it's officially been one year since the united kingdom voted to leave the european union and the highly anticipated that referendum the final result was a close fifty two to forty eight vote and u.k. citizens still remain divided on how they feel about it a recent poll shows less than half of the population thinks parliament should continue to negotiate their exit in the same manner meanwhile about a quarter of citizens one british prime minister theresa may to push for a soft on the rest one either a second referendum or to abandon the referendum entirely now that may has lost her majority in parliament following this month's snap election her plan for leaving is in question and if the queen's speech is any indication it seems like the government is preparing for a horrid brock's it ultimately it's unclear which way it'll go in the end and even with the internal dysfunction the u.k. government is still moving forward with talks the only thing that is certain is the

way the e.u. feels about it which is not very positive at the e.u. has its way the u.k. will be paying billions of euros in commitments made as a member nation. speaking of euros the fact that the u.k. didn't completely adopt the formal currency of the e.u. has worked in its favor after joining the block the u.k. kept its original pound in sterling which will make the transition now much smoother but that doesn't mean the british economy has suffered post it might not have contracted as some analysts initially warned that the economy only grew by zero point two percent in the first quarter of this year that's compared to zero point six percent during the first three months of two thousand and sixteen the culprit is a fall in consumer spending which was triggered by rising inflation weakening wages because of the impact so far prime minister may recently promised to pay more attention to the concerns of businesses in fact she made those comments shortly after we learned that london's role as. financial capital of the world was at risk

some of the biggest u.s. based investment banks like morgan stanley and citi group are allegedly contemplating a move to frankfurt or other rival hugs while the entire u.k. workforce isn't only made up of financial services the sector contributes nearly one hundred twenty billion pounds to the economy from here on out we can likely expect may and the rest of parliament to prioritise securing jobs and business opportunities we're joined now by boom bust lindsay france who's in the u.k. to continue covering the one year breakfast anniversary she sat down with francis coppola financial blogger and contributor to forbes and the financial times francis words of the go shooting power in this in this debate right now who has the upper hand with the speed. the u.k. basically negotiating with a gun to its head to you on march twenty ninth twenty nineteen whether it's go to

do it or not. it's up against time pressure it is the week of pots and negotiations which remember it's u.k. this initiated this you know the u.k. early you know has to done to do is sit tight and wait for the u.k. to shoot itself in the foot or our economy was good predictors i did a conference in norway this week and we had two mobile economists and both of them they're very good at analyzing why something is the way it is but they're not good at telling you about what's going to happen tomorrow not certainly true and i'm not attempting to predict what the economic outcome will be when you were talking earlier about. the possible cost of this sort of i'm not attempting to predict that i think it's extremely dangerous to try and project that far into the into the future say oh my goodness it's going to be terrible or oh my goodness it's going to be marvelous the reality is probably muddle but you know it's hard to predict but i think in terms of looking at where the power balance law is i'm not looking ahead

i'm looking at where we are now and saying as far as i can see if you see the holds the upper hand well one thing you you and i have talked about is game theory you use that so supply and simply what's really going on here behind the doors yes explain that for us it's basically about saying that you can think of this as being like if you like a game of poker or something like that and you can look at the relative strengths of the players positions who is it who really holds the power who is it if you like who can afford to walk away i know there's been much said about hugh kaye being able to walk away from these negotiations but in reality you see you can afford to walk away not u.k. what do you want real quick what do you think about chancellor philip hammond really addressing the timeline here but he's been talking about twenty calls a slope a gentle slope into it which is quite nice you still about the idea that we're going to try and avoid a disorderly exit a cliff edge a sudden change which i think creates a much. well certain and

a much gentler move into guess what is on top and top to tell it you had. done it could be the problem is it is probably going to take a long time and so he's talking about an extended timeline that the european union will give them three years yes under their jurisdiction do you think he's really addressing that part of the timeline and what it means if they don't reach that well i think he is listening to that and saying you are holding us a half open door hit right which allows us to extend the time line though we have to do it according to the e.u. use rules which means an apparent a time when it's effectively still in the single market and still subject to the jurisdiction of european court of justice and required to operate according to free movement rules and all those things that parent you want to stop and i think the problem he's got is not be you i think it's a problem he's with his own party or you're going to favor of the u.k.

