the appointment of the governor of the bank of england transcends party politics. 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. has theailey experience, the record, and the character to do just 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. >> thank you chancellor. can you tell us what the candidates position on brexit, was it a consideration in making this appointment? >> geely consideration was finding the best person for the job. an exhaustive us, and we have a panel that has looked carefully at every potential candidate, and what mattered most was the experience they bring to the table, and in the case of andrew we found 40 years of experience on financial and monetary policymaking. that was outstanding. that is why i chose him to be the next governor of the bank of england. want this new governor to stand up to you and the prime mi

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 ever

the bank of england. he is no stranger, 30 years of experience in a range of positions. francine lacqua joining me now to take over hosting "bloomberg surveillance." about his experience of monetary policy, the economics of the u.k., and on the regulatory side, and reflecting on the brexit experience, even if many people point out a lack of monetary policy setting experience. in terms of market reaction, we do not expect a lot of reaction. our colleague was pointing out he was widely expected to be the next governor of the bank of england. move on the ftse 100, equity markets not moving far. we do have confirmation on who the next governor of the bank of england will be, and mark carney has extended his term to the middle of march. francine: thank you so much. welcome to "bloomberg surveillance." governor of the bank of england will stay until march 15. andrew bailey is to succeed mark carney. bailey spent three decades at the bank of england as deputy governor. let's welcome our guests, jari stehn, direc

bank of england. 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. trains and road travel is severely disrupted on one of the busiest travel days of the year — gatwick services are affected and there's disruption in devon and cornwall. australia's pm apologises for going on holiday while the country's bushfire crisis worsens , fire continues to ravage parts of the country. and the us moves closer to putting its astronauts back into orbit — as boeing prepares to launch its new starliner capsule. good morning and welcome to bbc news live from westminster. mps will vote on the prime minister's brexit plan this afternoon — which will take the uk out of the eu by the end of january. it's thought the withdrawal agreement bill will easily clear its second reading in the house of commons — with the conservatives having won an 80—seat majority at last week's general election. some changes have been made to the prev

the bank of england as well. next year not only will you have someone else heading the bank of england, but as we go into brexit negotiations, the u.k. eu,ntially leaving the looking at the underlying data, events next year will be crucial. but next week from the bank of england, it will be more of a steady as she goes conversation. lisa: 2019 was a year of easing. there is a question, is that not to beevents next year will be crucial. repeated? are we going to see something, if not to the same magnitude, the same direction? matt: that is not in our forecast, i can tell you that. after seeing 30 years of central banks using a bunch and not seeing inflation, you can never discount the possibility you get another wave of central bank easing. but it is not in our forecast at this point. it is in our forecast. we think the ecb stays the course, the fed could cut rates, if there is a meaningful slowdown in the u.s. economy. for the most part, as long as theation remains muted, bias will be toward easing. will drivet i

let's address the bank of england, first of all. what would somebody like andrew , a very strong academic record, mean for you looking at the u.k. and u.k. corporate? guy: it is a vote for stability. someone who knows the institution incredibly well. he has a very strong academic background and strong policymaking background. seat is going to be dictated to by events. you talked about brexit at the beginning of your show. it will be seeing how the u.k. economy and brexit evolves, also how it evolves in the context of a global economy. we think it will be more gloomy next year. nejra: the bank of england stood pat. we got to dissenters voting for a rate cut. in 2020ooking at a boe that skews towards an easing bias? guy: it will be the first central bank to have to ease in 2020. they will be dealing not only with a weaker global economy but also with the fact that they are a little bit behind the curve relative to other central banks, given they have had brexit uncertainty. finally, they have the immediate brexit challenge. we will se

the guard at the bank of england, lauren simonetti with the headlines, lauren. lauren: finance minister has named andrew bailey the new governor of the bank of england, he will be taking over on march 16th, next phase of brexit. here at home nike surprising analysts with the quarterly results last night earning 7 0 cents a share, much better than 58 cents and generating $10 billion, first had billion dollar quarter thanks to spike in interest and innovation but something bugging investors this morning, and after today the u.s. may be closer to sending astronauts back to outer space without having to rely and pay russia to do so, the boeing star liner capsule scheduled for unmanned launch in 15 minutes from now, flight to

