philip hammond has told us quite a bit today about all of this. immigration is the priority. theresa may says britain will leave the eu and the priority is to control our borders, control immigration. eu leaders have made it clear that in order to do that, britain would have to leave the single market. philip hammond suggested we would leave the single market because we want to control immigration and that he was looking for a special arrangement for the car industry, the city of london, banking and doing global trade deals which suggests we would leave the customs union. what philip hammond is saying is if we cannot have free trade, if the eu decides to put up trade, if the eu decides to put up trade barriers, he is saying britain will have to change its complete economic model, slashing corporation tax, deregulating so we don't follow the same model as the eu. there are questions about how feasible that would be, is it something britain can do but it is likely to be seen asa can do but it is likely to be seen as a threat by eu leaders. the word that comes to mind is playing

philip hammond was asked by a german newspaper about the merits of the uk lowering tax rates to entice businesses here. he said he favoured the current system with european style taxation and regulation, but he had a warning that britain might be forced to become something different. " if we have no access to european markets, if we are closed off," he said, "we could be forced to change our economic model to regain competitiveness. " "the british people are not going to lie down and say, too bad, we've been wounded." the prime minister has been very open that her priority in brexit negotiations will be to control immigration and make sure that the uk can do global trade deals. leading eu figures have been equally clear. they say, to do that, the uk will have to leave the single market. and now the chancellor is laying out what the consequences of that might be, notjust for britain, but for the eu as well. the labour leader accused mr hammond of pursuing an extremely risky strategy. he appears to be making a sort of threat to the european community — if you don't give us exactly what

chancellort is the of the exchequer, philip hammond. people are trying to figure out how negotiations will go, what happens next, what do you see as a transition deal, how long will that last, are we talking 18 months or two years? guest: what the prime minister talked about is the need to move forward quickly after we served the notice to scope up with the and state will look like and get an agreement on a practical solution for the and the state of the relationship between britain and the rest of the european union area but recognizing that will take some time to implement. until we get into the detailed talks we cannot say much time am a we have to be pragmatic. they will be systems to be put in place, businesses will need time to make a transition. the clear message that we are giving and i think this works for britain and for europe, no cliff edges, known and change for business, plenty of time to adjust. francine: businesses that we see figure out what the ideal solution would be. the premise to was saying that she wants a better

the chancellor, philip hammond, has taken a chancellor, philip hammond, has ta ken a slightly chancellor, philip hammond, has taken a slightly different tack in germany in an interview. that has led to the reaction ofjeremy corbyn. it is intriguing. i am led to the reaction ofjeremy corbyn. it is intriguing. lam not sure if this was by accident or design this morning. earlier last week, philip hammond was talking to his german counterpart. he gave an interview to one of the big sunday newspapers which has been published this morning. the chancellor talks about the way in which he sees these negotiations developing. it is a ha rd ball negotiations developing. it is a hardball message. he was asked about britain wanting to lower corporation tax, two of the lowest rate in the 620 tax, two of the lowest rate in the gzo group of countries. he has said that if access to the single market was closed off by the other eu member states, britain in effect should be prepared to not lie down, not be injured or allow its economy to be damaged, but, he suggests, to ta ke to be damaged, but, he suggests

manus: philip hammond went to ireland yesterday. this is probably one of the most important viral -- bilateral relationships. if they do some kind of deal with the republic of ireland. from aifts the tenet trade element. anna: it suggests that you have left the customs union. if that is possible. >> things are relatively simple if i look at the fundamentals goinglf of the trade is to the european union. will bethe u.k. successful at forging relations with other countries but these things will not change overnight. the reality is that the eu is by far the uk's largest trading partner. the important thing is not exporting manufacturing but services. and this is what the u.k. has been utilizing for the past decades. and this is not going to change overnight. anna: q i so much for your thoughts around the pound. manus: oils overnight drop. crude slides. all ahead of the u.s. data. will the stockpile outweigh opec cuts. we are live to do by -- we are live to dubai. this is bloomberg. ♪ i've spent my life planting a size-six, non-slip s

