could be canceled hyperbole or the results of casino capitalism. and we asked the economists to help set the interest rates for the bank of england during the 28th crash about china as possible. lehman moment to miss k should serve as a warning for other unregulated and privatized energy industries across the new world. all of them all coming up in today's going underground. but 1st is boris johnson flew to new york for today's un general assembly meetings, questions were being raised even in washington about the energy crisis back in britain, arguably even more than the ever grant a property crash that hit the dow jones. so will that really be no turkey for christmas? here? joining me now from newcastle is steven redman, the ceo of the u. k. energy supply green. thank you so much, steve. seem for coming on the show, quasi quadrant used to come on this job or st. john's was government minister, we know it's a british problem because even though the white house, the question was specifically and peculiarly a british energy crisis. i know that there have been some calls and some talks with

the government. how do you see the energy crisis? is we broach christmas. ultimately, i think every single day the enterprise is getting was the whole market is increasing day by day. and as much as the song, our appreciation, the crisis discussions affecting the entire well thought due to the preschool backs and it's been marked out in the u. k. i mean quality quoting bar ministry is talk about on your printer, real capitalism on this program. and i'm sure you've been listening to the british government's position, which is that it's the fault of electricity providers like yourself, presumably who haven't hedged properly and therefore haven't planned properly. and your entire business model is a full, not british strategic energy security planning. yes. so the rhetoric over the last few days being very much that every small supplier is bobby brown and he says, where's your point of contact was on the new thing, you know, around 5 to 8. supply is no. me nice, unusual. but you know,

to make it for me, but you know, from the center spice has started yet, you know, could be between 5 and 10. actually make it through, you know, if, if it isn't a crisis, you know, it's then walk it, it, if you have, if it's such a dramatic change an entire industry. so it's not a problem of gas supply. there's enough gas supply in the market. there is more demand from asia, but in britain, the small companies, green companies like yourselves just can't make money with the regulation involving a price cap for poor families. and the rise in the wholesale gas prices is that the situation. you're not, not correct with the price in place in the current markets, you know, and if i mean to sell, you know, a lot, you know, if the chief executive of off jam packed for them to ask supplies just now. and she has a lot for you doing nothing about it. you know, it's a supply of gas. you know,

you pay us as a country as much less gas storage and a lot of the countries in europe it's lee and jeremy of much more gas storage. we, which means they can better, you know, right out the spicing demography u. k. we are very much at the whim. all you know, global demand. ok, successive british governments have failed on gas storage. off the gym. the british energy regulator is surely less harsh on companies than their equivalent regulators in europe. i mean, the big 6 energy companies that forest johnson, the government seems to be favoring are under the under the caution. they buy, say german regulators who tell you what you can invest in what you can do where is green. you, you have a lot of freedom. i mean, you know, it's different regulation and in place of different things, you know, over the last 18 months. and you, spite of all sizes to report too often on a monthly basis about our financial stability series, if anything was happening, if not commerce, the price of the regulation department,

because we every 5 insurance with them. inaction of our gemini, the government is called the crisis case, not directly by yourself. and i mean, you are a young company, maybe you didn't read your call marks. did you don't think that supermarkets in this country like so many other different industries in this company? they eventually coagulating the big monopoly companies, no matter how. the initial theory is, there's going to be a free market of love to want to pronounce capitalists fighting for efficiency, retro the retreat from oscar mac. um and it's always be switching to supply. that's the best way to save money and not driven a lot more likely. and a lot of people in the market comb with innovation and new ideas is really help them improve customer service, improve the choice for customers out there and you know, ultimate save money with, you know, i think what we found is that the government is using this opportunity as a market consolidation, where you're going to return back to the cost of the big sticks where they,

you know, they will just charge the maximum. they are allowed to charge and only not going to effect customers in the u. k. with less choice. you know, high costs and you know, it's only going to affect my i know that the petition have for one ministers resignation. but do you think therefore, given what you just said, that could be legal avenues in terms of compensation given as you say, for years we've been told shop online for the best provider, it's up to you, the customers work out the best deal. yes. so we launched our petition calling for quality content to resign and in less than a day we've had over at craig, i think just and we were growing every minute of all the down. i get more attraction at ultimate, you know, do you not buy coleman is you know, it's dummy, you know, it's the business factories actually looking to stifle competition. and ultimately this may end up in the cost. now, of course, newcastle, a long history of trade unionism, you must have family and friends and people,

