so, of austerity, what does the future hold ? so, as of austerity, what does the future hold?r, he is looking forwards, and saying how do we manage this? but he also makes the point that, after the second world war, our borrowing was 232% of gdp, and as someone who grew up and paid tax and has lived to paying off that debt because we only finished paying it off a few years ago, i never felt austerity in that sense, so never felt austerity in that sense, so hopefully, at some point, we will forget that we owe this money because it willjust become part of oui’ because it willjust become part of our normal taxation. john, how do you see it, as a business journalist? is is inevitably going to be followed by recession for a prolonged period, do you think? well, i think david smith has had a day or two to take it on and he sums it up well. he describes the economy is being nationalised. let's not forget, rishi sunak, less than a month ago, was not even chancellor. eight months ago, he was a parliamentary undersecretary of state. and now he is at the front of the government, pledging

structure devastated by the tory austerity that followed the 2008 western economic crash or is britain's new liberal epidemic of inequality killing off the poorest too quickly we speak to economist guy standing who was said to advise the jeremy corbyn government if we did one that deserves general election and we ask the author of why nations fail british economist james robinson if the u.k. chancellor should today be looking to communist china for tips on reviving britain's economy plus we ask a former u.k. home office minister why a pandemic hasn't yet been declared in britain and who really stands to gain from vaccine research funded by taxpayers money all the support coming up in today's going underground 1st today marks britain's 1st budget since leaving the world's largest trading bloc the e.u. the headlines are awash with government funding to deal with the u.k.'s recent flooding and soaring rates of coronavirus but what about the poorest in our society 14000000 of whom live in poverty including 4000000 children it's a metric u.k. shadow chancellor john mcdonald will measure this

of austerity which boris johnson and his ministers backed faithfully in that period and that those 10 years of austerity have sort of held back our infrastructure denuded public social services of brazil was is and have created a perfect storm of circumstances in which a crises on top of all that leave us very ill prepared to deal with it and i think the chancellor has has a very difficult job today he's going to throw a few bits that will appear to reduce poverty that will appear to be addressing the infrastructure program problems but those problems are the result of 10 years of under successive conservative governments supported by boris johnson and if i was still advise ing john mcdonnell and his successes in the labor party i would say that they've got to hold the government to account one of the 1st things i would do which would help combat the virus and the effect of the virus is i would overhaul the welfare system because millions of our fellow citizens are suffering from the threat of homelessness actual homelessness rising morbidity and a lot of those problems will be intens

everybody wants to deliver the budget that ends austerity.s this change in attitude and perhaps a more relaxed attitude in having a slightly higher ratio of debt to gdp. as i touched on earlier, it is very difficult to know exactly what that is going to look like when you have got borrowing costs changing very rapidly in the financial markets, potentially going down. we really do not know how affordable anything is at the moment because it is so hard to know what the real state of the public finances are. got a little bit of time left. i want to join your attention to the cartoon in the telegraph, which is not much to laugh about with coronavirus, but this is pretty funny, isn't it? i know this is the cheltenham festival, i'm working from home. the horse on the treadmill. a lot of people will be working from home for the first time. going into the weeks and months ahead, will this signal a major shift in the way that we worked after this crisis is over perspective is this proof that home—working, remote working works for companies? if it work

because of course some people have been commenting that since the austerity that the u.n. has said took took over this country after the 28 crash in fact presided over by david cameron who says one of his favorite books is your book since then the numbers of beds the numbers of acute hospital beds and so on they've continued to decline and our health infrastructure has suffered so we'd be in a much poorer position to respond to a threat like coronavirus i'd be i'd be quick to add that you know that we in no way into 'd all stock david cameron's policy and he certainly didn't derive it from our book certain you know i mean we emphasize a lot how critical public services are an investment in public services and i think this this virus is a kind of wake up call you know this we had it below but the polar started in sierra leone you know work week which you can easily lock down but you can't so easily lock down will happen and and so so i think you know we should rethink this will lead us to rethink lots of decisions that we've made perhaps about health and investment in servi

