oscar, the west has condemned the referendums as sham balance. and you're up to date for police to around after the break. rob wants will be here with all your leaders, business news and a closer look at the plunging british pound. remember, you can get all of their latest news on our website. that's d, w dot com, and of course you can follow on. social media or a handle is acted of you news? i'm aaron talking on behalf of me and the entire news team here in berlin. thanks for watching the world over d. w on facebook and twitter. up to date and in touch. follow us. oh, hello guys. this is the 77 percent. the platform for africa. you to defeat issues

and share ideas. you know, are this, i know we are not afraid to happen. delicate because population is growing. and young people clearly have the solution. the future belongs to the 77 percent every weekend on d w. ah, ah, the pound plumb, it says the u. k. sets a new course, new prime minister less trust and governmental 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 sorta as is data over your business on robots in berlin. welcome to the program. the u. k. 's 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 growth, but analysts say quasi quire tangs measures are a huge gap. the package was a tranche of economic policy hawking back to fetch right. and reaganomics doctrines of the 1980s high tax rates, damage britons competitive, they reduce the incentive to work to invest and to start with business, they take the additional rate of income tax. at 45 percent, it is currently higher than the headline taught rate and g 7 countries like the u. s. 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 purchasers to $250000.00 pounds. in addition, the cap on bank as bonuses has been lifted and planned 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. we said the benefits would spread to the whole economy and the entire country, cussing stuff to fun. the cuts blossom, multi 1000000000 pounds, came to subsidize energy bills. the government said it would raise. it's borrowing this year by around 45 percent. 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 wages and low income households with critics calling it a returned to so called trickle down economics. malesky more in this from a correspondence in the u. k. big it's ma spigot, this circuit 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 las truss 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 governments 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 everybody. now we have seen that there, it 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 it's not just the amount of borrowing was raised. eyebrows is the fact that a lot of the major there been as again to benefit that 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 kicks out spending, 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 their, their highest gap between rich and poor. so it is being criticized particularly bank as bonuses also are quite unpopular in the u. k. so the government is facing a lot of backlash over this. o and bigots. regina actually grow dramatic reaction on the markets in the u. k. and also from the pound in response to this, what exactly has 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 an 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 for crew, man and, and, and he has said that britain is now trading like a developing country. where a perceive fiscal response of 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, very at mass in london for us. 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. 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 for 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. he ends quarter and get a bit more on this ends. 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 jones, the duster leverage, dropped through the crucial 30000 point mark the nasty composite 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 and similar to stock. so 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 leave. christmas might be council this year and a 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 that the 1st 2 trading days of the new year. but in a year as we've seen it 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 rarely. and what happens on wall street does not stay on wall speed. meaning, if we see pressure towards the end here in the united states, the same probably will also be true for financial markets across the globe. ok, again, go to new york for us. thank you very much. now jim and houses are gearing up for an expensive winter with energy prices many times while 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 multi audi 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 $1500.00 euros on natural gas this year, 3000 euros, and it's getting even worse. my family, as part of germany's 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 purchases 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 sudden 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 are natural gas. to sort of make this section the population responsible for this seems a bit unfair that should be spread over the entire population. thomas o'donnell, worries about recent gas price trends. even a 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 can have a situation where there's simply not enough. you can 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 miss me again. who i that again is one thing. my mom i don't feel poor, but it's frustrating because nobody knows when this crisis would come to an end. that's all for me in the business. same handbell in from old you had over to the d to we news youtube channel. you can actually check out our latest data we business . special asking is europe d industrialized good by ah, listen. hearing loss is often the result of injuries to the

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