the bank of england says the rates will stay elevated relative to the call by the end of this year and probably into next year. the crucial calculus for the bank of england is what happens with services in inflation and core inflation. core inflation is still at 2% and the room for the bank of england to cut rates is not very much. francine: i know you had great thoughts on the fed and conditions. but so much when it comes to french politics and bonds. what would it take for the bond buyers to come into that market? ven: i think france debt rating if you look at how it has traded close to bonds these days, spain and portugal, spain has a lower rating and a smaller economy but it has a single handle a as opposed to the aa france has. france's should be treated on parcel with spain's debt and one would think that would think an increase of 10 to 15 basis points. after that, it will start sloping down on the france debt because it will become more attractive from a portfolio perspective. francine: interesting. thank you for the latest on the u.k.. we have a couple of great stories looking

what does the bank of england do about this? what i bank of england do about this? at 2%, the bank of england will move quickly? i the bank of england will move cuickl ? ~ , the bank of england will move cuickl ? ~' , ., ., quickly? i think they cannot ignore the headline _ quickly? i think they cannot ignore the headline inflation _ quickly? i think they cannot ignore the headline inflation is _ quickly? i think they cannot ignore the headline inflation is at - quickly? i think they cannot ignore the headline inflation is at 2%, - the headline inflation is at 2%, it's come a long way and it has seen enoughin it's come a long way and it has seen enough in the data that it leaves that more confidence that it can cut rates. we think our view is the bank of england will cut rates soon. we think tomorrow's meeting is not the live one because of the election, but we think that august might be the first time that the bank of england moves to cut rates. but then the question here is about the scale of the easing and how much of the rate cuts we will see this year. and then

we think our view is that the bank of england will cut rates soon. omorrow's meeting is not the live one because of the election but we actually think that august might be the first time that the bank of england moves to cut rates but then the question is about the scale of the easing and how many rate cuts are we going to see this year? then i go back to the bit about the services inflation where he be so persistent and the bank of england need to see a little bit more so it will start in august but probably only cut rates by 50 basis points. two times. that is in august and november. christian: although western leaders are being punished for the rate of inflation. you see it in all the electio that we have been reporting on. is that because although we are target rate, the inflation that we have had is baked in? if you look at food prices over the last three years, they have gone up 25%. when you talk about 2%, it's important to remember that wage have not risen to keep track of these prices. that is why people are feeling the squeeze. anna: in the

yeah, so once the bank of england makes that move, - bank of england makes that move, what we would expects, they would start to fall. the is is savings rates would fall as well. we've seen a bit of a fall in the saving rates already. it's a good reminder for saving rates already. it's a good reminderfor anyone saving rates already. it's a good reminder for anyone who has savings and has not fixed in her locked in a new interest rate. it's a good time to do it before rates are cut. laura, thank you very much. elsewhere today, the snp launched their general launched their general election manifesto. party leader scotland's first minister, john swinney, promised "a better future for scotland" — based on delivering independence, rejoining the eu, and major new investment in scotland's nhs and other public services. mr swinney pledged an end to what he called "westminster austerity", with a new set of tax and spending rules aimed at boosting the scottish economy. speaking at the launch in edinburgh, john swinney began by outlining his case for independence. we will always put the interests of

this is what the investors are still looking at what the bank of england is still looking at. his stage in the wake of the inflation print, investors reduce their bets on the bank of england easing after this latest print. market seeing a 1% chance of a move lower today and a first fully priced rate cut coming only in november. let's see what will happen there. economists, however, expect the bank of england to go further with 63 out of 65 polled by reuters ahead of this week's data expect a rate cut in august. this outlook was mixed with the investment banking economists split whether we will see a 50 or a 75 basis point cut throughout this year. let's see what will happen later on today. we'll bring you that decision later. when it comes to european markets, this is the picture at this stage as we await to hear from the bank of england. we are seeing pockets of green across europe as investors are digesting some of the central bank decisions. be sure to stay with cnbc at 12:00 cet. we will hear from thomas jordan and at 13:30 cet, i'll be speaking live with the governor of th

