Company. And cryptocurrency crusader. David marcus sits down with us to talk about the embattled libra Digital Currency project as well as regulatory hurdles. Earnings started in earnest this week with netflix being one of the most highly anticipated. The streaming giant impressed wall street amidst stiff competition. An growth contributed to a positive report despite u. S. Subscribers falling short. Revenue climbed to 5. 2 billion. I dug into the details with bloombergs lucas shaw. Investorsry is that were clearly worried netflix would have another backorder. Another backorder. They added a few million customers your than an spect it investors expected another bad one. One i spoke to said that sentiment was awful. Yet they come in right around expectations. They missed in the u. S. But they were above internationally and that is where they have been telling people for years their future is. Its a sign of where netflix is going. While they will have one of their worst years in the u. S. This year, they will have one of their best internationally. Thats because they have shows resonating in europe, latin america, and asia. In a sign of confidence, netflix is going to start breaking out its subscribers by region which suggests they now feel confident enough in the numbers to talk about it which they have not previously. Taylor lucas, talk to me about the domestic number. They are reversing a decline. Is it enough . You know, i dont know. I dont know how concerned people are. Netflix has cleared the 60 Million Subscriber threshold. 60 million or 90 million in the u. S. , this was a while, but they keep using it. Theyre only going to add about 2. 7 million this year. They have historically been adding about 5 million per year. They say its because of a price hike and maybe next year they are up to 3 million or 4 million. They will be facing a lot more competition from disney, apple and at t and comcast. I think we are setting into something of a new reality for netflix in the u. S. Where after years of growing maybe it adds three or 4 million per year. If they can keep that going, it will be ok because they will get to 70 million or 80 million in the u. S. And thats ok because thats a good number because they are growing overseas. And they are generating more money per customer. The margin on those customers is up because the price increases have worked without costing them too much. Taylor that was bloombergs lucas shaw. Analysts had no shortage of reaction to netflix. One said netflix denies the naysayers. The marketer analyst joined me with his analysis after the report. Is thatiggest take away subscriber growth is slowing in the u. S. They missed slightly on previous guidance and this is after negative q2. Q4 ishis means going into that they are not growing as much as they had in the past, partially because half of all households subscribe at the moment. This is concerning moving into the new reality of competition , at t, apple. Previously, Companies Like those provided a lot of content for netflix. They were partners in a lot of ways. Now they are turning to competitors and this is a difficult problem for netflix to solve. Taylor ok, so you bring up the competition. Lets go there. All we heard from the company is that next quarter will bring some modest headwinds to the Company Given the competition. How much can they withstand . The fact in the Fourth Quarter you have Companies Like apple tv plus, disney, how strong is that competition . There is a lot of excitement around disney in particular. The thing to realize as well is that a lot of these other services, disney, apple, as well as old competitors like amazon are very strong. They dont necessarily have to turn a profit on streaming themselves. Apple is really using their service to sell more iphones. Amazon is using the service to sell more of everything and disney is using their service to draw people into their entertainment ecosystem. What this means for netflix is they have to be more careful on price moving forward. For example, apple is giving out the apple tv plus service for free with the new device purchase. What this means is that netflix is going to have to be more careful moving forward raising prices. Especially if they want to keep their current subscribers. Taylor although the price hikes are trying to offset the negative Free Cash Flow, this is the story we know about the economy. Looking at this chart, this is a classic negative Free Cash Flow that we see from the company. That Current Quarter has yet to be pulled into that. Its a negative number thats pretty much all we need to know. What are you hearing from the company about potentially flatlining to eventually a positive Free Cash Flow scenario . Well, they raise prices to ultimately improve profitability as well as cash flow. Again, subscriber is the base of their business. When we Start Talking about profitability, it all starts at that subscriber. If they start losing subscribers in the largest market, the u. S. , that is going to be difficult for them moving forward. I dont think they will lose but its going to be difficult for them to grow. Taylor ibm reported earnings wednesday. They reported revenue that mr. Missed theanalyst lowest estimates. Revenue was 18 billion. In july, they purchased an open Source Company red hat 434 billion. 