uk chancellor philip hammond says london can remain a ‘global capital of finance‘ — despite growing scepticisme city. plus, living beyond the moment. instagram to take on youtube with videos up to an hour long. and on the markets, shares are higher despite fears of a looming global trade war — asia boosted by reports of new stimulus measures to support the chinese economy. we start in the city of london where this evening britain's finance minister, chancellor of the exchequer philip hammond, will address top bankers at the annual mansion house dinner. he'll be trying to convince them that london can remain a ‘global capital of finance‘ after the uk leaves the european union. and he will confirm he‘s sticking to plans to balance the government‘s finances by 2020 — despite growing concerns about the state of the uk economy. uk interest rates arejust 0.5% — barely above their level after the financial crisis. and they are expected to stay there when the bank of england meets later today. that‘s because britain‘s economic growth rate slumped to just 0.1% in the first three months of the year, its

the person who should know about this is philip hammond.as defence secretary and has a spotty record. i am defence secretary and has a spotty record. iam being polite. he boasted he had balanced the defence budget, he got the famous projection of 160 billion for equipment for the next ten years. that argument as well as the substance has more holes in it than cheese. what is going on as well is theresa may is seen with philip hammond no more money for defence, do we really need it? this is where we are getting into very choppy waters in terms of tory ideology. we had people before we went on air saying it is essential, a strong defence projection, for british power across the world. that is the message for post— brexit. the old maxim is the trade follows the flag. maritime trade is how it happens. they have notoriously tinny ea rs happens. they have notoriously tinny ears about this. to wrap it up, theresa may met with stoltenberg. theresa may met with stoltenberg. the uk has been asked to stay top tier, nuclear, cyber and conventional warf

it is hard to believe that philip hammond really believes there isa philip hammond really believes therea brexit dividend. the question is where will the money come from, whether we will see the promised cut in corporation tax disappear or the rise in personal allowances disappear. but what is absolutely clear is that there is a very hard spending round still to come. 0ther spending round still to come. 0ther spending ministers will look at this and think this is another battle to be fought down the line.|j and think this is another battle to be fought down the line. i was talking to stephen doyle, former tory secretary, a little earlier, saying great to have the money but it is still not enough. he was suggesting the politics have not caught up with where the public is, that the government remains nervous about talking about tax rises, whereas he thinks the public have kind of already accepted the argument. maybe they have accepted the argument. i think it is very difficult when you have a government trying very hard to force through its brexit agenda, which was one partly on the basis

uk chancellor philip hammond says london can remain a ‘global capital of finance despite growing scepticism. also coming up in the business briefing — living beyond the moment. instagram hopes to take on youtube with videos up to an hour long. a warm welcome to the programme, briefing you on all you need to know in global news business and sport. lord sugar‘s apologised for a tweet comparing the senegalese football team at the world cup to beach vendors in marbella. what's your best or worst apology? tell us what you think — just use the hashtag #bbcthebriefing. president trump insists his administration will retain its tough stance on illegal immigration, after he ordered an end to the splitting up of migrant families at the us border with mexico. the president faced a barrage of criticism in america and abroad after recordings emerged of children crying in detention. president trump also suggested he also may insist mexico takes action on migration as part of trade negotiations. the us house of representatives is scheduled to vote on two separate immigration bills later on thursday. nick

it is interesting to contrast to philip hammond's speech.f being very negative about it. he is saying he is the one who wants a champion prosperity. he is trying to paint a slightly more positive picture. he has been described as eeyore. spreadsheet phil. yes. he is conscious he might end up out of a job. woodyjohnson is interesting. he isa job. woodyjohnson is interesting. he is a friend of donald trump. he was the ambassador of a football team. he shoots from the hip, and is not very diplomatic. i look forward to the documentary. they have followed people in the us embassy around for a while, meetings with ministers and ambassadors. it must be entertaining. this story has come through the telegraph. i am going to sneeze again. excuse me. forgive me. another story on the front of the telegraph. excuse me. dear oh dear. my telegraph. excuse me. dear oh dear. my apologies to the man controlling the microphone. a carbon dioxide shortage. it goes wider than fizzy drinks. i am looking forward this weekend to a barbecue and the football. but perh

