britain is leaving the european union. we are going to make our own decisions and our own laws, we are going to take control of the things that matter most to us and we are going to take this opportunity to build a stronger, fairer britain, a country that our children and grandchildren are proud to call home. that is our ambition and opportunity and that is what this government is determined to do. at moments like these, great turning points in our national story, the choices we make to find the character of our nation. we can choose to say the task ahead is too great, we can turn our faces apart and believe it can't be done or we can look forward with optimism and hope and to believe in the enduring power of the british spirit. i choose to believe in britain and that our best days lie ahead. and i do so because i'm confident we have the vision and the plan to use this moment to build a better britain. for leaving the european union presents us with a unique opportunity. it is this generation's chance to shape a brighter f

britain is leaving the european union. we are going to make our own decisions and our own laws, we are going to take control of the things that matter most to us and we are going to take this opportunity to build a stronger, fairer britain, a country that our children and grandchildren are proud to call home. that is our ambition and opportunity and that is what this government is determined to do. at moments like these, great turning points in our national story, the choices we make to find the character of our nation. we can choose to say the task ahead is too great, we can turn our faces apart and believe it can't be done or we can look forward with optimism and hope and to believe in the enduring power of the british spirit. i choose to believe in britain and that our best days lie ahead. and i do so because i'm confident we have the vision and the plan to use this moment to build a better britain. for leaving the european union presents us with a unique opportunity. it is this generation's chance to shape a brighter f

it will give companies the maximum freedom to trade with european markets unless european businesses do the same in britain. your p leaders have said many times that we cannot cherry pick and remain members of the single market without upsetting the four freedoms of are indivisible. we respect that position. and excepting those freedoms is incompatible of the democratic express of the british people, we will no longer be members of the single market. were going to make sure that we can have trade agreements with countries outside the european union too. it is important as a trade as the with the e.u.'s comments we need to sit never can only increase with the fastest growing market in the world. we hope to continue to collaborate with our europeanllt partners in science, education,n research, and technology. so the u.k. is one of the best places for science innovation. we see continued cooperation with our partners in areas such as crime, terrorism, and foreign affairs. fut we want to deliver a smooth and orderly brexit reach an agreement about our futures partnership by the time the

the european union, of the european treaties, the european project.ries and every of our citizens. naturally the parliament will commit more details resolutions later on on specific issues, in the coming months. normally that will start after the summer break when i should say that in negotiations between the european union and the uk are really on speed. if i may use that expression. thank you. we will take a few questions. we will either news conference for now in brussels. unprecedented and reg retta ble, in brussels. unprecedented and regrettable, two of the words described —— used to describe today's events. let's rejoined ben brown. diva hofstadter was taking a tough line. he said it wasn't a question of revenge or punishment. setting out some tough lines for the next few yea rs of some tough lines for the next few years of negotiations. the president of the european parliament also saying that to not be a member of the eu cannot be the same as being a member. in other words, whatever deal varies with britain, it can't be as good as the deal tha

pro—european sentiment has slightly gone up pro—european sentiment has slightly gone up across pro—europeany gone up across europe —— since britain announced. although there is the political and economic shock, to some parts of the eu this could be quite a good sort of gelling factor against further moves towards division. how will the rest of the eu cope, then, with a 38% drop in its income when we stop contributing, as many of those who wa nted contributing, as many of those who wanted to leave said that we would be spending all of this money which we could spend at home. and of course, usually come in new countries that come into the eu are net beneficiaries, aren't they? britain is a net contributor to the european union, and certainly the countries like germany, the biggest contributor to the european union's budget, that net contribution from britain was very, very important and i'm sure will be one of the big negotiating areas over the next two years. what does britain continue to pay into the european union for access to the single market, for access to the single market, for access

