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NEW / EXCL - breaking on #bbcnewsten and News online … Vauxhall owner Stellantis tells Government to renegotiate Brexit deal signed by Boris Johnson as it confirms for first time its UK electric car exports will not qualify for TCA from January as wont meet origin requirements.
Stellantis document 🚨
‘We are now unable to meet these rules of origin…
“Our request to Government is to gain agreement with the EU to maintain the current rules until 2027”… “trade between the UK and EU would be subject to 10% tariffs making exports uncompetitive”
‘We are now unable to meet these rules of origin…
“Our request to Government is to gain agreement with the EU to maintain the current rules until 2027”… “trade between the UK and EU would be subject to 10% tariffs making exports uncompetitive”
this bit was really pretty 👀… Stellantis “If the cost of EV Manufacturing in the UK becomes uncompetitive..
operations will close. Manufacturers will…relocate manufacturing operations outside of UK, as seen with previously established UK manufacturers such as Ford and Mini”
operations will close. Manufacturers will…relocate manufacturing operations outside of UK, as seen with previously established UK manufacturers such as Ford and Mini”
2022 has been a lesson in never judging a book, nor a country, by its cover. At the end of February, while the city of Kharkiv was still under attack, I met 21 yo, Eugene Gromadskyi. At the time I had no idea what he, nor Ukraine, were capable of. bbc.co.uk/news/world-eur…
A hurried mobilisation was underway. The city and the country felt underprepared for the scale of what had hit them. These were the most troops I’d seen in the week there. From the crowd, a young National Guards lieutenant emerged and said, in English, “call me Eugene”
Look at his feet. It’s the middle of winter, he’d been fighting back Russian attacks, and he was wearing trainers. He was confident and determined, but I couldn’t help but think, this isn’t how you defeat the Russian army.
NEW/ BREAKING
Chancellor Kwasi Kwarteng is flying home early from IMF for talks on the mini Budget
Chancellor Kwasi Kwarteng is flying home early from IMF for talks on the mini Budget
The Chancellor is flying home a day early tonight, and has cancelled appointments at the IMF Annual Meetings due tomorrow.
Treasury sources tell me the Chancellor wanted to engage across Government and with MP colleagues on the mini Budget
Lucy Letby’s defence case is now being outlined by her barrister Ben Myers KC
BM KC: It’s difficult, ladies and gentlemen to think of allegations that can be more upsetting than these allegations and that can strike harder at our desire to protect than these allegations
BM KC: The sympathy of everyone will rightly be with the families involved in this case. We all share the same feelings.
Lucy Letby trial: Day 3. I am in the courtroom and will tweet lines of evidence during the day. Please refrain from comment to avoid legal prejudice. Coverage later on @BBCNews @BBCRadio4 and other channels, plus online.
Counsel for the prosecution, Nicholas Johnson KC, shown here, is continuing to open the case against Lucy Letby who is charged with murdering 7 babies and attempting to murder another 10 at @TheCountessNHS in 2015-16. She denies all charges.
A reminder - we are not naming the children or their parents because of a court order. They are instead being referred to as babies A - Q.
NEW
Morning from DC where Chancellor arrived a few hours ago…
- 20Y gilt yields (effective Govt borrowing costs) just topped 5% again 5.02 for first time since Bank of England first intervened after mini Budget…after Bailey hard line message
- shock August GDP fall
Morning from DC where Chancellor arrived a few hours ago…
- 20Y gilt yields (effective Govt borrowing costs) just topped 5% again 5.02 for first time since Bank of England first intervened after mini Budget…after Bailey hard line message
- shock August GDP fall
Not sure I buy the idea that there’s private reassurance the bond buying programme will prolong. Bailey not only volunteered the “you have 3 days” comments, he then when asked for reassurance by the BBC outside, reiterated it unprompted, on camera…
BUT..
BUT..