you know, surely telling you when there was icy i nationalized, chemical company producing the fertilizers, helping our food supply industry in this country for turkeys and chicken. when there was a british gas nationalized by this owned by the taxpayer, we never seemed to have these problems. we had labor problems, maybe with unions and pay, but we didn't have problems like this isn't the time to just nationalize all these industries and have a strategic energy security plan. i think that's been the, the plan late late the governments for a number of years or a national energy buyer in that regard. it was before my time, i think you're wiggled enough before the record station, you know, they were power cooks and you have, you know, there's talk for the working weeks, etc. you know, there is more supply now more choice for customers, but without security or spy being at frontier, it's, you know, if we go down the road, it may and don't, you know, we back in the sixty's or seventy's. yeah, i mean, all the squatting said we wouldn't be going back there. and in fantasy that was

actually the work is flexing their industrial mike for more pay. but as they seem to be talking about bigger companies, swallowing up smaller, entrepreneurial ones. why do you think so little focus has been on the geopolitical nature of the companies that are going to succeed. e d, f is one of the big 6 their own by the french government. some of the other companies involved with foreign governments owning british energy security. this will be an obvious question for a number of years. advocates in point c was announced, and it's been built by the friends common, but with chinese packing. you know, the pretty common, seen, you know, help and on with your superior call supply. and actually, you know, from our end, you're scared and you can hobby, but all the comments to take, take a lead on this, which pulses are risk. now of course, you a media very quick to talk about russia and china are strategic enemies as far as

the secret. so his ear and written the talking about how sensible is it? do you think, to send our war ship to china and be talking the way we are about countries that are so into connected with our energy security here in britain? yes, i think you know, the, the main thing to europe in the news you got from the russian state, ne, to pipeline ya see goth, pharmacies and billions of pounds on your pride and gas to europe and automate your needs that gas off. no way to pick future natalie was coughing announced that we've got a new agreement with no way to increase production book the whole year and k nice work in gap. european quarter holding that hope was coughing satisfaction, the practice. yeah, but i mean, do you think it's price we're paying if i don't know, maybe there are people thinking russia and china went to invade britain? well, how to use violence here when it comes to britain's strategic goals?

yeah, i mean, i think the rhetoric of, you know, your work or trying to trying to, you know, take over the whole concrete from tim's a bit to be, you know, what he has been applying just to europe in the u. k for a number of years. and you know, it's, if we have to be agreed to build a pipeline with them in best buy, so he won't be on the look into it on the, you know, this record starts to be started to come out. well, we've often had a lot of criticism currently in the united states and learn for some british politicians that it should never, we should never be dependent on it in the 1st place. do you think russia and china laughing about all of this? obviously, demand is well up in se asia for gas. there are lots of, there's lots of demand. yeah, i think, you know, i think the probably laughing at no situation from all the, you know, the national governments across europe and in the u. k. w premium payments out with a high cost that have a well, you know, that could be in your, in the well, or i can take an action with all this,

but it seems pretty common. it's got the head still kinda sound on it. and what you expected to hedge with given you don't have the french governments resources and you know, billions of dollars worth of bonds. usually. i mean, you want, you had john bitcoin, what would be you? the company had john and do you think you're going to go bust? yes, some small supplies out there, you know, without the log on sheets, the big stake saw people back by lock, investment stands with billions of pounds. you're not tween forward hedging your customers and your home about risk of shorter term and market market. practically, you have to pay for free and we take a balanced approach where you know and make sure because ms. we can guarantee the price on the customers with those bad because the free to leave and moments notice . so would be, you know, if the, on the 1st part of angie 6 months or year pounds, if the quote is all amongst notice,

what do you think some of the companies are to blame for public relations problems? i mean, we have one in for children in poverty and moaning about a price caps of the poorest in this country can have energy, may not be the best strategy for getting the people on your side. i think the depart a quarter the see if i don't think it just come on increasing price. got the solution . you know, that's why we are called me for the common helps back in and help try and regulate the prices. trying support for support for entry spice during this time. you know, the last thing we want and any interest by wants is to increase the price of people in the u. k. where, you know, universal credit or political move palo. and you know, it's a very short time for people in the u. k. you know, i don't think many inch pipe route that you know, the actual pick. those are now on the call. they were calling to pick him up at actually we want our action from to come and help support the market itself. so

