this is business live from bbc news with victoria fritz and sally bundock. deal or no deal, the uk financial services sector is already paying the price of brexit. live from london, that's our top story on thursday 7th february. financial firms transfer hundreds of billions of dollars in assets out of the uk ahead of brexit — with a trillion already moved since the referendum. also in the programme: india's central bank cuts interest rates, months before the country's general election. it's the first rate decision under the bank's new chief, an ally of prime minister narendra modi. little movement on the markets after a bit little movement on the markets after a bit of little movement on the markets after a bit ofa little movement on the markets after a bit of a turbulent

little movement on the markets after a bit of a turbulent station little movement on the markets after a bit of a turbulent station in asia, watson used to take you through. and how far could brexit derail eurostar, the train operator which runs a0 services a day through the channel tunnel? we'll get the inside track with its ceo, who joins us live. today we want to know — putting the trust back into trustpilot. the business review site says it's overhauling its system following a bbc investigation. so how much faith do you place in online reviews? let us know — just use the hashtag bbcbizlive. hello and welcome to business live. the uk prime minister theresa may heads to brussels today — in an effort to renegotiate the terms of britain's departure from the eu. regardless of the outcome, money has already moved and the impact on the uk financial sector is already being felt. while the number of jobs being relocated is still small — capital flows are much bigger. according to the consultants ey,

banks have shifted at least $1 trillion worth of assets out of the country since the referendum in 2016. they're setting up new offices in the eu so they can continue to serve clients there. and european regulators are demanding that assets be moved too. the winners are dublin, luxembourg, paris and — most of all — frankfurt. a lobby group for the city forecasts that a further $800 billion worth of assets will be moved there — from london — before the end of march. it claims 30 financial firms have chosen frankfurt as their new eu headquarters. joining us is gary campkin, managing director for external affairs and strategic issues at thecityuk. the group represents the uk's financial services industry. good morning gary, thank you for

joining us. those figures sound huge and quite startling, the estimates that $1 trillion has already moved out of the uk since the referendum, put that in perspective, what does it mean? what you have to remember is firms in financially related professional services have to make contingency plans, they are making plans for what ever eventuality to plans for what ever eventuality to plan for brexit and beyond but they are reluctant to pull the trigger and make hard and fast decisions because actually once that is done the costs are sunk and it's very disruptive to begin with but they are not going to be coming back. there is a real issue for our industry about getting a deal now, with a legally enforceable transition, that is what the industry is focused on. when it comes to people, jobs, not so many have moved, one survey from writers

this week seeing just under 2000 jobs have moved in preparation for brexit, many said there would be more than that. i think that's a fair estimate, i would see moved all being hired locally and there is a su btle being hired locally and there is a subtle difference. there is a huge relu cta nce subtle difference. there is a huge reluctance to move functionality and people away from what is still the worlds most international financial centre. what happens here happens because of the interaction between financial and related services and some of the functionality happens based on a large financial centre and this is where some of the value begins to look more questionable because the functionality which is donein because the functionality which is done in london and the uk is not possible to be replicated in small—scale centres. the bigger threat long term is functionality leaving europe, that leaves europe asa leaving europe, that leaves europe as a whole less prosperous. how damaging is no dealfor london in

your view? we have said that no deal is the worst outcome for the industry. we don't want no deal. we support our withdrawal agreement which brings with it are legally binding transition period. that gives maximum certainty and then both sides, the uk and the eu 27, can move on to negotiating the future arrangements. how worried are you about how this negotiation process is going? any negotiation process is going? any negotiation process has good days and bad days, what all negotiators need to focus on is the outcome and the outcome is an agreement that can get through the commons, get through the european institutions, give us a legally binding transition period and move on to the important business of getting the future arrangements agreed. thank you for being on the programme. let's take a look at some of the other stories making the news. the chief executive and chairman of national australia bank have resigned following stinging

