and secure a mining mega—merger. live from london, this is business today. i'm mark lobel. we start here in the uk, where in exactly six weeks�* time the polls will be opening for a general election. prime minster rishi sunak made the shock announcement of a july 4th election just hours after official figures showed the rate of inflation fell in last month to its lowest in almost three years. with his conservative party trailing labour in opinion polls by more than 20 percentage points, he's gambling that voters will give him credit for an economy that has �*turned the corner�*. but any hopes of a boost from lower borrowing costs have evaporated. markets are now betting there will be no cut in uk interest rates before the election and possibly not until the autumn, after inflation fell less

than expected last month. our economics editor faisal islam has been to rustington, in east sussex, to find out if people are feeling any better about their finances. on about their finances. the on about theirfinances. the high on about their finances. the high street, on about theirfinances. the high street, shoppers can on the high street, shoppers can feel inflation is coming but the feelgood factor the prime minister will depend on in a general election remains elusive. , ., . , in a general election remains elusive. , ., . elusive. some products are auoin elusive. some products are going up. _ elusive. some products are going up. some _ elusive. some products are going up, some products. elusive. some products are l going up, some products are plateauing. it isjust going up, some products are plateauing. it is just not a good time for everybody. i good time for everybody. i think things are still going up 'ust think things are still going up just slightly less faster. gas and electricity _ just slightly less faster. gas and electricity have - just slightly less faster. gas and electricity have gone down and electricity have gone down a little — and electricity have gone down a little bit _ and electricity have gone down a little bit so _ and electricity have gone down a little bit so that _ and electricity have gone down a little bit so that is— and electricity have gone down a little bit so that is a - and electricity have gone down a little bit so that is a help. - a little bit so that is a help. you — a little bit so that is a help. you try— a little bit so that is a help. you try the _ a little bit so that is a help. you try the budget - a little bit so that is a help. - you try the budget supermarket. some things are still going up but they were, what can you do about it. ., ., ., , ., about it. inflation has now come down _ about it. inflation has now come down sharply - about it. inflation has now come down sharply from | about it. inflation has now- come down sharply from double digits in 2022 to april falling close to the bank of england

target of 2%, as you can see. in the seventh it looks stuck, just falling below 6%. this is due to a decline in energy prices including gas sharply negative. but other areas remain high. overall, there may be a red card next month. the big election question, how much of a change in the british economic weather has there been? this would be elected defined by economics, called on the day of some big economic numbers were both main parties say they want to fight it on the economy. the government will argue today's number will see an economy at a turning point after three years of global price shocks. the opposition will argue there is some blame for the government in the price shocks and that the public does not feel much of a turning point themselves. the mixed picture is reflected backin the mixed picture is reflected back in east sussex where this couple are amongst the millions

paying the cost of a recently mortgage. to paying the cost of a recently mortgage-— mortgage. to be honest, interest _ mortgage. to be honest, interest rates _ mortgage. to be honest, interest rates for - mortgage. to be honest, interest rates for us - mortgage. to be honest, interest rates for us was| mortgage. to be honest, i interest rates for us was the biggest hit. you have a pool of money that comes in every mother normally you set a better aside and say that is what we will have four a holiday or takeaway is but a big part of thatjunk was gone. we are fixed for five years. previously we have done two years — previously we have done two years but _ previously we have done two years but because it was going up years but because it was going up and — years but because it was going up and up _ years but because it was going up and up and up, we wanted to know— up and up and up, we wanted to know where we stood for the next — know where we stood for the next five _ know where we stood for the next five years because it could _ next five years because it could have gone up higher. on the country's high street, the past shocks of the past three years to get into and away. whether families feel that and who gets the credit is the key economic battleground for who gets into downing street. jane foley is head of foreign exchange strategy at rabobank inflation. inflation is down but not as much as expected. was the

decision behind closed doors to hold this election now a gamble that this could be as good as it gets for the british economy for now, do you think? it seems that could _ for now, do you think? it seems that could have _ for now, do you think? it seems that could have been _ for now, do you think? it seems that could have been the - for now, do you think? it seems that could have been the case. | that could have been the case. if we look at public sector finances, they have disappointed in the last set of data and it meant perhaps there was not room for a cut towards of the autumn and maybe that was a reason. if you look at the economy, yes, we saw the government yesterday celebrating the fact cpi inflation was down close to the bank of england 's target but of course in the market we look a little bit behind the headline measures, and there were errors that were pretty disappointed. they came down but not as much as the market thought and in particular services inflation 5—.9%. that does not taint with that 2% inflation target and of course services inflation is so important for the uk because we are after all services driven