we watched the pound in the run-up to end on the back of that decision from the bank of england. e inventory story out of the u.s., that data expected to come out, that inventory state or later today. gold up 0.5%. the bank is expected to keep rates steady -- the bank of england is expected to keep rates steady today with the pending election making a move more difficult. . the latest services inflation came in higher than expected even as cpi, the headline, fell to 2% in the year to make. let's get more from lizzy burden, who was outside the bank of england. is there anything markets should be watching out for today given that the expectation is, of course, that they will stay on hold? lizzy: well, you're absolutely right. you already saw a market reaction yesterday off the back of that hot services inflation reading. you saw a tick up in gilt yields and the pound off the back number at let's the mpc off having to cut rates today but they have already seemingly ruled one up, a cut -- ruled one out, a cut because of the election. it seems like that will have to wait until after th

again, inflation for services, which is really important for the bank of england, this is the bank ofnd, this is the piece of an —— inflation they can control, things made in the uk, services is one of them is running quite hot, so they need to wait for that to slow down and they need to see wage growth slowdown, private sector wage growth is running 6%, growing nearly 6% a year, again it is too high for their comfort. it is having to wait a little longer to see these things slow down. just enough for it to begin easing back interest rates. we had hoped and they hoped i'm sure that would come sooner, in the early summer, but inflation has held up summer, but inflation has held up pretty high, wage growth has been pretty strong over the last couple of months, it is having to wait longer. by august or september it will start to see the data it needs to be able to reduce interest rates. ~ ., to be able to reduce interest rates. ~ . ., ., ., rates. we are waiting for that wa . e rates. we are waiting for that wage growth _ rates. we are waiting for that wage growth to _ rates. we are wait

. it rba as well as the bank of encland. ., rba as well as the bank of england-— rba as well as ., , ., england. it would not be that an interesting _ england. it would not be that an interesting of _ england. it would not be that an interesting of our - england. it would not be thatj an interesting of our meeting coming up out of the back of us earlier this week, we expect them to maintain the cash rate on hold, and that is coming back to that inflation is nowhere near the near where the rba wanted to be in the 2% or 3% range, it is still too high, and for the bank of england, we see that why there were expectations heading into the meeting we might see a cut, even that core inflation is just too high, we think they will hold this week as well. turning to india now — chetna gala sinha has been leading the way for women's empowerment for over 25 years. she founded the mann deshi foundation in rural india with the aim of economically and socially empowering women and set up india's first bank for and by women to support the needs of female micro—entrepreneurs. the bbc�*s sally bu

the bank of england opens at that opens the door to a summer rate cut -- bank of england opens the doorer rate cut. benjamin netanyahu and israel's military appear to be at odds over whether destroying hamas is achievable. this as a wider conflict between israel and hezbollah keeps the region on edge. let's check in on the markets. the focus witching to the economic data. we have retail sales out of the u.k. at 7:00 a.m. u.k. time and than a flurry of detail in terms of manufacturing and service pmi for germany, france and the eurozone at 9 a.m. u.k. time. that's where the lens will be. modest gains of just .1%. the ftse 100 pointing to gains of 10 points, .1%. the boe leaving the door open to a potential august cut from that central bank, a dovish statement coming from the boh yesterday -- the boe yesterday was the interpretation of many. nasdaq futures after the selling pressure that came through from nvidia and apple and others yesterday pointing to gains of .2%. let's look asset. a lens on the yen. intervention watch on the lips of many in the fx space. the u.s. 10 year 4.25%. james

we did get headline inflation to 2% after 2.3, but services inflation came 14% above with the bank of england a particular month because there is a lot of banking in prices. we also have the increase in the national minimum wage. they did suggest was that firms feel comfortable in passing along higher costs. in a way, that sort of what we are looking at. one inflation we expected to make for the frog -- for the progress, 2% actually reached the 2% in may. we expect a climb from 5.5 to 5.9. i think we see that, things will move and we will be happy. >> many people who aren't as into the weeds as we are will jump on the fact of the headline print is close to 2%, but the bank of england, and this is what really matters for the future path of military policy, will be looking at that services inflation number. there is a meeting coming up tomorrow, two basis points of cuts are priced in. no one is expecting them to move tomorrow, but how well this number affects what they do later on in the year? >> it comes broadly in line, even if it comes a little bit above, the summer rate cuts that we now see

