of the pressure chamber. upon the termination we immediately notified the families. -- upon this determination we immediately — -- upon this determination we immediately notified - -- upon this determination we immediately notified the - -- upon this determination we - immediately notified the families. there were five people on board, including three from the uk, and friends have been responding to the news of their loss. all of us in the deep sea, sub—sea community understand the risks, and when you've got news like that it hits you in the pit of your stomach. here in boston the us coast guard says the _ here in boston the us coast guard says the recovery _ here in boston the us coast guard says the recovery work _ here in boston the us coast guard says the recovery work will - says the recovery work will continue. _ says the recovery work will continue, but _ says the recovery work will continue, but in _ says the recovery work will continue, but in the - says the recovery work will l continue, but in the extreme conditions _ continue, but in the extreme conditions on _ continue, but in the extreme conditions on the _ continue, but in the extreme conditions on the sea - continue, but in the extreme conditions on the sea bed . continue, but in the extreme i conditions on the sea bed there continue, but in the extreme - conditions on the sea bed there is no confirmation— conditions on the sea bed there is no confirmation yet _ conditions on the sea bed there is no confirmation yet as _ conditions on the sea bed there is no confirmation yet as to - conditions on the sea bed there is no confirmation yet as to whetheri no confirmation yet as to whether the bodies — no confirmation yet as to whether the bodies of— no confirmation yet as to whether the bodies of those _ no confirmation yet as to whether the bodies of those five _ no confirmation yet as to whether the bodies of those five people i no confirmation yet as to whether| the bodies of those five people on board _ the bodies of those five people on board have — the bodies of those five people on board have been _ the bodies of those five people on board have been found. _ we'll have the latest from boston and we'll be considering the biggest questions

for the forthcoming inquiry. also tonight... the bank of england raises interest rates to their highest level for 15 years — in the latest attempt to slow down the rise in prices. in pakistan, many families are mourning the loss of relatives on the migrant boat which sank off the coast of greece last week. and — fact or fiction — will these tech billionaires really indulge in a bout of cage fighting? on bbc london — we look at the impact of today's interest rate rise on londoners and theirfamilies. they've been hit hardest — as repayments go up again. good evening. we start tonight with the news that the search for the oceangate submersible in the north atlantic is over.

the us coast guard says the vessel suffered a catastrophic loss of pressure and there are no survivors. the five people on board were on a mission to view the wreck of the titanic and rescue experts say that the tail cone of the sub has been spotted on the sea bed not far from the wreck. the statement was made after four days of exhaustive searching. oceangate — the company which owned the vessel — said that its chief executive stockton rush, along with passengers paul—henri nargeolet, shahzada dawood and his son suleman, and hamish harding, had all been lost. much of the rescue effort was coordinated in boston and our correspondentjon sudworth is there with the latest. you know, from the start that these were very difficult odds. even if

the titan had remained intact then this was a race against time. the air supply on board would have run out about 12 hours or so ago. we now know that the disaster was likely to have happened much sooner than that. this catastrophic failure possibly at the same time as the signal was lost an hour and a half into the dive on sunday. the us coast guard saying today that the families where the first to be informed as soon as they discovered that wreckage on the sea bed and the recovery work will now continue. it was hope of a miracle that drove the intense media interest. now the us coast guard has confirmed all hope has gone. this us coast guard has confirmed all horse has gone-— us coast guard has confirmed all hope has gone. us coast guard has confirmed all hoe has one. , ., ., hope has gone. this morning and rov, a remote operated _ hope has gone. this morning and rov, a remote operated vehicle, _ hope has gone. this morning and rov, a remote operated vehicle, from - hope has gone. this morning and rov, a remote operated vehicle, from the i a remote operated vehicle, from the vessel horizon arctic discovered the tail cone of the titan submersible approximately 1600 feet from the bow

