in a row. widely expected decision, as i said, but it means that the cost of borrowing doesn't stay at eight�*s highest level for 16 years. the bank has been keeping interest rates high to try to slow those sharply rising prices, but after inflation fell to its�*s lowest level inflation fell to its�*s lowest level in d .5 years last month, economists do expect rates to fall injune. megan is still with us. they are remaining at 2.5%. you were right. i thought so. and we are talking about whether the bank is giving us any indication as to whether they will come down in the future. do you think they are likely to? the exerts think they are likely to? the exnerts that _ think they are likely to? the experts that i've _ think they are likely to? tue: experts that i've been think they are likely to? tte: experts that i've been listening to and hearing, we'll see some changes by august, start going down, but i think the days of one to 2% interest

rates, with moving away from that, but the indications are it is going down, so some positive changes to come. �* . down, so some positive changes to come. ~ . ., ., . come. and we are also balancing it with some — come. and we are also balancing it with some of _ come. and we are also balancing it with some of the _ come. and we are also balancing it with some of the other— come. and we are also balancing it with some of the other class - come. and we are also balancing it with some of the other class that l with some of the other class that they may have. we are talking about inflation and the fact that prices may be going up. they may not be going up as fast as they were, but people coming to you are that they might not be able to balance all of those things, with electricity and gas and everything. fine those things, with electricity and gas and everything.— gas and everything. one in ten --eole gas and everything. one in ten peeple are _ gas and everything. one in ten people are missing _ gas and everything. one in ten people are missing and - gas and everything. one in ten people are missing and utilityl gas and everything. one in ten i people are missing and utility bill last month. this is impacting mortgages because with clients we're seeing a lot more adverse credit. default ccg is happening around 2020 and then having to amend that mortgage with an adverse lender which increases interest rates even more. t which increases interest rates even more. ., ., , , more. i want to bring in chris williams _

more. i want to bring in chris williams who _ more. i want to bring in chris williams who is _ more. i want to bring in chris williams who is chief - more. i want to bring in chris i williams who is chief economist more. i want to bring in chris - williams who is chief economist at s and p that might thank you for joining us. remaining at 2.5%. —— remaining at 5.25%, that is what you were predicting as well. tt is were predicting as well. it is indeed. there _ were predicting as well. it is indeed. there were - were predicting as well. it is indeed. there were no - were predicting as well. it is indeed. there were no signs that they were — indeed. there were no signs that they were wanting to cut interest rates _ they were wanting to cut interest rates overseas and in intercontinental europe as well. do ou intercontinental europe as well. dir: you see intercontinental europe as well. drr you see signs of them coming down any time soon?— any time soon? they are edging towards it- _ any time soon? they are edging towards it. last _ any time soon? they are edging towards it. last time, _ any time soon? they are edging towards it. last time, two - any time soon? they are edging towards it. last time, two of. any time soon? they are edging | towards it. last time, two of the nine on the _ towards it. last time, two of the nine on the committee - towards it. last time, two of the nine on the committee voted - towards it. last time, two of the nine on the committee voted to| towards it. last time, two of the - nine on the committee voted to hike interesi— nine on the committee voted to hike interest rates, so they've spates are gone — interest rates, so they've spates are gone now. so there is more unanimity— are gone now. so there is more unanimity now on the need to cut rates _ unanimity now on the need to cut rates or— unanimity now on the need to cut rates or at— unanimity now on the need to cut rates or at least hold them. so, we are gradually moving to that situation. we can understand why there _ situation. we can understand why there is_ situation. we can understand why there is no— situation. we can understand why there is no rush here. we got data out this— there is no rush here. we got data out this morning showing the economy is still— out this morning showing the economy is still growing. in fact it's a seiier—