34 billion dollars. Next week, we get results become is like amazon and twitter. For more, we spoke with an analyst on thursday. Two and a half million thecribe this year in just u. S. Netflix has added about 5 million subs a year so when the growth slows down, it tells you you are far along the scurve. Netflix did not post a price increase and it is the biggest they have ever implement. Its up to the low price up and i think that is the issue. I think they overstated or over thought or overestimated how much Pricing Power they had. It would take a couple of quarters to work through that. I think there are still plenty still deep along the scurve and plenty of Growth Opportunities overseas. Taylor they did talk about how some of that price increase was pressuring them a little bit in terms of new subscribers. Does it make sense for them to adopt a lowprice price model . Possibly. I dont think they are going to do it, having asked them that question about a dozen times over the last few years. Maybe they will change their mind in the future. Possibly, they could introduce a lower price subscription plan, but i dont think they will do that. They have a lot of confidence in the quantity and quality of content i have is enough to justify the seven dollars 99 the 7. 99 . N you get a lot more content been disney. I think it is actually justified. Would it help them to go to a lower price point . Probably, but i dont think they will do it. Taylor would it make sense to buy a Hollywood Studio . They are one of the few competitors not in a blockbuster movie theater. Would they just buy a studio and be able to get distribution that way . Possibly. I dont thing so. I thought you were going to go the other way and talk about if they would get more into the production side rather than the distribution side. I could see them vertically integrating into production, not so much in the distribution. I think they are pretty happy with home distribution. Yeah i think that is kind of , where the growth is. This revolution we are living in is not going to be televised. Its going to be streamed. Everybody is going to be streaming. Disney, apple, time warner, comcast. I think netflix is in the right business. The question is do they keep executing well enough to justify the price points they offer . Taylor you have brought up all of the competitors. Of those, who is best positioned to take on a company like netflix . Only disney. I dont think apple is, really, unless they want to put a lot of money into content, which i dont know that they do. And they also have to come up with a more compelling service. You cant just throw money at this and assume you get it right. Netflix has been doing this long time. They have five times as many subscribers as anyone else. It does give them a scale advantage. The battle here is in International Markets. Next year, netflix is going to roll out 130 new local language series in International Markets. Im talking the philippines, turkey, nigeria everywhere around the world. Thats where the subgroup is, Growth Growth is sub is. I think netflix is way ahead of the curve. Thats their big advantage right now. A lot of problems nearterm, but that is their advantage longterm. Taylor you also cover roku. Is International Growth key to their expansion . Theres two things that are key to roku. One is that is a great play in the streaming wars. They are going to have to advertise because roku already has 30 million streaming subscriptions. Second, if you start on roku, you will have to share some of that with roku Going Forwards. Internationals part of the growth strategy, but they have barely scratched it, so, yes, if they knock the cover off the ball in International Markets as theyve done in the u. S. , the stock could triple from here. Taylor i want to switch gears and talk about facebook. Theres been a lot of rumors this week and talks about libra, if the cryptocurrency works or if it doesnt. Is facebook doing the right strategy by going out on these new ventures or should they stick to the core business . I dont know. You are asking a good question. Libra, they have these wonderful assets. One is Facebook Messenger and the other is whatsapp. These are the two most popular messaging applications in the world right now and they generate about zero in revenue for the company. Could they monetize it through advertising . They are pretty good at doing that, so they should probably try that first. Could they create a wallet around it . Yes. Does it have to be a crypto financed wallet . I dont know. That was always the question in my mind. Why do we have to go libra, but i think its too early to call if that was the right move or not. If they think about monetizing it through a wallet, i think it is a good idea. You ass as you assess the earnings landscape, what is your topic . Facebook is the most interesting because i know we just discussed about the libra issue. The rest of the business i think is humming. This company is going to do north of 30 Revenue Growth this year. I