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Also in the programme who will be the next governor of the bank of england . Andrew bailey has emerged as the favourite. And legislators in the us have approved a new trade agreement with mexico and canada to replace the north america Free Trade Agreement. And working with businesses to confront stereotyping at work and in society. How one man is challenging the narrative surrounding black men, through his photography. And you can get in touch with us about anything on the programme. Let us know what you think just use the hashtag bbcworklife. A warm welcome to our new business show. We start with brexit, because today a crucial period for british and european businesses begins as the uk takes a major step towards leaving the eu. The Withdrawal Agreement negotiated between borisjohnsons government and brussels goes before parliament with a vote expected later. And given his large majority, its expected to get through without many changes. Under the agreement, britain is due to formally leave the eu on 31st of january next year. That will be followed by a transitional period, where existing trade terms still apply although the uk is no longer part of the eus political institutions. This ends in december 2020. Under the original plan, if both sides agree, that transitional period could be extended by up to two years to give more time to negotiate a long term trading relationship. But Boris Johnsons government wants to rule out any extension, and has added an amendment to the bill outlawing one. That sets up a High Pressure timetable for negotiators with controversial areas such as fishing rights, consumer and Environmental Standards and Financial Services access to be agreed. With us now is edwin morgan, director of policy at the institute of directors. Thanks forjoining us. Theres a lwa ys thanks forjoining us. Theres always a but. The starting point must be, you have so much more certainty now than you did a few weeks ago, from a business perspective, do you see it as a bright new dawn as borisjohnson would put it . Definitely the early indications from our members, their confidence has risen as a result of having a majority government, which we havent seen for a while. It tells us where we are going to go. I think probably in the new year that will wear off a little bit because well have to start looking at the trade negotiations. Its a very tight timescale. We hope the government can do it but it is tight. Whatever it is, it has to be done by the end of next year, thats Boris Johnsons done by the end of next year, thats borisjohnsons pledge, done by the end of next year, thats Boris Johnsons pledge, and done by the end of next year, thats borisjohnsons pledge, and its in the bill on the assumption that it goes through. I would have thought that even from today a lot of businesses will be putting up their hands in the air again and thinking, we will not get everything in such a short space of time. Businesses are resilient and adaptable. They know things will change. Its clear now we will leave the eu at the end of january. The question is, once the trade agreements are done and wrapped up, how long do businesses then have to adapt to that new set of arrangements. Standard practice if you are doing a new Free Trade Agreement with a third party country, you will have time for businesses to get ready before it comes into effect. Unwinding our relationship with the eu, it depends on how much time will have. Perhaps one of the main amendments Boris Johnson has worked on here, which is a weakening of workers rights effectively, or greater flexibility over working rights, depending on how you look at it. Will that be welcomed by your members or will there be some disappointment at what they could see is a delusion of workers rights . In the past there have been some frustrations with some eu legislation because it takes a one size fits all approach. There are some areas where the uk rights are some areas where the uk rights are stronger. The overriding feeling from members seems to be they would prefer from members seems to be they would p refer to from members seems to be they would prefer to have closer alignment with the eu on regulation if they get more market access. That is the trade off. The government has only beenin trade off. The government has only been in place a matter of hours, really. What is the expectation for consultation with businesses now. Because promises were made. Do they expect them to be kept . Will they be consulted over the next trade agreement which will have to be approved by parliament at the end of the day . We were absolutely told before the general election that business would be involved in the next stage of negotiation and we absolutely want to see that honoured. When you get into the detail, hopefully thats not too politically contentious, but some of the detail is really important to business. Thats why they want to know what will happen in advance so they can adjust. Thank you, a big day today. Now to the us, where legislators have overwhelmingly approved a new trade agreement with mexico and canada. The deal known as usmca will replace the 25 year old north america Free Trade Agreement scrapped by president trump. Zoe thomas has more from new york. When the renegotiation of nafta started, it didnt seem as though a deal was possible. The