philip hammond has insisted that the treasury is not the enemy of brexit. in his speech last night he said he was focused on boosting prosperity by promoting ties with the eu after britain leaves. he also confirmed that taxes will have to go up to boost spending on the nhs. how's this for starting your day? people all over the world have been marking international yoga day. the event which is recognised by the united nations began in 2014 with the aim of fostering peace and understanding, with millions meditating on different continents. let's ta ke let's take a look. do you do yoga? never done it. i have never bought into it. these quys i have never bought into it. these guysin i have never bought into it. these guys in times square are doing it. isn't that just having guys in times square are doing it. isn't thatjust having a lie down? no, it is all about structuring. the

philip hammond and mrs may think it is all over. the sunday times and many elderly patients gritters died prematurely because of cheap syringe pumps. we were confused because we're still talking about the gosport scandal. were still talking about the enquiry into doctorjane barton. talking about the enquiry into doctor jane barton. it talking about the enquiry into doctorjane barton. it is a densely written article and confusing to get your head around but what seems to be the case is that these cheap syringe pumps have been used in the past 30 years, banned in other countries, declared faulty and not fit for use. they are used for opioids and it says here, dave's dose could be actively released in an hour. the problem could have been overdosed with a day worth of toast without realising. it's an enormous dump of documents that is difficult to read exactly as rachel said because this easily been tweaked as long ago as 1997 and a phased out the pumps. they give a boost, so putting opiates into the bloodstream and at dave's worth can

the lead up to last year's aged, sajid javid, when he was committee secretary, tried to down is philip hammondnd more money from housebuilding boom. hammond resisted that. it could be that theresa may was trying to get him to borrow more money for the nhs. if your whole political strategy is that you need to reduce the amount of money the government is borrowing, if you say, actually, we can break that promise for the nhs, and all of a sudden home secretary says, we can do that for policing. all of a sudden michael gove says, we can have that farming subsidies. if you break the rule, which is what they seem to have done here, it isjust which is what they seem to have done here, it is just a complete shift in their political viewpoint. some people will say this is just running after labour. labour promises to borrow money, we will borrow more. is this fiscally responsible? some people would say it isn't. this brexit event, the different amounts that have been mentioned in different papers, i wonder if russell ‘s new about this. —— brexit dividend. when anybody suggests that this is what is goin

our top story, later today, britain's finance minister — philip hammond — will address top bankers aton can remain a "global capital of finance" after the uk leaves the european union. the motor industry can be a hard road for even the biggest of companies. just keeping up with the shifts in technology can be tough enough and for the established big names there's growing competition from places such as india and china. but it can also be highly profitable. over the last decade the number of vehicles the world has bought has grown more than a third to over 96 million a year. but their impact on the environment is bringing change. and the international energy agency predicts there could be as many as 220 million electric cars on the roads by 2030. but developing that technology can be expensive — so many companies are doing it together such as france's psa peugeot citroen. in 2012 they launched a tie—up with america's general motors to share the cost of developing new vehicles. well, i'm pleased to say that linda jackson, the ceo of french carmaker citro n is here with me now. welcome t

the chancellor, philip hammond, delivers his annual mansion house speech and, says the treasury is "notnemy of brexit‘." he also confirms taxes will have to go up to boost spending on the nhs. also coming up: misery for maradona at the world cup. argentina hand croatia a 3—0 win, leaving the south americans on the brink of going out of the tournament at the group stage. and we'll take another look at tomorrow mornings front pages at 11:30 in the papers. my guestsjoining me tonight are steven swinford from the daily telegraph and jack blanchard from politico. good evening, and welcome to bbc news. the government has set out details of the process that will enable more than 3 million eu nationals to apply to stay in the uk after brexit. the home secretary sajid javid said the scheme would be easy, simple and quick, but there's been a cautious welcome from the three million group, which campaigns on behalf of eu citizens living in the uk. to apply eu citizens will need to provide documents to prove their identity to show that they are resident in the uk and have no serious criminal convict

we were talking with philip hammond and he said the u.s.rade sanctions that were imposed yesterday changes the atmosphere. can you describe what that atmosphere is like? >> i think we should have been united during the g7 to tackle the global challenges of the world. i am thinking of growth, employment, development, and instead, we will be divided. it will not be a g7, it will be 6 plus one. 1 -- a g the u.s. has raised tariffs on aluminum and i -- and as i explained to the french president, the decision is unjustifiable and dangerous. dangerous for growth and the economy -- economic development of the world and jobs in the eu. >> is this the beginning of a trade war? that, ave to avoid trade war is not in the interest of europe or the united states. tohink we should use the g7 discuss together -- the six states was the united states, to try to find a way out. it is up to the american administration to make the first step and to find a way out. they decided to put sanctions on iran and raise the tariffs on steel and aluminum when the proble

