stalking him like an animal before so brutally and callously ending his life". she has appealed to anyone with information to contact crimestoppers anonymously on 0800 555111. kim riley, bbc look east, essex police headquarters. the uk's first zero—emission hydrogen—powered train has been the star of a major railway exhibition at long marston in warwickshire. researchers at the university of birmingham have developed the engine, which is a small narrow—gauge prototype. they say it could have far reaching affects on cleaner rail technology. peter plisner reports. it might be small, but the technology that runs it could be the next big thing on the railways. today's passengers certainly thought so. i think it's one of the ways forward, certainly. i think it's a great piece of innovation, especially if it's good for the environment. this is our hydrogen fuel tank. developed by students at the university of birmingham, the hydrogen hero, like the trains of the past, only emits steam. it's really important, in terms of de—carbonized

the railway industry. so this produces no emissions at the point of use, and it's perfectly possible to produce hydrogen in a green way. and the prospect of zero—emission trains even attracted the transport secretary, chris grayling. i think this is a real snapshot of the future. we need to get a replacement for diesel. we will never be electrifying every bit of the rail network, so hydrogen starts to be a really viable option for the future. although clearly still small and embryonic, there's growing interest in the use of hydrogen on the railways. so much so that already talks about these redundant trains that used to run around london, being retrofitted to run on hydrogen. the hydrogen power wasn't the only zero—emission technology on display today. this former london underground train now runs on batteries. industry analysts say hydrogen and other technologies are definitely needed. traditionally we've moved from steam to diesel, and electric. and as we got more aware

environmentally about emissions, we need to get better power for less use of energy. with prototype hydrogen trains like this already being tested in germany, it won't be long before the same technology comes to a station near you. peter plisner, bbc midlands today. it is now 13 minutes until 9pm. the headlines on bbc news. the home secretary, sajid javid says the government's scheme to allow eu citizens to remain in the uk after brexit will be a simple process. us first lady melania trump visits a child migrant borderfacility on the us—mexico border, and says she's there to learn. the chancellor is about to make his annual mansion house speech on the state of the uk economy. an update on the market numbers for you, here's how london's and frankfurt ended the day. and in the the united states this is how the dow and the nasdaq are getting on. it is mid—afternoon in new york now,

and they all seem to be trading down, although sterling did rise on a prediction of the state of the uk economy. with just nine months to go before britain is due to leave the european union, we've been taking a closer look at the impact of brexit on different parts of the population. today, we examine the effect on young people. our correspondent elaine dunkley has been to coventry college to talk to students. they were too young to vote in the eu referendum. for these college students, the course has been decided to leave the european union. so, in a word, describe how you feel about brexit. whatever the feeling, brexit will have a big impact on their lives. i would have voted leave in the referendum. but now that more facts have come out and the way it's going, i really, really wish people would have voted remain. and the future scares me, but nobody‘s told me how it will affect me.

nobody has told me how will affect my college life, my career later on in life. it's my future that will be affected, and no one's told me how. tell me what you want to do with your career, and how you think brexit will affect that? i want to become a midwife that travels all around the world. so if we leave the eu, i think it will cause a lot of problems because now i have to pay more for a visa to travel to spain, where if i was still in the eu, i could just go there without having to pay for a visa. as we leave the eu, we will have to make new allies in trade, rather than going to somewhere like germany or somewhere else in the eu, where we could make friends with someone else, and it could be another place to go where they need assistance with jobs or trade. what will be the biggest impact of brexit on your future? i used to work for the coventry youth forum, and a lot of that was funded by an eu scheme. they have affected both the youth of today, but i also think it will have quite a substantial effect

on the youth that will be around when we actually leave the european union. there are more than 130,000 eu students in the uk, and more than 40,000 people from britain went to europe on exchange schemes. big questions remain about the impact on education. right now, they're looking at the older generations to make a difference, but i think they'll beat us at helping the future to build the economy and get more jobs and stuff. we have to live with whatever they decide. these young people feel they must be at the forefront of the negotiations. the hope is for a bright picture, the fear is of the unknown. elaine dunkley, bbc news, in coventry. one particular issue affecting young people is the impact on british students who are studying, or planning to study, at a university elsewhere in the eu. chris morris has been taking a look for reality check. what might brexit mean for the

thousands of uk university students are not choose to study elsewhere in the eu instead? current rules mean that eu students could study at any country in the european economic area, the eu plus norway, iceland and lichtenstein. and they can do that for the same fees as local students. so in 11 other countries, that's ten in the eu plus norway, uk stu d e nts that's ten in the eu plus norway, uk students can study for free because home students don't pay any fees there. other countries also charge pretty low tuition fees. in france, state—funded universities charge between 180— 600 euros per year. of course there can be language hurdles to ove rco m e course there can be language hurdles to overcome in studying abroad, but many universities, like germany, off of —— offer courses in english,

giving native english speakers and advantage. we don't have any exact figures for the overall uk students setting in the eea... that is still a lot lower than england, there are 2700 78 students in the uk in 2016-17. quite 2700 78 students in the uk in 2016—17. quite an increase from the previous year. the obvious question is what is likely to happen after brexit? the eu and uk have agreed that during the proposed post brexit transition period, from march 29 next year until the end of 2020, the rules will stay the same as they are 110w. rules will stay the same as they are now. and as long as you start your degree before the end of 2020, you will retain those rights until your course comes to an end. after that, as ever, it depends on what gets negotiated. but the working as is this assumption is that the uk student would have to pay the same as students around the world to study in the eu or eea. we can only

