what will be here with the business news and a look at the plunging british pound. stay tuned for that. thank you so much for a company this week with every day for us and for our planet. global ideas is on its way to bring you more conservation. how do we make cities greener? how can we protect animals and their habitats? what to do with all our waste? we can make a difference by choosing reforestation over deforestation recycling over disposable

smarten solutions overseen said in our ways or is truly unique. and we know that, that uniqueness is what allows us to live and survive google ideas, the environmental series in global 3000 on d, w, and online. ah, the pound plummet says the u. k. sets a new course, new prime minister, less trust and government ta slashing taxes and boosting borrowing. we'll look at the dramatic reaction from markets. i'm turning down the temperature here, how german households are coping with rising heating bills. they sort of as his date of your business on robots in berlin. welcome to the program. the u. k is new finance minister has unleashed historic tax cuts and

a huge increase in borrowing in a wide ranging policy announcement to the british parliament. the measures are supposed to boost gross, but analysts say quasi qua, tangs measures are a huge camp. oh, the package was a tranche of economic policy hawking back to thatcher. right, and reaganomics doctrines of the 1980s high tax rates, damage britons competitive, they reduce the incentive to work to invest and to start a business, they take the additional rate of income tax. at 45 percent. it is currently higher than the headline talk rate. in g 7 countries like the us and italy, coatings package included capping the highest marginal tax rate at 40 percent, lowering the basic income tax rate to 19 percent from april 2023. doubling the tax free threshold for home purchases to $250000.00 pounds. in addition, the cap on bank as bonuses has been lifted and

a plant rise in corporate tax has been scrapped. quoting said the package estimated to cost 45000000000 pounds, about 50000000000 euros by 2027. would reward enterprise and work plus incentivize growth. and we said the benefits would spread to the whole economy and the entire country, the willing stuff to fund the cuts, plus a multi 1000000000 pounds came to subsidize energy bills. what the government said, it would raise its borrowing this year by around 45 percent at the announcement flord financial markets. with the pound falling to a 37 year low against the dollar, labor's shadow, chancellor said it was a plan to reward the wealthy and that it would not help average wage earners and low income households. with critics calling it a returned to so called trickle down economics. malesky more in this from our correspondence in the u. k. big it mars spigot this so called many budget as

they're calling it in the u. k. does this represent a significant change in direction for the british government? very significant, and that's exactly what les tress and had chancellor has wanted. they said they wanted to break with so called treasury orthodoxy, which, for most people means balancing the books. so the previous government had to borrow like other government enormous amounts of money in order to, to help the economy when it was flattening during the cove at times. and now the previous chancellor had announced that he was going to put up some taxes in order to pay for the public services. this government is saying, no, we want to grow the economy. and this is what we're going to do, which is we're going to cut taxes. so we want to grow the pie one to grow the economy and this will in the end, how to everybody. now we have seen that there has attracted a lot of criticism because the government needs to now borrow more money. enormous

amounts of money, and very many people have called is a big gamble and is not just the amount of borrowing was raised. eyebrows is the fact that a lot of the major there been as again to benefit the wealthiest britons at a time when and households are really struggling in britain. so how is this many budget going to go down with the british public? the government is arguing that it's all about growing the economy. then when you grow the pie overall, then this will also help everybody including the people on lower income. and they've also said that they are not about redistribution, but they are about growth. but still questions remain. if you want to basically kicks are the economy. if you want to kick south bending, why would you give most of the money disproportionately to people who are already well off and not to the people who are being squeezed and who have to pay have to

face these high energy costs. and britain is already, one of the countries are in the developed world with the highest gap between rich and poor. it is being criticized particularly bank as bonuses also are, are quite unpopular in the u. k. so the government is facing a lot of backlash over this. o and bigots was in a rush to grow dramatic reaction on the markets in the u. k. and also from the pound in response to this, what exactly is been going on? exactly, the pound has really fallen, plunged down to record lows against the dollar. and at the same time it's more, it's more expensive now also for the government to borrow on international market. so that reflects an uncertainty of the market. whether this is really the right strategy and we had the nobel prize winning economist, poor crew man. and, and,

and he has said that britain is now trading like a developing country. where to see fiscal responses, irresponsibility is undermining confidence and the value of the currency. so that reflects one of the critics of this really very, very bald strategy of the u. k. government. ok, barry at mass in london. forest. thank you very much. now to some of the other global business stories making the news. singapore has passed hong kong to become a his most important financial hub. that's according to the g, f. c. i index ranking world financial centers on commerce ranking fell to to china, increasing the authoritarian rule and drastic lockdown measures globally, new york and london top the index with singapore. placing 3rd boeing will pay $200000000.00, making misleading public statements following airplane crashes. in 201820198

