioned accordingly. it is a possibility we will see a cliff edge brexit. it is not my base case scenario. it would beargued difficult for theresa may to find a majority in parliament for her deal. i would argue it would be even more difficult to find a majority in parliament for a hard brexit. it is a possibility but it is more tail risk. >> let me show you this chart. you are seeing spreads widen on sterling credit and euro credit. last week with the brexit risk, which is different from back in may which had a limited effect on sterling spreads. does this mean brexit is a more credit negative event than italy? what version of brexit we are going to get. a cliff edge scenario for brexit would be bad news, especially for financials having a high degree of integration for eur

they see the agreements will leave the u.k. tied to the eu. the french government is firing back at the by presidentts trump, suggesting he lacks "common decency by sending the 20s on the day when -- by sending them on a day when france was morning terrorist attacks." in northern california, the national guard will help search for big comes up the deadliest wildfire ever. at least 48 are killed and more missing. the fire is about 35 percent contained. meanwhile, near los angeles, a fire that race through malibu described as 40% contained and has killed two people. and former federal reserve chairman warns inflation is starting to make its mark in the u.s. economy. he talked to david rubenstein for the latest episode of the show peer-to-peer conversation. >> i think we have begun to see the first signs of it. we are seeing it basically in the top part of the markets first, which are getting very tight now. we are finally going to see clearly,ages rise, and there is no productivity behind it. can watch all of that interview with alan greenspan t

officials said they were sad that the u.k.'s withdrawal but stressed the bloc in britain would remain partners and friends u.k. prime minister theresa may britain's to support the deal but it won't be plain sailing britain's opposition labor party say they will vote against the deal when it's put to parliament in over two weeks time. she still has a seat at the table british prime minister to resign may today in brussels but after a long and arduous period of negotiations e.u. leaders have inched closer to britain's final departure many openly expressed their regret. thought you had to show up for just a little shit those who kissed the country leaving the e.u. does not make me want to raise champaign glasses or applaud it's a sad day and everybody who i spoke with today expressed this sadness of it was unanimously shared you know on the move. a relief nevertheless for treason may who's facing ever stronger headwinds at home the nearly six hundred page long withdrawal agreement covers citizens' rights the forty four billion eur

the u.k. has to sort this out domestically. the u.k. has said, we believe the european union, deal or no deal. that is a big question mark. they think anything could happen. we could head for a new general election. a big year when it comes to european elections. for the european union, this is just one of the many issues they have to tackle. thank y we willo get back to brexit, lateru. . -- thank you. we will get back to brexit later. let's talk about the oil story. crude is showing little signs of recovery from its unprecedented decline. the biggest one-day job in three years. crude is falling faster than expected. other members are signaling output cuts. have the chief investment officer's in global equities. great to have you with us. seeing an unprecedented front of declines for crude at the moment. marketst shaking equity much at this point. >> the concern is more on the volatility side. we know that oil has a lot of volatility. it is even more volatile than usual at the moment. we are seeing more geopolitics in the form of presid