tv Business Today BBC News November 15, 2024 11:30am-11:46am GMT
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the adverts enticing us to buy into the season. welcome to business today. i'm lukwesa burak. let's start in the uk, where the economy barely grew between july and september, with uncertainty about the budget being blamed for the weak growth. the uk economy grew byjust 0.1% over the three month period and shrank during september itself. the latest growth figure was weaker than expected and was a sharp slowdown from the 0.5% growth seen in the april tojune period. chancellor rachel reeves was less than impressed with today's figures. the truth is, our economy has not grown in the way it should do, and in the way our competitors have these last few years. i am determined to turn that around, which is why i have
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announced a comprehensive package of measures on planning reform, to get britain building, on the national wealth fund, to invest alongside business in the jobs and opportunities of the future. the governor of the bank of england, andrew bailey has also been speaking about the uk economy. in a speech last night at mansion house in front of britain's most important financiers and business leaders, mr bailey said brexit has held back economic growth. now i've said many times as a public official i take no position on brexit, that is very important, but i do have to point out consequences. the changing trading relationship with the eu has weighed on the level of potential supply. the impact on trade seems to be more in goods than services, which i don't think is particularly surprising, but it underlines why we must be alert to and welcome opportunities to rebuild relations, while respecting that very important decision of the british people. joining me now is jackie
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bowie, managing partner at chatham financial. lovely to have you with us here on bbc news. less than impressive, certainly rachel reeves wasn't impressed. all questions on how we get britain's economy going, first off though, are we in stagnation, on the cusp of recession, what is the feeling out through?— out through? yes, certainly economists _ out through? yes, certainly economists are _ out through? yes, certainly economists are reducing i out through? yes, certainly i economists are reducing down their forecasts for uk full year growth this year, it was never going to be particularly great any way around i%, so we are seeing those estimates coming down to 0.8, 0.9%, after the great first quarter we had it looks as we have had the consecutive months and 0.25% terses of growth not hitting expectations, i think one of the key concerns is the fact the key concerns is the fact the service sector of the economy, which has been the one that has held up services or
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80% of uk gdp are showing signs of weakness with five out of 14 of weakness with five out of 14 of the sub sectors contracking. i think it was just 0.1% posted, by the stats office. what does the uk need then? what does the uk need then? what is the feeling, what is missing, what is lacking at the moment? we have heard that brexit has held the economy back, that is not the answer though, we have heard about the potential for pension reforms, you know, what is needed out there? ~ . ., , there? well, certainly the budaet there? well, certainly the budget had _ there? well, certainly the budget had an _ there? well, certainly the budget had an impact - there? well, certainly the budget had an impact on | budget had an impact on sentiment as people were, you know, uncertain in the run up to that, but surprisingly consumer sentiment has held up reasonably well if you look at the underlying number, that post the budget there is a big concern that those tax increases that came through will just increases that came through willjust push straight through to the real economy. the employers ni cost is a tax on worker, it will limitjob creation and that will have an
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impact on growth. it is interesting listening to andrew bailly, where he says he doesn't take a position on brexit but it is really hard to by fur kate the impact of brexit compared to other things, the economy has had to get through in the last few years, the lockdown has been the major part and i think if we look at the eu as a whole, you know, europe is one of the slowest growing sector countries in the world, regions in the world, if we look at the us and emerging market, growing much faster, so if the uk is wanting to look outside of its own borders to stimulate growth, not saying ignoring the eu but there are other places, i know your question is will the us be a concern? until we know how that is going to play out it is hard to model it, but certainly some of the economists have been out in last few days saying even if he goes all the way with the tariffs he is talking about, it is really going to have a limited impact on the uk. part
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of that is also related to the service part of the economy, where a large part of the exports are services which tend not to be impacted by tariffs. jackie, a pleasure, thank you very much indeed. the leaders of the world's two biggest economies us president biden and china's president xi are both in peru for the asia—pacific forum. alongside other regional leaders the club represents around two thirds of the global economy. but there's an elephant in the room president—elect donald trump and how his incoming administration may react to any agreements reached. here's nick marsh. so much has changed since president xi and biden last met. a year ago, it was a meeting of two heavyweights with the power to shape
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the world economy. this time it will be a little more than a goodbye, but as apec braces itself for trump 2.0, this is an opportunity for beijing to set the tone before he takes office. when else will you have this group? answer — not for another year, so this would actually be a very good opportunity for the chinese team, as a whole, to have that connection as well. during his first term, trump placed tariffs on more than $300 billion worth of chinese goods. biden kept them in place as well by the way. he was also pretty touch on china — in some cases even tougher. the things is, trump will probably go even further than that. so if you are an asia—pacific country, what is going to happen? is there going to be an influx of cheap chinese—made goods coming into your market because they can't be sold to america, or are chinese companies going to invest
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in manufacturing in your country, to try and get around those tariff? we don't know, but either way the reality is that china is a much bigger trading partner already for these countries than the us is, and tariffs may make that situation even worse for america. we have seen incredible changes in us positions that would have been unthinkable in the past, happening now. so the us is definitely less reliable, a lot more uncertainty, a lot more risk attached to trading with the united states. we have already seen firms across the region for sure, who are thinking twice about, do i want the us to remain a market for my products? some people have said this could be the last appearance of a us president at apec for quite some time, because frankly, donald trump doesn't really believe in multilateral treaties or international trade blocks. his philosophy is "america first," which by extension