of the titanic on the sea floor. the ieces of of the titanic on the sea floor. the pieces of the _ of the titanic on the seafloor. the pieces of the titan was found scattered across a large debris field and to the press were told that next of kin have been immediately informed. it's a very difficult question to ask but it will be an important one for the families, of course. what are the prospects of recovering the bodies of the missing crew? this prospects of recovering the bodies of the missing crew?— of the missing crew? this is an incredibly _ of the missing crew? this is an incredibly unforgiving - of the missing crew? this is an - incredibly unforgiving environment down there on the sea floor and the debris is consistent with a catastrophic implosion of the vessel and so we'll continue to work and continue to search the area down there, but i don't have an answer for prospects at this time. the wreckage _ for prospects at this time. the wreckage lies _ for prospects at this time. the wreckage lies under the deep remote waters of the mid—atlantic, found by high—tech underwater robots, part of what was until the end are still growing it increasingly desperate

search effort. this video, shot by a mexican youtuber, shows it on a previous dive to the titanic when questions were already being asked about the uncertified vessel's safety. with a limited air supply, the passengers are bolted in from the passengers are bolted in from the outside. the footage, taken last year, shows the communications were temporarily lost. trio. yeah, what's temporarily lost. no. yeah, what's weird is temporarily lost. i457. yeah, what's weird is i'm getting the precious. and paul—henri nargeolet, the former french navy diver, can also be seen, one of those lost on this last disastrous voyage along with three billionaire packages that billionaire packages that billionaire explorer hamish harding, shahzada dawood and his son suleman, and stockton rush was yellow we need to make sure this doesn't happen again. we to make sure this doesn't happen aaain. ~ ., .,~ ,

again. we need to make sure submersibles _ again. we need to make sure submersibles are _ again. we need to make sure submersibles are super - again. we need to make sure submersibles are super safe l again. we need to make sure i submersibles are super safe and tested to greater depth than they need to experience. for tested to greater depth than they need to experience. for $250,000 a seat this was — need to experience. for $250,000 a seat this was high-end _ need to experience. for $250,000 a seat this was high-end tourism - seat this was high—end tourism combined with extreme risk. this far down on the site of a wreck now synonymous with maritime tragedy, the odds were always stacked against the odds were always stacked against the possibility of a rescue. john sudworth, bbc news, boston. as several of the senior figures involved in the search have indicated, there will need to be a detailed inquiry which will take in the design of the vessel and the precautions that were in place ahead of the mission, which the passengers had all formally accepted was not without significant risk. our science editor rebecca morelle assesses how the investigation will now proceed. now we know there is no hope for the titan submersible and those on board, so what went wrong? it has been confirmed this was a catastrophic failure. five pieces of debris from the submersible were

found and it is not clear what else is left. and it is kind of depth and pressure it would have been an instantaneous implosion, but we don't know when this happened. most likely it was when the comms were lost one hour 45 minutes into its descent. or what caused it? what we are learning today in terms of what they are seeing on the sea bed confirmed what a lot of us feared right from the beginning, and the only solace in any of it is that they did not suffer for four days. safety worries had been raised by marine experts, so what were the concerns? the titan's design was unusual. the hull on most deep sea submersibles are spherical but this was tube shaped to fit five passengers in. the hull�*s material was also different. it was made of carbon fibre. questions have been raised about its reliability under extreme pressures.

and the titan had not been through any external independent certification process. but a co—founder of oceangate who no longer works for the company defended how the submersible was built. everyone has got different opinions on how they should be designed and how the dives should be conducted and how the expedition should be conducted, but that being said, developing innovations in any new technology, including submersibles, means sometimes you have to got to go outside of the bounds of regulatory schemes. so what happens now? an investigation will begin to establish exactly what went wrong but there are questions about who or which country will lead this, given the different nationalities of those involved. that was rebecca morelle with her analysis of factors that need to be

