bank of _ war. it is worth underlining that whatever the bank of england l war. derlining that i whatever the bank of england may war. it is worth underlining that - whatever the bank of england may do today, it will take quite a while for us to all feel it in our pockets so they have gone about this calculated gamble, act now based on what may happen in the future. absolutely and they were not pre—commit to rate cuts and they are saying they are not going to cut rates until they get back to a certain level. they also say even if they were to cut rates at some point, the rates would still be restricted so i think we are not going to go back to what we were used to pre—pandemic, interest rates are higher and here to stay and even if they do start cutting, injune or august at some point this year, it's not going to be a lot of rate cuts, certainly this year.— certainly this year. thank you, kathleen. _ certainly this year. thank you, kathleen, research _ certainly this year. thank you, kathleen, research director i certainly this year. thank you, kathleen, research

thank _ the bank of england. always good to talk to you. thank you. _ the bank of england. thank you. we - the bank of england. always good to talk to you. thank you. we will - the bank of england. always good to talk to you. thank you. we will talk. talk to you. thank you. we will talk to some more people and get that interest rate decision. not expected to change much, that will be at midday, around 25 minutes from now. staying in the uk, and a question affecting thousands of women born in the 1950s — should they be paid compensation after the state pension age was changed? an investigation by the parliamentary and health service ombudsman has said the government should �*do the right thing' but whilst it can recommend compensation, it cannot enforce it? the report suggests that ? in the sample cases it has seen ? women should receive compensation of between £1,000 and nearly £3,000. the 1995 pensions act raised the state pension age for women born on or after 6 april 1950 — to bring it in line with men's. let's speak to jonathan josephs who's following this for us. could

but it's still short of the bank of england's target of 2%. edicted the drop, saying it makes it increasingly likely that the bank of england will cut interest rates later in the year. our chief economics correspondent, dharshini david, has this report. who doesn't want to nibble on a few treats, savour the first day of spring? but even the softest of creatures can come with a fierce bite. as customers at this farm shop in crewe know, lower inflation still means higher prices. in terms of car insurance, i've just had my renewal through and it's actually doubled. sometimes ijust don't even pay for my wi—fi because i can't, so i'll have to go without. counciltax, broadband, phone, . everything's gone up significantly. carving up budgets is still a stretch for many, even if wages have been rising. now, there's been some relief as items like bread, cereal, cakes get cheaper. and that means food inflation has dropped from nearly 20% last march to 5%. prices for restaurant meals, too, are tailing off. it's global wholesale food and energy costs — tho

we had today from the bank of england — we had today from the bank of england on that. nor of the bank of england seemed to push things— bank of england seemed to push things a — bank of england seemed to push things a little further in terms of his description of the economy and expectations about when we may get that first _ expectations about when we may get that first rate cut. we do need to see further progress, but i do want to give this message very strongly — we've had very encouraging and good news, so i think, you know, we can say we're on the way. what you are suggesting elsewhere in that interview, we didn't necessarily have to wait for inflation _ necessarily have to wait for inflation to go below the 2% target inflation to go below the 2% target in order to — inflation to go below the 2% target in order to start the process of thinking — in order to start the process of thinking about rate cuts. it puts may in — thinking about rate cuts. it puts may in the _ thinking about rate cuts. it puts may in the zone of a potential discussion about a rate cut. this c

well, bank of england news? e bank of england is course supposed to be is of course supposed to be independent, so won't be independent, so it won't be thinking general thinking about the general election do things election or wanting to do things that into rishi sunak's that play into rishi sunak's hands. some will hands. although some people will raise how raise eyebrows and think how independent raise eyebrows and think how ind�*although clearly statutorily >> although clearly statutorily independent. but i suppose the question is we've had a bigger, bigger fall in inflation than was expected this month. will that trend continue? could it be that trend continue? could it be that next month's inflation numbers are even lower and then maybe we get an april cut? but liam was saying it's less likely we'll get an april cut now. perhaps may. is that central prediction? >> well, fingers crossed for all of out there who are on of you out there who are on a mortgage and need to mortgage and may need to remortgage soon

well, the bank of england will consider this again in may. their new set of forecasts. we still think that, at that point, they won't have had the latest data on where inflation has landed. so i think many expectations are thatjune is maybe a likely moment where you could get a cut. that's definitely not a guarantee. it feels like spring may have finally sprung in parts of the uk, which means flowers are starting to blossom, including at sissinghurst castle in kent. it's home to world famous gardens that date back to the 1930's. it feels like spring may have finally sprung in parts of the uk, this year, 10,000 freshly—planted daffodils have grown alongside decades—old magnolias. 0ur reporter sara smith has been to take a look. every new bud, each emerging flower feels like a celebration at this time of year. we've made it through the winter. the garden is finally waking up. i guess it's seeing the new shoots emerging from the soil. that's always exciting. it's seeing all the kind of efforts of our winter work that we've done starting to appear