economy and if you run a services sector business, it is likely the largest part of your outgoing is your wage bills and that reflects the stickiness of wage inflation still. there are a couple of key reports still to come between thejune bank of england meeting. it is likely we will go into the election with no interest rate cut for the touring governments. cut for the touring covernments. ., . governments. that is a concern for those _ governments. that is a concern for those remortgaging - governments. that is a concern for those remortgaging later i for those remortgaging later this year. the interest rate cuts no longer happening the same way. the country remains on the tax and spending tight rope? it on the tax and spending tight ro e? . ., , on the tax and spending tight roe? . ., , ., , on the tax and spending tight roe? . ., , .,,. rope? it certainly does. we have to bear _ rope? it certainly does. we have to bear in _ rope? it certainly does. we have to bear in mind, - rope? it certainly does. we j have to bear in mind, every quarter, around about 300,000 uk households have to move from an expiring fixed rate mortgage to a new fixed rate mortgage and really, until we get to september, a two—year anniversary of these trusts when interest rates spike,

everybody who has to rotate will be rotating onto a higher rate than they were paying previously and of course as we had in the report some will feel worse off. liz truss. mortgage rate holders will feel worse off this year. mat mortgage rate holders will feel worse off this year.— worse off this year. not a lot of leverage _ worse off this year. not a lot of leverage spending - worse off this year. not a lot of leverage spending was. i worse off this year. not a lot - of leverage spending was. when you imagine the difference is will emerge?— you imagine the difference is willemerae? ., ., ~ �*, will emerge? from the market's persoective _ will emerge? from the market's persoective that _ will emerge? from the market's perspective that doesn't - will emerge? from the market's perspective that doesn't seem i perspective that doesn't seem to be an awful lot of difference between the two parties. we know from the liz truss era, whoever is the chancellor, they have to keep a very tight fiscal ship. the market will not tolerate anything other than a prudent budget so any growth in the coming few years is not going to come really from the public purse, it really does need from

a business investment. business investment has been pretty weak investment has been pretty weak in the uk in recent years, political uncertainty, brexit, chaotic government under liz truss annjohnson as well. it is hoped that a calmer and more stable political environment will allow some of that investment to come back and the labour party understands as does jeremy labour party understands as doesjeremy hunt labour party understands as does jeremy hunt that labour party understands as doesjeremy hunt that if labour party understands as does jeremy hunt that if you're doesjeremy hunt that if you're going to move business, if you're going to get investment on your side, you need to keep a prudent budget and a very come political backdrop. it is hoped that is what is going to provide the growth we get in the uk in the next few years. so as well as the electorates, the markets is watching as well. shane foley, thank you forjoining us. ——jane. so what do uk businesses want to see from the next government? alex hall—chen is a policy advisor at the bosses�* lobby group, the institute of directors.

thank you forjoining us. there have long been calls to plug the skills gap, aid apprenticeships and raise employability skills. the question is can those reforms be delivered? you are absolutely right that skill shortages are a top issue for uk businesses. polly shows business leaders side skill shortages is having an impact. whoever forms the next government we hope will make this a key priority area. we are some relatively easy wins that a government can implement into this area, for example establishing an independent body to produce a list of current and future skills needs so we can use the tax system to incentivise businesses to up skill in those areas. what else are your members looking out for over the next 6 weeks?

what will they be looking for in these party's manifestoes. to reignite the uk growth and just by tackling the key issues. we mentioned skills, and other key is to develop an industrial strategy which requires a stable and predictable framework for investment. strategic vision for skills, investment. strategic vision forskills, innovation, net zero strategy, infrastructure and energy security. what business will want to see from the manifestoes is a clear sense that they have a long—term plan for all the issues facing uk businesses. in terms of the inheritance. there's housing, nuclear, levelling up and overcomplicated tax system — lots for the winner to take on. yes, absolutely. we completely recognise that there is limited fiscal headroom. the focus

needs to be on investment in getting the economy kickstarted because until economic growth in press, nothing else will improve. when government has to fiscal headroom it is important to focus on areas that will give business more confidence to invest in the economy. thank ou for to invest in the economy. thank you forjoining _ to invest in the economy. thank you forjoining us _ to invest in the economy. thank you forjoining us on _ to invest in the economy. thank you forjoining us on the - you forjoining us on the programme. to the us now, where there could be more fuel for a wall street rally that has seen stock markets hit new record highs. investors' eyes were all on santa clara, california, home of semiconductor maker, nvidia, whose advanced chips are used in artificial intelligence. optimism about al has been driving markets higher and nvidia is seen as a vital gauge of demand for the technology. its profits are soaring. take a look at this. nvidia made almost $14.9 billion in the three months to the end of april.