What there is into next week is a Temporary Expanded Collateral Repo Facility (TECRF)… which will help banks to help those LDI funds with liquidity, which many in the market thought was the appropriate tool to deal with this anyway…
Day two of the trial of nurse Lucy Letby, who’s charged with murdering 7 babies and attempting to murder another 10 at @TheCountessNHS. I’ll be tweeting lines from the courtroom. Another reminder to please refrain from comment to avoid legal prejudice. Coverage later on @BBCNews
Nick Johnson KC is continuing to open the case for the prosecution. Again - a reminder - we are not allowed to name the babies because of court order restrictions. Reporters have agreed a system of letters from A - Q to represent each of the 17 babies in the case.
Nick Johnson KC (NJ KC) is continuing to go through the case of each baby individually. He’s now telling the jury about baby C, who Lucy Letby is accused of murdering at 4 days old.
The trial of Chester nurse Lucy Letby is beginning at Manchester Crown Court. She is charged with murdering 7 babies, and attempting to murder another 10 at the Countess of Chester Hospital between June 2015-June 2016. She denies all the charges. Coverage on #BBCNews
I will report lines from the court once the case opens. A reminder to followers not to comment/offer opinion about the trial, in order to prevent legal prejudice.
The jury has just been sworn. The judge, Mr Justice Goss tells them "Offences of this nature are bound to provoke an instinctive reaction of horror. We all have emotions. You must put your emotions to one side and judge the evidence calmly, rationally, fairly and dispassionately"
Ten minutes walk from the Chancellor’s speech, a Birmingham mortgage broker shows me banks returning to the mortgage market today at rates 1.5 percentage points higher than a week ago - 5-6% - and that’s with a 40% deposit #BBCNewsTen
One of the features which was interesting was that the biggest increase in rates was for those with larger deposits, ie the curve was being flattened - rates were all between 5 & 6%. Unexpected.
As we left a mortgage for student landlord that had been close to agreement at 3.75% came back today at 7.25% - nearly double…brokers said smaller providers weren’t returning yet as didn’t know how to price. bigger beasts are pricing to ration demand. No one wants to be cheapest
While we await handover of power here is an assessment of the Truss trapeze act on the economy, which has become materially trickier during the six weeks she spent defeating Sunak… both situation on ground in households & businesses and in the markets, bbc.co.uk/news/business-…
Thread:
Sometimes we see the developments in the economy through our camera lenses up & down country before they become data points - the pressures we have observed, reflecting reality of 10% plus inflation are astounding and deeply concerning…
Sometimes we see the developments in the economy through our camera lenses up & down country before they become data points - the pressures we have observed, reflecting reality of 10% plus inflation are astounding and deeply concerning…
Ie having spent the past six weeks traversing the country talking to members at hustings, the candidates may have been shocked at what they found around the corner, even in leafy communities/ Con heartlands as regards cost of living pressures
Important work being done by my colleagues at @bbcrussian and @bbcukranian …. Eg, reporting Zelinskyy speech to Russian audience, and pictures of the devastation in Kharkiv …
And @bbcukrainian
NEW:
Just spoke to French fin minister Bruno Le Maire at G7 in London.
We are “just 1mm away from an historic agreement” - says countries such as Ireland need to get “on board”.
Remaining sticking point - min tax rate, 15% “only a starting point” excl on @BBCNews channel soon
Just spoke to French fin minister Bruno Le Maire at G7 in London.
We are “just 1mm away from an historic agreement” - says countries such as Ireland need to get “on board”.
Remaining sticking point - min tax rate, 15% “only a starting point” excl on @BBCNews channel soon
Le Maire: rate is “most tricky difficulty, and I think that if the negotiation is still underway, that's because we are still working on these really tricky points of the rate”..
“clearly 15% is only a starting point. And if it can be higher, it is better to have a higher level”
“clearly 15% is only a starting point. And if it can be higher, it is better to have a higher level”
“we are spending a lot of public money to protect our economies against the consequences of COVID, and to have a quick and v strong economic recovery, but we need money, & we need new resources, I would think that these new resources are the right ones and useful for all of us.”
Say hello to Sonia Deleon, a woman with a real zest for life, who loved singing & dancing. She also had some learning disabilities.