know theres a lot of overhangs on it. I know you are going to ask about regulation, but this stock trades at a discount to its growth rate. You rarely see companies trade at a sustainable discount to growth rate. There will be an arbitrage there and the multiples are likely to go up. When it does, its hard to know. Sometime in the next 12 to 18 months, i think there is a material berating in the stock. Taylor that was rbcs mark mahaney. Mark Zuckerberg Zuckerberg dispense free speech on the internet in Georgetown University. We have more on his appearance and free action. And if you like bloomberg news, check us out on the radio, on the bloomberg app, and in the u. S. On sirius xm. This is bloomberg. Taylor Facebook Ceo Mark Zuckerberg made an appearance at Georgetown University where he disbanded defended free speech on the internet and staked out facebooks position on the matter. We dont do this to help politicians, but because people should be able to see for themselves what politicians are saying. For the same reason, if content is newsworthy, we wont take it down even if it otherwise conflicts with some of our standards. I know many people disagree with this. But in general, i dont think it is right for a private company to censor politicians or the news in a democracy. Taylor for more on the appearance i spoke to kurt wagner. Ceo currently dealing with four antitrust organizations talking about decentralized power and how his platform is actually good for people. He talked about the power of being able to reach the masses, kind of the power of scale as being the fifth estate, actually, is what he was talking about today. And so, overall, there were a lot of talking points from facebook that we had heard before, but i think some of the keys were, we are actually doing a good thing by giving people a voice. We are supporting politicians by not pulling down their ads and being worried about the accuracy of political ads. He also kinda brought up this threat of china, which is something he has done before, and he said if we dont do this, china might come in and take over and they dont have the same beliefs we do and that is a real threat. Taylor before we get to china, i want to hit on the first point you made about facebook not wanting to be in the Fact Checking business. What is their defense . Kurt you kind of heard him talk about it there. He said no one really wants to have a tech company be deciding what should be true and what should be false and what should be allowed on the internet and what should not and this has been the debate around facebook for a long time what is the companys role in dictating what exists online . Part of his argument was that if we are the ones who are Fact Checking political ads or if we get rid of political ads altogether, which is actually something i wrote about this week i think facebook should consider doing, he said that will benefit the incumbents because suddenly, the people who already have a platform, who already have attention from the media, those are the only people who will get talked about, not the people who are willing to pay to kind of make their way on the scenes. Those are a couple of his arguments for why he thinks not only political ads should stay on facebook but why he thinks they should not be meddling with them. Taylor that was bloomberg technologies kurt wagner. Someone who has been following free speech on the internet is a new york staff writer. He is the author of the book called antisocial online extremist technoutopias in the and the hijacking of the american conversation. I got his reaction to the georgetown appearance thursday. I think this is a perfect encapsulation of how misleading a lot of these talking points are when it comes from the people who build these systems. He wants to make it seem like this is just a neutral Public Square and that he is just someone who wants to let freedom of expression reign and not be a gatekeeper. Thats fine, but he is a gatekeeper. Facebook makes decisions about how their algorithms work every day. They make decisions about what you see in your feet and what you dont, so its disingenuous to suggest that this thing he built is not already putting a finger on the scale. It reminds me of someone who built a big highway system and then says we like freedom of enterprise, we like cars, we dont want to deal with the fact that pollution is killing our environment. Sorry, you build the system. It is having consequences. You have to clean it up. Taylor if that is the case, why there is an increase in calls for facebook to be treated like a publisher. Or even a Utility Company with more regulation. Yes, something has to be done. It remind me of starting a warehouse party. This is an example i use in the book, an analogy analogy. You start a big party, you hope everyone will have fun and just get along, but if you dont build in a Sprinkler System and people start setting things on fire, you do not have any way of policing or controlling things when things get out of control. You cannot just hope and pray that progress keep going and there will be some arc of history that will deliver us to a better result. Facebook has been