he has an audience who will completely agree with him, the confederation of british industry has beenery vocal about the fact that they want a relationship with europe which is as close as possible, but this is all geared towards boris johnson possible, but this is all geared towards borisjohnson as boris johnson looks to step into the role of prime minister, if and when in the near future, it of prime minister, if and when in the nearfuture, it is of prime minister, if and when in the near future, it is expected that theresa may will step down. but it does talk about the cabinet having a meeting today and on the agenda, they will talk about whether they should scale up no deal planning. this is the problem with the uncertainty. you have to plan for every scenario. the real issue is the uncertainty, and i think also for businesses. you need certainty, what is the regulation, what is the situation? everyone is in this no man's land of uncertainty. and i think that is why industry, they wa nt think that is why industry, they want a deal, but they want to know what they are going to have

britain's business lobby group, the confederation of british industry, has written to conservative mpsnister to warn them against leaving the eu without a deal. in an open letter, cbi director general carolyn fairbairn warns a ‘no—deal‘ brexit would do "severe" damage to businesses. several of the candidates have pledged to make sure the uk leaves on october 31st, with or without a deal. we are asking all of the candidates to look at the evidence coming from the face of british business, particularly small companies, who are stockpiling raw materials and goods, wasting money they could have been spending on trading and other things, to look at the cost of tariffs. things, to look at the cost of ta riffs. wto ta riffs things, to look at the cost of tariffs. wto tariffs are rudimentary, no other country in the world trade just rudimentary, no other country in the world tradejust on rudimentary, no other country in the world trade just on wto tariffs. look at the impact it is going to have on the ability of our firms to compete and grow and then come back and make your decision is ——as le

let's go back to that further warning from the confederation of british industry about brexit — we'ren fairbairn, she's at westminster. thank you for your time this morning. what is your fundamental message to the now 12 people contending for the conservative leadership and the winner of course, being the next prime minister? we have written to all 12. we are saying two simple things. first of all, there could be such opportunity for this country if business and government work together. back in business, we can rhys gill the nation, tackle climate change and tackle inequality. the second important message is, it is only possible if we have a deal that protects the economy as we leave the european union. the cost of no deal is so great and severe, to companies of all sizes, that this is something that should be absolutely a last resort not a plan a or b. you must be alarmed by some of the leadership candidates who are either openly embracing the idea of leaving on october the 31st with no deal or they would be content to go down that route? i feel hugely concerned by that. i spent so

brexit negotiations continue, and the uk government grapples to find a new leader, the confederation of british industry told conservative leadership candidates "a no—deal brexit scenario would do severe damage to businesses". and finally a story from the guardian — exciting news for harry potter fans. jk rowling has announced the publication of four short books on the history of magic. so let's begin with the south china morning post. with me is fiona reynolds, ceo of principles for responsible investment. this headline, this is coming from a chinese newspaper, but nevertheless it is wanting the prices could go up in the united states in everything from clothes to electronics because of this trade work. it's an interesting story because it's playing out in this continuing trade war between the us and china as we are talking about here. this is going to mean that cost are going to be passed on to american consumers, particularly those, they are suggesting at the lower income level —— costs, within the economy. so i think that is going to start to bite and create some problems. probably, for donald trump

the front page of the times, philip hammond, the chancellor, who is actually at the confederation of british industry, and this is about what he will stay in his speech. yes, it

the directorairn, general of the confederation of british industry. ook at the business stories we are watching in the news. analysts warning that tesla "telemann jar of -- faces a "kilimanjaro like climb for earnings." one formerly bullish analyst slashed his price target for the second time in just two month s. the largest british automaker overcame a continued sales slump in china to raise optimism that jaguar is finally on the mend. is joining other european carriers in warning of tough months ahead for the airline industry in europe. ryanair says lower fares and wills at its austin unit affect 2019. that is your bloomberg business flash. vonnie: still ahead, opec's meeting in saudi arabia points to further production cuts. futures are in focus, next. this is bloomberg. ♪ ♪ guy: from london, i'm guy johnson. vonnie: in new york, i'm vonnie quinn. this is "bloomberg markets." it's time for futures in focus. let's get to chicago, and don i accino at the cme. do we have any idea of what supply is going to be like in the market? : it has been about 18

of business news, not least in tech world, where mark zuckerberg, boss of industry giant facebook, faces challenge to power at shareholder meeting. meanwhile, the uk's business lobby group the confederation of britishiness. here's the group's director—general carolyn fairbairn. we are asking all of the candidates to look at the evidence coming from the face of british business, particularly small companies who've are stockpiling raw materials and goods, wasting money that they could have been spending on training and other things, to look at the cost of tariffs, other things, to look at the cost of ta riffs, wto ta riffs other things, to look at the cost of tariffs, wto tariffs are rudimentary, no other country in the world trade is just on wto tariffs. look at the impact it is going to have on the ability of our firms to compete and grow, and then come look, make your decision as leaders. simonjack is our business editor. this is something we've been hearing from the cbi for three years, we've got to sort this out, no deal is a real disaster for businesses, and now she is directly appealing to those who ultimately will be making the decision, and we've seen so many of those contending for the lead