us wanted to be tough on trading partners. Canada and mexico wanted to show they couldnt be trampled on. Flash forward two years and all three countries are celebrating this deal. But it isnt so much a reshaping of trade policy in north america, its more a modernisation. The new deal includes rules for digital trade and intellectual property. The amount of parts required for a car to be considered north american has also risen. Thats considered a real win for auto workers. So are provisions for inspecting manufacturing plants to make sure they are following the laws. Virtually almost every union is supporting the agreement, and theres a reason for that. This is a significant improvement over the original nafta. It is a significant improvement over the nafta that donald trump brought back to us. The agreement he brought back to us was totally unenforceable. The Trump Administration has said the new deal could add half a percent to the us economy, but independent economists have predictions that are a little more restrained. Now, how do you challenge stereotyping at work and in society . How one man is challenging the narrative surrounding black men through his photography. Our next guest, cephas williams, has started a campaign to change the narrative for black men after seeing negative portrayals of his community in the media. His photography series called 56 black men aims to shine a light on the people doing positive work in the community. Tell us how you work with business to challenge the stereotypes . launch the Campaign Just a few days before christmas last year and it went viral the day after christmas. 300,000 visitsjust on went viral the day after christmas. 300,000 visits just on a few images. I wanted to offset the direction, and my mission was around the next generation, this idea that black boys growing up very rarely get to see themselves amplified in a positive light in a newspaper. You show a black man one thing over and over again and perhaps that is what he shall become. You need to diversify the story. The response artistically was to have this portrait series but the conversation is much broader than that. What do you expect from businesses in helping in that sort of project . What is their responsibility . great question. I talk to companies about doing, the negative portrayal of black men in the media almost puts them at a disadvantage when it comes to conversations in the workplace. Whether it be black boys and black men growing up and feeling like they dont fit in a working environment. On the flip side you have the corporate world and working environments having a particular perception about black men. With a black man is wearing a hoodie or not, there are micro aggressions and underlying notion is that people in corporate and Wider Society carry. It wouldnt matter who is wearing a hoodie, by and large if you take one oi hoodie, by and large if you take one or two famous hoodie, by and large if you take one oi two famous names hoodie, by and large if you take one or two famous names out of the equation, people dont turn up for business meetings in hoodies. Is there a danger you are conflating two things . Its interesting. For me, it depends on which word you work. I go to meetings sometimes in casual clothing and sometimes i dont. I know friends and people who run their own businesses who also go to businesses in casual clothing sometimes. I dont want to get people convoluted in the conversation around the hoodie or not. The real conversation is around the stigma and black men being demonised for what seems like a lifetime in the media. The hoodie as an artistic piece, we understand when we present it in this way, i dont have to explain much, and the story in the piece resignation. To a nswer story in the piece resignation. To answer your question and how organisations get involved, we are doing what i call an experience exchange piece. How do we start helping black men and black boys and show them they are good enough, and look at themselves differently. You have the narrative of a black man walking into an office and listening to one particular type of music. They have to come into the office and almost become someone different. How do we talk about culture and inclusion and get black boys and black men trouble fitting in that landscape . Tell us about the programme to make a difference because it is a business at the end of the day. You have a two pronged approach next year, one is a live thing on the other is selling your idea into businesses. The 56 black men live piece wants to bring storytelling and Performance Arts to the stage. Part of the mission is to put black men at the forefront of that conversation. Thats 56 black men live. We are looking at workshops, mentorship pieces, events held in corporate companies, to open the door regards the conversation around the black community. Do you think the door is there to be pushed open or are you finding it difficult . Thats a great question. Whats been a success with my journey, and i have been in business for ii journey, and i have been in business for 11 years and have built up a senior contact list. I have made some key allies. With what i did with 56 black men, it pushed the conversation from my perspective to a primary agenda. To break it down quickly, we have change the narrative of primary agenda, which involves government and media. When