Ahead with an announcement today on next years public Spending Plans, with an extra £2 billion 2. 1; billion of brexit funding. Hello and welcome to business live. And a very rain drenched westminster. Dramatic political events here in westminster are heightening marketjitters about brexit. Prime minister borisjohnson lost a key brexit vote last night, giving mps more clout to prevent a no deal exit from the eu. That bill will be voted on later today. The defeat has prompted the Prime Minister to push for a snap election, though that will also be put to a vote in the commons. That will be later. The pound bounced in the wake of the vote to defy mrjohnson, after falling on tuesday to below 1. 20 against the dollar its lowest level in three years. The pound was trading at about 1. 50 before the Eu Referendum in june 2016. Data from the office for National Statistics shows the uk economy shrank by 0. 2 between april and june for the First Time Since 2012. 0ur political correspondent, rob
As the countdown to brexit continues talks about whether the uk can do a trade deal with the worlds biggest economy, the United States is among the Top Priorities. The uk foreign secretary dominic raab is in washington today to meet his opposite number mike pompeo. Total trade in goods and services between the worlds first and sixth largest economies was worth 262. 3 billion last year. Two weeks ago President Trump said after a phone call with borisjohnson that could be multiplied three to four, five times under a post brexit trade deal but gave no details on how. At the moment the eu accounts for almost half of all the uks imports and exports, thats more than three times as much as the usa which at almost 15 has the biggest share for an individual country. A trade deal could close that gap but the unresolved question about how irish border will be kept open could make it difficult to get it through congress. The us is one of the guarantors of the good friday Peace Agreement and many p
Crucial vote later today we want rules based order because we know it is better for all of us. We have to do it the european way. The european Financial System marks the 75th a anniversary as one of its keystone institutions looks ahead to transition. Well speak to david lipton in his first broadcast interview since assuming the acting managing director role good morning ursula van der leyen has told meps that the continent must stick to its free market rulebased traditions in the face of a changing Global Economy. In her pitch before the European Parliament in strasburg, she said the eu must be able to hold its own with the likes of the u. S. And china with that, lets get out to david lipton who joins us from paris where the bank of france is marking its 75th anniversary. Last time we spoke was a couple month months ago since then theres been a few developments on your side, namely your former colleague, madam regard lagarde will be moving to the presidency of the ecb. Can we give an
A general election. The backdrop a flat lining Economy Millions struggling with the cost of living and polling indicating the Conservative Party is lagging far behind the opposition. Not to mention Financial Markets on edge for anything that might worsen the uks finances. The memory of Prime Minister liz truss s disastrous Tax Cutting Budget no doubt not far from mr hunts mind. So lets remind ourselves what he came up with. The rate of National Insurance paid by employees and the self employed, will be cut again by 2 pence in the pound. That comes on top of an earlier 2p cut mr hunt announced in the autumn. In april, full Child Benefits will be paid to households, where the highest earning parent is getting up to £60,000. The current limit is £50,000. And the non dom tax break for wealthy uk residents whose permanent home is overseas, is to be scrapped raising £2. 7 billion a year for the government. That announcement is highly controversial as it was a key pillar of labour policy.
to manage scarce water resources . we report from murcia. also coming up: amidst the cost of living crisis, can we afford fair trade? a new report warns about our changing habits. if you justjoined us, you are in the top business stories. we be . in in the top business stories. we begin with in the top business stories. we begin with more on the deal thatis begin with more on the deal that is hope to be a breakthrough for northern ireland. as you ve been hearing, the windsor framework aims to fix post brexit trading difficulties between britain and northern ireland. the british prime minister, rishi sunak, hailed it as a decisive breakthrough . so let s look at the detail for trade. the deal creates two customs channels for goods being sent from england, wales or scotland to northern ireland. a green channel for goods intended to be used or consumed there. and a red channel for goods destined for the repbulic of ireland. here s our global trade correspondent, dharshini dav