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means everyone else second. how exactly apec is going to negotiation this, how the world economy is going to negotiation this for the next four years is anyone's guess. to a scam warning now, and a scheme that some of the uk's high end food producers have fallen foul of. customers pretending to be buying for a supermarket chain have been making large orders then disappearing with the goods and not paying. it's reported the food is on it's way to russia where sanctions have prevented a lot of sales. one of the companies to be hit was a fish smoke house near london. i got igotan i got an e—mail early august from someone pretending to be the buyer forer a from someone pretending to be the buyerforer a french the buyer forer a french supermarket. the buyerforer a french supermarket. he said that he had heard of our product in the french market and it had a good reputation which seemed plausible and he wanted substantially quantities of smoked sammon as a frozen line. i looked at the range that supermarket was offering and i thought that seems like a fit, actually and because it was frozen, we were able then to
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produce in stages, and it was doable, so, isaid, yeah, i think we can do this. the penny dropped for me, on friday of the 11th october, i said when are we going to be paid because we need that before we release the second one and the e—mail came back saying we will pay for the first order and the second one together, when the second one together, when the second order is released. i contested this, i said that is not what we agreed. and i thought that doesn't sound like a supermarket, it doesn't sound credible and it was the next day i started to do more digging, and realised that these people were fraudster, and that i had been conned. and you can see more on these scams and how to avoid them on this week's �*talking business' with my colleague tadhg enright here on bbc news. and here we go again — uk retailers have started to release their christmas adverts which can only mean one thing.
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the countdown to christmas has begun. this year the ad industry's festive fight is expected to cost a record breaking $13 billion — will it all be worth it? ian forrester ceo of ad research firm daivid gave me his take on this year's crop of christmas ads. this year's crop has been super—strong is the first thing to say, and that has been fuelled by consumer interest in christmas ads. john lewis has increased interest in christmas ads oh the years and it has become uk's super bowl so there is a superhigh standard, there is a superhigh standard, there is good and less good within there as well. is is good and less good within there as well.— there as well. is there a common _ there as well. is there a common theme - there as well. is there a common theme that. there as well. is there a common theme that we j there as well. is there a - common theme that we are seeing? year after year you get the usual, don't you, it is kind of family, reuniting, what is the general theme for this year? is the general theme for this ear? ,, ., ., is the general theme for this ear? ., ., year? so the general theme for christmas _ year? so the general theme for christmas ads _ year? so the general theme for christmas ads generally - year? so the general theme for christmas ads generally is - year? so the general theme for christmas ads generally is to i christmas ads generally is to evoke intense warmth and joy. that is the emotions for the ads, those that win tend to add other emotions to that formula so in terms of the best one we
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have tested this year, john lewis are back, it was the most emotive christmas ad this year with 56% of viewers feeling positive. that won by adding nostalgia to that standard of warmth and joy, really intense nostalgia coming through with the two sisters growing up and the two sisters growing up and the memory, made it supereffective.- the memory, made it supereffective. the memory, made it suereffective. ., ., supereffective. has anyone got it wron: , supereffective. has anyone got it wrong. can — supereffective. has anyone got it wrong, can you _ supereffective. has anyone got it wrong, can you think - supereffective. has anyone got it wrong, can you think of - supereffective. has anyone got it wrong, can you think of an i it wrong, can you think of an example, a recent example where theyjust haven't read the room, do the adverts lead to higher sales?— higher sales? so, i mean a coule higher sales? so, i mean a coume of _ higher sales? so, i mean a couple of question, - higher sales? so, i mean a couple of question, in i higher sales? so, i mean a l couple of question, in terms higher sales? so, i mean a i couple of question, in terms of sales, if you look atjohn lewis, 40% of profits comes through during the christmas period, so absolutely critical to get this advertising right. of course ads don't necessarily of course ads don't necessarily lead to sale, they get people through the door, and once we get through the door other things come into play, pricing, store lay out but it's the
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hello from the bbc sport centre. i'm hugh ferris. if a defeat to greece was the low point of lee carsley�*s time as england's interim manager, a victory over the same opponents could prove to be his finest moment. amid a series of withdrawals, their 3—0 win in athens puts england on the verge of promotion in the nations league. having been critical of his team—mates for pulling out of the squad, captain harry kane didn't even start the match. but his replacement 0llie watkins scored afterjust seven minutes to give england the lead. their win was then rounded off by a player only
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in the squad because of the nine withdrawals. liverpool's curtisjones marking his debut with a cute backheel finish. a victory over the republic of ireland on sunday will guarantee promotion to the top tier ahead of new manager thomas tuchel starting in january. we have got so many quality players, isuppose we have got so many quality players, i suppose the biggest challenge would be fitting them all in and where they they all play? we have played with that balance, we have so much quality, players come in and out of form so you have to take that into account, but, i think there is a lot of good performances tonight, a real good team effort and hopefully we will see the same at wembley. sandro tonali scored his first goal since returning to football following a ten month ban for betting, and it gave italy the win they needed to make the nations league quarter finals. not far away from their 1—0 victory over belgium in brussels. france joined italy in the last eight, but only 16,000
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