bank of enland that. looks like the bank of england then _ that. looks like the bank of england then may - that. bank of england then may well cut i england then may well cut interest rates. what is the expectation tomorrow? tomorrow the expectation _ expectation tomorrow? tomorrow the expectation is _ expectation tomorrow? tomorrow the expectation is they _ expectation tomorrow? tomorrow the expectation is they do - expectation tomorrow? tomorrow the expectation is they do not - the expectation is they do not cut rates. they are hold. today's data will be important to feed into that decision, but the more likely time for them to cut rates will probably be august, notjune, and we had that surprise last month in inflation and on top of all that, we had some pay growth strength as well and data broadly remains ok in the uk but it's more likely to be august then tomorrow. august it is! but we out _ august then tomorrow. august it is! but we out tomorrow. - august then tomorrow. august it is! but we out tomorrow. thankl is! but we out tomorrow. thank you. —— — we will out tomorrow. —— find out tomor

and hitting back at this 2% target is a great achievement for the bank of england, they will say. hat's part of the work that they've been doing on economic policy to get it back to this 2% target. but we're not necessarily expecting it to stay at this level now and continue at 2% for the foreseeable. the bank of england itself is expecting it to rise a bit before the end of the year before falling back down again. so, whilst we're certainly not expecting to go back to those 11% figures they were previously, just because it's hit 2% doesn't mean it will rigidly stay at the 2% rate. i see, so what does that mean for interest rates? so, there was a lot of hope that the fall to 2% today might spur the bank of england to cut interest rates. we know that they're meeting tomorrow. there's a decision tomorrow. it's very unlikely that they would cut rates this soon. but also during this general election cycle, during this period, the bank has said it won't come out and make any statements. so, if it was cutting interest rates, it wouldn't be able to explain why it was doing that, because i

surprised to the upside and we are still seeing stubbornness in services inflation where the bank of englands attention to. the uk labor report was mixed. wages are growing at a fast pace. 6% on an annual basis. there are reasons from the macro point of view for the bank of england to take a slightly more cautious approach and wait until the august meeting for the first out cut. >> okay, fine. you have the average and services inflation still being an issue. if the overall figure hits 2% on wednesday and you now hit your mark that the bank of england wanted, can't cut because it seems difficult an among the election cycle, then you might do it in august. that means it is exactly a year you held rates at 5.25% ultimately. is that not late? would they not be late in cutting? yes, you have the two aspectasp but things have gone down. >> the services is such a big part of the uk economy and that is a nagging concern for the officials. they want confidence that 2% is sustained in inflation. simple 2% or 1% or 2% inflation is not enough. they want to see the overall picture and feel inflation is g

so we have to work with the bank of england. so for example, all those, excess wage demands are higher than the rate of inflation that we've had to negotiate and, keep a lid on those kind of cost pressures is something that the government has actively done to make sure that we can help alongside the bank of england, to bring those inflationary numbers down. >> and in other news this morning, a large poll is suggesting that the conservatives are on course for their worst ever election defeat, with labour on track for a majority of more than 250 seats. the survey of almost 20,000 people estimates sir keir starmer will win the biggest majority of any post—war government. ipsos is also forecasting that senior figures, including grant shapps penny mordaunt, gillian keegan, johnny mercer and sir jacob mordaunt, gillian keegan, johnny mercer and sirjacob rees—mogg mercer and sir jacob rees—mogg could all lose their seats in july. the poll also predicts nigel farage will become an mp for the first time. however, the data suggests it's st

the bank of enaland to out of the g7 countries. the bank of england there? it is a combination of both. - have got it there? it is a - combination of both. monetary have got it there? it is a _ combination of both. monetary policy is the preserve of the bank of england but you have to have a competitive fiscal policy to work in the same direction in getting inflation down. it means for example taking the tough choices around taking the tough choices around taking high wage demands and making sure you do not give into high wage demands and thereby fuel inflation. the government had a key role in getting down inflation but monetary policy, the bank of england plays a substantial part. if policy, the bank of england plays a substantial part.— substantial part. if you want to take art substantial part. if you want to take part of — substantial part. if you want to take part of the _ substantial part. if you want to take part of the credit - substantial part. if you want to take part of the credit for - substantial part. if you want to i take part of the c

the bank of england has held interest i general election. ro as england prepare to take on denmark. we begin with news from the general election. the bbc has learned that the conservative party's director of campaigning is being looked into by the gambling commission over an alleged bet on the timing of the general election.