used to spark genocide in various countries. It has been used to spread autocracy throughout the world. Its nice to rest on the abstractions of free speech, but abstractions are not going to get us far. Its too late for that. Taylor we heard from marc benioff this week making calls for facebook to be broken up, but does that actually solve the problem . No, it does not solve the problem. I think the problem is deeper than that. The reason i wrote a book called antisocial not just because it is not just because it is antisocial media, but there was this feeling all of the internet would be prosocial and bring us together. That was the first 10 years. It was all about what would be prosocial. There was always an antisocial side. There were always people inciting violence. There was always harassment. There was always bigotry. We just did not want to think about that. We do not want to look at it. We wanted to think about the arab spring and democracy and all the fun stuff about the internet, but if we dont look at the harm that can be caused, we are just kidding ourselves. We are just leaving out half the story. Taylor you brought up the book. You were on the road conducting dozens of interviews. What were some of the biggest things you learn . In addition to interviews, i was just a fly on the wall as these people, trolls propagandists, misogynists, as their masks would flick. Would slip. I was with a guy in california who was just an average married guy in his 40s, not some teenage troll in his mothers basement. Married guy with kids and a dog. He would wake up in the morning and say i want to create a subliminal association between a political candidate i dont like and disease and discussed and discussed disgust. Even though he did not have evidence to do that, he would just do it. I would watch him just open periscope, rally a bunch of his followers, get a periscope , get that trending on twitter, and from there, it would just enter the National Discourse to the point i would wake up the next morning and read the newspaper and this guys fingerprints would be all over the news. And trust me, this is not a guy we want with our fingerprints all over the national news. Taylor you fold this into what you have observed. Not only did you write a book, but you had an oped recently which said one thing they could do is replace Sheryl Sandberg with a human rights lawyer or someone who can see how speech can lead to violence. Why Sheryl Sandberg . I think that, from all we have heard, she seems to be the person most promoting profit at all cost and the company. Most of the reporting that has come out of there has as she was the one who set up the advertising model. Shes the one who has been really uncompromising about full steam ahead with anything that gets in the way a prophet soda a of being eliminated. And some things that get in the way of profit are just necessary for our survival, like making sure that these platforms dont spark genocide, making sure they dont spark violence, making sure people dont get killed because of these platforms. Taylor that was new york staff writer andrew marantz. Softbank is said to be readying a 5 billion rescue plan for wework. We have details. And later, our conversation with the man leading facebooks foray into, david marcus into cryptocurrencies, david marcus. This is bloomberg. Taylor weworks future remains foggy, but softbank is a said to plan a 5 billion rescue financing. They were also believed to be considering a jpmorgan rescue plan. I got more details on the scoop from ellen huet wednesday. Plans thatone of two are maybe in the works that are the subject of a lot of discussion going on this week. Scrambling to keep the Company Going and are set to run out of money as soon as next month. As you mentioned, there is a new deal for a potential proposal to invest something around 5 billion in the company. That would give them a much larger stake in the company. Although, as we reported, not a majority stake. Taylor do we know if this is in lieu of the jpmorgan deal or instead of . It seems like these are both on the table. They are pretty different, so one of the major decisions that the board will have to deal with this week and into next , depending on how long it takes them to make this decision is decision, is which one is better for the company . Which one will provide them a better path forward . The jpm deal is around the same amount of money. Its in a somewhat complicated debt package. So they are trying to pick. Taylor with the softbank deal, do they get control of the company . They do not. They do not get majority control. You have turned member, adam neumann, though he is no longer ceo, he is still a board member. He still owns a lot of stock. In a transition like this, the ownership could change. Softbank could be looking to get nonvoting shares or some combination of different shares. They will be taking on more of a stake in the company and control is not necessarily guaranteed. Taylor what would be the new evaluation . Valuation . Definitely lower than the high water line that came up earlier this year. It seems like the ranges are all over the place but it could be as low as