brexit sensitive sectors. this is bloomberg. ♪ >> the u.k. is undergoing an economic amputation, and having a brexit within brexit deal is saying there were no complications from the surgery. >> this looks like a disastrous stint, perhaps they are making the best of it. this looks the worst edition made by any country ever. contention it will get across the line at the 11th hour. there is upside in the pound to go in that scenario. guestsome of our reacting to the news that the u.k. and eu are on the verge of a historic trade agreement. joining us now is eddie van der walt, our markets live editor. brexit not discovered a deal under the christmas tree yet, and it is not reflected in the pound. we are in the range we were trading on earlier. what should we watch for on cable? eddie: i think there are disappointed people this morning who were hoping [indiscernible] but realistically a lot of good news has been priced into the pound already. we have been up since may, nevertheless people are talking about 1.44

brexit independence day! so sorry is resented in this way because the paper is strongly for many years calling for us to leave the eu but what we are witnessing here in the very interesting political gain because the prime minister having won the election on the basis that he got another a plan that he cannot claim what he is produced seems to be a fish pie which may or may not be very tasty to eat but he can claim he has got this deal done and people said he could not get this done and he is put the labour party on the back foot because they are aware that many of those who left the labour party leading to the collapse of the red wall in the last election were left because of its pro—european union plan or its anti—leave policies and find itself in a difficult position and has to support. so this new genre that we expect, i don't think there is a new dawn, i don't think there can be a new arrangement that we will have. we have an arrangement with the eu but if you look at the deal in detail, a lot of the

—ish because of brexit, then they will have a lot of egg on their face. we are trying to get past brexit i think it's a bit of a shame that these ministers are using this as a justification of getting it through quickly and it's the only time in about two months of the government and anybody is talked about brexit at all. it did not come up at all la st at all. it did not come up at all last month and borisjohnson is barely mentioned were brexit for several weeks now because talks are ongoing and we do not know if you have a deal and that's the next drama and to find out any positive thing to talk about, it's been very quiet. ending the article, where is it, the fact that the uk is the first country in the world to approve this has got nothing directly to do with brexit. so, check it out. before you guys launch on me, let's go to the daily telegraph. once again care homes, but a different look at what ca re homes, but a different look at what care homes are doing. they are apparently, according to the care quality commission, a report by the seat you see

a post brexit trade deal. the brexit negotiators, from both sides, are believed to still be, in the negotiating room in brussels. president trump has vetoed a defence spending bill approved by the us congress this month — in part because he objects to plans to remove the names of confederate leaders from military bases. around 3,000 migrants in bosnia are living outdoors in freezing conditions after an emergency camp was shut down and then set on fire. there are no reports of anyone being hurt during the blaze. tempers have become frayed at the english port of dover as truck drivers face continuing delays — despite france reopening its border. drivers must show they have a negative covid test result before they can travel. hello and welcome to our look ahead to what the the papers will be bringing us tomorrow. with me are rachel cunliffe, comment & features editor at city am — and iain anderson, executive chairman of cicero. no surprise this evening that all the front pages thank you again for being with

i guess it would not be brexit if everything ran to time. to missed deadlines, lots of informal deadlines have gone on these talks. this time next week, we are likely to be leaving the eu's rules and regulations behind at the end of the transition period. the most contentious issue seems to be fishing. the negotiations were going on in the evening and into the night, apparently took king out the technical details. discussions were a p pa re ntly technical details. discussions were apparently on a fish by fish species. fishing is still of huge symbolic significance in the uk in terms of winning back the sovereignty and also for french fishing communities. i was told more than two hours ago that ursula von der leyen and the prime minister we re der leyen and the prime minister were going to make an announcement shortly. as far as we are aware, that call between them which seals the brexit deal is yet to happen. it will still have to be endorsed by the uk parliament next week and the eu parliament early next year. but until the call between tho

actually brexited the european union? from the european union it is about governance and it is about being able to trust of the u.k. is a close partner going forward. anna: thanks very much. keep across the story for you. >> goldman sachs is weighing plans for a new florida base for one of its key divisions. executors are said to be scouting locations with a view to relocate the asset management arm. if confirmed, the move would be a blow to the stature of the u.s. financial services industry. doordash and airbnb are set to start trading this week for what is likely to be the busiest year end on record for u.s. ipos. they are aiming to raise a combined $6.2 billion with the top end of their price ranges. price rangesed its on friday. airbnb is said to be seeking to increase its price range which could give it evaluation of as much as $42 billion. walmart is said to have hired goldman sachs to assess the art unit.e of its flipk walmart plans to sell about a quarter of the company which is india's largest online retailer. '