we articulate something at primary, it changes things at secondary, which i would see as organisations and culture. And then there is tertiary, which is more grassroots. There has been a disconnect in the black community, specifically for men, and is nota black community, specifically for men, and is not a solid primary agenda. Now we see organisations saying, people are calling me and saying, people are calling me and saying they feel comfortable calling themselves black, because before they had felt they had to say things like bame or something similar. When you knock on the door at businesses, is ita you knock on the door at businesses, is it a difficult thing . Its a difficult push. But what is successful is that people who are allies are not afraid of compartmentalising the conversation. We are very happy to talk about black men when it is negative, but we need to solve the problems and need to see positives, lets not be so need to see positives, lets not be so specific. We need to get over that and need to start being more specific because actually change will not happen until we are honest. Its about creating a more inclusive, true and reflective workplace led by people who understand the lived experience of the people they are trying to help. Its a big challenge. More power to your elbow. Good luck. Japan s government has approved a record budget spending worth 939 billion for the coming fiscal year. It comes as the country tries to balance the need to boost growth and manage its heavy public debt burden. The budget will include outlays for welfare, military and other spending aimed at boosting the economy. Britains car industry has called on the government to secure a tariff and barrier free trade deal with the eu following another slump in production. Car output in the uk fell 16. 5 thats according to the society of Motor Manufacturers and traders continuing a trend of falling production over the year amid uncertainty over brexit. Andrew bailey has emerged as favourite to take over as bank of england governor. The head of the fca was believed to be up against candidates including minouche shafik, Shriti Vadera and gerard lyons. Simonjack is our business editor. Is this a foregone conclusion . He is the red hot favourite and it would bea the red hot favourite and it would be a major shock if it was not confirmed. We are expecting an announcement any minute now. Its been a long horse race, this governorship. Andrew bailey is head of the financial watchdog and made the early running, it was his to lose, he was seen as the hot favourite in the early days. However there were a couple of controversies during his time at the watchdog, how he handled complaints over banks handled small and medium customers after the financial crisis. Publishing a document showing some bank failings, he refused to do that, he had a ding dong with a committee of mps because of that. A couple of other things where funding is to be shut down and investors couldnt get their money out and he seemed to be slow in addressing the structure of some of those funds. But other candidates have fallen by the wayside. Shifik, we are told her negative views on brexit held her back. And lyons, a friend of Boris Johnson, he has also been overlooked it seems. Andrew bailey is thought of highly by Civil Servants. One person i spoke to said he was the best bank of england official he had ever worked with, pragmatic and plain talking who can be dependable. We are expecting in the next few minutes for him to be confirmed. We are keeping an eye on the live shot coming from the bank of england to get that announcement. Tell us about the role. Its always important, and watched closely in the city and wider. Why is it so important . Its the Oldest Central Bank in the world, the bank of england. Its an enormously powerful position. I would say its probably the most powerful unelected position in the uk. The bank of england has enormous powers, setting Interest Rates and disciplining firms for misbehaviour. It has the power to stop banks paying out dividends and bonuses. It sets the benchmark for how stable the finances have to be. At the moment it couldnt be a more interesting or challenging job as the uk is leaving the eu. The bank of england will have more power to set independent policies about how it wants to interact with the rest of the world. At the moment banks based in london can sell their services quite easily in europe, and we dont know whether that will continue in the same way. Whether the european authorities will say, we trust your rules the same way we trust our own. Quite a lot of work to do in the next few years and Andrew Bailey has always embraced the idea of the uk being an independent, rule setting, global facing regulator. Ithink independent, rule setting, global facing regulator. I think thats one of the main reasons he got the nod for the topjob. You say a tough few yea rs for the topjob. You say a tough few years ahead but a tough decade just gone. For his successor, mark carneys time in office, has it been a triumph overall in the end . Is it a triumph overall in the end . Is it a tough act to follow . He divides opinion, mark carney. Everybody thinks he is a polished media performer. Very good at communicating what the bank is doing. A lot of people have thought, particularly in the government, that he has enjoyed being political a bit too