under 20 or maybe under 10. Who knows. Taylor we talked a few days ago about the reputation of softbank by putting up this money. What that says about the whole deal that all fell through. What is this downside for softbank in this . It ends up going poorly, it could really be seen as good money chasing bad. They have already invested more than 10 billion in this company. They are obviously attached to the outcome of what comes out of wework. It,ough, this plan makes its almost like they become a softbank company. That would have a great say in installing a new ceo to replace these coceos. It could end up being something when they feel very responsible and the narrative suggests that softbank then becomes responsible for whether wework makes it out. Taylor that was ellen huet. Coming up, we hear from facebooks head of libra david marcus. We are Live Streaming on technologyheck us out and follow our global breaking news network tictoc on twitter. This is bloomberg. Taylor welcome back to the best of bloomberg technology. I am taylor riggs. Despite losing at least seven partners parts cryptocurrency project, facebook got the remaining 21 to sign on the dotted line monday. Yesterday we had our inaugural Council Meeting in geneva and it was an awesome moment were 21 companies came and started working on not only establishing a governance model for the association but also distributed different roles. A board was elected. I was lucky enough to be elected to the board with four other amazing individuals that i am looking forward to working with. The big change is that fundamentally yesterday this project moved from being facebook led to being led by this association of which we are one of 21 members and in the future one of 100. Really looking forward to the next stage is here and it was great to feel the passion and the energy in the room and the commitment from all of these parties that are now going to work on trying to change the status quo for people around the world when it comes to cost of Financial Services. There were other companies you thought might be there. A lot of these companies theynced late last week were leaving the association. What was happening behind the scenes as these announcements came out around the same time on friday . David first, i have to say, i said this publicly, i want to thank these companies were coming along on the journey. When you are in the payments space, wanting to really explore something that could potentially be disruptive and wanting to lean in like this is really remarkable. It is to be commended. Towards the end of last week, there was a lot of pressure mounting. I totally respect the fact those businesses and those leaders have a responsibility to their shareholders, employees and stakeholders. Given that you dont need to be a member of the association to build on top of the libra network, all of these companies will still have the ability to build on top of libra. I understand they dont want to do the heavy lifting by our side at this moment in time, and thats ok. We are going to move forward. We are going to add more members Going Forward in the next two quarters. Were going to work really hard together to address all of the legitimate concerns that were raised by regulators and stakeholders around the world before this moves forward. Kurt a lot of the companies that did leave late last week, they are payments companies, Financial Services companies. Theoretically, companies familiar with the road ahead. Are you worried they may be know something that you are unaware of here . David no. I want to strongly state that. I dont believe we are unaware of anything. I just believe when your core business is in this space and you probably receive a lot of pressure not to press on, then at some point, you have to make a decision on this highrisk project because it is a project, an idea right now that we believe will see the light of day, but there is a lot of hurdles we need to clear. And, your core business again, you have to put your core business and your own business interests first versus a project like this that is high beta. I understand that. Given we are in this space, that they would receive a lot of pressure and want to prioritize their own business. Kurt i want to talk about some of that pressure. There was a letter a few Democratic Senators sent to the companies urging them not to join the association. It read in many ways kind of like a threat. I am curious, did you take it that way when you read the letter . David i dont know. What did it sound like to you . Kurt it did sound a little bit threatening. If you join, you will have a tougher road ahead. I am curious, have you been surprised by the pushback you have received from regulators . David again, i say there are two tracks here. There is the engagement on the regulatory front where we have had very constructive conversations. There are questions, those are legitimate questions. We need to bring the right answers to those questions. Now, we have the ability to do so. Since yesterday, we finally have a governance model, an association that was fully formed. It is hard for us to speak on behalf of of all of these prospective