is still growing. in fact it's a seller rating slightly. the recession risks have gone. so you would _ recession risks have gone. so you would normally worry into cutting will rates — would normally worry into cutting will rates quickly if there are recession— will rates quickly if there are recession risks. meanwhile, price rises— recession risks. meanwhile, price rises are— recession risks. meanwhile, price rises are coming down but they have not come _ rises are coming down but they have not come gone away. especially in the service — not come gone away. especially in the service sector where wage growth is a key— the service sector where wage growth is a key driver of inflation. the bank_ is a key driver of inflation. the hankiust— is a key driver of inflation. the bankjust wants to wait a bit longer to see _ bankjust wants to wait a bit longer to see those wage pressures come down — to see those wage pressures come down to— to see those wage pressures come down to make sure the jobs been done really _ down to make sure the jobs been done really the— down to make sure the “obs been done reall . ~ down to make sure the “obs been done reall . ,, ., , down to make sure the “obs been done reall . ~ ., , ., down to make sure the “obs been done reall . ,, ., , ., ., ., really. the bank has an inflation tar: et of really. the bank has an inflation target of 2%- — really. the bank has an inflation target of 2%. indeed. _ really. the bank has an inflation target of 2%. indeed. that - really. the bank has an inflation | target of 296. indeed. that looks like it will be — target of 296. indeed. that looks like it will be reached _ target of 296. indeed. that looks like it will be reached quite - target of 296. indeed. that looks | like it will be reached quite soon, but that _ like it will be reached quite soon, but that is— like it will be reached quite soon, but that is largely due to energy and food — but that is largely due to energy and food prices which a year ago were _ and food prices which a year ago were rising — and food prices which a year ago were rising very strongly. now they are not. _ were rising very strongly. now they are not. so— were rising very strongly. now they are not, so you have this year—on—year comparison dropping out. year—on—year comparison dropping out that _ year—on—year comparison dropping out that is — year—on—year comparison dropping out. that is going to be really helpful— out. that is going to be really helpful in— out. that is going to be really helpful in bringing inflation down quite _ helpful in bringing inflation down quite quickly to target. the question is will it stay there. if you have — question is will it stay there. if you have wage growth over the likes we've _ you have wage growth over the likes we've got— you have wage growth over the likes we've got at the moment and five to 6% over— we've got at the moment and five to

6% over the — we've got at the moment and five to 6% over the economy, it suggests it will not _ 6% over the economy, it suggests it will not stay — 6% over the economy, it suggests it will not stay that low. we need those _ will not stay that low. we need those pressures to come down. they should _ those pressures to come down. they should if_ those pressures to come down. they should. if inflation is running at 2%, it _ should. if inflation is running at 2%, it is — should. if inflation is running at 2%, it is hard to push for a 45% pay rise _ 2%, it is hard to push for a 45% pay rise so _ 2%, it is hard to push for a 45% pay rise so we — 2%, it is hard to push for a 45% pay rise. so we start to see it coming back— rise. so we start to see it coming back into — rise. so we start to see it coming back into an— rise. so we start to see it coming back into an equilibrium. the bank is probably— back into an equilibrium. the bank is probably going to want to wait till around august sillett sees real effects— till around august sillett sees real effects of this taking place. so that seems like a pretty good bet as to whether— that seems like a pretty good bet as to whether they will start coming down _ to whether they will start coming down. ,., ~ to whether they will start coming down. ,., ,, , to whether they will start coming down. ,. ,, , ., to whether they will start coming down. ,, , . down. the bank is a difficult “u: calin down. the bank is a difficult juggling act _ down. the bank is a difficult juggling act basically, - down. the bank is a difficult i juggling act basically, doesn't down. the bank is a difficult - juggling act basically, doesn't it? it does. it needs to make sure inflation — it does. it needs to make sure inflation comes down without causing unnecessary damage to the economy. that is— unnecessary damage to the economy. that is in_ unnecessary damage to the economy. that is in terms of output falling and jobs — that is in terms of output falling and jobs being lost. so far, it seems — and jobs being lost. so far, it seems to— and jobs being lost. so far, it seems to have done a pretty good job of doing _ seems to have done a pretty good job of doing that. we had a brainless rate with — of doing that. we had a brainless rate with the recession rate last year _ rate with the recession rate last year we — rate with the recession rate last year. we seem to be pulling out of that already. it seems to be modest growth, _ that already. it seems to be modest growth, but at least we are not seeing — growth, but at least we are not seeing signs of a really worrying