much, and he has been mischievous sometimes, stepping into the brexit debate. But he would say that its his job to look at the risks to the financial position and brexit and the dislocation that may entail is part of those risks he had to consider. I think most people who dealt with mark carney found him charming, urbane and affable. Some in government thought he liked the limelight and like to step into the political arena a bit too much. Andrew bailey is a very different character i think. Much more straightforward, not quite as flamboyant, shall we say, as mark carney. Very different character, but the same challenges ahead. We expect Andrew Bailey to be given the nod in the next few minutes, we are still waiting for that to take place in the treasury. We look to the future, if it is indeed Andrew Bailey. A lot of concern now about the speed with which the brexit deal has to be done with the eu and the Financial Services sector is a key pa rt Financial Services sector is a key part of that. Do you think Andrew Bailey will have the ear of the Prime Minister and could he influence that . One senior Civil Servant i spoke to said Andrew Bailey will not make waves for the government, but will also have the stomach to stand up to them when he has to. And youre right, there are some big challenges ahead and we expect the brexit Withdrawal Agreement to go through by the end of january, leaving 11 agreement to go through by the end ofjanuary, leaving 11 months agreement to go through by the end of january, leaving 11 months to do a trade deal with the rest of the eu. Its thought at the moment that only leaves time to have a sort of bare bones goods only arrangement, with other things Like Services having to be bolted on and dealt with later. Dont forget, the uk is an economy where 80 of its gdp is through services and Financial Services in particular is probably the biggest sector within that. The Financial Services sector creates Something Like £75 billion of tax revenue per year, so its a massively important part of the uk economy. Its not massively clear at the moment how exactly it will interact with the eu. Between 20 and 2596 interact with the eu. Between 20 and 25 of the city of londons revenues comes from work they do within the eu. There will be a lot of detail to get through. Whether we can get through that in the next 11 months is highly questionable. A lot of work for them and all the officials at the bank to get through. Simon jack, thank you. They are still keeping us waiting at the treasury. We were told it would be quarter too. They should be on time its the least you would expect. But i am delighted to say we can bring that topic into the studio. We have the ceo of sentry tech. Thank you for being with us. Thanks for having me. We dont have to go behind the headlines today because this is the headlines today because this is the headline at the moment, a changing of the guard at the bank of england. The former watchdog head, the top man and highly qualified for the position. We heard about his credentials. And we do have and live comment from sajid javid. The next governor of the bank of england. Let me first start by thanking the current governor, mark carney, for his distinguished six and a half years of service. Mark has led to the bank with conviction, with rigour and intelligence through some of its most challenging times in modern history. He has shaped and led policy debates here in the uk and internationally on issues as wide ranging as Financial Stability and climate change. Thank you, mark, for your leadership. The appointment of marks successor is one of the most important decisions i will make as chancellor. The governor is responsible for keeping prices low and stable, for making sure that banks are well run and for securing the stability of our financial system. So this appointment is about finding the right person for the job, not just for the next few years, but for the long term strength of the economy. Our search for the new governor has been robust, transparent and exhausted. I would like to thank the team involved. The two permanent secretaries, and the chair of the bank of england, and dame kate barker, who has served as an independent panel member. I am also grateful to all the excellent candidates who put themselves forward. But there was one clear frontrunner, who i had no hesitation in recommending to the Prime Minister. In turn, the Prime Minister. In turn, the Prime Minister advised her majesty the queen, who has now approved the appointment. I am delighted to announce that the next governor of the bank of england will be Andrew Bailey. When we launched this process, we said we were looking for a leader of international standing, with expertise across monetary, economic and regulatory policy. In Andrew Bailey we have found just that. He was the standout candidate ina that. He was the standout candidate in a competitive field. Without question, he is the right person to lead the bank. As we forge a new future outside the eu and level up across our great country. Andrew brings an unparalleled experience of central banking and can draw on 30 years of experience in every aspect of the banks work, from Monetary Policy to Financial Stability, to the regulation of banks and insurance companies. During the financial crisis, he led the teams who were at the front line of the banks response. And