we have got a minute left, i am just hearing that we started with brexit, let's end with brexit, because we are just hearing that borisjohnson because we are just hearing that boris johnson and ursula because we are just hearing that borisjohnson and ursula von der leyen a re borisjohnson and ursula von der leyen are going to speak again on the phone we think at lunchtime today, any chance of a last, last—minute deal, do you think? today, any chance of a last, last-minute deal, do you think? yes, pa rt last-minute deal, do you think? yes, part of me thinks that this whole thing is a game of theatre, that mr johnson has always intended to strike a deal but he had to adopt this very tough, hard line stance to please the spartans in his own party. i think that he may well still strike a deal because even he wouldn't be so foolish to push us over the edge of the cliff. so, if a deal does happen, i wouldn't be at all surprised, watch this space. sian, a rabbit to be pulled out of the hat this lunchtime, do you think about cutlets keep our fingers crossed, that would be amazing, at least to

more on brexit next. this is bloomberg. ♪ caroline: we are focused on the possible conclusion of brexit talks. or is it just the beginning? the european union and the u.k. negotiators reaching the outline of a trade agreement. more, our for bloomberg opinion columnists. we were speaking to jill before this who was saying what is not in this trade deal is really what the financial services sector looks like as such an important part of the u.k. government -- u.k. economy. all focused on fish. financials is really where it is at. where do we go from here? >> obviously the single most important in terms of the british economy. the most important sector has to be financed and if there is anywhere where they need some favors from europe and might find it difficult to get them, it would indeed be on finance. the very early days of brexit, there were many assumptions that europe would want london to continue [indiscernible] even though it would no longer be in the block. we very quickly got disabused about tha

so his idea that this isjust, you know, brexit brexit will be with us defining our politics for the next two years. let‘s step back from the detail of it, we heard from a german mepjust a few minutes ago saying that what the uk has managed to achieve is preferential tariff free access to the biggest single market in the world. actually, when you look at what the negotiators have agreed on, within relatively short periods of time, there is an of them having sort of overcome what looked like insurmountable hurdles at one point. well, they had to get a deal, because the only other option was no—deal, and that was the kind of chaos, i think neither side ultimately was prepared to counter. i recognise that i would much rather have this deal then have had that‘s chaos. but equally, i think it‘s important, and i thought david mcallister, heard his interview, i thought he made another very important point, erasmus is an indication of a direction of travel thatis indication of a direction of travel that is frankly culturally and educational vandalism. this makes us a much less powerful co

and a brexit deal han

brexit in a no—deal brexit, which is the ha rd est in a no—deal brexit, which is the hardest form of brexit you could possibly imagine. so the soft brexit idea, which would've meant possibly leaving the customs union so the uk could continue to do independent trade deals around the world, but staying in the single markets, so following the same rules and regulations. that's gone. and if you look at what this uk government wa nts, look at what this uk government wants, if it's real objective is sovereignty, then strict level playing field rules are pretty hard things to sign up to, because sovereignty means the ability to forge your own path. the ability to go your own way and not follow other people's rules. the trouble without is it makes it quite hard to do big trade deals with anyone because trade deals with anyone because trade deals with anyone because trade deals do involve some of sharing sovereignty. and so i think we need to find out exactly what it is that this government wants, but we do know that certainly a lot of people on the conservative backbenchers, if you like the

overall, brexit, no brexit deal, no deal, at this point, will london suffer because people have moved out to other financial centers? dr. schmieding: yes. london will not suffer very much because of people moving out to other financial centers, that is a modest point, but overall the u.k. and its capital, london, or already suffering by than beforegrowth the referendum by logging behind the european continent. before the referendum, the u.k. was often ahead of the european continent. now they land behind in terms of tread growth -- trend growth. it is not one big price to be paid, but year by year by year, the u.k. is losing a few opportunities that it would have had if they had decided to stay in the eu. it is a free choice, but it comes at a cost. francine: holger, thank you so much, as always, for a fun conversation, holger schmieding, chief economist at berenberg. after a record amount of coronavirus cases, president-elect biden will ask americans to wear a mask for 100 days. more on that next, and this is bloomberg. ♪ bloomberg. ♪ francine: this is "bloomberg surveillance." i

brexit without a deal is significantly worse than brexit with a deal. the bank of england, the obr, the cross—arty — the cross—whitehall analysis estimates that over the next 10—15 years there will be some where between 5—7% of gdp smaller than otherwise it have been. not smaller now but smaller than it would otherwise have been. so a cost of tens of billions to gdp over time. i think it's one of those things where the short—term shock is going to be the most severe of it and it's going to hit some sectors that are very exposed. so agriculture — most welsh lamb goes into the eu. in fishing — large parts of the catch are bought in the eu. and the automotive sector — india has been a huge investor in the uk automotive sector. it owns jaguar land rover. you've got tata steel, those are big areas. as ashis was saying, a lot of that was sold on the basis of being a bridgehead into the eu market. so some of those sectors — auto, aerospace, agriculture, fishing, etc — are heavily exposed to no—deal brexit, some very steep tariffs there.