the bank of england as well. next year not only will you have someone else heading the bank of england, but as we go into brexit negotiations, the u.k. potentially leaving the eu, looking at the underlying data, events next year will be crucial. but next week from the bank of england i think it will be more of a steady as she goes conversation. lisa: 2019 was a year of easing. the biggest wave of global easing collectively of all the central banks in the direct aftermath of the financial crisis. there is a question, is that not to be repeated? are we going to see something, if not to the same magnitude, the same direction? matt: that is not in our forecast, i can tell you that. after 30 years of seeing central banks in these a bunch and not seeing inflation, you can never discount the possibility you get another wave of central bank easing. but it is not in our forecast at this point. subadra: it is in our forecast. we think the ecb stays the course, the fed could cut rates, if there is a meaningful slowdown in t

new governor of the bank of england, andrew bailey. mr bailey, a former deputy governor at the bank and the current head of the financial conduct authority, will take over from mark carney in march. the chancellor, sajid javid, said he was the standout candidate for the role. 0ur economics correspondent andy verity reports. it is the most important appointment so it is the most important appointment so far by the newly elected johnson government. good morning, everyone. sajid javid, the chancellor, chose an establishment insider to succeed mark carney as governor of the bank of england upon a career civil servant andrew bailey. i'm delighted to announce that the next governor of the bank of england will be andrew bailey. we said we were looking for a lead of international standing, with expertise across monetary, economic and regulatory policy. and in andrew bailey we have found just that. with this appointment come to be governor of the uk central bank, andrew bailey has reached the pinnacle of the financial system but he has been ver

waiting for news out of the bank of england. infrastructure spending and fiscal spending in the case of japan are part of the conversation as we move toward the end of 2019. let's leave the markets there. we will deal further with impeachment, certainly. with that in mind, let's get a first word news update. >> president donald trump has been impeached. it sets the stage for a trial in the senate, where he will almost certainly be acquitted. the vote in the house was mostly along partisan lines, not a single republican vote to a huge . -- two impeached. -- to impeach. orest johnson will lay out his priorities today. he intends to put the nhs at the heart of his program, along with delivering brexit. in october, the queen will arrive by car instead of by carriage. the bank of japan leaving policy unchanged, amid a government stimulus package. the central bank maintained its target for rates and asset purchases. the boj has now reached the end of the year without having to delve deeper into depleted ammunition. hasrance, president

the worldo you that of central banking is changing. the bank of england unsure in the fed on pause. is it qe thatmic, sustains me into 2020 rather than a developed central-bank policy mix? janet: were actually not expecting further rate cuts from major central banks. we think they are pretty done, especially the fed. week, wesustained q. don't expect more. qe should be able to support markets. investors want to see a material nation of that, and that will probably lead to a sustainable market. we actually don't see the central banks cutting further this year. nejra: bloomberg economics thinks we will see nothing through 2020. they also think the ecb will not cut further. exit negative rates for the first time in five years. saying inflation has managed to pick up in sweden. we might talk about the negative impact of negative interest rates, but is there any prospect where inflection -- inflation stays subdued elsewhere unlike what happened in sweden? all, the ecb is concerned about negative rates. christine lagarde mentioned negative rates and they are doing a strategy review potent

deutsche bank saying we make it a move from the bank of england as early as january. your reporting saying that by the end of 2020 we will most likely see some type of move from the bank of england. james: that is right. looking at about an 80% chance of a rate cut by the end of next year, which is quite a turnaround after the general election result on friday. markets were positive about the outcome, especially boris , and its large majority reduces the probability of rate cuts. after he set out plans to counsel the possible extension of the transition period, money market traders are placing bets on further rate cuts and pushing the odds up of rate cuts further into 2020. vonnie: why would january be on the cards? we are almost at january already. could we see enough economic data that would warrant a rate move from the bank of england? james: january is quite early in the schedule, looking at other analysts, they are looking further on toward the middle of next year or even later. fromwe get a transition mark carney onto the next governor. we will not have much dat

we have the bank of england coming up. look for dissenters coming out euro around 1.1130 we are looking at weaker dollar. we have some weakness. vienna is trading weaker versus the u.s. dollar. swiss frank slightly weaker versus the u.s. dollar as well as for uk equity markets, we are getting close to holiday vibes the dax trading slightly under water. about.10 a percentage point. cac and ftse mib flattish after a roller coaster session for the european markets most of these indices are up north of 40% so it has been a very strong year compared to other stock markets as well. >> the big story of the night is that the u.s. president has been impeached by the house only the third president in history having done so we saw very little reaction on wall street. almost completely shrugging off the news it looks like those three majors will be seen opening in positive territory. dow up and s&p up about four points higher. >> the queen will return to parliament to set out the prime minister's agenda. boris johnson will focus on de