theresa may and philip hammond have said waita theresa may and philip hammond have said wait a minuteture of wa rfa re said wait a minute, the nature of warfare has changed, and the chief of staff is now saying that the biggest threat is the cyber threat, particularly from russia, and we should be pouring more money into that, not conventional... there's a problem here, because five years ago, within recent years we were talking about changing our defence strategy to fund the development of home—grown terrorism. now we're saying it's cyber terrorism. 15—20 yea rs saying it's cyber terrorism. 15—20 years ago, we nearly 30 years ago, the class of the soviet union changed everything, but now we're seeing a cold may be starting. williamson is stuck in this very difficult position, being asked to predict and cover for every candidate she. i would say i agree, be careful what you wish for, because if you put yourself forward, there you go! that's all i have to say. suggestions at the top of a hat. he does have ingredients of leadership in a power struggle, but cyber is a huge problem on dif

philip hammond.ll not use the words of brexit dividend, and how that is going to be paid for. do we think he is going to give any indication or hints about, what he is looking at is that the prime minister said it would be fair, however it is done, but there will be a requirement that taxpayers pay more to help release the money to the nhs. yes, this is an unpalatable thing, for chancellor to announce, especially a conservative chancellor, the arithmetic is simple. if he has to come up with £20 billion a year extra, you have to find that money somewhere. if you are not going to haveit somewhere. if you are not going to have it by extra borrowing, in that case, you had to find another way to get the money. he wants to keep his deficit reduction plans on course, that means he has to square the circle somehow and tax rises become inevitable. we are talking here according to the institute i , possibly another 3p. the last time that happened was 2010, just after an election where all parties have been say

just over the load later tonight, philip hammond, his first words since the big pledge to increase health billion by 2023. philip hammond says, will say at the speech over the road, i don't want to see more borrowing so therefore it will be taxes that will rise to cover those costs. one thing is becoming clearer today, interest rates are likely to rise this year and taxis are likely to follow. england have been back in training again today, ahead of their next match on sunday against panama. but it looks like the top secret line up for the big game has been mistakenly revealed after the assistant coach was photographed holding what appeared to be the team sheet. our sports editor, dan roan, has the latest he may have dislocated his shoulder whilst outjogging yesterday, but england manager gareth southgate was showing little sign of pain this morning as he oversaw training. whether he would have been quite so relaxed afterwards however is uncertain. images emerging of his assistant coach steve holland holding training notes that appear to inadvertently reveal england's team plans for their

the chancellor, philip hammond, delivers his annual mansion house speech and, says the treasury is "not

incidentally, the chancellor philip hammond has been making remarks in berlin this lunchtime, sayingvour of a collaborative approach to brexit negotiators, not a confrontational one. where does this leave the prime minister? well, where she has been for some time. trying to hold together have cabinet, her party and oui’ together have cabinet, her party and our country. not easy. chris, thank you. chris mason at westminster. there have been sharp exchanges between president trump and other members of the g7 on the eve of the summit. president macron of france has made clear the six other countries in the group will be sticking together in their opposition to us tariffs. president trump warned the eu and canada that if they don't remove their tariffs, the us would more than match them. our diplomatic correspondent, james robbins, reports from quebec. a chateau hotel in rural quebec — the most peaceful of settings for some of the world's most powerful leaders to meet. but this g7 summit could get noisy. donald trump will be isolated, as traditional american allies denounce his trade mea

we begin with the guardian, which carries a warning from uk chancellor philip hammond who has told usggering a full—blown trade war would spell "disaster" for the us economy. meanwhile, the telegraph looks at warnings from economists that the nine—year bull run in financial markets could be at an end, as higher interest rates, trade war, falling profits, eurozone imbalances, and a potential us recession finally tip markets from boom to bust. the evening standard reports uber has won a legal battle that will allow it to remain in london, reversing a ban on the company last year. the taxi—hailing app secured a new is—month probationary licence to operate in the uk capitol. the ft says bank of america is accelerating its preparations for brexit by relocating more of its senior uk—based executives to paris increasing its investment banking operations in the french capital. and finally, in the mirror, argentina football legend, diego maradona, may have become a little too excited following his country's win against nigeria in the world cup. the former barcelona and national team player had

