jonathan: iain stealey. iain: i think they can.han: raising some big questions about guidance. great to catch up with you. ira jersey, krishna memani from oppenheimer funds, iain stealey joining us from jpmorgan asset management. from new york city for audiences worldwide, that does it for us. we will see you next friday at 1:00 p.m. new york time, 6:00 in london. from new york for our audience across the planet, this is "bloomberg real yield." ♪

jonathan: iain stealey. iain: i think they can.han: raising some big questions about guidance. great to catch up with you. ira jersey, krishna memani from oppenheimer funds, iain stealey joining us from jpmorgan asset management. from new york city for audiences worldwide, that does it for us. we will see you next friday at 1:00 p.m. new york time, 6:00 in london. from new york for our audience across the planet, this is "bloomberg real yield." ♪ david: you get a call from a call from steve jobs. tim: there was a sparkle in his eyes that i'd never seen in a ceo before. david: did your friends tell you this was not a good idea? tim: it was not. david: warren buffett still uses that old flip phone. tim: i told him i will personally come to omaha to do tech support for him. david: you exposed your own personal life a bit. tim: i thought, i am making the wrong call. david: why is it called the apple watch and not the iwatch? tim: i kind of like the apple watch. david: well, you are the ceo, so.

iain: i think it does not. would sort of disagree on the investment grade side and the high-quality side. when we look at credit metrics in investment grade, there is a reason it has been selling off in the u.s. we have seen leverage ratios picking up. it has been classic late cycle behavior, but we are not seeing that in the high-yield market. high-yield market leverage ratios are still coming down following the energy crisis. so i think there is a bit of a disconnect, and that is why we have seen the underperformance. when we look at the rest of the world and some of the markets there, the european market looks pretty healthy to us on the investment-grade side, but you have got that kind of elephant in the room, the ecb. they are going to stop buying corporate bonds at the end of this year. whereas the high-yield market in the europe, it doesn't have that impact. they have not been buying high-yield bonds. it has been a bit of an unloved market and now trades at a wider spread to the u.s. i think that has a g

iain: he is completely correct.have seen this idiosyncratic events that have built up and they have hurt risk assets. we are seeing significant underperformance. i feel when we look in the u.s., we could well see q2 could print close to 6% of nominal gross number. that is still a good environment for credit and i believe areas for the high-yield market and very low issuance this year, there is the ability for that market to perform. i still think those spreads are attractive enough to the default rates are low. even if it is a slow-motion credit crunch, you have a lot of carry baked in. >> low insurance can be a positive or there is an argument to say we have so issuance right now because they can't come to market at the price they like. krishna: if iain likes the high-yield market, he must like the investment grade market. the contrast between the two markets in the u.s. is extraordinary. jon: what do you make of that? krishna: investment-grade market is driven by issuance. rising rates and then a whole lot of issu

stealey.emani and iain iain, what do you make of that?are starting to see financial conditions tighten. crunch?o credit iain: he is completely correct. we have seen this idiosyncratic events that have built up and they have hurt risk assets. we are seeing significant underperformance. i feel when we look in the u.s., printld well see q2 could close to 6% of nominal gross number. that is still a good environment for credit and i believe areas for the high-yield market and very low issuance this year, there is the ability for that market to perform. those spreads are attractive enough to the default rates are low. even if it is a slow-motion credit crunch, you a lot of carried they -- kerry -- a lot of carry baked in. jon: they cannot come -- iain likes the high-yield bondt, he must like the market. jon: what do you make of that? krishna: investment-grade market ,s driven by issuance --h-yield low issuance high-yield where it issuance was very low, defined more equities and equities are ok, and that is a good thing. the point about emerging

