the financial times reports that japan's largest bank has chosen amsterdam for its banking headquarters as a result of uncertainty over brexit. mufg currently employs more than 2,000 staff in london and a further 700 in other european cities. the guardian reports on the latest from venezuela following a so—called "sham" election. it highlights comments from the us ambassador to the united nations claiming the country is one step closer to a dictatorship. the new york times looks at putin responding to us sanctions by ordering 755 of its diplomatic staff leave america, in what the paper describes as a move right from the cold war playbook. and in thejapan times, the focus is on china us relations in an article that says chinese president xijinping is betting donald trump won't make good on his threats of a military strike against north korea. with me isjustin urquhart stewart
the director of seven investment management. it is good to see you. good morning. good morning. we will start with that interview. le monde. britain will not undercut european rivals despite what was said before. earlier in the year we had all of this about becoming a low—cost tax haven off the north—west coast of europe. talking about britain becoming the singapore of europe. that will never happen. it will not bea that will never happen. it will not be a tax haven. taxes will always be slightly competitive. we have the best corporate tax. uk could not afford to be a tax haven, frankly. it will not happen. it puts the
negotiations in the context. you will not have a good negotiation if you say we will give the thumbs up to you for everything. look at what he says in the article. there is a lot of detail. the times says it removes a powerful negotiating object if the uk says we will not undercut them with taxes. frankly, we need an agreement. we cannotjust say we will make life more difficult. we want a reasonable compromise. this is our largest trading partner whether we like it or not. is corporate taxation about right? could it be less? it is relatively small compared to tax coming into the treasury. income tax, vat, national insurance. for
businesses, is it about right?m tax, vat, national insurance. for businesses, is it about right? it is more competitive than it was a few yea rs more competitive than it was a few years at. it does not need to go to the irish level. —— years back. we saw a few companies like wpp moving to ireland when tax was higher and coming back again. but most will not move because of corporation tax. we are more interested in paying income tax and national insurance. going back to philip hammond's specific comments. 0n back to philip hammond's specific comments. on some level this is a very pragmatic about turn. having lost those seats in the election, there is no guarantee they will even get through parliament any tax cuts and regulations, even if they wanted to. that is a good point. that majority is very thin and highly unreliable. we are in no man's land in terms of how the government will
operate. the other element, big banks and their decisions. mitsubishi, ufj, the old name, mufg, actually, give us your take on their decision. inevitable. going back to philip hammond. a few months ago there was the unusual statement of written being open for business. i did not know that we shot. —— shut. some are moving headquarters. this time it is amsterdam as opposed to dublin, canary wharf, where others are going to. it is inevitable. with that you will find otherjobs going... not wholesale... how damaging is this for the city? potentially very damaging. this is the biggest industry. but they say fewer than 100 jobs potentially
moving. 0ut fewer than 100 jobs potentially moving. out of 2100. yes. but if the head office move somewhere, with decisions being made there, that is where investment will be. it is a creeping erosion. deutsche bank moved a load of assets last week. 0thers moved to dublin as well. it isa 0thers moved to dublin as well. it is a slow seeping away. is hq management goes, that his decision—making not being in london. -- if. the other interesting thing is amsterdam instead of dublin. they have caps on bonuses. interesting. i don't know how they will manage that the peak maybe it is easier. the government already made the decision. a quick comment about venezuela. it is all over the news, and rightly so. the guardian.