find two countries, germany and norway, that charge no fees at all to international students. as things stand, those could very well be the only places were uk students could study with no fees after brexit. even in france, international stu d e nts even in france, international students still pay very little, usually just an administration fee. but in the netherlands and can be anything from 6000 — 15,000 but in the netherlands and can be anything from 6000 —15,000 euros per year. to forget that eu students coming to the uk would have to start paying the fees british universities charge to international students, as well. in england, they can mean fees of as much as £20,000 per year. eu stu d e nts of as much as £20,000 per year. eu students currently come here in large numbers, more than 130,020 16, 17 if you include postgraduates and undergraduates. one thing we haven't discussed here are the thousands of stu d e nts discussed here are the thousands of students who travel abroad, often for one year courses under the eu's erasmus exchange programme. the

government says it wants that to continue, and will continue —— pay into the eu budget to make that happen. the chancellor and the governor of the bank of england are due to make major speeches at mansion house shortly. they are running about 15 minutes behind schedule at the moment, which is why they have not started just yet. our economics correspondent andy verity is at the mansion house in the city. it must be that five course meal, they should've cut one of the courses out. it must be. no one they're keeping secret from us this time, because the perhaps they don't wa nt time, because the perhaps they don't want us to know exactly how exorbitant the luxury is from the mansion house. there's a lot of sensitivity about that. but in any case, this is obviously a big set piece occasion for the city. the day where the chancellor lays out a vision for the city and for the economy in the coming year. also the governor of the bank of england set that what he is seeing on the road

ahead. two things on the road ahead, bumpy roads, higher taxes on the way, and also possibly higher interest rates, maybe in the next couple of months. the first person we are hearing from is the lord mayor of the city of london, who has thejob of being mayor of the city of london, who has the job of being the warm—up act for the job of being the warm—up act for the governor and chancellor. given the governor and chancellor. given the city is so worried about ensuring that financial services continue to enjoy the status they enjoy at the moment in the eu, is there any expectation the lord mayor will use this opportunity to push the case of the city, or is it likely to have been done over the meal? no, i think likely to have been done over the meal? no, ithink he likely to have been done over the meal? no, i think he won't be able to give a speech in front of these guests without making it clear that they're all quite concerned that brexit could make the city lose its pre—eminent place in financial services. it still is a global leading player, the biggest financial services centre in the

world. and for things like foreign currency, the biggest trading hub forfor and currency currency, the biggest trading hub for for and currency in the world, it it generates huge amounts and fees. not just from it it generates huge amounts and fees. notjust from the point of view of the city being selfish for itself, but also from exports of the uk. a lot of our exports or services, meaning we sell goods or services, meaning we sell goods or services to other people abroad. some of those are advice from the merchant banks in the city. now they will be concerned that they don't lose their chance to keep their predominant position there. in the brexit associations, the french or germans want to deprive the city of some of what it does. so the lord mayor will simply —— certainly be highlighting those concerns, though he will be pressing the chancellor on anything too specific to stop this is too friendly of an occasion for that, and everyone allows the other person to set out what they think their vision will be. we will also hear from the governor shortly, who will talk about the outlook for the economy, which has been a little bit brighter in recent days, much like the weather, because of upbeat

data but had, good public finances. will be back with you and hopefully a few minutes' time. who has climbed the sunny upland for us? today is actually technically the first day of summer, and it's been a beautiful day across the uk, the summer solstice, which also means not such a good thing that the days will be getting shorter from tomorrow onwards. but let's talk about the weather, 20 degrees today, the temperature we have, below the average for this time of year, and one of the reasons is because the winds have been coming from the north, a fairly cool source here. you can see the motion of the clouds as an indication of where our mouth —— weather has been coming from. but it was just a case of clear skies, soi it was just a case of clear skies, so i did it was just a case of clear skies, soidida it was just a case of clear skies, so i did a fair weather clouds here and there. tonight, the skies will clear and still with that feet of

aircoming from clear and still with that feet of air coming from the north, the temperatures will tumble. so he will actually be a very chilly night in northern areas early on friday morning and rural spots, down to three or 4 degrees. 6—7d in bigger cities. tomorrow starts off fairly cool cities. tomorrow starts off fairly cool, but then very quickly a terms —— turns warm and we're in for another beautiful and stunning day. hardly a cloud in the sky across england, wales, northern ireland. a little more clarity in cooler to disclose or weather fronts rushing here. friday night into saturday between iceland and scotland, weather fronts riding around this area, so perhaps some spots of rain for the northern highland. but other than that, southwards is looking dry, another stunning day on saturday. so it is good news for this weekend if you have anything planned, garden activities out there, whatever it is, down to the beach, it is looking absolutely

stunning both on saturday and sunday. inland temperatures will be around the mid—20s on sunday in the south, turning quite warm, looking at even into the low 20s in the lowla nds at even into the low 20s in the lowlands of scotland, pushing 22 degrees in belfast, which is very pleasant. next week the jet stream is way to the north of us, nibbling into greenland, much of england is expected to warm up, so we are in for a heat wave across europe, we will feel that hereto. and i think the computer here is undoing what temperatures we are expecting to expect 30 celsius and parts of the country. don't be seen dancing about it too much, because some of us absolutely do not want the heat or wa nt absolutely do not want the heat or want this weather. but it is heading our way, whether you like it or not. at least we can enjoy the sunshine. to prove that you live in the uk, and to prove that you have no serious criminal convictions. the

chancellor is preparing to deliver his annual mansion house speech on the state of the uk economy. we will be live. airport finds that an asylu m be live. airport finds that an asylum seeker‘s death could've been avoided. melania trump is visiting a child migrant detention centre, thinking those involved for their compassion. good evening to you all, welcome to bbc news. if you are expecting to see outside sources evening, we are staying on air instead to bring you coverage of the governor of the bank of england and chancellor of the exchequer as they deliver the mansion house speech is. those are due to begin in about 10—15 minutes,