Sonia spent much of last April in & out of hospital, testing positive for Covid at one stage. She unfortunately died of a heart attack. Her sister, Sally-Rose, says the family only found out that a do not resuscitate decision was on Sonia’s medical files after she died.
“We had no consultation,” says Sally-Rose, “we would have disputed that and we would have said ‘we don’t want that in place’. At no point were we told that had taken place.”
I covered the 2016 election and stayed in touch with many of the #Trump voters I met along the way, to see if they’d stick with him. I decided to check in with some of them - here’s what they think of him now....not scientific of course, but interesting to follow up...👇🏽
And more documents for yoru delectation... this is the paperwork form the Jenrick planning row (at least what the govt has published)gov.uk/government/pub…
There are a lot of redactions in these documents but they aren’t likely to quell Labour’s questions about what happened -
Labour's Steve Reed's already raised a point of order in the Commons on it - tone of the texts Richard Desmond sends to Robert Jenrick are quite something
EXCL: @BBCNews has learnt a SECOND government report exists into the impact of covid-19 on ethnic minority groups that includes recommendations to protect these communities. Coming up now on the #BBCNewsSix
NEW: A senior academic has told @BBCNews a second government report with recommendations to protect ethnic minority groups against the risk of coronavirus exists and had "every hallmark of a report ready to go to the press" :bbc.co.uk/news/health-53…
When questioned in the House of Commons last week, equalities Minister, @KemiBadenoch said Public Health England "did not make recommendations because they were not able to do so"
Coming up on #BBCNewsSix & #BBCNewsTen what keeping wheels of industry turning during a global pandemic looks like - a socially distanced production line at UK bike manufacturer Brompton..
As BBC forecast survey shows extraordinary immediate hit to UK GDP from pandemic/shutdowns:
As BBC forecast survey shows extraordinary immediate hit to UK GDP from pandemic/shutdowns:
NEW:
average fall in UK GDP forecast in this quarter (Q2) by top economists is ... -14%...
Best - -7.5%, worst -24%
having before pandemic been forecast by same at -0.2% on avg, and last month OBR projected (not taking CV into account) at +0.4%
A rebound anticipated later..
average fall in UK GDP forecast in this quarter (Q2) by top economists is ... -14%...
Best - -7.5%, worst -24%
having before pandemic been forecast by same at -0.2% on avg, and last month OBR projected (not taking CV into account) at +0.4%
A rebound anticipated later..
No decimal point mistake there, minus fourteen percent, - one-seventh of UK GDP switched off, fractions of the economy, not fractions of a per cent...my understanding is such numbers, the larger ones, come as no surprise to Government.
Question is how much rebound and when?
Question is how much rebound and when?
NEW:
Manufacturers, unions, medic have joined forces to tell Government to “unleash a national effort” to redeploy mothballed factories to making Personal Protective Equipment for key health workers in the UK..has been done for ventilators, not yet PPE
Coming up on #BBCNewsTen
Manufacturers, unions, medic have joined forces to tell Government to “unleash a national effort” to redeploy mothballed factories to making Personal Protective Equipment for key health workers in the UK..has been done for ventilators, not yet PPE
Coming up on #BBCNewsTen
Unite, Unison unions, the British Medical Association, the Royal College of Nursing and industry groups Make UK and the aerospace group ADS, have all signed up to a “call for arms” so that “UK PLC can swing into action” to supply masks, visors, scrubs, gowns etc .../2
The unprecedented collection of representatives of industry and workers also called for temporary changes to copyright and patents to address restrictions to manufacturing of protective equipment in this emergency... /3
NEW:
UK banks have agreed not to pay out dividends - after BoE firmly suggests they do not, to preserve capital for lending.
Also understand Bank of England has indicated to banks that they should not be paying cash bonuses either. More on #bbcnewsten
UK banks have agreed not to pay out dividends - after BoE firmly suggests they do not, to preserve capital for lending.
Also understand Bank of England has indicated to banks that they should not be paying cash bonuses either. More on #bbcnewsten
Bank of England PRA statement on this, confirming all UK deposit takers have cancelled dividends bankofengland.co.uk/prudential-reg…
European Central Bank did the same last week..