every party is committed to the bank of england. e point about this, the route of the current high interest rates we are seeing and they remain high compared to historic levels in the last decade, the route of that is the conservative government led by liz truss and the mini budget from october of 2022 where the government totally lost the con i confidence of the markets. in the uk, we have a high number of people who are mortgage holders. when interest rates are high and remain high, they need to re-mortgage. so many people find where they were previously able to afford a mortgage on a low rate, the high rates we have experienced the last couple of years are becoming unaffordable. we are seeing repossessions increase. i know people renting and rents increased because the landlord mortgages have increased. so many are finding themselves priced out of their homes. the point is it comes back to the mismanagement of the economy. particularly that mini budget. that's why we're seeing these continued high rates. you are absolutely right t

does the bank of england need to be patient. inflation is on the headline level back to 2%. >> my fear is that the premature calling of the rate cuts, one print showed 2% inflation. if they did that, that may be a policy mistake. if you look at core inflation, it's halfway between three and 4%. services inflation is closer to 6%. if you look at services inflation alone and compare that with the benchmark boe, you got a negative real policy rate. it would be premature for the boe to cut rates and if they did that, they may perpetuate a cycle where inflation stays elevated for longer. the boe's own projections show that inflation, you have to see an uptick in inflation be on the second quarter. so far so good. we need to see the progress continue. tom: do you have a view that if they do less at the bank of england as to whether they have to come through with more cuts next year, where do you see rates ending next year? do you have a projection pushing out to next year for the boe? >> by the end of 2025, i'm looking at a rate of fou

the bank of england is dealing with a lot of issues that the fed is and other central banks and it raisesh do they have to basically say we will not let politics affect us? because they have to factor that in, and how much are we looking at a split decision with the confusing result in markets. evan brown joins us now. what do you make more broadly on the tensions right now among central banks? evan: a lot of tensions, services with the u.k. the u.s. remain sticky, but you are also seeing employment is weak. in the end, it will come down to concerns about the labor market and they will see that is first and inflation were is a lagging indicator, so they will hold off a little bit, say with the fed. but, ultimately, their next up may happen in august or november and i think the global markets, that doesn't matter that much but at least we know that we are heading in the right direction on the inflation and i think that is a decent environment going forward. lisa: the rate cutting cycle strikes me as an old car that has been left out for too long, and it never quite gets there as quickly as

>> yeah, it's certainly the bank of england's one of the bank of england's jobs to manage inflation andt the bank of england did that was bay was by rising interest rates. that's quite often what central banks do now. what rishi sunak , banks do now. what rishi sunak, the prime minister, would say is that by not cutting taxes earlier, when he wanted to cut taxes after liz truss was the prime minister, he actually did not stimulate inflation even further. but the problem is, if you are going to claim credit for inflation coming down, are you going to claim credit for inflation coming up? and we certainly haven't heard from any politicians an admission that actually the policies implemented during lockdown, the quantitative easing that we have seen, the response to the russia—ukraine war and the inflation crisis that has followed, was actually the cause of the inflation that we're seeing. so if they're going to accept responsibility for inflation coming down, they've got to at least accept some responsibility for causing inflation to go up in the first place. >> yeah. so very good point.

we know that is still well above the target of 2% also for the bank of england. are also going to hear from the bank, itself, next week. a lot of expectations going into the summer that we are going to see the bank of england potentially cutting rates later on. on top of that it's important to keep in mind a general election in the united kingdom in a couple of weeks time. we expect the vote in early july but, nonetheless we could be in a position to see the bank cutting rates later on this year. that was also one of the messages that we got from the bank of england last time we heard from them where they sounded a lot more confident in terms of the possibility to cut rates. on your screen, you can see sterling dollar trade and down 0.03 of a percent. we are seeing all of the european forces in the red, after we saw the stock 600 down by 1.3% on thursday. this has been quite a tough week for some parts of the market a lot of political events have taken over and significant ram ixs on the markets. ftse down marginally lower at this stage. we are seeing sharper move

also, the bank of england , they've the bank of england, they've held interest rates. was that a right decision or not.7 fascinating. kwasi kwarteng makes his debut on the show tonight . what a great day for tonight. what a great day for it. also keir starmer last night talking tough on landlords. he says he's going to stop the bidding wars when it comes to private rentals. somebody tell me how. and let me ask you this why. as we run up to the general election, have we got muslim groups making demands? on one hand, hindu groups making demands on another? we've had one candidate i've heard .of saying he's running for the black and the brown people. what's going on? why is sectarianism entering the general election campaign? you tell me . yes, indeed. all of tell me. yes, indeed. all of that and more before 7:00. but first, tonight's 6:00. news. >> good evening. i'm sophia wenzler in the gb newsroom. your top story this hour. opposition leaders are accusing the tories of being corrupt after a string of being corrupt after a string of people with links to the party are ca