we expect this to be an historic day in the brexit saga. is it possible to sum up what the uk has gained or lost at this stage? we have not seen the details yet. we expect 2000 pages of detail. it is going to be spun on both sides. it wouldn't be brexit if it wasn't to miss another deadline, 4.5 yea rs wasn't to miss another deadline, 4.5 years since the referendum and just one week before the uk is due to leave all of the eu rules and regulations behind, but we will get a clearer idea of the future trading relationship, and there will be agreements also on security and on data sharing. not much on financial services which makes up the bulk of the uk economy, say critics will be expressing some concerns there. we will dependent on unilateral decisions by the eu in terms of market access for that important area. in terms of gains, the government is likely to say two things, first that we have tariff free and quota free access, even better than the canada deal, they will suggest, so they will not be paris put on foods coming from the uk to th

we are now just brexit, that is all gone. we are nowjust a few brexit, that is all gone. we are now just a few weeks away and it's actually a very real possibility of having no trade deal with the uk's closest trading partner? and supported the brexit, the people who supported and voted for brexit would say well, there may be pain to begin with but long—term the uk will now be free to do its own thing, strike trade deals with other countries around the world and that will make up for half of the trade which of the uk currently undertakes with the eu. so, yeah, that is what support of brexit would say and of brexit say if we don't have a trade deal, any sort of a trade deal at all, with the eu, who make half of the uk's trade, then, you know, that is not going to be a good thing. really this is about a difference in the political ideology. the eu is about coming together and working together between countries and the whole point was it was set up the whole point was it was set up after world war ii the whole point was it was set up after world war i! so that there would

we did not get a brexit deal. what we do see after the friday rally, the s&p 500, the doubt, the russell -- the dow, the russell, all hitting new highs. the u.s. plans to add sanctions on about a dozen chinese officials. the msci down about 0.2% this morning. many futures are down 0.3%. 10-year yield on friday inching closer to 1%, a level we haven't seen since march, steepening on the t-- the largest steepening since 2017. this is on fresh stimulus talks. the pound, we saw some softness. the pound is the barometer for brexit, and brexit negotiations resumed in brussels yesterday. signs one of the biggest obstacles to a trade deal is close to being resolved. u.k. and eu are hoping to finalize the deal, but another key sticking point remains. maria tadeo, good morning to you. you had a lot of early mornings and late nights. it looks like there's been some progress on fishing rights. now what becomes the big issue? maria: we are close to a breakthrough on the fish. this is all about softening the blow after brexit t

brexit means brexit, and we are going to make a success of it. but it was not that simple. it was going to become a long and arduousjourney, with high drama here in brussels and back in the uk. and along the way, certain faces and phrases became very familiar. you cannot have your cake and eat it, too. cherry picking... the clock is now ticking. michelle barnier was appointed eu‘s chief negotiator for agreeing a divorce deal. his opposite numbers would come and go. david davies... dominic raab... devon barclay... david foster... it was all a sign of how brexit split the government, families, and the country as a whole. in 2017, theresa may lost her parliamentary majority. a year later, she was still trying to manoeuvre towards a deal. the eu was sometimes in step. but often not. there is no room whatsoever for renegotiation. eventually the two sides settled the uk‘s final bill, citizen‘s rights and a solution for avoiding a hard border on the island of ireland. the british parliament rejected the deal three times, much to the fury of brussels. i‘ve been wondering wh

brexit without a deal is significantly worse than brexit with a deal. the bank of england, the 0b r, the cross whitehall analysis estimates that over the next 10—15 years there will be some where between 5—7% of gdp smaller than otherwise it have been. not smaller now but smaller than it would otherwise have been. a cost of tens of billions to gdp over time. i think it's one of those things, the short—term shock is going to be the most of it and it's going to hit some sectors. they are very exposed. agriculture. most welsh lamb goes into the eu. in fishing, large parts of the catch are bought in the eu. and the automotive sector. india has beena and the automotive sector. india has been a huge investor in the uk in the automotive sector. it owns jaguar land rover. tata steel, those are big areas. as ashis was saying, are big areas. as ashis was saying, a lot of that was sold as being a bridgehead into the eu market. some of those sectors, auto aerospace, agriculture, fishing, they are heavily exposed to no—deal brexit, very steep tariffs. it wil

in the eu have the outline of a brexit trade deal. prime minister boris johnson is expected to speak. and alleged monopoly practices at alibaba. and stimulus in limbo. nancy pelosi's bill for $2000 stimulus checks gets approved in the house, but that gop is set to block it. welcome to "surveillance." i am yousef gamal el-din in dubai. the contours of a deal appear to -- service. to give you a big of a -- bit of a rundown, we are higher on the stoxx 600 at the moment. stocks are meeting, we are up about .2%. treasuries, lighter volume as you would expect this time of year. yield curve touching the steepest level in four years. 30-year yields in focus. look, the analysis done by bloomberg news suggests cable is reachesle as it december 17 high. the technical line in the sand 136.34. we are off of that a little bit. brent crude a little slower, .5%. the u.k. in the european union are expected to announce a host-brexit trade deal today. that is after negotiations work through the night of finalize a compromise on fishing rights. there has