members before they became members. Now, the association can take this on and really make progress on these questions. Id say that for these types of letters to be circulated for a thing that is an idea, a project, and telling people you should not explore innovation and a project at a time where not only here in interrupt your saturday Schedule Program because it is decision day for Boris Johnsons brexit. By the time the clock strikes midnight in brussels we might have some clarity without brexit might play out. Debate bring you the live throughout the day. This is bloomberg. Must take you over the parliament where the house is opening. The second motion is debatable. I think it will be convenient for the two motions to be debated together so reference to the second motion may be made at the debate. If the second motion is moved, i will put the question or questions on that motion without separate debate. Statement, the Prime Minister. Mr. Speaker mr. Speaker, i want to begin by echoing what you said with my gratitude to all members. Members who have worked to make this meeting possible. It has meant people giving up their saturdays during a time when families want to be together. It means missing at least the end of englands world cup, i apologize for that. Mr. Orable members speaker of the house has gone through a great deal of trouble to assemble here on a saturday for the first time in a generation. That in assembling for the purposes of a meaningful vote that we will be allowed to have a meaningful vote. Permission, mr. Speaker, i shall make a statement on the new agreement with our european friends. The house will need no reminding that this is the second deal and years afterote 3. 5 the nation voted for brexit. Friendships have been strained, families divided and attention of this house consumed by a single issue that the times felt incapable of resolution. I hope, mr. Speaker, that this is the moment we can finally achieve the resolution and reconcile the instincts that compete within us. Years,mes in the last 30 i have heard our european friends remark that this country is halfhearted in its e. U. Membership and it is true. Been ahe u. K. Have often back marker, opting out of the single currency, not taking part , very often trying to block some collective ambition. In the last 3. 5 years, it has been striking the members on all sides of this house have debated entirely almost practical terms. An argument focused on the balance of economic risk and advantage. I dont think i can recall a time when i heard a Single Member stand up and call for britain to play her for part in the political construction of a federal bureau. I dont think i have heard a Single Member call for deeper integration or a federal destiny. I dont think i have heard much of it. Side of thatole debate that you hear regularly and other european capitals. I dont think that has changed much in the last 30 years. Skeptical and if we have been anxious about the remoteness of the bureaucracy, if we have been dubious about the rhetoric of union integration, if we have been halfhearted europeans, that if we follow this logic with half of our hearts, we feel something else, a sense of love and respect. Andeuropean culture civilization, for which we are a part. A desire to cooperate with our friends and partners in artistically, a sense of our shared destiny and a deep understanding of the eternal need, especially after the horrors of the last century. It is our continent. It is precisely because we are capable of feeling both things at once. We are passionate and enthusiastic about europe. That the whole experience of the last 3. 5 years has been so difficult and so divisive. That is why it is so urgent for us to move on and to build a new relationship with our friends in the e. U. On the basis of a new deal. A deal that can heal the rift in british politics, unite the warring instincts and our soul. Now is the time for this great house of commons to come together and bring the country together today. Home areeve, people at hoping and expecting, with a new way forward with a new and better deal for britain and our friends in the e. U. That is the advantage of the agreement we have struck with our friend in the last two days. This deal allows the u. K. To leave the e. U. On october 31 in accordance with a referendum while simultaneously looking forward to a new Partnership Based on the closest ties of friendship and cooperation. Ip tribute to our european friends for escaping the prison of existing positions and sharing the vision to be flexible. And thereby addressing the deeply felt concerns of many in this house. One of my most important jobs is to express those concerns to our european friends. I shall continue to listen to all honorable members throughout the debate today, to meet with anyone on any side and to welcome the scrutiny the house will bring to bear if, as i hope, we proceed to consider the withdrawal bill next week. Today, this house has a historic opportunity to share the same vision as our european neighbors. The same ability to reach beyond party disagreements by getting brexit done and moving this country forward as we all yearn