that's up 628% on the same period last year, making it nvidia's most profitable quarter ever. michelle fleury reports from new york. the number of times that al has been mentioned on earnings call this quarter is up sharply from the previous one, which helps explain why investors are so obsessed with nvidia's earnings. it's seen as a bellwether for the ai industry, and the chip giant's latest results show that demand is off the charts. nvidia reported a net income of $14.9 billion. now, put that another way — the company is making around $6.8 million in profit every hour. as for its revenue for the last three months, it came in at $26 billion, up a whopping 262% on the previous year. about the results, founder and ceo said the next industrial revolution

has begun. its business, once built around chips tailored to gaming consoles, has been transformed by demand from data centres, which are at the heart of the generative ai boom and have sent its share price on a tear. the stock? well, it's up 97% this year alone. let's go to san francisco and speak to andrew chang, technology director at s&p global ratings. thank you forjoining us. talk us through these results and why they are better better than expected ? good morning. it was another blockbuster quarter net and exceeded our expectation, street expectation as well which were already high to begin with. the bottom line is the h 100 demand is still very strong. stayed sustainable

through two h 200 and likely into blackwell which is being introduced later this year and the company mentioned they will generate with positive development. it confirm the comments we have heard from customers, primarily people like amazon and microsoft, that they are upping their ai capital even further and quicker to meet growing demand. through to 2024 and into 25. what is the logic behind announcing the stock split? hat announcing the stock split? not announcing the stock split? not a whole lot _ announcing the stock split? not a whole lot of _ announcing the stock split? iifrt a whole lot of rationales that. i think this is just to make the retail investors have more access to the shares. it should not change the company fundamentally. 50 not change the company fundamentally.- not change the company fundamentall . ., ., fundamentally. so more retail investors can _ fundamentally. so more retail investors can participate. - fundamentally. so more retail investors can participate. is i investors can participate. is there any stopping nvidia? at

present more competition is gearing up? present more competition is gearing no?— gearing up? competition is caearin gearing up? competition is gearing uo _ gearing up? competition is gearing up but _ gearing up? competition is gearing up but as - gearing up? competition is gearing up but as of - gearing up? competition is gearing up but as of today, nvidia is a new monopoly here. from a competition perspective, they are chipping away although slowly. more direct competition i think is coming from their own customers, like amazon, google, who have and will continue to develop their own chips. these companies are watching nvidia's earnings and probably are not too happy about all the profits they are generating. about all the profits they are generating-— about all the profits they are areneratin. , ., , generating. sorry to interrupt, i wanted generating. sorry to interrupt, i wanted to — generating. sorry to interrupt, i wanted to step _ generating. sorry to interrupt, i wanted to step back. - generating. sorry to interrupt, i wanted to step back. what i generating. sorry to interrupt, l i wanted to step back. what did we learn also about the company's focus going forwards and whether this is an ai bubble?— and whether this is an ai bubble? , ., bubble? yes, longer term, we believe this _ bubble? yes, longer term, we believe this is _ bubble? yes, longer term, we believe this is not _ bubble? yes, longer term, we believe this is not a _ bubble? yes, longer term, we believe this is not a bubble. i

believe this is not a bubble. at snp we forecast ai investments will roll from about 200 billion in 2020 feet to a 30% increase with nvidia in the forefront. this growth is not going to be so every year. at some point we expect there will be a digestion, pause in purchases, especially by these large consumer providers and we do not expect that in 24, frankly not even into 25 but we do expect there to be some volatility over time. nvidia company has had some volatility not to mention the semiconductor industry as a stand along does have cycles. thank you forjoining us. thank you for 'oining us. thank ou for thank you forjoining us. thank you for having _ thank you forjoining us. thank you for having me. _ let's get some of the day's other news now. the us department ofjustice and several us states will sue live nation, the owner of ticketmaster, over its dominance of

concert ticket sales, according to cbs and bloomberg news. music fans and politicians have been calling for a re—examination the 2010 merger of the two firms, amid concerns about high prices and bots buying up tickets. coming up, taking a punt on high tech: how cambridge university has spawned a $191 billion technology sector. we will be dipping our all into that. around the world and across the uk, this is bbc news. “ oar.