speaker, we got brexit done. let's keep brexit done. let's keep brexit done. and let's press ahead with this governments mission to unite and level up across our whole country and the opportunities before us. because as i've always said, mr. speaker, i will make some progress, i have always said that brexit is not the end, but the beginning. it is up to us to make the best use of the powers that we have regained and the tools we have taken back into our hands. we are going to begin by maintaining the highest standards of labor and environmental regulations. no characters should be inaccurate in the idea of bargain-basement, kenzie and written that the enlightened , eu regulation has been our only salvation from squalor. our national standards have always been amongst the very best in the world. and this house can be trusted to use its new freedom to keep them that way without any outside individuation. we are going to open a new spec, -- a new chapter in our national story, striking friede tree dales around the world, free -- free trade deals around the world.

brexit was always likely to end like this, james. what time is it, almost five to midnight new year's eve, bow to don, and the vision period for the uk expires in, what, 23 hours' time and we are waiting now for royal assent? in the last half—hour, the house of lords has cleared the brexit deal, lord true, the cabinet office minister rounding off of the houses of parliament are waiting for royal assent. the signature of the queen on that bill in order for it to become an act of parliament and therefore the law of the land. that isa therefore the law of the land. that is a formality, but it takes some time, perhaps in the next hour or so, maybe the next few minutes, we will see that news and that will confirm legally the uk will leave all of the entanglements it has had with the european union, whether you like them or not, at 11pm tomorrow night with a trade deal with our nearest neighbours. night with a trade deal with our nearest neighbourslj night with a trade deal with our nearest neighbours. i think people might be interested

lizzy, is it this it for brexit? you just said hard brexit, soft brexit, forget it. but on the wider point, is it it for britain's relationship with the eu, or why wouldn't we spend the next 47 years talking about as well? it's definitely not it for our relationship with the eu. if boris johnson, borisjohnson has said he will always want to have a close partnership with our neighbours. sam is right that whilst the exit mechanism is sorted out in theory, we are still going to be debating out we are still going to be debating our future relationship with europe for many years to come. in the deal, there are plenty of elements that are going to be going back and forth with brussels, particularly around issues like fishing over the coming years. i think what has changed is that all becomes something that is perhaps more technical and more specialist area that people, i won't be dominating the public conversation as a relationship with europe —— it won't be. conversation as a relationship with europe -- it won't be. let's keep it ion europe -- it won't be. let's keep

and i'm alsojoined by owner husband because of brexit. and i'm also joined by owner and husband because of brexit. and i'm alsojoined by owner and creative director of peelo accessories, based in dublin. you are both very welcome. let me begin with you, take you back to that decision to leave the uk with your husband, who is british, as we mentioned. why did you decide to do that, and have you had any regrets? well, after the referendum in 2016, the country has changed so much. i came to england at the back end of 1999. so i was there almost 20 years. i worked in there almost 20 years. i worked in the field, a successful career in social work and child protection for local authorities. i was never anyone else but sabina, and all of a sudden i became the german, the immigrant. it was really difficult. i really decided after a lot of thinking, what we wanted to be, that it is time to leave the uk. after brexit we knew it would not be easy for my british husband to settle in germany, because he would have lost all of the freedom of movement

this is the brexit one this time. if there is a no—deal brexit is going to be huge congestion at the border, potentially very long queues. we do importa potentially very long queues. we do import a lot of food, prices could be going up. i think it's tesco saying in order to keep the supply chain going there mickey should have got more than usual in their warehouses. and i think that's a sign of the disruption that we might potentially be about to face. it's quite extraordinary i think, we are really worried about supermarkets and supply chains going into the pandemic and the how to play well. but actually think supermarkets are more worried about brexit and in no—deal brexit, and i really think it says something that a no—deal brexit is potentially going to have a much bigger impact on ourfood supply chains meant the global pandemic. interesting when you put it like that. labour may never be green regain its red wall. the red wall that they crushed in the last election. what are they need to do for this did not

we have seen so many brexit deadlines come and go. to ta ke many brexit deadlines come and go. to take a decision on the future of the talks we are told by the end of play on sunday could mean to carry on talking or it could mean announcing a deal or no deal. the very firm deadline that we have is the end of the year, the 31st of december. it is then that this transition period ends. that's when the uk fully comes out of the european union, it weakly did so on the 31st of january. practically it has remained in the eu's single market and customs union for the rest of this year as of the 1st of january no longer. and it was by the end of this year that the two sides one of the trade and security deal in place. tonight that still works like a very far off hope but we had news today that if you remember the brexit divorce deal and the protocol to deal with the practicalities of northern ireland, the implementation of that agreement has been going very badly this year and suddenly this week everything is clicked into place. so it is possible even if at the moment that trade deal, i