to do. Disagreement provides for a real brexit, taking back control of our borders, laws, money and trade. Amounting to the greatest single restoration of National Sovereignty in parliamentary history. For the first time in almost five decades, the u. K. Will be able to strike freetrade deals with friends across the world to benefit the whole country, including Northern Ireland. Article 4 of the protocol states Northern Ireland is part of the customs territory of the United Kingdom. It adds nothing in this protocol should prevent Northern Ireland from Market Access in any freetrade deals. Focused ontions are the uniquely sensitive nature of the border between Northern Ireland and the republic. We have respected those sensitivities. Above all, we end our european friends have preserved the letter and the spirit of the upheld agreement and longstanding areas of cooperation between the u. K. And ireland, including the common travel area. As i told the house on the third of october, in order to prevent a regulatory border on the island of ireland, we propose a regulatory zone covering all goods, eliminating any need for associated checks at the border. Mr. Speaker, in this agreement we have gone further by also finding a solution to the question of customs, which many in this house have raised. Access ent ensures Market Access for goods moving from Northern Ireland to the rest of the United Kingdoms market. It ensures there should be no tariff on goods within the u. K. Customs territory between Great Britain and Northern Ireland, unless they arent risk of entering the e. U. It ensures an open border on the island of ireland, a Common Objective of everyone in this house. And it ensures that those living and working alongside the border, there will be no visible or practical changes to their lives. They can carry on as before. I believe this is a good arrangement, dealing with this special circumstances. Ensure thately to those arrangements are acceptable to the people of Northern Ireland, that we have made a fundamental element of this new deal. No arrangements can be imposed on Northern Ireland if they do not work for Northern Ireland. The people of Northern Ireland will have the right under this agreement to express or withhold their consent to these provisions. By means of a majority vote in the Assembly Four years after the end of the transition. If the assembly chooses to withhold consent, these provisions should cease to apply after two years, during which the joint committee of the u. K. And e. U. Would propose a new way forward in concert with Northern Irelands institutions. As soon as this house allows the process of extracting ourselves from the e. U. To be completed, the exciting enterprise of building a new relationship with our friends can begin. Mr. Speaker, i do not wish this project to be the project of anyone government or anyone party. But rather the endeavor of the United Kingdom as a whole. Parliament can make this new relationship the work of the nation. So parliament should be at the heart of decisionmaking as we develop our approach and acknowledge in the past we have not always acted and perhaps that spirit. Forward our friendship with our closest neighbors and construct that new relationship, i will ensure that a broad and open process draws upon the wealth of expertise in every part of this house, including select committees and their chairs, every party and every member who wishes to contribute will be invited to do so and who should start by debating the mandate for our negotiators in the next phase. Ambition forthe our future friendship is contained in the revised political declaration which also provides for this house to look in her own laws and regulations. I have complete faith in this house to choose regulations that are in our best tradition of the highest standards. Of environmental protections and workers rights. Chambernywhere this believes in lowering standards. The statement by the Prime Minister must be heard and it will be. P. M. Johnson no one believes in lowering standards and we believe in improving them. As we will be able to do. There will be opportunities with our new freedoms. Free from Common Agricultural policy, we hell a far simpler system where we will award farmers for improving our environment and animal welfare. Many of the provisions are impossible under the current provisions, instead of just paying them further acreage. We can ensure sustainable yields based on the current science. These restored powers will be available not just of this government but to the future british governments of any party to use as they see fit. That is what restoring sovereignty means. Our first decision, on which i believe there will be unity, in any future trade negotiations, with any country, our National Health service will not be on the table. Mr. Speaker, i am convinced that an overwhelming majority in this house, regardless of our personal views, wishes to see brexit delivered in accordance with the referendum. A majority. In this crucial mission, there can no longer be any argument for further delay. For someone who passionately believed that we had to go back to our european friends to seek a better agreement, i must tell the house that with this new deal, the scope for future negotiation, for fruitful negotiation, has run its course. That we could not reopen the Withdrawal Agreement. They said we could not reopen the Withdrawal Agreement. They said we cannot change the agreement. They said we could not abolish the backstop. Mr. Speaker, we have done both. It is now my judgment that we have reached the best possible solution. Me, that agree, like brexit must be delivered and who, like me, prefer to avoid a no deal outcome must abandon the dilution that this house can delay again. Appetitevery little among our friends in the e. U. For this business to be extended by one extra day. They have had 3. 