iain, many thanks, iain watson there.ein president gerry adams has appealed for those who carried out an attack on his home in west belfast to meet him. an explosive device was thrown at the house last night. it follows several nights of rioting in londonderry, which police have blamed on dissident republicans. our ireland correspondent chris page reports. people in northern ireland had hoped these scenes had disappeared from their streets. but in the last week, there's been an unwelcome reminder that paramilitary violence has not ended. in londonderry, there were six nights of trouble in the bogside area. police blamed dissident republicans who are opposed to the peace process. sinn fein condemned the rioting, and this may have been the retaliation for that — an explosive device, made up of large fireworks, was thrown at the home of the party's former leader, gerry adams. he appealed for calm and had a message for those who targeted him. i'd like them or their representatives to come and meet me. i'd like them to sit dow

with me agnes poirier of the french magazine marianne, polly toynbee, columnist with the guardian, iaintin, whose columns appear in the times, and the irish broadcaster brian o'connell. a warm welcome to all of you. living in brexitland does sometimes feel like being on the other side of the looking glass. how's this for starters — one of theresa may's ministers resigned this week because he wanted to support her chequers brexit plan, but said he was being ordered to vote against it. part of that plan was approved by a majority of just three in a house of commons of 650 — and then only because three mps from the labour opposition supported mrs may, and the leader of the liberal democrats, another opposition party, told by his party managers it wouldn't be a close vote, went off to dinner instead. iain, in alice in wonderland, the red queen likes to believe six impossible things before breakfast, what do you think our blue queen believes at the moment? well, alice in wonderland is a really good comparison. she has survived, though. it is extraordinary. i am not a fan of theresa may, or h

here's our political correspondent iain watson., though her most immediate battles are with some in her own party. at her country retreat, chequers, she hammered out a new brexit plan. and then lost two cabinet ministers. and many more of her mps think she just isn't being tough enough on brussels. oh, and so does someone else. i gave her a suggestion, not advice. i wouldn't want to give her advice. i'd give her a suggestion. i could fully understand why she thought it was a little bit tough. so just what was this tough suggestion? he told me i should sue the eu. reporter: sue the eu? sue the eu. not going to negotiations, sue them. actually, you know, no. did you think about that for a second? we're going into negotiations with them. but more seriously for the prime minister, her new plan to have a common rule book with the eu on traded goods, hasn't gone down well with many of her own backbenchers. this week, ardent brexiteers will try to change crucial legislation to scupper it. while some of those who backed remain will try to

iain, in alice in wonderland, the red queen likes to believe six impossible things before breakfast,nk our blue queen believes at the moment? well, alice in wonderland is a really good comparison. she has survived, though. it is extraordinary. i am not a fan of theresa may, or her approach to brexit, but she certainly has resilience. somehow, she has managed to survive all of these votes. calamitous by most political standards, ten or 12 days, involving the departure of key members of her cabinet, the chequers plan, the great compromise plan, which was supposed to be the unifying force in the conservative party, has ended up annoying just about everyone. brexiteers don't like it because it is too much of a compromise, and they think it is the beginning of a sell—out. remainers don't like it for all sorts of other reasons. so no one is happy. but still, somehow, just because of the logic of the fact that there isn't a clear alternative available to theresa may for now, she clings on. and yet, meanwhile, polly toynbee, her party appears to be tearing itself apart over this very issue,

rob, this goes back a long way, iain duncan smith, the work and pensions secretary, brought it in. from the start people said it wouldn't work but something had to change. the old system didn't work very well either. without a doubt in theory it was a good idea at the heart of universal credit, no doubt, the idea was it would make work pay by removing some of the benefit traps that existed in the old system so traps that existed in the old system so if you took on work, it wasn't worth working because the extra money you would be earning would be so money you would be earning would be so little compared to staying on benefits. also to make the system more streamlined. labour looked at this before the coalition came to power in 2010 and shied away from it because they feared it could be too complicated and could go wrong, but iain duncan smith was determined to pursue it but eight years later it still only reaches a minority and a significant number of that minority, as the report says, is suffering huge problems. it is behind the explosion of food banks in the last few years, or at