of the united kingdom for us to have a strong european union, the strong remaining 27 in the europeant is important for us and for the united states as well. i will take one more question. yes? the danish prime ministersaid... one more question. yes? the danish prime minister said... thank you so much, blonde bird tv. the danish foreign minister said that —— blomberg. brexit could take up to 50 years, is he wrong? what makes you think that it will actually be possible to do it within two years, given that we know michel barnier for example is very a kingston negotiating a parallel trade deal at the same time as a brexit deal —— very against negotiating. what makes you think it will actually be possible to do it within two years, given that we know michel barnier for example is very against negotiating a parallel trade deal at the same time as a brexit deal? well, first of all, obviously the treaty sets out that in looking when some of these countries are leaving the european union, the process which is article 50 sets out is for the withdrawal but also setting the framework for the fu

leaving the european union. he summit began by welcoming president truck as president they have council. i welcome this. with talked about the challenge of mass migration, the threat to stability in the balkans and the measures needed to booths europe's growth and competitiveness, which will remain importance for us as we build a new relationship between the e.u. and a self-governing, global britain. we showed how britain will continue to play a role in europe after leaving. i welcomed the progress in implementing the action plan which we agreed at the informal e.u. summit in malta last month this included italy strengthen asylum processes and increasing returns and greece implementing the e.u.-turkey deal, where the u.k. is providing extra staff. i argued that we must do more to dismant they will vile people smuggling ring that profit from the migrants' misery and are subjected many to unimaginable abuses. with coordinated and committed action we can make a difference. indeed, just last month, an operation betw

for leaving the european union presents us with a unique opportunity.is this generation's chance to shape a brighter future for our country. a chance to step back and ask ourselves what kind of country we want to be. my answer is clear. i want the united kingdom to emerge from this period of change stronger, fairer, more united and more outward looking than ever before. i want us to be a secure, prosperous, tolerant country. a magnet for international talent and a home to the pioneers and innovators who will shape the world ahead. i want us to be a truly global britain. the best friend and neighbor to our european partners but a country that reaches beyond the borders of europe, too. >> can i just apologize for having to sbrinterrupt the -- that's your long-term goal. may be very long-term and should be your goal. and what i say to the house is this. you can study the record. i will want all colleagues to have the chance to question the prime minister. but this is a very important statement. and i think it is reasonable to expect that the prime minister

britain is leaving the european union. we are going to make out european union.e going to make our own european union. we are going to make our own decisions and our own laws. we are going to take control of the things that matter most to us and we are going to take this opportunity to build a stronger, fairer britain, a country that our children and grandchildren are proud to call home. we will not give this government a free hand to use brexit to attack rights, protections and cut services. or create a tax dodgers' paradise. so let me be clear, mr speaker, the prime minister says that no deal is better than a bad deal, but the reality is, no deal is a bad deal. the prime minister says that she thinks that brexit will bring unity to the united kingdom. it will not. on this issue, it is not a united kingdom and the prime minister needs to respect, respect the differences across the nations of the united kingdom. if she does not, if she remains intransigent and if she deny scotland a choice in our future, she will make scottish independence inevitable. i will roll

after britain leads the european union, it was be legal of citizens of 46 other european countries too the republic of ireland and get a job and claim benefits and use the services. but a few yards in that direction, there would be no automatic right to do any of that. that changes what northern ireland's biggest party, the democratic unionist party campaigned for. why did they dup back brexit? there's number of reasons. the european union is very good at creating regulations, it created hundreds on agriculture alone. ultimately, we believe that power is better invested at the local level, so we want more power to the local authorities, to regional assemblies, and ultimately to westminster. not to be vested into europe whether it's little accountability. do you except that britain's decision to leave the eu poses huge problems for the border between northern ireland and ireland ? oh, yes huge problems. do we have a hard or soft border? both britain and ireland have indicated they would prefer to have a free—flowing border. the truth is we had something like 16,000 troops here and many

