official who has compared nationalism to alcoholism. frans timmermans accused nationalism of creating a short period of exaltation followed by a long period of headaches. the guardian financial pages carry a warning from the uk food and drink industry, who say there could be significant disruption if the government fails to stem the flow of eu nationals leaving the uk. the ft says credit default swap bundles are making a comeback, ten years after the financial crisis. hedge funds are embracing the products, as low volatility and record prices for corporate debt tempt them into riskier areas, to make higher returns. also in the ft, google has changed the way it responds to people searching information on depression. the tech giant will now invite us users to fill out an online questionnaire to check whether their symptoms point to being clinically depressed. and finally, in the independent

sport pages, england's record, goal—scorer wayne rooney, has announced his retirement from international football. the 31—year—old has scored 53 goals for england, in a career that has lasted 1a years. he is also the country's most—capped player, with 119 appearances. so let's begin. with me isjonathan charles, who is director of communications at the european bank for reconstruction. were you reading the autocue? were you reading the autocue7|i were you reading the autocue? i was, just out of interest. a little bit about wayne rooney, actually. this is what retirement feels like. on the front page of the guardian, the un weighing into the racism row in america. whether trump has not is another matter. this is a un committee which says there are

things to worry about and interestingly enough the guardian makes the point that this type of warning was last issued to pakistan and burundi —— kyrgistan and burundi. wheni and burundi —— kyrgistan and burundi. when i travel to the united states for work and spend a lot of time in america, i think divisions have always been there. i think all that we have seen in the last few weeks is that they have been highlighted. do you think they have been muted for quite awhile, as well? when obama got into the white house, everyone thought america was turning a corner and actually a lot of americans i speak to feel that racism at worst when president obama entered the white house. you can't divorce it from what is happening in any country and where they have been periods of progress on the racial divide it tends to be because the rising tide of the economy has lifted all ships. but they have full

employment. yes, but i think it is the question of how much people earn in theirjobs, they may be employed, but whether they feel they are making economic progress or whether they feel their living standards are being eroded. i think that is an issue for a lot of countries, as we know. so in the 19605 we saw p i’og re55 know. so in the 19605 we saw progress on this issue in the united states, i think there was some p i’og re55 states, i think there was some progress in the economic good times of the late 19805 and 19905 in the united states, under obama a little bit, but we are in a period where the economy is what it is in the united states. there is full employment, but a lot of people feel they do not have the life opportunities and there are significant part5 opportunities and there are significant parts of the united states which find it ethical to deal with their past, and i am talking about the southern state5. with their past, and i am talking about the southern states. an interesting story, nationalism and racism. i think it comes back to what is happening in the world, and

it is linked in a way. that is around the whole issue of the economy. i think again we are seeing nationalist sentiment rising in many countries, and fra n5 nationalist sentiment rising in many countries, and fran5 timmermans, the first vice president of the european commission, the competitor to alcoholism. we have a short period of exhortation and then a hangover period in the united kingdom, although he denied he was talking about brexit. again it is connected to the economy. what we are seeing in many countries, and france is a very good example, where although macron won the election and defeated the national front, a significant proportion of the population voted for a nationalist party, because they feel the economic opportunities are eluding them. is it not people looking for scapegoat5? people feeling dissatisfied and unhappy about their lot, and looking for people to blame? they are looking for people to blame, and they are looking for comfort. i think there i5 looking for comfort. i think there is some comfort in putting up the drawbridge, building a wall around

your country and saying it is easy for us to fix our own problems, rather than other countries. and identity politics. and there is a belief that the only way to get rid of the problem is to deal with it on a nationalist basis, and deal with it in nationalist term5. a nationalist basis, and deal with it in nationalist terms. and in european countries there has always been a lot of nationalism, but more than muted a5 a sense of identity. and this next story in the guardian i5 and this next story in the guardian is kind of connected. there is a nexus of eu workers heading home because of brexit, because of fears what it might mean for them, and this story highlights the fact that there is an argument there. and if you look at what else fran5 timmermans said, which relates to this question of the exodus of eu worker5, he says it is notjust nationalism but the siame5e twin of nationalism, protectionism. he says integrated economic market5 nationalism, protectionism. he says integrated economic markets are what really drive growth, and you have to

have free movement to make sure you have free movement to make sure you have the workers. the story point5 out that the food and drink industry in the uk are desperately need eu workers. there are not enough people to work otherwise doing job5 workers. there are not enough people to work otherwise doing jobs in this industry, without that. on free movement, can you effectively control migration and say we need a few eu worker5, winning 20,000 this year so we will take 20,000? is it po55ible, effectively? year so we will take 20,000? is it possible, effectively?” year so we will take 20,000? is it possible, effectively? ithink year so we will take 20,000? is it possible, effectively? i think it is very difficult. there are always ways of controlling everything in the economy, but we know from bitter experience that although capitalism i5 experience that although capitalism is not perfect, the best thing is when you allow market5 is not perfect, the best thing is when you allow markets to decide for them5elve5 when you allow markets to decide for themselves what they need, without trying to actually control them. it i5 trying to actually control them. it is too difficult to calibrate, it is you are always calibrating one step behind. it is very difficult to predict. you are reacting to what has been happening, so it feels like we have too many workers for the industry this year, we will cut back, but you discover in the year

