this is about jobs and growth, and investments right here in the united kingdom. we must be safeguards for britain, this is the right thing to do. we have no prospect of joining the the euro, which she is different about. >> six weeks ago, the prime minister said that a limited treaty change may give up the opportunity to give power back to britain. what powers will be arguing about? >> as i have just explained at the summit -- we are all interested in this. we all have the name of resolving this crisis, and we believe that this means that european countries coming together and doing more things together if they choose to do that, with what we are involved in, we would insist on safeguards for great britain, and this means making certain that we are stronger and better able to do things in the united kingdom to protect our own national interest. the more that the countries are asking for, the more that we will ask for in return. just that on the basis of what matters more in great britain. >> the more he talks, the more confusing that his position becomes. >> let

one is the place of the united kingdom in europe. this is a question of the growth part of our economic policy, which is and the sundance -- indispensable. the result is not a community based, as we wanted it. but governmental. that places us with a number of problems. not just legal ones, but political ones. my group wants to have the drafting of the new provisions by march to be ones in which the european institutions are fully involved with the european parliament occupying the place and it is insured that this will be a democratic process. i appeal to the president's to work very closely with the european parliament. we must stop a deep change in the letter of what we are doing. cohesion must prevail over the balance of power. the second major question that thses is tehe question of e united kingdom in europe. british isolation and says that that government regards the eurozone as a free-trade area. it has no regard for its partners. that implies a change in the behavior of the 26 ad within the european institutions with behavior

the united kingdom is probably. the country in terms of total public and state that which is now i think around four hundred fifty percent of g.d.p. so the need that and those from states also very it's most publicly known issues but he's also hit them that which is coming from pension liabilities we don't talk about it much but actually it's a huge amount which seats is a liability for corporates and seats as a liability on councils so there is no easy way we all can assume to border is that we need to take it back so there are different ways to pay back but neither of them are going to be pleasant and the one of the lines of force people call financial regulation which means it's a negative real interest rates so inflation nominal interest rates are low it's a couple interest rates government born from captive plants to pension funds if you have to invest them highly rated and highly rated as your government then you need to give money to the government that then you have a. government effectively using this money

is backing away from it what's the solution do you think i think for the united kingdom it's interesting game because really if you see a whole economy develop here when a functioning window on so many functioning changed from twenty five percent to ten percent at the same time financial sector grew from five percent to ten percent g.d.p. so now we're on a vehicle footing so it's not only about europe but it's about overall contamination of financial system and clearly as financial system as london as a financial center this is very important for the united kingdom for there are two sides of the game one is political and economic and the novel is financial infrastructure and one should politics really come into what is essentially an economic decision absolutely politics should go in and what what is really going to move this in because politics is the concern that the explosion of economics really . european union was a part of. a larger political project which took almost fifty years since the second world war and this unification and fiscal unification which people talking now is just

the united kingdom is probably. the worst country in terms of total public and. state that which is now i think around four hundred fifty percent of g.d.p. . so the need that. person states is of the most publicly known. that is also hidden that which is coming from pension liabilities we don't talk about that much but actually it's a huge amount which sits as a as a liability for corporates and see it as a liability on consols and so on there is no easy way we all are consumed so we need we all consume to board this is that we need to pay back for them wasting away but neither of them are going to be pleasant and the one of lines of force is what people call. financial repression which means it's a negative real interest rates inflation nominal interest rates alone it's a couple interest rates it's boring government boring boring from captive clients to pension funds if you have to invest in highly rated and highly rated as your government then you need to give money to government that then you die and then the government effectively using this money to pay back

inflation in united kingdom has run at double the central bank. the ftse is performing slightly better but more or less flat ahead of that inflation reading. andrew? >> nina, another down down here in asia. the markets in this part of the world really tracking the u.s. losses. take a look at hong kong. you'll see it coming right off the top, fairly sharp losses from the opening. not surprising because the u.s. in turn is reacting to the fears that the eu agreement is basically not enough. we had moody's saying it would revisit ratings of all the eu countries. and fitch expecting significant economic downturn. >>> tech stocks got hit after intel cut its forecast. exporters were weak, of course, on the european concern. one stock to tell you about today, olympus up by nearly 5.5%. there's a report that the auditors will approve the quarterly earnings report. now, they have to submit this report by thursday, olympus does, to remain lifted. if they don't, they'll be taken off the nikkei. investors confident that that's not going to happen. i want to q

