this is business live from bbc news with susannah streeter and sally bundock. what will brexit mean? the bank of england and the british government are both set to tell us what they think leaving the eu will mean for the economy. live from london, that's our top story on wednesday 27th november. even before the brexit documents are published, the chancellor tells us the analysis shows britain's economy would be better off staying in the eu. also in the programme... the risk of chinese technology. new zealand becomes the latest country to block telecoms giant huawei on security grounds. this is the picture in europe as the

markets open. at the moment they are in positive territory. turning an adventure into an earner. we'll find out how two friends transformed their atlantic crossing into a new career as brand ambassadors for some of the biggest names in technology. and fancy grounding yourself to save the planet? the un's warned that efforts to cut co2 emissions are way off track so today we're asking if you could make a pledge to give up flying for a year. let us know — just use the hashtag bbcbizlive. hello and welcome to business live. britain's chancellor has told the bbc the country's economy would be better off inside the european union than outside according to the government's own economic analysis. it will be a controversial claim given the economic impact was one of the most fiercely contested issues of brexit. brexiteers argue that the uk will be more prosperous outside the eu, while remainers contend the opposite is true.

and today the bank of england weighs in with its view on brexit and how well prepared banks are to deal with the consequences. the last time the bank published its financial stability report on the uk's financial institutions was six months ago. it declared that, "apart from those related to brexit, domestic risks remain standard overall." and those risks have been played out on financial markets. the pound has fluctuated against the us dollar over those six months, as investors try to work out what brexit will mean for the future of the british economy. meanwhile, the last report in may warned of growing international risks for the uk economy — some of which have increased in the intervening period, such as high levels of chinese debt, uncertainty over the italian economy and us tariffs on trade. a separate bank of england report will lay out the economic impact of a range of different brexit scenarios and may give us some idea of how realistic it thinks the independent office of budget responsibility was in forecasting growth of 1.6% is for next year. and, as i mentioned,

yet another analysis is due out from the british government. the chancellor philip hammond told us that it would show that leaving the eu would come at a cost to britain. if the only consideration was the economy then the analysis shows clearly that remaining in the european union would be a better outcome for the economy — but not by much. the prime minister's deal delivers an outcome that is very close to the economic benefits of remaining in while having all the political benefits of being out. and clearly people don't only look at the economy, they also look at the political and constitutional benefits of exiting the european union. that is what drove the decision in the referendum vote. that was philip hammond.

paul kavanagh is chief executive of the investment firm, patronus partners. you are listening to all of that. so much information will come out today. everyone has two trawl through it to decide what the future holds for the uk economy.” through it to decide what the future holds for the uk economy. i think the cases be prepared for a lot of confusion today. we have the heavyweights, the bank of england weighing in with its analysis and the government as well. i suspect there will be something in there for everybody, those who would like to remain in the eu and those who would like a transitionary deal and those who think let's go for the no deal option. i do not think there will be a surprise about the big picture. if we had the current status quo then everything would be all right. there would be some damage in the short term. one thing he did not really

highlight was talking about the economic cost in the near term whether he was talking about a long—range forecast. the disaster scenario in the case of the bank of england and the treasury is there no deal option where they are painting a picture of quite a few percentage points of the economy, that means significantly rising unemployment and pressure on the pound. that is thejob of mark and pressure on the pound. that is the job of mark carney to say actually we are preparing for every single scenario. if it is the worst—case scenario single scenario. if it is the worst—case scenario in his view, a no deal hard brexit we have our ducks in a row to handle that, the very short—term reaction to that. ducks in a row to handle that, the very short-term reaction to that. he is looking at the stability of the banking system and the stress test thatis banking system and the stress test that is coming out today will paint a very alarming scenario for the economy and how the banks would hope in that event for the significantly rising unemployment and rising inflation. those are the issues that the bank of england will look. i think he will say that the banks are in pretty good shape. they were last

year. they have strengthened their capital reserve this year and under that scenario he thinks the system can work. there is a warning in there. do not expect us to ride to there. do not expect us to ride to the rescue with and cuts in interest rates if the economy falters? if we have pressure on sterling which causes an inflation problem we may need to raise rates which will put pressure on household debt. government officials have said they are putting a positive, looking at it positively, as in the benefits of the deal. you mention as well the short—term effects a no deal would present. many brexiteers have never argued that there will not be short—term economic consequences. over the long term britain would be that of striking own trade deals. with baby better? the bank of england would try to create that