wonderful books of emerged from the self-imposed austerity the blackwater lightship tells of 3 generationsf women discussing homosexuality hiv aids and changes in irish society. the pastor is a fictional account of the life of the us writer henry janes. mothers and sons is a collection of short stories in which each story explores an aspect of the mother son relationship. nora websters unforgettable protagonist struggles with grief and finds her way to emancipation in 1960 i. house of means is a retelling of a classic greek tragedy. tobin's shows his compassion and intelligence yes he was always an avid reader he struggled at school as a boy when he was 12 his father died in tobin began to start or. you did start reading at the age of 9 and you started writing poems it's the age of 12. i was the death of your father the trigger to write or something ah i imagine so because it came very soon afterwards but it was also that in my family study was very important and that when you went to secondary school you should going to ruin your own every evening and you know you need to be reading your

history plus up to 10 years of austerity and one of the lowest numbers of ospital beds per capita in the western world has new come a tory johnson the. u.k. budget promised enough to tackle coronavirus we asked former scotland secretary david mendell all the more growing up in today's going underground but 1st i'm here of the contemporary gallery in mayfair in london with the high representatives of the united kingdom of the kurdistan region of iraq co one jamal to hear thank you so much for inviting us into the gallery can i just ask you 1st tell me about the exhibition here in london and how it is inspired by the journeys of a community that is what up to 35000000 people in the world yes well thank you so much for having me today and thanks for coming to this art exhibit should this art exhibit is part of the concept of cultural diplomacy of could have some original government representation here in london we initiated this project for one to promote the kurdish culture in britain 2nd to create a platform for our artists included some region so they can. get out from the local exhi

actually, a lot of it is quite austere. it is quite spare, isn't it? quite minimal...t's the passion between these two characters that is the fire — you can see the fire there — that is — that is the warmth of the film and the beauty of the film — and actually, the paintings as well that you see are beautiful. yes! so there are these little elements of beauty and romance and passion within this quite austere setting. and ultimately, you know, it's about two women who are finally allowed to be what they want to be at a time when they weren't. and, yes, they have to do it in virtual isolation but, you know, it's a film about authenticity, really, isn't it? about people being their authentic selves. i got to the end and i thought how clever it was, because there is the whole — there's a lovely character of the maid as well and there's a whole, right throughout it — i mean, of course, this is the 17705, men are in control. yes. and men utterly control those three women in different ways — without doing any plot spoilers — but then you get to the end of the film and you thi

actually, a lot of it is quite austere. it is quite spare, isn't it? quite minimal...the passion between these two characters that is the fire — you can see the fire there — that is — that is the warmth of the film and the beauty of the film — and actually, the paintings as well that you see are beautiful. yes! so there are these little elements of beauty and romance and passion within this quite austere setting. and ultimately, you know, it's about two women who are finally allowed to be what they want to be at a time when they weren't. and, yes, they have to do it in virtual isolation but, you know, it's a film about authenticity, really, isn't it? about people being their authentic selves. i got to the end and i thought how clever it was, because there is the whole — there's a lovely character of the maid as well and there's a whole, right throughout it — i mean, of course, this is the 1770s, men are in control. yes. and men utterly control those three women in different ways — without doing any plot spoilers — but then you get to the end of the film and you think "

exactly, decade of austerity. this will be a massive leap. a massive leap, but i think it is a recognition from the chancellor and the prime minister that a lot of people in the north of england feel they have been left behind. they voted for brexit and they lent their most of the conservative party, expecting something in return. they want early signs that this is going to be delivered in this budget. the other measures that have been taken, the daily telegraph on its front page talks about some of the biggest banks in the uk announcing a mortgage holiday for those of you by coronavirus. so those who have to stay at home and cannot go to stay at home and cannot go to work, that sort of thing. royal bank of scotland, tsp, nationwide, must make saying they will suspend mortgage payments for up to three months. italy, similar move, the finance minister saying there will be mortgage holidays for italians. that is a very practical way, isn't it? it is. indian, what is going to happen if people have to stay at home, self isolate, they are not goin