that is what we are willing -- with the prime minister of the united kingdom. this is a tough issue. >> the protests and clashes with police continue. many protesters wanted and the marquee. but large parts of the population do not. the leader of the opposition party says he cannot live with the constitutional monarchy and is ready for dialogue with the king. he has told the bbc he plans to invite in personal advisers from all of the political parties, including the opposition. the government was hoping that the report would draw a line over the violence that has claimed 40 lives. but the political grievances remain. this is now deeply divided between the opposition and those who support the government. >> this is newsday. >> the headlines. the human rights chief of the united nations says that syria should go to the east -- go to the criminal court for the suppression of protesters. >> a robust defense of the decision -- to change the lisbon treaty. >> the philippine house of representatives has been impeached the chief justice, accusing him of -- he is facing

marked exit which is good news i think you should now go the whole hog and give the people of the united kingdom their democratic right let's have a straight in or out referendum to decide whether we want to be in the united states of europe and i think the british people will decide they want to vote no and they want out are perfectly for discussing the whole idea and prospect of any type of referendum for for the british people to decide whether england should be part of the e.u. nick clegg would say that if he had been in charge things that would have been different apparently he would have supported the fiscal union or do you really think the british people would like to see brussels overseeing the country's budget policies no of course of the course they wouldn't of course nick clegg is used to saying things because he never had any chance of getting into power but through this shoddy coalition he's got more power than he ever should have and if you're showing himself up after wonder when he looks in the mirror whether he's as embarrassed as we are when we listen to him clearly the british

we have been concentrating on the united kingdom and its opposition today. what are the views in poland? >> there are two lines being taken. it basically reproduces what was being said in brussels, except they say that britain was not on board and we have to go on, regardless. there is an unofficial line for the legitimate concerns of some people here. that what mr. cameron has said is voicing legitimate concerns of many people. that the power in europe is slowly going away from democratic parliament towards institutions which are not going to be accountable to anyone. >> when you say that there are these concerns, how is it being played out? a debate in parliament? >> there is a debate going on, since the foreign minister has presented a plan -- apparently his own, private plan within the european union, which was a vision of a federal europe, which some people here simply fear. there is going to be a debate the day after tomorrow in the parliament. some people have been worried about the fact that poland has approved the outcome of the summit without reall

collaboration and diplomacy and defense which is one of the distinctive relationships between the united kingdom and the united states of america. .. >> the fire wall is big enough for the euro zone and banks are adequately recapitalized, and that countries like greece have adequately dealt with the problem. we cannot sign a european treaty not giving adequate protection to the single market in europe, but we are not changing our relationship with the european union, and we will work with our european partners over the coming months on the need for the e.u. to remove barriers to trade, to complete the single market, to conclude free trade agreement around the world. these remain the most important way for europe to compete and address economic problems and generate essential growth. as you've heard, we share a growing concern with the united states about the situation in syria, and the deplorable violence orchestrated by the regime, and we welcome the continued efforts of the arab league and call on the international community to unite in condemnation of events in syria. our talks reaffirmed our

the queen will concentrate on the united kingdom. across four months, starting at the end of march, she and her husband will spend 20 days visiting different parts of the country. as with their visits to australia last october, it will be a test of stamina for a couple that will be 86 and 91 years old. >> she has been doing it for 60 years, and that is what keeps her going. also, her devotion to duty, what she gave her life for, and she really has given her a lot for it. >> it will be led by duchess of cornwall and the duke of wales. they are going to new zealand and papua new guinea. but most will focus undoubtably on prince william and the duchess of cambridge. they are going to malaysia and singapore and then to the south pacific, the solomon islands, and one area that last had a visit when the queen and the duke of edinburgh went there 30 years ago. they were carried ashore by islanders sitting in canoes. the queens seemed to warm to it, and falling behind in his canoe was his duty, in his admirals uniform. william and kate can e

his eggs in the basket of a city and to pretend that the defending the united kingdom's interest by defending the city's interest is yet another major blunder by another british prime minister who is going along the path carved out initially by mrs. hume that it was possible that the industrialized the united kingdom and the prosperity on the back of the city of london we know what happened in two thousand and eight continuing supporting the city against the interests of the british people is going to become yet another blunder in the history of british politics so over rule then how do you see the crunch talks panning out what decisions should they reach. i think it's extremely simple firstly they should come clean on the state of the banking sector the banking sector of europe and i think it's not just the city of london but of course frankfurt paris the whole of the banking said that of europe is insolvent and it is about time we realize that as long as we remain in denial about this talking about the greek that or the portuguese that which are minor issues compared to the state

