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tv   World Business Report  BBC News  July 2, 2021 5:30am-6:01am BST

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na i’i’ow narrow margin like even by a narrow margin like that, 300 votes, what it would have done would continue to underscore the doubts about keir starmer�*s ability to lead and the party. this isn't some stellar incredible success for the labour party. it isn't like they have just won a seat in surrey or something like that, making tremendous advances against the conservative party, but what it does say is gives him time, breathing space, definitely see a leadership challenge. they won't even be murmurs of leadership challenge like we saw in the times earlier this week. it will allow him to get to the summer, think about what he will do, allow him to get to the party conference in late september, early october, and start to make his pitch not only to the labour party but also to the country. he has always wanted to do so but has been prevented
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by the pandemic. it gives them time, breathing space. it doesn't mean things will be easy for him, either for the labour party. you could argue that the result shouldn't have been endowed, the labour party should have definitely be on its way to downing street. this gives some time, breathing space. george galloway took over 8000 votes against those and the labour party would say about this that they were probably labour vets. what with the tories? �* , ., , what with the tories? about 2296 of what with the tories? about 22% ofthe what with the tories? about 22% of the votes. _ what with the tories? about 22% of the votes, so _ what with the tories? about 22% of the votes, so pretty _ of the votes, so pretty credible result for galloway. the conservatives will say, look, they have been an office for 11 years, this hasn't been a conservative seat since 1997. they shouldn't be a question of than winning it. they took hartlepool. still, ithink there will be disappointment among the conservative party, many conservative mps or they would take it. borisjohnson tweeted yesterday of hem and the conservative candidate saying that the vote for ryan stevenson, conservative candidate, was a vote for
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investment and batley and spen. his critics say it it sounded like an election vibe, effectively saying to the voters... the conservatives voters... theconservatives conservatives have been criticised for that in recent weeks and months. it is effectively saying about four conservatives as a vote for investment, in particular areas. leaving that aside, the fact of the matter is, of course, what is particularly interesting about this result ever that the conservatives and many assume the presence of george galloway would instantly help the conservative party and be a problem for the labour party. of course, that might not necessarily be so looking at these figures. what has been interesting is that george galloway clearly must have eaten into the labour vote. clearly he has done well and labour areas, clearly he has done well and labourareas, but clearly he has done well and labour areas, but labour votes are down. conservative votes are down. conservative votes are down. conservative votes are down by six points. it might imply the labour party has done a little bit better with conservative voters and potential labour— conservative vote switches. what one reason
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could be they might see the conservative vote lead coming down in the last week or so. we saw what happened with matt hancock, that could have had an effect. we talk about small margins, those were 300 votes. leadbeater is a very credible local candidates that would have had an effect. something else that may have had an effect is that you may have seen george galloway actually putting off a certain conservative voters from actually voting conservative, not liking george galloway, not wanting him to represent his constituents, potential waverers thinking about the best way to think about getting galloway out... you think you can gain by—elections, you think they can be predictable but they are very, very unpredictable vehicles of politics. i think we have seen that again tonight. thank you. let's get reaction now from siena rogers. we're alsojoined by has seen who worked as a press street —— press chief in
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downing street. siana, a win, a tight one though. hat downing street. siana, a win, a tight one though.— tight one though. not an overwhelming _ tight one though. not an overwhelming win - tight one though. not an overwhelming win for . tight one though. not an| overwhelming win for the tight one though. not an - overwhelming win for the labour party but nonetheless everyone in the labour party will be absolutely overjoyed that kim leadbetter is going to be the mp, particularly because the campaign in this by—election has been so nasty, so divisive, even going to violence towards labour activists who are just trying to campaign and go out on the doorstep last weekend. the fact that it got to those levels of tension, of, you know, outright aggression and physical assault means it is all the more important that the former seat ofjo cox, who was obviously murdered by a white supremacist, the fact that it is now going to be held by her sister who largely ran a campaign based on low shall —— local issues, protecting green spaces, things that local people really cared about,
