Business after brexit the uk Finance Minister delivers his so called Mansion House speech to Business Leaders in the City Of London so what will he promise and can he deliver . The perfect commute. Is the dream finally reality . A flying car you can actually buy. Our man at the Paris Airshow checks it out. Welcome to World Business report im Sally Bundock also in the programme a warning australias banks are harbouring toxic debt. Rico will have the details in a moment. But first all eyes are on the uks Finance Minister today as he outlines his Vision Of Britain after brexit. The chancellor of the exchequer, Philip Hammond is delivering his famous Mansion House speech in london one of the biggest set piece events of britains economic calendar. Its been given added importance by the fact that britain has finallky started Brexit Negotiations with the european union. Mr hammond has been at pains to calm fears of an abrupt change to relations between the eu and britain saying he wants the uk to experience trade in a way that feels as close as possible to the way it feels now. He acknowledges the uk will leave the Single Market and Customs Union but insists it should reach a deal that allows British Goods to flow without tariffs, delays and bureaucracy. And he stresses it would be a very very bad outcome if no deal was reached. Thats despite the Prime Minister theresa mays mantra that no deal is better than a bad deal. With Me Isjonathan Portes Professor Of Economics at kings college. Good morning. We were all watching david davis meeting the eus equivalent michel barnier. Today it is Philip Hammond setting out his message. He is trying to reassure business that they will be no cliff edge brexit. We are still headed for ha rd edge brexit. We are still headed for hard except, leaving the Customs Union and the Single Market. He will try and reassure business that he will do his best to ensure that wont happen on march 29 2019. There will be a transitional period where he hopes things will carry on like they are now. How do you think he will try to make that happen or guarantee that, given the fact that even yesterday, david davis has given ground already . David davis has given ground. David davis said the row over summer has given ground. David davis said the row over summer will be a round sequencing whether we will Start Talking about trade at the same time as we started talking about the subjects that the eu wants to talk about, our expert bill and what happens to eu citizens here and britons in europe. It wasnt a row at all. We in the uk have simply accepted the eus terms on this but that means we have to sort out all those difficult issues about the terms of our excellent, the so called divorce bill, whether eu citizens here and britons abroad have the same rights. We have to sort of all of that out before we Start Talking about the transitional period, if there is going to be won, and what it will look like. That is critical to Business Owners here and also on the content. Continent. What can we expect from Philip Hammond . There will be a war of words. He will say what people want to hear and that we will be seeking some kind of regulatory equivalents after brexit. So this is important to the City Of London, just to explain it to the viewers who are unaware. Jetta it will give some assurance that some at least of our Financial Sector could continue to trade and operate businesses in the rest of the eq trade and operate businesses in the rest of the e0 the way it does now. It rest of the e0 the way it does now. It will give some assurance. Eu. It would require all the 27 governments to give a mandate to negotiate is to talk about and at the moment, there is little sign of it. Mr hammond cant deliver on the war of words, possibly. Very thing. When he starts to deliver the speech, we will be a cross that here on the bbc. We have to move on. The Credit Ratings agency moodys has downgraded 12 australian banks, including the countrys four largest, blaming elevated risk in the housing sector. Rico hizon is in our Asia Business hub in singapore. Isa is a bubble about to burst . Hope the lynott. Thats why we have seen the major Ratings Agency doing everything they can to downgrade some of the major banks in australia. Hopefully not. We have seen Real Estate Prices in australia almost doubling from levels in 2009. Thats why moodys has downgraded the big four banks. Anz, commonwealth bank, National Australia bank and westpac by one notch, together with the eight other smaller banks. Share prices of australias big four banks are currently falling in sydney trade by around. 5 1 . Fitch earlier this year lowered its outlook on the sector but left ratings unchanged. It was moodys that was quite aggressive with they get downgrade. With their downgrade. The only way they could be an upgrade is if they see a period of relative stability when Household Debt doesnt increase much further from current levels. This gives the household a chance to reduce their leveraged and when the mortgage is start to perform, this is a benefit to the banks. It wont happen overnight. Maybe several years before this could turn around. The Paris Airshow, which is taking place this week, is best known as an aerospace industryjamboree dominated by the multi billion dollar deals announced by the big beasts of the sector. But Smaller Companies are there too. And some of them have rather imaginative ideas which just might take flight. 