to leave the european union. i actually thing thi that when i talk to people who voted to leave and people who voted to remain, the overwhelming message is that they want the government now to get on with the job of delivering on that vote. >> thank you, mr. speaker. my right honorable friend the prime minister has made it clear both from the dispatch box and the country that she wishes to prioritize the certainty of u.k. nationals living in the e.u. 27 and e.u. nationals living here in the u.k. but i have it on good authority that the e.u. negotiators want to prioritize the so-called divorce settlement. will she make it clear to the people with whom she is negotiating that we will not countenance british and e.u. citizens being used as bargaining ships -- chips in such a way. >> my honorable friend is right. what we want to do is ensure we see both e.u. citizens living here and u.k. citizens in the e.u., reciprocal arrangements for them in terms of future status. i want to see that as an early -- as a discussion

we trade with and operates the european market and allow the european businesses to do the same. the successful and competitive market in the future will remain in the national interest and i call for the steps to complete the single market and the digital single market.t. [laughter] i also welcome the completion of the free trade agreement between the eu and canada and japan in the coming months.s. for these agreements, that they will lay the foundation.u. [inaudible] at the same time we will also see the opportunity to forge our own trade deals and reach out beyond for the friends and allies alike. w if we cannot announce a two-day conference with the largest trade delegation to visit building on the trade we already do every year and we also strengthen the global relationships we forged with thn diverse alliance and the commonwealth that we celebrated on commonwealth day yesterday. we've remain on track with the timetable i set out six months ago and i will return before tho end of this month and i've begun the process for which the united kingdom will leave the european union

you obviously, as president of the european commission, are a great believer in the european union. is not there on saturday, what will be in your mind as the way to stop others following suit? other member states walking out the door? will you try and use the negotiations around brexit to put others off? even if the british pm is not there, i will have the british people in my hearts. because britain belongs to europe in a way that britain is part of europe. so brexit or not brexit, we should not forget that the european continent has a duty when it comes to britain, because without churchill and without the resilience of the british people, we wouldn't be here at where we are now. so i'm everything but in a hostile mood when it comes to britain. but i don't want others to take the same avenue, because, let's suppose for one second that others would leave. two, three, four, five — that would be the end. how do you balance that in brexit negotiations? on the one hand, wanting to keep uk close, as you've said. but on the other, wanting to ensure that others are put off leaving. i mea

my constituey ted to remain in the european union. [shouting] the point is -- [shoin the point is, the point is that we are one unid kgdom, and it was a vote of the wholef the united kingdom. anwhat iea from people ouidof this chamber, and by thwathe right honorable gentleman seems toort somethin le 400,000 voted to leave the european union -- [sutg] what i hear, what are you from peop osi this chamber from individuals and businesses alike, whether they vote to remain or toea, is tt the bo hinbeen takenth decision hinbe gen to people of the unitedingdom, that we shouldowescthat vote and get on th the job for everybody across the whole of unedingdom. rerto the issue of scottish indepenncand it impact on membership to the european uni. its e se and the european union has reinforcedhe dori that if scotland were to -- [shouting] they seem fd amusi,, t just want everybody the ctrine is it scotland were to become independent fro t united kingdom andt d voted r independence in 2014 then they would've ceased to be a member of the euroan union

it is not going to be as telling the europeans but the europeans telling us.olitical difficulty will be for theresa may when these negotiations happen, we know that they will be complex but politically here at westminster, she has a constituency here to think about, where will the main difficulties be? here to think about, where will the main difficulties be ?|j here to think about, where will the main difficulties be? i think facing up main difficulties be? i think facing up to the fact that the deal that will be on offer is less good than what we have now. from the european point of view, it is important to look at both sides of these arguments, they cannot afford to set up arguments, they cannot afford to set upa signal arguments, they cannot afford to set up a signal that if you leave you are better off. 0therwise up a signal that if you leave you are better off. otherwise it would give incentives to people like marine le pen to take france out. we know we're not going to get a deal but is as good as what we have. we do not yet know the nature of the deal