that you cut back, you need more. you can't react in time. you have to let the market decide. one reason why the market is deciding on immigration, and why eu migrants are not coming in large numbers to the uk, is not just not coming in large numbers to the uk, is notjust because they feel the uk is a place which is not in term5 the uk is a place which is not in terms of people's attitudes towards the eu, but also they feel the eu economies are slowing down in the po5t brexit atmosphere, and there are not as manyjob opportunities. so the market is regulating itself. you only have to go to victoria square in central london, and there are huge oddities of european migrants sleeping rough. and the economy slows down more, and that look5 economy slows down more, and that looks like it is what is happening, people won't come. it is being regulated by economics, the week pound. they think is it worth coming here when we are not earning a5 pound. they think is it worth coming here when we are not earning as much a5 here when we are not earning as much as in euros? tell us about credit default 5waps. as in euros? tell us about credit default swaps. it is traditional at this point to say that credit

default swa p5 this point to say that credit default 5waps are a very complex financial instrument, and leave it at that. to take it a bit further, what credit default 5waps are doing, and what this story is about, is they are saying that hedge funds are beginning to invest, some hedge funds, beginning to invest, some hedge fund5,in beginning to invest, some hedge funds, in riskier financial assets. and why are credit default 5waps riskier financial assets? what you're doing is effect taking out in5urance you're doing is effect taking out insurance on what you believe to be the credit rating of companies. and their loans. and their credit po5ition. and in doing that, you are basically making a guess as to on the best information of available what you think a package of loans and credit ratings will look like. and that is very difficult to be precise about. a5 and that is very difficult to be precise about. as we saw in the credit crunch and the crisis of ten yea r5 credit crunch and the crisis of ten years ago, it is very easy to get it wrong. so the financial times are saying that memorie5 wrong. so the financial times are saying that memories are fading in effect and the pursuit for high returns, because it is very hard to

earn money on anything the5e returns, because it is very hard to earn money on anything these days, i5 earn money on anything these days, is causing them to actually put their money into this. if you are feeling depressed about that, you can check on google how depressed you are. this has a serious side to it in you are. this has a serious side to itina you are. this has a serious side to it in a slightly lighter side. you are. this has a serious side to it in a slightly lighter sidelj you are. this has a serious side to it in a slightly lighter side. i was thinking, google are going to offer you this depression check if you start googling about depression. i begin to wonder if it might detect your moods, because computer5 detect everything about what you are putting in these days online and if it thinks you have been googling some very strange things, maybe he i5 some very strange things, maybe he is depressed, i think what is interesting about it is it at the start of online medicine, isn't it? you will see more and more of these things being offered, notjust for... do you remember that action? wayne rooney, he was for... do you remember that action? wayne rooney, he wa5ju5t for... do you remember that action? wayne rooney, he was just never in a 5ucce55ful engli5h wayne rooney, he was just never in a 5ucce55ful english team. hello there. as we head towards the bank holiday weekend, there is some much quieter weather on the way, which is just as well, after all the heavy rain

and flooding that we had in northern ireland, and here in north yorkshire, too. that rain, on the last of the muggy air that swept across the uk. behind it, fresher conditions followed, and we saw the cloud breaking, and some 5un5hine. and over the next few days, there'll be some more 5un5hine. there'll be a few showers around, more particularly towards the north—west of the uk. now, the wet weather came on that weather front there. that has long gone out into the north sea. still dawdling, perhap5, towards the northern isles for a while. lower pressure towards the north—west, this is where we'll see most of the showers. higher pressure5 towards the south. not a big high pressure, but higher pressure. hence the dry weather here. a sunny start acro55 much of the midlands, east anglia and the south—east of england, and some 5un5hine further west, as well, across the south—west of england and wales. just the chance of a little bit more cloud, and maybe one or two light 5howers. the odd shower coming into the north—west of england, as well. much of north—east england, and indeed eastern scotland, starting dry and sunny. still some rain up towards shetland, and a few showers arriving towards the highlands. most of northern ireland starting the day dry.

but i think we will see some showers, or even longer spell5 of rain, pushing in closer to that area of low pressure in the north—west, and turning wetter again in western fringes of scotland. a few 5harp showers for the north—east of scotland, and possibly towards the north—east of england. most of england and wales in the afternoon, though, will be fine and dry, with some 5un5hine. pleasant enough, with light wind5 for the most part, and temperatures near normal for this time of the year. it'll turn chilly quickly, though, in the evening, especially acro55 much of england and wales, where we'll have clearer 5kies. up towards the north—west, a bit more of a breeze, perhap5, and still the chance of more cloud and some rain, but temperatures will be a bit lower than they have been recently. into friday, lots of sunshine, probably more 5un5hine on friday for southern england, midlands, east anglia and lincolnshire. bit more cloud bubbling up further north, a few showers again for scotland. some of these could be rather heavy, and perhaps some longer spell5 of rain arriving into northern ireland, too. so temperatures here a little bit lower, but warming up towards the south—east, with more sunshine, probably getting into the mid—205. towards the north—west, though, we've got that area of low pressure as we head into the weekend,

threatening to bring some more showery rain here. this area of low pressure in biscay could bring the risk of a shower across southern and eastern england, particularly saturday night. but on the whole, it looks like it's going to be dry again acro55 much of england and wales. some sunshine, and feeling pleasantly warm in the sunshine, with light wind5, too. further north, not many showers for northern england, most of the showers again for scotland, and also acro55 northern ireland. goodbye. hello, this is breakfast with charlie stayt and naga munchetty. it's gcse results day for more than half a million teenagers — there's a warning that big changes to the exam system in england will leave employers confused. students 5at tougher test5 in maths and english. the grades a—star to g have been replaced by the numbers 9 to 1. what impact have those changes had on pupils and staff? i am here at an

academy in north london where staff are waiting to tell students how they've gotten on. good morning, it's thursday the 24th of august. also on the program, shocking levels of inactivity,