criticism of the bank and their leadership in a report on misconduct in the finance sector. chief executive andrew thorburn will step down later this month while chairman ken henry, will retire from the board when a new permanent chief executive has been appointed. hundreds of temporary workers are being let go from honda's uk plant in swindon. the company says it's due to a collapse in demand for diesel cars — and has nothing to do with brexit. the car plant will only now produce 570 cars per day, down from 700. australia's biggest airline, qantas airways, says it's cancelled a longstanding order for eight a3—80 superjumbo jets. the decision comes as fresh doubts have been raised about the future of the four—engined a3—80. and the bank of england is expected to leave borrowing costs unchanged at three quarters of a percent later today — but cut back its forecasts

for growth in the uk economy. financial markets are now betting there's no more than a 50% chance interest rates will rise at all this year. india's central bank has cut the country's interest rate by a quarter of a percentage point. sameer hashmi is in mumbai. this was a surprise wasn't it, tell us more. this was a surprise wasn't it, tell us more. yes, to some extent it was a surprise because investors and people watching this decision closely expected to cut to happen in april but the monetary policy committee that decides on interest rates voted in favour of a rate cut which included the governor who took over the topjob at which included the governor who took over the top job at the bank in december. the reason cited by the committee was that inflation touched 2.296 committee was that inflation touched 2.2% in december which was the 18

month low and that gave them the room to go ahead with the rate cut. it also comes at an interesting time because you have indian elections in two months, in april the elections will start. for many people especially in new delhi where the government is based this is a good decision because if you look at indian economic growth it's been growing very rapidly but of late it's started to de—accelerate a little, small and medium—sized businesses are struggling on the ground. so this decision would encourage businesses to borrow more and may help boost economic growth which is good news for the prime minister as he starts his election campaign because he will face a tough election in the summer. any policy decision which provides him inaudible political ammunition which might brighten prospects in the upcoming elections is good news. in that senseit elections is good news. in that sense it was a significant decision. thank you. lots of company news moving the markets today.

in asia, softbank shares jumped 15% in trading in tokyo — after the japanese group launched a 5.5 billion dollar share buy—back and revealed a bigg increase in operating profits. trading of shares in national australia bank was halted ahead of a pending announcement on leadership change at the bank. this follows a public inquiry into the country s banking sector. in europe, the low—cost carrier norwegian air swung to a full—year loss — following problems with engines, fuel hedges and competition. the french bank societe generale announced its looking to shave half a billion dollars of costs from its investment bank. market conditions have been punishing for the financial sector. the world s largest steel—maker, arcelormittal, has posted its highest core profits in almost a decade and said it expected demand for the metal to continue rising. and france s total beat expectations for profit — recording record levels of oil and gas production. and samira hussain has the details of what's ahead on wall street today.

it's the company that made a name for itself by getting people to speak in 180 characters. they have since upped the limit to 240 characters but will twitter be able to win over investors when they report earnings on thursday? analysts a re report earnings on thursday? analysts are hopeful expecting the social media company to report profit and revenue above expectations. that burst will come from growth in its advertising business, interestingly video ads are likely to account for more than half of advertising revenue for the quarter. for the record this piece was significantly longer than 280 characters. it's a struggle for me every day! joining us is jane foley, senior currency strategist, rabobank. shall we start with the bank of england, i guess you will be keeping across it although you will not

expect a change? i don't think anyone expects a change because if we did not have political uncertainty almost certainly economists would be expecting an interest—rate hike. every year, every quarter of the bank does announce new forecasts and we will get those today. really they could be almost invalidated in a few months‘ time depending on which we brexit goals. a difficult position for the bank of england and if we look at the most recent data of course what we are seeing is confidence slowing down despite the fa ct confidence slowing down despite the fact wages are rising and political uncertainty impacting the economy. bit of a slowdown relative to last year, what are we going to say? we have to wait and see but the market is not optimistic that they can hike interest rates this year dependent on the way brexit goes. lets talk about heavy industry, you have got the likes of total recording record profits, record amounts of oil and gas production and the steel