they're running behind schedule. but we will at the mansion house live as soon as they are preparing to begin their speeches. the government has set out details of its plans to allow more than 3 million eu citizens to state and brett —— stay in britain if they want to. the application process will be simple, they say, costing £65. they should know whether they will be able to remain it within days. to apply, use citizens should provide documents to —— confirm their identity, and make sure they have no serious criminal convictions. what's the hardestjob you've done? cooking? cleaning? across the country, there's a chance at eu nationals are doing jobs others won't do, living on low wages and promises they can stay after brexit. cheese omelette, please! at

this hotel, elena's been worried about her future. i'm worried because i don't want to go back to italy. it's been a dream since i was a child to leave in england,... the government ministers state can say? i've been here for five years now, blackpool is now my home. my boyfriend is spanish, and we are planning to stay here for a long time now. one at today, for those in those present towns, and across the country, the future has become clear. not just country, the future has become clear. notjust predictions. settled status will be open to around 3.3 million eu nationals, here forfive yea rs by million eu nationals, here forfive years by 2020. they will be checked, for id and criminal records. those

relatives would be allowed to join the families in the uk. young we will not be looking for excuses, to try and not to grant status, it will be driven by default view if you provide this information, and if you are not going to get status, there must be a very good reason. change might have come too quickly for some. you do not get more british than bible. but also voted 2—1 for brexit, and use of microstar mixed. i know you say martin's would take more menialjobs, like they will, and if we need to work in this country, it has got to go to the british people. you think they're taking british jobs?|j british people. you think they're taking british jobs? i do really. if the routers were there to do them, they would have taken them. sol the routers were there to do them, they would have taken them. so i do

not see a problem with them coming over here at all. this is about more than the needs of his miss or the right to remain, britain is redefining its role in the world. hampshire police have come up for not investigating patients who die prematurely after getting dangerous doses of drugs. police say they are sorry for the distress caused over 70 years to the victims families, and an independent report published yesterday suggested that three police investigations have been wholly inadequate. our health editor has the latest. for tracy, today was the first chance to look at the full report. lu that is appalling. her own fathers desk. he died at the memorial hospital in 1998, aged 7a. he had been taken there for rehabilitation after breaking a collarbone and other health

problems. like others, he died after huge doses painkillers. the report said doctorjames barton was responsible for prescribing, the other staff were also involved. she was later disciplined but not barred by regulators. i will and astonished that she was not sacked. that she was that she was not sacked. that she wa s a llowe d that she was not sacked. that she was allowed to jump ship, protecting herself and her reputation. protecting her pension and allowed to move away, and continue to claim and hercareer is to move away, and continue to claim and her career is successful, because her career ended successfully with retirement. after leaving hospital, doctor barton worked as a gp at this practise. one patient told me she was well—regarded. reed she was very pressing her manner, do not suffer falls gladly, but she was a very good doctor, and we were very happy with her. what you think w has seen the report? still uncertain, but! do feel that one person is a

scapegoat. i do not begins right. not if there are others involved. hamster police apologised today for any distress caused because investigations were not high quality. they said they would step back and let another force take the lead. the report of the independent panel said there was warnings of the potential problems, which went unheeded. some nurses raised concerns about prescribing as far back as the early 1990s. one nurse who worked on a different ward at that time, said she and her collea g u es that time, said she and her colleagues had reservations and now regrets not saying more.|j colleagues had reservations and now regrets not saying more. i am ashamed to say we did not, why i have questioned that, in myself. because we did say, a patient, doctor barton is coming in, and we hope she will not put them on anything too heavy. tracy and other relatives are relieved that what

they have suspected for many years is now confirmed after the first detailed account of what happened. you may have been expecting the mansion house speech, it is still happening, but they are running behind schedule. they are currently hearing remarks from charles bowman. he is the 609 as governor of, lord mayor of the city of london, not to be confused with the newly elected mayor. is the dick whittingtonjohn. there is the chancellor. just sitting on the left have those pictures, inside the mansion house, before him, we will get mark carney, the governor of the bank of england, he will speak first. let's talk mail to our correspondent. who is banished outside due to the secrecy surrounding the dinner. this time, but this is an annual event. yes. it

isa but this is an annual event. yes. it is a very important annual event because this is the day and a night that the chancellor sets out his vision for the economy and also the governor of the bank of england is is an idea of what he thinks is going to happen to the economy and it is interesting, there has been a distinct brightening in the economic climate, along with a real climate, we have its imagination this morning, where we have had signs for good tax receipts, which we had not expected. that means the cancer‘s position is better. for this month, we have had in about ten years, there are other signs, gloomy clouds perhaps, consumer spending not doing so well. it may be that outlook a little bit. nevertheless, as we have seen today, they are split, the economists are split on whether interest rates should rise or not. we have three of nine members, thinking that rates should rise now. it can happen as soon as august. thinking that rates should rise now. it can happen as soon as augustm is interesting, because the bc

economics editor, saying his decision to shift his vote and be join the minority, on the committee, the key we need interest rate rise now. it is significant because he is the bank's full—time economist. he is arguably the best equated with the numbers. yes, and he has a lot of things right actually. just a few yea rs of things right actually. just a few years ago, the next interest rate move would be up, he was saying well maybe it might have to be down. because the economy was not looking so good and he was right. that was after the brexit boat, up cut to the percentage point of the official rate, they has risen, just by a quarter of a percentage rate. will we get another rise and and he thinks we should. he used to be someone who was in favour of keeping them low to try to stimulate the economy. now he is saying the opposite. there is an interesting

su btext opposite. there is an interesting subtext here. the economy seems to be heating up, so maybe we have to cool it down a little bit with a rise in interest rates. there is another reason. interest rates are so low, and they have been so low for so long, in fact, since 2009, 0.5% or less, before that, there we re 0.5% or less, before that, there were not that low for 300 years. we have been so low for so long, there is very little room to cut them in case we run into something difficult. that brings me to the second debate, which meets are we going to slow down or not. the first quarter of the year, we had a poor economic climate to go with a piece from the east, people seem to be staying away from the shops,. some couldn't get to the shops. that is right. a lot could not get to the shops. it had all kinds of consequences. what is difficult for the policy makers to decide is how is that out of the bad weather and how much of it is because we have better confidence permanently not. there are good sides like we have have wages rolling now, slightly improving compared to prices, so

