this is business live from bbc news with victoria fritz and ben thompson. president trump gets the christmas present he's been waiting for as the us congress finally passes sweeping tax reforms. live from london, that's our top story on wednesday, 20th december. the us senate approved the changes after midnight, but will the reforms to the world's biggest economy help the rest of us too? also in the programme — uber prepares for a hugely important court ruling that could change the way it works across europe. we have the latest from the markets. asian shares bobbed lower in a choppy session on wednesday. european markets have opened higher.

and bringing electricity to 20 million people. we'll get the inside track on one firm's plans to use solar energy to power millions of homes in africa — without installing expensive networks and cables. and as the work week eases into christmas, we want to know — what is suitable office attire? is it your christmas jumper? or your glittery shoes? let us know — with pictures — what you're wearing to work this week. just use the hashtag bbc biz live. hello and welcome to business live. let's start in the united states because the world's biggest economy is on the brink of its most sweeping tax changes in a generation. the senate passed the reforms just before 1am washington time. congress just needs to hold one more procedural vote before president trump can claim his first, big, legislative win. this entire package is likely to cost $1.1; trillion over the next ten years. most of that will be added to the national debt which is already over $20 trillion.

the biggest tax cut in the final version drops the corporation tax from 35% to 21%. something president trump says will help economic growth. on an individual level, the top tax rate will fall, for the highest and lowest earners, with a top rate of 37%. david wills in washington and has the details. the ayes are 51. they voted along party lines in the senate to approve the most sweeping overhaul of the american tax system in 30 years. the tax cuts and jobs act is passed. bill barely six weeks old and still clearly a little rough around the edges. the motion to reconsider is laid upon the table. the house speaker'sjubilation laid upon the table. the house speaker's jubilation proving premature after it emerged certain provisions didn't confirm with the

rules of the senate. the house will vote on a tweaked version of the bill later today, but that doesn't change the essence of the legislation or the opposition to it. the worst bill in history because the number of people that it affects, the amount of money it sucks up to the higher income and the impact on our future deficits. today we are giving the people of this country their money back. this is their money after all. you're lying. opponents point out the bill will add $1 trillion to the national debt. they're putting it on the credit card. but republicans argue it will strengthen the economy and boostjobs. argue it will strengthen the economy and boost jobs. merry christmas. this is a good day for america. this isa this is a good day for america. this is a good day for workers. this is a great day for growth and we're very excited about this moment. the bill includes permanent tax cuts for american corporations which the trump administration says will make those corporations more competitive and temporary tax cuts for around

80% of the american population. the amount varying according to their level of income. before it emerged that there was to be another vote in the house, president trump tweeted his congratulations to the great house republicans who enforced the bill, but the president's claim that the tax plan will cost him and his familya the tax plan will cost him and his family a fortune is being questioned in the light of his continued relu cta nce in the light of his continued reluctance to release his tax returns. in some ways particularly on the personal side, the president will likely take a big hit, but on the business side he could benefit. president trump could sign the tax bill into law as early as today. it's the first major legislative victory since he took office in january. joining us is trevor greetham, head of multi asset, royal london asset management. nice to see you, trevor. look, it's interesting. we have said it is a christmas present for donald trump. he has been pushing this for quite a

while. seen a big achievement of his administration. is it quite a done deal? i think it is. there is a procedural difficulty which means it has to go back to the house for a vote, but everyone is lining up their press conferences and it is pretty clear that it's going to go through. the market seems to like this. we have seen a rally, but do the economics behind this work? is ita the economics behind this work? is it a tax cut for all orjust the economics behind this work? is it a tax cut for all or just the high earners, the millionaires and the billionaires as the democrats would say? in terms of the tax cut, most of it, the lasting tax cut will be for the top 1% or 0.1% of earners who don't necessarily spend this extra money, they just who don't necessarily spend this extra money, theyjust keep it. the corporate tax cut is substantial as you said, 21% makes the us quite competitive. there are incentives to do more capital spending and there are tax breaks and to take money back to america that's parked overseas. so it should boost the us economy, but people have been talking about this tax cut for a long time. we've had strong stock markets in december as the news