securities and exchange commission says boeing, new of ongoing safety issues after the 1st crash in indonesia, but kept them from investors insisting the 737 max jets was safe to fly. now a miserable friday has talked a tough week on us markets a week that saw the fed high interest rates by 75 basis points. let's cross over to our financial correspondent to new york young's quarter and get a bit more on this. and the s and p $500.00 is as low as point for a year. during the course of friday. i mean, what's eating investors in the moment? and the da jones industrial leverage dropped through the crucial 30000 point mark enough to accomplish it to last more than 5 percent of the value in the course of the week. i mean, clearly it's all about inflation, how the federal reserve and other central banks around the globe fight it so that this might eventually lead to

a global recession. so that's pretty much the mixture that we're seeing at the moment. and it's not just stocks that have been down here on a friday. and during the week, oil prices, for example, in new york had dropped more than 7 percent for the week dropping under $80.00 per barrel. and one of the reasons why all is dropping, it's similar to stock sold this, this fear of a potential recession that could cause less demand for oil, at least at this point, is pushing that price lower. but, well, i mean, talking about a lower energy price. this might be a good thing for a change. and yet just briefly say degree was boring. that's for the market to least christmas might be council this year. know santa claus riley. what do they mean? yeah, i mean it's santa claus really usually is the last 5 trading days of the year and the 1st trading day, the 1st 2 trading days of the new year. but in a year as we've seen. all right. or if you see it right now. so in the mac market

has been down so much, it is unlikely that we will see the santa claus really. and what happens on wall street does not stay on wall speed. meaning, if we see pressure toward the end here in the united states, the say probably will also be true for financial markets across the globe. ok, again quarter in new york for us. thank you very much. now jim and households are gearing up for an expensive winter with energy prices many times what they were a year ago. germans are looking for ways to keep the bills down and yet stay comfortable in dakota months. do you use milk? yardi schmidt reports? i'm facing 3 problems. i'm using natural gas for heat to boil water. and for cooking. last year i've spent about 1500 years on natural gas this year, 3000 euros and it's getting even worse. my family,

as part of germany is middle class. we make around $4000.00 euros a month after taxes, but ever since prizes started to go up, i'm wondering how much longer we will be able to manage. i live in berlin. i'm not want to splurge own spontaneous per chases, because i am aware of rising energy costs. russia has stopped gas deliveries to germany almost entirely. prices have gone up 80 percent and more. to protect gas and porters from southern bankruptcies, gas customers will have to pay a levy starting in october, an additional $3.03 per kilowatt hour, including texas. now this levy will hit disproportionately that half of the german population that heat their homes and

natural gas to sort of make this section of the population responsible for this seems a bit unfair to should be spread over the entire population. thomas o'donnell warriors, about recent gas price trends. even the storage is full. ah, that will last only about 2 and a half months in the heating season. so end of december, sometime if there's depends on how cold is we could use it a very fast, then you're going to have a situation where there's simply not enough. you can't import as much energy as used to come through the pipelines for russia. so. ready it's going to be rationing . the big question is, what's the low temperature we can stand in the winter time. it's obvious. the cooler the room temperature, the bigger the savings. my wife has found another way to save around 20 euros per month. we have to switch to natalie again,

my name again is one thing. my money i don't you poor, but it's frustrating because nobody knows when the crisis would come to an end. that's all for me in the business. same handbell anthem already had over to the d, t o e news youtube channel. you can actually check out our latest data we business . special asking is europe d industrialized by making the headlights and what's behind van d. w. news africa. this shows that the issues have been the continent. life is slowly getting back to normal. yeah. well, in the streets to give you enough reports on the inside. our correspondence is on the ground reporting from across the continent, all the french stuff, the mazda to you next. on d, w. e co, india. the glaciers,

a melting climate change shows it's true phase in the indian state, mash del pradesh, the solution. reducing c o. 2 through e buses. will this was in 60 minutes on d. w o. a ended glistening place of the mediterranean sea. it's waters connect people of many cultures. siena almost rock and to far abdul karim drift along with exploring modern

lifestyles and mediterranean, where it has history left its traces, meeting people hearing their dreams. ah, that to me, ah, this week on d, w, this is d, w. news africa coming up on the program, the world health organization says africans are living longer. but how is this happening? one factor is advancements in tech. they're helping to improve critical health services for women. in cameroon, we take a look at one innovation and hear from it's developer. also coming up more south african homes are plunged into darkness for hours on end every day as the countries electricity crisis lessons. but why is the power great crumbling in this african power.