i am borisjohnson delivered was a real brexit. iam inclined borisjohnson delivered was a real brexit. i am inclined to think whatever boris johnson signs brexit. i am inclined to think whatever borisjohnson signs up to will be something that most of them a nyway will be something that most of them anyway will be willing to accept. borisjohnson is anyway will be willing to accept. boris johnson is easily anyway will be willing to accept. borisjohnson is easily one of the most hardline brexiteers in the cabinet. when he was on those backbenchers, he was —— on those backbenchers, he was —— on those backbenchers, it was over brexit, he didn't think theresa may was delivering enough of a brexit. he has his finger on the pulse of what those mps will be thinking. but is that right, he wrote two letters, one saying he was in favour of brexit and one against? yeah, i don't think any of us know the prime minister pulse mccart but we can speak to his actions over brexit specifically, and i think it is a good point raised that they ha

i know you're eager for a brexit update. i would say a lot of traders are looking at cable, sterling. if they have a deal, it will have to go through the house of commons, so we could see movement next week or the week after. tom: it is. it is a most unusual 2020, a most unusual holiday season. we are supposed to be sliding into the holiday week, and there is none of that. brexit, a world turned upside down, maria tadeo scheduled to darken our door out of the chaos of brussels. this stimulus bill in the united states, here's what you need to know waking up early in america or even in europe. it was turned upside down late yesterday afternoon and into the evening. they are going to be working in washington, it appears, through the weekend, like every minute of the weekend. say, we: i was going to started monday by saying we are close to a deal on brexit. five days afterwards. the clock is ticking, we are nearing deadlines, and we are still at the same point. nothing is a done deal. to the bloomberg first word news in new york

that said, borisjohnson brexiteers would have wished. that said, boris johnson has brexiteers would have wished. that said, borisjohnson has been calling some members of the european research group, some of the brexiteers in his own ranks, unlike nigel farage, who is outside of the party, and some of them seem on the basis of what have untold, they seem to be relatively pleased with what the prime minister has achieved but said also that they will get lawyers to look at the detail of this, and go over it with a fine tooth comb before deciding how to vote, but i should point out at this stage it is not expected that this deal will be thrown out by the british parliament, it is expected the vast majority of labour mps will back this because the alternative of no—deal would be thought to be worse, and newly elected conservative mps who promised constituents they would get a deal are likely to back it. ian and watson in westminster, thank you, watching all things for us from millbank. we will get back to you for further updates. let's go t

the other thing is brexit, and the brexit play is either cable or euro-sterling cable at 1.3204. there is a lot of talk that there are too many differences between the u.k. and the e.u. boris johnson warned late last night that we should prepare to leave the e.u. without a trade deal. overhauling most of the gains after the e.u. approved a historic stimulus package. efforts to strike a deal -- a brexit deal before sunday, continuing in brussels despite faltering negotiations. we heard from ursula von der leyen, warning of a no deals lit in the u.k. as -- of a no deal brexit in the u.k. let's bring in maria tadeo from brussels. it seems that the e.u. is playing it cool. under the surface, are they panicking that there is a no deal, or are they just fed up? maria: they are playing this very cool. --opean leaders have been in have been locked in for 20 hours. it has been an all-nighter. they just spent 10 minutes talking about brexit, and this is an intervention from ursula von der leyen, the head of the european commission, briefed to say i believe at this point no deal is more lik

we will discuss brexit, next. we are grinding down to that agreement. 7:00, boris johnson will speak to undulate vern the lion. this is bloomberg. ♪ annmarie: good morning. we are counting down until a phone call between boris johnson and ursula von der leyen, that will be taking place at the top of the next hour. we are learning from the bbc that they had for phone calls yesterday to nail down this outline of an agreement. people are working through the night to put the finishing touches on this historic agreement. we've been covering brexit since the referendum 1466 days ago. today, we may finally get a trade agreement. boris johnson set to speak to the public at 8:00 or 11:00. we will be looking out for that. anna edwards will bring you through all the twists and turns. that does it for me. u.k. equity markets looking higher. this is bloomberg. ♪ ♪ anna: good morning. welcome to the european open. live in london. the cash trade is just under an hour away this christmas eve. let's get to your headlines. a

has brexit happened? in america, when is brexit happening? is this ever going t end? are we there now? is this it, is this the week ere we get some kind of conclusion? rob: i was going to ask you, what do youay back to them in reply? katty: i say i will talk to rob. rob:t is my job to try to provide --ig. it is my job to try to provide some answers. to make it as clear as one can, britton left the european union officially on the first of january of this year. it was any tsonsition, so tely nothing has changed as he say. we still trade exactly the same way. essentially, a year wased all to transition in which the u.k. and e.u. would work out their future relationship, particularly trade, but other things as well. it is a bit like you have asked your kids about their homework, and they have left itto the very l minute to hand it in, and that is a situation we find ourselves in.extruder narrowly t -- extraordinarily, we still don't know what the future relationship will be. katty: and what would be the big difference for the people of b e u.k.ween having some kind of a