and frankly, philip hammond is probably pretty glad that we are a nation of consumers. it has been the services sector of the uk economy, 80% of the uk economy, that has really lifted those growth figures. retail, restaurants and travel agents have all been contributing to those growth figures. as you say, there were lots of gloomy forecasts about what would happen to the economy if we voted to leave the european union, which of course we did. i kicked off by asking the chancellor here in reading whether this was a pain cancelled or delayed. of course, we recognise that as we go into this period of negotiation with the european union and as we absorb the impacts of the depreciation of stirling last year, there will be more uncertainty ahead during the course of this year. but the fact the economy is so robust and resilient going in should give us and resilient going in should give us great cause for optimism about britain's future. of course, brexit and our negotiations for leaving the european union are at least one of the big unknowns the uk economy, the chancellor to

we spoke to philip hammond. we spoke to the e.u. side as well. what do business leaders want to hear from theresa may? simon: i guess they want to hear a bit more of what she said on tuesday, that she's going to try to look after british businesses based abroad -- based in london, thanks among them, that she's got a plan to maintain their current level of trade with the e.u. she can't grant that herself. that is something for the negotiations and financiers. just as she is cementing her plans, they are building there's , to move people out of london. francine: you have to have a pecking order of things you need to be sure you get guarantees for or not. what do we understand about financial services? simon: philip hammond talking about the importance of finance to the economy, the importance of the government. the government has actually signaled it is going to be one of many businesses we try to look after. francine: simon kennedy, our brexit editor. the prime minister just going on stage. starting her big dallas speech live. let's listen in. ms.

philip hammond was in berlin earlier this week and was talking to his counterpart there. he gave an interview to one of the leading sunday papers, which has been published this morning. this is intriguing, because we're not getting much detailfrom downing street, but a fair bit from the chancellor. he seems to have given ita chancellor. he seems to have given it a bit of an ultimatum and he has said to the germans, if you would give us access to the single market, we are prepared to look at our taxation regime, our corporation tax regime and perhaps to relax it, so that we will remain competitive. he says the british people are not going to lie down and say, too bad, we have been wounded. he saying we would allow short—term economic damage if we are shut out of the single market. so some pretty tough words they are ahead of this big speech from the prime minister.m terms of the politics of it within the conservative party and the country, calling for unity when some people will look for even a cigarette paper's worth of difference between what the prime minister to seei

interesting comments from the chancellor, philip hammond to this german newspaper. yes, and it raises the question of how seriously we should take this. and the one hand downing st is pre—releasing choice cuts of theresa may's speech and brexit, where she will call the people to fall in behind the plan the brexit, behind the talks that will take place will stop. at the same time the chancellor spends sundays imbalance where the message seemed to have the look and feel of an ultimatum. —— spent some days in merlin. if we don't get access to the single market that we want, perhaps we will slash tax rates to entice business to britain. it interesting hearing from one source close to the chancellor this afternoon who has said that understand the seriousness with which he is saying he will adjust oui’ which he is saying he will adjust our economic model if that is needed. they think this will clearly hang over the talk is something like a threat. they might not want to describe as such but it will have the feel of an ultimatum. and that will lead as the wondering

philip hammond talking this afternoon. a skier has been rescued from a chair—lift in utah after becoming trapped by his backpack. the incident occurred monday at a mountain resort south of salt lake city. the lift operators moved quickly to stop the lift and put a mat on the ground below in case the boy fell. we could not believe this was happening right in front of us. he was hanging down below the chair lift a good couple of feet. we were all very concerned, not only that he would drop, but that perhaps his backpack could be strangling him. they grabbed a very long ladder and brought it up to the lifts and leaned it against the chairlift. 0ne individual climbed up. that ski patrol guy is strong to pull him like that. when we saw him being lifted up onto that chair, we were all ecstatic. superhero! i was amazed that he was able to hang out there as long as he did. but he was doing the right things. getting the weight off of him. getting the weight off of him. getting his pulls away from him so if he did fall he would no