iain, could do you think labour has been helped by this at all?'t actually talked a lot about brexit over the last six months. yes, jeremy corbyn has done a couple of quite good pmqs on it. a subject he ought to be a very weak ground because if you look at the labour splits on brexit, they are almost equally as divided as the conservative party, except they are divided into three different factions. so if there were a general election and labour won it, i'm not surejeremy election and labour won it, i'm not sure jeremy corbyn election and labour won it, i'm not surejeremy corbyn would find these negotiations any easier than theresa may has stumped. of course, at least jeremy corbyn does believe in brexit. chuckles thank you both very much, always a pleasure to talk to you both. let's ta ke pleasure to talk to you both. let's take a look at our headline this hour. borisjohnson becomes the second senior minister to resign from theresa may's cabinet in the space of under 24 hours, saying the brexit dream is dying due to unnecessary self—doubt. his de

the boss of centrica, iain conn, talking to our business editor, simonjack.tor manufacturers and traders, or the smmt — has descibed the current state of the sector after it revealed that the number of cars made in the uk fell last month after domestic demand plunged. production fell 5.5% in june, driven by a a7.2% drop in production for the uk market. the smmt blamed preparation for new emissions tests and new car models for what it said was a "one—month anomaly". it also says that, longer—term, uk car production is as expected. joinining us now is emma butcher from the society of motor manufacturers and traders. really good to talk to you, as ever. you described this as a one—month anomaly. and yet the chief executive of the smmt has also pointed to the fa ct of the smmt has also pointed to the fact that, when one digs broadly in these numbers, it does point to this worrying trend that uk car manufacturing is hugely reliant on oui’ manufacturing is hugely reliant on our ability to export, doesn't it? that's what helped make these numbers better than they mi

iain watson, bbc news.ly to accept some migrants who are stranded on patrol boats in the mediterranean. nearly a50 people are being stopped from disembarking at ports in italy as the government attempts to involve other eu countries. the rail operator govia thameslink is introducing its third new timetable in two months. passengers on the company's lines, which include southern, thameslink and great northern, have suffered severe disruption after an overhaul of the schedule in may. 0ther rail companies cancelled services today, blaming staff shortages due to the hot weather and world cup final. here's our business correspondent joe lynam. beeping. in recent weeks, it's getting to be a familiar sight. cancelled trains and packed carriages. yet another new—ish timetable on great northern, southern and thameslink services and yet more trains cancelled. passengers are getting weary. i travelled on the day they changed the timetables, on may 20th, from cambridge and it was just a guessing game, to know what plat

here's our political correspondent, iain watson.me minister is coming out fighting on brexit, though her most immediate battles are with some in her own party. at her country retreat, chequers, she hammered out a new brexit plan. and then lost two cabinet ministers. and many more of her mps think she just isn't being tough enough on brussels. oh, and so does someone else. i gave her a suggestion, not advice. i wouldn't want to give her advice. i'd give her a suggestion. uh, i could fully understand why she thought it was a little bit tough. so just what was this tough suggestion? he told me i should sue the eu. reporter: sue the eu? sue the eu. not go into negotiations, sue them. actually, you know, no. did you think about that for a second? we're going into negotiations with them. but more seriously for the prime minister, her new plan to have a common rule book with the eu on traded goods, hasn't gone down well with many of her own backbenchers. this week, ardent brexiteers will try to change crucial legislation to scupper it. whi

here's our political correspondent iain watson..out fighting on brexit. the most immediate battles with some in her party. a new brexit pan. to cabinet members lost. many think she has not been tough enough. and so has somebody else. i can fully understand why she thought it was a little bit tough. what was this tough suggestion? he told me i should sue the eu. not go into negotiations. we are going into negotiations. we are going into negotiations with them. but more seriously for the prime minister, a new plan has not gone down well with many of her backbenchers. this week, brexiteers were pulling one way and others the other. some people say they want to vote in the trade bill to keep us in the customs union but thatis to keep us in the customs union but that is not acceptable and it is not what the british people voted for. 0thers saying we should not have built at and that would be damaging to our no deal preparation. the prize is delivering leaving the european union. some want to vote down the brexit legislation and tidy and