a no deal brexit will have a greater negative impact on the brexit economy than a brexit with a deal. bear in mind, i think this is utterly crucial to the argument. that withg it shows or without a deal, brexit will have a greater negative impact on the u.k. economy over the next decade then covid will have had. tom: very informative. thank you so much on this endless debate. bloomberg, david is rising tide ofhe wales, football. this is bloomberg. is looking atusk the bright side. altitudefirst high flight of its next generation aircraft ended in a massive fireball but musk sees the mission as a success. wassure in the fuel tank too low causing the landing speed to be too high. it is one of the sec's largest settlements of her tied to accounting disclosures. general motors has been fined $200 million about allegedly misleading investors. -- gm did not admit or deny the findings. doordash shares closed up 86% from their ipo price. that gave the food delivery company a market valuation of more than $71 billion. tony: one half of our goal is building the largest commerce marketplace in w

brexit is on the menu. at the moment, it sound like neither the uk oi’ moment, it sound like neither the uk or the eu is going to back down. we will be taking back control, and we have already taken back control, of our money, our borders and our laws, and we will seize all the opportunities that brexit brings. translation: we are working on it, but we are also prepared for conditions that we cannot accept. so we will keep you up on all of

brexit on a knife edge. borisfour years of talks, johnson will have a meeting in the next few minutes that could be -- could be -- make a break poland will decide whether or not they will package.to veto the eu and germany is eyeballing tighter restrictions as france's unlikely to hit its target of 5000 daily cases in december. there is evidence that the virus may have peaked here. at friday. a lot of optimism. this is where we are monday. cable -- thisith is come down really sharply on the brexit news. walk johnson prepared to away. the pound is plummeting on the back of that. we recovered a little bit, but still down .9%. 1.12.e sterling is at in europe, the equities are rolling over, the euro stoxx -- the euro stoxx down. we have money moving back into of bonds, in the same in the united states. let's talk about brexit. prime minister boris johnson and the european commission prime minister, set to start a crucial phone call starting about now. could it be make or break? pound falling sharply? the -- coun

house of commons debating the brexit internal markets bill. more brexit next from amanda and me. this is bloomberg. ♪ - i'm doug hirsch. you may already know that goodrx can help you save up to 80% on your prescriptions. unfortunately, many americans can't get to a doctor right now. the good news is that for many health issues, you can see a doctor online. it's easy. just go to goodrx.com, and with a few clicks, you'll be treated by a licensed medical professional, all from the comfort of your own home. visits are confidential and affordable. need a prescription? your doctor can send it to your pharmacy or have it mailed to you. get the healthcare you deserve at goodrx.com. ♪ mark: with first word news. states including new york and nevada used outdated federal estimates during their planning for covid-19 vaccine supplies. the department of health and human services shows states had more of pfizer's vaccine available. and drug administration advisory panel is meeting thursday to review the pfizer vaccine's safety and effectiveness in the final step before emergency use author

brexit without a deal is significantly worse than brexit with a deal. the bank of england, the 0b r, the cross whitehall analysis estimates that over the next 10—15 years there will be some where between 5—7% of gdp smaller than otherwise it have been. not smaller now but smaller than it would otherwise have a cost of tens of billions to gdp overtime. i think it's one of those things, the short—term shock is going to be the most of it and it's going to hit some sectors. they are very exposed. agriculture. most welsh lamb goes into the eu. in fishing, large parts of the catch are bought in the eu. and the automotive sector. india has been a huge investor in the uk in the automotive sector. it owns jaguar land rover. tata steel, those are big areas. as ashis was saying, a lot of that was sold as being a bridgehead into the eu market. some of those sectors, auto aerospace, agriculture, fishing, they are heavily exposed to no—deal brexit, very steep tariffs. it will be a very significant hit in the short—term. but, as you were saying, the other si

key area5 don't know exactly how brexit will work. key areas a financial 5ervice5, product 5tandard5, data protection, and crucially dispute resolution, we don't know exactly how or what the deal really is because they keep saying that they are going to have various committees meeting, working groups sorting it out. and that's the problem, we are suddenly presented with a whole host of new uncertainties where i rather hope that it deal like this that has taken four hope that it deal like this that has ta ken four years hope that it deal like this that has taken fouryears in hope that it deal like this that has taken four years in the making would actually look rather better. fish featured very strongly in these discussions. let's turn to the observer, the fishing industry is crying betrayal, jo. there is no surprise really because i think fishing as we have set before many times, fishing is not a very big player in terms of the gross domestic product of this country but it is very big, we are an island nation and fishing is in our blo

what brexit had taken away. let us get a full report on the dramatic events from our political editor laura kuenssberg. time is finally up. a deal at last agreed that number ten believes will pull power back to this building from brussels. a vast trade and security agreement the prime minister and brexiteers promised. until a matter of hours ago, it wasn't guaranteed, but look, the optimist really did have something to cheer. his ubiquitous thumbs up, achievement relief written all over his face. i am very pleased to tell you this afternoon we have completed the biggest trade deal yet, worth £660 billion a year, a comprehensive canada—style free trade deal between the uk and the eu. because although we have left the eu, this country will remain culturally, emotionally, historically strategically, geologically attached to europe. can you tell the public honestly, where did the uk give the most ground and where did the eu compromise the most, do you think? it would be fair to say that we wanted, we wanted to ma

