Brexit banks offer and Trump wins on tax

Hello. Here’s your morning briefing:

The Bank of England will reveal plans later to allow European banks to operate as normal in the UK after Brexit amid concerns over the effect on the economy if they pull out. BBC business editor Simon Jack has learned that this offer will include letting them continue to offer money to business and each other under existing rules. This would even apply if no post-Brexit trade deal is reached between the UK and the EU, the Bank will say.

The move comes after the EU’s chief Brexit negotiator, Michel Barnier, said there couldn’t be a special trade agreement solely for financial services. So, why is the UK allowing access to be maintained in such circumstances? According to a government source, there are three reasons: jobs, tax revenues from the City of London and the fact the services banks sell overseas count as UK exports.

The Metropolitan Police has announced it’s going to review all its ongoing sex crime investigations, following the collapse of two rape trials in a week. Last week, the trial of student Liam Allan collapsed because of the late disclosure of evidence. He says he plans to sue the Met. And, on Tuesday, prosecutors dropped a case against a man charged with raping a child under 16, after police handed over “relevant” evidence within the previous few days.

By William Dahlgreen, Alex Regan and David Wyllie, BBC News

It’s the country where the character Ebenezer Scrooge was invented, the man who would scoff “bah humbug” at any Christmas revellers. But Brits aren’t like him, according to Google. The search engine claims they make more Christmas searches than anywhere else in the world. Whether it’s looking for mince pie recipes or hunting down the perfect tree decorations, the UK seems to be Christmas-obsessed.

The Daily Telegraph and the Guardian lead on the Metropolitan Police’s review of all ongoing sex crime investigations. The former warns against “chasing” conviction targets, while the latter calls the situation a “huge embarrassment”. Meanwhile, the Sun and Mirror report on police action against an alleged bomb plot, including raids on addresses in Sheffield, Chesterfield and Derbyshire. And the Daily Mail and Daily Express focus on local authority budget caps being lifted. The Mail’s headline is: “Merry Xmas! Council tax bills up £100.”

US crash Derailed train lacked automatic safety system

Today A special trip to Disneyland Paris for families affected by the Manchester Arena bombing takes place, organised by the Red Cross and British Airways.

15:15 Prime Minister Theresa May appears before Parliament’s Liaison Committee, made up of senior MPs, with subjects including Brexit, sexual harassment and social care likely to be discussed.

1979 The government publishes a parliamentary bill aimed at giving council tenants the right to buy their own homes.