moon landing in more than 50 years. now it's time for your questions answered on the uk falling into recession, what that means for you and how other countries around the world are doing in comparison. joining me now is our cost of living correspondent, we have an esteemed panel of experts answering your questions. joining me now is our cost of living correspondent, kevin peachey, chris martin, professor of economics from university of bath, rajan lakhani, head of money from personalfinance firm plum, and susannah streeter, head of money and markets,

hargreaves lansdown. wonderful panel to discuss this news. a shock for many people in the uk and around the world. let's get on with the question is because lows have come into us and if you have got any while you are watching, e—mail us. let's start with a question from chris who asks, what is a technical recession and what does being in a recession mean? this is an important question because definitions are everything. chris, let's start with you to try and answer chris's questions. what a recession means _ answer chris's questions. what a recession means is _ answer chris's questions. what a recession means is if _ answer chris's questions. what a recession means is if you - answer chris's questions. what a recession means is if you take i answer chris's questions. what a l recession means is if you take the total amount produced by firms and individuals in the uk, or the same thing, the total amount spent on goods and services produced in the uk, then over a six—month period, that has fallen. it's not the best

measure of how the economy is doing but it's the best known and are best understood measure of how the economy is doing. the effects of it means that it puts a lot of pressure on public services because tax revenues become stagnated, it puts pressure on household because real wages tend not to grow, so normally an economy grows by about 2% a year, which is about roughly zero point 5% a quarter. so if it is fallen by a negative amount, then clearly the economy is not doing well at all. thanks very much, it takes is to the next question that we have had in, one other top searches today since that news has broken and it is a question that will resonate up and down the uk. that is, what does being in a recession mean for me? kevin, let me ask you a question. it's what people are wondering and

in a way, _ it's what people are wondering and in a way, if— it's what people are wondering and in a way, if we woke up this morning to learn_ in a way, if we woke up this morning to learn we — in a way, if we woke up this morning to learn we are in recession and the back-end _ to learn we are in recession and the back-end of— to learn we are in recession and the back—end of last year, you may think. — back—end of last year, you may think, actually, my life hasn't changed _ think, actually, my life hasn't changed a great deal and that's because — changed a great deal and that's because we have been living it, we have _ because we have been living it, we have felt— because we have been living it, we have felt the pressure on our finances _ have felt the pressure on our finances over the last couple of years. — finances over the last couple of years, frankly, when the economy has been pretty— years, frankly, when the economy has been pretty stagnant. i think generally, people think, 0k, we are in a recession, maybe businesses drawing _ in a recession, maybe businesses drawing back a bit and as a result, myiob _ drawing back a bit and as a result, myiob isn't — drawing back a bit and as a result, myjob isn't as quite as secure as i might— myjob isn't as quite as secure as i might have — myjob isn't as quite as secure as i might have hoped and actually, the -ood might have hoped and actually, the good news is thatjobs market seem to be _ good news is thatjobs market seem to be holding up pretty well. but i think— to be holding up pretty well. but i think that — to be holding up pretty well. but i think that is one thing people will be looking at and seeing, are my spelling — be looking at and seeing, are my spelling decision is going to be affected — spelling decision is going to be affected by myjob security and so on? i_ affected by myjob security and so on? ithink— affected by myjob security and so on? i think ultimately, when we look forward _ on? i think ultimately, when we look forward a _ on? i think ultimately, when we look forward a bit, it is how long this

recession— forward a bit, it is how long this recession lasts for, how deep it is, which _ recession lasts for, how deep it is, which witt— recession lasts for, how deep it is, which will be key to how much it is affecting _ which will be key to how much it is affecting us — which will be key to how much it is affecting us personally and if this is a short— affecting us personally and if this is a short and not a very deep recession. _ is a short and not a very deep recession, then that would prove to be tfetter— recession, then that would prove to be better news, i think, recession, then that would prove to be better news, ithink, for our finances. — be better news, ithink, for our finances, certainly something that policymakers will be looking at when considering something like interest rates, _ considering something like interest rates, which have a direct effect on many— rates, which have a direct effect on many people's finances. let�*s rates, which have a direct effect on many people's finances. let's bring ra'an in, many people's finances. let's bring rajan in. you _ many people's finances. let's bring rajan in, you work _ many people's finances. let's bring rajan in, you work in _ many people's finances. let's bring rajan in, you work in the _ many people's finances. let's bring rajan in, you work in the personal. rajan in, you work in the personal finance work, what would your answers that question be? it is finance work, what would your answers that question be? it is a troublin: answers that question be? it is a troubling time _ answers that question be? it is a troubling time the _ answers that question be? it is a troubling time the people's - answers that question be? it is a troubling time the people's finances at the _ troubling time the people's finances at the moment— troubling time the people's finances at the moment and _ troubling time the people's finances at the moment and it _ troubling time the people's finances at the moment and it is _ troubling time the people's finances at the moment and it is not - troubling time the people's finances at the moment and it is not as - at the moment and it is not as simple. — at the moment and it is not as simple. it— at the moment and it is not as simple, it depends _ at the moment and it is not as simple, it depends on - at the moment and it is not as simple, it depends on the - at the moment and it is not as l simple, it depends on the depth at the moment and it is not as - simple, it depends on the depth and length _ simple, it depends on the depth and length of— simple, it depends on the depth and length of the — simple, it depends on the depth and length of the recession _ simple, it depends on the depth and length of the recession as _ simple, it depends on the depth and length of the recession as well - simple, it depends on the depth and length of the recession as well and i length of the recession as well and ithink— length of the recession as well and i think with — length of the recession as well and i think with recessions, _ length of the recession as well and i think with recessions, there - length of the recession as well and i think with recessions, there is. i think with recessions, there is also _ i think with recessions, there is also the — i think with recessions, there is also the psychological- i think with recessions, there is also the psychological impact . i think with recessions, there is| also the psychological impact as weii~ _ also the psychological impact as weii~ it — also the psychological impact as