he and the chancellor don't see eye to eye on brexit, and on a visit to berlin today, philip hammondrged cooperation with brussels. my experience has been that a collaborative approach is generally more productive than a confrontational approach, and certainly my advice to my colleagues is that the way to address the challenges that there undoubtedly are of reaching a good brexit solution is to engage with our european partners. and brussels certainly does have concerns. the latest wrangle is over a so—called backstop or fallback plan for trade with the eu after brexit, if a long—term customs arrangement can't be negotiated and set up in time. the uk suggesting it could match eu tariffs to avoid a hard border on the island of ireland. brexiteers insist this must be time limited, not something eu's chief negotiator is happy about. backstop means backstop. translation: backstop means backstop. now, why do i say that? because this has to be a backstop which provides a guarantee under all circumstances. so, the temporary backstop is not in line with what we want or what ireland or northe

and philip hammond, the chancellor of the exchequer, they are starting to vent their frustration.each time they go and see theresa may bc we need you to tell us what you want, what you will do, we need to plan, we are investing billions of pounds. and they say we are not getting anywhere. we don't know what she has planned. and there is a strong quote from a leading business figure that says "we have repeatedly raped the same issues, such as the need for frictionless trade after brea kfast, need for frictionless trade after breakfast, but it is now something we cannot and i —— raised the same issues." the pro mrs court in a rock and a high place. —— prime minister is caught. there is a major european council meeting happening at the end ofjune. we were expecting her to reveal, the claim, declare, what she wa nts for reveal, the claim, declare, what she wants for britain, but it seems that has been put off until after that summit. people are losing the will to live. but they are. a little bit ofan to live. but they are. a little bit of an exaggeration. it is becoming extremely frus

this is obviously meant not just for internal consumption within the government and for philip hammondken to task, but also for the british public, and also for brussels. and of course brussels is watching very carefully what is being said, but piling on the pressure, i don't know if you've had a watch democrat chance to watch the clip, the message the prime minister recorded moments after the lords decided to give their approval. it looked like she wasjust so happy, i thought she would burst into tears. it's worth looking at, but there are more battles to come. let's take a look at the front page of the sun, because this is the other interview by chief brexit, bog roll brexit, says borisjohnson. by chief brexit, bog roll brexit, says boris johnson. their ridiculous thing is if you look at the headline, it sound like he's running down brexit, like he's describing the brexit he might get. seeing the words blog and brexit together, it seems appropriate. he's twisted the particularly bad slogan, soft, strong, and very long, but he can't say strong, so he sang soft yielding. it's a torturo

the chancellor, philip hammond says the treasury is ‘not the enemy of brexit‘ as he delivers his annualsion house speech. he also confirms taxes will have to go up to boost spending on the nhs. also coming up, misery for maradona at the world cup. what an absolutely awful mistake. croatia beat argentina 3—0, leaving the south americans‘ hopes of progressing to the knock—out stages hanging in the balance. good evening and welcome to bbc news. the government has set out details of its plans to allow more than 3 million eu citizens to apply to stay in the uk after brexit if they want to. ministers say the application process will be simple. it will cost £65 and applicants should know whether they can remain here or not within days. to apply eu citizens will need to provide documents to prove their identity, show that they are resident in the uk and have no serious criminal convictions. welljulien hoez is a french citizen and a spokesperson for the 3 million campaign — a group championing the rights of eu citizens in the uk. he told us his reaction to today's announcement from the home secr

who do not have any merit, she is saying, and also that she was asked whether theresa may and philip hammondred to be remain voters or appeared to be remain voters anyway during the referendum, wa5 remain voters anyway during the referendum, was a problem and she 5ay5 referendum, was a problem and she says she initially thought so that nash ‘5 in cities. their lack of idea5, bradbury, cup, they shouldn't be attacking the labour party. priti patel lost herjob, let's add, for the cabinet as international development secretary because of a numberof development secretary because of a number of meeting she held with israeli officials said it could be a big case of sour grapes here, she's unhappy with conservative party, unhappy with conservative party, unhappy the way it is going. while this india her to her colleagues?” don't think so —— —— will this india her. that's it for the papers tonight. don't forget, you can see the front pages of the papers online on the bbc news website. it's all there for you, seven days a week bbc.co.uk/paper5 and if you miss the programme any evening, you can watch