in an open letter, the confederation of british industry, director—general carolyn fairbairn urged thenister to reach an agreement with brussels, warning them that smaller companies can't afford the necessary preparations for leaving without a plan. businesses are resilient, but let's be absolutely clear. there is no such thing as managing no deal. it is impossible to prepare except for the very biggest companies. 85% of small companies cannot prepare, they haven't got the money all the time to be able to put contingency plans in place, so of course the world will carry on spinning. but we would have lost jobs, lost will carry on spinning. but we would have lostjobs, lost investment and damaged our economy. so, what do we know about mark harper, the 12th mp to announce his bid for the top job? he says he is an underdog. he says he's the only candidate "not tainted by serving in theresa may's government." let's get more on this from our political correspondent, jonathan blake, in westminster. 12. this will take ages to get through all of them. it is getting a bit crowded. he becomes a 1

the chancellor philip hammond talking to the confederation of british industry but his message is notn cabinet. ithink so. his for them, it's for those within cabinet. i think so. his point being that even leavers didn't vote for a new deal, they voted to leave with a deal. and we can see how worried markets are getting about that, the slide in sterling this week. this is all to do with the prospect of a new prime minister coming into power. if theresa may were to stand down in the near future and the possibility of borisjohnson the near future and the possibility of boris johnson getting the near future and the possibility of borisjohnson getting thatjob, he is putting himself out there, others are as well. but chancellor hammond saying very clearly the damage to the uk economy if there was to be no deal is a brexiteer prime minister is fine but providing there is a deal. let's talk about scams. we talk about bitcoin quite a lot on this programme but this story on the bbc website, celebrity being used to promote crypto currency trading schemes which turn out to be scams, that warning

the confederation of british industry warns conservative leadership candidates that a no—deal brexitalling from a roller—coaster at a theme park in north yorkshire. thousands of disabled children and theirfamilies have been protesting across england calling for the government to end what they call a national crisis in special educational needs funding. there were rallies in 28 towns and cities, and a petition was handed in to downing street. 0rganisers warn funding is failing to keep pace with demand, but the government says an extra £350 million has been provided. the former head of the british army has described as preposterous the claims that there was a cover—up over the fatal shootings of ten people in belfast in 1971. general sir mike jackson has been giving evidence to a new inquest into the incident in ballymurphy. 0ur ireland correspondent emma vardy has more from belfast. well, the ballymurphy killings have a lwa ys well, the ballymurphy killings have always been regarded as one of the most notorious incidents of the troubles. ten people shot dead over three days on a mainl

on manufacturing from the confederation of british industries which was really pretty bad, suggestingcoming. one of the things we have seen perhaps, today things are not quite as bad as they are going to be, but there is evidence firms are planning for brexit and stockpiling, which might mean the softness you see will be even softer, because you pull things back and spend money on stock. three things occurred today as well. british steel now looks like it may well crumble, go bankrupt. they run one of the two steel, integrated steel plants in scunthorpe. restaurantr's network has gone into bankruptcy. and thomas cook, the british travel agency, in trouble with brexit because people have stopped booking holidays to go to europe. so that softness in consumer spending, in retail, does suggest this is a big uncertainty. the other thing we should of course mention, productivity has gone negative the last three quarters, and investment continues to decline. so you are right. there is a softness, but it might be this is as good as it gets, because once stockpiling stops, with more uncertaint

the confederation of british industry has issued another warning about leaving the european union, thistive leader and prime minister. the cbi tells the candidates in the tory leadership race that a no—deal brexit would cause "severe" damage to british businesses, and urges the next prime minister to reach an agreement with brussels. it says smaller companies can't afford the necessary preparations for leaving without a plan. we have written to all 12 and the i think i think to very simple things, first of all, there could be such opportunity for this country if business and government work together. back in business and we can rescale the nation and tackle climate change and tackle inequality. let the second really important message is that's only possible if have a deal that protects the economy as many of the european union. the cost of no deal is so great, so severe, across companies of all sizes that this is something that should be absolutely a last resort, not a penne or plan b. brexit party mep lance forman joins us now. you run your own business. you don't think no deal is a pr