look, i think we're talking about austerity questions. president trump has been very comfortable jettisoning traditional conservative fiscal policies. he's been comfortable dramatically expanding the debt and the deficit. global omething that's a pandemic and a national medical emergency, i don't think you're going to see a bunch of republicans say, all of a sudden, we're drawing a line in the sand and going to be fiscal conservatives. >> we should say the last republican president did the same thing. as did reagan. there is some continuity here. matt? >> the one thing that could hold this up is democrats insisting there be an economic trigger. >> yes. >> the next president if it were at would have the same benefits, not worrying about debt and austerity. it's also worth noting mike pence when he was in congress, he was one of these leader of, you know, emergency spending needs to be offset. you know, those principles are far gone now. but certainly democrats are looking at ways that they can assure in the future that they have the same s

and after ten years of harsh austerity, it's what we need. thank you very much.with me now. he promised all of this in our ma nifesto he promised all of this in our manifesto and investing in infrastructure and the rest of it. to the skill of this package surprise you? yes there was a conservative mps. surprise you? yes there was a conservative mp5. i was talking to them yesterday and they signed up for extra borrowing because that's what it is when it comes to investment infrastructure, broadband and all of that, but some of them said to me that if it comes to day—to—day spending, current spending, they did not think that should be borrowing to fund that kind of thing. they still believe that the purse strings should be held pretty tight. the could be trouble ahead on all of this but they're going to get away with it for now because of the backdrop to all of this. coronavirus, the measures being ta ken all of this. coronavirus, the measures being taken there and listen to the chancellor, is pretty solid at the beginning there, we never anything like it for peopl

now, mr speaker, if one has to believe that austerity is over. but it is not true.terity is over. mr speaker, to end austerity and fund urgent action on the climate emergency, and our public services, we need a fair taxation system. that means making the richest pay their share. but the government's changes to the national insurance threshold will actually mostly benefit higher earners. while those on lower incomes would be better supported by boosting wages and real social security. the income of the poorest fifth of family has fallen by 7% injust of the poorest fifth of family has fallen by 7% in just two years. and as the resolution foundation has said, this has been driven by policy choices. how can it be right that the 12 years after the bankers crashed the economy, the poorest 20% of the population are still being made to pay for it? while those at the top are being rewarded yet again. today, we learn they won't even scrap entrepreneur's relief, a subsidy benefitting 5,000 people who make an average of £350,000 a year. ican make an average of £350,000 a year.

it is a land of austerity, theme of austerity, and it is all generalized fiscal response from politiciansecificity. daniel: i wrote a piece over the weekend that says take the money. money is being thrown at governments. people are seeking risk-free returns and this is an extension of what has been going on. the money is available to do what any government that prints its currency wants to do, including rebuilding infrastructure and all the things which would give government a greater role in the economy, but at the end of the day that is how to resolve the imbalance. francine: thank you both, meredith sumpter, daniel alpert. later we speak with fabrizio pagani, the former check -- former finance -- that coming up at 6:30 a.m. in new york, 10:30 a.m. in london. this is bloomberg. ♪ ♪ in america last night and a nice rebound across asia and better over the last hour. dow futures up 984 points. the yield curve steepening and yields higher has been an important story. francine: looking at european stocks, there is a clear reversal compared to yesterday. it was great to have philipp hildebran

and then after auster reticent years or so impressed. by a lot of experience from that i see many fact it's much more experienced than me but it's also important because i don't want to die on people who left experience i really want to be a better. half the members of bremen pollies team a little like tonic are from abroad. for him it was easy to get permission to come and work in germany he qualified for an e.u. blue card it offers skilled workers who are university graduates from non e.u. states the right to work and stay in the european union. and a new law in germany the skilled immigration act even extends the definition of qualified professionals to include people without a university degree but to have acquired certain vocational training certificates. when you get this blue card then you don't have a distraction so you can work for 4 years and then. you get this blue card is blue card so you can basically work in any part of europe under this program about 50000 skilled workers came to germany last year. ranjit brahman poly is c