about more funding for the nhs, there's been talk of lots of disagreements going on, pressure on philip hammondy. but actually also, this isn't specifically addressing theissue this isn't specifically addressing the issue about doctors in particular where there is a huge crisis around recruitment of doctors for the nhs. the government could not simply stand up, celebrate the future and history of the nhs without actually addressing some of the big changes for the future. but there's an interesting point in the middle of the story for those who voted in favour of brexit. leading eurosceptics including borisjohnson and michael gove argued that the eu referendum was about control and deciding who should be allowed to enter the uk rather than slashing numbers. i hope everyone who voted for brexit was aware of that. let's talk about the express because they have got this interesting story about the numbers victory for workers' rights and what it means for the gig economy. talk us through this and why it's such an important case. drew the numbers of staff —— self in our country are greater today than

there is a report in the guardian i think that suggests that she is willing to look at that, and philip hammondgoing to put extra tax in, so hopefully these are temporary problems. there speaks somebody who doesn't understand north of milton keynes, there is a real problem with immigration. there is the city the size of newcastle coming into this country every year, and you can't just coming into this country every year, and you can'tjust go on saying, that's fine. because there is an enormous economic problem, in trying to build a infrastructure of hospitals and schools and railways and roads to cope with it. it is right we need a different policy. and roads to cope with it. it is right we need a different policym is all right saying, but the problem is all right saying, but the problem is and this is poor reporting by the ft. is and this is poor reporting by the ft, it is unusual for them, is and this is poor reporting by the ft, it is unusualforthem, is is and this is poor reporting by the ft, it is unusual for them, is that these 2300 doctors are not coming from the eu, this is not an eu is

that was philip hammond. from new york, this is bloomberg. this is bloomberg. hour,t: our stock of the fiat chrysler. if you look at the sheriffs but they are down. julie hyman is here. this has to do with expectations. julie: it is unclear why the stock is down. year toes were up 20% date. they have outperformed. said financial theets were set because other automakers, they have had this strategy. the financial targets were more conservative than expected. another analyst said the targets format. everything looked good. wooed haven the kate been a big m&a deal. these are the theories about why this stock might be going down. that was a failed experiment, the reintroduction of the fiat brand. numbers, itat the looks different than that. and 11% gain for the month. line were downle 46% to which you cannot even see. it is small compared to the rest. the why access is such. >> jeep is the outperform are here. looking at how many cars they want to sell jeep is what is pushing the big brand. it is going to continue to push. >> exactly. forget small cars. thank you.

chancellor philip hammond has insisted the treasury is not "the enemy of brexit." rity by promoting ties with the eu after britain leaves. he also confirmed that taxes will have to go up to boost spending on the nhs. taxpayers will have to contribute a bit more in a fair and balanced way to support the nhs that we all use while delivering on our fiscal commitments. the church of england is making last minute efforts to engage with survivors of sexual abuse, just weeks before the publication of what is expected to be a highly critical report. an examination of evidence by bbc local radio shows that serious allegations of abuse went unrecorded after cases involving dead and retired clergy were left out of a review in 2010. a spokesperson for the anglican church said recent criticisms "have been taken very seriously and acted upon." american tv network, abc, has ordered a spinoff to the comedy series, roseanne, without the involvement of its creator and namesake, roseanne barr. the sit—com was cancelled last month after ms barr posted a racist tweet. the show had recen

chancellor, philip hammond. bloomberg. ♪ the: welcome back to european open on a very busy friday. 40 seven minutes into the trading day and equities are up across the board including deutsche bank even after standard & poor's cut the banks long-term credit rating from a minus. after yesterday, the fed and the fdic had deutsche bank on a list of troubled companies in the u.s. right now, the shares are trading at 9.48. jump from- a $.30 yesterday. a bit like one of my favorite cliched -- cliches in the market, it is a bit like trying to catch falling knives. what is the impact from this week's political uncertainty on the market? looking -- first of all, thank you for coming in. we have been looking at rates all week and focused on the government debt out of italy for the most part. what is the corporate situation like? debtme of the corporate has been more volatile than the equity markets which is strange. even, for example, the phoenix group. equity fellnd the 3%. volatility is due to the corporate bond market.

