more than enough to stop spending on possible without the support of the worlds which explanations who are pulling the strings, the protest this demons will keep falling on deaf ears. and you're up to date, but i'm stick around. up next is business. look at the impact of rising interest rates on the u. k. housing market that's with mary's teen up after a short break. to remember, you can always get your news. 247 on our website, that's dw. com and of course on social media. and we're a handle is at the w news. i'm here until the berlin. thanks for doing in the guardians of truth. my name is joan dean. and i have paid almost every price of being enjoying this in a country like to tease. taking on the powers that be they risk every thing

john, don't r s activist journalist and politicians living in exile too much on my shoulders. but i have to hold this weight because i'm responsible for the future follow country for the people far behind the boss. people are nice to know what is happening there. you know, are series guardians of truth. watch now on youtube dw documentary, the another interest rate hike by the bank of england has mortgages and runs surging at 5 percent. now, boring costs and the okay, are the highest pays been since the 2008 financial crisis. the move house paid on homeowners and tenants also on the program,

the world's biggest error trade show return to paris this week. after for your cobra break, surviving industry is pushing for de carbon, i think, and defense. i'm of the vina. welcome to the show. the bank of england and nonsense thursday is raising his interest rate to 5 percent. it's highest since 2008. that's due to stubbornly high inflation in the u. k. it's news that has many home owners worried almost a 1000000 households will see the price of their mortgages go off by on average over $4000.00 bureaus a year. that's on top of previous price increases. one british consumer advocate as warning of mortgage prisoners thing people are, are locked into on affordable housing payments with some mortgage rates. hitting 9 percent. and renters are also feeling the rate hikes. that's because many landlords are passing costs onto the tenants. your own, your rent increase of started storing in april of last year. and yes, you can see here they have kept climbing ever since getting 5 percent in the u. k.

in may. and remember, those rate rises are happening while the price of food and energy have also spiraled upwards. it's forcing some people to reconsider living in the house at all . in i dillard coast, a 2 hour drive from london. margate is the perfect place for lin pearman to enjoy the next chapter in her life. when this pensioner was kicked out of her apartment, she sold all of her valuables. that's how she was able to pay for her new home on wheels, which she's christened the free spirit. i've got nothing to lose. i couldn't say i would get you couldn't even get a room for the money to i was allowed. and to take the rest of my pension with me. no, it's just not feasible. i mean, especially with the cost of living going up with the electric, the gas, and with the bills of rent increase from the equivalent of $500.00 euro to 8. 20 was lens and doing. she used to be a fitness trainer and cared for her mother with dementia. her pension now covers her gas and about 12 years per day for food. she typically showers at friends,

houses, lind shares or experiences on tick tock, where she has 40000 followers. many of them are facing the same fate, especially those young people dealing with the housing shortage to put in london, a spending on average move in 60 percent of that income on that housing costs. according to research, if you spend whole than 30 percent of your income on housing that causes mental health problems. so there is no doubt that we are in a terrible situation. many experts points to lack of social housing construction over the last 30 years. on top of a deep belief in the free market. as a result, homes and british cities have become targets for speculation. lynn is happy, she still has her camper, but for young people, even those that the good job in education, housing is often a nightmare. i always say a positive and it

a very negative and i think you know, the way i feel right now i don't know what you know. you come back you 6 months time when i'm freezing. it may already be a residential winter jokes when the comb here is deceptive. the issue is politically explosive and could heat up as the conservative party faces elections expected next year. to joining me now to talk about the cost of living crisis in the u. k. as kyle norry says, he's head of forecasting at the center for economics and business research in london. tie as we saw on the report, there's a real risk that poverty and homelessness will for and the u. k. how bad will it get? yeah, there is definitely a risk because um the rental market has been restrained for some time. now there is multiple reasons for that. of course, on the demand side of to depend demik. a lot of people came back into the cities. and students especially also came back to, to dodge of cities on the supply side. on the other hand, um, you know,

that has not been in enough in house building going on for quite some time. and now you also have to increase in mortgage rates, which is uh, also uh, contributed to pushing um brands. so all of that is um is a big risk factor. also home owners with mortgages. all right, risk, we think that repossession smallest we possessions could rise to between 50 and 60000 m over the next 3 years. so the housing market is definitely the focus fund at the moment. so really multiple factor as having the u. k. housing market here. now inflation stats are showing that the spice, the cost of living crisis. brits are still spending as on restaurants and concerts, for example. does that mean the bank of england will need to crack down even further to cool the economy as well? the thing, the certainly the assessment that the bank of england is taking at the moment. um, you're right, you know, consumer confidence measures are still relatively high spending and still quite

robust. so that suggests that there were still, you know, keeping up with either, you know, savings from defend, demi or, and let's not forget that the labor market is still quite tight. we have still quite low unemployment wage growth is very robust, it's lagging inflation, but we do forecast that in the 2nd half of the year, we were trying to re wage growth. so wage growth out stripping and station. and just today the, i'm the governor of the bank thing that advert baby actually step that these wage increases unsustainable. if you translate what that means means wage growth needs to come down. businesses, all employees are not going to do that long term or the so this will be slow down the economy of aggregate the month. this will include business failures and, and increasing unemployment in order to get which broke down. and that way. yeah. kind of a forecaster, could you then tell us as this as bad as it gets or is the worst you have to come? i think in the past years has um, you know, taught us the less than being a little bit cautious. i think we, you know,