came, that it was actually going to happen and sometimes it is better to travel than arrive. i think next year the markets will be thinking about other things like china, is china slowing down in the markets like this because they have been factoring this in already, the question is whether it filters back through? we have seen record highs for the nasdaq and the dowjones? the us economy is growing rapidly, about 4% growth. we are seeing the same in europe so we've got strong growth with low interest rates and stock markets like that. the question next year will be is there a new theme? is it china slowing? is it interest rates going up? we are late in the business psyche toll do a big stimulus like this. if you boost growth and unemployment is low, people will be watching wage inflation. it maybe what you gain from a tax cut you lose from interest rate rises. i suspect we may talk about this again, it will run and run! trevor, thank you. let's take a look at some of the other stories making the news. supermarket giant tesco can take

over food wholesaler booker in a deal worth £3] billion, that's nearly $5 billion. the deal was under scrutiny from britain's competition regulator over fears it could stifle competition in the grocery market. critics had expected the regulator to insist that tesco sell off some stores, but the deal has been given the green light. youtube has signed a second global deal with a major music label, as it expands its subscription businesses. after signing a deal with warner music in may, the online platform has now added universal music group which represents artists including taylor swift and jay z in a deal it says would provide artists with more flexibility and pay. the auto—maker, subaru, is investigating whether its inspectors may have faked data on vehicle mileage readings during inspections conducted on cars sold injapan. the japanese firm says uncertified staff were carrying out tests on new cars sold on the domestic market for decades. the news prompted shares in the firm to fall 8.5%, making them the most heavily traded

stock on the tokyo stock exchange. is uber a taxi firm or not? the european court of justice is due to give us its opinion any minute now. it has decided it is a transport company. there was a question about whether it is a transport company or indeed whether it would be a ride hailing app. anna mccaffrey is an employment lawyer at taylor wessing. the right decision, do you think?m is consistent with the line of case law and litigation in various countries that uber have been up against. and i suppose it's what we expected given that the original advisor to the court, the advocate general had come to the same decision as well. talk us through the two different options the court

had here. it was about how you define what uber does and the legal implications? at its most basic level the court was asked to decide if uber was a digital company and if it was a digital company there are certain eu rules about not imposing undue restrictions on online companies. if it is a transport company, eu law has less influence and it is up to each country to decide how they regulate transport services. so that nens there is more scope for each country to decide how to regulate and so therefore, things like taxi licensing rules, and regulation of taxis in each country mean that they come into play which means uber that is a lot more rules it has to comply with than if it was a digital company. this has gone to expose the vast casmed in regulation when it comes to what is happening in the real economy and businesses that are developing now and the companies that exist on paper that they have rules for. they always

seem, at least a few steps behind? yes. i think it is a challenge for a mp like uber that operates in so many countries if they have to comply with different sets of regulation, which are not the same country to country, it has a potential impact on their business model. and you know, we do come back up model. and you know, we do come back up against this question of is, are the legal rules fit for developing a new type of company in the gig economy? what difference would this make for people that are using the service? will it really change anything? it shouldn't do. it is fairto point anything? it shouldn't do. it is fair to point out that in many cases uber already have to comply with transport regulation for example in the uk and france and germany. uber has said that they don't think there are ruling a transport company will make a difference to where they are operating. the legal repercussions run and run. anna mccaffrey there.

uber is indeed a transport company and not a digital so it has to abide by the rules relating to transport. when it comes to brexit the status of london as a global financial centre is one of the most pressing concerns for the uk government. and the bbc has learnt that eu banks are to be allowed to continue operating in the united kingdom after brexit without additional regulation. our business editor simon jack has the story. simon explain this for us. if you look at some of the big eu banks which have very significant presences in the uk and particularly in london, take deutsche bank. it does billions in business. in a post brexit scenario the bank of england has been trying to make up its mind

do we allow that to continue to be a branch which it is at the moment, it is offshoot of its frankfurt headquarters, but all the decisions happen in frankfurt, or do we say we would feel more comfortable if you would feel more comfortable if you would become a subsidiary and become auk would become a subsidiary and become a uk entity. that's what they could have done. i understand that the bank of england today will say we're co mforta ble bank of england today will say we're comfortable with the current situation. those branches which can remain branches without having to sub sidrise. so it will be seen as an act of goodwill to those european operators there. also in london's interest, you don't want to boot out a bank that has 9,000 people all paying a lot of tax. self interest, but hopefully some positive mood music towards what is sometimes a fractious conversation about the future of banking in the eurozone. thank you very much. that was simon jack our business editor. it will be fascinating to see what happens to the bank stocks in europe as a result. asian stocks have had a mixed