i don‘t think that is helpful, because philip hammond in general has seemed to be one of the more sensible members of the cabinet and this is not a very helpful intervention. vince cable, good to see you, thank you forjoining us. the top stories for you now on bbc news: northern ireland secretary james brokenshire says new elections will be held for the assembly on the 2nd of march. it follows the collapse of the power—sharing government. donald trump has promised a trade deal with britain will be a priority when he becomes us president on friday. an inquest into the fatal shootings of british tourists in tunisia 18 months ago has been told local security unit deliberately and unjustifiably delayed their arrival at the scene. sport now for a full round up from the bbc sport centre. good evening. competing at his first grand slam tournament as world number one, andy murray made a winning start in melbourne. he beat ukraine in straight sets to reach the second round at the australian open. i think he played well, my opponent. he was very aggressive and i made it difficult, but the conditio

frankly, philip hammond is probably pretty glad we are amy she and of consumers. it has been the services sector, 80% of the uk economy, that has lifted those growth figures. retail, restaurants and travel agents have all been contributing to those growth figures. as you say, there were a lot of gloomy forecasts about what had happened to the economy if we voted to leave the european union. i kicked off by asking the chancellor here in redding, whether this was pain cancel or pain delayed. we recognise that as we go into this period of negotiation with the european union and as we absorb the impact of the pre—season of stirling last year, they will be more uncertainty ahead during the course of this year. the fact the economy is so robust and resilient going in should give us great cause for optimism of ourfuture. brexit and an negotiations for leaving the european union are one of the big earners for the uk economy. the tiles were told me there were concerns about business investment being delayed because of worries about that uncertainty. —— the chancellor

i think now philip hammond will be looking towards is his next big event, the budget in march. better growth figures for 2016 means that the government will have a bit more money to play with. the government's receipts will have increased from taxes will stop it doesn't mean we are out of the wards, the bank of england is still saying that growth next you will be lower than forecast this year, but for the moment the uk economy is certainly continuing with that strong and robust growth that we seen strong and robust growth that we seen today. our economics editor. we are hearing that the unions involved with tata steeled to ensure the future of their plans are going to recommend the offer from the company to their members at the ballot that will stop on monday. there have been meetings that have been continuing between the unions and the company and it is thought that more detailed pension arrangements have now convinced the unions to recommend the deal. they went sure at first, but they now will recommend it. there have been speculation that the rescue plan that had been offere

hammond's comments that if the uk needed to recalibrate its economy, it would. taken together has meant traders in asia have taken at the signal we are in for a hard brexit and that is what theresa may will signal. we know that the pound has really been the one asset subject to all kinds of volatility whenever there is talk of a hard brexit — will there be any stability for the currency?” a hard brexit — will there be any stability for the currency? i think there is a self curing element to there is a self curing element to the sterling weakness. before brexit, we even got up to $1.50. now we are down around a dollar 20, a big list to the uk economy. traders will be focusing on the october line. we could see some heavy selling but if that level can hold, people can recognise that the uk economy was in good shape over the last six months of 2016 relative to expectation and sterling weakness continues to give expert, british industry and services, a lift as we go forward. it is a self curing element that traders are still wary. ta ka ta element that traders

i think now philip hammond will be looking towards is his next big event, the budget in march. better growth figures for 2016 mean that the government will have a bit more money to play with. the government's receipts will have increased from taxes. it doesn't mean we are out of the wards, the bank of england is still saying that growth next you will be lower than forecast this year, but for the moment the uk economy is certainly continuing with that strong and robust growth that we seen today. our economics editor. the number of cars being built in the uk has reached a 17—year high amid the continued economic recovery in europe. the society of motor manufacturers and traders says more than one—point—seven million vehicles were made last year — but they warned that investment in the industry is falling due to uncertainty about brexit. our industry correspondent john moylan reports. built in britain, but tested the countries around the world. here in southampton, they ship about 17,000 ca i’s southampton, they ship about 17,000 cars a week. as the uk's biggest car expo