weii~ it witt— also the psychological impact as well. it will create _ also the psychological impact as well. it will create more - well. it will create more uncertainty _ well. it will create more uncertainty between - well. it will create more - uncertainty between businesses well. it will create more _ uncertainty between businesses and consumers — uncertainty between businesses and consunrers and _ uncertainty between businesses and consunrers and it— uncertainty between businesses and consumers and it may _ uncertainty between businesses and consumers and it may mean - uncertainty between businesses and consumers and it may mean they. uncertainty between businesses and i consumers and it may mean they are more _ consumers and it may mean they are more careful— consumers and it may mean they are more careful around _ consumers and it may mean they are more careful around their— consumers and it may mean they are more careful around their spending. i more careful around their spending. so there _ more careful around their spending. so there is — more careful around their spending. so there is that _ more careful around their spending. so there is that impact _ more careful around their spending. so there is that impact as _ more careful around their spending. so there is that impact as well. - more careful around their spending. so there is that impact as well. so i so there is that impact as well. so ithink— so there is that impact as well. so i think it _ so there is that impact as well. so i think it is — so there is that impact as well. so i think it is important _ so there is that impact as well. so i think it is important not - so there is that impact as well. so i think it is important not to- so there is that impact as well. so i think it is important not to see i i think it is important not to see the figure — i think it is important not to see the figure in— i think it is important not to see the figure in isolation, - i think it is important not to see the figure in isolation, the - i think it is important not to see the figure in isolation, the uk. the figure in isolation, the uk economy— the figure in isolation, the uk economy has— the figure in isolation, the uk economy has a _ the figure in isolation, the uk economy has a relatively - the figure in isolation, the uki economy has a relatively weak the figure in isolation, the uk- economy has a relatively weak for some _ economy has a relatively weak for some time — economy has a relatively weak for some time and _ economy has a relatively weak for some time. and while _ economy has a relatively weak for some time. and while there - economy has a relatively weak for some time. and while there is - economy has a relatively weak for. some time. and while there is some growth _ some time. and while there is some growth this— some time. and while there is some growth this year. _ some time. and while there is some growth this year, there _ some time. and while there is some growth this year, there is _ some time. and while there is some growth this year, there is some - growth this year, there is some cause _ growth this year, there is some cause for— growth this year, there is some cause for optimism _ growth this year, there is some cause for optimism there - growth this year, there is some cause for optimism there as - growth this year, there is some . cause for optimism there as well. growth this year, there is some - cause for optimism there as well. so it depends _ cause for optimism there as well. so it depends on — cause for optimism there as well. so it depends on the _ cause for optimism there as well. so it depends on the depth _ cause for optimism there as well. so it depends on the depth and - cause for optimism there as well. so it depends on the depth and the - it depends on the depth and the length _ it depends on the depth and the length of— it depends on the depth and the length of recession. _ it depends on the depth and the length of recession. [— it depends on the depth and the length of recession.— length of recession. i think your line broke _ length of recession. i think your line broke a _ length of recession. i think your line broke a little _ length of recession. i think your line broke a little bit _ length of recession. i think your line broke a little bit but - length of recession. i think your line broke a little bit but we - length of recession. i think your line broke a little bit but we did| line broke a little bit but we did get to hear what you had to say. i will bring susannah in much as well. mummy ask —— when we ask what is a recession mean for me, are there specific groups or workers that will be hit hardest by this news? certainly, what we have seen is that

it is the lowest fifth in the income scale, to really struggling right now is because the living headwinds still swell. and their financial resilience has gone a lot worse as their wealthiest have actually seen their wealthiest have actually seen their financial resilience rise. their wealthiest have actually seen theirfinancial resilience rise. and of course, if you have recession and there is an increase and unemployment, which we are seeing, and vacancies ticking down, it could mean that it is more difficult for those people who are facing a precarious financial situation to get a pay increase, for example, or to find a better paid job. we are not there yet because we are expecting this recession, even if it lingers a little bit longer, to be a mild one. other economic indicators suggest that there could be brighter spots ahead for the uk economy and the fact that unemployment is actually pretty low on historic