philip hammond confirmed that higher taxes rather than the so-called brexit dividend would be needed to boost funding. named a new central bank governor. is deputy governor investigating the scandal plagued fund. >> definitely not corrupt. example, when they were bought by this is a bank for 2 billion ringgit, this is a bank doesn't need the land desk the central bank for 2 billion ringgit, the central bank doesn't need the land. debra: global news, 24 hours a day, powered by 2700 journalists and analysts in more than 120 countries. you can find more stories on the bloomberg at top . anna: let's get to sydney. a check on the markets. haidi: we are looking better than we were earlier this morning but this malice that plagues is continuing into the end of the week. we are a quarter of a 1% when it comes to the msci asia pacific index. we are on track for seven day low. 4% lower. we've got the likes of everyone from goldman sachs to morgan stanley slashing the expectations. let's take you through some of the market we are watching. the nikkei 325 is up. the yen holding pretty steady

philip hammond also said some of the money would from the so—called ‘brexit dividend' of lower eu contributionsr the bank of england kept interest rates unchanged but its chief economist has expressed support for an increase. 0ur economics editor kamal ahmed has more details. a night for the finest chains of office, and the smartest outfits, for one of the biggest city events of the year. and the chancellor here at the mansion house in london, with a big message about the future of taxes, which he said were going up. earlier this week, the prime minister announced a five—year nhs funding package that will boost spending on health by over £20 billion a year in real terms, in england alone, partly funded by lower contributions due to brussels. so, as the prime minister said, taxpayers will have to contribute a bit more, in a fair and balanced way, to support the nhs that we all use, while delivering on our fiscal commitments. mr hammond insisted he was no enemy of brexit, but was working for the best deal. that does not make the treasury on my watch the enemy of brexit. rather, it makes it a cham

during his annual speech in the city of london, philip hammond confirmed higher taxes rather than the so-called brexit dividend would be needed to boost nhs funding. malaysia's prime minister has said the ringgit's fair value is the same as the peg established in 1998 in a controversial move. asked in an exclusive interview with bloomberg where he saw the currency's fair value, he said 3.8, more than 5% stronger than its current level against the dollar. he discussed the appointment of malaysia's new central bank governor. not through corrupt practices. when land was bought by the central bank for 2 billion ringgit, what was wanted was to -- the central bank did not need the land. what was wanted was to give money to the government. debra: global news 24 hours a day, on-air and tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. annemarie: --this is bloomberg. losses,an stocks paring trading mixed amid the global trade story. the yuan falling to its lowest level since january against the dollar. plus, we are about to get eurozone data -- f

that was philip hammond speaking earlier.bers of the g7 on the eve of the summit. president macron of france has made clear the six other countries in the group will be sticking together in their opposition to us tariffs — president trump warned the eu and canada that if they don't remove their tariffs the us would more than match them. our diplomatic correspondent james robbins reports from quebec. a chateau hotel in rural quebec — the most peaceful of settings for some of the world's most powerful leaders to meet. but this g7 summit could get noisy. donald trump will be isolated, as traditional american allies denounce his trade measures aimed directly at them. the president says he imposed tariffs on imported metals to protect american jobs and national security. the american steel and aluminium industry has been ravaged by aggressive foreign trade practices. it's really an assault on our country. leaders heading to the summit are angry. president macron of france urged politeness, but reminded donald trump sharply, no lea

speaking during talks in the canadian resort of whistler, the chancellor, philip hammond, said the movenadian counterpart said us claims that the duties protected its national security were "absurd". the us defence secretary, james mattis, has accused china of trying to intimidate and coerce its neighbours by deploying missiles in the south china sea. speaking to south—east asian defence ministers in singapore, general mattis said that whilst the trump administration wanted a constructive working relationship with china, the us would compete vigorously if necessary. the rail industry has pledged to get train services in the north of england back on track as quickly as possible following days of disruption. northern has announced it will be running an emergency timetable until the end ofjuly, with 165 services scrapped. peter marshall has been speaking to passengers in the lake district: the majority of services were cancelled yesterday. for passengers like this, trying to get back home to liverpool, it's frustrating. it's scandalous. you can see people there with prams, dogs. there's no