i think the markets are thinking to rate droughts are probable this year from the bank of england. at if they could cut rates, i think one will be more likely. >> one is more likely but to according to the markets is still possible from this bank of england which comes through on thursday. the political risk out of france, what is your assessment as to whether the markets have overpriced or underpriced the risk in france? >> i think the markets are correctly pressing the risk in france at the moment. how think it is underpriced. i think it is 75 basis points. if you look at these securities, 75 basis points in the run-up to the french presidential election in 2017, they are reasonably priced. if you look at the 10 year bond, my model says this is undervalued by about 20 basis points. but the undervaluation reflects a premium that investors want to hold print securities additive -- rather than german securities at this point. of course marine le pen of the national rally reached out and said investors need professional national policy. one that is a market deceptive. that means print

the latest inflation print for may saw prices falling to the bank of england's target rate of 2% for nearly three years. the economy and the cost of living have been one of the key issues in the run up to the uk election, to be held on ajuly. inflation in britain hit a peak of 11.1% in october 2022, its highest level in more than a0 years. despite that, the bank of england is due keep the cost of borrowing steady at 5.25% at thursday's policy meeting. turning to th us — american businesses and consumers started the year hoping the federal reserve would start cutting interest rates this summer. but last week's strong jobs report and still—high inflation means america's central bank is likely to leave rates unchanged, at a more than two—decade high. and that is proving painful for many families and potentially politically costly for president biden�*s re—election chances, as the bbc�*s north america correspondent michelle fleury reports. 0n the outskirts of philadelphia, stacy ellis tells me she has had it with rising prices. inflation has raised my stress level. i'm constantly trying

will it spur a bank of england rate cut? plus, supplies are squeezed for the makers of orange juice with prices going up due to extreme weather and disease. welcome to business today. we start in europe, where china is accused of drawing upon surplus capacity to dump electric vehicles at artificially low prices into the european market. policymakers in europe and the united states claim hefty state subsidies in china allow ev manufacturers to produce cars at prices that are impossible to compete with. in the us the biden administration raised its tariff on imports of chinese battery—powered cars from 25% to 100%. later today, the european commission is expected to provisionally raise duties on ev�*s imported from china from the standard level of 10% for third country imports to between 20% and 25%. here's some background from david waddell. there is a growing tussle between electric vehicle manufacturers in china, europe and the united states. in recent months tesla has been forced to cut the prices of its vehicles and of its

the bank of england has decided to hold the base rate. s for the seventh consecutive time at 5.25. yeah. >> the vote was seven two on the monetary policy committee . seven monetary policy committee. seven in favour of holding two in favour of cutting. but that does that mask actually greater dissent within some of those who were weighing the decision in their minds? let's speak to vicky pryce, the economist and business consultant. vicky, this is what markets expected. but what does it tell us about the future ? future? >> we're not going to know what the bank of england really thinks. apart from, as you rightly said, there is a22, seven split right now , which is seven split right now, which is a bit of a worry. i had hoped that by this time we would have had more people joining those who wanted to see a cut, but we're not going to get full details of what their thinking is. i don't think today not as much as we would have done otherwise, because of course, we're having the elections, coming up. and one of the reasons, i think that we hav

but it's also true that very difficult decisions that i took, working alongside the bank of england, ry spiral. how do you think the campaign is going? of course, it's tough, and we recognise the way we'll win this election and do better than people predict, at the very least, is by arguing on the substance. i think it's very important if labourwin, that they have an effective opposition in parliament. this is rachel. hello. and in swindon, an inflation day walkabout in a supermarket for the labour leadership team. unlike conservative ministers, i'm not going to tell people that everything is fine. i know that the cost of living crisis is still acute. it wasn't preordained that inflation would come down to 2%. it wasn't pre—ordained that it would go into double digits either. the reason why our inflation rate peaked at a higher rate than so many other countries is that we were so badly exposed to the cost of living crisis. i do, of course, welcome the fact that it's back to target, but working people have paid a high price these last few years with higher mortgage rates and higher ren