, but she did serve as deputy governor on the bank of england in 2014 to 2017. she left in 2017 to go be director of lsb. she also has experience at the imf and world bank she is expected to have a light touch approach to regulation which, of course, would work quite well with boris johnson himself and his focus to reduce some of the regulatory burden in the uk post brexit second choice now also is andrew bailey he was the front-runner a year ago. in fact, he was so much the front-runner in april 2018 that some betting sites stopped betting on wagers in support of him. he currently runs the fca as a second favorite. this after he has come under scrutiny as well some people saying fca missed some of the warning signs. because of that his odds have dropped in the last couple of months and a new contender that has come up from the ft overnight. kevin warsh a former fed official, he wrote a report in the bank of england about transparency and accountability a couple years ago, but also worth bearing in mind that while he was at the fed he was known to be one of the

bank of england. yes. it's been flagged up for in a couple of days. it has gone to andrew bailey, a bit of an insider. he has been working at the bank of england for 35 years, widely regarded as a safety or of hands. and it is interesting to have somebody who is a banker, whereas in europe, the european central bank, they very former lawyer. that is quite interesting. what is probably more intriguing is the fact that there is already in his in tray, a row about whether there was some banks who might have had access to the feed and if they had access to it, committed their traders have access to it? that is going to be the first application. would not have been really interesting and important to have had a woman for the first time? there was a woman in the running. and she was very, very good, for what i no. but she was not a supporter of brexit. who are you referring to? what was her name? supporter of brexit. who are you referring to? what was her name ?m would have been good for this top job, for..

the bank of england as well. next year not only will you have someone else heading the bank of england, but as we go into brexit negotiations, the u.k. potentially leaving the eu, looking at the underlying data, events next year will be crucial. but next week from the bank of england, it will be more of a steady as she goes conversation. lisa: 2019 was a year of easing. the biggest wave of global easing collectively of all the central banks in the direct aftermath of the financial crisis. there is a question, is that not to be repeated? are we going to see something, if not to the same magnitude, the same direction? matt: that is not in our forecast, i can tell you that. after 30 years of seeing central banks in these a bunch and not seeing inflation, you can never discount the possibility you get another wave of central bank easing. but it is not in our forecast at this point. subadra: it is in our forecast. we think the ecb stays the course, the fed could cut rates, if there is a meaningful slowdown in the u.s.

that the next governor of the bank of england we'll be andrew may. enter bailey sixty years old will start his new job on march sixteenth he'll replace canadian mark carney was held the position for the past six years. bailey worked at the bank of england for three decades before becoming the chief executive at britain's top financial regulator while critics say he could have dodone more to prevent the collapse of several investment funds he remains well respected across the government. as well as among bankers and investors. andrew brings unparalleled experience of central banking. and control on thirty years of experienence in every aspect of the bank's work. for monetary policy to financial stability. to the regulation of banks and insurance companies. but bailey is eighty year term will be anything but a walk in the park one of his first challenges will be to steer thehe country's financial institutions as the u. k. leaves the european union the new governor will likely face a a dififficult firirst few years. if b britainin does in ft enter reces

. >> 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, he was just that he was the standout candidate. the right person to leave the bank as we forge a new future outside the eu and level up across the country. >> my goodness, it has been a very busy week bank of england development as well we have certainty who the new government will be we are trading on the back we dropped at least four points since the general election a week ago the pound is trading 1.3030. perhaps some position trimming before the end of the year that is where the pound is just shy of that 1.31 mark. switching to one of the big name chips we've been watching closely. as a kwhowhole, ftse is back thg 7,900. some domestic names, energy companies and domestic focus banks are coming under some what pressure we have consumer goods back this morning. unilever back. a switch in reverse order from what we had a week ago there the broad

our way to a bank of england split. tom: the difference in yield between the 10-year and the two-year yield, you could go four different ways. that is when you hear bull this, there that. here we are for the president's election, steeping enthusiasm, then this long drawn out curve flattening, even to a negative yield on the negative spread. and then we have moved. here is the latest 90 days of curve steepening. on this trend, we have broken nicely out above three standard deviations. doubt -- ithart, no is a big day for central bank around the world. in japan, the policy has unchanged. in sweden, rate hike has been heightened to zero. and the bank of england later delivers its fed decision after last week's election. now, bloomberg opinion columnist marcus ashworth. seemingly a lot in common with the central banks. really interesting to focus on the bank moving away from this experiment, with negative interest rates. is it the right time to be doing that, do you think? >> it is a gamble. trying toates are squeeze a litt