and today, the european commission. has today formally notified the european union that the uk is leaving after 44 yea rs of that the uk is leaving after 44 years of membership. article 50 of the lisbon treaty was triggered when the lisbon treaty was triggered when the british representative, the permanent representative here in brussels, sir tim barrow, permanent representative here in brussels, sirtim barrow, handed a letter which had been signed last night by theresa may in downing street, brought to brussels and then sirtim street, brought to brussels and then sir tim barrow handed it personally to donald tusk, president of the european council at 12:20pm this afternoon. when donald tusk acknowledged receipt of that letter, article 50 was formerly triggered nine months after the referendum in which the british people said it wa nted which the british people said it wanted to leave. theresa may‘s letter sets out her desire for the two years of negotiations on brexit. she said the uk and the eu have a deep and special

the united kingdom has formally given notice that it's leaving the european union.ed by theresa may — was handed to the president of the european council. the prime minister said she wanted a smooth and orderly brexit. but, the german chancellor angela merkel has warned that the terms of britain's divorce have to be settled before any talks on trade can begin. our political editor laura kuenssberg starts our coverage. some moments make us. this is one. the minute in westminster, belfast, edinburgh and cardiff that the united kingdom formally changed course. the article 50 process is now underway and in accordance with the wishes of the british people, the united kingdom is leaving the european union. this is an historic moment from which there can be no turning back. probably our last ambassador inside the european union handing over the letter at 12:25pm. the document that says we are on our way out. theresa may's signature on our departure. herjob now, to make it work. this, her hope. a country that goes out into the world to build relationships with old friends a

there was a time before the european double-dip when it was positive.n an environment where the ecb is saying we are making the type of progress we want, european data is looking better. the unemployment rate is back down to current was before the double-dip in 2012 and capacity utilization looking fairly healthy. you can see the euro rally alongside the european equity markets, simply because it is indicative of better data. vonnie: local market strategist for jpmorgan, what has run its course and what may not have run its course? >> a balanced approach given some of the uncertainty. vonnie: give us more. >> the one idea i am talking about more is emerging markets. people are comfortable in the u.s. we like the asian economies, manufacturers more than the one heavily exposed to commodities. there could be volatility in commodity going forward. vonnie: in spite of the potential for protectionist movement in the u.s.? .> absolutely when we think about the forward returns we can get from different asset classes. in the u.s., they look lower than in the pa

and americans of european

wales voted to leave the european union. this morning when carwynjones said he would be working with the uk government to get the best deal for wales. by this afternoon, the cracks had begun to appear and you sensed his frustration when he said he it was regrettable the welsh government had not been able to contribute to the article 50 letter and the devolved administrations had been treated with a lack of respect. he'd already voiced his concerns about economic subsidies. he wasn't sure what would be happening after 2020, he said. there were no guarantees. add the moment, some of the poorest parts of wales share £2 billion of grantaid. the parts of wales share £2 billion of grant aid. the leaders of the welsh conservatives said that is scaremongering and theresa may has said the specific interests of the nations will be taken into account. sian, chris and sarah, thank you. the clock started ticking from the moment the letter was delivered to brussels this morning and the parties will have two years to conclude negotiations

nor, indeed, does it mean that it will be any less european.s asked me to form a new government, and i accepted. brexit means brexit, and we're going to make a success of it. au revoir! no prime minister, no government can expect to be una nswerable or unchallenged. parliament alone is sovereign. the ayes to the right, 498. the noes to the left, 114. this was a nationwide referendum of the british people, and the british people spoke. the ayes have it, the ayes have it. the british people have been led to think of a future that seems unrealistic. this is an historic moment from which there can be no turning back. britain is leaving the european union. we are going to make our own decisions and our own laws. i'm sad. i'm deeply sad. there is no reason to pretend that this is a happy day. we already miss you. thank you, and goodbye. i choose to believe in britain and that our best days lie ahead. hello, and welcome to our look ahead to what the the papers will be bringing us tomorrow.