that was the objective and what the bank of england was meant to do to manage the economy. alve it, and he said 11%, he more than half of that, he hit the target rate when gordon brown independent rates give to the bank of england, and it was meant to be 2%. interestingly, services and other parts, when you break the inflation rate down, service is quite high, it looks sticky, and i think the markets, this afternoon, were suggesting that we may not be heading in the direction of a particularly early cut in interest rates. victoria, did you see the taylor swift eras tour might have an impact on the inflation rate because so many people are going to her concerts, the tickets are so expensive, and hotels jack up their prices. my 20—year—old son will be responsible for inflation, he has a ticket for august at wembley. she's doing it over two months, i went this moment. ——she�*s doing it over two months, i went this month. and nick, in terms of the inflation, it feeds into the bank of england having a meeting tomorrow and thursday to decide interest rates, but the rule is that th

but it's also true that very difficult decisions that i took, working alongside the bank of england, n inflationary spiral. how do you think the campaign is going? of course, it's tough, and we recognise the way we'll win this election and do better than people predict, at the very least, is by arguing on the substance. i think it's very important if labourwin, that they have an effective opposition in parliament. this is rachel. hello. and in swindon, an inflation day walkabout in a supermarket for the labour leadership team. unlike conservative ministers, i'm not going to tell people that everything is fine. i know that the cost of living crisis is still acute. it wasn't preordained that inflation would come down to 2%. it wasn't pre—ordained that it would go into double digits either. the reason why our inflation rate peaked at a higher rate than so many other countries is that we were so badly exposed to the cost of living crisis. i do, of course, welcome the fact that it's back to target, but working people have paid a high price these last few years with higher mortgage rates an

the uk's central bank has kept the cost of borrowing rates steady at a 16 year high at 525%. the bank of england'sation in the uk has now hit 2%, which was the bank of england's target, the attentions of the policy meeting in august where analysts are increasingly pressing in an interest rate cut. —— 525%. that is all we have in this edition of business today. thanks for watching. hello, and welcome to sportsday with me, gavin ramjaun. gareth southgate says his england side need to find another level, after their disappointing draw with denmark in the euros. spain secure their spot in the last 16 by beating defending champions italy in gelsenkirchen. and india demonstrate their title credentials, as they beat afghanistan at the t20 world cup in barbados. hello there, and welcome along to the programme. england missed the chance to secure the spot in the euro 2024 knockouts as group winners earlier, after a frustrating and disappointing draw with denmark. the match in frankfurt failed to provide any spark — and after taking the lead, gareth southgate's side again failed to impress, leaving the door

and ii get rid of the bank of england and i think people — get rid of the bank of england andk, you have — interested in politics will say, ok, you have said _ interested in politics will say, ok, you have said that _ interested in politics will say, ok, you have said that i _ interested in politics will say, ok, you have said that i stuff, - interested in politics will say, ok, you have said that i stuff, what i interested in politics will say, ok, | you have said that i stuff, what are you have said that i stuff, what are you keeping — you have said that i stuff, what are you keeping promise? _ you have said that i stuff, what are you keeping promise? the - you have said that i stuff, what are you keeping promise? the real- you have said that i stuff, what are - you keeping promise? the real debate is who— you keeping promise? the real debate is who is— you keeping promise? the real debate is who is more — you keeping promise? the real debate is who is more credible... _ you keeping promise? the real debate is who is more credible... can - you keeping promise? the real debat

that is the target for the bank of england. n the past that inflation is coming down. it was likely to hit a target around this time of the year, but they expect it to grow up, again, later on this year. and of course we're approaching the general election, so this -- today's data is actually even more important for the u.k. economy as we're approaching this general election. when you think about monetary policy and central bank policy overall, what does this mean for the fed we are likely to see the bank of england cutting rates before the fed does so. so at this stage when you think about the world's largest central banks, really, the ecb, the bank of england, they're all moving ahead with rate cuts, and the fed still waiting -- perhaps we're likely to see a cut later on this year. but at this stage let's see what the data will tell us. >> all right, cnbc's silvia amaro live from london, thank you as always. >>> still ahead the trump campaign partners up with a group whose leader has frequently made racist comments. we'll look