basis, but does bode well, but it is still extremely tough, given that there are so many other headwinds hitting those consumers are feeling the pinch the most. let’s hitting those consumers are feeling the pinch the most.— the pinch the most. let's move to another question _ the pinch the most. let's move to another question that _ the pinch the most. let's move to another question that has - the pinch the most. let's move to another question that has come i the pinch the most. let's move to i another question that has come into us and it is another one that has been the most, one of the most searched on the subject online this morning, it asks, what happens to house prices and interest rates in a recession? chris, iwill ask house prices and interest rates in a recession? chris, i will ask you that one first. this recession? chris, iwill ask you that one first.— recession? chris, iwill ask you that one first. as prices -- house rices that one first. as prices -- house prices are — that one first. as prices -- house prices are always _ that one first. as prices -- house prices are always difficult - that one first. as prices -- house prices are always difficult to - that one first. as prices -- house prices are always difficult to call. prices are always difficult to call in the uk because it depends on factors. the effects that are really quite conflated. as far interest rates are concern, output growth drives down inflation so the bank of england is facing, is able to cut interest rates a little bit but

really what drives interest rate is inflation and inflation is still about two percentage points above the target. it is expected to fall but not for as quietly as people would like it to. as far as interest rates are concerned, we would expect them to fall a little bit faster. house prices may expect the growth to slow a little bit but historically in the uk, house prices have tended to grow and grow. kevin, what is your— have tended to grow and grow. kevin, what is your take _ have tended to grow and grow. kevin, what is your take on _ have tended to grow and grow. kevin, what is your take on that _ have tended to grow and grow. kevin, what is your take on that question? i what is your take on that question? as chris says, there are lots of nroving — as chris says, there are lots of moving parts with house prices. with the expectation of those interest rates _ the expectation of those interest rates cuts, mortgage lenders have been _ rates cuts, mortgage lenders have been reducing their mortgage rates. there _ been reducing their mortgage rates. there was— been reducing their mortgage rates. there was a — been reducing their mortgage rates. there was a bit more competition may be for— there was a bit more competition may be for those _ there was a bit more competition may be for those who are looking to remortgage or looking to move, it looked _ remortgage or looking to move, it looked like — remortgage or looking to move, it looked like a better betting news after quite a few months of higher interest— after quite a few months of higher interest rates and mortgage rates. the edge _ interest rates and mortgage rates. the edge has come off that a bit,

there _ the edge has come off that a bit, there is— the edge has come off that a bit, there is a — the edge has come off that a bit, there is a lot of discussion among analysts _ there is a lot of discussion among analysts and mortgage brokers and certainly— analysts and mortgage brokers and certainly at the bank of england on how long _ certainly at the bank of england on how long high interest rates are going _ how long high interest rates are going to — how long high interest rates are going to be in place. and even the bank's _ going to be in place. and even the bank's government that it might govern— bank's government that it might govern as — bank's government that it might govern as at the discussion is all about— govern as at the discussion is all about how— govern as at the discussion is all about how long interest rates to stay at — about how long interest rates to stay at the course and when is the right— stay at the course and when is the right tinre — stay at the course and when is the right time to start cutting them. i think— right time to start cutting them. i think millions of people with a mortgage, million —— millions of people _ mortgage, million —— millions of peopie witt— mortgage, million —— millions of people will be taking a good look and listen carefully to when interest _ and listen carefully to when interest rates may be coming down. obviously. — interest rates may be coming down. obviously, we still don't know. another— obviously, we still don't know. another question which is another one that has been most searched. that is when was the uk's last recession? chris, lets go back to you. recession? chris, lets go back to ou. . , recession? chris, lets go back to ou. ., , . , , ., recession? chris, lets go back to ou. . you. the last recession was in the thirsty course _ you. the last recession was in the thirsty course of _ you. the last recession was in the thirsty course of 2020, _

you. the last recession was in the thirsty course of 2020, during - you. the last recession was in the thirsty course of 2020, during the pandemic. gdp fell by something like 20%. when you call today's needs a technical recession, that is really what it means, it is not on that scale. previous to that, the uk had a recession following the financial crisis in late 2008, early 2009. in both cases, recovery was quite slow and in terms of the covid recession, we are still not quite back to the gdp prior to the pandemic. aye susannah, gdp prior to the pandemic. aye susannah.— gdp prior to the pandemic. aye susannah, ,, ., ., , ., ., susannah, susannah, a question from tiktok, actually. _ susannah, susannah, a question from tiktok, actually, asking _ susannah, susannah, a question from tiktok, actually, asking why - susannah, susannah, a question from tiktok, actually, asking why we - susannah, susannah, a question from tiktok, actually, asking why we are i tiktok, actually, asking why we are in a recession at the moment? you look particularly — in a recession at the moment? you look particularly at _ in a recession at the moment? gm. look particularly at retail sales, they were weak at the end of last year and household consumption is,

consumer spending is a huge part of the uk economy and so when consumers feel the chill and close their purses and don't spend so much, that does have repercussions but also because we have had higher interest rates, it has made many companies more cautious as well about expanding activity. they have been battening down hatches with many of them grappling with notjust high interest rates are high borrowing costs but also higher labour costs as well and other costs which increase due to pressure. it has been pretty difficult, do you have seen fewer firms wanting to expand activity. but you have also had other variables coming at the end of last year, is pretty horrible weather that had an impact on construction and we have had the impact of strikes on activity in the health sector as well. so all of

