animals is not just the enormous cost that's involved, but it's also the time it's required. south african penguins 18th in captivity. and so they need to forage for food for up to 6 hours a day. emma de jaga has a team of staff and volunteers, and while getting the back into the wild is the ultimate goal. conservation is say, it's not enough in every one that we say for and time that we save that hundreds and thousands of being poached in that time. we're not talking a matter of 10 years, so be extinct. we're talking a year. they are shy and secretive. they don't hurt anybody, but yet we're destroying them. the clinic receives no government funding. the dement, the undercover agent, also works for free. it's for each and every person, every citizen, every person to actually protect the wildlife, because we are protecting that, not for ourselves, but for our future generations. as for the bumper, he's been released back into the wild. one of the few success stories in this

campaign to save the penguin, emily anglin, al jazeera and main south africa. ah, it's good to have you with a solo, adrian, something i'm hearing though all the headlines and i was a 0 leaks have been detected in the old stream one and 2 gas pipelines from russia to germany. sabotage is suspected supplies through nordstrom one was suspended by russia earlier this month because of a stand off of a sanctions lot stream to never became operational. gish monitors latonya. today we faced an act of sabotage. we don't know yet all the details of what happened, but we can see clearly that this is an act of sabotage, an act which likely means a further step of escalation of the situation in ukraine. there. moscow says that people in for washing control regions of ukraine of voted over clover lead to join the russian federation. firm still being counted after

a referendum in the areas cave in its western allies, described the poles as a sherm mom, and vow reports from moscow. love me to put in from day one, when not to find them was announced. he declared that she would accept the results immediately and the expectation is not. but after the announcement of the results, probably after tomorrow, the russian duma will meet and they will endorse the results. and the feeling is that this is a fait accompli, the media talking about high turn out. so this is a concluded process. it will be closed in a few hours, maybe, maybe it's about to close. so it is a fait accompli these regions are going to join russia. russia is going to make that official in a, in a, in a speech by president vladimir putin, probably on the 13th of this month. britain is pound stabilized against the us dollar a day after the currency trumbull to

a record low get still down around 4 percent since friday when new chancellor quincy quoting, announced a package of tax cuts. traders have been unnerved by the huge amount of money that the government is borrowing to fund that package. others, the headlights more news fear and i'll just hear a, not a inside story coming up next. ah. the british pound crash is to an all time low against the us dollar. it follows the u. k. government's drastic tax cutting move to fight inflation. what a fool out on and already struggling economy both in the u. k. and outside. this is inside sort ah

hello and welcome to the program. i'm has them seek out. the british pound is struggling to hold value against the us dollar after hitting an all time low. it recovered slightly on monday, after plunging nearly 5 percent. the fall is raising concerns about the world 6 biggest economy and its appeal to international investors. on friday, the new british government unveiled major tax cuts based on borrowed money, and many are concerned about the amount that's needed. that's led to days of volatility in the value of sterling and undermine its status as a reserve currency, or correspondent charlie angela has more for us from london, other and anxious thought the pounds used to be clawing back some of its losses and a steady, somewhat. but the public investors and banks understand or be so very nervous and

they're placing much of the blame on charts like crazy fucking asking, what is this plan to balance the both of the largest tax in 50 years and the terms are we meeting with some top bankers in senior city figures later on tuesday and plan talk that will probably evolve into form a crisis meeting. and that's because interest rate predictions. oh, ready, rising britain's now looking at a interest rate of 5.8 percent this time next year. huge height of lawsuits predicted of just 4.5 percent. as a result, we're seeing some mortgage lenders pause or pull our products from the market. worried that they won't be able to meet their margin so that people won't be able to make their repayments and that is going to be a huge blow. the people who are trying to get on the property market or needed to re mortgage their properties all at a time. and the cost of living in this country is increasing office rate. in 40 years, their businesses and markets they were looking to the bank of england because the

size of action, but we'll have to wait until their next meeting on november 3rd. the government however says it will bring forward the day. it plans to publish it media and fiscal policy from next year to november, 23rd for that still 9 trading weeks away. what's needed right now is confidence. instability said that the markets need to see a macro economic plan that they believe it or the opposition party wasted no time giving it spurred it labors shadow chancellor. rachel reeves accused the government of gambling and said the british taxpayer will pay the price. sterling is down. that means higher prices at the costs of imports rise. the cost of government borrowing is up. that means more tax payers, money will go into paying the interest on our government debt. and in turn, that means the cost of boring for working people will now go up to. so how will