looked at. let's return tojohn sudworth in boston. let's talk about the next few days and what the teams there will be hoping to achieve, given the very sad news they've had to announce today. sad news they've had to announce toda . ~ ., ., ,, today. well, we heard from the us coast guard _ today. well, we heard from the us coast guard that _ today. well, we heard from the us coast guard that the _ today. well, we heard from the us coast guard that the search - today. well, we heard from the us coast guard that the search effortl coast guard that the search effort for the debris will continue. you know, part of that of course, the purpose of trying to locate that wreckage will be in large part to try and work out what has gone wrong here. that will be very important for the families, you can imagine, and also important for the wider lessons that can be learned. we've just heard there about some of the safety concerns, they were being raised long in advance of this accident. questions about this cutting—edge approach to maritime exploration and by piecing together what has happened down there, as

difficult and environment as it is on the sea bed, will be vitally important the us coast guard says. john sudworth, thanks for the latest from boston, our correspondent there. the bank of england has raised interest rates to the highest level for 15 years, from 4.5 to 5% — a bigger rise than many had expected — to try to slow the rise in prices. it will lead to higher repayments for people with loans and many mortgage holders, but savers should see some benefits. but the governor of the bank, andrew bailey, denied that they were in effect trying to create a recession as a way of stifling inflation. it takes interest rates back to the the period before the financial crash, which then led to a long period of extremely low rates, so the surge to 5% in recent months is a nasty shock for many.

with our political and economics editors, we'll be looking at the factors behind the interest rate rise and the likely impact, and we start with faisal islam on today's announcement. my monthly mortgage repayments will increase by £270. £680 more per month for next two years. a scary, petrifying experience. several hundred pounds. i don't sleep very well at night. i'm distraught. helpless. - i'm cutting costs everywhere. i can't print the money, basically, to satisfy what is expected of me. very stressed at the moment, because obviously there's very limited options we've got here. there are a couple of - things that traders need. one of them is foreign exchange... outside the bank of england, history lessons as rates return to their historic norms. so today, more rate rises, more than expected, and possibly more to come, as the bank tries to deal more

aggressively with stronger inflation by draining spending power enough to risk a downturn. we're not expecting, we're not desiring a recession, but we will do what is necessary to bring inflation down to target. we cannot continue to have the current level of wage increases, and we can't have companies seeking to rebuild profit margins, which means prices continue to go up at their current rates. the bank is trying to hose down some very hot british inflation numbers, but also, again, trying to persuade workers and companies politely to temper both wage demands and price rises. the immediate question is, for the bank of england, where do rates go from here? the markets did seem to gain confidence in the bank of england's ability to deal with this high and sticky inflation after today's surprise decision. but there are some concerns that changes in the mortgage market, changing in the structure of the economy, have altered the ability of the bank to control where the economy goes.

one of the changes contributing to higher inflationary pressure is a workforce shortage caused by long term illness, among other things. andrew in shrewsbury, a former ultra marathon runner, one of the many thousands unable to work because of long covid. so not only am i not able to work, i can't function round the house, i can barely care for myself at my absolute worst. but his household hit by rising prices and now the mortgage shock too. i've got two children, i've got a mortgage. interest rates have gone up. i've actually got an interest rate, it's going to change, probably double, in the next couple of weeks. but despite all the interest rate and mortgage pain, the property market is in a holding pattern, says this chester estate agent. i personally don't think there's going to be a collapse. we're in a sort of no man's land. as you've said, everybody's waiting to see what happens. it might be that rate rises aren't reaching homeowners largely on fixed rates quite so quickly these days. but that means they may have

to go higher and stay there for longer too. faisal islam, bbc news. labour says the government should force the banks to help homeowners who are struggling with mortgage payments. the shadow chancellor rachel reeves said all lenders should be offering a switch to interest—only payments for a temporary period, to ease the crisis. downing street insists rishi sunak is still on course to meet his target of halving inflation this year. our political editor chris mason has been looking at the different approaches to the inflation problem. the prime minister turned up at a giant warehouse in kent this afternoon, the backdrop obvious to all — the numbers climbing higher and higher, the cost of borrowing, the price of almost everything, going up. rishi sunak is on a mission to reassure. i'm here to tell you that i am totally, 100% on it and it is going to be ok and we are going to get through this. and that is the most important thing

