dollar hole in the [ie dollar hole in the uk finances. that is the _ dollar hole in the i uk finances. that is the bombshell we are expecting to hear from rachel reeves and a few hours. the conservative party says she is trying to calm the british public so that she can raise taxes, something labour promised not to do. let's take a look at some of these numbers. £20 billion, that is the big number being widely reported as the potential shortfall through tax revenues coming in and spending going out. here's one majorfactor behind it, public sector pay. independent pay review bodies have recommended a 5.5% pay rise for teachers, nurses and other nhs staff in line with workers elsewhere in the economy. if, as expected, the chancellor agrees to that, it will cost the treasury an extra £3.5

billion to pay for, according to the institute for fiscal studies, but it pay reviews for other public sector workers like police, doctors, dentists and prison staff, come up with a similar number, the institute for fiscal studies warns this could quickly rise to £10 billion. let's bring in political breath now you. hi, c. this field is a bit like inheriting a property and finding it is more of a house of horrors than you initially first thought. how much of a surprise is that? we kind of knew this was coming, no? yes. of knew this was coming, no? yes, it's certainly _ of knew this was coming, no? yes, it's certainly not _ of knew this was coming, no? yes, it's certainly not a _ of knew this was coming, no? yes, it's certainly not a total _ of knew this was coming, no? us: it's certainly not a total surprise that labour have found there is a very difficult picture facing public finances. it is something that the cpr finances. it is something that the 0pr has been flagging for some time,

as well as bodies like the afs. they had an idea that this was going to be challenging, but i think the final number was maybe something that they weren't entirely sure of and what it looks like it's happened is the treasury have been carrying out a bit of an audit since labour entered government and have come up with this £20 billion figure and as a result labour are going to be making some changes to plans, in part to focus on their own priorities for government, which are obviously slightly different to their predecessors, and to address their predecessors, and to address the challenges facing public services. ., , , . , . ., services. looking at public sector -a first, services. looking at public sector pay first. that — services. looking at public sector pay first, that will _ services. looking at public sector pay first, that will add _ services. looking at public sector pay first, that will add more - services. looking at public sector i pay first, that will add more stream to public finances. this industrial strife over the last few years that is a bigger hit to the economy than just digging deep and paying up. we just digging deep and paying up. , have seen lots of strikes taking

place over the last couple of years and labour is keen to see an end to this ongoing industrial action as soon as possible, imparts to stabilise the workforce and to make sure that they can start the process of improving public service delivery, which was a key part of their election pledges. h0??? their election pledges. how inevitable _ their election pledges. how inevitable does _ their election pledges. how inevitable does it _ their election pledges. how inevitable does it feel - their election pledges. how inevitable does it feel that we will have to see some kind of tax rises, maybe not now but in the near future? fir maybe not now but in the near future? ., ,., maybe not now but in the near future? ., . , , future? or for some time has been that u on future? or for some time has been that upon entering _ future? or for some time has been that upon entering government - future? or for some time has been i that upon entering government labour were going to have to make fiscal trade—offs in order to keep the spending rules as they currently are. the other side of the coin was going to have to be some increases in taxation to fund their election priorities. it is not something that we view is particularly surprising

and it is likely that come the autumn budgets we are going to see some changes to tax and part of what labour is doing right now is to effectively set out their rationale for making those changes. the chancellor will be in parliament this afternoon. dutch brewer heineken has seen its shares slump after disappointing results — which were weaker than analysts expected. it's also written down its investment in chinese brewing firm cr beer to the tune of $900 million. the maker of europe's top—selling lager reported a 12.5% rise in half—year operating profit, below a forecast of 13.2%. heineken is the world's second—largest brewer, with brands including tiger and sol.

let's bring injames edwardesjones, managing director of consumer research at rbc capital markets. what is behind this poor performance? i suppose we have to start with this massive write—down on crb. it start with this massive write-down on crb. , ,., . start with this massive write-down oncrb. , . ., , �* on crb. it is something that doesn't aet much on crb. it is something that doesn't get much visibility. _ on crb. it is something that doesn't get much visibility. i _ on crb. it is something that doesn't get much visibility. i imagine - on crb. it is something that doesn't get much visibility. i imagine it - on crb. it is something that doesn't get much visibility. i imagine it is i get much visibility. i imagine it is partly a function of the chinese economy which has been growing more slowly and there is no sign of that picking up, so that seems to be the thinking behind that write—down. more widely, they did miss their volume expectations in the second quarter. they were expected to achieve about 6.li% organic new growth and came in at 3.4%. that has been as much as anything the reason for the slump been as much as anything the reason forthe slump in been as much as anything the reason for the slump in the share price.

also they suggested for the full year that there were going to be increasing marketing expenditure. heineken as a business is very focused on its brands, tiger but also heineken, marathi, things like that. marketing expenditure fell, it was down by ten basis points, and thatis was down by ten basis points, and that is probably disturbed people slightly as well. they wanted to see that increasing. heineken indicated it would increase, it will increase in the second half of the year, but people are quite disappointed with that. , ., , , , people are quite disappointed with that. , ., _ , , that. obviously it is global, but euroe that. obviously it is global, but eumpe seems _ that. obviously it is global, but europe seems to _ that. obviously it is global, but europe seems to have - that. obviously it is global, but i europe seems to have particularly struggled. europe seems to have particularly stru: led. ~ , , europe seems to have particularly stru~led. ~ , , . , europe seems to have particularly strunled_ . , , ., , ., struggled. why is that? they are talkin: struggled. why is that? they are talking about _ struggled. why is that? they are talking about poor— struggled. why is that? they are talking about poor weather - struggled. why is that? they are talking about poor weather in - struggled. why is that? they are i talking about poor weather in june talking about poor weather injune offsetting steady growth in april and may, but from memory the weather last year wasn't that great either. i was just talking to unilever a few

