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World Business Report

BBC World Service

Business, Business News, News & Politics

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Business News 33

The latest business and finance news from around the world from the BBC

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Austria presidential poll result overturned

July 1st, 2016

Episode 763 of 892 episodes

Austria's highest court has ordered a re-run of the country's presidential election, giving a right-wing eurosceptic candidate a second chance after he narrowly lost in May. The ruling represents a victory for the Freedom Party, which challenged the vote on claims of widespread irregularities. The UK Chancellor George Osborne has abandoned his target to restore government finances to a surplus by 2020, saying the economy is showing "clear signs" of shock after the Brexit vote. He also said that Britain needed to reduce uncertainty by moving as quickly as possible to a new relationship with Europe and by being open for business and free trade.But that may be more easily said than done - given that the EU's trade commissioner, Cecilia Malmström, has said that Britain can only begin negotiations on a new deal after it has left the bloc - and no one knows exactly when that will be. We also discuss the rules the UK and EU will have to follow to negotiate a future trade deal. An expert tell us the rules are "ambiguous". After a tumultuous political and financial week, two opinion formers step back and put the events into context for us.

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