0ur reporter theo leggett has been taking a look at one gadget which promises to help car drivers rise above the trafficjams. Here we are at the Paris Airshow and an sitting in a car but notjust any car. Lets look at this one. It is rather special. Quite cramped and there is a reason for that. If we go around the front, as you can see, aerodynamic, streamlined, very nice. It isa aerodynamic, streamlined, very nice. It is a bit long because this. It is at the airshow, it is a flying car. Notjust a prototype. This one can really car. Notjust a prototype. This one ca n really ta ke car. Notjust a prototype. This one can really take off. Watch the video. Impressive, isnt it . And it doesnt actually have some Neat Party Tricks as well which we will show you in a minute. Come over here. I want to talk to one of the men behind it from the Slovakian Company behind this elegant beast. What is it for and who will buy it . It is a Tech Knowledge it demonstrated for what we see as a large challenge and opportunity. Technology. It creates a level of demonstration and therefore it will be seen by early adopters and people who want to encourage the development of these types of vehicles. In other news time warner and snap have agreed to develop original scripted dramas and comedies for snapchat. Time warner brands hbo, turner and warner bros will also advertise on the augmented reality and messaging platform. The deal is reportedly worth us 100 million. The tech stocks are back. Technology stocks were climbing again on the nasdaq index on wall street and that is pushing Technology Stocks higher in asia today. You can see hong kong down and the price of oil 47 per barrel. In the us, you have a sense of how things ended there. The nasdaq rebounded. And they are all headed higher. How long will it last . I will be back in a moment. Stay with us. Scientists have begun human trials of a cholesterol lowering vaccine to help prevent heart disease. The injection is designed to stop Fatty Deposits from clogging the arteries. It would offer patients an alternative to taking daily pills to cut their risk of stroke, angina and heart attacks. 0ur health correspondent, michelle roberts, has more. Seize and stroke are the worlds biggest killers. Millions of people in britain take cholesterol lowering drugs to reduce their risk. Although these pills are cheap and effective, they dont suit everyone. Some people forget to take them a daily medication. And few have to stop them because of side effects. Now this applied scientific researchers think they might have found an alternative. It is a vaccine that helps the body yet readers bad cholesterol from the blood. It stops the buildup of Fatty Deposits in the arteries. The first human trials are under way but research is say it will take six yea rs before research is say it will take six years before they know if the jab is safe enough. They say it is not an excuse for people to eat lots of high fat food and that eating a healthy diet, taking reg regular exercise and stopping smoking can help lower cholesterol of major risk of heart disease. The funeral of a teenager who was killed in the Manchester Terror Attack is to be held later today. 15 year old 0livia Campbell was among 22 people who died in the Suicide Bombing at Manchester Arena on the 22nd of may. Coming up at 6am on breakfast dan walker and Louise Minchin will have all the days news, business and sport. Theyll also have the very latest on the London Mosque attack in Finsbury Park as Police Continue to question a man suspected of carrying out terror offences. Last night a vigil took place near the scene of the attack. We have the papers next. A reminder of the latest headlines. The american student 0tto Warmbier has died, days after he returned home from prison in north korea ina coma. His parents have blamed mistreatment. A vigil has been held near a mosque in north london after a van was driven into muslim worshippers on monday. Eleven people were injured, and one man died. A man from south wales has been arrested and accused of terror offences. The European Unions chief brexit negotiator, michel barnier, Will Travel To Luxembourg today to brief eu Foreign Ministers on the first day of talks with his british counterpart, david davis. A teenage protester has been shot dead in venezuela during clashes with police in caracas. At least 73 people have now been killed during protests since the beginning of april. Sally has joined Sally Hasjoined Me sally has joined me for the Sally Hasjoined Me for the news review. We lead our news review with the Terror Attack near a London Mosque. A 47 year old man has been arrested on suspicion of Attempted Murder and alleged terror offences. The bbc understands he is darren 0sborne from south wales. This photo here is from the independent. Russia has warned it could target us aircraft in the skies over syria, following the shooting down of a Syrian Warplane by american forces. The gulf news says it reflects the intensifying rivalry between the Major Players in syrias war. The New York Times has us president Donald Trumps reaction to the death of otto warmbier, the american student who was released from a north korea prison. Mr trump says he condemns the brutality of the north korean regime. The Daily Telegraph has the beginning of brexit talks, which started yesterday between britain and the eu. The report says the lead negotiators from both parties have quashed hopes for a so called soft brexit. Finally, venices waterways are world renowned and now its people have spoken. Nearly 99 of people who voted in an unofficial referendum want to ban giant cruise ships from docking in the citys lagoons. Thats also in the Daily Telegraph. With us is iain anderson, founder of the International Communications agency, cicero group. Good morning. Sleep well in the uk hit