mainstream pro-european parties will prevail.nlookers have said this is no time for complacency and that instead of bashing populism or creating an us versus them, what eu institutions need to do is look at themselves in the mirror and start to self criticize and realize why people are so disappointed and why there is so much economic inequality and injustice and find reasons for why the project is not functioning as much as they would like. genie: thank you for that report from brussels. bill passed byt parliament three days ago. it has now become law. it just received royal approval from the queen. let's bring in ba©nacdicte paviot in london. it is still necessary to turn this bill into law. what can you tell us? >> the queen is the head of state of the united kingdom. her approval is absolutely crucial. it is done in norman french. means is concretely called theill european union notification withdrawal bill is now law. it has been passed by mps and lords after some difficulties. with ease in the end on monday. it now means th

it is a piece of european law.the moment we british barrister is trying to persuade an irish court to take exactly this question, is article 50 remarkable, can we change our mind, and send it to the european court ofjustice for a legal decision. barbera has my favourite question. why do we have to negotiate terms for leaving the eu at all? good question, barbara. i mean, we could just walk out, repeal the legislation that makes as members of the european union and leave. that would be pretty chaotic. for a start on trading relationships, paris would appear overnight. import and export tariffs would hit by jewish overnight. import and export tariffs would hit byjewish business is very hard. —— would hit british business is very hard. the car industry relies massively on parts of cars which cross borders between britain and europe through four times as they are being made. a car door will go from england to france to back to england and then poland and back to england and then poland and back to england before it is

dominating european politics at the moment is the centre right group of european political parties. european people's party, and it's enjoying a two—day conference in malta. the german chancellor angela merkel is there, as is the european commission president, jean claude juncker, and brexit of course, among the topics being talked about. i wish to say here that brexit is of everything. i wish to say here that brexit isn't the end of everything. we must consider it to be a new beginning, something that is stronger, something that is better. jean—claude juncker‘s view there. so much for the set—piece statements. perhaps it is better to step away from the platform speeches, and to focus on more specific areas and at more length. to that end, let's go to berlin, because our diplomatic editor mark urban is there, and he has been speaking to the german defence minister. i know you have been speaking about a number of different things, but in particular, just the issue of the german attitudes towards the article 50 talks. what have you been hearing? well, the fascinating thing, being here

by president of the european council.tomorrow, he will have issued draft guidelines to be debated for the next few weeks by the 27 other member states. those guidelines will set the mandate for which the european commission can negotiate with the uk on the terms ofa negotiate with the uk on the terms of a devolved settlement. it is very clear, we heard it from angela merkel yesterday and will hear from others today, that they do want to at least talk about the principles of separation before they move on to talk about things like future trade agreements. that doesn't mean they date to cross a free tea and. every eye, it doesn't mean we have to haggle over earth particular figure, but they want to agree the method by which that bill will be negotiated. the other thing they want to talk about and our government does as well, it's the rights of uk citizens elsewhere in the year, and eu citizens in the uk. politically, there is a lot of goodwill on that issue, but technically, it's extremely complicated. not least the issueis

the sdlp obviously pro—european. government, they wa nt like the scottish government, they want the uk to negotiate a special status for northern ireland which would keep it inside the single market and keep the border open. for yea rs, market and keep the border open. for years , we market and keep the border open. for yea rs, we have market and keep the border open. for years, we have spent time getting rid of the border, making sure that people could freely move and do business across the island and people could integrate. the good friday agreement understood that both the republic of ireland and northern ireland were members of the european union and we had an ability as irish nationalists to further integrate in that context. so taking all of that away against our wishes is very, very damaging to our political progress and to our economic progress. what is the special status for northern ireland that you want to secure in europe? what does it look like? well, it looked like very much what we have now, whether or

with the european union.nd they had to resend that due to the referendum in a hurry. they also have the 60 years, negotiating hundreds of treaties with the aspect of trade with the european union that don't quite have free market access or passports. but they have had 60 years to sort this out and they have free movement. francine: thank you so much. willem buiter, chief economist at city -- this is bloomberg. ♪ tom: the letter is on its way from london to brussels. no one in new york cares. all we care about is this really getting for us on central park? we are getting to see a little bit of green. it is a beautiful early spring morning. in new york city, we welcome you. francine lacqua in london. let's get to a busy day with taylor riggs. >> starting with brexit in europe. it will redefine the uk's relationship with its largest trading partner. prime minister theresa may makes it official today. she is formally starting the process of leaving the union. she will hand a letter to eu president in brussels. ba