leaving no i wasn't and still where if the vote came up again you would go to the same way as is that fear isolation. and maybe fears of the right word but i talked to a lot of people that believe that if this goes south. the economic isolation could lead not to recession but depression to i mean what does the u.k. make where's the steel industry where's the iron ore everybody's got oil there's a lot of it on the world right now all the prices are very good so if if you have you have to think about the tough times of the downside here i mean if the european union economically turns against the u.k. you're not going to get a very good deal especially if you don't have a very strong prime minister and you don't have the political power so this could go south and then this could be economic isolation if it's don't. boy

i think the big risk here is actually not to manufacturing i think the big risk to service is. the u.k. it's a services based economy and has been for a long time i know we trashed our manufacturing industry the one nine hundred eighty s. when in fact services were a bigger part of the u.k. economy even then so the service industry it's the servicing of the world's it is absolutely i mean your first that's what it is and not manufacturing and not making venues and not being self-sufficient and outsourcing everything to the bottom line into the asian realm in the u.k. is going to be able to roll the dice economically and say hey we're going to do a better deal with and i'm saying there's a lot more to services than than just financial services and i'm a little bit reluctant to limit this discussion to talk about financial services and forget about all the many other service industries that are on the u.k. the point i'm trying to make is that it is services that drives the u.k. economy not to manufacturing that has been the case for

a very long time and i don't see that breaks it is in any way going to change that so the question in my mind is what happens not to the tower if we hear a lot about world trade organization rules or stuff it's not that it's about the non-tariff barriers though the things that make it possible for people to sell services into other countries without incurring incurring barriers to trade to trade to do with things like differences in law differences in custom differences in recognition of each other's educational achievements things like that there are much more subtle things that we don't really discuss what is the effect on the work was here for. mexico or canada or the united states what's the effect of a lot of solution of breck's it on the united states not what. i have no idea how to get out and about losing her to duty there. and i did seem to me that this is to me that mexico canada and united states have got enough problems of their own

right now well i decided to renegotiate now i'm just speaking as an american sure but where there's where there's problems there is opportunity. and let's be hypothetically offer the u.s. . the u.k. is looking for a directory deal there's a guy on the other side of the pond who's a big negotiator at least claims to be he's looking for a web he's looking for a trade deal is this an opportunity for the u.k. of the united states to do things maybe in trade that they haven't done before why would he prefer a trade deal with the u.k. over a trade deal with the he wants individual trade deals that's the troll yeah that's what he is already called out nato for not paying their bill when it comes to security in the talk about meghan yeah i don't know whether this does have a lot to do with the trade deals do i think that trump would probably do a deal with the brits if they aggressively push there could be

a business opportunity or you know i don't think the u.k. would be top of that it's no i think that. the renegotiation after is very high up the list i think that potentially trying to do you buy that will trade deals with other countries is quite high up the list as well i think that actually touch trying to sort out some kind of trade do with the european union is higher up the list as well and that has been the noises i've been having recently are you person a stick. that safely let me put it this way one of the could says it was made of remain as like me was that we were predicting this most almighty crash well that never happened and so now we're getting a lot of flak from the e.u. side saying well the almighty crash you predicted didn't happen did it to which i say i would say i. personally i can only speak for me never thought that we would have that sort of crash for me this is like a slow burn when we first leave the e.u.

we've been taken to our own laws pretty much everything that's in the laws anyway so there won't be that much of an immediate effect particularly on services i think the problem is the longer term as things die verge we will see i think our trade with the e.u. diminish if that's counted by our trade with the rest of the world increasing to compensate then potentially if yeah looks quite good but there's no guarantees about that and on balance given everything else that's going on in the world at the moment i am pessimistic but i just think it's a really awful time to be doing this let's start with a negotiation theresa may brussels with the other twenty seven nato members brought up the fact that the ok we're going to allow all three million people to stay here in the u.k. for four million brits are going to be u.k. rosa's going to be able to stay in the european union what would you make of that first of all she got criticized by some for picking the wrong forum to leave. and

if that is the case why didn't she bring that up it's been a year that is a very good question i mean interesting lee some of the people who have been most insistent that this must be sorted early on have been people who were campaigning for leave some of this most prominent breaks it is have been saying we really have to sort this out and sort it out quickly the reason i guess the reason i'm asking that is because immigration was a big portion a big motivator for this vote and moved to start with and so now she things out would she had said that before the break that vote well i don't know what she would have done but i mean we you know we could we certainly could have made this statement much earlier and in a way because the e.u. came in may it can put its position paper out first and there's one. indeed quite a generous generous offer to their citizens and therefore by by extension to u.k. ones as well because it was reciprocal. therefore they kind of stole

a march i think a bit on trees may she's got some distance to catch up and part of the problem is that the proposal they've put forward would mean the court of justice will continue to have some jurisdiction in the u.k. and that's not acceptable to the british side so they've now put forward a proposal saying well we're going to have. rights to stay but overseen by the british courts and that's not acceptable to the e.u. side and so at the moment we've got a bit of an impasse talk about as you say you can analyze but you can't always predict as is larry sonna doubt we're seeing a lot hearing a lot of massive corporations moving already nassib amounts of office space and saying we're going to move nine thousand one thousand and insert the thousands of numbers of our employees to frankfurt to brussels to paris is this posturing or do you think this is a reality that they're saying ok when we get the indication we're moving or is it sort of a bit of a threat other you might be a bit of both actually i mean the business community generally has not been in