this is still a hard brexit. the government is exiting the customs union and singles market , andrading on zero tariff zero quota and that will be confidence that the two sides can build on this relationship going forward politically, diplomatically, and economically. it puts a floor under the relationship and allows it to be developed going forward. if that were not to happen that would be uncertainty about when the two sides can get back around the table it would be bad. i think it is more the signal that the two can cooperate and come to an accommodation now that u.k. will take that very comfortingly and reassuringly. guy: just describe how you think this elation schiphol work going forward? there has been a lot of disagreement over the last four been a lothere has of mudslinging over the last four years and frustration. how long will that take to unwind? juryi think it is an open as to whether the agreement will for more as the basis constructive cooperation going forward, the problem i think with that kind o

it's not about brexit here in brussels. it's very much about the european recovery fund and the european budget, there was a of a veto from hungary and poland, it didn't happen. huge, huge win for angela merkel who was able to compromise and get it going in 2021. it will be operational at the next year. by april, the plan to benefit from that money. half of the year, there will be real money being put from the commission into the countries that were hit by coronavirus. relief for spain big win for angela merkel who was able to get it done. > breaking news this morning, announcing a delay in the covid-19 vaccine program just itting the terminal this morning. they say the r and a vaccine, earliest page will be in the second half. vaccine availability in the fourth quarter of 2021. another big story is pfizer going to the fed to get that emergency reduce approval. yesterday there was a bit of a od from advisors, but with the european companies, sanofi and g.s.k. announcing a delay in program. to break down all of the news, str

also brexit. a look at the conversation, it is not exactly going how investors were hoping they would go. cable, 1.3258. bloomberg surveillance continues in the next hour. ♪ every year, we set out to do one thing: help the world believe in holiday magic. and this year was harder than ever. and yet, somehow, you all found a way to pull it off. it's not about the toys or the ornaments but about coming together. santa, santa, you're on mute! just wanted to say thanks. thanks for believing. >> on a knife edge. the pound sinks. schiavone says they are not close to a deal yet. the rollout begins. coronavirus vaccines begin in the u.k. tomorrow. the u.s. may follow suit by the end of the week. an relief bill optimism. president trump and mitch mcconnell are said to be on board a $908 billion package. negotiators are set to unveil details today in hopes of a deal before congress breaks for the year. it morning and welcome to bloomberg surveillance. i'm francine lacqua and on, lisa abramowicz in new york

the governmentjust didn't say the word brexit at all for a while, and didn't say the word brexit at all fora while, and i didn't say the word brexit at all for a while, and i think they'd like to get this behind them, and i can almost be certain that this will not happen if there is a no—deal outcome. there is no chance we are going to be talking about this, writing about this, and writing papers on it for weeks and months ahead if there is no—deal, i think there is a chance of putting in the rear—view mirror, and i think they'd rather like that, so i think that's just the one thing that makes me think that maybe there is a chance that we will get something done.- the paper has illustrated this with a lovely image of the white cliffs of dover, and below bit, not so lovely image of a long line of lorries. as a experts, you can probably tell us what this would do to prophecy prices in the cans coastal district around the ports, but leaving that flippant remark aside, what do you make of what the eye is saying, and indeed what some of the other papers are saying. i mean, the metro, f

guy: is this what a hard brexit looks like? ian: it is lifting the curtain a little bit on the chaos that could happen if it all goes horribly wrong. i don't think we know what a hard brexit looks like, to be honest. we all know there will be extra checks, four or five extra checks per journey. if there are tariffs as well, which is the heart of a hard brexit, we have no idea what that would do to demand, and we really don't know what that will due to paperwork. i don't think anybody has properly rehearsed those. yet this kind of chaos and this kind of delay could easily be a presaging of what is to come. but whatever a hard brexit looks like, this particular last couple of days will mean that lori drivers who have the to make the journey to the u.k. are very likely to decide they will give the u.k. a very wide birth for the next few weeks, and that has to be bad for us because we don't have enough lori drivers -- enough lorry drivers in the u.k.. it will erode confidence in the u.k. both in terms of a destination for business

brexit is on the menu. at the moment, it sound like neither the uk oi’ moment, it sound like neither the uk or the eu is going to back down. we will be taking back control, and we have already taken back control, of our money, our borders and our laws, and we will seize all the opportunities that brexit brings. translation: we are working on it, but we are also prepared for conditions that we cannot accept. so we will keep you up on all of that. the pfizer—biontech vaccine. meanwhile, the roll—out continues in the uk. and indian farmers vow to intensify an extraordinary protest that's been going on for almost two weeks now. and... that is cher singing to an elephant. we'll hear why in a bbc exclusive interview with her. right, straight to brussels. uk prime minister borisjohnson and the president of the european commission, ursula von der leyen, have met. they are going to have dinner very soon. their goal is to unlock trade talks which are running very low on time. here is boris johnson here is boris