slightly getting better off. but not enough to be sure that we can be confident about the economy. that is what they are wrestling in there today, in their mind, as they enjoy their son just five course banquet. there is a real sense we had to be careful between the policymakers in there and they brand of the city. the victims of that tragedy, last year they cancel this event and turned it into a breakfast out of respect to what had happened a week or two before. let's talk about the other man at the moment, at the mansion house this evening. philip hammond. whether regarded as being a minority in the cabinet, it has been suggested he will not use the words of brexit dividend, and how that is going to be paid for. do we think he is going to give any indication or hints about, what he is looking at is that the prime minister said it would be fair, however it is done, but there will be a requirement that

taxpayers pay more to help release the money to the nhs. yes, this is an unpalatable thing, for chancellor to announce, especially a conservative chancellor, the arithmetic is simple. if he has to come up with £20 billion a year extra, you have to find that money somewhere. if you are not going to haveit somewhere. if you are not going to have it by extra borrowing, in that case, you had to find another way to get the money. he wants to keep his deficit reduction plans on course, that means he has to square the circle somehow and tax rises become inevitable. we are talking here according to the institute i , possibly another 3p. the last time that happened was 2010, just after an election where all parties have been saying we will not raise this. but everyone knew they would have to, and it is an interesting proposition here, we are on a night where it is looking very likely that

we are facing higher taxes, as well as higher interest rates. those are going to give consumers even less money to spend and make it a slowdown even more likely. it is an interesting balancing act. he has to balance between mid—people in the room and the people outside. people watch what he has to say and listen with interest with both to the governor and the chancellor. in terms of the kind of the objects surrounding this speech, how important is this whole debate about what sort of brexit the government can deliverfor what sort of brexit the government can deliver for the financial services sector with yellow? they are very keen, that there is some site that brexit will not mean that the city is cut off from a lot of the city is cut off from a lot of the activity it does. for example, it handles a lot of the foreign currency transactions in euros and that could be jeopardised currency transactions in euros and that could bejeopardised if currency transactions in euros and that could be jeopardised if some plans of the european union are

realised, had a chance i will make it clear that he is opposed to those plans. the city wants reassurances that not only exit will not harm its prospects, but the government will not seek alternative prospects elsewhere. we are respected to see the financial services partnerships with other countries around the world, so trying to strike bilateral deals and make sure they come to london for their financial services. iam going london for their financial services. i am going to interrupt you. we're going to go inside, where the toast is taking place now. charles bowman has, he is the governor of the lord mayor of london i should say, has asked for her toes. classes have been raised, applause is being given and the guests are taking their seats. the chief is milking the microphone, in front of the guest who will be speaking first and after those warm—up remarks from the lord mayor of the city of london. the microphones are being moved in place, one for the government, mark

carney, one for the chancellor, philip hammond who is to charles bowman putt right, and there. the fascinating fact about this building is it was funding it taxing christian minorities in the day when you are allowed to discriminate, the church of england supporters did not have to pay this special tax, and conformist and unmentionable minorities in the christian tradition did. that was a way that was used back in the 18th century to raise the building of the mansion. it isa raise the building of the mansion. it is a splendid building, a palladian style, architect george that. here we go for the introductions. philip hammond,. motherboard layer, ladies and

german, leicester, this dinner was cancelled at respect to the tragedy that was unfolding at the rental power. tonight, ithoughts that was unfolding at the rental power. tonight, i thoughts are with the victims, grenfell tower. the twin commitments to justice for the victims and regulatory change to ensure that such a tragedy can never happen again. as the lord mayor said, we rememberjo cox, whose death cast a long shadow over this event two years ago. my lord mayor, it isa event two years ago. my lord mayor, it is a pleasure to be here this evening, the only event of the year at which i get slope handclap before i have even open my mouth. i am a realist. i know that some in the room will be distracted this

evening, their thoughts elsewhere. nervous perhaps about the challenge to our nation's survival from belgium, about the aggressiveness of france and germany, about the threat from a resurgent russia. but enough of england putt chances in the world cup. my apologies to you that you are here listening to me rather than watching them take on croatia. at least the governor of the bank does not have to worry about missing any canada games. the world is embarking on a technological revolution, that will transform the way we live and work and the organisation of our society and the organisation of our society and our economy. and at the same time, we are seeing a rising tide of sentiment here in the uk, in europe

and around the world, against the conventional wisdom that free trade and open market economies are the best way to deliver prosperity for our people. and here in britain, we face the additional challenge of charting a new relationship with our european neighbours. these profound changes will bring extraordinary opportunities that we must embrace. but also, huge challenges that we must address. and tonight, i want to speak about how we navigate these challenges and seize these opportunities, to ensure that pose brexit, britain continues to be the world leader in innovation and extends london's position as the world number one international financial services centre. and this matters because decisions that we make and positions that we take over the next few months will shape our

economy for decades to come. the good news is that we build on strong foundations. britain's economy is fundamentally sound. unemployment is ata40 fundamentally sound. unemployment is at a a0 year low, and employment at as ata at a a0 year low, and employment at as at a record high. real wages are at last beginning to rise. last year, investment spending rose at the fastest rate in the g7 and good sense grew over 7%. but there is no room for complacency. that is why our economic plan raises public investment to its highest sustained level in a0 years. expands the national productivity investment fund to £31 billion, with a modern industrial strategy that will target high—growth sectors and spread prosperity to all parts of our country. an underpinning this economic plan, is the responsible