of england? control of the bank of england?ence do you resent the independence they you they have, even though you strongly believe in sovereignty and having control? what sovereignty ? what sovereignty? sovereignty? what sovereignty? the its own the bank having its own sovereignty you like that? >> deathly good. does putting another financial civil servant into effectively have an important hand on the lever of our country? i don't believe look , i've worked i've worked in look, i've worked i've worked in america and they have a similar system really there. i mean, the fed is an enormously strong person, in fact, stronger actually, than the prime minister, that the president that can't be said over here. basically, you get a failure , basically, you get a failure, the financial conduct authority failure in bailey , and you step failure in bailey, and you step in as a policeman into the bank of england. he will do whatever the prime minister wants, to be honest. >> so to answer your question, i think the theory of bank of engla

of england? control of the bank of england?independence do you resent the independence they you they have, even though you strongly believe in sovereignty and having control? what sovereignty ? what sovereignty? sovereignty? what sovereignty? the its own the bank having its own sovereignty you like that? >> deathly good. does putting another financial civil servant into effectively have an important hand on the lever of our country? i don't believe look , i've worked i've worked in look, i've worked i've worked in america and they have a similar system really there. i mean, the fed is an enormously strong person, in fact, stronger actually, than the prime minister, that the president that can't be said over here. basically, you get a failure , basically, you get a failure, the financial conduct authority failure in bailey , and you step failure in bailey, and you step in as a policeman into the bank of england. he will do whatever the prime minister wants, to be honest. >> so to answer your question, i think the theory of bank

i wonder if the recent data clips the words of the hawks at the bank of england. : do we end up with a unanimous vote at least that the goal is down, because that was sort of one of the tensions of the bank of england. they are looking at a different growth backdrop in a different kind of dominance of the currency. for the bank of england it's this delegate dance especially as they deal with the deficit and growth bring jonathan: flock of doves which is what it feels like the last day or so. under surveillance, fed chair jay powell staying on message for stocks and bonds insisting tolerance for inflation has not shifted. >> what it means is we've seen in coming as i pointed out in my opening remarks we didn't mark up our growth forecast. the economy is performing well. the inflation data came in higher as a separate matter and that caused people to bring up their inflation. nonetheless we continue to make good progress on bringing inflation down. jonathan: i think those comments are so important. there was a clear and we thought obvious contradiction of the forecas

and that is the bank of england's target. l lot of tightening in the system. what do i mean by that? when you raise interest rates 15 odd times, as the bank england times, as the bank of england has over the last 18 months or so, those interest rate rises take time to feed through. and we haven't yet felt the full impact of those interest rate rises. so i think we should be reversing those interest rate rises as soon as possible. the uk economy is just about growing. it's been flatlining gdp per head , that's the size of gdp per head, that's the size of the economy per person has actually been shrinking for the last year and more. and i think now it would be safe to lower interest rates a bit. but you know, these days the monetary policy committee, unlike when it began, when the bank of england was given independence in 1997, these days, the monetary policy committee is full of very cautious , largely treasury cautious, largely treasury appointed people. there's very little kind of cognitive diversity. what do i mean by that ?

the bank of england will consider this again in may. that juniors inflation has landed. many expectations are thatjuniors may be a likely moment where you could get a likely moment where you could get a cut. that is definitely not a guarantee. we have seen in other countries like the usa where people have anticipated where cuts will come more quickly. the central bank there are saying whole done they may not come from some time. in general terms, people think the summer, but wejust don't know. terms, people think the summer, but we just don't know. it depends on developments in the data. clearly some people think it is already overdue, and that recession, that probably ended at the end of last year, is one piece of evidence pointing towards that. the other thing that is quite interesting is obviously it matters what they decide, but it matters what they say. what they say has an impact on financial markets. financial markets price uk government debt, for example. that then has a direct read through into mortgage rates. you have the situa

bank of — good news. that was the governor of the bank of england _ good news. he governor of the bank of england talking - good news. that was the governor of the bank of england talking to - good news. that was the governor of the bank of england talking to our. the bank of england talking to our economics editor, faisal islam. we will have more on the interest rate being unchanged later on in the programme. but let's go to the middle east. israeli forces say they ve killed 50 palestinian gunmen in continuing fighting around al—shifa hospital in gaza city. combat has raged for days in and around the complex, which is crowded with patients and displaced people. our bbc arabic team have spoken to one of the women trapped inside of the al—shifa hospital complex and she told them doctors and journalists have been taken by the israeli soldiers. i journalists have been taken by the israeli soldiers.— israeli soldiers. i swear by god, the 'ust israeli soldiers. i swear by god, they just take — israeli soldiers. i swear by god, they just take those _ israeli soldiers.