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those were their top priorities. i think the people will be overjoyed, nonetheless, even though it is definitely scraping at a win.- even though it is definitely scraping at a win. thank you, sienna. scraping at a win. thank you, sienna- mo. _ scraping at a win. thank you, sienna. mo, what _ scraping at a win. thank you, sienna. mo, what do - scraping at a win. thank you, sienna. mo, what do you - scraping at a win. thank you, | sienna. mo, what do you think conservative central office will take away from this? i think there will be a sense of disappointment, just because that what you expect with any loss in — that what you expect with any loss in any by—election. then again. — loss in any by—election. then again. the _ loss in any by—election. then again, the governing party is only— again, the governing party is only won _ again, the governing party is only won three by—elections in the past — only won three by—elections in the past 50 years or so sol think— the past 50 years or so sol think there will be some respite _ think there will be some respite in that. but they will be looking at the margin and will he — be looking at the margin and will be thinking, actually, 300 is very— will be thinking, actually, 300 is very close. previously was 3004 — is very close. previously was 3004 labour. and there will be many— 3004 labour. and there will be many questions about that in the next _ many questions about that in the next election in terms of what — the next election in terms of what else could we have done, was there _ what else could we have done, was there an issue with the operation on the day? would they— operation on the day? would they do— operation on the day? would they do that better? but in terms _ they do that better? but in terms of— they do that better? but in terms of getting close second, and the — terms of getting close second, and the arguments on the doorstep they have been using,
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you will— doorstep they have been using, you will probably hear a lot more — you will probably hear a lot more of— you will probably hear a lot more of that.— you will probably hear a lot more of that. sienna, sir keir starmer's _ more of that. sienna, sir keir starmer's name _ more of that. sienna, sir keir starmer's name was - more of that. sienna, sir keir starmer's name was absent, | starmer's name was absent, wasn't it, from kim leadbetter�*s campaigning. what does he now do? we have had these questions now for a few months but what must he focus on now to try and build the party, to try and win those votes that he so desperately needs, general election? this is the key _ needs, general election? this is the key question. _ needs, general election? try 3 is the key question. as he said, when i went to the constituency i saw that kim led to's leaflets, especially in the tory parts of the constituency, the typically conservative parts which seemed to be really indecisive in her win because she had a personal vote there, was all about voting kim rather than voting labour or key is dumber. sir keir starmer was meant to be an electoral asset for the party but his personal ratings have gone down. i think the leadership of the labour party will want to take this moment as, really, a sign of a loss of
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momentum. it is literally labour holding a seat it always has and it needs to do that at this stage but they need to build on this and they need to respond, not in the same way as the leadership did after the hartlepool defeat, obviously, when there was a messy reshuffle and a lot of internal party tension. but he really needs to start setting out his vision, his policies, his vision, his policies, his vision for the country and, i think, ithink vision for the country and, i think, i think that is what labour mps will be looking for. the questions around his leadership have not completely gone away because of this because of this narrow victory. it is not all over for sir because of this narrow victory. it is not all overfor sir keir starmer by any means. his position is definitely secure. people will be looking to him to see something really positive and constructive now about labb's vision for the country. about labb's vision for the country-— about labb's vision for the count . ., ,, ., ., country. thank you. mo, what do ou think country. thank you. mo, what do you think boris _ country. thank you. mo, what do you think boris johnson - country. thank you. mo, what do you think boris johnson will - you think borisjohnson will wake up and think about sir keir starmer this morning? how much of a challenge does he see him to be at the moment? i don't think he sees him much of