banks as the bank of england plans to lift a key capital demand the biggest u.k. lenders after they all pass the stress test. bloomberg radio is live on your mobile device or dab digital in the london area. tune in. this is bloomberg. ♪ anna: welcome back to "bloomberg markets: european open." consolidation after recent gains expected at the start of the european trading day. where will we go after? let's get a first word news update from hong kong. >> tensions remain high across india as protests continue against the new citizenship law. five days of sometimes violent demonstrations across the country. undocumentedans muslims from certain countries from seeking citizenship in india, let alone documented migrants from other regions. on a landmarkeed green finance regulation. lawmakers approved in accordance sustainable activities, overcoming last-minute divisions. should help set a framework for the fast-growing market for green finance. the final compromise saw nuclear and gas included on the list of green technologies under certain circumstances. the bank of e

the bank of england is widely expected to leave interest rates on hold at 0.75% at its last meeting of 2019 later today. more economists are now expecting it to join the us fed and the european central bank in cutting borrowing costs next year. and one of the greatest sagas in cinema history reaches its climax today. star wars fans around the world are awaiting the release of the rise of skywalker. the movie, starring daisy ridley and john boyega, concludes the saga started by george lucas more than a0 years ago. i'm going. iam i'm going. i am not. how are you going to get away with that? nobody wants to see it in my household? have you seen frozen two? i have, i even subjected my 16—year—old son to it. he didn't mind! it doesn't even feature in my house. ok, let's move on. indonesia has become the latest asian country to face an outbreak of african swine fever, a deadly pig virus devastating farmers across the region. the country's agriculture ministry has said nearly 30,000 pigs have died from the disease in north sumatra. the virus is expected to wipe out more than half of china

but he is a former deputy governor of the bank of england, which is the central bank. have you come across him? i haven‘t met him, no. i met mark carney and a number of the other deputies. the thing about this which i found really interesting deputies. the thing about this which ifound really interesting is deputies. the thing about this which i found really interesting is that there has been this move to ensure in the appointments process that there is some kind of alignment with government thinking, especially on issues to do with brexit, so it looks as if that was something that was a factor, and the report here seems to indicate that some of those who were thought to be very good candidates might not have been com pletely candidates might not have been completely aligned. we don‘t know how far that is true, but that was a factor which apparently came in in the process. how important is this appointment? absolutely crucial, and you could see that in the fact that the last governor, mark carney, there was a lot of disquiet about there was a lot of disquiet about

the bank of england. the chancellor announcing the news at the treasury. we said that we were looking for a leader of international standing, with expertise across monetary, economic and regulatory policy. and in andrew bailey, we have found just that. mr bailey is a long—term veteran of the bank of england. at one point lending his signature to all banknotes as chief cashier. he was asked to head up the city watchdog, and there have been a series of questions about whether his organization should or could have intervened earlier in mismanaged funds, saving schemes, and misbehaving banks, including from mps. are you too nice to bankers? i don't get up in the morning hoping that people will love me. don't become chief executive of the sna if you want to be loved. the bank of england resembles a fort for a reason, and notjust the gold in its vaults. the decisions made here really do matter. for avoiding recessions, for the value of the pound in your pocket, for steering away from bank crisis'. the decisio

the bank had —— bank of england and so on. his wife is an environmental campaigner as well. it seems a new perfect fit for him. the question is whether he will get to do it on the timetable he wants, because he has been trying to leave his job as the governor of the bank of england for a long time, and has had to stay on because of the brexit crisis, which we know is far from over. because of the brexit crisis, which we know is farfrom over. he because of the brexit crisis, which we know is far from over. he was supposed to be taking up this new job in january supposed to be taking up this new job injanuary 31, which i think is a date that rings a bell, because it is the date we are supposed to be leaving the european union. there is supposed to be a new bank of england governor in place by then. no new appointment yet, and it probably will not be by christmas. when he gets away on schedule, time will tell. let's go to the front page of the times newspaper. catherine, could you introduce this story for us? long story short. ye

the bank of england is clarifying that in the event of a bank resolution it expects all to be written down or converted to the highest quality of capital, or common equity tier one. these changes taken together increase the resilience of the system by shifting the balance of loss absorbing capacity towards higher-quality capital while leaving the overall loss absorbing capacity broadly unchanged. tier one capital requirements for major u.k. banks will remain in line with benchmark levels , 14% of015 risk-weighted assets. that benchmark balances the need for banks to keep lending during downturns with the need to provide finance to support growth over the medium term. these changes improve the responsiveness of capital requirements, economic conditions by shifting the balance of capital requirements from the minimum requirements that must be met at all times towards buffers that can be drawn down as needed area if the rate were cut from two to 0% this would enable banks to absorb up to 23 billion pounds up to 500 preserving billion in banks capacity to lend to u.k. households and busin