the bank of england to rwanda. ank of england is expected to hold interest rates at 5.25, for the fifth time in a row today. it comes after the inflation rate dropped faster than expected in february , hitting 3.4% during the month, the lowest for two and a half years. it's good news for the bank of england and its decision makers on the monetary policy committee. they still expect rates to be held steady as they meet today, and the decision will be announced at midday. meet today, and the decision will be announced at midday . a will be announced at midday. a long awaited report into women's state pensions will be published today. the review will look at how increases in retirement ages have affected women born in the 19505. have affected women born in the 1950s. an ombudsman has been looking at potential injustices resulting from the decision to raise women's retirement age, to bnng raise women's retirement age, to bring it in line with men's in 2010. and it's bad news for chocolate lovers, as some easter eggs are

welcome andrew bailey and the bank of england have really - the bank of england have really been mostlyion coming down. the weakness in growth suggests some of the underlying inflation pressures might start to fall away. —— well, andrew. it is important because those are been elevated. if we get a strong rebound in the next months, it might suggest rates need to say higher for longer. but we think the bank and start easing interest rates from about may onwards. this easing interest rates from about may onwards. as far as the spring — about may onwards. as far as the spring budget _ about may onwards. as far as the spring budget is - about may onwards. as far as i the spring budget is concerned, next month, the two peak cut our national insurance comes into effect. how will that was growth, and some of the other measures introduced?- growth, and some of the other measures introduced? --2p. the ho -e is measures introduced? --2p. the hepe is the _ measures introduced? --2p. the hope is the government - measures introduced? --2p. the hope is the government can - hope is the government can

that concerns the bank of england.to be confident that not only is overall inflation returning to target, but that it will stay there before they cut rates. in the meantime, making the sums add up is still challenging for many labour highlights that some people are still getting worse off. the chancellor himself acknowledges there's further to go. the plan to bring inflation down, it was over 11% when rishi sunak became prime minister, nowjust 3.4%. that plan is working, but we do need to stick to it and see it right the way through. relief can't come too soon for this taxi firm. they put plans to expand on hold after insurance premiums for their drivers soared. i could not believe it. itjust knocked me back so much. and it's kind of scary as well. when will it stop? yet many businesses are cutting back on price rises, fearing customers won't swallow them. we're moving towards lower inflation, but that last morsel, getting it down and keeping it down, can be the toughest. and dharshini is with me now. some good news fo

the bank of england -- participants yesterday where they are seeing three rate cuts in 2024. motivation of expectation about how much interest rates will be cut this year and next. francine: i have to say, it was on central banks this week's. well done everyone forgetting to friday. we had this nice column written a sickly suggesting that this week was huge for the boj. it hiked, at last, but it doesn't mean it's a sustained lift off. he doesn't say expect this rate hike to be the start of the cycle. do you agree with that? >> the bank of japan is slightly more difficult to interpret. but i would say that's a realistic assumption to make to say that this first one is it now the ongoing change in direction. but if you think about how much of an about turn policy that is compared to the last decade or so, it's still a pretty big move. they change and messaging from yield curve control, i think the conclusions have a way to go. francine: going forward you see the complex currencies or do you see it in fixed income? >> from where i sit, it will be on the currency side. this intere

the bank of england unchanged but the vote was different. ere were two hawkish members pushing for hikes. not anymore. >> not anymore on the bank of england. here's a question. what has shifted materially for always central banks that allows them to have confidence that they don't need to go further. has inflation come down? are we seeing more signs of weakness? or is there something else shifting where the emphasis needs to be on growth and away from combating inflation? >> the reaction function shifted. the way they respond to the incoming information. ultimately, the destination has not changed. >> which highlights a couple key questions. one, how much our central banks standing away from trying to put the breaks on the spending we see around the world? it's in the u.k. and generally the euro region. >> under surveillance, biden's antitrust crackdown heating up. >> we have large antitrust activity in this country, major technological change, major income inequality. when you are in charge you want to push your priorities, so what we have s

you are watching bbc news, this is the same light at the bank of england, while we are expecting, in tes. what happens is, it goes to the financial markets, and then it goes out to us in the studio. we are waiting, and i can now tell you that uk interest rates are held at 5.25%. so, it is a hold, as they expected, 5.25% interest rates held for a fifth time interest rates held for a fifth time in a row. widely expected decision, as i said, but it means that the cost of borrowing doesn't stay at eight�*s highest level for 16 years. the bank has been keeping interest rates high to try to slow those sharply rising prices, but after inflation fell to its's lowest level inflation fell to its's lowest level in d .5 years last month, economists do expect rates to fall injune. megan is still with us. they are remaining at 2.5%. you were right. i thought so. and we are talking about whether the bank is giving us any indication as to whether they will come down in the future. do you think they are likely to? the exerts think they are likely to? the experts that _ think they are likely to? the ex