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a challenge at all. i think the prime — a challenge at all. i think the prime minister will look at these _ prime minister will look at these results and see a wafer thin— these results and see a wafer thin majority for labour and will— thin majority for labour and will think, well, this is actually a labour seed for 24 years— actually a labour seed for 24 years that they have managed to hold with — years that they have managed to hold with a very small majority and i_ hold with a very small majority and i think a lot of that is credit— and i think a lot of that is credit to _ and i think a lot of that is credit to kim who made the courageous decision to stand in the seat — courageous decision to stand in the seat where her sister was murdered. but in terms of the natural— murdered. but in terms of the natural -- _ murdered. but in terms of the natural —— national picture for lahour— natural —— national picture for labour they still need to win over— labour they still need to win over 120 _ labour they still need to win over 120 seats to form a majority. it lies in the seats they— majority. it lies in the seats they lost _ majority. it lies in the seats they lost in 2019 with conservative majority is now. crucially— conservative majority is now. crucially it _ conservative majority is now. crucially it lies in scotland. they— crucially it lies in scotland. they have one mp in scotland. for them — they have one mp in scotland. for them to be in government in the uk _ for them to be in government in the uk they need many more seats— the uk they need many more seats irr— the uk they need many more seats in scotland as well. so i think— seats in scotland as well. so i think there is a long road ahead _ think there is a long road ahead. ~ ., ., ,, think there is a long road ahead. a, ., ,, , ., ahead. 0k, mo, three, thank you for staying _ ahead. 0k, mo, three, thank you for staying with _ ahead. 0k, mo, three, thank you for staying with us _ ahead. 0k, mo, three, thank you for staying with us in _ for staying with us in providing your analysis to this breaking news that labour retained the seat of batley and
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spenin retained the seat of batley and spen in west yorkshire. stay with us here on bbc news. still to come we will have all the business news after this short break. china marked its first day of rule in hong kong with a series of spectacular celebrations. a huge fireworks display was held in the former colony. the chinese president jiang zemin said unification was the start of a new era for hong kong. the world's first clone has been produced of an adult mammal. scientists in scotland have produced a sheep called dolly that was cloned in a laboratory using a cell from another sheep. i for the first time in 20 years, i russian and american spacecraft have docked in orbit - at the start of a new era of cooperation in space. cheering and applause challenger powered past the bishop rock lighthouse at almost 50 knots, shattering the record that had stood for 34 years,
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and there was no hiding the sheer elation of richard branson and his crew. this is bbc news with the latest headlines for viewers in the uk and around the world. time to pay a fair share. 130 countries agree a historic deal to curb tax dodging by multinationals. rebuilding bridges after brexit. chancellor merkel heads to london for talks, amid tensions over travel, trade and football getting back to work. us jobless claims fall to their lowest since the pandemic began. so why are american firms struggling for staff?
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a historic day for economic diplomacy. that's how us treasury secretary janet yellen has described a deal by 130 countries to reform the global tax system — and make sure big companies "pay a fair share" wherever they operate. it would see multinationals pay a minimum rate of at least 15% and pay tax in the countries where their profits are made. tech giants such as amazon have long been criticized for channeling their profits to �*tax haven' countries to minimise what they pay. the 0ecd, which led the talks, said that the plans could generate about $150 billion in extra tax revenues a year. but for some — the deal doesn't go far enough, as the bbc�*s andrew walker explains. i have to say it still has had criticism from campaigners. they regard the figure of 15%, which is being suggested, is the minimum rate of corporate tax. i would add them
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agreements is at least 15%. this is not definitely nailed down. it suggests they may be room for negotiation but i would be a little surprised if they go beyond that. certainly, campaigners think that the ship figure should be higher and that if it were higher it could generate much more additional money especially for developing countries who, as campaigners say, are getting a raw deal from this. some have described this as a money grab by the g7 and developed economy. chris sanger advises companies on global tax policy at the consultants ey thank you for being with us. what, in practice will these changes deliver?— what, in practice will these changes deliver? what we have seen with the _ changes deliver? what we have seen with the 130 _ changes deliver? what we have seen with the 130 countries - changes deliver? what we have seen with the 130 countries of i seen with the 130 countries of this inclusive framework, 139 and the full inclusive framework so there are nine who did not sign up to this. what this is actually showing is a fundamental change in the way that tax is distributed around the world. we have two