downturn — seeing signs of a really worrying downturn at the expense of those interest _ downturn at the expense of those interest rate hikes we have had. we've _ interest rate hikes we have had. we've talked a lot about mortgages, but on the other side, there are savers who are doing better at the moment that they were when interest rates were a lot lower.— rates were a lot lower. indeed, there is a _ rates were a lot lower. indeed, there is a positive _ rates were a lot lower. indeed, there is a positive effect - rates were a lot lower. indeed, there is a positive effect of - rates were a lot lower. indeed, i there is a positive effect of higher interest— there is a positive effect of higher interest rates in the economy. those with savings — interest rates in the economy. those with savings are seen more income from _ with savings are seen more income from those — with savings are seen more income from those savings, but we have got to he _ from those savings, but we have got to be careful here because the propensity to spend amongst the savers, _ propensity to spend amongst the savers, which tend to be the older generation, — savers, which tend to be the older generation, is not as great as the younger— generation, is not as great as the younger generation who tend to be the burrowers. so you really want that younger generation, the burrowers, to be feeling like they are comfortable spending more money in the _ are comfortable spending more money in the economy. stay are comfortable spending more money in the economy-— in the economy. stay with us if you can, in the economy. stay with us if you can. because _ in the economy. stay with us if you can. because i _ in the economy. stay with us if you can, because i want _ in the economy. stay with us if you can, because i want to _ in the economy. stay with us if you can, because i want to talk- in the economy. stay with us if you can, because i want to talk to - in the economy. stay with us if you can, because i want to talk to are l can, because i want to talk to are of economics editor who was at the bank of england and joins us now. as you've predicted, it remaining at

5.25%. you've predicted, it remaining at 5.2596. , ., �* , you've predicted, it remaining at 5.25%, , ., a , 5.2596. yes, that's absolutely right. the rates decided _ 5.2596. yes, that's absolutely right. the rates decided by _ 5.2596. yes, that's absolutely right. the rates decided by a _ 5.2596. yes, that's absolutely right. the rates decided by a vote - 5.2596. yes, that's absolutely right. the rates decided by a vote of- 5.2596. yes, that's absolutely right. j the rates decided by a vote of eight to one. i think what is quite interesting as there were two votes for rises last month, in february, they have now gone. and so, there is just one person voting for a cut. eight to hold. that is why they have failed. if you look over all across the entire committee, there is an incremental move towards a cut. we have had some new language from the governor of the bank of england, andrew bailey, just come in. this is what he said. in recent weeks we have seen further encouraging signs that inflation is coming down. we've held at 5.25% because we need to be sure that inflation will fall back to a 2% target and stay there. we are not yet at the point where we can cut interest rates, but things are moving in the right direction. so, the impression you get is of a tanker turning around really rather

slowly. they are going in one direction for pretty much a year—and—a—half, though those excessive interest rate rises have brought them to where we are. now things are on a sort of plateau. now the direction of travel at one —— at some point, clearly will be down. it does raise the question right now, and i'm sure viewers will have this question, when we are officially in recession, when the bank of england target is on course to be hit in the next couple of months, why did they notjust next couple of months, why did they not just do that today next couple of months, why did they notjust do that today or in may? the answer to that is that they are still a little bit concerned about what is happening in the service sector, cafe is in restaurants, but also the financial services we have seen around me right now, that rate of interest that is much more associated with the level of wage, that has come down, but is still above 6%. it has come down enough for the hawks, the people that think rates should be higher. for them to come down and say i don't think

rates need to be any higher, but it has not come down sufficiently for them to vote for a cut. the bank of england will consider this again in may. that is when they do their new set of forecasts. we still think that at that point, they will not have had the latest data on where inflation has landed. many expectations are that juniors inflation has landed. many expectations are thatjuniors may be a likely moment where you could get a likely moment where you could get a cut. that is definitely not a guarantee. we have seen in other countries like the usa where people have anticipated where cuts will come more quickly. the central bank there are saying whole done they may not come from some time. in general terms, people think the summer, but wejust don't know. terms, people think the summer, but we just don't know. it depends on developments in the data. clearly some people think it is already overdue, and that recession, that probably ended at the end of last year, is one piece of evidence pointing towards that. the other thing that is quite interesting is

obviously it matters what they decide, but it matters what they say. what they say has an impact on financial markets. financial markets price uk government debt, for example. that then has a direct read through into mortgage rates. you have the situation where mortgage rates are changing without their bank of england changing their mortgage rates. they went down pretty sharply at the beginning of the year, then they went up, and then some are coming down again just because the numbers are a little better—than—expected. there is a lot going on in the economy. it's not just an economic matter but a political matter. they announced a bounce back a return around accepting people might be able to see some green shoots of recovery. but it's been pretty clear that what they want or what they think will underline that process of turnaround in the economy for everybody across the economy is when these guys in here, when the majority of that