was it iain duncan smith, that was his project at the beginning?ago and still universal credit is only, has only been rolled out to a minority of the british public and yet all these problems are apparent and if you ever reach the whole country then presumably they was problems would multiply, iain duncan smith claims we can prepare to leave the european union with no deal, i would just leave that lying there. it always comes back to brexit. the government is in denial about the misery it is causing. what the whistle—blowers say is, the government technologies people have to wait 35 days to get their first payment, 35 days to get any money through, you can imagine the misery that causes but this whistle—blower says they are waiting three weeks longer. universal credit is supposed to replace six payments, replace six benefits with one trip to the food bank but that's not a joke, it's the reality. the idea in the beginning was, a laudable one that the system had got out of control and hard to understand and people were not doing well the way things u

iain, in alice in wonderland, the red queen likes to believe six impossible things before breakfast,though. it is extraordinary. i am not a fan of theresa may, or her approach to brexit, but she certainly has resilience. somehow, she has managed to survive all of these votes. calamitous by most political standards, ten or 12 days, involving the departure of key

suggestion here that actually trump is being buoyed up by some of the pro— leave mps, and we have iainame is mentioned. he met john bolton, didn't he, trump's security adviser. yes, so there is the idea that trump has had a direct year to what has been going on in the uk. —— direct ear. i think there will be a huge leap going on and on over the next week, and trump ploughing in in the way he has has lit the fire. i do think pro— brexit, pro— leave mps will be really buoyed up by what has been said. and they will buy the front of the daily mail. what happens from here on in, we will wait to find out, but absolutely right. we have just wait to find out, but absolutely right. we havejust mentioned iain duncan smith, and several mps, bill cash, for example, horrified at the prospect of this chequers deal going through, jacob rees—mogg another one, and it is quite clear it is still causing a major row within the tory party between the brexiteers and the remainers, who threatened to kibosh it when it goes before parliament. then parliament has to 0k parliament. then parliament has to ok all

iain watson, bbc news. been found guilty of indecently assaulting a young trainee. bob higgins was found not guilty on a second count of the same offence. the jury at winchester crown court was unable to reach verdicts on a further a8 charges. the prosecution says it will seek a retrial. barclays plans to create up to 2,500 jobs at a new hub in glasgow, doubling its current workforce in scotland. the bank will house its technology and operations teams on the banks of the clyde. barclays says it will "play a pivotal role" in the bank's "long—term strategic priorities". the amount of energy generated from offshore wind turbines around the uk is set to double in the next decade according to government estimates. it's claimed it could be enough to meet up to a third of the uk's energy needs thanks to subsidies which have seen the cost offshore electricity generation halve in recnet years. after years spent riding in the shadow of his team—mates, sir bradley wiggins and chris froome, the cardiff—born cyclist ger

iain watson, bbc news.ow as france win the world cup following a thrilling 11—2 victory over croatia in moscow. after leaving the uk earlier, the us president donald trump, has arrived in helsinki, where he's due to hold talks with vladimir putin tomorrow. the prime minister has revealed the advice she received from donald trump about brexit, saying the us president advised her to sue the european union. sport now, and for a full round—up, from the bbc sport centre, here's chris mitchell. an amazing day sport, we can't fit it all in. good evening. france are world cup champions for the second time. they proved the better side against croatia in an exciting final in moscow, winning 4—2. the highest scoring final since 1966. 0ur sports editor dan roan now reports. a sporting occasion like no other. eight fixture with a global appeal that transcends the game. and in keeping with the world cup of surprises, a final that few had predicted. russia has put on quite a show this month, the tournament is seen as show