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elements, the first of which is the taxation of the largest multinationals. those with 20 billion turnover or more and an element of their profit is now being redistributed back to where their customers are. so those countries where the customers will be able to tax that profit rather than where they are based aware they are headquartered. now the other part to that is this global minimum tax and that is an optional agreement that has been put forward as a common practice so rather than this being obligatory on the 130 countries signed up, what they have agreed here is that if you are going to implement this you must do it in the way it has been agreed. so there is some uncertainty about how many countries will actually go ahead with this level minimum tax. �* . ~ ahead with this level minimum tax. ., ,, ., ., tax. and what kind of timeframe are we looking _ tax. and what kind of timeframe are we looking at _ tax. and what kind of timeframe are we looking at here? - tax. and what kind of timeframe are we looking at here? how- are we looking at here? how quickly will these changes be implemented?— quickly will these changes be imlemented? , , ., ., implemented? this is one of the real surprises. _ implemented? this is one of the real surprises. there _ implemented? this is one of the real surprises. there is - implemented? this is one of the real surprises. there is a - implemented? this is one of the real surprises. there is a huge i real surprises. there is a huge amount of exhilaration going on about this. i think many people when we started looking at this
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project thought that this was potentially into the never—never. with the us change in administration and change in policy, that has given a huge boost to getting things done quickly and we see that also with the eu. so we have the details of the proposal being agrees that mike agreed by october this year with the idea that countries can sign up next year and implement the year after. so 2023, which in tax terms is basically already here. �* . terms is basically already here. . ., ., , here. and are there any potential— here. and are there any potential obstacles - here. and are there any - potential obstacles remain, for example whether president biden can get this through the us congress?— can get this through the us congress? can get this through the us concress? , ., , , , congress? yes, absolutely. this is bein: congress? yes, absolutely. this is being done — congress? yes, absolutely. this is being done as _ congress? yes, absolutely. this is being done as a _ congress? yes, absolutely. this is being done as a tubular- is being done as a tubular deal. the taxation of the global multinationals at the highest level and that global minimum tax. if the us cannot deliver or does not deliver on the changes it has on one side, on, say, the taxation of the 20 billion pound company, the question is will that mean this
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grinds to a halt? i think there is a lot of momentum outside the united states but really what happens with the united states and the changes they are, they will be critical to making sure that it encourages those countries that have signed up in principle to the global minimum tax will actually go ahead with this. definitely there is still some significance and uncertainty between now and 2023. thank you ve much between now and 2023. thank you very much for— between now and 2023. thank you very much for your _ between now and 2023. thank you very much for your analysis. - from diplomatic harmony to diplomatic tension now — because german chancellor angela merkel is in london today. she'll be meeting prime minster borisjohnson and addressing his cabinet of top ministers— the first foreign leader to do so in nearly a quarter of a century. it's being billed as a chance to rebuild relations between these major trading partners after years of tensions over brexit. susi dennison is seniorfellow at the european council on foreign relations — she's in limoges, france. they are expected to discuss a whole raft of issues. what will
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be at the top of the agenda? i think it'll be hard to avoid the question of the of british citizens to travel or british residents, sorry, to travel to germany where there is a large amount of tension between the two leaders over the fact that angela merkel is indicating that because of the high level of delta variant cases in the uk at the moment that she is comfortable moving away from the idea of a quarantine on arrival in germany, which the uk leader is unhappy about, thinking doubly vaccinated individuals should be able to travel freely. i think this will be a major elephant in the room until it is dealt with in the meetings today. the northern ireland situation will be difficult.