over a period of time. —— would that be better? they cannot hide that there would be a —— and economic impact. they had to tell a fine line of not becoming overdramatic which sounds political. you can accept that philip hammond will present a case around the treasury data. the bank of england has a fine line in ensuring independence comes through in its analysis today. thank q. we will be across all of these reports as when they come in. —— thank you. the website will be updated as well. let's take a look at some of the other stories making the news. us president donald trump has escalated his attack on general motors. in a tweet, mr trump said he was looking at cutting subsidies to the carmaker after it announced majorjob cuts in the us. it's not clear which subsidies he was referring to. the carmaker has defended its decision, calling it "essential"

for the company's long—term growth. executives at the chinese ride—hailing app didi chuxing are being fined over the deaths of two female passengers in seperate incidents earlier this year. the chinese transport ministry said safety rules were broken. it didn't disclose the size of the fine as it announced a wider crackdown on ride—hailing firms and their use of illegal drivers. the company says its working to improve safety for its users. brazil's state—run oil company petrobras has been ordered to pay $1.8 billion after losing appeals over its taxes. the energy giant lost two cases with the country's tax authority over payments for the rental of drilling ships abroad. petrobras says it intends to appeal the decisions. it's the world's most indebted oil company, but says it's on course to reduce debt to $69 billion by the end of this year. new zealand has become the latest country to block the use of telecoms equipment from a leading

chinese manufacturer because of national security concerns. the decision to restrict the use of equipment made by huawei follows concerns in australia, the us and the uk. monica miller is following this story from our asia business hub in singapore. what more can you tell us? the largest telecoms carrier in new zealand has said it has been banned from using the huawei network. it is the world's biggest producer of telecom equipment and has been dealt quite a few blows. earlier this year australia banded project fearfrom supplying 3g equipment. donald trump signed a bill which band huawei equipment from being used by the government. —— band huawei from supplying. there is possible chinese

government involvement. huawei has repeatedly insisted that beijing has no influence over and china has long disputed accusations that security risks and links to the intelligence service. they say none of this is going on. thank you for that update. shares across asia have mostly risen over hopes that beijing will take steps to support the economy and as investors tried to decipher some rather conflicting signals of the prospects of calming the china—us trade dispute. president trump is expected to meet china to meet some kind of deal. in europe, markets have opened largely higher — ftse 100 pushed up as the pound has been pushed down again on concerns over brexit — and whether a withdrawal deal the uk has brokered with the eu will go through. we have the details of what's ahead on wall street today.

on tuesday, a top us economic advisor touted the strength of the american economy. you can look for confirmation of that when the commerce department releases its second estimate of third—quarter gdp. in its original report, the agency estimated that the us economy grew at an annual rate of 3.5% between july and september. thanks to strong consumer spending. that offset a fall in exports and weak investment spending. one pillar of the economy is of course the housing market. new home sales data for october is likely to show a 5.5% drop from last month. with black fridayjust behind us, the holiday shopping season is very much on the minds of retailers. investors will also want to hear what upscale jeweller tiffa ny‘s have to say about its prospects for the next three months when the jeweller reports its third—quarter results. sparkling results from tiffany ‘s.

joining us now isjeremy stretch, head of currency strategy, cibc world markets. michelle mentioning a lot of economic data coming out focusing on the united states. we have the governor of the us central bank talking later, the us economic club. president trump has had something to say about him again. there is consistent pressure from the president in terms of the fed chair. they are an independent central bank aiming to balance policy to keep inflation low and tried to generate a low rate of unemployment. they are gradually and progressively raising interest rates which does not sit well with mr trump. he is pushing back against his own pick as central bank governor. it is interesting that the government is putting such pressure on an independent central bank. you sometimes expect that in emerging markets but not the world

was much largest economy. the role is to keep a lid on inflation, isn't it? the fed reserve has a twin mandate, to maintain high levels of employment. it is the classic central bank scenario, taking away the punch bowl before it gets too overblown. that is kind where he is, reducing the amount of stimulus to allow the economy to have a soft landing. mrtrump wants allow the economy to have a soft landing. mr trump wants to maintain the heady rate of growth we saw the middle part of the year that ultimately will see a slower pace into 2019. what is your expectation for today with all the reports we will get? there will be an enormous amount of data. from a markets perspective investors are trying to gauge the risks following the vote and how we will mitigate what will seemingly be a loss for the

government. international investors cani government. international investors can i speak to those regularly on my travels got are concerned about what is the worst—case scenario. the cliff edge x8 which has not been taken off the table, the default position of parliament if they cannot agree anything. that is why we continue to have episodes of sterling being under pressure. that could be a deal perhaps between the us and china. do you think there will be? we have seen so much noise and we will continue to see headline risk. i suspect there would be a resolution but both sides will claim to attempt to say they have had a degree of victory. ultimately there will be resolution over time but a lot of volatility in between. jeromy returns later. some more interesting stories later. we'll find out how two friends transformed their atlantic crossing into a new career as brand ambassadors for some of the biggest names in technology. you're with business live from bbc news. more of us are buying goods