we will bring you our exclusive interview with philip hammond later on today.atch, another one to 4:50 p.m. u.k. time. this is bloomberg. ♪ matt: welcome back to "bloomberg daybreak: europe." there is a shot of my hometown, berlin, right now and germany rocked by this deutsche bank continuing fall. remember a lot of domestic retail investors own deutsche bank. thatrday we had concern on fed has noted deutsche bank is one of the problem businesses to watch in the u.s. we see standard & poor's cutting deutsche bank long-term credit rating to triple b plus down from a minus. you can see the shares plummeting, one more problem for a bank that has seem to have had a revolving door issue as far as leaders. we will continue to cover that story. let's see what else we are covering. there is so much going on. let's get a bloomberg business flash out of singapore. juliette: matt, let's continue with deutsche bank. its credit rating has been cut by s&p global ratings by one notch to triple b plus from a minus. the downgrade is a blow to the new ceo as he tries to reinvigo

between tribes, the brexiteers claiming to be the real patriots, and the soft brexiteers, the philip hammond the real patriots. and the deafening silence from labour because lost if that was really a thrust... in last year's general election. it doesn't seem to have capitalised on it in the polls, labour is frustrating everyone. it's having this difficult balancing act, between the remainers in the electorate and pro—leavers, is also frustrating everyone. so yasmin, it is notjust theresa may and her government that are paralysed, this process is paralysing politics across the board. it is those russian dolls, you go from absolutely the party politics and the regional and national divides in our country to the wider, the biggest dog of all which is exactly as you said, the eu project itself. but here it seems to me that in your script you said something about march we will be leaving. i think one should put something of a question mark because this is exactly one year, the tories fighting each other, labour fighting each other, and people, throughout all kinds coming up, and increasingly this

significant funding increase, and it comes after weeks of fraught negotiations between the chancellor philip hammondd get, and the talks went on until late last night and a deal was only reached them, i'm sold. the nhs in england will get more than 3% a yearin in england will get more than 3% a year in real terms extra for the next five years, including more than £4 billion next year, but the treasury had originally and he wa nted treasury had originally and he wanted to offer 2%, mindful of the state of public finances. ministers will argue there is a brexit dividend and some of the money will come from money saved from contributions to the eu which will not take place but they will also say more money is needed on top of that and that will have to come from higher taxation but we won't get details until late in the year in the budget and there will be consequential increases for scotland and northern ireland under the normalformula. some and northern ireland under the normal formula. some campaigners will think it is not enough, they wa nted will think it is not enough, they wanted 4% to deliver r

he's also been critical of the treasury, describing philip hammond's department as being "the heart"main campaign. live now to chris mason. give us more details on what boris johnson, the foreign secretary, was saying, clearly, at an event where he was not expecting to be recorded. good morning. boris johnson he was not expecting to be recorded. good morning. borisjohnson finds various ways where his innermost thoughts trickle into the public domain, whether it be a rather long newspaper article or other interventions. this was a private dinner, or so he thought, on wednesday evening, at the conservative way forward group, he and his friends say they are disappointed the recording has ended up disappointed the recording has ended up in the hands of buzzfeed news but in terms of it being surprising, it is up there with bears choosing comfort breaks inwards and night following day, that this kind of thing should eventually emerge. he's talked about the treasury being the heart of remain, not exactly diplomatic language in the direction of philip hammond, the chancellor. what else does

that's according to philip hammond, who gave his annual speech at mansion house last night. speech in the city of london to say that the uk needed to protect patterns of trade with the eu that have been "built over decades". with us now is yael selfin, chief economist at kpmg. welcome. what did you make of what you heard the chancellor say last night in his speech? very interesting. on the one hand he was very much saying we will need to continue hopefully trading closely with the eu. but on the other hand he was saying actually we have a rigorous and strong regulatory environment here for financial services. therefore we want to keep that. and we want to be trusted and trade in financial services in a slightly different way to watch the european commission is proposing. there is a disconnect uttering what some ministers, like the foreign office, might think about it and how the treasury is perceived. —— there isa the treasury is perceived. —— there is a disconnect with what some ministers. i think he was really positive in this end he was really trying to go towards busines

social care secretary jeremy hunt, calling for significant funding increases and the chancellor, philip hammondan for nhs england covers the next five years. it will involve average annual increases of 3.4% in real terms. the budget for day—to—day running costs is around £115 billion this year. under the plan, there will be £20 billion more by 2023. theresa may says some of the funding will be found from money saved after brexit, and some probably from higher taxes. what i am announcing will mean that in 2023—24, there will be about £600 million a week, in cash, more in cash, going into the nhs. of course, we have got to fund that, that money. that will be through the brexit dividend. the fact that we are no longer sending vast amounts of money every year to the eu once we leave the eu, and we as a country will be contributing a bit more. the head of nhs england — simon stevens, said the multi—year settlement provided the funding needed to shape a long—term plan for key improvements in services. but the health foundation think tank argued it was not enough to address the fundamental challenges