favor of brics so they're more financial services companies are known and these are financial known for being a certain amount of pressure to government by threatening to do things on nature's creatures famously done that threatened to move to hong kong to try and influence the outcome of u.k. elections that kind of thing so wouldn't surprise me if this was to some extent posturing that set all the indicators are at the moment that it's going to be quite a rough ride and the financial services industry after it is going to suffer quite a significant change are all the things that are going to be repatriated to to europe that has to happen and so it's reasonable the financial services would be preparing for that you chose a well defined answer what juror b corbin's. what he would his tell you we know what he wants to do for the social end of. but what's his economic plan i wish i knew. i was going to do this is a loser super this is a guy who has who has really had

a political rebirth of. the board and he's done it well the government should be doing this for you. but does anyone know what his economic package is what he wants to do well to be fair to the labor party dire economic package was fully costed i actually looked at the financial documents in some ways to add up the question the problem is whether what they have for cost regarding tax revenues and growth is actually achievable if it is and they cannot make foundation entirely falls down and i think this one terry important change they managed to achieve and that is that they turn to the debate away from. it which is what the conservative party were trying to do to let's talk about health let's talk about education as you know about social policy to talk about all these things because actually that's much more important and that i thought was quite a remarkable achievement the problem is that still is where we are and all of those

things are impacted by thank you so much for the candid take on that's the real pleasure of financial economists francis koppel thank you thank you for that was boom bust the france. stay with us because after the break our breakfast anniversary coverage continues more interviews from correspondents around the world and a look at teresa mayes plans for citizens in the e.u. to stay in the u.k. after breakfast. start the environment. right. chemical discoveries over the last century made every day life easier but at what cost this is syria was exceptionally sick. i wondered. confidential. sist says the years old industrial giants reaps the benefits ignoring the home cools by chemical production. you know

as if these people aren't people just experimental animals. the toxic environment continues to poison lives and we found these astronomically high levels of dioxin levels that my staff think maybe some of the highest levels ever found in the united states for almost thirty years this very serious problem had not actually been addressed what will that investigation into the chemical industry secrets revealed. this despicable. the earth there's. others financials but i don't buy a i prize on a teacher's. face almost five. s. unless some of my it's from the future trucker watch kaiser.

ted value whether. you know. our own soda. salt. or. girl is the dog or the one school and the people here living. i i. i. at the moment over three million citizens live in the u.k.

and over one million new cases and live elsewhere in the e.u. so as you might imagine the future for millions of europeans became uncertain quickly following the brics that vote during a meeting with e.u. leaders this week prime minister may try to her best to ease concerns stemming from that uncertainty plenty of questions still remain considering may has yet to determine an official withdrawal date that inevitably impacts residency requirements which currently requires a period of five years may did say she would offer a grace period of two years after the cutoff date for people who moved to the u.k. more recently but she wouldn't budge on which court system would overlook that the e.u. wants the european court of justice to oversee residency and education rights may said it be run exclusively by the british courts and that announcement didn't sit well with european leaders european council president donald tusk said may's plan so far was below expectations german chancellor angela merkel said there's

a long way to go and even british labor leader jeremy corbyn said the offer quote doesn't go far enough but on monday may is expected to lay out a more detailed plan in london which will hopefully clear up the many questions that you leader sound. our team coverage of the bracks anniversary continues with artie's peter oliver covering the divorce bill along with the battle between the pound versus the euro and what this all means for businesses in the region we're one year old from the vote to change the face of the european union. and with the european union lead to begin under a new prime minister and i think it's right this new prime minister takes the decision about when to fifty and start the legal process over leaving. in the e.u. the united kingdom triggered article fifty of the lisbon treaty back in march and not set the clock running for two years until the e.u.

becomes a club of twenty seven not twenty eight those charged with shepherding the united kingdom out of the european union hope that the major issue of rights for e.u. citizens living in the united kingdom and brits living here in europe can be sorted fairly quickly there's a long way to go but we're off to a promising start we have taken the first critical steps together now we have a shared responsibility to deliver quick and substantial progress it was clear from the opening that both of those want to achieve the best possible outcome and the strongest possible partnership. one that works the u.k. and for the e.u. despite talk of setting yet achievable goals there's still many key issues that remain in the air what to do about the divorce bill which is alleged could run as high as a hundred million euros that brussels will demand from london then there's the