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american singer taylor swift may be the reason that the bank of england will postpone lowering the keyate. analysts at the investment bank td securities say this. in august , the taylor swift concert tour comes to london for 5 days. hundreds of thousands of spectators bring with them a new point on the globe, sharply increasing the demand for flights, hotels and restaurants, and this not only raises prices, but also accelerates the economy. the same effect is expected from taylor swift's august concerts in london, especially since her world tour is about to end in december of this year. it is the expected rise in prices that may force the bank of england to cautiously approach the issue of lowering the rate, which is now at a maximum in 16 years. egor. everything in the economy. yes, thank you, denis talalaev with business news. on the black sea, at the all-russian children's center orlyonok, the only thematic underwater session in russia opened. teenagers are taught to scuba dive, control underwater robots and create their own. the best graduates get the chance to participate in a rea

the figure — which tells us the rate at which prices are rising — hit the bank of england's target ofin may, coming down from 2.3% in april. our chief economics correspondent dharshini david reports. gary in sussex used to have seven butchers shops. he now has four. forced to make cuts as he's been caught between soaring costs over the last few years and customers with lean budgets looking for value. but things are easing. the price is probably 10—15% more than they were at the beginning of covid, but the actual price of the product is pretty much stationary now. well, we hope it's stationary. it would be nice if it would come down, but i can't see that, not in the foreseeable future anyway. it's global food and energy costs, which triggered the rise in inflation to 11% in 2022, which have also helped it fall to the 2% target, along with the rate rises over the last couple of years. as you may have noticed, the prices of goods are rising more slowly as the impact of the war in ukraine wears off, and that's brought down total inflation. but some fear that could rebound a bit in the com

tom: meanwhile bank of england expectations we may get more with wage data, what are you scrutinizingmfortable but not enough to stop bank of england. we have the ecb's first cut because of rapid wage growth. sticky wage growth because we had a rise in the national minimum wage. but economists expect the first cut in august. the only one fully priced is november but will be interesting to see the new pricing. tom: thank you very much indeed on the politics and economic data. we will break that live. leaders are eager to resolve tough spots, we are live with the latest. this is bloomberg. ♪ >> welcome back to bloomberg. after ursula won the most seats she will look to clinch a second term. conversations continue. joining us is all of. what are we looking at, how is this shaping up? ali: it is hers to lose, what is happening is what blocks they will fall into. winning both vote, they have been ejected because of comments who said not every member of the ss was a criminal. they were cleaning up their party to be back in the groups. monday leaders will speak about who gets the top job. he

the bank of england has held interest - general election. e bank of i england has held interest rates general election. the bank of - england has held interest rates at 5.25%. they remain at their highest level for 16 years. a landmark ruling. the supreme court says a county council should have considered the climate impact of burning oil drilled from new wells. and football fans are gathering in frankfurt for another big game in the euro as england prepare to take on denmark. we begin with news from the general election. the bbc has learned that the conservative party's director of campaigning is being looked into by the gambling commission over an alleged bet on the timing of the general election. tony lee, and his wife laura sanders — who is the party's candidate in bristol north west — are both being looked into. this morning it emerged that mr lee has taken a leave of absence from his job, and left the campaign yesterday. our political correspondent helen catt has the latest. we will have a general election on the lith ofjuly. july elect

let’s bank of england target rate. let's talk about this _ bank of england target rate. k _ bank of england target rate. let's talk about this week generally in terms of voting because those who want to start voting can do postal votes, so it is a really important week for the election. how is it looking right now in terms of where the parties stand? we had a few bits of, a few issues with certain mps or candidates on the ballot paper for parties such as the labour party in scotland, reform, talk me through what we have seen so far.- scotland, reform, talk me through what we have seen so far. there is a sto , what we have seen so far. there is a story, embarrassing _ what we have seen so far. there is a story, embarrassing story, - what we have seen so far. there is a story, embarrassing story, for- what we have seen so far. there is a story, embarrassing story, for the i story, embarrassing story, for the labour party today, which is about one of their candidates, a man called andy brown who is standing for labour in aberdeenshire north and marie east. the press and jour

then the bank of england, is it actually on the brink of cutting interest rates, but on very entertainingtell us about it. >> yeah. taylor swift might be -- unfortunately -- for the bank of england to cut interest rates and one of the reasons. look. taylor swift coming to the united kingdom, we saw the impact that had on the united states and that is just based on the tour that she had across the united states last year. that grew the u.s. economy massively so. that could certainly happen this side of the atlantic, meaning that inflation prices could actually go a little bit higher and impacting inflation which impacts how much work the bank of england can actually do. at the same time, you do have elections here in the united kingdom happening on the fourth of july so all of those factors put into one part mean that the bank of england could hold off on cutting interest rates. >> it's the swift effect for me. cnbc, live from london, appreciate it oop. >>> israeli forces announce a new daily tactical pause in southern gaza. we will dig into what this means for civilians as the united nati