a falling pound affect people? all the u. k. imports more than half of its food, so the cost of everything from apples to coffee will go up. the rise will be especially notable in goods traded in u. s. dollars like orland gas lower income fallon. families will be the hardest hit with their earnings having to stretch even further with winter approaching. heating costs are another concern. brings money also won't go as far as if they travel to the u. s. or 2 countries using the dollar for, for tourists. the drop in the pound means it will be cheaper to visit the u. k. ah, the july jesus is getting worse and worse and worse, a poor right now they're on lower incomes. they're struggling. they're struggling with the heating and all their bills. everything is going up. why would they be cutting it for the people in the higher income wreckage ridiculous? london is getting worse. things getting worse, to be honest. you could argue that it's still a good strategy because a attract um,

sort of businesses to come in or set up to establish reason in london. so to that extent brought up, perhaps it is a good decision. but on the other hand, again, it's going to reduce the overall say for instance, the money that can be locked here, allocated to relative benefits. st. close 2nd is going to be a challenge. but yeah, i, yeah, it's good to have him in the budget. i just wish that during this time with national crisis that we were spending a bit, we were a nuisance to meet them. thing yeah. what does that mean for me now? and some of the fun things i was to stick up at garden and walking along the shops there and deliberately not going in from places. maybe i'll go back that to big plus. that's a big difference when you get more bang for your back. might want to problem. of course, by doing this i, you can spend money on purchasing bank is a good time to do it because we're not earning, you know, house ah hello spring. and i guess now

in london, we have vicki price chief economic adviser at the center for economics and business research in dublin, bryan, lucy, professor of international finance and commodities trinity business school. and also in london, jonathan lays, journalist and political common take. good to have you with us. so big price, let me start with you. it's being called trust nomics. this, these tax cuts are named after that, that the new british prime minister. clearly they haven't gone down well with the financial markets. why is that the real problem has been the the chancellor who is newly appointed of course, by this trust, the new prime minister announced a mini budget. we will call it that, which wasn't very many a tool, but actually introduce a tax cuts to the tune of $45000000000.00 pounds, which is the biggest size of toxic us. so we've seen since 1972 and it made people

worry about the inflationary impact of this, but also how that injection into the economy if you like, it would be funded. so what happened, of course, as a result, not only did sterling suffer because there were concerns that the inflationary element would be quite significant of those new measures. but also, of course, bond market reacted very negatively and we've seen yields rise very significantly. in other words, the interest rates that people want to have is that prepared to lend to the u. k. government, they've risen to over 4 percent. and that's huge because if you remember just a year ago yield, don't any government bonds were below one percent. and now we are about 4 percent, that's a very substantial increase in interest rates, which is going to be felt throughout the economy because loads and loads of long term rates are based on those yields. why is this affecting the pound so much? why?

why? why is the pound fallen so protect precipitously and in the last few days? but the one reason, of course, is that inflation now used to be a little bit higher. now remember of course that we had a budget mini budget, which not only of course, injected this extra money into the economy, but also gave the amounts of money that would be needed for an electricity price freeze, which was introduced also by the new government. um, but of course we hadn't heard some of the details now that the electricity price raised itself should be bringing inflation down quite significantly by possibly 4 percentage points. so the bank of england was quite right to raise interest rates by just 50 basis points the day before that was september 22nd. the market didn't like it very much because everyone else has been raising interest rates recently by point 75 percent. but nevertheless, i think it made sense because those where the inflationary projections are now being made, then you added, oh, the real worry of this and funded budget and all the money that would be coming to

the economy, fueling inflation again. so at the mock is decided was that actually that interest rate increase wasn't sufficient because now you have, once again, an increase in inflation or expectations because of that. so the pound suffered because there wasn't an underpinning interest rate support if you like to keep the, the currency up. and that's why the punch the pound, brian lucy, what does this mean for the rest of the world as well for the, for the companies that do business or with the u. k. and for others, what the want to invest there in the future? i think if you were a company that was selling into the u. k, so you've got a problem with depreciation in the sense that it makes stuff more expensive for people in the u. k. but the nature of the tax cuts is incredibly skewed and it really is the case that this is wonderful if you're selling caviar, high quality leather goods or other forms of. busy consumption for,

for the very rich, the vast majority of people in the u. k. aren't going to see any benefit from these tax cuts, except as wiki has said in terms of inflation. so overall i would say this makes for number e z u k, a less attractive place to do business. the big problem is not the particular issues in governments. fit around with tax cuts and interest rate changes happen all the time. the difficulty is that there seems to be a degree of incoherence and even bordering on incompetence around what's going on. and that doesn't foster it doesn't foster any degree of credibility for the last 67 years you k has been looking like an increasingly economically incoherent office. starting from breakfast, then through the negotiations, which resulted in about the hardest friends, a chart of the board of trade organization, which is still something desired by the intellectuals, as it were behind the tory party through now a series of, of,