to discuss this we can now speak to rain newton—smith, chief economist at the confederation of british industryamin, from extinction rebellion who have recently been protesting the slow pace of change when it comes to emmissions. welcome to both of you. starting to you, rain. is business willing to spend the money to go for net zero emissions by 2050? i think one of the important thing is this report sets out is that this is not going to cost us a lot of money. in fact, it isa to cost us a lot of money. in fact, it is a huge opportunity. but it only happens if we act now. if the government accepts this target and says, clearly committing to a net zero target by 2050, and then we put the policies we need in place behind that, businesses will absolutely rise to the challenge. they already have. last year over 50% of our electricity generation came from low carbon or nuclear sources. that is because business has stepped up to the plate. we have seen a huge development in the solar energy sector and offshore wind so business absolutely wants to innovate and meet the challenge. we all have to act. w

the confederation of british industry a lwa ys confederation of british industry always says they arethe conservative party, do you think it's the party to unite the uk, regardless of what happens with brexit? because your party has made a mess of it so far. when you say you... your party. i don't take personal responsibility but i am ashamed and embarrassed by it. 55 yea rs ashamed and embarrassed by it. 55 years ago, when i first entered the conservative party, i never imagined in my lifetime i would see it in the mess that it's in. the country faces a severe test. standing on the sidelines now, as if i am at a football match, you see one team thatis football match, you see one team that is a leaderless rabble, and another team led by a hard left individual injeremy corbyn, and the labour party has not been led from that far left in the 50 odd years i have been following politics. i think the country is in a dismal situation, which is perhaps one of the reasons why when we get the results of the european elections on sunday, not only will the tory party do disastrously badly, but so

in an open letter to mp5, the head of the confederation of british industry, carlolyn fairbairn, warnst a no—deal brexit would cause british companies "severe damage". she also warns that smaller companies cannot afford the necessary preparations for leaving without a deal. a letting agency has been illegally evicting tenants and taking their belongings, this programme has been told. tenants we've spoken to said they arrived home to find their locks had been changed and their rooms emptied. i got in to my room, they changed the lock and i was like, ah, and everything was gone. flintons in east london, said it "strongly denies" it has ever broken the protection from eviction act or taken their customers' personal possessions. we'll be bringing you that full report straight after this bulletin. stay with us for that. the deputy leader of the liberal democrats, jo swinson, has announced that she'll be running to be the next leader of the party. the former equalities minister says the country is "crying out for change". she faces competition from former energy secretary sir ed davey, who h

that's the damning verdict from john allan, who, as well as being the president of the confederation of british industryiness has that they are paying too much in rate and that means it is unsustainable for them to continue. you share that worry? very much so. let me clearly say that this is not a plea for lower tax. we recognise the business has an important role to play in funding public service. but we pay £27 billion in business rate and it is much higher than in our economic competitors elsewhere and other major economies. it is inflexible. it discourages investment and we think it needs to be looked at radically and reformed. both political parties have committed to do that in their last manifestoes but they are yet to do so so we want to put some pressure on them to do what they say they would undertake a thorough review of this particularly complex tax. how should this work? as we know, changes to any sort of tax system are notoriously complicated and take a long time to implement. where do you start? we start by removing some of the disincentives. at the moment, if you invest in your shop, offi

here‘s your business headlines on afternoon live the warning from the confederation of british industrye german insurer allianz will become a market leader here in britain after an 800 million pound deal to take control of two insurers here. it already owns almost half of lv general insurance but today it‘s announced it will buy the rest along with a deal to buy legal & general. here is a question, have you ever been mis—sold ppi insurance? you should know better. i think lots of people got duped into it. did you? know, not personally. i am sick of being asked by tv ads, but it‘s all coming to an end. this long—running campaign to ensure people who are entitled to compensation for mis—sold ppi get their compensation. you have to have your application and before august 29. billions of pounds has been repaid to consumers. the question is, is there more to come and how much more? joining us now is becky o‘connor, personal finance specialist, royal thank you very much forjoining us. is it possible to estimate how many people haven‘t claimed and how much more money they could be for them? it

the confederation of british industry has issued another warning about leaving the european union — thisen letter to the next conservative leader and prime minister. the cbi tells the candidates for number ten in the tory leadership race that a no—deal brexit would cause "severe" damage to british businesses — and urges the next prime minister to reach an agreement with brussels. it says smaller companies can't afford the necessary preparations for leaving without a plan. here's the head of the cbi, carolyn fairbairn. we have written it to all 12 and are seeing two simple things, first there could be such opportunity for this country of business and government work together so back business and we can tackle climate change and skill the nation and tackle inequality. the second important message as that is only possible if we have a deal that protects the economy as we leave the eu. the cost of no deal is so great and severe across companies of all sizes that this is something that should be absolutely a last resort, a planz should be absolutely a last resort, a plan z and not arb. earlie