these collide to kind of push down activity. there has been some expansion, a little bit of business investment, that increased during the fourth quarter, which is a bit more encouraging but one sector will outweigh the other.— outweigh the other. touches briefly on that same _ outweigh the other. touches briefly on that same question, _ outweigh the other. touches briefly on that same question, i _ outweigh the other. touches briefly on that same question, i wanted i outweigh the other. touches briefly on that same question, i wanted to| on that same question, i wanted to ask rajan the same question. there ask ra'an the same question. there has ask rajan the same question. there has been a number _ ask rajan the same question. there has been a number of _ ask rajan the same question. there has been a number of different i has been a number of different factors— has been a number of different factors behind _ has been a number of different factors behind this _ has been a number of different factors behind this recession, i has been a number of different i factors behind this recession, one of those _ factors behind this recession, one of those factors _ factors behind this recession, one of those factors is _ factors behind this recession, one of those factors is trading, - factors behind this recession, one of those factors is trading, wherel of those factors is trading, where the eu _ of those factors is trading, where the eu as — of those factors is trading, where the eu as well, _ of those factors is trading, where the eu as well, since _ of those factors is trading, where the eu as well, since brexit- of those factors is trading, where the eu as well, since brexit and i of those factors is trading, where i the eu as well, since brexit and our trading _ the eu as well, since brexit and our trading has — the eu as well, since brexit and our trading has fallen _ the eu as well, since brexit and our trading has fallen with _ the eu as well, since brexit and our trading has fallen with the - the eu as well, since brexit and our trading has fallen with the eu. - trading has fallen with the eu. another— trading has fallen with the eu. another factor— trading has fallen with the eu. another factor is— trading has fallen with the eu. another factor is the _ trading has fallen with the eu. another factor is the impact i trading has fallen with the eu. another factor is the impact of people's— another factor is the impact of people's spending. _ another factor is the impact of people's spending. we - another factor is the impact of people's spending. we have i another factor is the impact of. people's spending. we have seen another factor is the impact of- people's spending. we have seen a bil people's spending. we have seen a big increase — people's spending. we have seen a big increase of— people's spending. we have seen a big increase of how— people's spending. we have seen a big increase of how much _ people's spending. we have seen a big increase of how much people i people's spending. we have seen a i big increase of how much people had to pay— big increase of how much people had to pay for— big increase of how much people had to pay for their— big increase of how much people had to pay for their energy— big increase of how much people had to pay for their energy since - big increase of how much people had to pay for their energy since 2021, i to pay for their energy since 2021, when _ to pay for their energy since 2021, when energy— to pay for their energy since 2021, when energy prices _ to pay for their energy since 2021, when energy prices have - to pay for their energy since 2021,| when energy prices have increased to pay for their energy since 2021, i when energy prices have increased by 90%~ _ when energy prices have increased by 90%~ that _ when energy prices have increased by 90%. that creates _ when energy prices have increased by 90%. that creates more _ when energy prices have increased by 90%. that creates more changes- when energy prices have increased byl 90%. that creates more changes when

it conres _ 90%. that creates more changes when it conres a _ 90%. that creates more changes when it conres a cost — 90%. that creates more changes when it comes a cost of _ 90%. that creates more changes when it comes a cost of living. _ 90%. that creates more changes when it comes a cost of living. so _ it comes a cost of living. so consunrers _ it comes a cost of living. so consumers have _ it comes a cost of living. so consumers have less - it comes a cost of living. so consumers have less to i it comes a cost of living. so i consumers have less to spend it comes a cost of living. so - consumers have less to spend and so conrpanies _ consumers have less to spend and so conrpanies are — consumers have less to spend and so companies are less _ consumers have less to spend and so companies are less profitable - consumers have less to spend and so companies are less profitable and i companies are less profitable and that is— companies are less profitable and that is another— companies are less profitable and that is another factor— companies are less profitable and that is another factor that - that is another factor that contributes— that is another factor that contributes towards- that is another factor that i contributes towards recession. that is another factor that contributes towards recession. thank ou to contributes towards recession. thank you to rajan. — contributes towards recession. thank you to rajan, kevin, _ contributes towards recession. thank you to rajan, kevin, chris _ contributes towards recession. thank you to rajan, kevin, chris and i you to rajan, kevin, chris and susana. we are going to take a quick break but if you do have any more questions sent in, we have bit more time to answer them. you can e—mail us or tweet us. around the world and across the uk, this is bbc news. let's stay with the news that the uk economy has fallen into a technical recession. the office for national statistics estimates that the total value of goods and services fell by 0.3% between october and december. that follows a decline of 0.1% in the previous three months. the latest numbers are preliminary figures and could be revised — up or down — at a later date. the chancellor of the exchequer — jeremy hunt — has said the economy is "resilient.