to the bank of england accidentally providing haters with an unfair advantage thanks to an open audio feed at a news conference that one thing done to fix that problem he's got a live interview straight ahead and then later another huge hit for hoover as the company has now been banned in germany why this is the right year in company is just another example of how they're coming under so much fire across europe this is the one show you can't afford to miss so let's get started. and we begin with the latest on the scuffles between the u.s. and china over that phase one trade deal thursday china announced a new list of import tariff exemptions for 6 chemical oil products from the united states these exemptions will last for one year kicking off december 26th though china's finance ministry as not provided a value for the imports excluded from those tariffs what we do know is that the waivers will apply to 4 chemical products including refined oil products that include white oreo and food grade petroleum well meanwhile there has been a lot of talk about how this phase one agreement will

to the bank of england after that might provide patrons with an unfair advantage thanks to an open audio feed at a news conference that one thing done to fix that problem he's got a live interview straight ahead and then later another huge hit for oubre as the company has now been banned in germany why this is the right here in company is just another example of how they're coming under so much fire across europe this is the one show you can't afford to miss so let's get started. and we begin with the latest on the scuffles between the u.s. and china over that phase one trade deal thursday china announced a new list of import tariff exemptions for 6 chemical oil products from the united states these exemptions will last for one year kicking off december 26th though china's finance ministry as not provided a value for the imports excluded from those tariffs what we do know is that the waivers will apply to 4 chemical products including refined oil products that include white oreo and food grade petroleum well meanwhile there has been a lot of talk about how this phase one agreement will b

heard today, which is that the very utterances of the bank of england governor where being transmitted, ahead of time, via an audio feed, to traders who paid to get this service. because every nuance, every word, that the bank of the england governor says, they link to interest rates, they can move the pound, bond markets all over the place. the ifc is opening a probe to see if there is any criminality in this, but when it comes tojobs, criminality in this, but when it comes to jobs, unelected jobs, criminality in this, but when it comes tojobs, unelected jobs, the bank of england governor is just about the top. we will follow that tomorrow. thank you very much, simon jack, our business editor. a six—year—old boy who was left fighting for his life after being thrown from a viewing platform at the tate modern art gallery in london has started to speak again. the french boy is also regaining some sensation in his arms and legs. in an online post, his family said his speech was still very stilted but called it "wonderful progress". he was attacked in august by 18—year—old jonty br

next governor of the bank of england, andrew bailey. mr bailey, a former deputy governor at the bank and the current head of the financial conduct authority will take over for mark kearney in march. the chancellor, sajid javid, said he was the standout candidate for the role. —— to be the governor of —— andrew bailey. i'm delighted to announce that the next governor of the bank of england will be andrew bailey. we said that we we re will be andrew bailey. we said that we were looking for a leader of international standing, with expertise across monetary, economic, and regulatory policy. and in andrew bailey, we have found just that. with this appointment to be governor of the uk's central bank, andrew bailey has reached the pinnacle of the financial system. but it's been very close to the top of it for at least 15 years. that means he will fit in easily surrounded by lots of familiarfaces. but fit in easily surrounded by lots of familiar faces. but it also fit in easily surrounded by lots of familiarfaces. but it also means he's

the official rout forgetting news out from the bank of england is via bloomberg. at the bank of england put in place some time ago a backup in case the video link via bloomberg failed, they put ina backup link via bloomberg failed, they put in a backup audio feed. it's that backup audio feed that people have been managing to hack into, they have been putting microwave pieces of equipment on top of buildings, and they've been tapping into an audio feed that was designed as a backup. the bank of england as soon as they discovered this or were alerted to it stopped it so it can no longer happen. that's how they did it. so it is this digital age again, some people make millions out of it by able to do does make being able to do speed trading. high—frequency trading, getting vital information seconds before it is in the public domain. it boggles the mind. it's also something that happens in sport, other areas as well. . information is happens in sport, other areas as welll information is proving to be extremely lucrative. in sports they sand watchers out to people ar