like the bank of england move the dial for a decision like this? n independence more than 25 years ago to make these decisions, to make it less apolitical, less linked to the political cycle. we all know there is a general election looming. the nine members on the monetary policy committee who wrote again today, they all read the economy differently as well. we had a split vote last month, 6— to — one, six were old, two for an increase, one for a cut. that gives you a sense that even the economists independent of that pressure read to the forward pass very different and that is because there's so much conflicting data. i suspect they will be relatively impervious to political pressure but not entirely. political pressure but not entirely-— political pressure but not entirel. ., , entirely. many opinions. it has been great _ entirely. many opinions. it has been great to _ entirely. many opinions. it has been great to have _ entirely. many opinions. it has been great to have yours, i entirely. many opinions. it has l been great to have yours, simon fr

is good . news, we heard from the governor of the bank— news, we heard from the governor of the bank of— news, we heard from the governor of the bank of england england recently thati they are expecting to see inflation back to _ they are expecting to see inflation back to target _ they are expecting to see inflation back to target by _ they are expecting to see inflation back to target by the _ they are expecting to see inflation back to target by the middle - they are expecting to see inflation back to target by the middle of. they are expecting to see inflation| back to target by the middle of this year~ _ back to target by the middle of this year~ but— back to target by the middle of this year. but you — back to target by the middle of this year. but you are _ back to target by the middle of this year. but you are right, _ back to target by the middle of this year. but you are right, the - year. but you are right, the chancellor— year. but you are right, the chancellor has _ year. but you are right, the chancellor has to _ year. but you are right, the chancellor has to have - year. but you are right, the chancellor has to have that| year.

we would like the bank of england to give a - like the bank of england to give a long—term view about tackle inflation. we understand the real world conditions, but what we want to see our interest rates set to a level that boost savings, investment, encouraging people to invest in british business, that's really important, balanced against rising inflation. ~ ., important, balanced against rising inflation. ~ . , ., important, balanced against rising inflation. . , ., inflation. what else are you looking out for? we — inflation. what else are you looking out for? we want _ inflation. what else are you looking out for? we want to _ inflation. what else are you looking out for? we want to see _ inflation. what else are you looking out for? we want to see a - inflation. what else are you looking out for? we want to see a build - inflation. what else are you looking l out for? we want to see a build from the autumn — out for? we want to see a build from the autumn statement _ out for? we want to see a build from the autumn statement of _ out for? we want to see a build from the autumn st

bank of england and bank of japanese and federal reserve. let's get a check of the bond market with yields near three-week lows. two-year yield is lower and the ten-year treasury yield is 4.3%. oil is holding above the $80 a barrel mark. wti this morning is up .75%. brent is up .50%. bitcoin continues to pull back from the all-time high of $73,600. we saw the big drop overnight. that plummet is continuing today off by more than .50% for bitcoin. let's see how europe is shaping up with silvia amaro is in the london newsroom. good morning, silvia. >>> good morning. let me start with what we saw in asia this morning because there were significant moves on the equity front there. starting with the shanghai compos composite, the index closed up 1%. the hang seng is up 0.1%. this was after significant data out of china where factory output and retail sales came in higher than what markets were expecting for the month of january and february. that positive sentiment is turning in the equity moves in asia. the biggest move in japan with the nikkei 2

at the bank of england, the treasury and the forecaster, the office for budget responsibility. y is done _ plumbing of how economic policy is done of_ plumbing of how economic policy is done. of the general message, that you get— done. of the general message, that you get from that speech, is that rachel— you get from that speech, is that rachel reeves thinks if labour is to win the next election, they are going — win the next election, they are going to — win the next election, they are going to inherit a dire set of economic— going to inherit a dire set of economic circumstances and you get the sense _ economic circumstances and you get the sense of playing down the expectations as to what can be done. she says _ expectations as to what can be done. she says there needs to be a fundamental course correction in the economy _ fundamental course correction in the economy. she complains about a stop-go — economy. she complains about a stop—go cycle in terms of investment in big _ stop—go cycle in terms of investment in big projects in the uk. at the same _ in big projects in the u