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yes, absolutely. ithink will be difficult. yes, absolutely. i think that is why this meeting there has been a lot of tension in the relationship, you see, since the uk have left the eu. there is a problem of tone in the discussions and ongoing of disagreement, and the protocol with ireland and the eu and the uk. the importance of the meeting today will be to bring that tone down a little bit, show that there is still partnership between the two countries and look forward building the relationship and a post exit time. thank you for your analysis. in the us, the number of people filing forjob benefits is the
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lowest since lockdowns began last march. figures bode well for official employment figures for official employment figures forjune, which are due out later today. the white house says that this is proving their economic plan is working. many businesses are struggling to fill vacant positions and is concerned that generous benefits are keeping americans from going back to work. our chief economist and london is with us. what are we expecting from the us payroll figures, do you think? the data should show around three quarters of a million of americans found jobs during june, but that of course is just a drop in the ocean compared to the 7.5 million jobs fewer and at the us economy compared to pre— pandemic. i think that is the context, this will be an extraordinary success story but they are question marks as to whether the market will capture its pre— pandemic glory on this
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time. its pre- pandemic glory on this time. ~ . its pre- pandemic glory on this time. . ., ., its pre- pandemic glory on this time. ~ ., ., , ., ., , time. what about the shortages of staffing? _ time. what about the shortages of staffing? there _ time. what about the shortages of staffing? there aren't - time. what about the shortages of staffing? there aren't the - of staffing? there aren't the people to fill the jobs. what is happening there? it is people to fill the jobs. what is happening there?- is happening there? it is a paradox. _ is happening there? it is a paradox, isn't _ is happening there? it is a paradox, isn't it? - is happening there? it is a paradox, isn't it? the - is happening there? it is a paradox, isn't it? the rate remains about the same, and yet employers are reporting and inability to find workers. there are a couple of things going on. there is a fair amount of anxiety amongst workers, particularly older workers, particularly older workers re—entering the workforce. then, there has been change in demand. we are behaving differently, consuming differently. therefore, the original jobs differently. therefore, the originaljobs that people were associating with not being economically viable, and the newjobs economically viable, and the new jobs that economically viable, and the newjobs that people are advertising for, people take time... some people people,
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they will be friction. what impact will this have on the timetable for the federal reserve? this is the big question for financial markets. the federal reserve have said that they don't envy dudes slowing their asset purchases in terms of buying debt or mortgage—backed securities, or raising interest rates for a long time. a long time and into 2023, probably at the back of the 2023, that first interest increase, but the stronger the data... there will be growing calls from the federal reserve to the timetable forward, seeing a in the dollar if that happened. thank you very much for your thoughts.
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the fashion rental industry is going pretty fast, with new platforms springing up, allowing users to rent out clothes to others. for some, the attraction is sustainability. millions of dollars worth of used clothing being sent to landfill every year. for others, it is the opportunity for people to have something they couldn't usually afford to buy. georgie hyatt is the co—founder of rotaro, an online fashion rental service focusing on sustainability, which is running a pop—up store in london this summer. thank you for being with us today. what impact has the pandemic had on your business and those like it? hello, thank you for having me this morning. 0bviously, hello, thank you for having me this morning. obviously, the pandemic read to a lull and the fashion rental market but every time we saw an easing and a lockdown we saw a spike in rentals, which show that there is an appetite for fashion rental. the pandemic didn't
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often offer people an opportunity to consider their relationship to fashion. there were conversations how to consume fashion, and i think essentially and the long run this is going to be very beneficial for this is going to be very beneficialforfashion rental. as a brand, we took the opportunity to pivot towards being a fashion rental service for brands, and we want to do this so we can work closely with brands to solve the problem of overproduction on the brands and. you are actually going directly to companies, you are not actually buying the close. are you renting from brands and then renting to other people? are you sort of a broker? really, we work with brands on a consignment basis. we don't own anything. we are a service for the brands. we have