austerity can the money make any difference going on the ground social media producer fine i'm going to caught up with conservative m.p. and former scotland secretary david mendell outside parliament to ask him about the budget i think so far the government has made a good job of dealing with this crisis a very very difficult situation very focused on following the medical advice and the chancellor has made very clear that he will make whatever resources are necessary available to the n.h.s. to allow them to deal with the coronavirus as it emerges in the u.k. but at the point where any chance resources are stretched rather than they are at this moment then additional resources will be available. barbara songs on the government side of the and i just as part of a survey that was done on the n.h.s. doctors over 99 percent said that i just wasn't prepared so as the all of the measures they've been outlined on limited spending for the n.h.s. if it's necessary to count the damage beyond done i think their excess is actually in pretty good shape obviously there's always more. that can be d

let's talk about austerity, it's over now, isn't it? to do today is get clarity from the government that there will be support for social care because social care... it's a service that cares for the elderly and vulnerable, they are most vulnerable about the virus, it is social care thatis about the virus, it is social care that is in crisis. austerity isn't ended by any means. if you look at the ifs figures about what they were

has an easier motion that's very satisfying but when you're working you need something much more austere such a silence and also i think you need to face in words you're having a big view out the window with a structure you just look in or it's all in words and it's all silent no music no fear mostly just no comfortable just just right you know just work along. wonderful books of the purged from the self-imposed austerity the blackwater lightship tells of 3 generations of women discussing homosexuality hiv aids and changes an irish society. the master is a fictional account of the life of the us writer henry jane's. mothers and sons is a collection of short stories in which each story explores an aspect of the mother son relationship. nora websters unforgettable protagonist struggles with grief and finds her way to emancipation in 1906 ireland. house of means is a retelling of a classic greek tragedy. tobin's over shows his compassion and intelligence yet he wasn't always an avid reader he struggled at school as a boy. when he was 12 his father died and toby began to start or. you did st

as the austerity regime clamped down on workers, workers tried to push back against it. they were not getting much help from washington either. in 1978, they wanted to reform the hatch act, the federal law that restricted what federal workers could do to be involved in politics. they also hoped to pass a civil service reform act that would give them the ability to bargain, federal workers to bargain over their pay. they weren't allowed to do that. frustration was building. this really was something you could see when you looked at the nation's air traffic controllers. i ended up writing a book about this, because i thought it was really a symbolically important group. and what happened to them symbolized what was happening to many workers in this period. i want to talk about this union briefly called the professional air traffic controllers organization. it was made up of men like this. this is a picture of air travel controllers working on a radar screen in 1960. this was taken in new york in a hangar called hangar 11 at jfk where they used to monitor with very old equi

germany has had to deal with austerity, is welcome over the last few years after the eurozone financiale is a big debate about whether budget cuts have been too drastic and whether that means we are not prepared enough for a crisis like this. you can compare it to the situation in italy or spain, where austerity for years has had such an impact on the health care system systems there and now those countries are really struggling. what leaders particularly in italy and spain are now saying is that the eu has to do more. we have to talk about the massive bailout programme for southern europe. much greater than in the eurozone crisis. we will return to the quite ferocious debate about whether northern european countries should help southern european countries economically and financially. a baby has died in the us state of illinois after testing positive with covid—19. while there have been reports of deaths of teenagers around the world, officials say this marks an extremely rare case ofjuvenile death during this pandemic. let's get more on this then. joining us live now is calum semple,

coming up on the show is it too late to pump money into health infrastructure devastated by the tory austerity that followed the 2008 western economic crash or is britain's new liberal epidemic of inequality killing off the poorest too quickly we speak to economist guy standing who is set to advise the jeremy corbyn government if we did 1 december general election and we ask the author of why nations fail british economist james robinson if the u.k. chancellor should today be looking to communist china for tips on reviving britain's economy plus we ask a former u.k. home office minister why a pandemic hasn't yet been declared in britain and who really stands to gain from vaccine research funded by taxpayers money all the support coming up in today's going underground 1st today marks britain's 1st budget since leaving the world's largest trading bloc the e.u. the headlines are awash with government funding to deal with the u.k.'s recent flooding and soaring rates of coronavirus but what about the poorest in our society 14000000 of whom live in poverty including 4000000 children it's a metric u.