been killed in the past few days since it began its operation there. not today but when, the bank of englanding pressure to ease the cost of borrowing after a fall in inflation. and the value of online chat, the cult social media platform reddit goes public with a valuation of more than $6 billion. welcome to world business report. we start in the uk where we've just heard from the bank of england that interest rates are staying where they are at 5.25%. they've been on hold since last august, when they were hiked to tame soaring inflation. well, on wednesday we learned that inflation — the rate at which prices are rising — came down more sharply than expected last month, from 4% injanuary to 3.4% that's a huge fall from its peak back in october 2022, when inflation was running at three times that level at just over 11%. inflation here in the uk is now at its lowest in two and a half years, but it is still above the target the bank of england sets itself — of 2%. people across the country are still feeling the effects of higher prices, despite claims by the prime minister that the economy is

of financials? do you mean the banks? >> the banks do well with stable interest rates. what we had last night from the fed and with the message from the bank of englands rates will come down, but stay higher for longer further out. a lot of the hmanagers like the banks. >> the ftse 100 is really going today. we have decent trade on the uk market. it is leading the charge on the markets today. we cleared 7,800 points. we are looking firm in that territory. what do you think of uk assets that have not been as strong as some of the others? >> uk has lagged behind last year and lagged behind this year. we had the inflation print come out from the uk. it came out lower and lower than expected. the market did nothing. think waiting for the federal reserve meeting last night and come out strong and the uk market is cheap. it is rally on that. also, we had a bump up in the oil price. that benefits the names in the area as well. >> if you look at the makeup of the basket today another ftse 100 100, there is nio and glencore, do we need the rally to stay in tact? >> there is breadth and there is good earnings coming through across the broader market in the uk.

of central banking news as well. we watch for any close on monetary policy. we had inflation numbers out of the uk, 3.4%, setting us up for the bank of england tomorrow. a lot of focus on the three central banks today. let me show you what we've got for the stoxx 6 un. we're weaker, giving back some territory after yesterday where we bounced about a quarter of a percent. let's take a look at where selling is taking place. no doubt, home goods is front and center this morning. we're waiting for word on how that trade is this morning. by sectors we did see a little bit of a softness. in europe, technology's at the top, but our version of techs which is household goods and luxuries is right at the bottom. we're waiting. the market is treating its kering warning as an isolated event. oil and gas is down. naturals down 0.4%. banking stocks down by a third. modest declines taking place here. insurance stocks slightly below the line. from there we start to push green base resources up just over a tenth. health care names, media, i.t., utilities down. let's take a look at the indices and what we've got for the ftse. 77.34. the weakness coming through from the

but it's still short of the bank of england's target of 2%. had predicted the drop, saying it makes it increasingly likely that the bank of england will cut interest rates later in the year. here is chancellorjeremy hunt. we are firmly on track to bring inflation down to its target of 2%. this is the lowest headline rate for two and half years. but, most encouragingly, food inflation, which was nearly 20% a year ago, is nowjust 5%. what this shows is that the plan to bring inflation down, it was over 11% when rishi sunak became prime minister, nowjust 3.4%, that plan is working, but we do need to stick to it and see it right the way through. let's speak to our business reporter peter ruddick. good news but people will still feel a lot of stress and strain. it does not feel the cost of living crisis is coming to an end anytime soon. it is coming to an end anytime soon. it is really important to explain what the figures mean and do not mean. it does not mean prices are coming down. what it does mean is prices are still rising but overall, on aver

from a adviser the bank of a former adviser to the bank of england. of engliroger. yger gewolb on this a former adviser to the bank of engliroger. yger gto olb on this a former adviser to the bank of engliroger. yger gto two )n this a former adviser to the bank of engliroger.»ger gto two and|is one. roger. 3.4% to two and a half year low. what do you think? >> well, i think these are numbers that please the economists, but they don't really have much to do with us. i've been saying for over a year and a half since the first interest rate rise, that rates should not have been raised because this is not unlike the states. this is non consumer dfiven states. this is non consumer driven inflation. this is caused by food and energy and foreign wars and things over which people like us have no control . people like us have no control. the 14 rises that the bailey, osiris and his thick skinned monetary policy committee colleagues who won't listen to anybody , have instituted, have anybody, have instituted, have actually inflamed and prolonged the time. >> wel

in interest rates.7 >> fingers crossed , all eyes >> fingers crossed, all eyes will be on the bank of england's announcement tomorrow after today's sensational, unexpected, bigger than expected drop of inflation. the rate is now at its lowest level for more than two years. >> i've never seen you more excited. tom, are britain's diversity and inclusion programs backfiring.7 >> the business secretary, kemi badenoch knock, certainly thinks so. she says inclusion policies come at the expense of white men. >> god forbid. >> god forbid. >> but there's a big question here, and it's the circumstance surrounding the resignation of leo varadkar. >> few saw it coming, but it was only a couple of weeks ago that he went to ireland with two referendums on the same day, to change wording in the constitution around what a family is, whether that's based on the institution of marriage or not, but also on the role of women, not only within the home. all of the opinion polls said that leo varadkar and actually all of the major parties in ireland that were supporting this change, they all said that he was going to