no big surprises in fact there because there was already a lot of contention you mentioned the united kingdom they've already had coming into this a lot of reservation into agreeing with the franco german apply and of changing the treaty so in fact the accord that was agreed upon last night include the. contras plus six other members hungary and the u.k. refused to come on board and sweden and the czech republic say they will have to consult their parliament before the give an answer to that now why this plan is reflective of the plan that merkel and sarkozy have wanted to come up with it before place although they did not get that sweeping treaty change that they wanted they do will be able to force a stricter rules especially when it comes to budget and deficit they say they will come up with this goal compact it may not be a treaty change but again the fiscal integration they're coming after and they will rely on the european commission and the european court of justice to implement these new disciplinary measures such as automatic sanctions for example for countries that violate the defic

happened already i think i think it happened in the early hours of last friday morning where the united kingdom a country of sixty two million people one of the really big players in the european community for the last nearly four decades found herself how closely isolated be used by everybody. i don't think there is any going back from well cameron's decision certainly it was not a popular one at least among his fellow members of the e.u. . do you think that he is has alienated himself from from members of the. cameron is somebody who is naturally a fairly gentle consensus politician he likes to be popular he likes to side up to agreements he went along last thursday with what he thought were very reasonable practical demands so that the united kingdom which has a very big financial services industry could get some degree of protection for that industry and he went into those negotiations assuming that he get what he asked for what he was confronted by was a snarling aggressive french president in sarkozy who just said we will not bend we will not yield in any way and we insist that the financ

with the united kingdom really holds a referendum -- what if the united kingdom really hold a referendum which could but amid the question the membership of the u.k. in the european union -- which could fundamentally question the membership of the u.k. in the european union? >> taxes at 5994. -- the ddax is at 5995 -- tehe dax is at 5994. the euro is at 1.9393. citigroup will chop 4500 jobs because of what it calls "an extremely challenging operating environment." they hope to make big savings in the long run. in the short term, these cuts will come at price. severance and other expenses will come out at $400 million. they are joining other banks who are pressing their work forces, including -- cutting their work forces, including bank of america and databank -- the deutsche bank. the government has expanded plan to the supermarket sector. the government had hoped that the move would have eased high inflation and create jobs. public protests and strong opposition from politicians fear this is putting the reform on the ice. look at the order books for german arms manufacturers. exports ar

the united kingdom has been taxing trades of stock for centuries so first let's look at exactly what is the definition of a financial transaction tax it is this it is a tax placed on a specific type of financial transaction first pacific purpose this term has been most commonly associated with the financial sector as opposed to consumption taxes paid by consumers now examples of places that have one because there are countries that have them so as dean baker referred to the u.k. has tax u.k. stock trades for centuries it's called a stamp duty there are other countries singapore has a point two percent stamp duty on transactions of stocks and shares also switzerland has a transfer tax levied on securities where one of the parties is a swiss broker and even there was one in the united states from one thousand nine hundred fourteen thousand nine hundred sixty six on stock sales and transfers now this has been an ongoing debate in global policy a proposal for a financial transaction tax at the g. twenty in new. vem ber failed later that month though you heard the european commission pres

there are thousands of undocumented citizens of the united kingdom in america, and the united kingdom government has no interest. i would urge you to press that. there are bilateral trade agreements and millions of people working. press the slew. one final point, i would challenge the bill. at would price do we have comprehensive immigration reform. i would ask the question at what price can we not have it? >> so you would give them all the bad stuff just to get the good things? >> no, i wouldn't. but i'm reminded of what voltere said, which is let not the perfect be the enemy of the good. by holding out for the perfect, there are 12 million in a bad way in this country. >> what is the difference between imperfect and the atrocious. >> i would ask you to not let the perfect outway the we. thank you for having this commission tonight. someone once said that what leads evil to triumph over good is that good men do nothing. i think you for doing something good and not letting the evil win by sitting down and doing nothing. thank you. >> thank you. i will probably get in trouble for letti

