isn't pezora a local aero club has been lending calais, sich a parachute for his jumps and will continue to do so. as long as he has a certificate of good health, but he still wants to buy his own shoot. and another one to use for training young jumpers that's all for now. stick with us though, after the break business news with steven beardsley, looking at the batted british pound. remember, there's more on that story and many others on d, w dot com, and you can always follow us at d. w. use on social media. i'm showered radio. berlin, thanks for watching. ah, it is the end of the pandemic in site. we show what it could look like will return to normal and we visit

those who are finding it difficult. he sees his successes at noon in our weekly coping 19 special every thursday on d. w. please places in europe are smashing all the records. stepped into a bold adventure. it's the treasure map for modern globetrotters. discover some of you up to record breaking sites on google maps. you too. and now also in book form. it's with ah, the british pound, such as a record low against the us dollar, as investors make known their displeasure over london's big spending plans. even a reassurance by the bank of england hasn't helped. also on our show, a small sigh of relief from beleaguered renters in the us. apartment rents fall for

the 1st month in almost 2 years. and a family own bakery in germany shuts it stores after 90 years in business setting, rising prices. oh, welcome to our show, i'm super busy in berlin. it's been a volatile year for currencies ask anyone holding yen rouble or career rows, even bic coins. but that there is not the value of a crypto currency. you're seeing that the british pound, which fell monday to a record low against the us dollar. it's part of the market reaction to the so called many budget put forward by the new conservative government at the end of last week, which included some of the biggest tax cuts in 50 years. and investors are not happy. and that's pushing up the cost of government borrowing to recent highs, or the bank of england even wait in saying it's monitoring the development in the financial part markets. and would not hesitate to change interest rates by as much

as needed. but even those remarks haven't taken pressure off the pounds. public opinion in the u. k has meanwhile, been divided. there's widespread concern over inflation and the rising cost of living. but whether tax cuts will bring about a change of fortunes for average brits as conservatives promise has been met with skepticism on the streets of the city of london, britain's financial center. the plummeting pound is a cause for concern about what the coming months might bring. you know, you take a labor government would take, drove down the spending root does as she generate. dr. does not take as recession. a conservative is always going to tell you to tax cuts the news that the public has got more money to spend. the problem is, is what is that you say with one of those is going to be successful. what i've been there is, so it is a gamble. how do you, well, to be asked is disappointed about it or had no competence in british economy. so light press is negative somehow overall, but

a soviet as some sort of recession coming, right? if it's not already here, and we'll just have to wear her, i think i'll give leave to keep spending. the, i suspect the impact is going to be fairly disastrous. imports are obviously gonna go up in price. exports are going, exporting has could be more difficult adage to that lee effects of braxton which are coming down a down the line straight for us or nothing. we're going to be serious trouble over the next couple years. i've been here for weeks. so the to exchange in the change in exchange rate is around about 5 percent. so get 4 percent more. and i was going to buy another point. right, so not everyone. disappointed by the plummeting pound conroy felt is head of forecasting at the center for economics and business research in london. chi you had predicted a bumpy ride in the markets after this plan was announced, the pound is now flirting with a record low against the dollar. recent comments by the bank of england don't seem to be having much of an effect. how serious is what we're seeing?

yeah, it is certainly quite a serious situation for the government and the bank of england. i think the many budget wasn't really that many at all. it was one of the biggest events and recent history really and markets haven't taken too kindly on the very large and you know, predominantly unfunded tax cuts that the chancellor has announced without any assessment by the independent forecast. the b o b are looking just at this immediate effect what we've seen today and a bit on friday as well. what will a weaker pounds mean for this economy? that's fighting record inflation? it comes at the worst possible time really because the pound has already been weakening. the bank of england was battling really an uphill battle against inflation. again, arising years on guilt. so to have this added pressure now, which is coming from the policy announcements on friday, it is really the worst of times because the only thing that the bank of england can

do and what market pricing in already to raise interest rates buy more, go higher, perhaps go and bigger steps, but of course that will lead to a lot of pain in the economy. that was slow growth will make borrowing more expensive. and in particular the mortgage market is where we'd be a little danger building up. as you know, people need to spend more and more for the mortgages. you just mentioned this, not so many, many budget. do you see a coherent government policy here on the one hand capping energy prices driving much of inflation on the other hand, attempting to crank up economic output? yeah, i mean, there's really a disconnect between monetary policy and fiscal policy that the, the big caught me here. you see that the bank of england is trying to bring supply and demand back into balance by raising interest rates. but pricing the inflationary peak that we're seeing at the moment. on the other hand, you have a government that is really, you know,