Doing this story on #bbcnewssix and #bbcnewsten tonight with more from port/ shipping/ freight industry who are preparing changes for new Irish Sea trade checks from GB-NI, and rather exasperated by repeated denials that they will be needed...
NEW - despite denials on Irish Sea checks, shipping, freight, & ports preparing for them on exit from GB ... including routing freight thru ports with space and inspection facilities - such as Liverpool and Stranraer... and “pop up labs”
#bbcnewssix
bbc.co.uk/news/business-…
#bbcnewssix
bbc.co.uk/news/business-…
Conservatives acknowledge regulatory checks GB-NI, that build on existing checks (eg for animal imports at Larne)
- customs checks they say only apply to goods destined for RoI/EU (but what is at risk of this determined by EU/UK Joint committee)
- Alternative Arrangements help
- customs checks they say only apply to goods destined for RoI/EU (but what is at risk of this determined by EU/UK Joint committee)
- Alternative Arrangements help
Comparing the rather heroic Brexit timetables pushed by both main parties for #BBCnewsTen - from marginal Bedford last week. Also 51.8% Leave/ 48.2% Remain, as some of you asked for it...
The comparative Brexit 2020 calendars for Conservative and Labour plans... put on the side of a Bedford flower bed, naturally.
...a bit like an advent calendar but in reverse....
...a bit like an advent calendar but in reverse....
...one of UK foremost experts on Trade Policy, Alan Winters of @UK_TPO says that promising the above timetables in the public only really possible if Conservatives or Labour basically just accept what’s on offer from EU.. otherwise v ambitious to implement, no time to consult etc
On a v big day for fiscal policy...
OBR has just pulled its planned update to March forecasts that would have shown for various technical reasons a considerably higher level of borrowing.
Cabinet Secretary ruled “not consistent” with election purdah - an hour before publication
OBR has just pulled its planned update to March forecasts that would have shown for various technical reasons a considerably higher level of borrowing.
Cabinet Secretary ruled “not consistent” with election purdah - an hour before publication
So if you are looking for an idea of what those numbers might have looked like - you’re in luck - @theIFS helped us with the Budget that didn’t happen yesterday. Though these numbers also include Spending Review boost, and weaker growth forecast... #bbcnewsten
Chancellor Sajid Javid talking about a new consensus on extra public investment spending taking advantage of historically low interest rates “incredibly, negative interest rates” for a “decade of renewal”/// new rules...
NEW: UK excl interview with Governor Mark Carney for #BBCNewsTen
- Johnson deal “net economic positive” for taking away No Deal disorderly Brexit “tail risk”
- “Different” pol declaration means Econ impact “remains to be seen”..wouldnt “overlap” with closest version of May deal
- Johnson deal “net economic positive” for taking away No Deal disorderly Brexit “tail risk”
- “Different” pol declaration means Econ impact “remains to be seen”..wouldnt “overlap” with closest version of May deal
-asked Governor how a deal involving customs checks and other frictions could result in a bigger economy under the Bank’s model than May’s deal.
Says PD “somewhat different” and that being diplomatic, “wouldn’t be overlap” between new Johnson deal and closest version of May deal
Says PD “somewhat different” and that being diplomatic, “wouldn’t be overlap” between new Johnson deal and closest version of May deal
- also confirms although aim is for a free trade deal - “there's not a guarantee that it would be developed...” and if not then go to WTO terms...so a deal “removes some uncertainties” but “Certainly a lot of uncertainty would remain” which “would have an impact on the economy”
There are an approx 2,000 foreign IS fighters currently held in prisons in N E Syria. Those prisons are now at risk. The Islamic State Group was born in prisons, it’s leadership got out, organised, and brought terror to the region and the world. This is a counter terrorism crisis
A useful reminder of the birthplace of IS. It was only ten years ago! independent.co.uk/news/world/mid…
I’ve spent years visting these prisons and speaking to IS suspects. Time after time they talked about being broken out of jail. IS did it before, and it’s supporters expect them to do it again.