9—member committee agree that inflation is sufficiently under control, that they can cut interest rates. as the governor has just said, we are not there yet. interestingly, i saw your report yesterday. it's about how the public feel. the car insurance issue that you brought up, the fact that is more expensive at the moment and just going out to have a cup of coffee, all of that plays into the way that we have the public feel about prices. way that we have the public feel about prices-— way that we have the public feel about rices. , ., �*, ., , , about prices. yes, that's absolutely true. one about prices. yes, that's absolutely true- one of _ about prices. yes, that's absolutely true. one of the _ about prices. yes, that's absolutely true. one of the things _ about prices. yes, that's absolutely true. one of the things the - about prices. yes, that's absolutely true. one of the things the bath - true. one of the things the bath watches as well as whether people perceive or will perceive where inflation is going to go. when it shot up to 11%, unsurprisingly, people, workers, consumers all assumed it would continue to be higher. that then has a self—fulfilling prophecy in terms of where people set prices. if i think the inflation is going to be 5% for the inflation is going to be 5% for the next year, i'm going to put my

prices up 5%. and get to ask for a 5% wage rise. that then comes to pass. that is itself a self fulfilling prophecy, a vicious circle as they would see it in there, that they are trying to crush. it may be they are starting to feel that they have crushed that. the wage expectations are lower now and the prize raises expectations are lower. they perhaps don't even need to think about raising rates any more, but it doesn't mean that right now they are sufficiently comfortable to do the rate cuts they are starting think about. you mention the _ are starting think about. you mention the political. - are starting think about. you mention the political. how do you think this is going to go down, both with the government and with labour and the other parties? the politicians _ and the other parties? the politicians on _ and the other parties? the politicians on the - and the other parties? tte: politicians on the main parties, all the parties are very careful not to interfere with the actions of what is an independent bank of england is deciding interest rates. it is independent for a reason. 30 years ago, this sort of decision would have been made in consultation with

the chancellor. i get that three or four months before an election, that might precisely to avoid a situation like that, they get the independent experts to decide. that is exactly what is happening here. they tend not to interfere, but i'm fairly confident that in downing street, both the prime minister and jeremy hunt would love it if they dependently decided —— independently decided that rate cuts could be delivered before they decided to go to the polls. it doesn't mean it's going to be possible popularfor everyone. savers have quite enjoyed the fact that rates have been high and they have been able to get decent returns on the savings, what they were considered normal returns on their savings but that 15 year of zero interest rate. but i think it will have a political impact. they say in there that they don't care about that, it is all about getting inflation back to the target

sustainably, but it could have an impact with the electoral timetable. thank you very much forjoining us. if you arejustjoining us on bbc news, a reminder that the bank of england has left interest rates remaining unchanged at 5.25%. you can get more on that on our special live page that we have up and running here on bbc news. and now i will get some more reaction to that. let's go back to megan hall, amoco and mortgage broker with fb mortgages. that interesting thing that was just said about the bank of england saying it was not yet right to cut the rates. t england saying it was not yet right to cut the rates.— to cut the rates. i think so. i think we _ to cut the rates. i think so. i think we are _ to cut the rates. i think so. i think we are getting - to cut the rates. i think so. i think we are getting more i to cut the rates. i think so. i- think we are getting more stability within the mortgage market, so hopefully lenders will feel more comfortable to start reducing them a little bit. tt comfortable to start reducing them a little bit. , ., .,, , little bit. it is what those lenders in the high _

little bit. it is what those lenders in the high street _ little bit. it is what those lenders in the high street banks - little bit. it is what those lenders in the high street banks decide i little bit. it is what those lenders | in the high street banks decide to do going forward.— in the high street banks decide to do going forward. 10096. but they look at the _ do going forward. 10096. but they look at the rates _ do going forward. 10096. but they look at the rates and _ do going forward. 10096. but they look at the rates and they - do going forward. 10096. but they look at the rates and they have i do going forward. 10096. but they l look at the rates and they have got everything. when we go to conferences, they have got it all planned out, so i'm sure it is under control and a more stable market. when going to see volatility like we were. ,, ., ., ~ were. snp global market in intelligence _ were. snp global market in intelligence direct - were. snp global market in intelligence direct term -- | were. snp global market in - intelligence direct term -- come intelligence direct term —— come make your reading of that? tiara intelligence direct term -- come make your reading of that? two of the committee _ make your reading of that? two of the committee have _ make your reading of that? two of the committee have dropped - make your reading of that? two of the committee have dropped their| the committee have dropped their calls for— the committee have dropped their calls for higher interest rates at this is— calls for higher interest rates at this is very— calls for higher interest rates at this is very much moving in the right— this is very much moving in the right direction towards rate cuts. so that— right direction towards rate cuts. so that split has now gone. that was one of— so that split has now gone. that was one of the _ so that split has now gone. that was one of the surprise developments. we generally— one of the surprise developments. we generally expected one of those votes _ generally expected one of those votes to — generally expected one of those votes to be dropped, but the fact that they— votes to be dropped, but the fact that they have both gone, catherine mann— that they have both gone, catherine mann was— that they have both gone, catherine mann was the one we were expecting to remain _