from private sellers on so—called online marketplaces and complaints to citizens advice about these deals have surged in recent years. we have fewer rights when buying privately and that's something that half of consumers told a citizens advice survey they didn't understand. their director of policy, matthew upton joins us now. do consumers for example not have the right to for a seven day cooling off period which they do of course with major retailers?” off period which they do of course with major retailers? i think this is what people find quite confusing, if you take purchases you make from an online marketplace, this could be from an individual or it could be from an individual or it could be from an individual or it could be from a reseller and there are clear differences between the two when you are buying. a quick example, see you

are buying. a quick example, see you are buying. a quick example, see you are buying a laptop on a online marketplace, you buy it from a retailer and you have rights, if it's not in the condition you expected. if you buy it from an individual through the same marketplace as long as they have not lied, they have perhaps omitted information, but your rights are very different and it can be more difficult to get a refund. that's the sort of thing people find difficult and what we are trying to raise awareness of. so how can buyers protect themselves in the circumstances or are you saying that we have to weigh up the risks when you are buying from a private seller? there is an extent to which we are seeing viable way but there are things you can do. the main thing is to read the product information. if you are buying from an individual they don't have to include all the information, look for things and make sure you are buying what you think it is. look for previous reviews of the retailer, to see if there's anything you can base it on. another tactic

is to buy using a debit card or credit card because that can give you protection is on the event something does go wrong as well. matthew, thank you very much. the cost of 118 calls are to be capped after costs surged. some of the prices are very high. the most popular service 118 118 charges £11 23 for a 92nd call and there has been a steep rise in prices across the board. your're watching business live — our top story: britian's government says its economic analysis shows the country would be financially better off if it stayed inside the european union but not by much. it comes as a string of forecasts are due to be published. a quick look at how the markets are faring.

would you jump in a rowing boat for the first time and cross the atlantic ocean with nothing but your oars and a friend? well that's exactly what our next guest did and turned into a profitable career move and a new business. tom caulfield set off from the canary islands in december 2015 with his friend and now business partnerjames whittle. 5a days later they arrived at port st charles in barbados. and it's inspired them to set up their own company which amongst other things make adventure based content for big name brands. and hejoins us now. good morning. i

was intrigued to find out that actually your mum started this entire thing didn't she? she did, it was back in 2014 my mum took part in the clipper around the world yacht race and i was at the final event in east london and she had come back from sailing the atlantic, from london to brazil mac. she was with her crew, lots of emotion, and i had the daunting realisation that my mum was officially cooler than i was. i had a couple of drinks and googled the biggest adventure in the world and on the second page this ocean rowing popped up and that is where the story began. how did you persuadejames, you the story began. how did you persuade james, you are the story began. how did you persuadejames, you are both young, fit healthy men working in marketing but you have never been rowing, that's quite extreme. we had never done anything really and that kind of remit but we got the text i sent that day, james was at a birthday

party, we both have enough drinks to think it was a great idea, so i laid it out and signed it off with some and then we told everyone we were brave adventurers. what a business plan that is! at what point did you think i could turn this trip into a business, was it literally in the middle of the atlantic? we are in the middle of a hurricane, we were in the cabin for three days, we raised over £90,000 in cold cash from bands to fund the trip, and realised what could we do if we put 100% of our time into the business and that was the turning point. it's and that was the turning point. it's a company where you work with big culprits and small companies, you go into these companies and inspire others to do what you guys have been doing and on top of that you do high—profile adventures which help get your brand out there? we take on one big adventure a year where we have no experience, i think our usp

is that we are rubbish at most things and we want to assure ordinary people can achieve amazing things with the right mindset. we create content and do motivational talks to try to remove the word cannot from the workplace and get people you had a lot of experience in marketing beforehand, it's not necessarily something anyone could do? necessarily something anyone could do ? that's been a real asset. we understand how brands work and the marketing world works and that helps position our brand brand brand brand. this work is not cheap, how do you convince those who are paying the bill they will get a return on their investment? it's not cheap but we have a policy where we invoice 50% up front and the second 50% if