minutes ago. they are saying that consumer confidence in europe has been surprisingly strong, significantly stronger than in the us or china, so heineken is the first of the brewers to reports. we have carlsberg and anheuser—busch coming up in the next few days. it will be interesting to hear what they say about europe, but this seems to be brewer specific. it will wait to be seen if it is company specific as well.— wait to be seen if it is company specific as well. italy's prime minister giorgia meloni is in china — where she's promised to �*relaunch' co—operation with beijing. she made the announcement on sunday during a meeting with chinese premier li chung. ms meloni signed a three—year action plan aimed at improving trade ties — after italy exited president xi jinping's "belt and

road" infrastructure new rules have come into force designed to make london a more attractive place for companies to list their shares. britain's finance regulator, the financial conduct authority, says it's the biggest change in over three decades — and will �*boost growth and innovation'. the london stock exchange has struggled to attract share sales from companies in recent years. chip designer arm — seen as the �*jewel in the crown' of uk tech — caused widespread disappointment in the city when it chose new york for its recent share listing. donald trump spoke at a large gathering of bitcoin enthusiasts in nashville over the weekend, saying if elected in november, he would champion the digital currency and fire the chairperson of the us securities and exchange commission , on his first day in office. mr trump also cited china in his speech, saying the us must

it's been more than 20 years since concorde touched down for the final time, and the age of supersonic travel came to an end. for the past ten years, a us startup called boom supersonic has been planning to bring it back. boom wants to build a brand new supersonic airliner at its so—called "superfactory" in north carolina. it's now built a small test aircraft to refine its technology. at the farnborough airshow, theo leggett caught up with the company's boss, and asked him why the world needs supersonic travel? nobody wants to spend a lot of time on an aeroplane and everybody loved concord, a marvellous technical accomplishment. the problem as it was too expensive. 20,000 quid for a ticket, 100 seats to fill. everybody loved concord. 60 years later and now we have new technology. we have carbon fibre composites, digital engineering, vastly improved engines and now we can get the coastline of

supersonic flight to the point that a lot more people can benefit. with overture one, ourfirst a lot more people can benefit. with overture one, our first airliner, thatis overture one, our first airliner, that is going to be more like flying business class. three quarters lesson on concord. we are going to get faster, get the costs down, our goal is to get supersonic flight to everybody. goal is to get supersonic flight to eve bod . ., . , . ., ., everybody. you have been around for ten ears everybody. you have been around for ten years nova _ everybody. you have been around for ten years now. at _ everybody. you have been around for ten years now. at the _ everybody. you have been around for ten years now. at the start, - everybody. you have been around for ten years now. at the start, people l ten years now. at the start, people thought you were crazy, but you have had some big milestones. i am thought you were crazy, but you have had some big milestones.— had some big milestones. i am really roud of had some big milestones. i am really proud of what — had some big milestones. i am really proud of what we _ had some big milestones. i am really proud of what we have _ had some big milestones. i am really proud of what we have done. - had some big milestones. i am really proud of what we have done. we - proud of what we have done. we are... it will go supersonic this year. it will fly in march. it will probably fly for the second time. it will be supersonic but the end of

the year. will be supersonic but the end of the ear. , . , . ., will be supersonic but the end of the ear. , . ., . ~' the year. getting a plane to market because the — the year. getting a plane to market because the huge _ the year. getting a plane to market because the huge amount - the year. getting a plane to market because the huge amount of - the year. getting a plane to market. because the huge amount of money. the year. getting a plane to market i because the huge amount of money. i will you get from where you are now into production?— into production? what we are doing is ferociously _ into production? what we are doing is ferociously difficult. _ into production? what we are doing is ferociously difficult. aeroplanes l is ferociously difficult. aeroplanes are complex, expensive to develop, but what i deeply that small, focused different teams can do things that legacy players can't or won't do and can do it faster and better. we booked the supersonicjet with 50 people and not that much money. as you play that forward, this is a multi—billion dollar project but we have done a lot. we have flown a plane, open your super factory, took control of our own propulsion, so we are controlling our own destiny the engine. there is a lot of challenge still ahead of us, but a lot of challenges in the rear—view mirror, as well. let's have a quick look at the markets. the ftse is up 1% there.

brent crude dropping off a bit. that is it from us. to stay with us here on bbc news.

hello from the bbc sport centre. let's update you on the olympics and there's controversy on day three as pollution in the river seine has forced the cancellation of swimming training for triathletes. tests earlier this month showed the river was clean enough for swimming, but heavy rain in the french capital over the weekend has diminished the quality. this is the second day that training has been cancelled for the same reason. a statement from paris 2024 and world triathlon said that tests had shown the water quality

was still below an acceptable standard and that the "priority is the health of the athletes". the men �*s triathlon is due to start on tuesday and may be affected. the athletes, i can understand they would like to have a straight plan, but they are updates every day. you need to adapt all the time is a high level athletes. they thing they have to be sure as if they are allowing the competition it is because we have a good quality of water because our preoccupation is the health of the athletes first because we don't want to take any risks. in the last hour, great britain's tom daley and noah williams have won silver in the men's synchronised 10—metre platform diving final. it is a first silver for daley, to go with his three bronze and one gold. for williams, it is a first ever olympic medal in his

second games appearance. china pair hao yang and junjie lian were the clear