fiscal strategy. the lowest deficit in overa fiscal strategy. the lowest deficit in over a decade, with today's borrowed figures showing lowest borrowing since 2005. the current budget in surplus. in the forecasting that will begin falling asa forecasting that will begin falling as a percentage of gdp this year on as a percentage of gdp this year on a sustained basis for the first time since 2001. earlier this week, the prime minister announced a five year nhs funding package that will boost spending on health by over £20 billion a year, in real terms, in england alone. partly funded by lower contributions due to brussels. making the nhs our number one priority for the fourth coming spending review. but she also confirmed that we will stick to our fiscal rules. and will continue to

reduce debt. so as the prime minister said, taxpayers will have to contribute a bit more in a fair and balanced way to support the nhs that we all use while delivering on our fiscal that we all use while delivering on ourfiscal commitments. of that we all use while delivering on our fiscal commitments. of course the immediate key to maintaining britain's lead. from uncertainty during the transition. working with the european commission, we have set up. between the bank of england and the european union which is working now to manage transition risk and provide further reassurances to our financial services firms. i clear

long—term goal is to secure an enduring partnership that reflects the four and a half decades that the uk has been a member of the european union. that recognises that our european neighbours are our most important trading partners. and that dover to calais is the busiest trading court or in europe. but our peoples are connected by centuries of shared history and culture, and the security of our entire continent depends on our shared commitment to defending it through our collaboration every day on intelligence, counterterrorism, and defence. and so as we lead the eu, we need to forge a new relationship with our european neighbours. that protects those patterns of trade, that have been built over decades, and maintains low for borders and

open market. that does not make the treasury on my watch the enemy of brexit. rather, it makes it a champion of prosperity for the british people, outside the eu but working and trading closely with it. and part of that successful partnership must be a mechanism that enables uk eu financial services trade to continue. delivering the benefits of open markets and deep regulatory cooperation to businesses and citizens across our continent. 0f and citizens across our continent. of course, we recognise that this will be a new kind of relationship, reflecting a new and fair balance of rights and responsibilities. in my speech at canary wharf in march, i outlined a vision of the future financial services partnership,

where we remained highly aligned and deeply interconnected even though we will be outside the eu. and i explained why this is in the overwhelming interest of both the uk and eu was. of our businesses and her citizens. of course we are not yet at this stage of formal negotiations on financial services. but since i gave that speech, i have discussed our approach with many cou nterpa rts discussed our approach with many counterparts in the eu and beyond. it is fairto counterparts in the eu and beyond. it is fair to say that there is a mixture of views. the view of the commission and of some member states is that the only possible route for future financial services access is through the eu existing off—the—shelf equivalent arrangements. i do not agree with that. in my speech in march, i set out why the existing equivalent regime would not work for uk eu services trade. it is piecemeal,

unilateral and unpredictable and therefore, does not provide the stability that a well regulated market requires. and i think these wea knesses market requires. and i think these weaknesses are increasingly being recognised. i know there is now an active debate in europe, about some port of enhanced equivalents to structure the relationship with the ukfor structure the relationship with the uk for financial services. but enhancement, like beauty, is very much in the eye of the holder. and i have to be frank. i do not consider some of the measures currently under consideration in the eu, for example, on the third country regime we re example, on the third country regime were ccp, or some of the proposals put forward in the european parliament on restricting investment firms, to represent enhancements, because these proposals have nothing to do with the equivalents and

everything to do with an ambition to force the location of business into the euro zone. so although i have heard talk of enhanced equivalents, i have not yet seen a credible proposalfor i have not yet seen a credible proposal for what it might mean or a clear articulation of how it might work. so as of today, if i may say so myself, the most developed model for a stable and efficient future financial services relationship between the uk and the eu is the one that i set out in march. applause. there is another point i want to make to lead and influence international thinking on the regulation of financial services. and we will do so as the host of a globalfinancial and we will do so as the host of a global financial centre. and we will do so as the host of a globalfinancial centre. but

and we will do so as the host of a global financial centre. but we will all be stronger and have more influence in shaping the global debate if we and our eu neighbours remain closely connected. divided, we damage all our chances of growing businesses in europe, capable of competing in a future that will be dominated by major global players located in the united states and in asia. players who operate not only in the field of finance, but in data and technology, the new drivers of competitiveness. so brexit is and must remain my most immediate priority as chancellor. but i have also focused on what happens next, on how britain remains the global powerhouse for financial services that it powerhouse for financial services thatitis powerhouse for financial services that it is today. through brexit, through the ideological schools buffeting free trade and open

markets, and through the technological revolution that is to come. at times of rapid change, history has a habit of making fools of us. in 1876, sirwilliam priest, the chief engineer of the british post office, reported that the americans have need of the telephone, but we do not. we have plenty of messenger boys. this is a man who literally missed the call of history. just a couple of years later, a parliamentary committee reached a verdict on edison newfangled light bulbs and ipo, good enough for our transatlantic friends, but unworthy of practical or scientific men. apparently, we really did not like american inventions back then. but today, as we stand once again on the brink of a technological revolution,

artificial intelligence, robotics, biotech, and a whole lot more, we do so as the world putt leading financial sector, a global innovation hub. the world legal and regulatory jurisdiction innovation hub. the world legal and regulatoryjurisdiction of choice. a country with robust institutions, global centres of academic excellence, a vibra nt global centres of academic excellence, a vibrant culture and civil society, and fingers crossed, in short, an ecosystem of prosperity. the future success is not ours by right. if we are to retain an entrenched position as the world's leading national centre, we must act now to secure it in the face of global challenge by building on three core strengths. first, industry regulators and government must work together to build the most

innovative progress environment in the financial services world. our regulators already lead the world. the fca's regulatory sandbox has been copied almost universally as other countries race to keep up. the bank of england is working with the fca to explore how they can revolutionise the way firms... potentially transforming the world of compliance. our open banking initiative will completely change the way in which consumers and small businesses engage with banking, helping them access better value and more targeted services. our fin tech sector strategy sets out to ensure that britain remains the best place in the world to set up and grow a fin tech business. and last week we launched british patient capital, a £2.5 billion public investment as pa rt £2.5 billion public investment as part of our plan to unlock £20