— institutions is what the bank of england so_ institutions is what the bank of england so itland so it will be coming from the church of— england so it will be coming from the church of england _ england so it will be coming from the church of england despite - england so it will be coming from the church of england despite all| the church of england despite all of the church of england despite all of the witnesses — the church of england despite all of the witnesses in _ the church of england despite all of the witnesses in his— the church of england despite all of the witnesses in his procedure - the church of england despite all of the witnesses in his procedure andi the witnesses in his procedure and how it _ the witnesses in his procedure and how it is _ the witnesses in his procedure and how it is going _ the witnesses in his procedure and how it is going about _ the witnesses in his procedure and how it is going about this - the witnesses in his procedure and how it is going about this issue - the witnesses in his procedure and how it is going about this issue ofi how

jobs data, as a interesting time in terms of how we think about the bank of england and next steps with the central bank. it markets increasingly pricing and for the fed and ecb a move around june. for the bank of england we are talking august. does the data tomorrow change the dynamic? there is a view that inflation is stickier and the u.k. economy is slightly more resilient. we dipped into a recession but even the bank of england governor suggested the data starting to look more positive, so we look ahead to that data tomorrow. later in the day we get the cpi print at the u.s. the expectation is for core year on year you see 3.7%, well above the target for the federal reserve, but the volatility of on this print is going to be interesting. on average over the last year you have seen 0.8% move in terms of the s&p and other direction on cpi data. on the earnings front vw reporting. we will be looking for the story around china, to what extent is the market softening. and the demand picture around electric vehicles, so that earnings story will drop on wednesday and give us further clarit

michael, why do you think the bank of england is | think the bank of england is reweighting the data ll that change things? i think that we are in a bit of a turbulent time right now because we don't know it clear where the market is. they have changed because they are not getting the survey responses that they got before and they realised that the 0ns data was not exactly reflected in the market. period of the period it's comparable but when you go backin it's comparable but when you go back in time and you try to compare it, it is not there and thatis compare it, it is not there and that is why they are reweighting to better understand exactly where the economy is and i'm looking forward to hopefully the rollout of the share of the new official data.— official data. michael, director _ official data. michael, director at _ official data. michael, - director at manpowergroup, thank you. director at manpowergroup, thank you-— us presidentjoe biden has proposed a $7.3 trillion budget. he wants new social programmes and higher taxes on corporations and the wealthy. the plan offers a sta

inflation is falling back from its energy shock highs towards the bank of england targets. ut 20 points when the economy has just started shaking at the end of last year. you can see it as a shallow recession but one nonetheless. but the bank of england is holding up immediate rate cuts. the other numbers across the whole economy but does it feel like a turning point in people �*s homes? one new lens is looking at failed direct debit. people running out of cash in their own bank accounts. injanuary, 190 accounts. in january, 190 direct accounts. injanuary, 190 direct debits failed, the high since data collected from four years ago. broken down into energy and mortgage direct debit, you get the same pattern of a peak and failed direct debit very recently. these bills alone together averaging an extra £310 per month on four years ago. that is a context for a national insurance can't work about £40 a month for one work about £40 a month for one work in terms of household finances. difficulty call a turning point here. no wonder the focus from the chancellor on trying to give so

you know, i honestly believe that the role of the bank of england throughout all of this needs to be stioned. all of this meaning her collapse? very much so. i mean, to think that the bank of england sold gilts on the open market on the eve of that budget — it really was an astonishing political intervention. to people who not unlike you, you're a former commodities trader, you work in the city... i know, i know. you think it was a political act to undermine the then prime minister who wanted to cut taxes? absolutely. i have no doubt about it. i've no doubt about it. and what was interesting about it was that the commitment, the energy commitment was massively bigger in terms of financial risk for the country than the cut in taxation. this was the bail—out liz truss was promising? because of the high bills. yeah, yeah. and so we have the bank of england doing this. we had the international monetary fund in washington saying but they shouldn't be cutting it, the uk shouldn't be cutting taxes. so she has a point. and suella braverman, she said the islamists, the extremists, the anti—sem

