say the client is eager to prove his innocence in court. what al farmer bar, who has taken the case to the international criminal court, says they are prepared to prove otherwise. it loves activity at the here. seppuku, the objective is to ensure that the perpetrators are punished and the victims high according to their rights. and because many people are still missing, the strong could lead us to where the missing somebody it. without justice, there will be no closure for families. so many have will come to the move by goodness military government to bring the case to trial. but there are also suspicious that the trial could be political motivated by canal mama, dom we're who seized power in call last year is under pressure to step down from power and set a date for new elections. edris al jazeera crockery. we're going to take you back to our these live pictures in iraq, wera supporters. so the shia cleric looked harder. al santa have been protesting in

the rocky capital. i dad the right place initially dispersed the group were making their way to the green, saying when parliament is holding a session, whether to accept the speaker's resignation. but protests happy continued at career square near the bridge leading to the greens ah, this is al jazeera and these are the top stories. now. russian backs authorities and for regions of ukraine said the results of 5 days a referendum shade. people have overwhelmingly voted to join the russian federation cave and it's western ally say the results are not valid. protests have turned violent in dozens of cities in iran, over the death of a 22 year old women in police custody rights groups has at least $76.00 people have been killed in the unrest around has arrested the daughter of fort president ross and johnny accusing her of incitement. russell said r has more. from tara visor represent jennifer. solve

a has been arrested in 2009 in 2012, and this is the 3rd time that she is being arrested. so the government here says that, ah, she's arrested because she was to work in the protest and the, and the showing her support as to the, to, to do the rallies. and that's why she is now being arrested. however, we should know that she's not a one of the leading figures among the protesters. supporters of the a sheer clerical target asada have protested in the iraqi capital, baghdad. while i place i had initially dispersed the group who were making their way to greens or with how much is holding a session, whether to accept these speakers resignation, hearken in has knocked out power across the entire island of cuba. a category 3 hurricane made landfall on tuesday morning. winds of up to 205 kilometers per hour . vietnam has downgraded typhoon norway to a tropical depression,

but warned people to stay alert. hundreds of thousands have been evacuated from their homes. schools are closed and 2 provinces have imposed curfews for palestinians have been killed during an israeli raid on a house near jeanine refugee company occupied westbank over 40 others or wounded. more than 30 is really military vehicles and bulldozers were seen in the area. an indian government has banned and muslim organization called the author that front of india for 5 years. the government accuses a group of being involved in anti national and terrorism related activities. those are the headlines. news continues here al jazeera, that's after inside story. 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 stored. ah hello and welcome to the program. i'm hasn't seek out. the british pound is struggling to hold value against the us dollar after hitting an all time low. it recover 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. our 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 steadied somewhat. but the public investors and banks understand to be so very nervous and they're placing much of the blame on charts like crazy question. asking what is it plan for balance the both of the largest tax got in 50 years and the child will be meeting with some top bankers in senior city figures later on tuesday and plan talk that will probably evolve into form a crisis meetings. 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 predict for just 4.5 percent. as a result, we think some mortgage lenders pause or pull our product from the market. worry

that they won't be able to meet their margin so that people will be able to make their repayments and that is going to be a huge blow. the people who were trying to get on the property market or needed to re mortgage the properties all at a time or the cost of living in this country is increasing faster freight in 40 years. the businesses and market they were looking to the bank of england for some decides 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 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 and said that the markets need to see a macro economic plan that they believe it or the opposition party wasted no time given its verdict. 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 taxpayers, money will go into paying the interest on our government debt. and in turn, that means the cost of boring working people will now go up to. so how will a falling pound affect people? well, 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 us dollars like oil and 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. all 2 countries using the dollar for taurus the drop in the pound means it will be cheaper to visit

the u. k. july. she looks like this is getting worse and worse and worse poor right now they're on lower incomes. they're struggling initially 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 a good strategy because a tract sort of business is to come in or set up to establish reason in london. so to that extent brought up, perhaps that is a good decision, but on the other hand, again is going to reduce the overall say for instance, the money that can be a locker allocated to relative benefits. st. hosting is going to be a challenge. but yeah, i yeah, it's good to have a mini boucher, i just wish that during this time with national crisis that we were spending a bit we were a nuisance to meet. yeah. what does that mean for me now? and then some of the fun things i was just at covent 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 mor bang for your back. might want to problem. of course, by doing this now you can spend money on purchasing bank is a good time to do it because we're not earning house. ah, let's bring in our guess. now in london, we have vicky price chief economic adviser at the center for economics and business research in dublin, bryan, lucy, professor of international finance and commodities at trinity business school. and also in london, jonathan liz, a journalist and political commentator. good to have your with us. so i'm vicky price, let me start with you. it's being called trust on omics this. these tax cuts are named after that, that the new british prime minister. ah, 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 least just the new prime minister, announced a mini budget. we want to 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 trucks because we've seen since 1972 and it may people worry about the inflationary impact of this but also how that injection into the economy if you like, 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 all 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 on 10 year government bonds were below one percent. and now we are about 4 percent. that's a very substantial increase of 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. but of course, we hadn't heard some of the details now that the electricity price varies itself should be bringing inflation down quite significantly by possibly 4 percentage points. so the bank of england was quite right to raise into trace 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 on funded budget and all the money that would be coming to the economy, fueling inflation again. so what the market 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 would 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, 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 readings that 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 kinda strange that you got a chancellor who has a ph. d. which was the on the a u. k, starting crisis in the 17th century, who has found some stuff. and as far as factions out of the precipitating started cross,