ripping up the fiscal room book really and saying, you know, we need to go for growth. growth is the only variable, the only indicator really that the chancellor seems interested in, along with productivity. and, and this creates, you know, a lot of a lot of, you know, distortions and it's really just not a good time. you know, wait another month, but the o b, i want to do the full cost. i think a lot of pain could have been avoided. does this idea of growing out of inflation make sense? i mean, to a certain extent, yes, you know, growth is a bullet if you like, but how do you get growth? that is, that is the group crucial question. so growth is why we can afford to have the problem on the government debt that, you know, most economy has accumulated, its during the damage, and also now would be with the energy crisis. we do need growth. and it's also to certain extent, right, that the government focuses on growth and things to improve the supply light of the

economy. however, you know, during these times, during the current energy crisis, we have, you know, the inflation respite slide in the pound. this is not helping the growth outlook in the, in the short term. we do predict, you know, some, some benefits, a medium to longer term to materialize. but that is going to take, you know, 567 years really to, to come through. and in the meantime, we do have to deal with that weaker pounds, high inflation and higher interest rate kind of fell that the sensor for economics and business research in london. thank you very much. thank you. let's go now to some of the other global business stories making headlines. georgia maloney is set to become the prime minister of italy after winning a general election among our policies revising and economic reform plan previously agreed with the e. u. in exchange for 200000000000 euros and cove at 19 support. all eyes turn now to the fiscal policies that will come out of coalition talks. us apartment rents

fell for the 1st time in almost 2 years in august. that's according to the wall street journal, which cited several property data and apartment listing sites. the down tick by most measures slights follows a period in which rents searched. according to realtor dot com average rents in the us rising 23 percent from august 2020 and let's go to our financial correspondent in new york. teddy austro teddy, the rent surging over these past 2 years. this is 8, slight down tick from everything that we're, we're hearing. how meaningful is this really? well, it's, as you said, this is a pretty modest decline. and rental prices based on private data here in the united states. modest when you compare it to the past 2 years of surging prices. i'm here in new york city ground 0 for some of the highest prices in the country. and i got to say every one is always talking about rent through the roof. now,

why is this the case? rental inflation was already pretty high before the generalized inflation that we are experiencing here in the united states. but there was a lot of pent up demand from 2020, from the lock downs that is being unleashed right now. so a lot of demand tracing to little supply now is for the declines. it does appear that some of that supplies increasing. there is more house construction, more rental apartment. but if there is an expectation of peking rental prices, this month may not be the one that city austro new york. thank you. back to europe now where the energy crisis is hitting small businesses, especially hard, already forced to pay more for materials in recent months. businesses are now bracing for record high electricity and gas costs. some simply won't be able to stay open among them the german baker in our next story. he's closing shop on a business, his grandparents opened. 90 years ago. for almost a century,

fresh bread rolls have lined the shelf offensive at slate women's family bakery in the western german city of cologne. but soon there will be only empty shelves here . skyrocketing prices have forced them out of business. not about crossings, and i'm sure the cost of the ingredients has gone up by around 50 percent. and now there's also the energy crisis to deal with the in a geek austin. slate human owns one of 10000 bakeries in germany, where bread is as much a cultural asset as good to and football. now, the iconic industry is suffering remnant of america. if we just realized that it cannot go on like this. and because of all the problems i mentioned earlier, we would easily have to increase our prices by 20 or 25 percent from so and i just don't see that happening until decision is the german government announced to

relieve package to soften the blow of rising energy costs this month, but the $65000000000.00 euro cushion as aim primarily at private households. bakeries feel left out in the cold dimensions. i'm a finance. yeah. and what we would like to see is a financial bailout for our bakeries with a government providing aid to help our businesses effectively quickly and unborn. critically effective on shit go cottage. his for this family bakery a bailout would come too late after so many years in business. this one will be his last his reminder of our top business story. the british pound briefly had a record low against the us dollar on monday. it's part of a market reaction to the so called many budget put forward by the new conservative government at the end of last week,

which included some of the biggest tax cuts in 50 years. investors are not happy that's pushing up the cost of u. k. government borrowing to recent hi soup. all right, that's it for me and the dw business team. do you find out more about these and other stories online at d, w dot com slash business? check us out on youtube as well. we're under the d. w. news channel. i'm from beardsley from everyone here. thanks for watching. ah, with patriotism on the right. how does the nation define itself? a question of them asked in the former soviet faith. the war in ukraine has given

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