if you had asked me that question 6 weeks ago, 5 weeks ago, what if i thought that we were kind of at the limit of interest rates already. but the market reaction has been so severe to the more sticky inflation that um, you know, it also, i think it took a lot of people by surprise even ourselves. and then when we did forecasting that in session will take longer to you to come down. so what we're going to see in the rest of the year is certainly a dropping headline, right, inflation. so energy prices are coming down and that's feeding through, especially in the july and october periods when we have the energy price go up here and you take which is we adjusted so there will be a slow down in inflation. and we do also think that this aggressive moved by the bank of the bank of england will have an impact on the economy. so we will see the later market. so happening a little bit. um, but you know, if we're at the end of the crisis, i think that's too early to tell you kind ortho, thank you so much for talking to us today. thanks for having me now to some of the

other global business stories making news. european union plans to lift controls on controversial genetically modified crops. the proposal aims to help farmers cope with climate change. it gives the green light to modified plans such as we able to withstand drought and fungus resistance tomatoes. and you official see the move will also support fluid security, social media, joint meadows, blocking access to news articles for all facebook and instagram users in canada. the move comes us. the canadian government has to build requiring social networks to pay newspapers for linking their content. shares and humans energy plunged by 35 percent after the company announced its experiencing technical problems edits, wind turbines, the company it had this you to review after many of its turbine components started failing, the wind energy business could be impacted for years at a cost of billions of yours, zambia struck

a deal to restructure it's $6300000000.00 of that it goes to other governments, including china, the debt will be rescheduled over more than 20 years, was a 3 year grace period. the unprecedented deal is seen as a breakthrough for heavily indebted nations. the aviation industry is taking off again this week, so the return of the world's biggest air. so when parents, after, for your break due to the corona pandemic orders at the show reached near record levels. but the industry isn't just revising itself. it's also we inventing the w as jack parents sent us this report out. the power is that. so one small hydrogen powered starts up is taking a big claim to your old some decibels told us that will be fine. this green hydrogen fuel powered across at supersonic speeds with the months, the 1st thing the world to do, so they say, and to may just that would prove industrial appeal. the hydrogen infrastructure and

the hydrogen tags refueling stations handling storage. this is something that we're looking into spinning off to, to other mobility sectors, as well as the energy sector. and then we are investigating the defense sector as well because hypersonic is quite interesting. this type of technology is quite interesting to defense as well. they fly at 40 kilometers altitude 4 times higher than normal planes. and the goal is to transform that prototype technology to one day carry passengers. but it's not an innovation being displayed here, written the boys a show. the process, so has long been known as one of the most defense focused events that is need to have in your, of and with this being the 1st one's beheld in 4 years due to the pump that make sense rushes invasion of ukraine, much of a tool k is about how your it's stepping up. it's aerospace, defense technology, international delegations escaping a french company were follies planned to build an f f. i fight suggest to compete

with the american made f 30 fives, which are currently the most favorites for fall a is also involved in the future combat system. a highly anticipated and logical in secretive european consulting, trying to create the most advanced mind and unmanned military jets in the world. european countries on giving fight to jets, to ukraine, yet as key ones. the french president emanuel micron opened the ash oh, insisting that still full support to continue. and we continue intensifying our military equipment deliveries, training, and help ukraine unami with maintenance as to all our allies and european partners . so we are by the side, always on the same line and totally support somebody else with the billions of dollars worth of deals assigned here in the back rooms of the power as ash oh, the arrow acrobatic sly. of a big business to 1st there was no tourism. now there's too much for

europe and tourism sector is on track for a full rebound. the summer, meaning hordes of sized figures are exploring the world's most exciting places. again, including in athens, worth, thousands are overwhelming. the ancient acropolis, the 2500 year old structure, are seen an uptick of 70 percent over last year. as visitor numbers. the site now resorted to a new system of time slots to cope with an influx. there's also lots of waiting before towards can climb the famous stairs to enter the century dedicated to the ancient greek goddess athena. and a reminder of the top business story were following for you with the latest interest rate hikes, the bank of england as desperately trying to battle in place. and the record high bar and costs are traveling. homeowners and tenants who are ready, struggle with higher costs of living that's our show for more check out dw. com slash business, and then dw, and use the youtube channel. we're also on facebook for me and the business team

here in berlin. thank you so much for watching. take care the one making the headlines and what's behind them. dw news, i forgot the show that faculty issues shaping the continents so slowly getting back to normal. here we're on the streets to give you in the report on the inside of correspondence, it's on the ground of reporting from across the continent, all the trend stuff from outside to, you know, log in and still economical the new z, all the home that goes all out on hybrid technology in addition to the s u z. 40 yet comfortable. but this is also

efficient to everyday use. read. 60 minutes. what secrets? why behind being discovered new adventures and 360 degrees and explore fascinating world heritage sites. p w world heritage 360. yeah. now this is did i didn't use i forgot coming out from the program. the state of africa has green drain. us gemini introduces a new law c team to attract more highly skilled people from abroad. we meet some professionals from africa assuming new of which entities away from home or the rest of the wells game.