mann was the one we were expecting to remain hawkish and she has now decided _ to remain hawkish and she has now decided that also it is not appropriate. so things are moving in the right— appropriate. so things are moving in the right direction. we see the market— the right direction. we see the market pricing that was referred to then of— market pricing that was referred to then of what we expect rates to be doing _ then of what we expect rates to be doing over— then of what we expect rates to be doing over the rest of the year, that is— doing over the rest of the year, that is praising a little bit more cutting — that is praising a little bit more cutting as— that is praising a little bit more cutting as well which should feed through— cutting as well which should feed through to those mortgage rates coming _ through to those mortgage rates coming through as well. do through to those mortgage rates coming through as well.- through to those mortgage rates coming through as well. do you have an idea coming through as well. do you have any idea now — coming through as well. do you have any idea now that _ coming through as well. do you have any idea now that you've _ coming through as well. do you have any idea now that you've heard - coming through as well. do you have any idea now that you've heard eightj any idea now that you've heard eight to one when you make now see a cut? yes, it's very difficult to anticipate. the policymakers quite rightly— anticipate. the policymakers quite rightly should not try to baking exactly — rightly should not try to baking exactly when this is going to happen _ exactly when this is going to happen. they need to be data dependent, which sounds like they really— dependent, which sounds like they really haven't got a plan and just watch _ really haven't got a plan and just watch the — really haven't got a plan and just watch the numbers. but it is quite right _ watch the numbers. but it is quite right. watch what the data is saying when _ right. watch what the data is saying when it _ right. watch what the data is saying when it comes in. we need the wage data to _ when it comes in. we need the wage data to come down a little bit more for concrete — data to come down a little bit more for concrete evidence that this battle — for concrete evidence that this battle against inflation has been beaten — battle against inflation has been beaten. there are signs that those wage _ beaten. there are signs that those

wage growth weight —— rates will be coming _ wage growth weight —— rates will be coming down now. they were coming down _ coming down now. they were coming down from _ coming down now. they were coming down from their peak about a year a-o. down from their peak about a year ago we _ down from their peak about a year ago. we need a little bit more sign there _ ago. we need a little bit more sign there. june — ago. we need a little bit more sign there. june could very well happen. by there. june could very well happen. by august. — there. june could very well happen. by august, pretty much definitely. it's by august, pretty much definitely. it'sjust_ by august, pretty much definitely. it'sjust a — by august, pretty much definitely. it'sjust a case of by august, pretty much definitely. it's just a case of whetherjune by august, pretty much definitely. it'sjust a case of whetherjune is 'ust it'sjust a case of whetherjune is just a _ it'sjust a case of whetherjune is just a bit— it'sjust a case of whetherjune is just a bit too early for them. so we wait and _ just a bit too early for them. so we wait and see. a just a bit too early for them. so we wait and see-— wait and see. a lot is well about how we the _ wait and see. a lot is well about how we the public _ wait and see. a lot is well about how we the public feel - wait and see. a lot is well about how we the public feel in - wait and see. a lot is well about how we the public feel in terms | wait and see. a lot is well about l how we the public feel in terms of prices. there are certain ones, i mentioned car insurance, which for a lot of people that is sometimes doubling at the moment. that has an impact on whether we want to spend and do the things that helps the bank controlled the interest rate. indeed, yes. price level still very high, _ indeed, yes. price level still very high, and — indeed, yes. price level still very high, and although inflation is coming — high, and although inflation is coming down, the price level is such that we _ coming down, the price level is such that we are — coming down, the price level is such that we are feeling a lot of pain and there — that we are feeling a lot of pain and there is a lagged effect here. when _ and there is a lagged effect here. when things get renewed from last year. _ when things get renewed from last year. such— when things get renewed from last year, such as your insurance premiums, _ year, such as your insurance premiums, even your car break down,