welcome back to the programme. let's turn to the mining industry now, and plans for a global mega—merger. uk—based anglo american has given its huge rival, australia's bhp, a week to improve on its $49 billion takeover offer. bhp wants to get its hands on anglo's copper mines

because of soaring demand for the metal — a key resource in the shift to electric transport and renewable energy. anglo american's board has rejected three offers now. bhp has said the latest one is final. but anglo has agreed to enter talks with bhp, extending a deadline for a binding offer under uk stock market rules, until may 29. let's go to sydney and speak to todd warren, from tribeca investment partners, which holds shares in both companies. talk us through the options. a reset in talks, anglo could split or a rival could come in? absolutely. obviously, the news that anglo american are willing to talk, the board has opened a jar at least two bhp people to engage further and that is progress and it would indicate

there is a willingness to discuss further the deal. the language in the announcements from both companies is key and the devil is in the detail with regards to their wedding of the anglo american in particular being that they have not used the words value. it is more around structure. obviously thatis around structure. obviously that is more structure to be had and it would indicate bhp still have a hope of completing a deal here. still have a hope of completing a deal here-— a deal here. what do you think miaht a deal here. what do you think might happen? _ a deal here. what do you think might happen? l _ a deal here. what do you think might happen? ithink- a deal here. what do you think might happen? i think what. a deal here. what do you think might happen? i think what is| might happen? i think what is clear here _ might happen? i think what is clear here is _ might happen? i think what is clear here is as _ might happen? i think what is clear here is as you _ might happen? i think what is| clear here is as you mentioned earlier, there is a clear massive appetite for the copper and our possibility there may be some face—saving offering from anglo american around a backstop around the valuation of the assets they will spend so the number i am not assets and the anglo american assets,

particularly around the price of iron ore. there may be an ability for bhp to put a safety net to form a better term around the value of the iron ore assets. it will allay some concerns around the flowback of the shares in the event of the spent and without winningly increasing the ratio.- spent and without winningly increasing the ratio. copper is a centre of— increasing the ratio. copper is a centre of this _ increasing the ratio. copper is a centre of this with _ increasing the ratio. copper is a centre of this with demand i increasing the ratio. copper is. a centre of this with demand so high with the push for renewables but it is complicated because it involves government interests as well? yes, there is. i guess, the key challenge when the deal first landed on the table or the first concerns were primarily around concerns that china might have. obviously there is concern from the south african government in respect of how it looks from their side to give

considerable assets. obviously with the increase of free floats, you would expect support from south south africans as well. finally to cambridge. the ancient british university city attracts millions of tourists a year to its historic colleges and tranquil waterways. but it is also attracting billions of dollars from technology investors. new research suggests cambridge's tech industry has hit a combined valuation of $191 billion — almost a fifth of the uk's entire tech business and more than italy and spain combined. so, what is cambridge doing right and what does it need from the next government in terms of support for the uk tech industry? gerard grech is managing director of founders, at the university of cambridge, an initiative that help turn academic research into business start—ups.

he is a long—standing adviser to the uk government on science and technology policy. what is cambridge getting so right that others can learn from? good morning. ithink good morning. i think what this report shows is the strength of the ecosystem at cambridge. they could be a number of reasons and one of that is at the university itself. it is a huge magnet for talent, from all ages and from all around the world. professors, phd students. secondly the amount of public and private funding going into research. it is world—class university producing world—class research. and thirdly, it has a strong pull of executive talent who have previous experience of scaling companies from a start—up right through to ipo's

if you look at for example duck trace, recently sold to an equity company. they started small and it takes a long time and you can use a strong executive talent to take into a large company. fourthly, strong ecosystem. lots of idea spaces, producing programmes that help academics but also students think about taking more risks, starting a new company that then goes on to create jobs locally. and finally, strong investors. there's been investors. there's been investors that have got a lot of experience of putting money into companies and actually helping mentoring those companies to scale up. that is very much what we do here, mental people to make that transition to make the transition to make the transition from research to a global technology company. you are describing _ global technology company. you are describing the ecosystem so