britain is leading the european union. 50 here britain is leading the european union.o here it is. the president of the eu says his priority is to defend the remaining member states. brexit has made as a community of 27 more determined and more united than before. we'll hear from brussels, spain and across the uk. and i'm michelle fleury in washington — our other headlines. what are the opportunities and dangers for markets across the world of two years of talks, then brexit? have seen under the common fisheries policy is the hardships and a client of the communities that i live work and dear europe, people from across britain say farewell to the eu. it has taken nine months but today britain took the decisive step towards leaving the european union, and a relationship that has bound this country to the continent for over a0 years. the british prime minister's letter — just six pages long — was transferred to the president of the european council by the uk's ambassador to the eu. that very simple process triggers article 50 — beginning two years of devilishly difficult

basically opted out of european defense and that this requires a separate european defense identity. this in yourn remarks but i would like you to say a little bit more about that allegation. >> it is an allegation that has been made and it really could not be further from the truth. we are leaving the european union and i don't think anyone should labor under the misapprehension that will not happen. but we are profoundly european. the u.k. is partial europe. we cannot throw ourselves into the middle of the atlantic and pretend we are not. theink the idea that european union is going to ofehow re-create the kind protective umbrella that nato has been capable of providing over the last 70-80 years is nonsensical. if i look at the enhanced for the presence missions that are coming into action this year, eu,e are all members of the latvia, lithuania and poland. they are all there to guarantee a the ultimate guarantor -- really tangible symbol of how nato guarantees european safety and security. if we had left already, three of those missions would be led by non-eu countries. though the

they pointed out a number of guarantees that the european union wants. citizen rights would be secured. i've mentioned that. and no return to a hard border regarding northern ireland. and there is a brexit bill to be settled. christopher: what is britain's priority? what does britain want to achieve particularly in these negotiations? >> it wants, of course, exactly the opposite. what has now become good brexit tradition, have the cake and eat it. britain once a trade deal that is as good as the conditions it has now. that is the impression theresa may gave in her speech today. even though she did sound a warning. there might be consequences of exit -- brexit. she told people to expect that and deal with it. but what britain wants to push for his trade to continue unfettered. the way it is now. it will be the main bone of contention. that is where the talks will run up against the wall once they have reached that point. it will take quite a while because as we heard from german chancellor angela merkel today, first the divorce negotiations have to talk a

european parliament went further delay. will not accept a hard border on the island of ireland. they don't want anything that will threaten the peace process. in reality, brexit has already been divisive. at stormont, were the power—sharing government has collapsed, that collapse wasn't caused by the issue, but brexit has the potential to fuel political differences. irish republicans have been listening closely to the push for a referendum in scotland. they point out thatjust for a referendum in scotland. they point out that just as in scotland, the majority of people in northern ireland voted to stay inside the european union, and are calling for an independence referendum, a referendum really an irish unity. wales voted to leave the european union and there was a recognition of that this morning by the first minister, carwynjones, that this morning by the first minister, carwyn jones, when that this morning by the first minister, carwynjones, when he said he would be working with the uk government to get the best deal for

it is a european—level asset, it is not just a british it is a european—level asset, it is notjust a to people across europe, nurture the city of london, value the city of london, it is your prize, your asset, not just ours of london, it is your prize, your asset, notjust ours and it helps to drive the whole european economy and make people across europe more prosperous and successful. jeremy browne, thank you. let's continue to get reaction. let's get some reaction from around the country. lorna gordon our scotland correspondent is at holyrood while chris page is at the northern ireland border town of caledon in county tyrone. chris. yes, i'm standing at one of 260 crossings between northern ireland and the republic. actually, this bridge was not always here. it has been only been built within the last seven been only been built within the last seve n years been only been built within the last seven years because in the past there weren't so many crossings. the british army created craters in roads just to stop it because of security reasons. it is different days now. look behind me