the chancellor, philip hammond, said the figures show the economy is robust but warned there could be a period of uncertainty ahead, as our economics editor, kamal ahmed reports it was napoleon who famously and sarcastically called us a nation of shopkeepers, and the government will be pleased today the uk economy is still one based on consumers and the high street. britain's services sector, 80% of the economy, was the reason for the positive growth figures. for shoppers in reading, it was good business as usual. a lot of people thought that the referendum and the vote to leave the eu would mean consumers might be nervous, "what does the future hold?" and would stop spending. did you find that was true? no, i haven't seen any difference personally. i think consumer spending will maintain itself and, long—term, i think we are in for a good ride. i think we are in a terribly unstable situation, i really do. we have got nothing that is filling us with confidence. instability, lack of confidence. they drove a myriad of warnings before the referendum. there would be a hit to the value o

chancellor, philip hammond. we were trying to figure out what brexit for job losses. one person who is watching this changing of the guard. cofounder of soho china. thank you for joining us. you have great global perspective and you give us a unique insight into the chinese market. how do you see real estate going around the world, are we going to pick up in u.s. real estate and the deafening in u.k. real estate? yes: i spent a few days in london trying to understand the brexit impact on u.k. real estate and trying to understand what is the reduction for financial service companies in london? and then i can translate that into square footage. i'm hearing different numbers. some people talk about 80,000, 85,000, some people say 10%, 5%. it is a little unclear what it is for sure that everyone is thinking the number will go down. .o how and when down?ng: well property go >> you can count how many cranes in london in the city. you know how many square meters are coming on the market. you need to understand what the demand for that is, if it is an aggregate going down tha

philip hammond is a fan, you are not? there's a continuing and subtlety about the government positions. we think would be better off outside because of the reasons in the package earlier, being outside means we can negotiate our own trade deals with other countries. in her speech tomorrow the prime minister will set a direction of travel that will take us direction of travel that will take us out of the customs union but i suspect she will acknowledge it's not as simple as clicking your fingers, but i believe it is the desirable outcome. one of the things i have said today in other interviews is not in government any more, i don't have access to as things seem to me on the basis of the facts, i would be outside. as everi the facts, i would be outside. as ever i will allow the possibility i might be wrong. a loyal member of the party and you will support them. other aspects of brexit, headline aspect, transition deal, a lot of brexiteers basically think that a transition period is slowing it all down, potentially kicking i

. —— chancellor philip hammond. theresa may has outlined her vision of a "truly global britain" to business leaders at the world economic forum in switzerland. the prime minister said the uk would step up as an advocate for business and free trade after brexit, but said the government needed to respond to the concerns of citizens who felt left behind by the pace of economic change. she said britain faced an uncertain road ahead and would need to forge a new role in the wider world. the united kingdom, a country that has so often been at the forefront of economic and social change, will step up to a new leadership role as the strongest and most forceful advocate for business, free markets and free trade anywhere in the world. for that is the unique opportunity that britain now has. i speak to you this morning as the prime minister of a country that faces the future with confidence. for a little over six months ago, millions of my fellow citizens upset the odds of voting with determination and quiet resolve to leave t

trait is finding no reassurance in the comments of philip hammond. what is on the verizon for verizon? we will have details on that. and later, donald trump takes the wheel. what will that mean for the auto industry? this is bloomberg. ♪ guy: welcome back. let us take a look at what is happening with the crude prices. theve put this next to bloomberg dollar index as well because the correlation works well. a bottoming out of oil this morning. but again, that is slightly mirrored by what is happening in the dollar trade but a small position at the moment. we will see what donald trump has tomorrow. i suspect that will be a factor when it comes to the dollar trade and the energy trades. let us show you what is happening with the european trade. the 600 is down but not by much. the ftse 100 up by 0.2%. the pound is stable. we are watching some individual stock stories. morrison, tesco -- will bid this morning. another is trading to the downside but it is a very expensive stock. matt: i am looking at which stocks are moving up and down with the mmr scr