billion of new finance for uk growth companies over the next decade. and it's not just fin companies over the next decade. and it's notjust fin tech, as the lord mayor said, we're leading the way in green finance two. this is important for london as a financial centre, but also important for our planet. the uk already leading the charge in this market, with 80 green bonds listed here in london raising more than $2a billion across seven currencies. but if we collectively are going to meet our global climate goals, we will need to mobilise another $90 trillion by 2030. and it is my ambition that the uk should lead the world in financing this investment. so tonight, i can announce that we are establishing a new green finance institute here in

london, jointly funded by the government and the city corporation so that firms from across the world can so that firms from across the world ca n a ccess so that firms from across the world can access a one—stop shop for world leading climate science and capital here in the uk, the home to markets of the future. second... applause secondly, we must build our resilience, regulating with the right balance between protecting stability and fostering competitiveness. i want to be clear, because the uk's financial services markets are around ten times bigger than ourgdp, and markets are around ten times bigger than our gdp, and because we have to protect our taxpayers from a cce pta ble protect our taxpayers from acceptable risks, we will always champion high standards of regulation in financial services markets. we aim to be the safest and

most transparent place to do business, leading the rest to the top. that means supporting our regulators, including our independent central bank. today i have announce that we will further strengthen the bank of england with performances financial framework with a package including a £1.2 billion capital injection into its balance sheet, reinforcing its resilience and its ability to meet its monetary and financial policy objectives in the future. but resilience goes beyond regulation, and nowhere is this more evident than the growing and evolving cyber threat. the uk's a leader in national cyber capability, and we've set up the national cyber security centre, the first nation to leverage the unique cyber capabilities of the state and of our intelligence community to directly strengthen the

resilience of our critical business sectors, making the uk the most secure place in the world to do online business. thirdly, we must commit to being the most open market in the world. open the competition and talent. our announcement last week that we would take doctors and nurses out of the dg these account raised up hundreds of places every month for highly skilled workers, making it easier for our financial sector to hire the best from around the world. but the digital revolution, artificial intelligence and automation will radically change the nature of work in the sector. just last week, city estimated that machines would displace up to half its technologic democrat technology and operations staff in the next five years. that doesn't mean mass unemployment, but it does mean that

the nature of work will change as technology makes people more productive and freeze many to take ona productive and freeze many to take on a different role. so we will need to ensure that in addition to access to ensure that in addition to access to international talent, the uk has a long—term pipeline of domestic skills to meet this transformation, to harness the brightest young minds of today to meet the needs of the financial sector of the future. so tonight, i am financial sector of the future. so tonight, iam pleased financial sector of the future. so tonight, i am pleased to amount democrat announced the creation of a new skills tax force, convened by city uk, and led by former city minister mark hoban. to understand the changes in the shape of financial services, to ensure that we meet the long—term skills needed of the skills democrats get —— sector over the coming decades, and

creating opportunities for the next generation. applause . and there is another key factor that will power our future. connectivity was always at the heart of london's success. and to succeed in the future, we must remain connected to the world, including the important emerging markets. today we are home to world leading banks from the us, europe, asia and elsewhere. with a leading global hub outside of china, a major player in ruby financing, and we have fin china, hong kong and australia. so while some question the benefits of openness, being open to the world, to its capital, ideas and talent,

will continue to be a foundation of the uk's economic success. and this evening, i can announce a global financial partnership strategy, bringing together governments, regulators and industry to build enhanced framework across the border financial services, facilitating access to global markets, and positioning the uk as the gateway of choice. our vision... positioning the uk as the gateway of choice. ourvision... providing we are having technical problems of our feed. that was the chancellor of the exchequer, philip hammond. let me just remind you of some of the things he had to say, a couple of very strong signals the chancellor was giving. first on funding for the public sector, he talked out with a premise or had set about additional funding for the premise or had set about additional funding forthe nhs, premise or had set about additional funding for the nhs, saying it will come ina funding for the nhs, saying it will come in a fairway for taxpayers. you

also had —— he also had some pointed remarks towards brexiteers. let's return now to the chancellor. in the yea rs return now to the chancellor. in the years after the second world war, as britain faced the end of empire and the need to redefine our relationship with the rest of the world, there were many who fear for our prospects stop without the colonies, trade would dry up. our long, proud history would end in decline. they were wrong. redefining our place in the world than, presented many new challenges at home and abroad. but it also delivered transformative home and abroad. but it also delivered tra nsformative new opportunities. so that today, brittain looks and feels nothing like a post world world. we have emerged from that period transformation fundamentally stronger because of the creativity

and ingenuity of the british people, and ingenuity of the british people, and because of the agility and resilience of our institutions. today, we face new challenges. we must redefine our place in the global order once again. but we approach the future with the confidence of a global leader in innovation, possessed of those same fundamental strains that have always allowed our patient device challenges and seize opportunities —— strengths. determined to build on the advantages that took so many generations to accumulate. we will seize those opportunities, and we will build a better future for our country. thank you. asi as i was saying when we had the break in his speech, he was signet