border between the republic of ireland and northern ireland how will it look how will it be enforced all of these things brussels one sorted before they'll even enter into any negotiations over trade financially we've seen the pound drop to a seven month low against the euro over the last couple of weeks and then there's london's enormous financial services industry now that's been beset by rumors that some companies may look to relocate following breaks it but that is something that at least the european side have said they want to avoid if possible the purpose of our legislative proposal is to ensure financial stability and not moving business for the sake of moving business this is why we are not putting forward some kind of generalized location requirements but rather empowering the relevant authorities when briggs talks got underway on monday the two sides exchanged some of the

pertinent gifts with the u.k. receiving a walking stick and the e.u. among to the ring book both sides on the know will lucian's that they were on a long potentially hazardous journey peter all of us. we're joined now by boom bust one of the france is in the u.k. to continue covering the one year bracks anniversary. contradictions contradictions numbers don't lie unless they're in correct or just veg and when statistics and polls contradict one another in emotionally heated arenas like the bracks a debate in the u.k. it can wreak havoc. the people and their ability to make a clear decision let's talk about jobs one common statistic typically cited by many verify all politicians is that some three million u.k. jobs could be at stake if it goes through now this is usually directly countered by

big business so what do the people actually believe actually i think i believe that and i can see myself from a not to take here in an american. studio so what what why would they stay here if they're going to pay for us in there not to know what. i think i think numbers can be used to support any which argument you want and i think what we're in real need of actually is a real independent facts checking body that people can rely on to determine whether or not politicians are telling the truth so they'll be really help funded by. an independent organization definitely one of the political policy is one side assert that the average middle income household in the u.k. will be out thousands of pounds upon the u.k. leaving the european union but what many people aren't aware of is the time span involved is it one year five years ten years many voters just aren't told

case in point the center for economic performance says bracks it will cost the u.k. equal and a between forty two hundred pounds and sixty four hundred pounds per household to them making them up say they. would be more it might take them out i think it feeds into the fair it definitely feeds into the media to create a fair people need to know where these homes come from the attacks here on westminster bridge just weeks ago distill perfectly what many bracks voters saw as an item at the top of their agenda for bracks it it's porous borders immigration safety who controls it is it the u.k. is it the european. union and you can bet when attacks like this happen politicians on both sides news numbers and emotions drive home the point but whose numbers are actually correct and who's convincing the voters in states way of living social media and everything else you know people following figures that they just pick up

and they haven't looked into the backing of it they're looking at he's saying it rather than what's actually being said as in any recovery the first step is acknowledging you have a problem figuring out a plan to fix it is another story entirely but there could be a clue in these vague numbers we see follow the money. in london in de france. we leave you tonight with a recap of our boom bust special coverage of brecht's it when your later as of now the u.k. remains committed to leaving the e.u. one year after voting to leave but the circumstances of britain's official exit as well as the effects it will have are still unknown even a year later we still don't have an official cutoff date but what we do know is that u.k. residents remain mixed on their feelings towards independence we also know the british economy has been bruised in the wake of the both results and ongoing negotiations and the process of both sides ironing out the details will not be easy to say the least the most common timeline features of two thousand and nineteen

exit date so we can expect that in a year from now we'll know a little more but in terms of impacts down the road it won't be until years after that we can truly understand the effect that has had on the e.u. and the rest of the world. that's all for now you can check out the show on you tube at you tube dot com slash boom bust r.t. from all of us here a boom bust thanks for watching see you next time. i'm stan collymore going home and. we're going to be your hosts but a treat pounds seventy confederations cup match we're going to be visiting the host cities are sochi. going to be great if you don't believe in. something pretty much

every every topic the fans need to know about the match so don't forget to join us on field it's going to be full of you know. this talk about black and blues of black. and always will be the big guy. at least that's what i've been told but it was simply that we and remains as such because we simply forgot i don't believe. the scene we've allowed them to rearrange our plane you've told us the sickness of trusting our enemy we came to face. it that's what i call a lack of blackness or understanding the blues of being black. sheep the blues of being black should mandate that we attack knowing how when and what to do to come the simple in his national has been begged and simply to the feeling blue is black and blue.

skies are financial survival guide liquid assets does that you can convert an insecure as quite easily. to keep in mind though as if i'm in the place of the as good as the word.

of another post deficient of. the law. of. so. you. just. have to leave. somebody. out there. was i don't know that my love for the cell phone with a cell phone oh. but do you investigate the police officers behavior as well. i'll take drugs on the web. presence here. calling people as you call.

a distressing video of what helmets rescue are allegedly disposing of the bodies of beheaded syrian soldiers. and an american professor received death threats over a facebook post seeing a complex in the latest example of racial tensions boiling over in the united states. thank allah for not having the black sea resort of sochi today as we continue auntie's coverage of the confederations cup chris johnno rinaldo cold mexico on the home. front next week some before and will stay with us on also.