the chancellor philip hammond has been speaking to sky news arabia on a trip to abu dhabi, he said the out—going ambassador, sir ivan rogers, had done a good job, but had chosen to resign because of the timing of brexit negotiations. the prime minister is expected to give what is being billed as a major speech about brexit later in the month. he was coming up to the end of his tenure, coming to retirement, later this year. he took the decision to go early and allow somebody else to ta ke go early and allow somebody else to take over now, before the article 15 0dis is served, before the negotiations begin, and then to see those negotiations right the way through to their conclusion. sir tim barrel, whom i nowell. iworked closely with him and appointed him as my political director at the foreign office. he is a very experienced and caesium and —— and seasoned diplomat. he is very tough, having worked in moscow for years. he has good knowledge of how the eu works and is a tough negotiator, so he will be a great asset for britain in the negotiating process. that was philip hammond, t

while he was still in thejob, philip hammond became the first uk foreign secretary to visit the island in an official capacity since the revolution in 1959. now, the chancellor of the exchequer, during his trip, mr hammond signed a memorandum of understanding covering energy, finance, education and culture, and held talks with raul castro. the great issue is the relationship between cuba and the united states, and the beginning of a flaw in that relationship, the beginning of the normalisation, makes many things possible that have not been possible for decades. it makes economic development possible. of course, since that visit, britain has voted to leave the eu. as the reality of brexit reckons, uk companies are looking to latin america and the caribbean. unilever just cemented looking to latin america and the caribbean. unileverjust cemented a deal on a £20 million investment outside havana. when the uk eventually leave the eu, it may become far more common to find british companies doing what unileverjust it, british companies doing what unilever just it, laying british companies d

philip hammond was asked about the merits of the uk lowering tax rates. he said he favoured the current system with european style taxation but he had a warning, britain might be forced to become something different. if we have no access to the european markets, we could be forced to change our economic model. the british people are not going to lie down and say to that, we have been wounded. the prime minister has been wounded. the prime minister has been opened that her priority in negotiations will be to control immigration and to make sure the uk can do global trade deals. they say to do that the uk will have to leave the single market and the chancellor is laying out what the consequences of that may be for britain and the eu. the labour leader accused mr hammond of assuming a risky strategy. he appears to be making a threat to the european communities saying, if you do not give us what we want, we will become this strange entity on the shores of europe where there will be low levels of corporate taxation, designed to undermine the effectiveness of i

the job of chancellor went to philip hammond, whose nicknames include spreadsheet and box office. he ditched a target to balance the nation's books by 2020. amber rudd was named home secretary, she faced near—record levels of immigration. are you going to be able to get immigration down to the tens of thousands quickly? i'm just going to get started. and chaos at the independent inquiry into historic child abuse. and we were introduced to the three brexiteers, the international trade secretary liam fox, brexit secretary davis davies, and bojo, rebooted as foreign secretary. spreading charm. speaks french. and keeping comedians in work. foreign secretary, on the subject of europe, is brexit living up to all of your hopes and expectations for britain so far? of course, brexit has already been a wonderful journey. borisjohnson, what do you say? as boris johnson: i would say, we never really expected to win, i think getting behind brexit it's a bit of a laugh, plaster numbers all over a bus. in scotland, the tories other leading lady, ruth davidson, was having a blast. in elections

philip hammond against theresa may, big differences. i don't think so. it's interesting to see the way opinion has moved outside the conservative party. this week vince cable made it clear he thought freedom of movement shouldn't continue. who would have imagined 12 months ago that someone as committed as vince to the liberal democrat tradition would have said one of the core freedoms of the eu should no longer apply? theresa may says she wants workers for the farming community and others say they want banking and service sectors to have freedom of movement. it's entirely possible to have a migration policy that allows britain to get the skills it needs in the sectors that matter without accepting freedom of movement as it currently operates within the eu. you will say but not being in the single market. you're not going to say that! the problem with the muddled thinking is that britain seems still not able to understand that you can't have your cake and eat it. you can't have the single market and not freedom of movement. it's not on the table! i don't