>> what will it take to get intewell, i think the bank of >> well, i think the bank of england will wantflation, closer inflation, much closer to the bank of england's 2% target, that's where we are. there that's where we are. but there are good there is good news in some of these figures. i'll be doing a full one of my on the money video wall specials in the next hour. so some graphics, brace yourself. plenty of graphics graphics. higher, graphics. graphics. higher, lower. is lower. it's like the price is right, isn't it? for economics nerds. look, food price nerds. but look, food price inflation is now at 4.5. this time last year it was at 19% 45 year high. again, prices are going up, but a lot more slowly than they were . petrol and than they were. petrol and diesel prices are actually down compared to february last year. petrol is about 4% cheaper than last february last year, and diesel is about 11% cheaper than february last year. going back up even though in the last few weeks it started to go up. why? because the oil price is surging and this the big problem, and this is the big

you know, i honestly believe that the role of the bank of england throughout all of this needs to be ly questioned. all of this meaning, meaning her collapse? very much so. i mean, to think to think that the bank of england sold gilts on the open market on the eve of that budget. it really was an astonishing political intervention. to people who not unlike you, you're a former commodities trader, you work in the city... i know, i know. you think it was a political act to undermine the then prime minister who wanted to cut taxes? absolutely. i have no doubt about it. i've no doubt about it. and what was interesting about it was that the commitment, the energy commitment was massively bigger in terms of financial risk for the country than the cut in taxation. this was the bail—out liz truss was promising? because of the high bills. yeah, yeah. and so we have the bank of england doing this. we have the international monetary fund in washington saying but they shouldn't be cutting it, the uk shouldn't be cutting taxes. so she has a point. and suella braverman, she said the islamists, the

pressure is growing on the bank of england to cut interest rates after inflation slowed to 3.4% in februaryoo soon could stoke another round of high inflation and paying price rises. ben boulos, bbc news. next, imagine being given a loved one's ashes only to discover that they had not been cremated until several weeks later. that is what one grieving man claims has happened to him. peter welburn paid a funeral directors which is at the centre of a police investigation. 0ur reporter, aruna iyengar, has the story. the doors are boarded up at legacy funeral directors in hull. there is anger in the community after police raided its premises. they have removed 35 bodies and a quantity of ashes from one of the company's sites. it is part of an ongoing investigation over concerns about the care of the deceased. one of those grieving is former trawlerman and grandad peter welburn. he paid £1900 to legacy for a funeral for his wife shirley. they'd been married for 33 years. she died on the 25th of november in hull royal infirmary. but peter has found out the ashes he was given after her funeral on d

saying bank of england saying the bank of england saying the bank of england muchngland has too much power and but should but the bank of england should be independent and should be separate government. be independent and should be separat> the bank of england is essentially unsackable. >> that, you >> i'm not saying that, you know, the know, i'm not saying that the bank england is kind of above bank of england is kind of above being criticised, but at the same i would not put it same time, i would not put it and doesn't left or and it doesn't matter left or right. would not put in right. i would not put it in a politician's hands to be able to. yeah. >> i mean, problem is that >> i mean, the problem is that as the economy is as far as the economy is concerned, going to take concerned, it's going to take time. matter how time. it doesn't matter how clever are, words clever

the governor of the bank of england speaking a little earlier. n are at risk of being groomed and coerced into crime by organised gangs — according to a leading child protection expert. professor alexis jay, who revealed the extent of sexual exploitation in rotherham, is warning of an urgent but preventable crisis. following an inquiry for the charity action for children she's concluded there's no national strategy for dealing with this type of crime. here's our home affairs correspondent tom symonds. if they knew you were talking to me right now, what would they do to you? i don't think i'd be alive. seriously. i genuinely think i would end up six feet under. that's why we're not revealing joe's identity, or the area where, as a child, worked for a criminal gang in scotland. if they wanted me to go and sell something for them, i had to go and do it. if i had to go and hit someone for them, i had to go and do it. or it was me that was paying the price. why are children being exploited and coerced into crime? professor alexis jay took evidence from

but inflation is still a bit higher than the bank of england's target rate of 2% in the dotted red linei spoke to the prime minister, who told me that the uk economy is notjust turning a corner but bouncing back, and that many people were seeing green shoots of recovery — but i've also been out and about near crewe, meeting people who are yet to see that. the first day of spring is often a turning point of renewal. but at this farm shop near crewe, the rebirth of the economy as inflation falls to more normal levels isn't yet hitting home. the energy bills should be coming down by now. not from what i've seen. they keep putting the standard charge for electricity up, and gas. but it doesn't feel like... the cost to go out for the day and eating and drinking seems to be going up as well. sometimes ijust don't even, like, pay for my wi—fi because i can't, so we have to go without. everything isjustl going up, isn't it? everything. and you don't think that that's starting to calm down or stabilise? anything you can see in your own bills? maybe our gas and electric. is slightly better than i