it has to be remembered that much. so the u. k. government might think starting is not really the words reserve currency just a dollar. and while it is highly desired, 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 $100000000000.00, 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 cousin cuts of the midst of the tories is big party of good economic competence that i think will be longer problem here. jonathan lives, this is being seen as a huge political gamble for the new which is prime minister whenever a new lead comes into the job. their political capital is normally at its highest so has least trust,

essentially put down all her chips on this list. trust the state, the entire house on this political gamble, and by any measure she had lost. as you know, i did not too early to say that well, a was in a lease trust his plan to crush the pound. i presume a wasn't in this trusted 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 don't think it could have been in this trust is plans to see storing interest rates, which again to see mortgage rates increased by several 100 pounds for homeowners with mortgages. he les, not forget one of the bases of the tory party that voted based that actually the demographic which turned 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 date exactly know what they're doing. at the moment, both the government, the bank of england, are in a position of extreme weakness, not least because they are pulling the leave is in different directions. the government is trying to accelerate the economy, was 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 styling out with them. yeah, let's talk about a little bit more about that class 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 least trust. is it fun to mentally towards with,

with the inflation fighting mission of, of the bank of england. but i would agree that there is a bit of as gets a funding existence right now between the government and the bank of england, a bank of anything data, as you rightly say, independent. although there had been some hints 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 limits 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, of course talk. it 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 in quality by the countries grew to of course, in continental europe of are also b,

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 a quite a few months now. so the reason to 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 has gone 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 jesting, pretty, pretty dreadful for a. busy number of individuals, of course, for a very large number of households, but also will be picked about for business, which have just been quite happy to see a bit of relief from the energy from even though it's short term. and we'll see what happens next. and now being hit by this, and it's all,

it's all surprising that all the data we already have in terms of consumer confidence and business confidence has tend to move downwards. and i think what's been happening last few days, it will move it down was even further. so i how the whole thing would be resolved, of course, is a question mark, but i have to say if 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 in b believe is unfunded, and therefore posing loads of problems of economy. brian, lucy was your take on, they said this sort of, this is conflict between the government and the bank of england, and that 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 lots of tax cuts and this is reaganomics and $92.00 with the cost of

the lateral carbon trickle down economics, which is just buncombe. i mean, this is voodoo economics. as george bush finishing once called us before proceeding to keep implementing us. one thing that reagan reaganomics date was to absolutely balloon out the u. k. that the us national desk and doing, doing the same no 4 medium sized economy facing significance 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. now don't think that they're not making sense at all, but that is the logical end game. you could, you can see the story where they say, look, the bank of england are settling our ability to grow the economy, to aggressive tax cuts and restructuring, therefore, 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 it 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 in increasingly friendly logical decisions, driving, driving economic outcomes and there's no evidence the appetite or illogical based economics is being reduced in any way. in fact, if anything has become sharper, focus with the election by 83000 people very. ready representative of the u. k. population of a extremely right wing economically right? when governments, jonathan lays. how did 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 bigger point a's, the base actually wasn't an economic measure on friday. this wasn't an economic when he bought it. this was a political act. this is my faith by politics more than economics, which is why economists were condemning it. markets were they thing 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 and her 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 concern to thinking. the conservative a walking into that cliche favors the rich of the rich and allows to speak rich to benefit 9 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 for the labor party because they can shape their concern, 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 bonus days on top of the richest, they really can walk through the next election without too many problems. i don't see how trusts. recall the tool a party may just like get rid of had before the election. vicky price is there, is there any way to for, to, to recover from this? i mean, if, if the, the financial markets stabilize over the next few days and the, the, the pound, lease stops falling the way it has. what do you think could happen further down the road? well, it's interesting the what room for maneuver is, 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. the said, wait until november has also been caused by the fact that the chancellor announced a couple of days after them in your budget. that would be more tax cuts to come, and i think that's what if you like, send the pound falling even faster, but of course a quarter to sort of recovered. and i think they're hoping that maybe the market would 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 is gone down by between 20 and 30 percent just from the beginning of january on, revised expectations is what 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, see 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 so much for being on. and so i story. i thank you as well for watching. remember, you can see this problem again. any time, just go to our website edges here dot com, and for further discussion, go to our facebook page. that's facebook dot com, forward slash ha inside stored. you can also join the conversation on twitter handle. there is an, a j inside story. for me has i'm secret and the whole team here, bye for know. ah ah.

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