britain is leaving the european union. formal notice came in the form of this letter — and now, two years of tough negotiations begin. both sides are ready. it will be a different relationship, but i think it can have the same benefits in terms of that free access to trade. our goal is clear. to minimise the cost for the eu citizens, businesses and member states. we'll bring you reaction from westminster, brussels, berlin, paris and malta. we will be live in washington. the chairs of a us senate investigating russian interference in the us election will speak to the president's son—in—law. and don't forget you can get in touch using the #bbcos. the uk has been a member of the european union for 44 years. these worthy moments that it started to leave. this is the uk's representative to the eu, sir tim barrow, arriving in brussels this morning. in the briefcase that he is holding is a letterfrom morning. in the briefcase that he is holding is a letter from theresa may requesting the formal process of brexit to begin. you can

for the european union a first step will be the adoption of guidelines for the negotiations by the europeant the overall positions and principles in light of which the union represented by the european commission, jean—claude juncker is the header that, will negotiate with the uk. in these negotiations the union will act as one and preserve its interests. our first priority will be to minimise the uncertainty caused by the decision of the uk for our citizens, businesses and member states. we will start by focusing on all key arrangements for an orderly withdrawal. that is pretty well it. let's get some reaction to that and the days events because we are jointly the former green party leader natalie bennett and peter whittle of ukip who's on college green. what is your reaction to this, peter, on this momentous day, and on the day that theresa may has triggered article 50? this is something we have been waiting for a long time. it is a historic day, we are very pleased. it has been a long time coming. david cameron when he was still in power said that he would trigger it the day after the re

jurisdiction by the european court of justice?iction by the european court ofjustice? if we've taken european law into british law, but surely the jurisdiction is still provided by luxembourg? it will then be for our own courts to interpret those laws, they will have a european origin. it's not just they will have a european origin. it's notjust the issue of the courts. very few things end up in litigation. 0ftentimes we have to have administrative structures but deal with dispute resolution. for example what happens if a company has a license in the uk under eu law to conduct business elsewhere in europe and finds it can no longer carry out that business. normally it would be an administrative structure that would solve that problem. taking the uk outside of the eu without any deal in place, what that cooperation looks like going forward will be massively disruptive for uk business. plenty for you to be thinking about in the next couple of yea rs. thinking about in the next couple of years. thank you. and we'll find out how this

mr macron is a strong pro—european, that his approach. mr schultz is a strong european as well.gainst the euro. they haven't as yet had an election this year. they might, we don't know. the east europeans are a different ball game too. it is quite difficult to see the way forward, with all these differences of opinion. one thing that seems to bring europe together right now is discussing brexit. curiously enough a lot of these populist movements might not win elections but they are dragging the debate on their side. as they did in holland. so we will see more eurosceptic elements being front and centre in a lot of these campaigns. the complexion of europe will change, even if they don't win... is it that whatever path they take, and it will not be our decision because apparently we won't be there, but whatever path europe takes is it in our interest, given that it is still our biggest market by a long way is it in our interest that it should succeed? but of course there is a tremendous disaster on the horizon, which is what happens to the euro. in the report that jean—claude jun

bonds are rich, but we see value in european equities trade -- european equities.vonnie: what about emerging markets? how much should you allocate to emerging markets? we had several as the managers saying that there is much more room to go. mr. worah: emerging markets depend on a couple of things. it depends on what the fed is doing, the fed is raising rates in a measured fashion. and it depends on what the commodity cycle is doing. we think the commodity correction is pretty much behind us. supply and demand is well-balanced. we think it's ok to venture into the emerging markets, where evaluations are cheap. one of the ways we are investing in emerging markets of pimco is, given the fact that commodity valuations are stabilized, we would like to take advantage of that by investing in some of the higher kerry commodity currencies, if you will. the mexican peso, the brazilian reality, the russian ruble. we will continue to do well in a world where commodities are stabilized and the fed is measured. worah,thanks to mihir with pimco, joining us from newport beach, ca