do you think anything could bring forward the bank of| could bring forward the bank of england's decisioncut interest rates because you think it's unlikely, partly because it looks as if, actually, the economy is starting to grow at the start of the year, so some of the weakness we saw last year there was a technical recession in the second half of last year, deemed to have dissipated. what the bank of england will probably wait for is inflation to be a little above the 2%, with confidence it falls below 2%, so that will probably happen around june, the market is right to expect a car engine. i'm a little ahead of the market, i think 25 interest rate cuts this year when the market thinks we should be at around three. it matters because of their weekly shop and mortgages. it looks like this year at least good news is on the way. this year at least good news is on the way-— this year at least good news is onthewa. , ,., on the way. good news is on the wa . it on the way. good news is on the way- it looks _ on the way. good news is on the way. it looks as _ on the way. good news is on the wa

we are now back at a much healthier inflation point — closer to the bank of england's target of 2%, ander interest rates — as ever affecting mortgages and savings. their direction of travel will be driven by what we learn today. we've been locked in to seemingly runaway prices for almost two years now. this morning, a sign that train is slowing down. but remember — prices are still rising, albeit not as quickly. most of you are feeling this in some part of your pocket. if you run a business every customer counts, and if your customers are struggling so are you. one of the most concerning things is the cost of products now. the produce isjust sky high. rent has gone up, electricity costs have gone up, wages have gone up. everything's gone up. high costs are taking a toll on businesses like anna's. she's been trading for around five years and it's not been an easy ride. it's a game ofjenga just trying to balance everything. we don't want to put too much responsibility or price increases on a customer because that will deter them from coming. we still want to offer good—value foods, but th

i worked in the bank of en . land conservatives. i worked in the bank of englandandy haldane - conservatives. i worked in the bank| of england like andy haldane before i became an mp and i feel that the importance of fiscal rules in provide oog constraint in which governments act is very important, you saw what happened when liz truss and kwasi kwarteng tried to circumvent the rules. they undermined the bank of england. i won't do that. making sure that the sums add up and we start to get debt on a down ward trajectory is important. we separate current and day—to—day expenditure from capital expenditure. that is important, business investment is lower than any other g7 economy. we need that public investment to leverage the private sector. if we change our economy... that is why growth is the no 1 economy... that is why growth is the no1 mission of economy... that is why growth is the no 1 mission of a economy... that is why growth is the no1 mission of a government. that noi mission of a government. that is the way we improve living standards and get the money i

the european central bank interest rates have records of full percent and september and hasn't been changed since then. the bank of england also held rates of 5.2 percent. so when will central bank start cutting rates? to discuss that, while i'm joined now from london by greg swenson, he's a founding partner at the match and thank break because i'm ready to be here. thanks for having a good time for you with us, greg. it's, it's a difficult one. is it? for 2024. 1. 1 does. central millions of others to around the world. what interest rates are going to fall if they fall in the tool? it's a, it's a really difficult challenge for these central banks because the inflation while it's come down, the rate of inflation has come down significantly. it's, you know, inflation is sticky and it's still above the targets in those places. and so they have a real challenge here. they don't want to, they made mistakes, a significant mistakes in the last few years by waiting too long to raise rates. so they have a bunch of which is the market right now. looks like it's indicating that the european central bank will, will cut rates in june

the boj, fed, bank of england. raking -- raising the possibility. pected to keep rates on hold wednesday. an updated summary of economic objections. on thursday, bank of england expected to hold, leaving the door open for cuts in the coming months. kind of a wait and see. lisa: what their longer-term assumption there's a story in the "wall street journal" talking about how it's so rare for a central bank, the federal reserve not to give some sort of sense of what their framework is for thinking about the world. we don't know what the post-pandemic expectations are. if we get some inkling, if they give a sense of that, that could reset people's assumption of what longer risk premiums should look like in a new way. jonathan: i think it's important . mohammed provided leadership on this. bottom line, they do not know. they should be providing leadership and they are not. lisa: how do you provide leadership on something you don't know? do you fake it? they are stuck between a rock and a hard place. important to highlight how unusual it is to not have any

the bank of england won't cut interest rates tomorrow because . because inflation is because. ation is still well above the 2% target, and because i don't think they've got the kind of institutional acumen to cut rates, there are nine members of the monetary policy committee as recently as last month , they recently as last month, they were still voting to raise interest rates. but the money markets do believe that interest rates are going to come down soon. that's why on this lower than expected inflation number, you already saw mortgage companies adjusting their standard variable rates or saying that they would soon. so this is better if you're trying to get a mortgage. if you've got a fixed rate mortgage on the other hand, nigel, as know other hand, nigel, as you know as well i do many news as well as i do many gb news viewers listeners, there'll viewers and listeners, there'll be living on fixed be older people living on fixed incomes, on their incomes, living on their savings. don't the savings. they don't like the fact interest have fact that interest rates have been, you