how does the bank of england respond? anooja: just right -- just like setbackd, gilts faced a , that is completely wiped out. even on the day of election traders were paring back. there was a 30% chance for 25 basis point rate cut in 2020. now that has gone up to 76%. that is quite a slip in three days. it is not just about economic fundamentals, which are not great in the u.k. it is mainly about frexit and what that means. we have had data out -- it is mainly about brexit and what that means. we have had data out of the u.k.. altogether, it is not looking easy for the bank of england staying on hold. we did have deutsche bank saying -- as early as january. david: thank you for joining us from london. now let's get a check on what is going on in the markets. as we look at this, kailey leinz , it does not do anything dramatic but it keeps moving up. kailey: we are still riding the momentum because a lot of rest have been removed from the market. get a lot of risk has been removed from the market -- a lot of risk has been r

so right now isn't this basically a huge embarrassment right now for the bank of england because their very own system that was pretty much built to support a fair and efficient market is basically being abused right under their nose the fact that it went on for so long almost a year without them catching it isn't this just a huge mismanagement and absolutely it's embarrassing it's gone i mean this is something that should never ever happen i mean the analogy is like a game show you know something in the u.s. you'd say something like a jeopardy where one contestant gets questions beforehand 7 seconds may not sound like a lot of time but to these these high frequency traders 7 seconds is a lifetime so it's like getting the questions that advance on jeopardy or like donna brazil passing them to hillary clinton before the debate i mean it gives one entity an unfair advantage and like you said the futures have moved a line with them so that's the proof in the pudding that this has been disastrous and embarrassing indeed when you talk about well how much of a difference does the time make y

the bank of england. the chancellor announcing the news at the treasury. we said that we were looking for a leader of international standing, with expertise across monetary, economic and regulatory policy. and in andrew bailey, we have found just that. mr bailey is a long—term veteran of the bank of england. at one point lending his signature to all banknotes as chief cashier. he was asked to head up the city watchdog, and there have been a series of questions about whether his organization should or could have intervened earlier in mismanaged funds, saving schemes, and misbehaving banks, including from mps. are you too nice to bankers? i don't get up in the morning hoping that people will love me. don't become chief executive of the sna if you want to be loved. the bank of england resembles a fort for a reason, and notjust the gold in its vaults. the decisions made here really do matter. for avoiding recessions, for the value of the pound in your pocket, for steering away from bank crisis. the decision

andrew bailey is favourite to replace mark carney as governor of the bank of england. there will be an announcement tomorrow. the times says that the bank of england faces scrutiny over a security breach that gave traders early access to market information. and the sun leads with the news that wayne rooney has a tunnel underneath his house linking the main house to his garage. no danger of wayne rooney getting wet than! i have to say, it looks like, that wonderful song, why does it always rain on me forfour like, that wonderful song, why does it always rain on me for fourjeremy corbyn because it looks like he's having a horrible day. most of the papers prominent... that mischievous expression on boris johnson's papers prominent... that mischievous expression on borisjohnson‘s face as well. watch it on the telly and jeremy corbyn striding ahead, refusing to look at borisjohnson let alone talk to him. which is not tradition. you put aside... even the least sociable of prime minister would still make the effort to talk. maybe not margaret thatcher... that is the body la

just like in 1997 when they gave the bank of and in -- bank of england independence because they wanted to spend on the fiscal side and not have markets worry about inflation, a good pick for the bank of england would be someone with hawkish tendencies. chance the prime minister has at borrowing to spend, because markets will get in inflation problem the bank of england will not let it get out of hand. guy: we are told there is a lot of money on the sidelines waiting to coming to the u.k.. howoris gets the majority big a difference in terms of the flow to the u.k. will there be? kallum: potentially it makes a difference for a big reason. the big risk in 2020 is that the u.k. or great britain could get a hard brexit. you have a transitional period onn the u.k. leaves the eu january. unless the future agreement is activated in january you get a hard brexit with the caveat that if parliament decides to go for an extension of the transitional period you give yourself more runway to negotiate the future relationship. with the majority of 10 boris johnson may be subject to the fringe of his p

he brought a very different feel to the bank of england taking over from mervyn king he was very traditional. he has been quite controversial. visible, relevant, a character but some would argue a little bit too much and we expect a change if indeed andrew bailey is confirmed. america is about to take another step towards being able to launch its own people into orbit again — a capability it's not had for nearly nine years. at 11:30 this morning, the boeing company will launch a nasa test capsule from florida to the international space station.