decision to leave the european union. will ensure ary european presence following brexit.t wants to have the new hub of and running within two years. itson is shutting down division home to diapers.com. more than 260th employees will lose their jobs. the american subsidiary of spanish bank santander will pay nearly six million dollars to settle investigations into its role in subprime auto loans. of facilitating high interest car loans to buyers who couldn't afford them and packaging those loans into investor securities. they mirror for the subprime real estate crisis coming to light. >> thank you very much. time to take a look at the international papers. starting with reactions to theresa may triggering article 50 to leave the eu. i am joined by allison sergeant. daily mail is saying cheers to a great british future. that headline accompanied by a rather jubilant picture of the former u.k. bleeder kicking back in his union jack sock tricking a pint. this is a picture of him from yesterday. page is mostlynt focused on theresa may signing her letter to the eu. the daily te

what is more, scotla nd european union.e, scotland as a country has met the rules for being a member of the european union, it would be a net contributor because we are one of the richer members, and is already a member of the european union. if you saw the european parliament's chief negotiator, there is an openness and willingness for scotland to continue its membership of the eu. just to be absolutely clear, do you have private assurances from the european union that they would accept scotla nd union that they would accept scotland as a new country? this is still an internal member state issue for the united kingdom but what has been interesting is not so much the private reassurances but the public reassurances. jean—claude juncker said scotland needs to be listened to. we have heard the same words coming out of burling, dublin and elsewhere. that has been a shift since the last independence referendum. we would have this referendum. we would have this referendum in totally different circumstances than the previous one.

after that, a few months will be taken up getting the approval of the european council, the european eu in two years' time. which brings us to the key date. 29th of march 2019. but will that be enough time to sort out the uk's future trading relationship with the eu? well, many people fear that it won't, because the legal and political details are just too complicated. which is why the toughest negotiations of all could be about transition arrangements, between full eu membership now and a permanent new settlement in the future. there's plenty to do but it all starts right here. chris, thank you. let's cross now to sunderland, where our correspondent fiona trott has the latest. jane, ina jane, in a city where 7000 people work for nissan, which exports more than 50% of its cars to eu countries, you knew that something extraordinary was happening when people here still decided to vote leave. we caught up with some of them today. they have absolutely no regrets of course. why? sovereignty and border controls. those are the two main reasons they had. we can speak to sir richard elfyn beh

european council building.hat was it. the remarkably simple operation setting in place 2 years of fiendishly difficult negotiations. in terms of the mood here, everybody watching that, i got a sense from mp's that there is a sense of relief, that it is finally underway. they've been talking about it and putting it to the remain and leave camps. now they are batting for britain plc, and tomorrow the real work gets underway in the house of comments because they have to , debate the great repeal bill, which will suck in the 19,000 rules and regulations on the european union. enormous amount of work to get underway. tim: what about the impacts in the united states? michelle fleury spoke with the former chairman of economic advisers under president obama. michelle: thank you for joining us on the show. a perspective sense from america, what do you think the people, the market, thinks of brexit? >> we are dealing with our own version of the forces of brexit in the u.s. the u.s. perspective is colored by trump. we hav

european government know. european government no.ver, will decry minister agreed? we want a special relationship with the eu based on trade, friendships once we are independent again. can i have a tribute to the brexit ministers and the prime minister for their determination and dedication to get to the stage today for the british people. finally, the day has come where people can start the king about negotiating. before those talks start, they will have to decide what they are going to be talking about. theresa may making it clear in her letter, the eu must be pa rt clear in her letter, the eu must be part of the divorce talks. they must be talking about the future too. she talks about implementation periods, recognising that two years is a very short timescale indeed, and that they need to think about how it is going to work and be allowed to come in. all eyes will be on those negotiations that theresa may will be getting on with. thank you very much. we will talk about what lies ahead now with the former trade minister, lord digby