but because of brexit. it will be a magnet for overseas investment and it will remain so. >> the prime minister asked how i vote on a deal when he secured the deal, prime minister, i hope there is a deal that my party will vote in the national interests, not on party political lines. this is about leadership. he had five platforms of covid-19 and they voted against it. the prime minister hasn't always wanted to listen to business. he should listen to them. let me quote for cbi, the message for business is get a deal quickly. the national pharmacy, time is running out. hard to get the final preparation. these are people the prime minister should be listening to. on the question of preparation, the government knew months ago it needed 50,000 customers agents trying to get ready to go for the first of january, deal or no deal. could the prime minister tell the house how many of the 50,000 agents will be in place on the first of january in 20 days time. >> 1 billion pounds already getting the country ready for

brexit means brexit, and we're going to make a success of it. but it wasn't that simple. it was to become a long and arduousjourney, with high drama here in brussels and back in the uk. and along the way, certain faces and phrases would become very familiar. you can't have your cake and eat it, too. they're cherry picking. cherry picking. the clock is now taking. the clock is now ticking. michel barnier was appointed the eu's chief negotiator for agreeing a divorce deal. his opposite numbers would come and go. david davis, dominic raab, david barclay, david frost... it was all a sign of how brexit split the government, families and the country as a whole. in 2017, theresa may lost her parliamentary majority. a year later, she was still trying to manoeuvre towards a deal. the eu was sometimes in step, but often not. there is no room whatsoever for renegotiation. eventually, the two sides settled the uk's final bill, citizens' rights and the solution for avoiding a hard border on the island of ireland. but the british parliament rejected the deal three times, much to the fu

or hard brexit. a soft brexit being the e.u. remaining in or closely allied to the single market. is the fact we are focused on n e level playing field because the u.k. has choe hard brexit as a route, with the is -- with that issue have been so tthing to discuss iy had gone for a softer brexit? >> a soft brexit in the terms we use to say 2017 is off the what we are talking about now is a choice between a pretty hard brit ando the deal exit which is the hardest form of brexit you can possibly imagine. the soft brexit idea, which would have meanty possi leaving the customs union, the u.k. could continue to do or start to do independent trade deals around the world, but staying in the single market, so following t same rules and regulations, that's gone. >> from a deal which is yet to be done to one that has been signed. bob dylan has sold the rights to his entire back catalog of songs in a rumored deal, theri is rumored, thought to be around $300 million. universal made the announcement with this vide

borisjohnson has side of its the brexiteer arguments. boris johnson has personal controller of the no—deal preparations, one source says that angela merkel is determined to make britain crawl across broken glass rather than reach a compromise. you would've thought it might‘ve been in interest of all parties to find a compromise, barely not. we have to ta ke compromise, barely not. we have to take a side face value ensure, and we do. it says here that mrjohnson whitehall intervention is aimed at protecting the vital supply of food and medicines after january protecting the vital supply of food and medicines afterjanuary the 1st. i think he needs to. there is the issue that is also well and good being bullish about this, if after january the 1st there are a serious negative consequences, the blame game begins in earnest, and it's not an easy game to win. some people will just not accept that there is responsibility for governments, others will simile not accept any responsibility for the eu. i suspect that truth most people think it's

of the brexit saga. the end of the brexit saga could be that trigger to take a closer look at the ftse 100. a lot of stocks, and a lot of sectors in the green. one of the biggest movers on the ftse 100, gaining 4.4%. this a big u.k. home improvement company. when you get into the 250, you are seeing the likes of london and portland, and gains of 2% to 3%. tesco, the big supermarket chain in the u.k. also putting in again today, along with the likes of morrison's. affected by the trade deal given how much food crosses the border. of the biggest customers is the u.k. small pop today, but a much bigger when yesterday trading for the first time since christmas eve on the trade deal yesterday. let's look at some of the biggest losers on the ftse 100. talking about the u.k. banks, significant losses today kept it down 3%, 4%. the trade deal good for them, but not good in the sense that it did not address financial services. there were nervous remaining about what kind of a court will come between the u.k. and

are you going to get brexit done, prime minister? borisjohnson will have dinner with the president of the european commission — he says a good deal is there to be done, but not if the eu sticks to its current demands. we will be taking back control, and we have already taken back control of our money, our borders and our laws, and we will seize all the opportunities that brexit brings. would he end this charade, end that uncertainty, get the deal that he promised and allow the country to move on? we'll have the latest from brussels. also tonight... as thousands more people get the pfizer vaccine, a new warning to those with significant allergies, after two people suffer adverse reactions. a sharp rise in the number of covid cases in wales since the end of the firebreak lockdown — but the welsh government says it's not lost control of the virus. stocking the shelves in time for christmas — how the pandemic is causing delays and disruption for supplies coming through the uk's ports. it's the moment we've all waited for... and, af