he said the "right thing to do" to was prioritise bringing inflation down. it's a further headache for the government — as a general election is expected to take place at some point in the second half of this year. shadow chancellor rachel reeves condemned the government's economic record. she said it's "absolutely clear" the country is "trapped in a spiral of economic decline" at the hands of the government. she blamed the conservatives — saying they're "out of touch" and "content to be the managers of decline". you're live with bbc news. welcome back to your questions answered — where we're going through your questions about the news today that the uk has entered a recession. i'm still with our cost of living correspondent, kevin peachey, chris martin, professor of economics

from university of bath, rajan lakhani, head of money from personalfinance firm plum, and susannah streeter, head of money and markets, hargreaves lansdown. a question that is relevant wherever you are watching in the uk or the world is where this all fits in the globally. we have been reporting that the uk isn't alone. japan is having a similar situation, is now in a recession as well, countries that have often been seen as models for economic growth. susannah, where is the uk globally in terms of, is it one of the worst performing countries, is it in the middle? and how does it compare with other countries post pandemic? it countries post pandemic? it certainly is struggling but so are other countries like germany, which may have avoided a technical recession but because of the energy

crisis sparked by the invasion of ukraine, it has really had a big impact on the industrial sector, in particular, and then a knock—on impact in terms of consumer spending as well. but if you compare with the united states, for example, even though the us has also grappled with higher inflation, its economy is still barring along pretty merrily and inflation has fallen more quickly than here in the uk. so the inflation issue has certainly been a big issue for so many different economies around the world. look at turkey, for example, it's inflation running at 65%. so causing all sorts of economic problems of the turkish economy. at the other end of the scale, you have china. there, instead of inflation, which is the real issue at the moment, is deflation, with prices falling and

thatis deflation, with prices falling and that is partly because of the lack of confidence in the economy and a very, very fragile property market which has had all sorts of implications in terms of people's wild perceptions and that is why actually, the housing market stayed reasonably resilient, could have an impact on whether or not we will see longer recession here. because if it does stay resilient, as it appears to be right now, that does give people a bit more confidence to spend because as i say, defects wealth perceptions. so certainly the uk has been experiencing more problems and i think there is the brexit effects which are still overhanging the economy, another of the guests pointed out earlier that it has affected trade with european countries in particular. so that certainly is another factor dragging down economic activity here in the uk. , ., ., ~ .,

uk. chris, we have in talking a little bit about _ uk. chris, we have in talking a little bit about japan _ uk. chris, we have in talking a little bit about japan as - uk. chris, we have in talking a little bit about japan as well. l uk. chris, we have in talking a i little bit about japan as well. what are the factors that drive the slump there? it are the factors that drive the slump there? , , ., , there? it depends, there are very much demographic _ there? it depends, there are very much demographic that's - there? it depends, there are very much demographic that's going . there? it depends, there are very| much demographic that's going on there? it depends, there are very i much demographic that's going on in japan. japan is an even more ageing population and the uk so what they need there is increased level of saving to provide for people in their old age. that is driving down their old age. that is driving down the level of activity, if people increase saving, they reduce expenditure, that has a negative impact on consumption and it tends to drag the coming down. their central bank is quite a lot of problems. central bank is quite a lot of problems-— central bank is quite a lot of roblems. , ., ., ., ., problems. lets are going through all the questions _ problems. lets are going through all the questions we _ problems. lets are going through all the questions we have _ problems. lets are going through all the questions we have got _ problems. lets are going through all the questions we have got in. i problems. lets are going through all the questions we have got in. let's l the questions we have got in. let's go a bit more micro now. tom has sent us this question. he says, we are about to take out a loan to buy are about to take out a loan to buy a new car, as our current one is on its way out. are interest rates