there _ premiums, even your car break down, there is— premiums, even your car break down, there is a _ premiums, even your car break down, there is a lot — premiums, even your car break down, there is a lot of built still to come — there is a lot of built still to come through this year that are reflecting — come through this year that are reflecting those big inflation increases that we had over the past year _ increases that we had over the past year so _ increases that we had over the past year. so there is more pain to be felt here — year. so there is more pain to be felt here. but the hope is that the li-ht felt here. but the hope is that the light at— felt here. but the hope is that the light at the end of the tunnel, that we are _ light at the end of the tunnel, that we are over— light at the end of the tunnel, that we are over the worst of this, that we are over the worst of this, that we have _ we are over the worst of this, that we have had, it is quite right to say that— we have had, it is quite right to say that the economy has been rocked by a couple _ say that the economy has been rocked by a couple of shucks, the pandemic and the _ by a couple of shucks, the pandemic and the ukraine world, this is really— and the ukraine world, this is really affected the economy, but hopefully, in the absence of any other— hopefully, in the absence of any other shucks, we can start to normalise _ other shucks, we can start to normalise the symptom duration now wants— normalise the symptom duration now wants to _ normalise the symptom duration now wants to bring down interest rates a little bit _ wants to bring down interest rates a little bit. ., ~ wants to bring down interest rates a little bit. . ~ , ., ., little bit. thank you both for 'oinin: little bit. thank you both for joining us — little bit. thank you both for joining us on _ little bit. thank you both for joining us on bbc— little bit. thank you both for joining us on bbc news. - little bit. thank you both for joining us on bbc news. a l little bit. thank you both for- joining us on bbc news. a reminder that we have a live page up and running with more reaction to that decision from the bank of england that it decision from the bank of england thatitis decision from the bank of england that it is going to keep interest rates at 5.25% for a fifth time in a row. you can find that it bbc dot co

.uk slash news. or if you have it, the bbc news app on your mobile device. now, iwant the bbc news app on your mobile device. now, i want to turn to another big story that has happened in the last hour or so. a government watchdog is recommended that the government apologise and pay compensation to women affected by the increase in the state pension age. the report states that women born in the 19505 are owed money, but the department for work and pensions has clearly indicated that it will refuse to comply. the ombudsman say5 it will refuse to comply. the ombudsman says that is unacceptable. it has urged parliament intervene to ensure a compensation scheme is established. the ombudsman i5 established. the ombudsman is looking at potential and resulting in the decision to raise the women retirement age to bring it in line with men's. earlier we were given this analysis of the report. directly affected, we don't know the exact number but it could be around 3.8 will get million women across

the uk. what is at the heart of this argument is a question that 5ocietie5, governments, economists are grappling with, which is at what age can we afford to retirement? the average life expectancy is increasing, the average age of populations is increasing. it means become pensions become more expensive as there are more years to fund them. governments have been pushing up retirement ages, and in 1995, the government laid out a timetable for this to happen. that was accelerated by the coalition government of the conservatives and liberal democrats led by david cameron in 2010, and that was a time when government finances were under particular strain because of the impact of the global financial crisis, and this was thought to be a way to make some headway with those government home finances. the core argument of these women of that have been affected i5 argument of these women of that have been affected is that those changes

were not adequately communicated with them, so when their retirement age was pushed up, they were not able to properly plan their finances, how they would be able to afford to live for the next few years because theyjust did not have that communication. what we have had in this report today from the permits men is an agreement with that position saying that they were not adequately communicated with, and that they are owed some compensation, and that should happen, the government should rectify the situation. the happen, the government should rectify the situation.— happen, the government should rectify the situation. the chair of their women _ rectify the situation. the chair of their women against _ rectify the situation. the chair of their women against state - rectify the situation. the chair of l their women against state pension inequality group known as waspi has shared her reaction to the report. i'm pleased the report is finally out. this investigation has gone on for five long years. three years ago, the ombudsman found there had been maladministration, so he has been maladministration, so he has been considering the evidence on injustice for a long time. i'm pleased he recogni5e5 there has been