theresa may, when we had the labour version of this, she was against that, as was philip hammond, anothero power, whoops, we have changed our mind! after decades of wrangling and those tory promises that it would not happen, the government is onside to expand london's heathrow. it is really important that the promises we make about noise, air quality, about the connections that are going to be provided elsewhere in the united kingdom are kept and set in stone. but not all ministers are on board. the foreign secretary found urgent business in afghanistan, he always vowed he would fight the project. but he was clocking up his own air miles. yes, flying around the world while objecting to expanding an airport. remember, this is only the equivalent of outlying planning permission. the vote is not about detailed flight paths or any final decision, but it has led to some restyling of the tory party headquarters. big business however is desperate to push on and most mps supported, but parliament's backing might not last under another government. even though many labour mps are behind heathrow...

coverage of the chancellor's annual mansion house speech on the state of the uk economy, where philip hammondpected to give more details on where the extra £20 billion funding for the nhs will come from. he will be speaking after the governor of the bank of england, mark carney. and at the later time of 11:16pm in meet the author, this weekjim naughtie speaks to nikesh shukla about his new book the one wrote destiny. that's all ahead on bbc news. but now it's time for sportsday. hello, i'm olly foster, live in moscow. this is sportsday at the world cup. these are your headlines: it's "allez les bleus" — france are through to the last 16, but peru are simply blue. they'll be going home early. the socceroos keep themselves alive. another var penalty sees them draw aaginst denmark. join me, david ornstein, for the latest from the england camp, where all the talk today has been about a lea ked tea m all the talk today has been about a leaked team sheet. i'm sarah mulkerrins at the bbc sport centre. also coming up on the programme: bat dominates ball again, as england start chasing australia's 310

and the chancellor philip hammond's speech.his is bloomberg. ♪ francine: economics, finance, and politics. this is "bloomberg surveillance." let's check in on what is trending across bloomberg on tictoc. greases creditors struck a landmark deal to ease repayment terms in an effort to alleviate its mountain of debt. this is to clear the way for the lifeline that has kept it afloat. says they might all their investments in the events the country leave the eu without a brexit deal. the french aerospace giant employs 14,000 people in britain. and are most read stories right here over the past few hours hours. the ex governor resigns halfway through his five-year term. in second place, morgan specks are employing investors -- morgan stanley and goldman sachs are employing new investors. and finally, the white house is split over its response to a trade war. some officials are trying to restart talks with china. our guest is still with us. we are still trying to figure out what the airbus war on brexit means for other companies. we h

anyway you cut it, if you are philip hammond, you're thinking theresa may has given you the equivalentnorman, thank you. three people have died after being struck by a train near loughborouthunction in south london. police say they are investigating how they came to be on the tracks. 0ur correspondent, sophie long, is in brixton. what more do we know at this stage? just in the last few moments, the superintendent from the british transport police came and issued a statement. he said three men in their 20s were found on the railway line this morning. we know they were struck by a train at some point before 7:30am this morning. it was at that point the driver of another train noticed the bodies on the line and notified the emergency services. we don't know what those three men in their 20s were doing on the tracks. we note it happened at loughborough junks and —— junction. we know one of the families have been informed that their son has been informed that their son has been killed but the families of the others have not yet been informed that these two men have been killed. we are told

theresa may, when we had the labour version of this, she was against it, as was philip hammond, another into power, "oops, we've changed our mind!" after decades of wrangling, and those tory promises that it wouldn't happen, the government is onside to expand london's heathrow. it's really important that the promises we make about noise, about air quality, about the connections that are going to be provided elsewhere in the united kingdom are kept, are absolutely set in stone, so that when we get to the completion of this runway in the 2020s, the things we have promised today will be things that happen then. but not all ministers are on board, though. the foreign secretary found urgent business in afghanistan. he'd always vowed he would fight the project but was conveniently clocking up his own air miles. yes, flying around the world while objecting to expanding an airport. one of his colleagues quit the government rather than toe the party line. i think it's for every mp to justify to their own constituents. i made it clear pledge to the residents of chelsea and fulham just one year ag