appointed as the uk's next ambassador to the us. sue gray, the civil servant who investigated partygate and went on to become sir keir starmer�*s chief of staff, has been made a life peer. and the face—off lasted 11 minutes and 20 seconds. now all eyes on usyk and fury ahead of their hugely anticipated rematch tomorrow. straight back to the breaking news i mentioned in the headlines, because it isjust been officially confirmed by the uk prime minister who has confirmed the appointment of peter mandelson as the next uk ambassador to the us. and peter mandelson has spoken about this being the great honour to serve the country as that appointment is confirmed. it is a hugely significant, because we are going to enter into probably

the most consequential presidency in our age with donald trump coming back into the white house with so many issues that that throws up. i just wanna go through some of the quotes that have come in from the key players. sir keir starmer first of from the key players. sir keir starmerfirst of all, from the key players. sir keir starmer first of all, i am delighted to appoint lord mandelson as the next british ambassador to to the united states. unrivalled in his experience and take out partnership from strength to strength. i would like to thank dame karen pearce for her last invaluable service in the last four years, invaluable service in the last fouryears, herwisdom invaluable service in the last four years, her wisdom and steadfast support she has given me personally since july. steadfast support she has given me personally sincejuly. she made history as the first woman to serve as the first uk ambassador to the us and has been an outstanding representative of our country abroad. i will show the very best for the future. and attach to the premise of�*s statement, from lord mandelson, it is a great honour to serve the country in this way, we face

challenges as britain but also opportunities and it is a privilege to work with the government to land those opportunities both for our economy and our nation's security and to advance our historic alliance with the united states. i talked about it being a hugely, hugely important moment, because of course peter mandelson, the former cabinet minister, he of course was fired from the cabinet, but of course he is hugely, hugely skilled as a political negotiator. somebody who makes connections with people and also a former eu trade commissioner. of course, that will be so critical in terms of one of the important issues that lies ahead, because trade with the us is going to be really important, because donald trump are talking about the potential of tariffs with china, terrace with the eu, so negotiations around all of that

will be really, really important. —— tariffs with the eu. otherthings important. —— tariffs with the eu. other things that will be absolutely critical right there in those early weeks of a trumpet presidency, ukraine and what donald trump decides to do that and his decision that he maps out. —— trump presidency. a staunch ally of the ukraine and it is a real test of his diplomatic skills that lie ahead, but confirmation that he was the favourite and today in the last few minutes that appointment has been confirmed. let's talk to our correspondence at westminster. joe, we knew this was coming, but i was just laying out some of the challenges, because this is a hugely important significant appointment, is a hugely important significantappointment, isn't significant appointment, isn't it? significantappointment, isn't it? it significant appointment, isn't it? . a, , , significant appointment, isn't it? . ., , , a, a, it? it certainly is, and what sources — it? it certainly is, and what sources at _ it? it certainly is, and what sources at downing - it? it certainly is, and what sources at downing street| it? it certainly is, and what - sources at downing street have told me in the last 2a hours

around this appointment is that peter mandelson, lord mandelson and's trade experience, including the eu trade commissioner, is key. it is the policy expertise they argued he has that will be very important in developing a trade relationship, a better trade relationship, a better trade relationship with the united states over the next few years. he is though a bit of a political survivor. he is though a bit of a politicalsurvivor. it he is though a bit of a political survivor. it says a lot about peter mandelson's ambition. the first to be at the centre of political drama, but even now in his 70s, he wants to take such a key position. he is the first political appointees to this position in around 50 years. he is a labour grandee, a very experienced aide and cabinet minister to tony blair and gordon brown when they were uk prime ministers. but the fact that he has dropped out from

his job that he has dropped out from hisjob running a big lobby of public affairs, advice outfit, to prepare to hopefully take this job shows that he is ambitious and hopefully according to keir starmer, ambitious for the uk and its role on the world stage. navigating that relationship with donald trump is going to be absolutely key, isn't it? is be absolutely key, isn't it? is certainly is. lord mandelson does have a lot of experience with wealthy, powerful people. one controversial person he was close to and certainly been pictured with was the late jeffrey eckstein, the paedophile billionaire. someone of course that donald trump knew as well. he had other friendships with other prominent wealthy people. there are people within downing street who believe that peter mandelson could really work well and thrive in these circles, in business, in