session — waiting on us legislators to rubber stamp the tax—cut package. the idea is that the money released into the real economy would help to accelerate economic growth. whether that'll happen or not remains to be seen. but regardless, we've seen global equity gauges move to historic highs. over in europe, markets have opened. the food retailers are in focus after britain's competition regulator gave final clearance to tesco to buy the wholesaler booker forjust shy of $5 billion. it's a big day in washington today. yogita limaye has the latest on how this will move wall street. investors in the us will still be watching the painfully drawn out process of the republicans' attempts to pass tax reform. but they will also have a few items of economic and corporate news to watch out for. the national association of realtors will be releasing the latest figures for existing home sales in the us. it is assumed that over all the american

housing market is still ticking over. forecasts are for over 5.5 million home sales having taken place in the month of november, nearly 1% more than in the previous month. 0n the corporate front, food giant general mills releases second quarter earnings. they're expected to show increased sales. and blackberry, long ago the giant of the smart phone market, now much reduced, and expected to post another quarter of falling revenue. still to come: how do you get power to remote parts of africa? solar energy is an obvious choice and now one firm says it can do it more cheaply and more easily than ever before. we'll meet the boss later. you're with business live from bbc news. let's talk about house prices. we've had the latest forecast and it doesn't make for great

reading if you're thinking about selling your home next year. in short, things just aren't moving. let's speak to simon rubinsohn, chief economist at the royal institution of chartered surveyors — the group that carried out the study. morning, if you're trying to sell or buy, is not looking great. the issue about transaction volume, the amount of activity is a big issue and one that has been building. there is not really the momentum in the market at the moment that you know one would perhaps expect given the state of the economy and a lot of people are injobs and the economy and a lot of people are in jobs and employment is the economy and a lot of people are injobs and employment is rising. it is not creating a dynamic market. but i would add that while that is true at a headline level the regional picture is quite divergent and london and the south—east in particular seems to be where the

lack of momentum is greatest. if you're looking to buy or sell in the midlands, in north, scotland, northern ireland, wales, the picture is different and many of your viewers will be living in those parts. does the level of transaction volume tally with what is happening with prices and we may see a fall in the south—east and rising in other places? is that the right sort of ta ke places? is that the right sort of take from this? i think it is. both prices and activity will be more upbeat and more positive the further you are away from london. thank you we have a few great stories on the web page. this is related to the access to superfast broadband and the government rejected an offer

from bt to connect homes. the regulator wants it enshrined in legal rights and says everyone should have access to it by 2020, a legal right to at least 10 megabits. the details are on the web—site. 0ur our top story, president trump is expected to sign sweeping tax reforms into law after they were approved by a vote in the senate at 1am washington time. another story, uber has suffered a set back in the european court ofjustice, it has been decided they will be treated as

a transport company, rather than a digital service. uber a transport company, rather than a digitalservice. ubertried a transport company, rather than a digital service. uber tried to suggest all it does is connect passengers with drivers. but they are now a transport company. access to affordable energy is seen as a crucial step in helping to boost economic prosperity in developing countries. while the situation has improved dramatically, the international energy agency says about 1.1 billion people worldwide are still without electricity. well one uk company called bboxx is connecting hundreds of thousands of households using solar panels and batteries — which can power lighting, charge smartphones and even run tvs. it's aiming to deliver solar energy to 20 million people in just the next two years. mansoor hamayun is the co—founder and ceo of bboxx. nice to see you. explain how it

works. i said that this is about not really having that big infrastructure and not relying on big networks of cables, how does it work? sure, you described over a billion people have no access to electricity and the sad fact is they're spending between five and 20 dollars a month on kerosene and other things. we can put solar panels in a range of appliances and get a price point lower than the existing expenditure. the way our customers pay is using mobile money. one of the big revolutions that is happening is the spread of mobile phones, that allows us to create the next generation utility that is connected through data rather than wires. that allows massive amounts

of affordability and that is what we are seeing that can add 100 to 500 new homes a day. we have reached 150,000 households so far. this is the leapfrog we think will happen in 23 same that happened with the traditional centralised infrastructure. the leapfrogging technology is about scale, how do you manage that, that will be the big challenge for your business? yes, cloud—based solutions is an important part of this. the fact we can generate data per household and predict problems before it happens. so that means we can run a proactive business model. the other parties human capital, to electricity the developing word, we need to create a