industry having a great year as well, what‘s going on in this sector? financial sector not doing well but heavy industry having a whale of a time? there are lots of headwinds, we have at all of the big organisations suggesting that world growth is slowing and most economists would agree but at the hub of that is china, china is slowing but they are stimulating which is good in the short term for these companies but if china carries on slowing it will impact the sector because china is the largest consumer of raw products in the world. and metals as well. we produce a huge amount of steel, sucking in coal and iron ore to produce that steel, so what happens in china is interesting to what happens. with total and bp putting out strong numbers yesterday, a few yea rs out strong numbers yesterday, a few years ago they had to restructure, they had oil prices at rock bottom they had oil prices at rock bottom they were forced through a painful

process of becoming a leaner and meaner. and that is giving dividends no. yes and last year oil prices went up and recently they have come down again so that might affect quarter one, but sadie is still the biggest producer and they have the incentive to keep prices higher because they need revenues to try to reform themselves structurally. thank you. still to come: the business market has been the engine of growth for eurostar in recent months. and it‘s on track to launch a third daily direct service to amsterdam. but how far could brexit derail its plans? we‘ll get the inside track from its ceo. you‘re with business live from bbc news. as many as 15 million uk households will see their energy bills rise from april — after the energy regulator revised a price cap on two types of tariffs. the new cap means that bills could

go up by as much as £117 per year. dermot nolan is the chief executive of 0fgem. 0ur concern is getting a fair price for their energy? i believe they are, this cap is increasing and no player likes a price increase predominantly because of an increase of the wholesale cost of producing energy which has driven up prices significantly but we‘ve gone through it carefully and we can be assured, ican it carefully and we can be assured, i can assure any viewers they are paying a fair price for their energy without profiteering from energy companies. what's the point of a cap if you cannot cap it because wholesale prices keep going up? two points on that, one cap can arise as well as fall, wholesale prices have started to fall and i very much hope

though i cannot guarantee that in the next iteration of the cap if they continue to follow we will see a fall they continue to follow we will see afall in they continue to follow we will see a fall in the cap itself. the second point is that even without, if there was no cap we have a lot of evidence to show consumers would have been paying the higher price, £75— £100 more, so people are benefiting from the cap and can be assured they are paying a fair price. is the reason they pay the higher price because we are terrible at switching even though we are told all the time we must switch providers? wejust though we are told all the time we must switch providers? we just don‘t do itand must switch providers? we just don‘t do it and in that case how you encourage it? switching last year was the highest it‘s ever been in the uk, 20% of people switching. the point parliament asked us to make sure people who did not want to switch would be a fair price which they can but at the same time people who do switch can still save money so if you switch you can save up to 100, £130 relatively easily so the option as they are. switch but if you choose not to use top pay a fair

price. thank you for your time. the business life page full of stories we cannot all cover in the story, it‘s just updated which means i‘ve lost the one i was going to tell you about, thomas cook exploring a possible airline sale, concerns over the companies future, that has just come across the business live page. your‘re watching business live, our top story — the uk financial industry is already counting the cost of brexit, whether or not a deal is reached. financial firms are transferring hundreds of billions of dollars in assets out of the uk ahead of march 29 — with a trillion already moved since the referendum. earlier, we talked about brexit and the challenges it poses for the uk financial sector. but what about its possible impact on britons looking

to travel to and from the eu with the eurostar services? well, the latest batch of contingency papers for a no—deal brexit warn rail services could be suspended without specific agreements with france and belgium. so how‘s eurostar preparing for brexit? the operator runs about 40 direct services a day, via the channel tunnel, from london to paris, brussels, amsterdam, rotterdam and other destinations. with us now is eurostar‘s chief executive mike cooper. we have spoken to you before but we‘ve not had you in the studio before, how are you getting ready? as with any business we hope for a deal but we plan for no deal. we are seeing good levels of engagement and constructive discussions with government in london, in paris and brussels with the commission. we see