5 years of this debate that has distracted them from their own projects and ambitions. If there is one feeling that unites the British Public with a growing number of officials in the e. U. , it is a burning desire to get brexit done. Again, inl the house all candor, that whatever lessons they maced they may seek to enforce, that cannot change my judgment that further delay is pointless, expensive and deeply corrosive for public trust. People simply will not understand how politicians can say with one breath that they deal andy to avoid no then with the next breath that they still want delay when a great deal is there to be done. Now is the time. Now is the time, mr. Speaker, to get this thing done. I say to all members, let us come together as democrats to end this debilitating let us come together as democrats to get behind this deal. The one proposition that fulfills the verdict of the majority and which also allows us to bring together the two the two our house, halves of our nation. Lets go for a deal for this country. Lets go for a deal that can heal this country and to express our legitimate desires for the deepest possible friendship and partnership with our neighbors. A deal that allows us to create a shared destiny with them and a deal that also allows us to express our confidence in our own democratic institutions, to make her own laws, to determine our own future, to believe in ourselves, once again, as an open, generous, free trading United Kingdom. That is the prospect that deal offers our country. It is a great prospect and a great deal and i commend it to the house. Jeremy corbyn. Thank you mr. Speaker. I thank you all who have come into the house this morning, security staff, catering staff, they have given up a weekend to help our deliberations. I want to thank the Prime Minister for advanced copy of his statement. He has renegotiated their Withdrawal Agreement and made it even worse. Theas renegotiated declaration and made it even worse. Forre having a debate today which there is no Economic Impact assessment and no accompanying legal advice. Sought tonment has avoid scrutiny throughout the promisesnd made empty on workers rights and the environment. Spentme government that ks negotiating in secret this government cannot be trusted and these ventures will not be duped. , mr. Speaker, will the governments own workers, the head of the Civil Service union, prospect, at the conclusion of that meeting he said, i asked for reassurances that the government would not diverge on workers rights after brexit. He could not give me those assurances. As for the muchhyped world leading environment bill, the legally binding targets will not be enforceable until 2037. For this government, the Climate Emergency can always wait. Risks peoples jobs, the environment and our National Health service. We must be honest about what this deal means for our Manufacturing Industry and peoples jobs. Not only does it reduce access to the market of our biggest trading partner, it leaves us without a customs union, which will Damage Industries across this country and every one of our constituencies. Thousands of british jobs depend on a Strong Manufacturing sector. Strong Manufacturing Sector needs markets through supply chains across the European Union. A vote for this deal would be a vote to cut manufacturing jobs across this country. This deal, mr. Speaker, would to a trump trade deal. U. K. To diverge from the highest standards and expose our families, once again, to chlorine washed chicken. The statement by the Prime Minister must be hurt, the response of the leader of the opposition must also be heard and it will. This deal fails to enshrine the principle that we keep pace with the European Union on Environmental Standards and protections. Aboutg at risk are rules air pollution standards and chemical safety. Time we areame facing a Climate Emergency. Simplyworkers rights, we cannot give the government a blank check. Mr. Speaker, you dont have to take my word for all of this. Listen, for example, to the general secretary who said this. She does represent an organization. Jeremy corbyn giving his response to boris johnson. This is his last chance to make his argument in this crucial and what is likely to be a vote we might get later on today. Standards, this is a big concern among some labor be who could be this will crucial in terms of persuading them. Let me bring you a couple of lines from the Prime Minister. He d