desperate situation. that economy has been in chaos and is only getting worse at the moment. i don't wa nt to getting worse at the moment. i don't want to encourage revolution but the country needs to change. the economy is getting worse. the main income is oil and that will not improve anytime soon. they are heading for civil war at the moment. in the meantime, vladimir putin... the russia and us story. retaliation for us sanctions. expelling 755 diplomats. it shows how much i know about this. i didn't know there were that many in the first place! that isa that many in the first place! that is a small village in moscow. bear in mind, this probably should have happened last year when 0bama actually started the sanctions. by putin said we will hold off because donald trump might become president, he thought. —— but it has become delayed. i suspect vladimir putin, like many other leaders around the world, is confused about what donald
trump is actually doing. his relationships seem to change very quickly. whether it is vladimir putin, xijinping in china, friends, enemies, the weather changes quickly. these stories are intertwined. japan and north korea. russia keeping its eyes firmly fixed oi'i russia keeping its eyes firmly fixed on that as well, what is going on there and how it lays out and how there and how it lays out and how the us reacts, does not react. president trump tweeting that he blames china for it. that is terrible diplomacy. it is not his strength, isn't it? we have to live with it. that is the problem. xi jinping, doing a high—profile inspection of the 90th anniversary of the handover. that hat is not a good look. he needs a better design if he is inspecting the troops. it
is the pressure the chinese needs to put on pyongyang. that needs to be donein put on pyongyang. that needs to be done in terms of trade and notjust a matter of shutting it down. the one thing they don't want to is an implosion with north korea, as it would cause all kinds of ramifications. spilling across their borders. money, immigrants. that is what donald trump needs to become familiar with. there is a common thread between the two. the importance of ordered. —— of words. do words need action? 0therwise things said a rather hollow. they said the donald trump they would ta ke said the donald trump they would take action. nothing happened. there is nothing really they could do. the us does the same with the middle east. relationships with russia. that has gone backwards. dealing
with pyongyang as well. of course, pyongyang is playing a great game. sending bigger missiles over. donald trump says he will take action. that never happened. he said he would send troops over. they went to the indian ocean. it has to be said, he does have his supporters. it is really good to see you, justin. we appreciate your time this morning. those are the main stories being covered around the world. we will see you in five minutes. if you are with bbc one, you can watch the brea kfast tea m. with bbc one, you can watch the breakfast team. have a good day. goodbye. goodbye. hello there, good morning. with all the energy and the instability in the atmosphere over the past 2a hours,
we've seen a lot of heavy and thundery downpours. northern ireland, for one, has been battered by some storms earlier on, so too across parts of scotland, some fierce—looking clouds here. and we've had about a months worth of rain at 0kehampton, in devon, due to some peninsular showers. now, there will be some more showers over the coming few days. we've still got this ever—present area of low pressure to the north—west of the uk. closer you are to that, the more showers there will be. but gradually, over the next two days, whilst there will be some showers and some sunshine, the showers should become fewer. let's head into the morning, though, and we've still got some showers left over, actually, from overnight in scotland. quite a cloudy start here, maybe the north—west of england. sunshine and showers into northern ireland. the other side of the pennines, across the midlands, it may well be a bright and sunny start, but already a few showers running in to western fringes of wales, perhaps the far south—west of england, towards the coast this time. whereas you move towards the south—east and east anglia, those earlier showers will be gone. it will be a bright and sunny start. this picture was actually taken yesterday at the oval. good day for martin, there,
and if you're going to watch the cricket, it should be exciting and it should be dry, actually. just a very small chance of a shower, not quite as breezy as today. there'll be some sunshine and it will be warm into that sunshine too. for many southern parts of the uk, there will be very few showers around at all. wales, up across the midlands, northern england, catching a few showers running through. not as widespread, the showers, as we saw yesterday. but there will be some slow—moving heavy thundery downpours across northern ireland and into scotland, maybe some hail as well. so 17 or 18 degrees here, at best 23 towards the south—east of england. tuesday sees some further showers across the uk, but even further north, those showers not as widespread. there will still be one or two heavy ones around, but very much hit—and—miss. again, towards the south—east, likely to stay dry, with some sunshine. the jetstream is all—importa nt, of course, and normally it is sitting at this time of the year between scotland
and iceland, but right now it is much, much further south, hence this very unsettled weather. as we head towards the middle part of the week, the jet stream will pick up another area of low pressure, rush it across the atlantic, and head it towards the uk. things turning wetter from the south—west, slowly but surely, on wednesday. many areas ahead of that seeing some sunshine, a few showers perhaps in scotland. that rain, though, arriving across northern and eastern areas during the evening and on wednesday night. goodbye. hello, this is breakfast, with charlie stayt and naga munchetty. thousands of extra mental health workers are to be recruited by the nhs in england. the government says it wants to treat another million people by 2021, but health unions say the figures don't add up. good morning, it is monday 31july. also this morning: remembering passchendaele.