the chancellor of the exchequer, philip hammond, told a german newspaper that britain would not lie down and accept economic damage incurred by a harsh deal. he has said that the uk would change its economic and social model, it would have a very low corporate tax structure, for instance, it's got a strong finance sector, so britain could become this tax haven in the heart of europe. you would be very worried about that, wouldn't you? these are things to sort out. i don't think that it is smart to go into a tax dumping race and we have heard other voices and the whole picture will not be complete if we do not look at the final contract we have together. so i don't think that it is smart just to pick the one or the other topic without even having sat down at the negotiating table and to utter threats, how it could be. would it happen, issuing a threat? you heard him and it's his words. but i think it's better to sit down and to start to talk concretely instead ofjust predicting things, one or the other, small issue. you are obviously defence minister of germany. let us turn to defence mat

philip hammond was in berlin on monday, tuesday last week, talking to his german counterpart. he gave an interview at the time to one of the big sunday newspapers, which has been published this morning. the chancellor talks about the way in which he sees these negotiations developing. and it's a pretty hardball message. he was asked about britain wanting to lower corporation tax, to have the lowest rate in the 620 group of countries. he has said that if access to the single market was closed off by the other eu member states, that britain, in effect, should be prepared to not lie down, not be wounded, not allow its economy to be damaged, but to come he suggests, take action on that. that could affect the tax system, the system of regulation. this is being interpreted by some as being, i'll be going to seek lower corporation tax rates if we can't get those deals to get access to the single market. he says he is optimistic. alreadyjeremy corbyn has given his interpretation of what that could mean. she appears to be heading us in the direction of a bargain basement economy on the

interesting that she repeated the threat that philip hammond raised, that if we don't get a good deal, if you play hardball, we can lower taxes and change the economic model, becoming a lower tax jurisdiction for multinational companies. some people would say that this isn't what people voted for, but that is the aggressive tone. businesses are worried that the timetable she has for completing the timetable she has for completing the deals is a bit unrealistic. thank you forjoining us. what about the voters? six months after the referendum, what do people make of mrs may's speech? our correspondent, phil mackie, has been to birmingham, where people voted by a narrow margin to leave the european union. when the country voted to leave the eu last year, it was a close vote nationally, 52% in favour of brexit, 48% in favour of remain. in birmingham, it was even closer. half a million people went to the polls in this city and the winning margin for leave was onlyjust under 4,000 votes. so now people have an inkling of what brexit means, what do they think? andy and debbie are typical. one

the chancellor philip hammond said the figures show the economy is robust, but warned there could be a period of uncertainty ahead, as our economics editor kamal ahmed reports. it was napoleon who famously and sarcastically called us a nation of shopkeepers, and the government will be pleased today the uk economy is still one based on consumers and the high street. britain's services sector, 80% of the economy, was the reason for the positive growth figures. for shoppers in reading, it was good business as usual. a lot of people thought that the referendum and the vote to leave the eu would mean consumers might be nervous, "what does the future hold? and would stop spending. did you find that was true? no, i haven't seen any difference personally. i think consumer spending will maintain itself and, long—term, i think we are in for a good ride. i think we are in a terribly unstable situation, i really do. we have got nothing that is filling us with confidence. instability, lack of confidence. they drove a myriad of warnings before the referendum. there would be a hit to the value of

while he was still in the job, philip hammond became the first uk foreign secretary to visit the island in an official capacity since the revolution in 1959. now the chancellor of the exchequer, during the trip he signed a memorandum of understanding covering energy, finance and education and culture, holding talks with fidel castro. the great relationship is between cuba and united states, and the beginning of the thaw in the relationship, the beginning of a normalisation, making many things possible that have not been possible for decades. it makes economic development possible. since that visit, britain has voted to leave the eu, as the reality of brexit beckons, uk companies are looking to latin america and the caribbean. unilever, recently embroiled in a brexit argument over british supermarket prices cemented a deal on a £28 million investment outside havana. when the uk eventually leads the eu commits more common to find british companies doing what unilever did, laying the first stone of a new factory on cuban soil. at the recent havana trade fair, the british products on displ