plea5ed he recogni5e5 there has been injustice. we certainly gave him evidence that... of the injustices we had suffered. even women who were divorced and had their divorce settlements around about 2010, 2012, their divorce settlements were based on a state pension age of 60. so, had thejudiciary at on a state pension age of 60. so, had the judiciary at the time known about the state pension age changes, their divorce settlements would have been based on their actual state pension age and not what it had been historically. so there is plenty of evidence that there was significant injustice. and it is good that the ombudsman has recognised that. i am really pleased that parliament have a chance to put this right. they other people who represent u5. a chance to put this right. they other people who represent us. the

all—party parliamentary group provided evidence to the ombudsman inquiry and they have suggested that compensation should be at level 5ix compensation should be at level six of the severity of injustice scale. that would mean each woman affected would have a minimum of £10,000. if that was 3.6 million, that would be a huge amount of money. it is £36 billion, which is eye watering li huge. but the government saved £181 billion by 5neaking this in through the back door, by trying to get away without actually telling us, because i'm sure that was political choice. speaking a little earlier, also to nicky campbell on five live, baroness altman gave her reaction to the report. the baroness altman gave her reaction to the re ort. ., ., baroness altman gave her reaction to the reort. ., ., , , the report. the heart of this is the fact that the _ the report. the heart of this is the fact that the government - the report. the heart of this is the fact that the government made i fact that the government made the i’ili'it fact that the government made the right decision, in my view, in 1995, to give _ right decision, in my view, in 1995, to give people at least 15 years'

notice — to give people at least 15 years' notice that women's pension age would _ notice that women's pension age would be — notice that women's pension age would be rising from 60, but then somehow— would be rising from 60, but then somehow or other, it failed to actually— somehow or other, it failed to actually tell them that was what was happening. the parliamentary intention was that they would have plenty _ intention was that they would have plenty of _ intention was that they would have plenty of notice so that they could have plenty of time to plan ahead. that's— have plenty of time to plan ahead. that's all— have plenty of time to plan ahead. that's all very well, but if they don't — that's all very well, but if they don't even _ that's all very well, but if they don't even know that this is happening, and have no idea because all the _ happening, and have no idea because all the women they have seen around them _ all the women they have seen around them who— all the women they have seen around them who reach 60 will start getting their pension, why would they even think— their pension, why would they even think that _ their pension, why would they even think that they won't get there is at 60 _ think that they won't get there is at 60 unless someone explicitly told them _ at 60 unless someone explicitly told them that — at 60 unless someone explicitly told them. that is the failure that caused — them. that is the failure that caused such a shock. some women did know and _ caused such a shock. some women did know and if— caused such a shock. some women did know and if you did go online or wrote _ know and if you did go online or wrote for— know and if you did go online or wrote for a _ know and if you did go online or wrote for a state pension forecast, you might — wrote for a state pension forecast, you might have been able to see that on the _ you might have been able to see that on the official documents, but many women _ on the official documents, but many women are — on the official documents, but many women are would not even think about that at— women are would not even think about that at all— women are would not even think about that at all and would think it was

going _ that at all and would think it was going to — that at all and would think it was going to be at 60. it's a big shock if you _ going to be at 60. it's a big shock if you have — going to be at 60. it's a big shock if you have stopped work to look after _ if you have stopped work to look after elderly relatives or you're not well — after elderly relatives or you're not well and you think you've got a year or— not well and you think you've got a year or two— not well and you think you've got a year or two to go and you can manage now. _ year or two to go and you can manage now. t o— year or two to go and you can manage now. to suddenly find that actually no, you _ now. to suddenly find that actually no, you can't. you have got to wait even _ no, you can't. you have got to wait even longer — no, you can't. you have got to wait even longer i_ no, you can't. you have got to wait even longer-— even longer. i 'ust want to bring ou a even longer. i 'ust want to bring you a line — even longer. i 'ust want to bring you a line of — even longer. i just want to bring you a line of breaking _ even longer. i just want to bring you a line of breaking news - even longer. i just want to bring you a line of breaking news we i even longer. i just want to bring i you a line of breaking news we are getting now in this report from the ombudsman. it criticised the department for work and pensions. they have now i55ued department for work and pensions. they have now issued as statement. it says, we will consider the ombudsman report and consider in due course, having cooperated fully throughout this investigation. it goes on to say the government has always been committed to supporting all pensioners in a sustainable way that gives them a dignified retirement whilst also being fed to them and taxpayers. the state pension is the foundation of income in retirement and will remain so as we deliver a further rise in april