of events which have, you know, under caught the venturing in inflation fighting efforts. and we know from bitter experience in the 19 seventies and early eighties that in the long term, inflation is very destructive, all the countries well being. so it's kind of strange that you've got a chancellor who has a ph. d, which was the on the a u. k. starting crisis in the 17th century, who has heard from self and as far as factions are the precipitating, started cross. it has to be remembered that much. so the u. k. government might think starting is not really the world's reserve currency, just a dollar. and while it is highly desired and highly demanded and held as a reserve access liquid reserve by the bank of england, should they be so desirous of intervening directly in the foreign exchange. markets

are very, very limited. financial times they estimates that they are approximately a 100000000000. busy dollars, which is really a drop in the ocean when you consider how much starting the straightest. so it's not the individual and just the death by 1000 cuts of the midst of the tories is big property of good economic competence that i think will be the long run problem here. jonathan lays, this is being seen as a huge political gamble for the new which is prime minister. and whenever a new leader comes into the job, their political capital is normally at its highest. so has least trust, essentially put down all her chips on this leaf trough, the state, the entire house on this political gamble, and by any measure she had lost as you not, i did not too early to say that well, a was and less trust his plan to crush the pound, i presume

a wasn't in this trust his plan to have an emergency statement by the bank of england suggesting that they might have to raise interest rates before the next scheduled meeting of the monetary policy committee. i do think it could've been in this trust is plans to see storing interest rates, which again to see mortgage rates increased by several 100 pounds for and homeowners with mortgages. he les, not forget one of the bases of the tory party that a voter base that actually the demographic which a ton much of the north and mittens for the conservative party in 2019. and so this is a political, as well as an economic disaster. and i suppose the investors are a bit like predators in horror films. they kind of, they can sense panic, a, they can, they can see when people don't exactly know what they're doing. at the moment, both the government on the bank of england are in a position of extreme weakness,

not least because they are pulling the leaders in different directions. the government is trying to accelerate the economy while the bank of england is putting a brake on it by raising interest rates. and investors can see there is no coherent in that plan. and as a result, they are taking fright and taking sterling out with them. yeah, let's talk a little bit more about that clash between the government and the bank of england and their priorities because the bank of england, like many countries in the world doesn't enjoy a certain level of independence. they can set the interest rates with this sort of growth focused goal of, of lease trust. is it funded mentally at odds with, with the inflation fighting mission of, of the bank of england. but i would agree that there is a bit of as get funding because it stands right now between the government and the bank of england, a bank of anything data you rightly say independent. although there had been some hence, during the campaigns for deciding the new tory leader,

the less trust was questioning the independence of the central bank or some aspect of it. now that independence is very important, but of course the remnants of the have which is given to them by the government by the chancellor is to keep inflation at 2 percent target if they can. now of course, target has been hugely exceeded in reality, in the sense that we now have 10 percent inflation of thereabouts, but it's no dissimilar to what's happening in the us, what's happening and inquire about the countries, of course, in continental europe or also the c, b he's also having this particular problem. in fact, if you look at some of the countries in europe, particularly those that are bordering russia. we've had inflation of over 20 percent for quite a few months now. so there is no doubt that we've got a problem if whatever you're trying to do on the fiscal front is negated by what happens on the financial front. and the way in which the government is going about

trying to get more growth inevitably led to this reaction in terms of interest rates, not just where the bank of england does, but also more importantly, i think what's happening in the bond market. so interest rate is going up is as jonathan was just saying, you're pretty, pretty dreadful for a. busy number of individuals, of course, for a very large number of households, but also will be picking about for business, which have just been quite happy to see a bit of relief from the energy from to, even though it's short term. and we'll see what happens next. and now being hit by this, and it's not surprising that all the data we already have in terms of consumer confidence and business confidence has tended to move downwards. and i think what's been happening last few days, it will move it down was even further. so how the whole thing would be resolved, of course, is a question mark, but i have to say it, this is not the only country where this is happening, but it is been shown in