practical solutions being put in place. yes but not every business is as vulnerable as some might think you are because you are operating daily on both sides of the border. how is it making you feel? looking at our sales at the moment, including bookings post march 29 they are actually up 18% on the same period 12 months ago. there does not seem period 12 months ago. there does not seem to be any apparent unease at the moment amongst customers wanting to travel for short breaks across europe which is a great starting point and if i couple that with great levels of engagement with both the government and other institutions like the border force and the french, we are in as good a position as we could be as we planned for march 29. there is worry about confusion and delay and queues at passport control and one that could mean for logistics at st pancras and that kind of thing, give

us your take on that, just that logistics. because there is good levels of engagement and communication we are in the position that whatever scenario emerges we are going to be able to sit customer expectations well in advance of that. my experience, i was in paris yesterday as they are looking for pragmatic solutions which will keep customers through stations and there will be little impact on border as well. there is a positive attitude, good levels of engagement, we are in a stronger position as we possibly can be. how you managing that when the government does not seem to be doing the same in brussels?” the government does not seem to be doing the same in brussels? i cannot comment on the government, all i can comment on the government, all i can comment on the government, all i can comment on his personal experiences dealing with governments across europe and people are being constructive, they are reaching out. there is still an element of

uncertainty, we would be naive not to a cce pt uncertainty, we would be naive not to accept that. the underlying business is doing well, the route to amsterdam is doing well, you are adding another service, a third service which has been really popular, but coming back is not direct, will you be able to do that soon? yes, the business is in rude health, the latest numbers we reported short passenger increases, revenue up 17% year—on—year, what is pleasing is the discerning business traveller was up 21%. amsterdam from a standing start in april of last year just a standing start in april of last yearjust shy of quarter of a million people trying the service which is great. it‘s a similar sized market to the palace market —— paris market. in terms of potential for growth it‘s great, we now have a position where you are right, at the

moment we cannot check passports in rotterdam in amsterdam for the return journey but we are getting good feedback from the dutch government and others to see it will be put in place by the end of the year. you have been doing this job for ten months, how‘s it going? your predecessor had been running eu rostar predecessor had been running eurostar for a long predecessor had been running eurostarfor a long time, was it tough to fill those shoes? it's a wonderfully warm and welcoming environment. the customer is absolutely at the heart of all we do, great initiatives taking place, hybrid teams of psychologists and designers looking at how we flow customers through stations, great softwa re customers through stations, great software being developed in terms of simulating the customer, moving pinch points, lots of opportunities, real customer centricity and a strong future ahead. you are enjoying at them? yeah absolutely! laughter in a moment we‘ll take a look through the business pages but first here‘s a quick reminder of how to get in touch with us. stay up—to—date with all the days

business news as it happens on the bbc business page. there is insight and analysis from our team of editors around the globe and we want to hear from you, editors around the globe and we want to hearfrom you, get editors around the globe and we want to hear from you, get involved editors around the globe and we want to hearfrom you, get involved on the bbc business web page. and get in touch on twitter. and you can find us on facebook. let‘s have a quick look at some of the stories which are around in the media, a story written by our technical correspondence about trust pilot and a review they are doing following a bbc investigation into whether you can cheat the website and push bad reviews further down. trustpilot trying to bring the trust element back into the website. what

you make of this, do you use review sites? i do, what else do you have sometimes? it‘s difficult to ask all your friends and colleagues about something as innocuous as in my case recently a kitchen worktop. it‘s very useful to see other peoples reviews about a company or service. iam reviews about a company or service. i am therefore quite shocked to find that companies could play the system and hide bad reviews and they can do it apparently by flagging them for investigation which removed them from the website. trustpilot want to disclose how many have been removed or have gone in for investigation to give the consumer a bit of a better idea. that's always the idea when you get somebody into do work in your home or you have no clue what the workers like, if they are trustworthy, it‘s a real worry for people. we have been asking you for some of your thoughts on this,