there's no shortage of gas. you want to green electricity. what power do you think the big 6, which re become the only 6 electricity providers of this country? what power are they going to have against policies aimed at curbing climate change? and civilizational collapse, i think is what he's looking to have. and he does happen. and, you know, the market, does we back back to that, you know, cost, hello the big states, maybe a couple of all this they're going to hold the power with often they're going to hold the power with government because despite such a large extent should be the customer base, but in the u. k. and they'll be able to go talk to and go to come in and, you know, and policies in their best interest, not in the best interests of climate change, all consumers, government and off. jim, the regulator obviously would deny that, but not a, not a good look for a cop 26 in glasgow. and if you extend no,

no off stopping in november. it's you know, the situation that you paid by then could be drastically weapon is now when we are in a crisis now. so by then you're able almost to be apocalyptic. steven redman, thank you. thank you very much for having me after the break. as global capitalism, weights on the chinese communist party is response to the ever granted crisis. we talk to a man who help sets british interest rates for the bank of england by the perfect storm of lobby leaders and debt. all of them all coming up and bought 2 of going underground were told the new strategic alliance comprising the united states, the united kingdom and australia is not directed against china. but of course it is . washington is develop numerous alliances against staging. but arcos has a new killer dimension tensions arising in the pacific. and no doubt china will re

join me every thursday on the alex simon show. and i'll be speaking to guess in the world, the politic sport business. i'm show business. i'll see you then me the welcome back and one we spoke to a small u. k. energy supplier about the possibility of wholesale re nationalization of britain's energy security. but now to the economic fall, as of the crisis and what it means rather privatizing unregulated sectors across new liberal nations. i've joined by david blanch flower economist and former member the bank of england interest rates, setting ministry policy committee from 26 to 29. thanks so much for coming back on a course that year. those years, including the $28.00 crisis. i mean, before we get to your favorite prime minister of recent times worth, johnson was in new york addressing the un is the whole world about to collapse

because of ever granted. or do we even know whether a property firm interconnected and into linked to so much of global capitalism poses that risk? well, i think it probably poses the risk. i mean that you are quite right. we don't exactly know. i mean, what, what, what, what exactly is going on and whether the chinese government is going to let this happen. but when you see headlines like china's layman brothers, you have to be concerned. i mean, that, that has the potential of a major impact. i mean, the question is, are people going to make an error? i mean that, in a sense, you can allow something that large to fail. the world is waiting and watching. i think it's pretty concerning. and obviously is it's have an impact around the world where it's going to go. we will see that the, the danger is that the chinese government makes an error just like united states did, and allowed layman brothers to fight. i mean, the story layman brothers actually was on the day that the things bailed. it was

basically insolvent, but the central bank in the united states had 6 months or so where it could have stepped into the full. so that's really the story when they get a long time to thought about. now where at a crisis, probably you should have done something a while ago, but i think the world has to wait and watch. and the risks are obviously to the downside or it could be strategic. you're right. i mean, the financial press in the west is talking about this. we know the chinese communist party is saying they need to rein in the excesses of some people good. at least capitalism could this be some form of engineered crisis? well, i don't know, it's been a column is the last thing really one should do is speculate this thing. we should wait and walk and beacon that this is a downside risk. the global g d p, i mean if it's strategic, then presumably everybody in that situation everybody lives in carrying the chinese . so that would be consistent with my view of that would be a major error. i mean,

when we see the headlines about the energy security crisis focused on britain, and we know that there's a reliance on russian gas for supply. when we know that china is so into linked to the global economy and bars, jones, the city going to aircraft carrier to maritime borders is economics and geo politics as it become dealing? no, i don't think it has. i mean, i think if you go back, i remember gordon brown and the book said the, well, what we all tried to do is simulate what would happen if a single bank failed. we hadn't really realized what would the consequences of a global collapse a collapse in the global banking system. so i think the reality we learned from 2008 that everything's kinda linked together. hard to believe that, you know, the global force is a separate so, you know, i think before 2 and a half before then surely, you know what i look,