a more vivid form because of this many budget which was unexpected in its in its size and which the markets indeed believe is unfunded, and therefore posing loads of problems of economy. brian lucy, what's your take on? they said this sort of, this is conflict between the i didn't get the government and the bank of england and they're mixed priorities. it's not mixed priorities. these are absolutely orthogonal priorities. the only way in which this can mark is if the economy grows through these massive tax cuts. and this is reaganomics and $92.00 with the cost of carbon trickle down economics, which is just buncombe. i mean, this is voodoo economics. as george bush finishing one called us before proceeding to keep implementing us. one thing that reagan reagan, omics did was to absolutely balloon out the u. k. now the us national desk and doing, doing the same no 4 medium sized economy facing significant problems already

is as well said, not just betting the house but that in the children's houses. the logical end game here for u. k. government is to reduce the independence of the bank of england's. now don't think that they cannot make a sensible at all, but that is the logical end game. you could see the story where they say, look, the bank of england are settling our ability to grow the economy, to tax cuts and restructuring. therefore, we must reduce their independence because interest rate rises are a bad thing in this context. that's politically sensible. political. here's what ends up economically, in an incredibly bad place. and i think the u. k is in danger of us because we are not seeing we have not seen for the last 7 years. is economic technocratic, sensible decisions. we've seen increasingly friendly logical decisions driving, driving economic outcomes, and there's no evidence the bad appetite or logical based economics is being

reduced in any way. in fact, if anything has become sharper, focus with the election by 83000 people. very our representative of the u. k population of a extremely right wing, economically, right? when governments, jonathan lease, how do the conservative does the conservative government to recover from this politically and the political fall out over this? because the optics of this on the surface certainly don't appear to be good. you know, this tax cuts at the mostly the riches people will benefit from in the middle of a cost of living crisis energy crisis and so on. i think you've hit the nail on the head that's they have sabotaged themselves politically. i suppose the big point is that this actually wasn't an economic measure on 5. this wasn't an economic and he bought it. this is a political act. this is my faith by politics more than economics,

which is why economists were condemning it. markets were voting with their feet because it made no sense economically. at least trust her and overriding on mission is to promote grace. but there means that she made all the news that she had. chancellor made a not going to promote grace on some of the from the headline. the headline made the bills such as 2 to remove the $45.00 p. additional rate of talks on the nice wealthy people in society. and to left the e cap on bank as bonuses, which is entities off the financial crash and not going to promote growth. really, a tool evidence suggests that those measures might really effect great either way. but they are political measures to chime with a hard, right? conservative ideology which favors the ridge, particularly in the eyes of labour cliches of confess, to thinking the conservative a walk in cliche,

favors the rich of the rich and allows the steep rich to benefit nice from time, leaving the poorest with almost no benefits whatsoever. so that is the kind of the, the policy platform which trusts has not firmly planted on the british electoral terrain. and i don't see why she's done something so deliberately how she can reverse it because no one forced her into that position. she has chosen not as high relation, entirely, and so i don't see how she suddenly decides to reverse and move the point. i think she wants to reverse that. and not really is the case to the labor party because they can show that a concert saves really our thoughts right party and times where thought tourism is not the cure for any condition. and so if the labor party just talks about bancwest business days and tax cuts to the richest, they really can walk through the next election without too many problems. i don't

see how trusts, recall the tool. a policy may just like to get rid of that before the election. vicky price is there, is there any way to for, to recover from this? i mean, if, if the, the financial markets stabilize over the next few days and the, the, the pound least stops falling the way it has. what do you think could happen further down the road? what is interesting there, what room for maneuver is that, i mean, the interesting thing is that quite a lot of the route in the markets that we have seen. so the, the rise in yields the, the concerns of the markets about the debt and the expectations maybe that the bank of england would do an emergency interest rate hike, which they didn't do in the end. so they wait until november has also been caused by the fact that the chancellor announced a couple of days after the menu budget that there would be more tax cuts to come. and i think that's what if you like and the pound falling even faster. but of course your quarter i did sort of recovered and i think they're hoping that maybe

the market and forget about this for a while. but we can't get away from the fact that the pound has already fallen very significantly. this year has gone down by between 20 and 30 percent just from the beginning of january on, revised expectations, as we're hearing earlier about the growth prospects for the economy. we are the bottom, if you like, of the g 7 league in terms of growth. it seems, and the focus was just appeared from the o. c. d, the organization for economic cooperation development. look at various countries in europe, which may be in recession next year. and those are germany, italy, and the u. k. a bit earlier, it was almost only the u. k. but now of course because of gas concerns and rationing. ok. so the other countries added as well. all right, we're going to have to leave it there. thanks very much. 2 or 3 of you, vickie price. brian lucy and jonathan liz, thanks very much for being on. and so i story. i thank you as well for watching. remember, you can see the final again, any time just go to our website edges here, dot com. and for further discussion, go to our facebook page,

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