—— signalling to the brexiteers his anger about some of the criticism, trying to scupper brexit. he said the treasury is not the enemy of brexit under him, but the champion of prosperity. and i think a rather pointed suggestion that brexiteers are not thinking about how britain will be advantaged in a post brexit world, he says he is the one who is having to achieve that. we now have the... introducing the governor of england, mark carley. ladies and gentlemen. in recent years, this dinner has been rightly cancelled in the wake of national tragedies. two years ago we were united in defiance after an attack on our democracy, and more profoundly in sorrow and admiration forjo cox, a remarkable woman who dedicated her life to the service of others. last year we were

united in grief following the terrible fire at grenfell tower which claimed so many lives and start so many more, and we were united in determination that it tragedy like that should never happen again. prior to this, the only other times that this annual mansion house dinner has not been held since its inception in 1877 was during the world wars. when the dinner resumed in 1920, then cover montagu normand emphasised the unity that the city needed in order to return to normal. now his particular unit, he was around the policy proposed by the bank of england. funny that. he believed that the policy was the one and only policy which ultimately would place the city and the country again on that evidence which it had occupied

before the war. such was his confidence that he only mentioned once in passing that the policy in question was an attempt to regain the gold standard, and he spent no time at all explaining what would be achieved by it, apart from normalcy. 0f achieved by it, apart from normalcy. of course this return to pastor certainties would eventually plunge the country into deflation and deep recession will stop the old policy was recession will stop the old policy was not suited to the normal, and the uk was forced to abandon it a few years later. after all, what is normal when there are tectonic shifts? now this dinner may look traditional, and it has its traditions. but its attendees have always recognised that the most long—standing and revere tradition of this city is the ability to dissipate, but that too and accelerate change for the common good. that is why the uk's financial

syste m good. that is why the uk's financial system remains a national asset and a global public good. and this evening i want to set up some of the ways the uk financial system can continue to serve the uk and the world in the face of major structural change. the city's three reflects lessons learned over centuries that an effective... must be resilient, fair and dynamic. resilient so they can finance households in good times and bad, and a resilient system is anti—fragile, robust even to those risks we don't anticipate. to this end, we have spent the last decade competently reforming the financial system. an effective financial syste m system. an effective financial system is fair to end—users and the taxpayers who provide its ultimate backstop. that is why the uk has led the global effort to address misconduct, to restore trust in

markets, and to end too big to fail. and an effective financial system is dynamic, with the foundations of resilience and fairness reinforced, the uk financial system is not innovating to serve a changing real economyjust as it did during three industrial revolutions into weakness of previous waves of globalisation. dude the years, it has been driven that private animation works best. hard infrastructure from liquidity facilities for payment architecture, and soft answer —— and for structure, from the rule of law to up—to—date codes of conduct, and effective regulatory frameworks. my point this evening is that this infrastructure must be overhauled now that the economy is on the cusp of the fourth industrial revolution as the chancellorjust told us. the rebalancing as the chancellorjust told us. the re balancing of as the chancellorjust told us. the rebalancing of global order is proving just as dramatic as it was during montagu norman's time, and

our democratic challenges are intensifying. such profound changes requires a new bank of england, sol wa nt requires a new bank of england, sol want to send out how we are responding. the economy is reorganising itself into a series of distributed peer—to—peer connections across powerful networks, and that process is revolutionising how people consume, work, and communicate. the nature of commerce is changing, sales are increasingly taking place online and two platforms rather than on the high street. intangible capital is more important than its physical cousin, and data is the new oil. we're entering an age where anyone produce anything anywhere through 3—d printing, or anyone can broadcast their performance globally via youtube, or sell to china whatever the side of the business... and

financial implications of these development are onlyjust beginning to be realised, but they're likely to be realised, but they're likely to be realised, but they're likely to be immense. and in anticipation, the bank is already starting to create the infrastructure required. for example, we are in the midst of ambitious rebuild of our our tgs system, the backbone of every payment of the uk, £600 billion a day. first our tgs payment of the uk, £600 billion a day. first our t65 is being rebuilt so the new private payment systems, including those using distributed ledger can simply plug into our system. the point is rtgs will be future proofed to your imaginations, opening upa future proofed to your imaginations, opening up a range of potential innovations and wholesale markets, corporate banking and retail services. we have just opened, thanks to government legislation, up direct access to rtgs to a new

generation of nonbank payment service providers, or psp is. so no longer will access to central bank money be exclusive to exclusively reserve the banks. electronic money will be like its physical relative. check out will remain supreme. rtgs is being reconfigured to three configured to lower the cost of across the border payments. to this end, to private psp isjoined this year, and the bank is working to connect our system to those of other central banks. and thirdly as we overhaul rtgs, the bank is making it easier for the uk financial system to realise the promise of big data. new rtgs requires a much richer data on every payment made and a format that defines international best practise, including embedding the best practise corporate identifier

in all payment systems. as the chancellor said, we are also overhauling regulations to make sure they are fit for the new finance. we streamlined our approach authorising new banks, proving 37 in the last few years, including 16 new bank startups that are internet only. and with the fca, we are exploring how artificial intelligence and machine learning could be used to make the reading of our rule blogs easier, the reporting of a regulatory data quicker, and the analysis of the data much more efficient. we have begun to think through how regulation may need to change with the new economy, including new approaches to risk models and securitization in a world of intangible capital and databased finance. as the uk economy changes, the world is being reordered. over the world is being reordered. over the course of the last quarter

century, global activity has risen from ao—60%, their share of global trade has raised to one fifth. their share of financial as —— assets lag behind only 10%, but our view is if merging economies continue to open up merging economies continue to open up theirshare of merging economies continue to open up their share of global assets, they can be expected to travel by they can be expected to travel by the a third by 2030. and if the uk maintained its share of those cross—border flows, the balance sheet of our financial system could increase from its current ten time gdp to 15 times gdp by 2030. this will significantly boost uk prosperity dividing the associated risk of such an open system are ministers possibly. responsible openness rests on three pillars. we each have our three pillars, but there is room in this mansion house

for more than three pillars. our first pillar is strong global standards, that's why the uk has been at the forefront of gzo reforms over the last decade to create a financial system that is safer, simpler, and fairer. the second pillar is deeper supervisory cooperation. we are home to all of the 30 globally systemic banks, and the 30 globally systemic banks, and the pra is open, cooperative approach to supervision means their wholesale activity here in london can remain globally integrated and highly efficient without compromising resilience. and a third pillar of responsible openness is ending too big to fail, and we are right on track to do so. so now is the time to reap the benefits of these enormous efforts, with these three pillars in place and opened resilience as an open resilience