that's from outgoing bank of england governor, mark carney. i would say we're in a climate crisis, just like a financial crisis. i think what's essential on this topic, on climate change, is that we have a cross—party, nonpartisan approach to it. authorities in australia are forced to cancel the evacuation of residents as bushfires continue to rage. police investigating the deaths of three british tourists who drowned in a pool in spain on christmas eve say it was an accident and that the case can now be closed. we speak to greta thunberg, the teenager who spearheaded a global movement against climate change. she's calling for more action, less talk. we climate activists are being listened to, but that doesn't mean that what we are saying is translated into action. and julia's journey to understand what family really means. that's "my very extended family" in half an hour, here on bbc news. good afternoon. a 19—year—old british woman has been found guilty of lying about being raped by a group of men in cyprus. the teenager was arrested a

the outgoing governor of the bank of england, mark carney, has said financial companies are failing to act quickly enough to curb their investment in fossil fuels. in an interview with this programme, he says some financial assets could end up "worthless" if investment firms do not adjust to a zero—carbon economy. mr carney is due to start a new role next year as the un's special envoy for climate action and finance. it's talked about 2020 being a decade of action absolutely necessary on climate change. we want action on the finance side. we want, on that disclosure, companies doing that disclosure. we want that to become the norm. it's important that you and i, people watching, can understand how our money's being invested. is it being invested consistent with the transition path that is the law of the land that is what our citizens want, which is that we're transitioning in a way that will stabilise the climate? you will spend a lot of 2020 working on the climate as part of your un role in the run—up to the glasgow summit. i wonder why you choose not to use the term "climate emer

the bank of england. the chancellor announcing the news at the treasury. we said that we were looking for a leader of international standing, with expertise across monetary, economic and regulatory policy. and in andrew bailey, we have found just that. mr bailey is a long—term veteran of the bank of england. at one point lending his signature to all banknotes as chief cashier. he was asked to head up the city watchdog, and there have been a series of questions about whether his organization should or could have intervened earlier in mismanaged funds, saving schemes, and misbehaving banks, including from mps. are you too nice to bankers? i don't get up in the morning hoping that people will love me. don't become chief executive of the sna if you want to be loved. the bank of england resembles a fort for a reason, and notjust the gold in its vaults. the decisions made here really do matter. for avoiding recessions, for the value of the pound in your pocket, for steering away from bank crises. the decision

that's the warning from the outgoing bank of england governor, mark carney. raging bush fires are burning out of control across australia, with authorities in the state of victoria saying it's now too late for people to evacuate. temperature are exceeding a0 degrees in every state. sport and for a full round up, from the bbc sport centre, here's jane dougall. good morning. liverpool are now unbeaten in 50 home league games — that's after their win over wolves. they'll end 2019 top of the premier league, 13 points ahead of second placed leicester, wolves incredibly unhappy with the way the decisions went. referee anthony taylor ruled that sadio mane's goal should be disallowed for handball by adam lallana but var overruled it and the goal stood. wolves then thought they had scored an equaliser, but pedro neto's goal was ruled out because jonny‘s foot was offside in the build up. you don't get clarification of what is happening. they don't tell you what is going on. how far off side is he? we don't know. it is so tough to take, and it has happened twice in

is under huge amounts of scrutiny and review you have a new governor at the bank of england. bank of canada and the new madam lagarde and the new deputy governors. the whole leadership of the ecb. what i don't think you'll see is a huge amount of change in interest rates throughout the year >> that's what mandy was saying. we went into 2019 talking about central bank normalization the feds cut interest rates. ecb went back to their old tricks even the bank of england are turning more dovish. are central banks stuck here >> what we've been hearing is that from the ecb, there needs to be fiscal stimulus that compliments this policy where the governments have the space to do so that will potentially free up the central banks. i think those two things go hand in hand. there are still ways to go that central banks can deploy i don't think they are in a position where they are weary of normalization without the review >> in 2020 and beyond, how much will we be talking about central banks. >> certainly china is leading the charge but what about other central banks? >> port of tart o

bank of england. mr bailey will be the i2ist governor of the bank of england and will succeed mark carney when he leaves at the end of the next month. here's the chancellor making the announcement in the last half hour. iam 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 we re launched this process, we said we were looking for a leader of international standing with expertise across monetary, economic and regulatory policy. and in andrew bailey we have found just 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 oui’ outside the eu and level up across our great country. our economics correspondent dharshini david joins me in the studio now. explain why the governor of the bank of england is an important figure. forget the man we just saw it's actually the governor of the bank of engla