the united kingdom is a european country and should remain one. i really do not think that the u.k. should become one of those very few european countries that are outside the european project. the others are countries like san marino and liechtenstein and switzerland. i really doubt whether it is in the uk's best interest to be in that league. >> david cameron's move did seem to be a step in that direction. what is the german government was a response? is angela merkel frustrated? dishy angry? family have to ask her. i do have a feeling that the german government and, i think, the german public are -- well, yes, a bit angry that the uk again has decided to play a sort of solitary role within europe. it has done this on several occasions since -- whenever it was -- 1973 when the u.k. joined the european union, and it has done it again now. we feel that as much as we need the u.k. in the union, the u.k. needs the rest of europe, and we should find a way of doing it together. >> as we just saw in that report, public sentiment is very much in favor of david cameron. i think the conserv

the queen will concentrate on the united kingdom across four months, starting at the end of march, she and her husband will spend more than 20 days living in different parts of the country. as with their visits to australia last october, it will be a test of stamina for a couple who will be 86 and 91 years old by next october. >> she has been going for 60 years. also, her entire devotion, which is what she gave her life for, and she really has given her life for it. >> visits outside the u.k. will be led by the prince of wales and the duchess of cornwall. they are going to canada, new zealand, australia, and ppa new guinea. but most of the tension will unubtedly be focused on prince william and the duchess of cambridge. they were carried ashore by islanders. the queen seemed to warm to it. following behind was the duke in his admiral of the flick uniform. william and kate can expect something similar. prince harry will be travelling next year as well. he is going to believe, jamaica, and the bahamas. it will be his first official foreign visit representing the clinic. it will be 115 ye

as the united kingdom's main rejoction, the tenacity behind that particular rejectment. take a listen. >> i wasn't prepared to agree that treaty, take it to my parliament in that way and that is why i rejected signing this treaty today. the right thing for britain, a tough decision but the right e one. >> the prime minister, david cameron, claims the treaty change would not protect britain's prized financial sector from the debt of his euro zone neighbors. in his scathing statement, he showed how much he wanted to keep his distance. >> we're a key member of the single market. we drive change in the single market but we're not in the euro. i'm glad we're not in the euro. >> he's standing his ground and ever further away from his continental counterparts. andrew? >> there was little time for any of the leaders to rest before the european summit began in ernest. croatia signed the eu succession treaty. its government might wonder what it's gotten itself into. let's go to jim boulden, live in brussels. let's talk about what the deal is. it's not a deep success. it's foot a d

it's a pivotal time for retailers, especially across the united kingdom. i've come to the retail center of british capital to gauge the pulse, let's say, for the shops and shoppers nearby. there aren't all that many carrying bags. for the retailers have been having a hard time of late. the latest figures show that retail sales in the uk fell by about 9.4% for the month of november. if you strip away everyday items such as fuel and gasoline, the figures are worse than that. down about 9.7%. at a time like this in the most busy shopping season of the year, guess what, they're still offering discounts, despite the fact that some of the companies are having to contend with higher commodity prices. the price of wool is up 75% in the first half of 2011 and textiles are more expensive thanks to the arab spring uprisings. here in london's cairnby street, there aren't that many people out, let alone holding bags, which is a worrying sign as we head towards the christmas season. i have found two people who have bags and have been christmas shopping. thank you very m

accord and how to save it we discuss the efforts with a member of the european parliament from the united kingdom that interview is coming right up. well today we're joined by conservative any please mr daniel hannan thank you very much for joining us first question that everyone is asking is where do you see the eurozone headed well we can now see very clearly that the euro is a recessionary instrument it's making people poorer it's causing deflation and emigration in the southern states is causing tax rises in the northern states if we were looking at this completely logically we would immediately move towards an orderly unbundling of the single currency but of course the european union is not looking at it logically they come at this with so much political capital and actual capital invested that they can't bring themselves to admit that it was a mistake and so i'm afraid we risk the very thing they purport to fear which is a disorderly breakup of the euro caused by having tried to keep it together for too long an orderly break up is that really the cheaper and least painful option here i mean

unsustainable with their economy it's the same with the other economies not not incidentally that the united kingdom is any better the unit in the united kingdom is a terrible situation as well but they're not want to do the straitjacket of the euro the only way out of this is growth and of course the thing that restricts growth in economy is regulation and taxation and that's exactly of course what the european union want more off they just don't get it the cotton socks they don't get it i give the thing months rather than years now where it seems the u.k. is chancellor george osborne agrees with you partially at least he's been preparing britain for the collapse of the euro i mean how likely and you're saying it's a couple of months away do you really think that he's likely. you're a man convicted he got strong convictions about this year award and a professional economist i've been thirty five years of professional economists this isn't about politics this is be about economics and i've never known in the history of the world politics beat economics water doesn't flow uphill that's a long and sho