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communications and our store on the street, but we don't have anything in the store. we encourage people to experiment with fashion to rental. what is it usually for? big events or a general night out? it is a combination of both. traditionally, people are renting for occasions like weddings or summer holidays. for example, we have customers who are renting pieces for the whole summer holiday, which is fantastic because in 2019 we spent billions of pounds on a single use fashion, which is what we are trying to solve with fashion rental. we are an opportunity to rent some new fashion into your wardrobe. you rent the items, take them on
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holiday, and then you can return them for somebody else to wear. we are seeing a shift towards people renting because they need something fresh in they need something fresh in the wardrobe. rental is a way to fill that psychological desire for newness. sometimes we want to express ourselves through fashion, we want to have fun, but we don't want to create waste by buying some think we are only going to wear once or twice, and this is where fashion rental is very beneficial. thank you. just before we go, our breaking news. in the past hour, the labour party has held onto its seat and a crucial by—election, seen as a test for the leader of the party, keir starmer. the battle saw the labour party when byjust over 320 votes. the candidate, cameron leadbetter is the sister ofjo cox who held the seat when she
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was killed in 2016. her husband said that they are incredibly proud of kim leadbeater and jo cox would have been as well. thank you very much for watching. hello there. thursday wasn't a bad day for many of us. it stayed dry across much of the country, apart from a few showers which developed later in the afternoon across southern england. for friday, though, it looks like we could see a few more showers around generally. but that said, there should still be quite a bit of sunshine around. it'll feel quite warm too. so we're in between weather systems for friday. this area of low pressure, though, will be moving in just in time for the weekend. it could bring quite a bit of rain at times and even some thunderstorms. so we start this morning off rather cloudy for many, bit of mist and fog around. that should tend to melt away quite quickly, and then there will be plenty of sunshine as we head on into the afternoon, but a scattering of showers will develop. some of them could turn out to be heavy and thundery. i think the focus of them towards central and eastern
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parts of the country. some areas avoiding them completely and staying dry, and it will be quite warm too — top temperatures around 24 degrees. those showers continue into the evening, push their way further northwards, and then we start to see the influence of that area of low pressure arriving across the south—west, sending a band of showery northwards and eastwards across wales, the west country, into the midlands, and some of the rain could be quite heavy and thundery by the end of the night. and generally double figure values for most, so it's going to be a mild night. so for this weekend, it is looking decidedly unsettled, as low pressure will be nearby. here it is, very slowly moving its way north—eastwards as it's pushing against this area of high pressure. it's likely to bring spells of heavy rain, maybe longer spells of rain at times on saturday. and then into sunday, widespread showers develop, and some of these could really be quite intense. so this band of rain will continue to journey its way northwards across england and wales through saturday morning. again, some of it could be thundery. scotland could start dry with some good spells of sunshine, before showery rain arrives there later on. further south, there will be some sunshine appearing, but again showers will develop when temperatures reach highs of around 21 or 22 degrees.
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across the board. sunday, i think generally looking more unsettled across the board. we'll start off with some sunshine, but then showers will get going — some of these will be heavy, some thunderstorms mixed in there. we could see some localised flooding in places, in fact. and temperatures might be a degree or so down range from around 17, generally, to around 20 or 21 celsius. and then into the start of next week, low pressure sticks nearby. in fact, we could see a deep low which could sweep through, to bring some wet and windy weather for a time.
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good morning, welcome to breakfast with charlie stayt and rachel burden. 0ur headlines today. a narrow win for labour in the batley and spen by—election after a closely fought battle. kim leadbeater, sister of murdered mpjo cox, thanked herfamily in an emotional victory speech. without them, i could not have gone through— without them, i could not have gone through the last five years, never mind _ through the last five years, never mind the — through the last five years, never mind the last five weeks. my amazing parents _ mind the last five weeks. my amazing parents and _ mind the last five weeks. my amazing parents and my wonderful partner. and i_ parents and my wonderful partner. and i want— parents and my wonderful partner. and i want to give a special shout out to— and i want to give a special shout out to my— and i want to give a special shout out to my niece and nephew, who i cannot— out to my niece and nephew, who i cannot wait— out to my niece and nephew, who i cannot wait to hug, as soon as i see them _ harry dunn's parents start legal proceedings in the us
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against the woman involved in the crash that killed their son.

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