politics. and in the trump world where family relationships, dynasties, can often be pretty important. we will be seeing that in some of the early diplomatic appointments that president—elect trump has made. as you say, matthew scott, peter mandelson is a very interesting, not necessarily, not what british prime ministers have done in recent years have done in terms of the appointments. interesting, a bold appointment by prime minister mac and it gets to work early next year. it is really interesting, - work early next year. it is| really interesting, because work early next year. it is really interesting, because we have talked a lot about trade and we have that experience of the eu trade commissioner, it is interesting how donald trump might view that, because he has traditional hostility, doesn't he, the incoming president with china and the eu are threatening tariffs against the eu that equals a mini china. that was interesting to watch and see how peter mandelson approaches that an tries to get

the best deal and strategy for the best deal and strategy for the uk going forward. it ukraine is going to be something he is going to have to address right from the very start, isn't he? he to address right from the very start, isn't he?— start, isn't he? he certainly is. it is interesting - start, isn't he? he certainly is. it is interesting that - start, isn't he? he certainly is. it is interesting that keir starmer is not chosen a secure... somebody with a national security or defence expense. dame karen pearce was somebody who really thrived in that space, was very experienced in that space and of course often what we thought of course often what we thought of tim barrow, the former national security adviser might take up post in washington. it is not necessarily something that peter mandelson is experience, some of his rivals were for this post, but it is something clearly that keir starmer and the uk foreign secretary want to try and i think potentially persuade donald trump on and certainly we have seen president

zelensky�*s meeting with president trump in paris in the last week or so which i think was an early attempt to try and create a bond that leads to a bit of a shift in policy. find bit of a shift in policy. and joe. we — bit of a shift in policy. and joe. we will _ bit of a shift in policy. and joe, we will leave - bit of a shift in policy. and joe, we will leave it - bit of a shift in policy. and j joe, we will leave it there. thanks for those early thoughts on that breaking news confirmation that peter mandelson becomes a uk's next ambassador to the us. stay with us here on the programme, because in about 20 minutes' time we will be talking to the former ambassador to the us, peter westmacott who will join us on the programme to get more thoughts and analysis on that appointment that we were expecting, and it has now been confirmed by downing street. let's turn to credit suisse. a formal inquiry into the fall of the banking giant credit suisse last year has blamed complacency and greed by its managers for the bank's failure. the parliamentary report showed the bank lost $37 billion dollars in the 12 years leading

up to its collapse, while bank bosses were paid more than 44 billion in bonuses in the same period. the report found no evidence of misconduct by switzerland's financial regulator, but said it did not have the powers to intervene quick enough. let's get more on this, we can talk to susannah streeter, head of money and markets at hargreaves lansdown. welcome back to the programme. pretty devastating these findings. pretty devastating these findin . s. , pretty devastating these findinus. , . , pretty devastating these findinus. , ., findings. yes, a very damning re ort. findings. yes, a very damning report- it _ findings. yes, a very damning report. it runs _ findings. yes, a very damning report. it runs at _ findings. yes, a very damning report. it runs at 569 - findings. yes, a very damning report. it runs at 569 pages i report. it runs at 569 pages and it lays the blame pretty squarely at the foot of the management at credit suisse. remember, credit suisse had already been mired in scandal after scandal prior to the bank being taken over by ubs after this essential run on the bank really. was mired in money laundering, corruption, tax evasion and even corporate espionage scandals. however, they did reserve some criticism

from regulators because what happened before this crisis was that some of the wolves surrounding capital requirements, the buffer that banks need to keep in case of problems with liquidity, that was reduced. capital relief. so the regulator was criticised by lawmakers in switzerland for that. but it did not lay the blame squarely at the foot of the regulator, instead it was the regulator, instead it was the mismanagement credit suisse had been underfor many the mismanagement credit suisse had been under for many years. how close to another global financial crisis did we come? well, it is really interesting as you will find out in this report, but actually authorities resorted to an encrypted app during these really tense negotiations trying to work out what to do as around $86 billion withdrawn from the bank and it was facing

problems with raising extra money. and they said it was very close to sparking another global financial crisis. very close to sparking another globalfinancial crisis. had it global financial crisis. had it not globalfinancial crisis. had it not been taken over by ubs in this deal brokered by swiss authorities. now there are big questions raised about what happens now. ubs, with this combined represents... credit suisse was deemed too big to fail as a globally important systemic bank, of around 30 in the world. but it did fail. now the world. but it did fail. now the worry is that ubs might be too big to say. so there is a lot of different recommendations put forward in 15