as we increase the state pension. they are now saying that they are going to consider a and rip sponge in due course. they say, having cooperated fully throughout this investigation. earlier i spoke to karen woodward in dorset who was one of those who missed out on her pension. she has still not had it and is 65. i started by asking her for her reaction to the report. t’m for her reaction to the report. i'm not auoin for her reaction to the report. i'm not going to _ for her reaction to the report. tn not going to be popping any champagne corks and blowing up balloons just yet. partly because it took them, what, five, eight years took them, what, five, eight years to reach the stage. how long are we going to have to wait for the figure that we should be receiving? it kind of makes you think, are they waiting

for more of us to pass away so it is going to lessen the bill? is this going to lessen the bill? is this going to lessen the bill? is this going to now drag on and on and on? and that is my worry. yes, it has been proven that they should be compensating us, but when? they are just going to drag it on and on and on. we are not going to go away. i'm really pleased about the report, but i am very cautious as to when. angela quite rightly said, if they gave us all that figure that has been touted out, around 10,000, it is a huge amount. but what has happened to all the money that we pay didn't? if i'd been able to retire at 60, and again like a lot of ladies, ifound out totally

retire at 60, and again like a lot of ladies, i found out totally by accident at the age of 58 and by thenit accident at the age of 58 and by then it was too late to do anything, totally by accident, in a conversation with a friend who had had a conversation with a friend. and i was completely horrified because it was too late to actually do anything. and what they did was wrong. what they did was absolutely wrong. what they did was absolutely wrong. they could have had a pen and a bit of paper and an envelope and a stamp and sent it to all of us in 1995, was it, when they came up with this decision and let us all know. and this, it would have cost them an awful lot less at the time to have actually informed people properly by sending out a letter then it is going to cost them now. if i had retired at 60, like i had always been led to believe, between 60 and

66, i would been led to believe, between 60 and 66, iwould have been led to believe, between 60 and 66, i would have had £47,000. so, say the average 45, times that by 3.8 million women, where is all that money gone. where has it gone? they must have the money somewhere that we have all paid in, so where has it gone? we have all paid in, so where has it one? ., �* , we have all paid in, so where has it .one? ., �* , ., we have all paid in, so where has it .one? ., �*, ., ~ ., ., gone? that's karen woodward from dorset reacting _ gone? that's karen woodward from dorset reacting to _ gone? that's karen woodward from dorset reacting to the _ gone? that's karen woodward from dorset reacting to the news - gone? that's karen woodward from dorset reacting to the news that i gone? that's karen woodward from dorset reacting to the news that in | dorset reacting to the news that in government watchdog has recommended that the government owes women born in the 19505 compensation. the ombudsman criticised what it called for communication about the change. it has asked parliament to intervene saying it doesn't believe the department for work and pensions will comply with its findings. the dwp in the last few minutes has said

it will consider the report and respond in due course. the other breaking news in the last half hour, the bank of england has held interest rates at 5.25% for the fifth time in a row. voted by a majority of eight to one to keep rates unchanged. you can get news on both of those stories in the bbc website or app. this is bbc news. the united states' top diplomat is in cairo — antony blinken says washington has submitted a draught un security council resolution calling for an immediate ceasefire in gaza — linked to the release of hostages. new research from india shows that pregnant women working in extreme heat are at greater risk of miscarriage and stillbirth. the un warns it can't get enough aid into haiti — where millions are experiencing hunger and malnutrition.

more now on a new study in india — and shared with the bbc — that shows pregnant women working in very hot environments faced twice the risk of miscarriage, still birth, preterm birth and low birth weight, compared to those in cooler workplaces. india is one of the countries most exposed and vulnerable to heat — let's put that into context. over the past five decades, india has experienced more than 700 heatwave events, which have killed at least 17,000 people. climate experts say that india's extreme heat events could "cross the survivability limit" by 2050. researchers are now working with scientists in the uk to better understand how extreme heat could have an impact on advice for pregnant women globally. our global health correspondent tulip mazumdar has been to the indian state of tamil nadu, to meet some of the women who took part in the study.

we'll talk to her shortly but here's a clip of her film.