it is a tribute to his integrity and his character that he emerged from that, that most serious financial crash, with his reputation enhanced. In whitehall, in the city of london and in financial capitals across the globe. Many of you will already know andrew from his current role as the chief executive of the financial conduct authority. He took over the organisation at a difficult time and he has transformed it, putting the needs and the interests of consumers first. I would needs and the interests of consumers first. Iwould particularly highlight his proud record of increasing the diversity of the fcas Senior Leadership team. Under his leadership he is committed to making the bank a more open and diverse institution. In short, the breadth and depth of his experience at the very stylist levels at the very highest levels is unmatched. So lam very highest levels is unmatched. So i am delighted that andrew has agreed to serve a full eight year term. He will take up the post of governor on march 16, leaving time foran governor on march 16, leaving time for an orderly transition. And a pre commencement hearing of the treasury select committee, should they require one. I am extremely grateful to mark carney for agreeing to extend his time in the post until march 15. Let me conclude with one final point. I am speaking today in the same room in which gordon brown first made the bank of england independent, 22 years ago. It is striking that even at a time when there are very different views on there are very different views on the best way to run our economy, all parties agree that the independence of the bank of england is essential toa of the bank of england is essential to a strong economy. The appointment of the governor of the bank of england transcends party politics. What matters is that we appoint someone what matters is that we appoint someone who can make the right decisions for british businesses and families, and do so over the long term. Andrew bailey has the experience, the record and the character to dojust experience, the record and the character to do just that. He experience, the record and the character to dojust that. He is without doubt the best candidate for the job and i am very much looking forward to working with him over the years to come. Thank you very much. I will take some questions. From the media, i have three people down, ed conway first, please. Thank you, chancellor. Can you tell us whether brexit and the candidates position on brexit was a consideration in making this appointment . The only consideration was finding the best person for the job. We have had an exhaustive, open process. We have a panel that has looked very carefully at every potential candidate. What mattered most was the experience they bring to the table. In the case of andrew, we found it was almost 40 years of experience on financial and Monetary Policy making, and that was outstanding. That is exactly why i chose him to be next governor of england. Faisal islam, please. Thank you, chancellor. Do you want the new governor to stand up to you and the Prime Minister . Do you want him to publish independent forecasts around your brexit strategy, and do you envisage in any way changing the remit or the framework for the bank of englands operational independence . Today is about the appointment of the next governor. Its announcing that, not about the remit or the mandate of the bank. That is constantly kept under review. Today i am not here to talk about that. In terms of what i want from the governor, i want him to uphold vigorously the independence of the institution. I think it is critical that the governor and indeed everyone working with the governor of the bank of england is independently minded and the institution under the leadership of the governor makes whatever decisions it feels necessary without any interference whatsoever from any government, any politician or anybody else. Finally, ive got jess. You said Andrew Bailey was a clear frontrunner. So much so that i think at one point the bookies suspended betting on him, because he was so suspended betting on him, because he was so clearly likely to be it. In that case, why has it taken so long to appoint him, to the extent that mark carney has had to extend once more . First of all, this has been a very competitive, open and transparent process, as it should be. I believe it is only the second time the post has been openly advertised. We want to make sure that all applicants were carefully considered. But also, as we have all seen, we have had a general election, an unexpected general election. Had that not happened. Youre watching bbc news at nine. The headlines. The Prime Ministers brexit plan will go to a commons vote later, paving the way for the uk to leave the eu onjanuary 31st. Weve got an opportunity now in Parliament Today to pass the second reading, to move the bill forward and actually, then be able to move the country forward after what has been a very long and often very dividing three years. The head of the financial conduct authority, Andrew Bailey, has been named the next governor of the bank of england. The chancellor said he was the standout candidate to replace mark carney. Without question, he is the right person to lead the bank. As we forge a new future outside the eu and level up across our great

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