even mild mannered philip hammond has said he might take the gloves off and lower taxes if we didn't get a good deal. all of that has added to their confidence that they can thrash out a good deal. what is being said here is that we don't wa nt to being said here is that we don't want to be overconfident here, we don't want to get to a position where we thought we were going to get a good deal and did not in fact get a good deal and did not in fact get one and fall onto wto regulations which means tariffs, and businesses worry could damage trade. many thanks. john, i said this speech was long—awaited, how much detail are we likely to get? theresa may is being egged on by a chorus of enthusiastic brexiteers in her party, in the press, some in her cabinet to promise as clean a break as one can imagine from all eu obligations and ties. theresa may is, above all else, a pragmatist. he has not played her cards as closely as she has done to tip them now. she is not an ideological committed brexiteer. she will be clear on driving as hard bargain as she has two to achieve laws made here in

not sure those were the words of philip hammond. i am paraphrasing but not unfairly. between the referendum and the negotiations is to stabilise the economy. that is done. set out the details of our plan. the prime minister did that with a positive vision of a post brexit self—governing democracy, a strong neighbour including on trade and security, a global leader in free trade and the third thing that needed to happen was developed unity of purpose amongst the country at large. following the lancaster house speech, the british pub lick 3—1, backed theresa may's vision. you talk about public opinion, ijust wonder whether you believe those brexit voters, let's talk about a particular place in the north midlands of the uk, where there will bea midlands of the uk, where there will be a by—election. 70% voted brexit but do you think most of those 70% wa nted but do you think most of those 70% wanted to see a deregulated inaudible. i think the point is that win win is the speech. of course, if we do not get a deal, even if the eu... you think that is what the british

hammond was answering treasury questions. he explained the uk couldn't stay in the single market following brexit because eu leaders made it clear they wouldn't allow perks on the free movement of people. do you agree that the resilience of the economy would be best served by what the pm has said today, that britain will be leaving the single market with no ifs and no buts. we have for six months kept open as many options as possible while we look at the way forward in this negotiation with the eu. we have heard clearly the views of the political red lines expressed by other european leaders. we want to work with them, we want to recognise and respect their political red lines. that is why the prime minister is setting out right now the position that she is. that is that we will go forward understanding that we cannot be members of the single market. that is because of the political red lines around the freedoms that other european leaders have set. in the seven years to 2014 scotland's trade with the eu growth 20%, twice the

the area includes the constituencies of chancellor philip hammond and health secretaryjeremy hunt, as our deputy political editor john pienaar reports. you don't get a choice about getting old, but how to pay the huge bills for care? councils pay most and one's had enough of government cuts, of paying for more with less. £170 million less since 2010. surrey‘s asking council taxpayers yes or no to a 15% increase for social care. i think it's important that politicians stand up and tell the truth and be honest with the residents, and tell them what it costs to run these services. we have to pay for the services. it's not easy finding people here who are keen to pay what will be nearly £200 a year more on an average home, though no one could call surrey hard up. hi there. good afternoon. the council want a 15% increase. so i believe, i heard it on the one 0'clock news today. how about some more of that money for council for social care? certainly not. that's totally obscene. there's lots of money in surrey but that doesn't mean that, you know, we're going to accept a 15% rate increas

the chancellor philip hammond has spoken for the first time about the departure of the out—going uk ambassador to the eu. sir ivan rogers resigned on tuesday complaining of muddle and confusion in the uk's approach to brexit. mr hammond said he had done a good job, but had chosen to resign early because of the timing of brexit negotiations. 0ur political correspondent vicky young is in westminster. what more did he have to say and how are things looking now for theresa may's brexit strategy? we are starting the air as we finished it when it comes to brexit with lots of questions about whether theresa may and her team questions about whether theresa may and herteam are questions about whether theresa may and her team are ready for those negotiations, whether they have a tea m negotiations, whether they have a team which is experienced enough, whether they had even decided on the objective is. the problem for downing street is those questions are coming from someone who has been on the inside for several years i think what we have seen is downing street trying to get back on the front foot with