i wanted to let you know today. you've said today, you've tried to reassure people this afternoon that it's going to be ok. isn't the blunt truth that, for some people, it won't be ok if you're going to be able to get inflation down? well, chris, i've never said this is going to be easy. inflation eats away at the money in your pocket and that's wrong. and that's why i feel a deep moral responsibility to get it down. and i'm prepared to do what it takes to do that. that does mean making some difficult decisions. in a cafe in the village of hexstable, from one table to the next, interest rates and inflation are biting. yeah, it has made me think more about what we're doing, how often we go out as a family. i've got three teenagers at home, they are expensive, so it is kind of having to say no to things that we might have done before. well, i mean, i guess teenagers are always expensive, but particularly so now? well, yeah. "what is there to eat?" is the question i dread.

we've really got to, you know, pull in our resources and just be careful, you know? i mean, luxury items are definitely out of the window at the moment. something needs to be done drastically. - i think the government needs to step in. - they're saying they're not going to step in, i but they stepped in in covid and found the money. - like the conservatives, labour also don't want to spend lots more money supporting people but reckon changing some mortgage rules can help. if labour was in government today, what would you do? i would instruct the banks to help customers in financial distress a by allowing them to move to interest—only products, extend the term of mortgages and also not allow repossession orders to begin for six months. but that wouldn't do anything to help inflation, would it? this is about helping people who are struggling, particularly with, in this case, rising mortgage costs. the liberal democrats say

they would spend more taxpayers' money helping the poorest. there needs to be a last line of defence. there has been in the past, where governments gave grants to people who would otherwise see their homes repossessed and their families out on the streets. bills going up, our economy, our politicians, in a bind. things might have to get worse — for some, at least — before they get better. chris and faisal are both here. we will talk about the political decisions but first of all, how much was confiscated in terms of interest rates? , ., , ., , was confiscated in terms of interest rates? , . , ., ' rates? interest rates at 5% now, 15 ears of rates? interest rates at 5% now, 15 years of low— rates? interest rates at 5% now, 15 years of low rates, _ rates? interest rates at 5% now, 15 years of low rates, zero _ rates? interest rates at 5% now, 15 years of low rates, zero rates, - rates? interest rates at 5% now, 15| years of low rates, zero rates, over in 15 months, that is bad for people who have been accustomed to those rates but in historical terms it is back to work interest rates were in normal times before the great financial crisis. where do they go

from here? if you look at where the markets, what is implied when looking at the markets, adding up to 6% by the end of the year, maybe another half percentage point rise in august, but it depends on the data. the bank of england is hoping that inflation will fall sharply but they said that before and it did not happen. that is where we are there. also interesting to hear from the chancellor and the prime minister and the bank of england governor, a sense in which they are supporting each other in terms of the strategy but also pointing towards other causes of the inflation, pointing towards corporate profit margins, higher prices, we have not heard that language from them before. may be a sign that a pass to pass a blame game is afoot which is never a great sign in terms of what is going on. , . , ., , ., great sign in terms of what is going on. , . , ., , great sign in terms of what is going on. , , ., on. chris, decisions are being made and not opting _ on. chris, decisions are being made and not opting for— on. chris, decisions are being made and not opting for films _ on. chris, decisions are being made and not opting for films is _ on. chris, decisions are being made