as today, the bank of england held the rate at 5.25. the bank said it needed more certainty that inflation will remain low, but the minutes from the bank of england's meeting hinted at the possibility of a rate cut in august, when they next meet, and bofis august, when they next meet, and boris johnson is promising an honest, unrestrained and deeply revealing he says, account of his time in downing street in his time in downing street in his new book . it's called his new book. it's called unleashed. it'll be in the shops in october and will also cover his time as mayor of london. and just lastly, the actor donald sutherland, whose career spanned more than seven decades, has died at the age of 88. his many credits included the dirty dozen in 1967, the famous war comedy mash in 1970, and, of course, ordinary people in 1980, which won the academy award for best picture. well, recently he starred in the hunger games series of films. he was father to kiefer sutherland , who to kiefer sutherland, who announced his death tonight on twitter. don

so i'll give a sense of some of the challenges so the bank of england they think and acb ahead of thatnd go to the website you see there's an attempt to compliment technical monitor policy statements with -- pictures and, you know, what's layered communications with the bank of england called it that is designed for, you know, people to understand. and the big challenge is engagement, you know, the bottom line is if you give a normal person a choice of, you know, reading a statement or watching fed press a conference or watchg videos on youtube they'll watch videos every time and the exception is when inflation gets really high when do they pay attention when you're p not achieving so difficult it is like referees in a sports game like when they do their job and in the background they have big talks and t attention, and the other a lot of research going on at the moment about, you know, how we can do this what gets through. one of them that i think is worth mentioning like what is the complexity that matters and actually we don't do -- you know, a semireform central banker so you know

the bank of england are both head of the fed in this. monetary policy statements with pictures and layered communicat it. that's designed for people tounderstand. the big challenge is engagement for the bottom line is too big ofhe togive normal person of choic of reading a fed statement watching ephedra press conference or watching cap videos on youtube they will choose the cap videos almost eve the exception is when inflation gets really high. when did they pay when you're not achieving. it's l game. they do their job wellin the background nhey get attention. and then the research going on at the moment about how we can do this, what gets through? one worth mentioning we don't do reform central banker. i still say we. things in a very precise way. but also inlear that the links we have and our heads. they will say a series of statements thatess as a yes the model here.t a moderate rage. htness. inflation is still too high ther are no link or it's for normal people do not have form a narrative. and this confuses people. crucial you have

but the bank of england is not a commercial bank. they don't have to sell them in, isn't it? to sell some because it wants to reverse some of the loosening that it implemented over a period of years? >> well, banks are renewing bonds all the time. so right now there are bonds expiring that were were issued 30 years ago or ten years ago. and you don't have to reroll those over. and thatis have to reroll those over. and that is the way most central banks will reduce their bond holding portfolio . and that's holding portfolio. and that's what the federal reserve and the us is doing. so they are just letting bonds expire, which is smarter because a 30 year bond would have been issued at a similar interest rate to the interest rates we have now. yeah. so you're not actually making that loss, the payment of interest is interesting as well, because many of the banks that has been talk, i think the reform party and i think also the labour party are talking about not paying interest on reserves, which is another issue which you may have been about to come on to. >> well, first of all,

american singer taylor swift may be the reason that the bank of england will postpone lowering the keyy this investment bank td securities. in august , a concert tour called eros comes to london for 5 days. he has already entered the guinness book of records as the most. moreover, it was clarified that taylor swift became the first musician in history who was able to earn a billion dollars solely through music and a concert. and increasingly, financial analysts are pronouncing the terms swiftflation swiftonomics. the arrival of the eros concert tour to a new point on the globe brings with it hundreds of thousands of spectators. dramatically increases demand for flights, hotels and restaurants, and this not only increases prices, but also accelerates the economy. the same effect is expected from taylor swift's august concerts in london, especially since her world tour is due to end in december. it is the expected rise in prices that may force the bank of england to cautiously approach the issue of lowering the rate, which is now at a maximum in 16 years. yuli, that’s all for me. thank y