the government of the bank of -- the governor of the bank of england leaves, too. rosalind: he had most of his diehard supporters in there. when he removed theresa may, he essentially fired a bunch of tories who he thought were against him. brexiteers the hard from the far right of the party. you may not expect to see cabinet move or shift that much this early in the game. jonathan: when we caught up with people in the fx market, talking about what comes next in 2020, the rate cut call came up ready quickly. the bank of england has 75 basis points to play with. do they follow through on a cut anytime soon? ben: i don't think so. think after yesterday, we got a lot more stability. if anything, i suspect we are talking about rates going up rather than going down from here. jonathan: the bank of england -- tom: the bank of england plays a part, but it comes down to that fiscal space. rosalind and our team have written a piece about this. frame the physical space of the united kingdom right now -- the fiscal space of the united kingdom right now. i think expectations h

but the governor of the bank of england is one of the top jobs. nhs accident and emergency units in wales have recorded their worst—ever performance. less than 75% of patients were seen within four hours in november — well short of the 95% target. it's significantly worse than those for hospitals in england and scotland, but better than northern ireland. the headlines on bbc news: the queen has opened a new session of parliament. brexit and the nhs are at the heart of the new government's legislative agenda. scotland's first minister, nicola sturgeon has set out her plans for another independence referendum and has warned borisjohnson not to "block the will of the scottish people." the watchdog that oversees complaints in the armed forces has called on the ministry of defence to do more to tackle racism. donald trump has become only the third us president to be impeached. the democrat—controlled house of representatives late last night approved two charges, setting up a trial next month in the senate. but the senate is dominated by republica

the bank of england, this amazing moment where we reprice the bank of england from a cut back down to 20% after yesterday's possibility or probability of hard brexit. the bank of england came back to a higher probability. your view, and likewise to jackie. in play or not, 2020? alain: i think the bank of .ngland will be highly reactive then, you will need huge injection, not only monetary but probably fiscal injection at the same time. the boe would be a reaction function. stage, if you were to say we bottom out at the partmy, the -- move some of this uncertainty, there should be some kind of relief that is good for sterling even though you should not be that enthusiastic. jackie, do you play into that? jackie: i think they will be on hold for most of 2020. more chance of an increase. some of the factors we are watching in the next few days or weeks will be the new governor of the bank of england and whether they will take a more hawkish or more dovish stance is something we will be looking at. us,a: thank you for joining jackie bowie from jcra. alain bokobza stays with us. coming up,

vonnie: another piece of news we , thearlier this morning bank of england is not going to have a successor announced by friday, according to governor officials, carney do to step down. the new government will not name a replacement. what is happening with the bank of england? it is a tough tour -- job for the successor, isn't it? david: i do think it is a difficult job, a very difficult job for mark carney who i think will be quite looking forward to coming to the end of his term at the end of january. i do expect the replacement to be made. be the guess would director of the london school of economics that was a deputy governor between 2014 and 2017, which i think would signal some continuity. athink we will probably get rate cut priced out on the short end of the u.k. money market, and if we also get a more expansionary budget than some are expecting, that would put upward pressure on gilt yields. doing: what are you regarding u.k. assets, the currency, gilt, and so on? david: we did have a long sterling position. we did close out just before the election so we did not capture all of the

the bank of england as well. next year not only will you have someone else heading the bank of england, but as we go into brexit negotiations, the u.k. potentially leaving the eu, looking at the underlying data, events next year will be crucial. but next week from the bank of england i think it will be more of a steady as she goes conversation. lisa: 2019 was a year of easing. the biggest wave of global easing collectively of all the central banks in the direct aftermath of the financial crisis. there is a question, is that not to be repeated? are we going to see something, if not to the same magnitude, the same direction? matt: that is not in our forecast, i can tell you that. after 30 years of seeing central banks in these a bunch and not seeing inflation, you can never discount the possibility you get another wave of central bank easing. but it is not in our forecast at this point. subadra: it is in our forecast. we think the ecb stays the course, the fed could cut rates, if there is a meaningful slowdown in t

the outgoing governor of the bank of england, mark carney, has said financial companies are failing to act quickly enough to curb their investment in fossil fuels. in an interview with the today programme on radio 4, he says some financial assets could end up "worthless" if investment firms do not adjust to a zero—carbon economy. mr carney is due to start a new role next year as the un's special envoy for climate action and finance. it's talked about 2020 being a decade of action absolutely necessary on climate change. we want action on the finance side. we want, on that disclosure, companies doing that disclosure. we want that to become the norm. it's important that you and i, people watching, can understand how our money's being invested. is it being invested consistent with the transition path that is the law of the land that is what our citizens want, which is that we're transitioning in a way that will stabilise the climate? you will spend a lot of 2020 working on the climate as part of your un role in the run—up to the glasgow summit. i wonder why you choose not to use the te