and not opting for films is a - and not opting for films is a decision —— not opting for things is one thing, interest rates is one time. it one thing, interest rates is one time. , ., one thing, interest rates is one time. _, ..,., one thing, interest rates is one time. ., '. time. it is about choices, difficult choices, time. it is about choices, difficult choices. and _ time. it is about choices, difficult choices, and if _ time. it is about choices, difficult choices, and if you _ time. it is about choices, difficult choices, and if you offer - time. it is about choices, difficult choices, and if you offer a - time. it is about choices, difficult choices, and if you offer a lot - time. it is about choices, difficult choices, and if you offer a lot of. choices, and if you offer a lot of sopport, — choices, and if you offer a lot of sopport, a — choices, and if you offer a lot of support, a lot of financial help to help mortgage payers, this could make _ help mortgage payers, this could make inflation worse and if you rely entirety— make inflation worse and if you rely entirely on— make inflation worse and if you rely entirely on interest rate squeeze a particular— entirely on interest rate squeeze a particular chunk of society and if they get— particular chunk of society and if they get too high a dose of danger that the _ they get too high a dose of danger that the economy tilts into recession. —— there is the danger. some _ recession. —— there is the danger. some argue — recession. —— there is the danger. some argue could put up taxes, tax burdens _ some argue could put up taxes, tax burdens are — some argue could put up taxes, tax burdens are historically high, so that was— burdens are historically high, so that was the politically toxic. what about _ that was the politically toxic. what about increasing immigration? i'm lot of— about increasing immigration? i'm lot of vacancies in the labour nrarket— lot of vacancies in the labour market and some have advocated that. net migration is high so that might prove _ net migration is high so that might prove politically toxic, so for the conservatives and labour have got mitigations being suggested, some in the margins, some less so. new government and the chancellor are meeting _ government and the chancellor are meeting mortgage lenders tomorrow.

-- the _ meeting mortgage lenders tomorrow. —— the government. the more help for the mitigations are, the less impact the mitigations are, the less impact the rises _ the mitigations are, the less impact the rises in — the mitigations are, the less impact the rises in rates can have so you have _ the rises in rates can have so you have limited _ the rises in rates can have so you have limited levers, you have levers in the _ have limited levers, you have levers in the hands — have limited levers, you have levers in the hands of others and leave as do not _ in the hands of others and leave as do not want — in the hands of others and leave as do not want to touch. governing and being _ do not want to touch. governing and being an _ do not want to touch. governing and being an electable opposition is never— being an electable opposition is never easy and especially in circumstances like this. to both, thanks for _ circumstances like this. to both, thanks forjoining _ circumstances like this. to both, thanks forjoining us. _ the uk government's chief medical adviser, professor sir chris whitty, has admitted that insufficient work had been done on how to tackle a pandemic on the scale of covid. giving evidence to the public inquiry, he said thinking about scenarios which might involve a quarter of a million deaths appeared "morbid." he also expressed deep concern about the threats made against independent experts when the lockdowns were ordered. our health editor hugh pym reports. next slide, please.

they were household names during the worst of the pandemic and today it was their turn at the public inquiry. i swear by almighty god... sir chris whitty admitted that risks were identified before the pandemic, but not how to deal with them. we should have had a more imaginative approach to how we would respond to a major pandemic, whether it was influenza, something like influenza, or indeed something else. but this would require quite radical changes in the way people think. critics of lockdown said it did too much damage to the economy but he argued that the experts�* sage committee could only offer ministers health advice. i don't think sage people including myself have the competence to assure government that they have considered the economic problem and they can now give a central view on it. i think that would have to be done separately. testing capacity, known as diagnostics, was built up, but it was very limited when covid first struck, and the former chief scientific adviser suggested this was a serious weakness.

we did not have a diagnostics industry of any scale in the uk, which made scaling up of diagnostics much more difficult. germany has a big diagnostics industry and did very well. next week, the inquiry will continue to focus on the uk's preparedness for a pandemic, with former health secretary matt hancock among the witnesses. scotland's former first minister nicola sturgeon and former deputy first ministerjohn swinney will also be giving evidence. bereaved families simply want to know whether more could have been done to save lives. hugh pym, bbc news. the authorities in pakistan say they've identified more than 200 citizens who were on the overloaded migrant boat which sank off the coast of greece last week. the boat went down about 50 miles south—west of pylos last wednesday morning — according to the greek coastguard.