likely to fall in the near future? think that applies to a lot of people who are hanging on as they look to buy a new home as well. rajan, what would you say to tom? there is no crystal ball and rates. ithink— there is no crystal ball and rates. i think the — there is no crystal ball and rates. i think the key— there is no crystal ball and rates. i think the key thing _ there is no crystal ball and rates. i think the key thing to _ there is no crystal ball and rates. i think the key thing to focus i there is no crystal ball and rates. i think the key thing to focus on i there is no crystal ball and rates. | i think the key thing to focus on is what _ i think the key thing to focus on is what you — i think the key thing to focus on is what you can _ i think the key thing to focus on is what you can afford _ i think the key thing to focus on is what you can afford right - i think the key thing to focus on is what you can afford right now i i think the key thing to focus on is what you can afford right now and | what you can afford right now and whether— what you can afford right now and whether you — what you can afford right now and whether you need _ what you can afford right now and whether you need that _ what you can afford right now and whether you need that car- what you can afford right now and whether you need that car right i what you can afford right now and i whether you need that car right now. you might— whether you need that car right now. you might have — whether you need that car right now. you might have some _ whether you need that car right now. you might have some regrets- whether you need that car right now. you might have some regrets later. whether you need that car right now. you might have some regrets later ifj you might have some regrets later if rates _ you might have some regrets later if rates do _ you might have some regrets later if rates do fall— you might have some regrets later if rates do fall later _ you might have some regrets later if rates do fall later in _ you might have some regrets later if rates do fall later in the _ you might have some regrets later if rates do fall later in the year - you might have some regrets later if rates do fall later in the year but i rates do fall later in the year but is that— rates do fall later in the year but is that affordability— rates do fall later in the year but is that affordability and - rates do fall later in the year but is that affordability and need i rates do fall later in the year buti is that affordability and need that is that affordability and need that is most _ is that affordability and need that is most important. _ is that affordability and need that is most important. inflation - is that affordability and need that is most important. inflation did . is most important. inflation did steady— is most important. inflation did steady and _ is most important. inflation did steady and that _ is most important. inflation did steady and that caused - is most important. inflation did steady and that caused the i is most important. inflation did i steady and that caused the markets and economists— steady and that caused the markets and economists to _ steady and that caused the markets and economists to think— steady and that caused the markets and economists to think that - steady and that caused the markets and economists to think that a - steady and that caused the markets and economists to think that a rate| and economists to think that a rate cut is— and economists to think that a rate cut is coming — and economists to think that a rate cut is coming soon. _ and economists to think that a rate cut is coming soon. however, - cut is coming soon. however, services — cut is coming soon. however, services inflation, _ cut is coming soon. however, services inflation, that- cut is coming soon. however, services inflation, that rose i cut is coming soon. however, i services inflation, that rose and cut is coming soon. however, - services inflation, that rose and we did some _ services inflation, that rose and we did some research _ services inflation, that rose and we did some research on _ services inflation, that rose and we did some research on rising - services inflation, that rose and we did some research on rising child i did some research on rising child care costs — did some research on rising child care costs and _ did some research on rising child care costs and 75% _ did some research on rising child care costs and 75% of— did some research on rising child care costs and 75% of parents i did some research on rising childi care costs and 75% of parents and carers _ care costs and 75% of parents and carers are — care costs and 75% of parents and carers are seeing _ care costs and 75% of parents and carers are seeing childcare - care costs and 75% of parents and carers are seeing childcare costs. carers are seeing childcare costs rise _ carers are seeing childcare costs rise yesterday, _ carers are seeing childcare costs rise. yesterday, the _ carers are seeing childcare costs rise. yesterday, the markets- carers are seeing childcare costs rise. yesterday, the markets or| carers are seeing childcare costs i rise. yesterday, the markets or that there _ rise. yesterday, the markets or that there was— rise. yesterday, the markets or that there was a — rise. yesterday, the markets or that there was a 65%— rise. yesterday, the markets or that there was a 65% chance _ rise. yesterday, the markets or that there was a 65% chance the - rise. yesterday, the markets or that there was a 65% chance the first i there was a 65% chance the first rate cut — there was a 65% chance the first rate cut would _ there was a 65% chance the first rate cut would come _ there was a 65% chance the first rate cut would come in - there was a 65% chance the first rate cut would come injune. i

there was a 65% chance the first. rate cut would come injune. that would _ rate cut would come injune. that would be — rate cut would come injune. that would be with— rate cut would come injune. that would be with a _ rate cut would come injune. that would be with a four _ rate cut would come injune. that would be with a four and - rate cut would come injune. that would be with a four and rates, i would be with a four and rates, today— would be with a four and rates, today was — would be with a four and rates, today was my _ would be with a four and rates, today was my confirmation i would be with a four and rates, today was my confirmation of. today was my confirmation of recession— today was my confirmation of recession means _ today was my confirmation of recession means that - today was my confirmation of recession means that the i today was my confirmation of- recession means that the market thinks _ recession means that the market thinks there _ recession means that the market thinks there is _ recession means that the market thinks there is even _ recession means that the market thinks there is even more - recession means that the market thinks there is even more of- recession means that the market thinks there is even more of a i thinks there is even more of a chance — thinks there is even more of a chance of— thinks there is even more of a chance of a _ thinks there is even more of a chance of a rate _ thinks there is even more of a chance of a rate cut, - thinks there is even more of a i chance of a rate cut, potentially in june, the — chance of a rate cut, potentially in june, the round _ chance of a rate cut, potentially in june, the round 75% _ chance of a rate cut, potentially in june, the round 75% chance - chance of a rate cut, potentially in june, the round 75% chance of- chance of a rate cut, potentially in| june, the round 75% chance of that happening. — june, the round 75% chance of that happening. and _ june, the round 75% chance of that happening, and maybe _ june, the round 75% chance of that happening, and maybe even- june, the round 75% chance of that. happening, and maybe even earlier, given— happening, and maybe even earlier, given the _ happening, and maybe even earlier, given the negative _ happening, and maybe even earlier, given the negative economic - happening, and maybe even earlier, given the negative economic news . given the negative economic news today _ given the negative economic news today~ things— given the negative economic news today things can _ given the negative economic news today. things can change - given the negative economic news today. things can change quickly, | given the negative economic news i today. things can change quickly, in the us, _ today. things can change quickly, in the us, the — today. things can change quickly, in the us, the inflation— today. things can change quickly, in the us, the inflation right _ today. things can change quickly, in the us, the inflation right was - the us, the inflation right was higher— the us, the inflation right was higher than— the us, the inflation right was higher than inspected - the us, the inflation right was higher than inspected so - the us, the inflation right was - higher than inspected so predictions of a rate _ higher than inspected so predictions of a rate cut — higher than inspected so predictions of a rate cut have _ higher than inspected so predictions of a rate cut have been— higher than inspected so predictions of a rate cut have been pushed - higher than inspected so predictionsl of a rate cut have been pushed back. the key— of a rate cut have been pushed back. the key thing — of a rate cut have been pushed back. the key thing to— of a rate cut have been pushed back. the key thing to focus _ of a rate cut have been pushed back. the key thing to focus on _ of a rate cut have been pushed back. the key thing to focus on is - of a rate cut have been pushed back. the key thing to focus on is your i the key thing to focus on is your need _ the key thing to focus on is your need and — the key thing to focus on is your need and what _ the key thing to focus on is your need and what you _ the key thing to focus on is your need and what you can - the key thing to focus on is your need and what you can afford. iii the key thing to focus on is your. need and what you can afford. i let need and what you can afford. a lot of this is all— need and what you can afford. a lot of this is all a _ need and what you can afford. a lot of this is all a guessing _ need and what you can afford. iu�*i of this is all a guessing game need and what you can afford. of this is all a guessing game and thatis of this is all a guessing game and that is why you do what you do. you try and help us through some of those answers. tom, i hope that answers your question in some way. let's get you another question from mike, who asks, does the bank of england have any targets for growth? i will throw it over to kevin. i

