sir howard davies still with us. idation, in theory, practice is quite difficult. is europe overbanked? howard: it is difficult to answer the question in europe as a whole. it depends on which country. the banksou notice occupy a large piece of the market and the amount of commercial banking in germany is small, which is why concentration is difficult. of smallersee a tale commercial banks, some of them used to be owned by foundations. there is more scope for consolidation in italy than germany. francine: how busier you? -- how busy are you? howard: we are pretty busy. the mortgage market is ok. not racing ahead but ok. consumer lending rising at 8% a year. corporate lending, we're seeing hesitation on investment now, which may or may not be brexit related. we are seeing a pause in the pipeline, hardly showing through in the report but the pipeline looks weaker than it did six months ago. eu banking,ok at any banking, i don't need to mention individual banks, when bodies walk out the door, whether senior management or

in 2010, the cameron led government then appointed the independent commission into this led by howard daviesgested that there should be a third runway at heathrow. and the tories swung behind that. so it has been a long and winding journey for both the two main parties on this and you find yourself in a strange vision tonight with the commons finally have in giving their approval, with labour, the party first putting this forward , the party first putting this forward, completely divided and its leadership opposed. the question is, where do we go from here? this is perhaps the beginning of the next stage of this process, we will not see bulldozers on heathrow immediately. the government thinks develop went can start by 2021 —— development. although i would say this is a very big government majority, the house of commons will on this issue has been made very clear. that might make it harder for legal challenges to succeed. i think it also makes it harderfor labour to oppose this or try to overturn this at some point in the future, which is a suggestion thatjeremy corbyn made today. which is a

a quick word on what's coming up during programming, later we will speak to the rbs chairman, howard daviesat 10:30 a.m. u.k. time. word news the first update with juliette saly in singapore. fed chairman jerome powell has snad growing optimism in the u.s. economy. he tried to reinsurer investors the ecb will not aggressively tighten monetary policy. officials raised interest rates by .25 points for the second time this year. at the same time, powell announced that starting i january, he would take questions from the media after every meeting. >> as chairman, i hope to foster a public conversation about what the fed is doing to support a strong and resilient economy. when practical step in doing so to have a press conference like this after every one of our schedule meetings. thate going to do beginning in january. it will give us more opportunities to explain our actions and to answer your questions. juliette: china's centralk has held off from raising borrowing costs following the fed hike. economic dedicating worse than expected. the world's second-largest economy showed signs of losing

while, according to sir howard davies, london and the south—east will benefit to the tune of £150 billionport that has opposed the expansion of heathrow. i‘ve talked to visitors screwed up and down the country, all of whom support this expansion at heathrow, because they believe it will make a difference. i will give way. very grateful. whilst airport expansion is crucial to our economic success does he accept that in 2014 u nfortu nate does he accept that in 2014 unfortunate changes to the pattern of aviation movements from heathrow without consultation have created a much worse situation for noise over my constituency, adjacent to the other constituencies. will he ensure there will be a noise reduction programme in place from now, because we don‘t like the existing level of noise, let alone an expanded one. we intend to move quickly ahead with setting up the independent noise monitoring body, which is needed to make sure the rules are kept to. in addition, i believe the modernisation of airspace, and enforcement on how airspace is used means we can give communities more relief and avoid