programme is possible. and it's these efforts that underpin the strategy for... the bank of england will be engaged particularly with deepening our supervisory cooperation with the major emerging economies, and will continue to develop the infrastructure to support cross—border capital develop the infrastructure to support cross— border capital flows in our currencies. with her spec to the european union, the bank remains with the view that a future relationship founded on commitments to achieving equivalent outcomes and on supervisory cooperation remains both feasible and, in the interest of the uk, of europe, and of the re st of of the uk, of europe, and of the rest of the world. the future economic insecurity partnership with the eu is forthe economic insecurity partnership with the eu is for the government to negotiate in parliament to approve. the bank's role is to associate ——

manage the associated risk with the brexit process, and provide technical support to the government as needed. and in this context, the treasury and bank are fully aligned on the importance of maintaining the high regulatory standards that are required by the world's most important and complex international financial centre, and we are both committed to responsible openness to cause that's what allows capital to flow freely, efficiently and sustainably between jurisdictions to an intern that is what supports trade and investment, and jobs in the uk, and europe, and the world. global partnerships also mean taking ca re of global partnerships also mean taking care of the global commons. and following the paris accord, financing the transition to a low carbon economy it will be a main opportunity for the private sector, with as much as $6 trillion a year

in infrastructure management alone through 2030, and two thirds of which should take place in merging economies. investment on this scale cannot be financed in niche markets, it must be mainstream and global. the city is showing the way by driving better disclosure of climate related risks and opportunities, and is leading the underwriting of green bonds. for its part, the bank of england has helped catalyse the private sectors, task force and climate related disclosures, which is now past —— backed by financial institutions around the world managing over $80 trillion in assets, more of the global gdp. we are working closely, as we have been for the past few years, with the people's bank of china to build domestic and cross—border the markets to finance their transition toa markets to finance their transition to a low carbon economy. and we are corrugated with fellow central bank to represent more than one third of

global emissions to develop supervisory approaches to ensure the financial system is fit for the transition. as the world is changing, it is ageing. with a ratio of population aged over 65 to those of population aged over 65 to those of working age, and advanced companies... that is where we leave for the evening as governor of the bank, mark carney comes to his conclusion. before that we had philip hammond delivering his annual mansion house speech. that's impressed, i will be back at 10pm, let's look at the week ahead's weather prospects. hot weather is on the way, with mark and more confidence that temperatures will be a skyrocketing in the coming days. not immediately, the next couple of days shouldn't be too hot, they —— the really warm weather will arrive until next week, strong sunshine around as well. temperatures inland across some southern parts of the

country could even exceed 30 celsius. let's look at a couple of examples. here's birmingham, interpreters here are probably slightly underestimating, they could reach about 30 degrees or so. a lot of strong on the way, fairweather clouds developing across northern parts of the uk. in belfast, temperatures are expected to at least reach the mid—20s, so very warm weather expected nationwide. in the last 2a hours or so, it's been relatively fresh across the uk. we saw a northerly airstream, so the temperatures early on thursday were pretty fresh. and friday will start off chile across the uk, with clearing skies. some of the major towns and cities could be waking up towns and cities could be waking up to temperatures of around 506 degrees, a little bit warmerfor the south. but after that fresh start, friday is expected to be a beautiful day across the uk, almost to the goldilocks of weather, another particular cool nor especially warm,

temperatures just right around the low 20s in the south, high teens in the north. the following night, friday night into saturday, another clear night could be on the nippy side. temperatures first thing on saturday, you can see 6 degrees in new castle around double figures just about the south. and the weekend is going to be dominated by this high pressure which has anchored itself across the uk, but notice to the north, we just that to the jet stream, a notice to the north, we just that to thejet stream, a bit notice to the north, we just that to the jet stream, a bit closer to weather fronts, so here the jet stream, a bit closer to weatherfronts, so here in northern scotla nd weatherfronts, so here in northern scotland we will see more a breeze. cloud and spots of rain, but the temperatures are starting to rise at this stage. in the south of the country, talking around 2a degrees in london. but if you had to the coast over the course of the weekend, it will be cooler. it often is, most of us think of the temperatures inland are about 506 degrees, that is what you will get, but that's not what's happening —— 5-6d. but that's not what's happening —— 5—6d. temperatures will be climbing

nationwide at least into the mid—20s if not higher for the south. around the coast, temperatures could be some five or 6 degrees lower, a bunch of refreshing weather for you there if you like the heat. weather fronts are way to the north of us on monday, ran across iceland nibbling into greenland. so we are in a very settled spell of weather, hardly a breath of wind, and as to because we'll keep on climbing. by monday, we'll keep on climbing. by monday, we are talking about a high 20s across central parts of the uk. the high pressure still with us through tuesday into wednesday, so basically the weather pattern is not going to change. when we have high—pressure setting over us during summer months, very little wind, the temperatures tend to build across the uk, so that he will continue to build. but tuesday we could be approaching 30 degrees, if not even exceeding it. not necessarily good news for some of us, and here's a

schematic weather map for next week with high—pressure just around schematic weather map for next week with high—pressurejust around over us, low pressure to the north. we keep drawing that hot air from the south. this is bbc news. i'm shaun ley. the headlines at 10pm. the government sets out the plans for more than 3 million eu citizens if they want to remain in the uk after brexit. the home secretary says it will be a simple process involving three questions. the need to prove your identity. that you, number two, that you live in the uk, proof that you actually live in the uk at number three, that you have no serious criminal convictions. a report finds the racist murder of an iraqi asylum seeker could have been avoided. the chancellor, philip hammond says the treasury is ‘not the enemy of brexit‘ as he delivers his annual mansion house speech. he also confirms taxes will have to go up to boost spending on the nhs. also coming up, misery for maradona at the world cup.