will answer, and that is because the primary— will answer, and that is because the primary aim — will answer, and that is because the primary aim of the bank of england's monetary— primary aim of the bank of england's monetary policy committee is monetary policy committee is monetary policy. so it is all about interest _ monetary policy. so it is all about interest rates. that is looking at trying _ interest rates. that is looking at trying to — interest rates. that is looking at trying to hit that 2% target of inflation _ trying to hit that 2% target of inflation and the rate of rising prices — inflation and the rate of rising prices and that is really its focus. saying _ prices and that is really its focus. saying that, it is going to consider what _ saying that, it is going to consider what impact that has on growth and it will— what impact that has on growth and it will look— what impact that has on growth and it will look at the impact and it will consider what is happening there. — will consider what is happening there. for— will consider what is happening there, for example, if it picks up interest— there, for example, if it picks up interest rates and keeps putting them _ interest rates and keeps putting them up. — interest rates and keeps putting them up, then obviously the cost of borrowing _ them up, then obviously the cost of borrowing is higher and many businesses would put any major borrowing — businesses would put any major borrowing for a major investment, for example. so does have an impact, obviously— for example. so does have an impact, obviously it's — for example. so does have an impact, obviously it's primary focus is bring — obviously it's primary focus is bring down the rate of inflation 30%

target _ bring down the rate of inflation 30% target and _ bring down the rate of inflation 30% target and according to the governor saying. _ target and according to the governor saying, even saying when it will cut rates, _ saying, even saying when it will cut rates, not — saying, even saying when it will cut rates, not if, — saying, even saying when it will cut rates, not if, so there is lots of debate — rates, not if, so there is lots of debate around whether the bank is getting _ debate around whether the bank is getting it _ debate around whether the bank is getting it right, about whether their— getting it right, about whether their focus is correct, about whether— their focus is correct, about whether the decisions are correct. clearly. _ whether the decisions are correct. clearly, that are not going to end anytime — clearly, that are not going to end anytime soon. clearly, that are not going to end anytime soon-— clearly, that are not going to end anytime soon. thanks very much, kevin. anytime soon. thanks very much, kevin- this _ anytime soon. thanks very much, kevin. this is _ anytime soon. thanks very much, kevin. this is a _ anytime soon. thanks very much, kevin. this is a very _ anytime soon. thanks very much, kevin. this is a very important - kevin. this is a very important question. this is one that is worth spending a bit of time on. it comes in to us from tiktok. the person asks, what is the difference between cost of living or a cost of living crisis and a recession? susannah, what is the difference?— what is the difference? certainly, ou can what is the difference? certainly, you can still _ what is the difference? certainly, you can still have _ what is the difference? certainly, you can still have economic - what is the difference? certainly, l you can still have economic growth with prices rising. but the reason

why we have had the cost of living crisis is because so many factors collided to make it very difficult households. so you not only had rising energy bills, you also had the rising cost of commodities, that showed up through food costs, that's notjust showed up through food costs, that's not just the showed up through food costs, that's notjust the pent up demand for the pandemic but the effects of ukraine war as well that all had an impact onjust how much war as well that all had an impact on just how much we had war as well that all had an impact onjust how much we had in our pocket to spend and that is really what caused the cost of living crisis. recession is sparked when that then has a knock—on effect to activity in the economy. and one doesn't necessarily follow the other because in other countries where they have also had a cost crisis, they have also had a cost crisis, the economy has still managed to grow. the economy has still managed to crow. . ~' the economy has still managed to crow. . ~ ,, y the economy has still managed to irow. ., ~' , ., , . the economy has still managed to crow. . , . ,, . grow. thank you very much, susannah. we don't have —