it sounds crazy. i tell my dog students, i don't, the 2nd biggest dartmouth club is actually in the city of london. and they used to come and talk to me. and i realized that all of the students that i've had over the years working in the same banks, the other dartmouth students will work in any wall street. literally, i literally went to evelyn, how can this be gotten? government came and the u. s. is iraq, the go? i thought to myself, if there's a global financial, it is a financial crisis in the united states and all the same banks in the city of london and in frank. but how could it possibly be confined to the u. k? so that was probably one of the probably the most stupid thing he ever said of a very many stupid things he said. and the whole day and your old cali being promoted now for this country. a country where one in for children are in poverty, according to some statistics. leveling up local government has been abolished from a department here in y tool. every terribly happy about. that's very exciting

when the government, in a sense by 2010 by doing it so stereotype and pushing monetary policy to the bank of england, essentially than a regional policy. right? because if you say the bank of him is what's driving, driving economics, you 7 interest rate, and that's the same for everybody. so now you set up a leveling up deposit, which i think is laughable joke. let's just think about what the world bank has been trying to do since 950. it's been trying to level up african countries and poor countries around the world and has achieved it, but never fear. and the hell they going to change this in 6 months. they have no agenda. they know told us, well they go and it's unclear if there's any budget to do that. so laugh more laugh. really the nothing here. i have no idea how you intended to level off the 50 constituencies that you told that the voted. tory had been labor conspicuous

. want to go to breakfast and now you said it's going to be great. well, i suspect what you're going to see is not going to be great. they probably can't do anything. i mean, it all flop and mirrors. so i'm to singly unimpressed leveling up what you're the department of the loop l, you mean come all this is really, really pathetic while we invite them the whole day and on your former bank of england colleague, i guess he was, i mean, obviously the she said that the chancellor here and others pointing to the fact that we're seeing inflationary pressure in the economy on, on pay. and if it is fixed, but i know you've been casting doubt on the peculiarity of inflation in i know you work on site me, right. i mean, the reality is, i like to use the analogy. if a hurricane gets an island, i mean, i have a house and i'm a hurricane was coming out. west is what happened. and the answer is, well,

community cut off the price. if the price is the price of a plumber to come into the house, i thought the roof out, right? these a temporary shocks apart and part of it and also of an adjustment to a panoramic shock. the central bank should sit back and watch and wait and work out . you know what the virus is going to be, what the back things are going to do. what long changes in behavior that are off? it's kind of uncomfortable for people, but one of the things that we've learned is that the price of certain goods goes up to the traffic example of timber. the price of timber rose like mad. and then people realize, well, ok, i'll put off by him. i don't have to do to be way put, i don't have to build this now and basically get a price if jim went up by bought it back where it was before. similarly in the latest date of the price of 2nd home calls in the u. s. 19 percent. so how do you avoid this inflation shock? you don't buy that, you put off buying your 2nd call until prices have come down. so i think the answer

is these are temporary shocks, but obviously this is the people are being heard. and this is a company spent increases in national insurance, which isn't a tax on people we're seeing removal of some of the benefits that were placed that during the pandemic. so basically just like in 2010 here, the tory government goes again pulling in. i'll spare with the soak up the trying to her for people with going to do and then it says we're going to level you up the worry in doncaster and darlington and other places. well, you go, this is an attempt, once again to low the living standards of the core and the low paid. why would i mean, you know, the re road to hell, maybe paved with good intentions? why would they be doing that? i mean, for i to national view is we'll have to tell them that they, there was a plan here much loaded by some of these 4 jobs and trying to address the aging population. but wants to pay for if using national insurance, which is type of tax,

which is free and is cutting universal credit on the payment over the words. so this is to think of taxes generally. you specify them as being regressive of progress. the question is, who pays for the burden of the tax? so you look back in 2010 and you say it was clearly the 4 people that but caused great recession. so we have to impose asperity and spending on swimming pools in libraries and single mothers with that. so now what you're doing here is just saying we need to now go back. we did pretty well. we put money out to help people to help employed people to help people. now what we're going to do is we're going to raise the tax on work and it's disproportionate impact both on low income and then you take away universal credit that impacts poor people. so what you've done, if you say ok, so now we're going to have, is going to pay for it by attracting the pool so that we can subsidize the rich