with me is iain anderson, founder of the international communications agency, cicero group.to have you with us. the joint front pages of the figaro and irish times, when you see the images it gives you a real sense of how devastating and how far is x of these fires increase being felt. —— effects. 25 victims huddling together as they were found, victims sitting in their cars as these enormous fire was the hit people. the pictures are really tell the story this morning. already a massive international relief effort going on, having literally seen hell on earth, the weight to say it, it looks to be obliterated by this, mati. a result of the very dry summer mati. a result of the very dry summer here in europe and there are are deep questions as to why the fire started in the first place. the response has seen lots of european countries pull it together under the eu wide agreement. water dropping planes from spain is, others including italy offering supports but their ability to help ease stretch because of wildfires in other places like sweden. there is a strain on the ability

iain watson, bbc news.est station due to a signalling error. dozens of gatwick express, thameslink and southern services to and from london victoria were cancelled due to the fault. national rail says the disruption is likely to continue for the rest of the day. our transport correspondent victoria fritz reports. the service to west croydon has been cancelled... and all-too-familiar warning and another tough morning for passengers using britain's rail services. over 75 million people come to london victoria each year. for some, it is the route to work. for some, it is the route to work. for others, it is the way home or to other days. how destructive is this to your journey today? other days. how destructive is this to yourjourney today? it sucks! it is so bad. it is either this or get a two our bus home. where are you trying to get to? i am trying to get to balham, i just trying to get to? i am trying to get to balham, ijust came from luton airport, and with heavy bags. stephen has been standing here for a

with me is iain anderson, founder of the international communications agency, cicero group.

rob, this goes back a long way, iain duncan smith, the work and pensions secretary, brought it in.work very well either. without a doubt in theory it was a good idea at the heart of universal credit, no doubt, the idea was it would make work pay by removing some of the benefit traps that existed in the old system so if you took on work, it wasn't worth working because the extra money you would be earning would be so little compared to staying on benefits. also to make the system more streamlined. labour looked at this before the coalition came to power in 2010 and shied away from it because they feared it could be too complicated and could go

the bbc‘s golf correspondent iain carter agrees that this could be woods's best chance of claiming aranger to hiding himself up, there is no doubt about it and himself up, there is no doubt about itandi himself up, there is no doubt about it and i wouldn't mind £1 for every conference where i have gone to where he has talked up his chances and been very convincing in the process. on this occasion he is absolutely right. the unique nature of links golf and the situation where the course is fast and firm and it really demands are lot of imagination as well as technical skill from the players, that i think that plays into his hands. i am not saying that he is ready to win his 19th major, rather, his 15th major, and become the open champion this year, but i think that the open championship provides the best opportunity for him to add to his major attali. —— tally. justin rose says he can repel the host of young americans who hold all the majors to claim the open this week. and form is on the englishman's side. he has had 17 top 10 finishes, including four wins, since the us pga champions

here's our political correspondent iain watson.inister is coming out fighting on brexit, though her most immediate battles are with some in her own party. at her country retreat, chequers, she hammered out a new brexit plan. and then lost two cabinet ministers. and many more of her mps think she just isn't being tough enough on brussels. oh, and so does someone else. i gave her a suggestion, not advice. i wouldn't want to give her advice. i'd give her a suggestion. uh, i could fully understand why she thought it was a little bit tough. so just what was this tough suggestion? he told me i should sue the eu. reporter: sue the eu? sue the eu. not go into negotiations, sue them. actually, you know, no. we're going into... did you think about that for a second? we're going into negotiations with them. but more seriously for the prime minister, her new plan to have a common rule book with the eu on traded goods hasn't gone down well with many of her own backbenchers. this week, ardent brexiteers will attempt to change crucial legislation