whether you use these websites, one says i always start with negative reviews to learn about potential problems as they are harder to fake. that‘s an interesting strategy. another says they have no faith at all another says they have no faith at a ll after another says they have no faith at all after being blackmailed into changing a unfavourable review into a positive one before i got a refund. that‘s a whole new investigation. get watchdog onto that one. what else are we looking on the papers? 0r cadeaux. that‘s sorry. the fire is bad enough for local residents but it‘s interesting for the business model. this came out as the same week as their results and if you look at 0cado over the last few years the share price has gone down on the back of this, ahead of this they were up about four times in two years, a lot of optimism in the price about the

business model, a lot of stories last few weeks about 0cado potentially linking up with marks & spencer is to distribute their food. 0cado is a tech company, its about their logistics and how they do their logistics and how they do their warehouses. and if they are going on fire may be investors will start to question the validity of the increase in the share price. absolutely, also whether or not the robots might have been responsible for this and what that means for the future of manufacturing. absolutely, we don‘t know, the investigations will have to be done and we will have to draw a conclusions then but it raises new questions. it certainly does. thank you, good to see you, and thanks to you for your company. we are across the business stories throughout the day including the rate decision from the bank of england, we will update you when we hear. that will be mid—day, more business news throughout the day, see you soon, business news throughout the day, see you soon, goodbye. good morning, we started this

morning with some wet and windy weather particularly across southern areas where costs have been in excess of 70 mph in exposure, through today the winds will ease and there will be sunny spells developing later on. this is a cloud responsible for the wet and windy weather this morning which will move to the east and then this cloud hear it towards the western atlantic, thatis it towards the western atlantic, that is tomorrow‘s weather pushing end. the rest of today a few showers across the pennines, that‘s mostly clearing away, through the afternoon there will be showers across western scotland, west wales and southern areas. for many of us it is drier and brighter, there will be sunshine and brighter, there will be sunshine and we will see temperatures up to 7-11. and we will see temperatures up to 7—11. through this evening clear skies initially before the cloud sta rts skies initially before the cloud starts to thicken and with that pulses of heavy rain starting to

move from the waist. the winds picking up as well and it‘s all down to this next area of low pressure which is moving its way in, the isobar is getting closer and closer together, the rain spilling its way in. wet start to the day on friday, strong winds in the morning, especially around western areas which could cause disruption, spreading down towards the south—east, it will stay windy for all of us throughout the day, costing about 45—55 widely but around exposed coastal areas and over the hell is in the waste we could see the winds 78 and 80, particularly when you‘ve got the rain spreading its way south and east. it will be a mild data model, temperatures from any up into double figures at about 10—12. the wet and windy weather will gradually move its way out into the north sea as we

go through friday, still staying quite windy as we go through the early hours, especially across northern parts, a windy day, especially across northern ireland and central and southern scotland, rain moving its way through. bright weather further south, the winds will get lighter as the day goes on, heavy rain coming back in across the south—west. temperatures down, 8—11, but the winds could cause disruption over the next couple of days. goodbye. you‘re watching bbc news at nine, with me, annita mcveigh. the headlines: theresa may travels to brussels, where she‘ll press eu leaders for legally binding changes to the brexit deal. iam in i am in brussels, where in one hour‘s time, the prime minister will begin three vital meetings as she tries to persuade the european union to change tack on brexit. meanwhile, jeremy corbyn has written to theresa may,

setting out five demands that could see labour back a brexit deal in parliament. search crews recover a body from the wreckage of the plane carrying the cardiff city footballer emiliano sala and his pilot, david ibbotson. police investigating the disappearance of hull student libby squire arrest a 24—year—old man. no phones at meals or bedtime —