services there seems to be however a determination in buenos aires that they won't accept any new austerity measures in fact the new president definitely is has instead frozen prices and high salaries tourism board has a report now from buenos aires. to move toward a saudi i was hoping his engine would be readjusted this year. i didn't tina has one of the highest inflation rates in the world and he was disappointed when he found out that despite being paid on $240.00 a month he would not benefit from the need his government incentives because of a lack of my. whenever i see my wife owns a minimum pension and she got a small increase but somehow i'm considered to be rich with this out of the make and can barely survive if i were rich i wouldn't be in this clinic i'd be some they were they treat me decently i had to come to the hospital. his source is not the only pensioner who's struggling the stace argentina is coping with recession inflation growing poverty billions of dollars in debt. for many here it brings back memories of 2001 economic collapse when argentina was isolated from the inte

3rd world countries which are now being so oppressed by the international monetary fund and the austerity programs that it's squeezing out more money to pay the american bondholders. centrally america's isolating the whole rest of the world and saying in effect we know we're poison go your own way that's trumps policy and one tulsi gabbard said in just a very minor way she said to. act right so there's tons of dick lobel ization dollar as a show and seem to be a hallmark of the trump administration you talk about the connection between the dollar and oil and of course that's a quid pro quo they're going back to the original $971.00 bargain the petro dollar as it was introduced so it's a petro dollar is severed of best no longer how we measure the global economy and that relationship no it really is the largest purchaser of my book super imperialism was the defense department in the cia and defense department gave an institute where i work a contract for me to explain how this free ride turned when and so i went with herman come to the white house and we were told that they've told us so m

has an easier motion that's very satisfying but when you're working you need something much more austere such a silence and also i think you need to face in words you're having a big view out the window would distract you just look inwards it's all in word and it's all silent no music no fear mostly just no comfortable just just right you know just work along. wonderful books of emerged from the self-imposed austerity the blackwater lightship tells of 3 generations of women discussing homosexuality hiv aids and changes an irish society. the master is a fictional account of the life of the us writer henry janes. mothers and sons is a collection of short stories in which each story explores an aspect of the mother son relationship. nora websters unforgettable protagonist struggles with grief and finds her way to emancipation in 1906 ireland. house of means is a retelling of a classic greek tragedy. tobin's over shows his compassion and intelligence yet he wasn't always an avid reader he struggled at school as a boy. when he was 12 his father died and toby began to start or. you did start r

who are well known well known but i don't see in times of austerity what you want to say for the major keep going yeah the major security threats of course come from come from north africa come from the chaos in libya that we helped to cornell's so and so in that sense if you will the average french or italian citizen or more danger of being killed by weaponry and bombs coming. liberated intervention states where we cause chaos and then you are from russia or china and that is a big problem in public perception we don't the average person doesn't see what the think tanks see as the sort you know jonathan that jonathan i think one of the interesting things here is that the united states and the atlantic alliance they have gotten so used to having such a heavy damage and having had gemini for the last 7 decades that they they don't understand how to reimagine the world that they don't have it and i think it is the lack of imagination and how the world is changing and i think it terrifies them i mean the new cold war with china just look at the rhetoric they go back to the same rhetoric w

would distract you just look in or it's all in word and it's all silent no music no vision post austerity the blackwater lightship tells of 3 generations of women discussing homosexuality hiv aids and changes an irish society and sons is a collection of short stories in which each story explores an aspect of the mother son relationship. nora websters unforgettable protagonist struggles with grief and finds her way to emancipation in 1906 ireland. house of means is a retelling of a classic greek tragedy. tobin's over shows his compassion and intelligence yes he wasn't always an avid reader he struggled at school as a boy when he was 12 his father died in tobin began to start or. you could start reading at the age of 9 and you started writing poems it's the age of 12. a was the death of your father the trigger to write or something ah ah. imagine so because it came very soon afterwards but it was also that in my family study was very important and that when you went to secondary school you should going to ruin your own every evening and you know you had to be reading the law and then learni

we have years of austerity and i think rishi is going to try and break that mould.on the day today spend, over the government has been very tight, they're going to be investing more as well, not least because they going have to dropa least because they going have to drop a lot of money to the nhs to respond to the coronavirus that. for me, let's see. at that because of the government will not just me, let's see. at that because of the government will notjust be the immediate response, but if there is a slowdown that comes out of that, we then enter the territory of fiscal stimulus. what are you going to do to boost the economy? and so the thing that i am hoping to see coming out of this budget is, yes, invest, but let's invest in sensible ways. we don't have to increase the amount of money coming into the economy to keep it going. i would like to see a lot of investment into green infrastructure. we knew you can invest quite quickly, we note yields a return, so that's what i am desperate to see. we will see. at the end of the article, the question whether rishi suna