so far, 82 people have been confirmed dead, but the un estimates up to 500 people were on board the vessel. pakistan's federal investigation agency says it's managed to gather names by contacting the victims�* families in the part of kashmir controlled by pakistan. they've taken dna from relatives in the hope that this will allow them to identify individual victims. bbc urdu's umer nangiana has travelled to the district of kotli in pakistan—administered kashmir. woman cries preparing herself for the worst. this woman's son was on the migrant boat that capsized more than a week ago. he was trapped in libya for seven months before making

the journey to italy. translation: what can i say? they subjected him to worse torture. he had not eaten for eight days when he boarded the ship. he told me he was hungry. they had kept him handcuffed. 28 men from this village went in search of a better life. only two of them were rescued. most of the men from this village who made this riskyjourney had to pay hefty amounts to the human traffickers. for example, at least one of them had to pledge his house to take a loan. his family behind has no idea how they would pay this loan back. translation: he had pledged his house as a guarantee, _ and go look at that house now — i have been living in it with my two daughters. almost everyone here has a story to tell. this man's son and four nephews are missing.

his son sent him this video from libya shortly before he boarded the ship. translation: i saw them all huddled |together in a small room like sheep. | that shocked me. i tried everything to bring him back from that but human traffickers said no. they said, "we have taken the money, these men will go forward." all five cousins boarded the boat the next day. here, 26 families of missing men are desperately waiting for news. initially, they had hope. now, they want closure. umer nangiana, bbc news, in pakistan—administered kashmir. now a look at some other stories making the news today. the rmt rail union has announced another three days of strike action next month. 20,000 workers — with 1a train companies — will walk out on the 20th,

22nd and 29th ofjuly. unions are pushing for higher wages, but rail firms have said they will not pay more without concessions on conditions. events have taken place to mark 75 years since the first group of the windrush generation arrived in the uk. the king attended a service in windsor, and a carnival procession took place in brixton, in south london. the celebrations have been described as "bittersweet" because of the scandal when many of the windrush generation were threatened with deportation. in cricket, england's women have had a tough first day of their ashes test match against australia at trent bridge. after winning the toss, the visitors piled on the runs to reach 226—3 before losing three quick wickets as england fought back. australia start tomorrow on 328—7. of all the unlikely and frankly

bizarre stories thrown up by social media every day, the idea of a cage fight between two of the world's technology billionaires is surely today's winner. elon musk, the owner of twitter, and mark zuckerberg, the boss of meta, which owns facebook and instagram, have apparently agreed to fight each other in a cage. mr musk has even suggested a location — where else but las vegas? our correspondentjon donnison has been trying to sort fact from fantasy. forget the rumble in thejungle. think more, a tussle in the tech world. in the blue corner, twitter�*s elon musk. older, carrying a bit more timber, but richer. in the other blue corner, meta's mark zuckerberg. rangy, with an impressive reach and, perhaps crucially, a fighter with form. here he is grappling in a recentjiu jitsu contest.

and at the san francisco gym where zuckerberg trains, his followers think he'll run rings round his rival. he's got some skill for a beginner. he's got some skill. in recent years, mixed martial arts has been one of the world's fastest growing sports. and its popular here, too. this is a gym near belfast where there's a bit of scepticism about a silicon valley scuffle. it's not a good way to settle grudges. you know, it's a sport at the end of the day. i think firstly, it's probablyjust a big publicity stunt, which is working really well. but if musk meets mark, will it be no holds barred, or will there be rules? eye gouging and biting and smalljoint manipulation, all that kind of stuff is illegal. groin strikes, of course. but it's all martial arts put together, so it's grappling, it'sjujitsu, it's muay thai striking, it's boxing, karate, pretty much everything.

but what does it say about two of the world's richest men that they want to put themselves that they want to put themselves through the likes of this? tech giants are considered nerds, right? being a nerd does not suggest being an alpha male. so they're looking around, well, there's elon and then there's mark. through the likes of this? by "who's the king of the hill?" but why climb it at all when you've already reached the top in silicon valley? jon donnison, bbc news. time for a look at the weather. here's ben rich. it has been yet another murmur date with the plenty of those of late —— another warm day. as we head for the next few days, things are going to be every bit as warm, and a bit more humid, humid airwafting in by sunday and we could maybe reach 31 humid, humid airwafting in by sunday and we could maybe reach 31

in parts of the south—east. in parts of the south—east. the worms did spawn some showers, still a few of those in part of the midlands and eastern england —— warmth. the night, the first signs of the humid air, more cloud