interesting, iain watson, thank you.at could have been lifted from the era of the cold war, maria butina is accused of targeting senior conservatives through her gun lobbying. she is now sitting in a washington jail awaiting trial because an american judge thinks she's a flight risk. ms butina appeared in court to face charges of failing to register as a foreign agent and conspiring against the american government. her lawyer denies the allegations and says she's just a student trying to make her way in america. it's an extraordinary story, straight out the cold war, as you say. another woman accused of spying for russia. through actually contacts with the gun lobby but also with america's religious conservative movement, something he had called the national prayer brea kfast. had called the national prayer breakfast. coming at this time that russian—american relations are under scrutiny. comparisons being made with anna chapman, the spy who incidentally was swapped for sergei skripal. someone who was pretty much hiding

them to back her in key votes in the house of commons in the coming week. 0ur political correspondent iaine long—standing leavers are unhappy with her brexit plan, her white paper, so they are trying to scupper key elements of it by trying to change legislation in the house of commons next week. writing in the mail on sunday, she is warning them that if they do so and do not get behind the plan, they risk a disorderly brexit, or as she puts it, possibly risk brexit itself. the mail on sunday splashed it on the front page — "back me or there will be no brexit." so tough words from the prime minister for some of the long—standing brexiteers but also tough words for the remainers who wants to stay in the customs union because she says that would be a betrayal of brexit. there is another ministerial resignation tonight — andrew griffiths, the business minister, has resigned because partly, according to the papers, he sent a rather large number of text messages of a sexual nature to some of his constituents. but i think the prime minister will be relieved tonight that this is one resignation wh

create a picture of things working out and the national press is completely saying, you have left out iain the daily mail this week. i do want to bring in suzanne in a moment. a very quick thought, though, because the cabinet is divided. the british press said we would never get a stage one deal with the european union, and we got it before christmas. then we got a stage two deal as well. why is the cabinet divided? no—one will resign. these deals get done in the eleventh hour, in the 59th minute of the eleventh hour. iagree. i sat through deals at eu summit where deals get done at the eleventh hour. so, one way we could look at the british government position is to say they are holding their cards close to their chest. they will have a stronger negotiation position and it will work out. but we are two years on from brexit and the british cabinet and british prime minister, theresa may, still has not resolved internal issues in the cabinet. in brussels, the eu is saying we cannot negotiate because we do not know what you want. we have the irony that david cameron held this referendum to re

iain watson there, thank you.m brussels, kevin connolly, our correspondent is there. the first of two big hurdles for theresa may today, if she can get her cabinet to a collective position there. but the hurdle of getting this deal agreed by the eu and whether they would accept the sort of things we are hearing about what is being discussed today at chequers? good afternoon, i think the reality here is that brussels mac negotiations, led by michel barnier, will try and stick to the sort of positions it has kept all along. there is huge movement on the british side and there is one aspect that will be broken by brussels, they have said for a very long time now that theresa may needs to spell out a vision of what she wants and then at least there is something to talk about, even if they cannot immediately agree. some of those things they are not going to find a cce pta ble things they are not going to find acceptable would be anything that looks like an attempt to preserve some of the benefits of being in the single

more serious consequences, a lot of them are speaking this morning, iain duncan smith saying if peopleng back on their promises to leave the single market and the customs union there will be some consequences at the next election for the tory party. one other brexit going one step further, andrew and suggesting it is time for theresa may to go and be replaced by jacob rees mogg. i think the moment she has a majority of her party behind her, most remain seem pretty happy with what was agreed on friday, but what might happen in the next three days as more and these are briefed on the deta, they might start to put their heads above the parapet a little bit more. she has got to sell it to her party and the public, she has got to sell it to the eu. certainly, another interesting intervention today from the business community, more than 100 businesses and entrepreneurs, including the boss of innocent drinks, domino's pizza, jack wills, they are saying they do not like the proposal as it stands, to bureaucratic and they would like more formal customs union with the eu. once again, businesses

