let's talk to jeremy thomson—cook, from complete currency consulting.ted his plan and for getting rid of the backstop. a backstop he voted for when he voted for theresa may's deal backin when he voted for theresa may's deal back in may two earlyjune. in the grand scheme of things, this is the uk and the eu going round in circles. the eu have been fairly concrete, incredibly concrete, about the need for a backstop and it is just an insurance policy, not something that comes in as soon as the withdrawal agreement is agreed between the uk and the eu on the basis during the transitional period, something around the northern ireland border is not agreed, there is a fallback position and that he will not cast aside island by saying, we don't need a backstop at all —— the eu will not cast aside. the e were saying we will not enter wider negotiations. that backdrop as well —— the eu were saying. all of the conversations between johnson and angela saying. all of the conversations betweenjohnson and angela merkel, emmanuel macron, another round of political postu

jeremy thomson—cook, founder of complete currency consulting, joins me now. are you? very well. how are you? -- geremy. a staggering loss. i worked it out. it is about $1000 a minute over the course of a 90 day period. every single minute. uber is saying that the majority of this is down to the costs associated with its ipo, getting itself onto the stock market. it's initial public offering. yes. in allowing people like you and me buying shares on it. previously employees were allowed shares. a lot of this cost, about $3.9 billion worth of this cost is that compensation to employees and employees using their share options. evenif employees using their share options. even if you take that out, they still lost $1.3 billion, double what they did in the previous quarter. so this compa ny‘s profits they did in the previous quarter. so this company's profits and revenues are only going one way. that is absolutely right. these expenses are piling up. they have done a foray into food, another into freight. how sensible are these aggressive growth strategies when you

joining us is jeremy thomson—cook, founder, complete currency consulting jeremy, we were nodding towardt at all today, the bank of england dry to stay away from cutting interest rates until the outlook for brexit is looking a little bit more certain, god knows when that is going to happen! but in the short term the bank of england will probably outline its options and continue to say it remains vigilant and dry to continue to communicate to businesses and consumers in the uk that should the worst come to the worse they will step in and try and help the uk economy. what else is in the mind of european investors? the fed took up a lot of time yesterday, continues to have an effect on market as we see this morning, chinese manufacturing numbers overnight, as much as we can talk about the federal reserve and the impact of the trade war, it's federal reserve and the impact of the trade war, its continuing to her things, chinese manufacturing stabilising a little over the course ofjuly, we saw the trade talks break down between the us and china and they are not due to resume until september s