philip hammond says brexit talks may not be completed by april 2019. in an interview, he said the first objective will be to wrap the four then, but an interim timeframe may be determined. day, inews 24 hours per more than 100 20 countries. i amafter 9:30 in sydney, joined by paul allen with an early look at the asian markets. not much of a handover. paul: the index seems to be shaking off their poorly from the u.s. the nugent -- the new zealand exchange off 1/10 of 1%. australian futures pointing to 4/10 of 1% decline, ending the winning streak. take a look at the quarry, which has been shortlisted as the preferred bidder. it is valued at $800 million. nikkei futures looking weaker in japan. pharmaceutical company may be in focus, expanding its u.s. focus when it comes to cancer fighting, acquiring and another company. australia, retail sales from november expected to show a pre-christmas uptick of 4/10 of 1%. china will have it cpi and ppi out, as well. caroline: this is bloomberg technology. back to the big headline in tech, at the top of the hour,

manus: boris johnson faces parliament today after philip hammond insists no decision has been made on the single market. angela merkel reminds britain that access requires the four freedoms. anna: risen grants says the economy is already running hot and calls for regular rate hikes. says the econy

. >> you were referring to the comments made by philip hammond . he observed that funding circle is in the next and he was applauding the equity round as a vote of confidence in the economy. unusual to see a finance minister weigh in on particular company but i think it speaks to the support the government has long provided in the development of alternative finance community in the u.k. after the crash. that being said, the regulator thehe u.k. and december, financial conduct authority, did put out a report which was a little surprising to some and that it basically signaled that there may be a crackdown coming. there may be some more regulatory restrictions and rules in the year two come on transparency -- to come on transparency and how the platforms operate. >> i do not think it will affect our business. we are very pleased that they are doing this. we worked with the u.k. government to bring regulation into the market because we knew this market would be worth billions of pounds. in the u.k., around the world, when you become regulated, we want

. >> philip hammond the chancellor , of the exchequer has been on his feet. quite a short autumn statement in many ways. the big headline number out of this is they have downgraded expectations for growth next year. this didn't feel like the big kind of stimulatory subject many -- budget many predicted they would need post brexit. >> we are not talking about a economy in recession. the strength of the u.k. economy much better than many economists predicted would be the case after the brexit vote, but remember of course that was just the brexit vote and not the brexit. we are still looking forward, looking ahead to march of next year, which is when we are expected to see article 50 triggered. >> there are protests at the u.k. supreme court as judges here for a new law to be passed before britain officially exits the european union. in january.expected of the chances of the supreme court overturning what we heard from the high court? >> i think the chances are slim that the supreme court will overturn the high court ruling. ♪ ♪ francine: a new report says w

. >>> british finance minister, philip hammond speaking this morning on trade. he pointed out that britain will not be able to start negotiating any international trade agreements until brexit is completed. saying britain remains a fully engaged member of the european union which will not happen for two years, once that clock starts on article 50. so we're talking 2019. they can start to sow the seeds today. >> you thought you might have visibility on these issues. >> not so much. >>> president trump going after defense contractors again in an interview with fox news last night. the president said the u.s. needs more submarines, but he wants to buy them at lower costs. >> i'm cutting the prices of submarines. we're lacking submarines, we'll build new submarines, but the price is too high. i'm cutting the prices way down. >> we're keeping an eye on shares of two companies that make submarines for the government, general dynamics and huntington ingalls. we'll have to see how they respond to the tweet risk, this time it was a tv interview. >>> following president t

hammond and boris johnson have done the same with their interlocutors, i am confident that the vast majority want a positive relationship between the u.k. and the e.u. after brexit. and i am confident that the objectives i am setting out today are consistent with the needs of the e.u. and its member states. that is why our objectives include a proposed free-trade agreement between britain and the european union, and explicitly rule out membership of the e.u.'s single market. because when the e.u.'s leaders say they believe the four freedoms of the single market are indivisible, we respect that position. when the 27 member states say they want to continue their journey inside the european union, we not only respect that fact, but support it. because we do not want to undermine the single market, and we do not want to undermine the european union. we want the e.u. to be a success and we want its remaining member states to prosper. and of course we want the same for britain. and the second reason i believe it is possible to reach a good deal is that the kind of agreement i have describ