it doesn't come close to reversing the damage of the last ten years of austerity. warning to the government and all of us. if we sow the seeds of disappointment and disillusionment, it can stir up a form of politics none of us wish our country to experience. the business secretary rejected that view. this is a budget which has delivered for business, for our innovators and our entrepreneurs. a budget to power pioneers and problem solvers right across our country. mr deputy speaker, we are a one nation government, committed to leveling up investment growth and opportunity across the whole of our united kingdom. the chancellor has made clear his intention to spend his way out of this crisis. it's very interesting, mr deputy speaker, that we have been told for years that there is no money. yesterday, sunak the hedge fund sprang up like a magic bunch of gold rings. and on these benches we are not going to argue that the uk government needs to loosen their purse strings, but i am concerned that in practice, it's simply not enough, and not focused enough to combat the la

austerity questions, president trump is comfortable with traditional conservative fiscal policies.it. that's happened under his watch and right now facing a global pandemic and national medical emergency, i don't think you're going to see a bunch of republicans say now we're drawing a line in the sand. now we're fiscal conservatives. >> we should say the last republican president did the same thing. as did regan. there is continuity here matt? >> to that point, the one thing that could hold this up is democrats insisting there could be an economic trigger so the next president if it were democrat would have the same benefits as this one where we're not sort of worrying about debt and austerity and mike pence when he was in congress, he was a leader of, you know, emergency spending needs to be offset and those principles are far gone now but certainly democrats are looking at ways that they can ensure in the future they have the same sort of urgency. >> that is a great point, matt. it seems like we're locked in a weird asymmetry here. they will play ball because they have both first

yes, you could almost hear the clash of gears as they accelerated out of austerity, really.with any budget, and it is all in cash terms, inflation and so on, but interest rates are incredibly low, deficit is down, the debt is down, there is quite a lot of manoeuvre for the government had to start spending. john appleby from the nuffield trust, thank you. downing street, the official spokesman has been doing the regular afternoon briefing, and we are told that tech companies are being invited into downing street. that is because they want to make sure that the public has reliable information and coronavirus as we move, probably, edged towards that next stage, not to contain, but delay. i think the expectation of some more announcements, they want to make sure the platforms have more accurate information so that people do know a little bit more about what is going on. now, with a little bit more budget reaction, let's speak to martin lewis, the found founder of consumer finance information site, moneysavingexpert. com. it was the most gung ho budget i remember it for a long ti

and some straight the parallels was happening in this country boris johnson has moved left for austerity and announcing big spending programs and those that in the austere republic and to embrace some of those lessons of anti- trade. and with those welfare entitlements. what does this do to progressive parties? and let me add to that from the british commentator talking about the unwritten law that it's easier for the right to move left and left to right with culture and identity. so the center-right moves under the territory. >> into spend more money than they are, fine but here are the changes and to build strength in the future and the momentarily it is our job to dive deep to come up with a platform and with that origins of injustice but only to do that for things like education to hold back education reform and that is necessary. of course if you say to the right but most people care about it. it is not a situation that you have to disagree with but in our case the government wants to spend more money on health care so the real issue is to reorganize healthcare to manage long-term c

the fiscally austere and with and titrated no modernization. and then let me add to that. with the british political commentator which is the unwritten law of politics of populism it's easier for the right to move left on economics and for the left to move right on question of culture and identity. but on the economy from the center-right moves into this territory. >> and to be spend more money on health care and they are them the changes that we do this in a way that brings opportunity to people. i will never get the long-term strategy and with these policies because momentarily they look popular but it's our job to come up with the platform of the true embrace of the future and to get into the origins of an justice but we can only do that for things like education and with education reform was necessary. with law and order we are not interested in that but most people care about it. it's not a situation that you disagree with but to do something that is correct because they want to spend more money on health care we have been advocating that