they could get it out in the open, and everything is fine afterwards, butjohn major and possibly iainwilliam hague and others might suggest that's not the case if history is anything is to suggest anything. if theresa may carries on, is she in more of a position tonight now those two are out of the way to impose her will on the party before the process in september, october, when the real deadline is reached in terms of an agreement with the european union? some say this has lanced the boil. she hasn't removed, she has lost from her cabinet, two of the most vocal critics of the brexit approach and the other ones who have been out today, not least andrea leadsom, the leader of the house of commons, who was on newsnight saying despite the fact she is a brexiteer, she supports the prime minister's version of the plan. looking at the senior cabinet jobs, the home secretary, chancellor, foreign secretary and prime minister, they all supported remain during the referendum, although some, like the home secretary, sajid javid, has come round to more of a brexit supporting perspective. you cou

the british family, led by iain simpson, the grandfather, once the children to come to the uk, and hemy hunt better life there. they have appealed tojeremy hunt on his first visit in the newjob to help them and raise the issue. he has done that. he said as he sat opposite his chinese counterpart that the authorities have agreed to look into the case, and he said the overall custody issue is of great concern. for the simpson family, it looks like good news. at the custody case itself is going to take about a month, before it gets to court and they get a final decision on whether they get a final decision on whether they can stay here or go to the uk. that is where there will be a real sign whether this intervention really m ea ns sign whether this intervention really means anything. embarrassing for any foreign secretary to get their countries mixed up, particularly when you are talking about your own life? yes, mr hunt was trying to do an icebreaker in this formalised meeting in front of the camera, and he wanted to talk about his wife, who is chinese. and yet he got that wrong, and i

our political correspondent iain watson has been giving us more details.g leave campaigners are unhappy with her brexit plan, her white paper, so they are trained to scupper key elements of it by trying to change legislation in the house of commons next week. writing in the mail on sunday she is warning them that if they do so and do not get behind the plan, they risk a disorderly brexit, or as she puts it, possibly risk brexit itself. the mail on sunday splashed it on the front page, back me or there will be no brexit. tough words from the prime minister for some of the long will set —— long—standing brexiteers but also tough words for the remain as who wa nts to tough words for the remain as who wants to stay in the customs union british she says that would be a betrayal of brexit. there is another ministerial resignation tonight, andrew griffiths, the business minister, has resigned because partly, according to the papers, he sent a rather large number of text m essa 9 es sent a rather large number of text m essa g es of sent a rather large number of te

our political correspondent iain watson is at westminster. hejoins us now. what he joins us now.heresa may to stay in this speech? i think the main thrust of the speech will be to say to michel barnier, in effect, through a megaphone diplomacy, that the prime minister has got this brexit blueprint agreed at chequers, she has lost two cabinet ministers over it. she will tell them to be flexible, not to nitpick but to actually be not much more flexible in its approach as well but she will reiterate that there is a red line about northern ireland. she will not leave northern ireland in the same rules as the republic, and create an internal customs border within the united kingdom, she said that something she wouldn't do and no british prime minister would, so she is making that very, very clear in a speech tomorrow. but to some extent she is still being overshadowed, somewhat, by problems at westminster, because when she was in northern ireland she was asked about the pairing row that is going on at westminster, and she said that the party chairman, brandon lewis, and her chief whip

with me agnes poirier of the french magazine marianne, polly toynbee, columnist with the guardian, iain

from westminster, iain watson reports.w my top, so i did confront him and i told him that you can the only judged on what you do, not what you say, it is actions and not words that are important. he was perceived as being anti—semitic and racist.- the core of the dispute is a war of words in liver‘s ranks. the ruling national executive backed by jeremy corbyn has adopted a code of conduct which does not include an internationally accepted anti—semitism rule. but it rewrites specific examples. the international code says an example is to drop comparators and of contemporary israeli policy to that of the nazis. labour's quote tells members to resist using metaphors, but that it is not anti—semitic to criticise the conduct or policies of the israeli state by reference to such examples u nless state by reference to such examples unless there is evidence of anti—semitic intent. labour officials say this is simply turning loosely worded examples into a more robust, legally enforceable code, so why weren't margaret hodge accept t