grow. thank you very much, susannah. we don't have much _ grow. thank you very much, susannah. we don't have much time _ grow. thank you very much, susannah. we don't have much time so _ grow. thank you very much, susannah. we don't have much time so i - grow. thank you very much, susannah. we don't have much time so i wonder, | we don't have much time so i wonder, if i want to ask a question on the hearth of our viewers and you can all answer in 20 seconds. how can we stay optimistic, what is the good news today to mark if i consult with kevin. ., . ., news today to mark if i consult with kevin. . , . , , news today to mark if i consult with kevin. . , . kevin. that is that this is looking at, kevin. that is that this is looking at. recession _ kevin. that is that this is looking at, recession is _ kevin. that is that this is looking at, recession is looking - kevin. that is that this is looking at, recession is looking at - kevin. that is that this is looking at, recession is looking at at - kevin. that is that this is looking at, recession is looking at at the | at, recession is looking at at the economy— at, recession is looking at at the economy as _ at, recession is looking at at the economy as a whole, the whole of uk economy, _ economy as a whole, the whole of uk economy, obviously our own personal finances _ economy, obviously our own personal finances may— economy, obviously our own personal finances may differ, the cost of living _ finances may differ, the cost of living will— finances may differ, the cost of living will affect people in different ways but looking forward, there _ different ways but looking forward, there will— different ways but looking forward, there will be a hope that this recession is shallow and not very lon- recession is shallow and not very long lasting and that may that will encourage the bank, we may see interest— encourage the bank, we may see interest rates coming down fairly soon~ _ interest rates coming down fairly soon. �* . . �* . interest rates coming down fairly soon. . . . ., soon. i'm afraid you've ran over our soon. i'm afraid you've ran over your time _ soon. i'm afraid you've ran over your time so — soon. i'm afraid you've ran over your time so you _ soon. i'm afraid you've ran over your time so you have - soon. i'm afraid you've ran over your time so you have the - soon. i'm afraid you've ran over your time so you have the last. soon. i'm afraid you've ran over- your time so you have the last word but i will thank you all. kevin

peachey, susannah streeter, chris martin. stay with us here on bbc news. hello there. we've got some unseasonably mild air across much of the uk today. temperatures are a lot higher than they would normally be at this time of the year and higher than yesterday perhaps as well. we've widely got 15 degrees across england and wales and some eastern areas, 17 or even 18 degrees is possible. that's helped by a bit of sunshine coming through. as you can see here earlier on in essex. and continuing the nautical theme, you can seejust how different the weather here is in aberdeenshire — fog, low cloud and some rain that's

been affecting scotland. that's going to move northwards and out of the way, should dry off in northern ireland. but we're seeing rain developing in england and wales that could be quite heavy for a while. it'll push its way south eastwards. clearer skies will follow and a few showers overnight across some northern and western parts of the country. temperatures aren't going to be quite as high as they were last night, but still 7 to 9 degrees — pretty mild start to friday. and then we're going to see some sunshine on friday. a few showers initially across northern scotland. those will tend to fade away. the odd shower further south, into northern ireland, pushing into england and wales. but i think southern areas are likely to have a dry day and there won't be many showers around at all. temperatures are still 12 in the central belt, ia in the south east of england, not quite as high as today, but still above average for the time of year. there are some weather fronts to head our way over the weekend. that one's going to fade away. this is the main driver coming in during saturday and then heading eastwards during sunday as well. ahead of that, we've got a slight ridge of high pressure, so dry weather, could be quite a bit of cloud, mind you. best of the sunshine in the east.

a few spots of rain coming in ahead of the main rain band. so it will get wetter in northern ireland. that rain will push before nightfall into western parts of scotland. ahead of it, again, those temperatures probably peaking at 13 or ia degrees. now, that band of rain on that weather front will push eastwards across all areas overnight. so it's going to be wet for a while. whilst northern areas should see the rain clearing away, it's going to be a bit of a struggle further south across england and wales. main rain band, followed by a cluster of rain here, pushing towards the south east. the best of the drier weather probably across northern england, northern ireland and scotland, with just a few showers in the far northwest. and temperatures over the weekend are not changing very much. 12 to ia degrees is mild, just not quite as high as today.

today at one. the uk is in recession, after the economy shrank again at the end of 2023. the latest figures show gdp — the value of goods and services — fell by 0.3%. we always expected growth to be weaker while we prioritise tackling inflation — that means higher interest rates. and that's the right thing to do. rishi sunak has now put our economy into reverse. this is rishi's resession. a 16—year—old boy has died after being stabbed in bristol —

police say he was attacked by two people wearing masks israeli army special forces are inside nasser hospital in gaza, ignition. and liftoff. and after a successful launch, america aims for its first moon landing in over 50 years. and india's captain leads the way as they make a strong start to the third test against england. and coming up on bbc news. a stunning century from india captain rohit sharma means india are well on top against england in the third test in rajkot. good afternoon and welcome to the bbc news at one. the uk has fallen into recession, according to new official

figures out today. the data from the office for national statistics