you've done pretty well. and so that looks regressive again, it's once again back to everyone, 2010. and what i did in 2010, let's put this in context. and i, for any of us, the people about this, basically what 2010 did with it. produced the slowest recovery in the us in 300 years, 2nd to the south, the bubble, and then the worst one. looking back with the black death. so this, so this is, i mean, expect thoroughly, but this will lower output rate on point lower living standards and will precisely level down the places that are most vulnerable. so you have a leveling up. the problem is going to be doubling down through all the parts of the government. this is, this is politically, looks to me to be a dangerous course of action. so is this brutal cruelty if this house is going to damage the economy at large and enrich the wealthiest people in this country, st. birth thompson is aware of this, or is aware of this, new and loving either by the conscious to do that and raise the taxes on the floor

or lower living standards of the pool. or, or you're lowering the leverage than the one you don't realize. i mean, that's what they doing. taken away you have as a credit, taking people at the low end, giving them a higher tax on making rich sounds lower. so how, how we started out the conversation with leveling up. but your wife being widened, inequality leveling out some to me suggest we're going to narrow inequality, going to narrow inequality between rich places and poor places. so if you, on the one hand, you set up an upon leveling up with no budget where the money goes, you level down on the net, this is a leveling down. i don't know any other way. well, the government deny brutality and cruelty the 6000000 universal credit people. obviously they're facing up to this cut coming up. i mean, it's not only britain, though, the 1st to scale back quantitative easing during the crisis appears to be the

europe central bank. worried about inflation, what do you make? it's amazing. let's look back to 2011. they were the 1st 2 banks that actually decided to raise rates in 2000, i think sweet, sweet and the set the european center back together. we look back now and realize that in the last ticket, that was probably the biggest macro mistake that we've seen. i mean, we'll see that the fed meeting today and tomorrow, and various talk there about whether they will start to scale things back. if the right answer all of this is that we don't know the right thing to do is to wait and watch and be prepared for risk for the mound. so i, i'm shocked to inflation of temporary going to disappear. but to actually think you know, enough to say we can pull back on quantitative, easy, and reduce stimulus. seems to me to be again a mistake. and very briefly, you don't think the meeting this week with the bank of england that then are going to decide on a rate rise. they're not going to 11. no, no,

there's no chance they'll do the maybe some discussion about what to do back in the maybe one vote or so. but we've got new people coming on the committee and a new consensus. i mean, i think the thing is sit and wait and what, what would i do? i think i would now i would not be voted for any change, but i'd be prepared to have my handful bring on. but on a buzzer, trying to actually think about what happens if the economy slows, especially when the fiscal folks we just talked about, going to start to remove stimulus. so what happened in 2000 a white while the bank of england was unable to raise rates for a decade, was because you pull back physically. so that meant the monetary forces had to do more. so as the central, as the chancellor is raising taxes on the pool, that might mean actually the next move in the other direction. you have to do more . maybe you take rates negative, but these 2, these things that coordinated together. and i think again, the risk continue to because of that. thank you. that's it for the show will be

back on the eve of germany. elections, where debates around the russian will stream to pipeline and climate catastrophe made it a flash point for europe's energy future until then keep in touch by social media and let us know if you think energy security is a matter of national security. ah ah, i mine across the board of the search and focus bittman ball here got me. oh yeah. oh oh i

. oh god, me ah, i understand. i oh right now there are 2000000000 people who are overweight or obese. it's profitable to sell food. that is tracy and sugary, and all the under the victim. not at the individual level. it's not individual willpower. and if we go on believing that will never change as obesity epidemic. that industry has been influencing very deeply. the medical and scientific establishment, ah, what's driving the mac, its corporate me

ah, ah, the french defense ministry. he says nato bought me. i will revise the concept of the lot following a dispute over a recently signed security deal between the u. s. u. k. and australia. that left from frozen out also ahead of the spot record e u energy prices, and a huge shortfall in the supply loc, his slavic fines on poland for using coal and is also blaming russia for the crisis . the rubber bullets and hundreds of.