massive energy service company and that means training people. today we employ over 500 people directly with over a thousand agents. this is not just about technology, but investing in the human capital to service the utility of the future. you touched it on being cheaper than gas and kerosene, how do you make money out of this? we finance customers and we make money on the financing and we make money on the financing and we make money on the financing and we make money by producing the equipment. we are producing the battery boxes and appliances and so we have an integrated business model so make money on the hard ware and the finance. the exciting point is that we have a business model that allows us to reach the most rural poor and yet be able to create an

economically viable money that has attracted venture capital money from big firms. that is why i i believe there is a possibility to see the world getting electrified within my own lifetime. good to talk to you. thank you. a south korean start up has revealed a new robot. it is from the institute of science lab. take a look. the robot can be used for carrying

person from a point to b without his 01’ person from a point to b without his or her physical effort. that means he can help for the disabled person and also his arm is very powerful and also his arm is very powerful and can be used for carrying heavier chairs. we are thinking of these personal applications in the future. 0h, oh, just having my coffee! we were asking about wearing christmas jumpers. can i show you victoria's shoes? she is wearing these to get her in the festive mood. they're a bit glittery. that is my christmas tie, with rudolf. you can't see it from afar. thank you for all your messages. james who works here

sending us a picture of his christmas ear rings. neil sent us his christmas tie. there we go. thank you. glittery snow flakes as well. trevor, are you wearing anything christmassy?” well. trevor, are you wearing anything christmassy? i haven't started. you missed the memo? i'm quite behind as well.|j started. you missed the memo? i'm quite behind as well. i don't know when it officially starts. now the papers. where do you want to start? bit coin billionaires. these are the twins. and they have become bit coin millionaires. they started at $10. now it is 20,000. it is a 200,000%

increase. we talk about stock markets up 20%. it is a paper profit. unless you sell. the web—site seems to work better when you're trying to buy. it doesn't stack up to me. because as a medium of exchange you want something to be stable. and if it goes up 2,000 times it could be going down 2,000 times. people are buying, because other people are buying. it feels like it will go badly long. so we will watch their fortunes rising and falling. thank you. good to see you. we will see you very soon. thanks for your company today. goodbye. we have got settled conditions for

the next few days. that is because we have this area of high pressure. now a front moving south bringing some rain this morning, bumping into that higher pressure means it will wea ken that higher pressure means it will weaken and there won't be much rain. but it is also very mild. we have some misty and murky conditions this morning, with some hill fog in wales and north—west england and some patchy drizzle. this afternoon you might seea patchy drizzle. this afternoon you might see a brightness, especially to the east of any higher grounds. south—east england staying cloudy. some hill fog continuing. the far north of england, scotland and northern ireland, while there won't bea northern ireland, while there won't be a lot of sunshine, it will be bright this afternoon and some showers in the far north—west of scotland. temperatures about nine to

11 degrees. tonight the rain will continue across wales. that will spread further south and east. and then reintensified and moving into northern ireland. but a lot of low cloud, mist and fog developing in the early hours of thursday. particularly in eastern england. this area of rain, the cloud is associated with this front here. that is moving further north and east. it is a weak affair. but it will bring some rain at times across northern ireland, the far north of england, to the north of that front and the north—east of scotland it will be dry and bright. elsewhere a mild day on thursday, but again grey skies persisting into the afternoon. through thursday into friday we have still got our front. the situation has not changed a great deal. just the position of any rain really. that is towards western and southern areas that will see some rain in the

morning. that will peter out in the afternoon. some showers in the afternoon. some showers in the afternoon. a dry day with a bit more brightness. temperatures around nine tho 11 degrees. in the run up to christmas, it is mild, cloudy and there will be some rain in the north. for christmas day onwards, things will get more interesting. you can find more details on the web—site. that is all from me. good morning. it's wednesday, it's 9am. i'm victoria derbyshire. welcome to our programme. ministers are facing severe criticism over what's been described as their abject failure to tackle homelessness in england. it is two too many. the council, there needs to be something done. why are we not looking after these people? we'll hear how 120,000 children are homeless and look at the impact it has on them and their education. the metropolitan police is looking

at all ongoing cases. people injail right now, where evidence that could have proved their innocence hasn't