clearly with the university and consistent funding. could some of the magic rub off on to london, tech businesses tempted to move from the us? what london, tech businesses tempted to move from the us?— to move from the us? what i would say. — to move from the us? what i would say, cambridge - to move from the us? what i would say, cambridge is - to move from the us? what i would say, cambridge is an l would say, cambridge is an ideas capital while london is a financial global capital so the combination of the two is it so powerful and they are only 40 miles away from each other whereas in the estates you have that quite disposed so i think we have it all at our doorstep. the financial muscle of london combined with the london stock exchange, the public markets, and then you have an ideas capitalfull and then you have an ideas capital full of research... and capital full of research... and a very tranquil _ capital full of research... and a very tranquil place - capital full of research... and a very tranquil place to - capital full of research... and a very tranquil place to work and talk to people, presumably helps? very much so. great. thank you very much. for coming on the show. that is all

for now. bbc breakfast is next for now. bbc breakfast is next for viewers in the uk. do not go anywhere. you are watching bbc news. hello, there. for most of us, wednesday was a particularly miserable day. quite wet, in fact, in hertfordshire and warwickshire, we had a month's worth of rain in a 24—hour period, ranging from 55 to almost 65mm of rainfall. throughout the day, the rain gradually drifted its way steadily north and west. here, it is going to linger for quite some time, so we still have weather warnings out. in fact, the met office has an amber warning now, with the emphasis on the heavy, persistent rain across parts of north wales and northwest england. we could see, to higher ground, as much as 100mm or more, and that could lead to

some localised flooding. so that weather warning will remain in force until lunchtime on thursday. the brighter colours denoting the intensity of the rainfall. some clearer skies further south, so it could be a misty, murky start, but a relatively mild start to thursday morning. on the whole, quite grey for most of us, and some of the rain still quite persistent, but it will gradually start to ease as we go through the day and, hopefully, the cloud across east anglia and southeast england should break up to allow for some glimpses of sunshine from time to time. winds, light to moderate, but the strongest gusts perhaps to the far north and west, where the heaviest bursts are likely to be. now, we are going to see temperatures peaking at around 18 or 19 degrees, but where the cloud and rain lingers, certainly a disappointing feel. as we go through thursday evening into the early hours of friday morning, gradually that low pressure will drift its way further north and east and start to pull away, but it stays rather cloudy, damp and murky, so a pretty murky start

to friday morning, and we will be chasing cloud around on friday. cloud, thick enough further north for a spot or two of light drizzle at time to time. hopefully some brightness down to the south, but it will be dry here, and top temperatures, once again, likely into the high teens. into the start of the weekend, this little ridge of high pressure keeps things quiet on sunday. it is a bank holiday weekend, i know. there is a weather front starting to push in from the west, giving us a level of uncertainty, so it is likely the beginning of the three—day weekend will be the best, in terms of drier, sunnier weather, and there is the potential for some sharp, possibly thundery showers to develop a little later on.

good morning, welcome to breakfast with charlie stayt in downing street and nina warhurst in salford. the election campaign begins. voters across the uk will go to the polls onjuly 4th to decide who will occupy the building behind me. the timing of the announcement took many here in westminster by surprise, but today party leaders will be out across the country setting out their policies.

now is the moment for britain to choose its future. to decide whether we want to build on the progress we have made or risk going back to square one with no plan and no certainty. fin square one with no plan and no certain . ., . , i. certainty. on the 4th ofjuly you have the choice, _ certainty. on the 4th ofjuly you have the choice, and _ certainty. on the 4th ofjuly you have the choice, and together, | certainty. on the 4th ofjuly you i have the choice, and together, we can stop _ have the choice, and together, we can stop the chaos, we can turn the page. _ can stop the chaos, we can turn the page. we _ can stop the chaos, we can turn the page. we can — can stop the chaos, we can turn the page, we can start to rebuild britain — page, we can start to rebuild britain and change our country. the summer fruits are out here at the birmingham wholesale market and some election is on the way so i have come to find out how traders think the economy is going any how that could affect had who they vote for. throughout the programme this morning we'll bring you reaction from across the uk, and speak to some of the politicians fighting for your vote, including prime minister rishi sunak. the other main stories this morning.