they do not think it is worth that they do not think it is worth that they can pay what they want, up to this point we've done hundreds of talks and no one has underpaid. the next adventure is climbing the biggest rock face in the world and we only started climbing injanuary. it's a huge amount of skill so we are putting ourselves to the we will fight over doing that one. ina we will fight over doing that one. in a moment we all look at the business pages but here's a quick reminder on how to get in touch. stay up—to—date with all the days business news as it happens on the business news as it happens on the business live page. there is insight and analysis from our team of editors around the globe. we want to hear from you as well, get involved on the bbc business life web page at

bbc dot—com slash business. on twitter we are right bbc business. and you can find us on facebook at bbc money. business live on tv and online, what you need to know when you need to know. jeremy is back as promised and we will talk about this story on bbc online about the mums in sweden who have decided to do something drastic and take action, they have begun a campaign where 10,000 people have pledged to not fly in 2019 to help save the planet. we are asking if you think that's feasible, radicalaction we are asking if you think that's feasible, radical action is required. jeremy, you spend a lot of time flying around the world, it's yourjob. it is, unfortunately i spend roughly three months of the year on the road travelling with my clients. if i could do that without, ori clients. if i could do that without, or i could use technology to have an interface with the clients without needing to fly that would be helpful

but it's no substitute. we can make small changes to our lifestyle but i think from a business perspective it's more difficult to make such pledges but you can look to minimise unnecessary travel where appropriate. lots of you getting in touch on twitter, daniel says flying is too much part of his life just like his car. and another saying does pledging not to fly still count if you cannot afford to? yes people a lot of people saying we ta ke yes people a lot of people saying we take the bus. this story in the guardian looking at how some of the key players in retail, fashion retail we re key players in retail, fashion retail were grilled yesterday in the uk by mps about fast fashion, the element that a t—shirt can cost £2, that sort of thing. the damage that is having on the climate, the planet, and all the issues it entails. if you are paying less than

£5 for a t—shirt you can wear it once and throw it away. there is the environmental issue in the context of that in terms of production and the workers producing it, the the flip side of the story of aeroplanes it's about being responsible and people are utilising low costs to have that disposable nature. it's interesting that there is a move to get more of us to hire clothes so you have a different outfits for different occasions and not wear the same things twice and with big retailers like marks & spencer is ? it's difficult for retailers, they need volume. thank you for coming in jeremy and thank you for your company, stay with us on the bbc as we report on key reports out from the treasury and the bank of england. thank you for being with us, goodbye. much more mild today than it has

been for a good week or so but it comes at a price i'm not a great day to be on the move, heavy rain across the country especially across northern ireland and scotland later and developing widely you will see gales if not severe gale force wins. potential for travel disruption, across england and wales after the wet weather it will be a case of rain coming and going back to more sunshine developing between the downpours. across northern ireland heavy rain to take us into the early afternoon it will ease off as persistent rain pushes across much of scotland, temperatures will be mild, higher than they have been. for a mild, higher than they have been. forafair mild, higher than they have been. for a fair majority into the low teens as well. when strengthening, the evening rush hour not looking great across scotland, winds across the north and west, and heavy rain across the mainland, southern parts

of the highlands, grampian southern uplands, up to 50 millimetres of rain. it eases off in northern ireland but when the around the coast, 60 mph throughout the day, widespread gales across england and wales but at least some breaks in the cloud between 12 heavy showers. into tonight it's dry for a time, the winds not quite a strong, still breezy but later on the winds pick up breezy but later on the winds pick up again, the rain returns and eventually northern ireland but the temperature is not dropping much higher by night than it has been by day because we've got another plane of warmerair day because we've got another plane of warmer air pushing and ahead of the scott front but this is where we're going to see the strongest of the winds for thursday morning, england and wales this time with the of the wind, deals possible just about anywhere coupled with more rain. it's getting better kind of

day, the winds becoming less strong and the heaviest of the rain pushing across scotland through the morning and early afternoon with most turning to sunshine and a few showers in the west later, some could be heavy and thundery. on the mild side but feeling fresher and fresher to enter friday. brighter day for many, mixture of sunshine and a few showers in the waste but into the weekend, a little bit of rain at times. goodbye for now. you're watching bbc news at 9 with me, annita mcveigh. the headlines... the financial impact of brexit. the government's official figures on how leaving the eu will affect the economy are published today. if the only consideration was the economy, then the analysis shows clearly that remaining in the european union would be a better outcome for the economy but not by much. the prime minister's deal delivers an outcome that is very close to the economic benefits of remaining in. unsafe and understaffed —

england's worst performing mental health trust is given weeks to improve by inspectors. problems for the police. a new report says there are significant legal and ethical challenges with the use of facial recognition technology. torrential rain causes travel chaos in sydney after month's worth