faisal islam at the bank of england. today has - year. faisal islam at the bank of england. at the bank. of england. today has seen the annual pre—christmas tradition in moscow, an hour—long marathon news c0 nfe re nce news conference by vladimir putin in which he takes questions from journalists, tv viewers and invited guests. president putin said he had not yet made with the serial�*s ousted president assad but does have plans to do that. he denied that asad's defeat was also a treat for russia. he said he is prepared for talks and compromises over the future of ukraine but the ukrainian authorities should also be prepared to compromise. i rush editor steve rosenberg was at the news conference and he asked the president if he thinks he has been successful as russia's leader. translation: . , ., , translation: executive 25 years a . o translation: executive 25 years auo boris translation: executive 25 years ago boris yeltsin _ translation: executive 25 years ago boris yeltsin who _ translation: executive 25 years ago boris yeltsin who retired - ago boris yeltsin who retired

the start of this month there was an interview in the financial press where the governor of the bank of englanden the market expectation of may be four interest rate cuts from the bank of england through the course of 2025, and other market expectation has now shifted, and right now it is only expecting two 25 basis cuts, next year, so they have really halved the expectations, mostly on the back of the wage inflation data that you mentioned that came out yesterday. i mentioned that came out yesterday-— mentioned that came out yesterday. mentioned that came out esterda . ., ., yesterday. i wonder where that leaves business _ yesterday. i wonder where that leaves business when - yesterday. i wonder where that leaves business when it - yesterday. i wonder where that leaves business when it comes | leaves business when it comes to making decisions about what it does next because we know if the cost of borrowing stays higher, it makes it harder to invest or take on new staff, and therefore implications for the government which is putting faith in the economy growing again to solve some of its financ

we have the bank of england meeting as well today. we start in the us where the central bank did what most analysts predicted and cut interest rates for the third time this year. but it was whatjerome powell had to say about next year — the chair of the federal reserve — that spooked markets. the rally on wall street came to a dramatic halt as investors digested the prospect of fewer rate cuts in 2025. so now in the worlds biggest economy the key lending rate is in a target range of 4.25 to 4.5%. that's despite us inflation hovering at around 2.7% which is some way above the fed's target rate of 2%. jerome powell explained the decision, suggesting it was a tricky balance to strike. i would say today was a close call but we decided it was the right call because we thought it was the best decision to foster the achievement of both our goals and the maximum employment price stability, we see the risks is resided and moving too slowly and undermining economic activity in the labour market and remove to quickly. we are trying to steer betwe

let's start here in the uk, where the bank of england has held interest rates at 4.75% today. ver, the bank seriously considered cutting interest rates in december as it forecast that the uk economy failed to grow at the end of this year. while the bank voted to keep rates unchanged, three out of its current nine members wanted to reduce the rate to 4.5%. the split opens the door to a rate cut as soon as february when the bank next meets. joining me now is jackie bowie, managing partner at chatham financial. always good to have you here. no surprise in the outcome. some surprise about the split. the vote was not unanimous. that it's right. earlier this morning, a lot of the market economists were out, expecting it to be 9—0 or eight one, very much more of the members voting in favour of the whole position, so the 6—3 was certainly a surprise. when you see the comings the bank of england made after the announcement, it was clear there is this real pool between there is this real pool between the fact economic activity has slowed down, concern about economic growth versus things

let's see what the bank of england say today. m: jackie bowie, chatham financial ahead of him he and managing partner, on the work that needs to be done on inflation in the u.k. annual bonuses at barclays could rise up to 20%. good news for traders in that bank, as expectations rise for awards on wall street's bonus bonanza. that scoop is next. this is bloomberg. ♪ tom: welcome back to "bloomberg daybreak europe." bloomberg understands that barclays is set to increase annual bonuses as much as 20%, after an improved year for traders and investment bankers. according to its annual report, bonuses fell 43% across-the-board last year, so a different turn of events for 2024. our finance reporter will shore worked on the story. what has barclays done right to get to this point and how does this year in terms of the bonus pool compared to previous years? >> basically, traders this year are looking for bonuses between 5% to 10% higher. in equity markets, in equity capital markets and debt capital markets, they are looking at even better,

no doubt less focus on the uk and the bank of england. eryone is expecting no change for now for the time being what are you expecting in terms of commentary for the central bank especially when you factor in the hawkish comment from the fed yesterday? >> i guess we had a bit of data roller coaster over the last week or so in the uk we had the weaker data on activity and signs of weakening growth we had the upshot as you said on the labor market, particularly wages. all of that means there is uncertainty here it will try to base it around the prospect of gradual easing from here, but they will not want to take anything off the table at this stage. >> i would like to understand whether you are seeing any reason for concern from the latest data. the fact we saw a pickup in wage growth is this trend likely to continue is this another source of inflation headache for the bank of england >> when you look at the near term, it looks like inflation is stickier than thought and waging were stickier. you need to look at the medium turn if you look a

the bank of england makes its own interest rate decision tomorrow. is expected to hold off cutting rates again because of lingering worries about rising prices. well, we havejust had the latest inflation figure for the uk for november — it actually rose again last month to an annual rate of 2.6% — up from 2.3% in october — the bank's target is 2%. add to that the employment data we had this time yesterday — that showed wages have risen more than expected in the three months to october, threatening to push prices up further. that has reinforced expectations that interest rates will stay on hold at 4.75% tomorrow. that is where they are, not expected to change when the bank announces that tomorrow. let's talk to george buckley. chief uk and euro area economist at nomura. all the figures suggest the bank is to hold off cutting rates but what would be really important tomorrow is the language we get about what might happen next year because people will be looking for rate cuts. , ., people will be looking for rate cuts. , . ., ~ cuts. they will and the ma

let's not forget as well we will hear from the bank of england here in the uk. ere is also the bank of japan meeting due later this week. it will be very important to see what is the outlook because these meetings here will be the last ones this year. what will be the outlook, the message from the central banks as we prepare for the start of the new year? we shall find out. i want to take you to the different bourses to understand what are some of the individual stories across the bourses. let's look at the ftse 100. at this stage, the equity market is down .60%. this, show, though, comes at imt time. we have seen a reaction in the bond market. it is important to put that into context as well as you think about the new year and the plans from the labour government as well. we see downward pressure in italy with the ftse mib down .50%. with the sectorial breakdown, it is technology gaining .70% followed by retail. i want to take you to the laggards. that is were the important stories are this morning. the benchmark trading down .10%. oil and gas is down 1.5%. yes,

markets have been betting that there will be fewer rate cuts from the bank of england too, over the nextns that the nine member bank of england committee came to when deciding to hold are quite interesting, and the surprise was that three members of the nine member committee decided that they thought it would be the right time to cut interest rates, including the deputy governor of the bank of england, dave ramsden. so that's a rather interesting development. and it comes because the bank has forecast, just a month after its full round of forecasting, that the british economy is now not growing, that it's stagnant, so that there are concerns about a weaker economy now beginning to balance off concerns that inflation would linger and stay higher for longer. so the bottom line is this that although there's been no cuts today, the banks governor, andrew bailey, has reiterated that there should be gradual cuts. and for now it looks like february could still be on. it depends. there are many uncertainties, for example, on the issue of the trump trade tariffs. and there's also the issue of the

weighing up the numbers — wage growth in the uk accelerates unexpectedly ahead of a key bank of englandting. hello, wolverhampton! from "oh no, it isnt"... ..to "oh, yes, it is!" the uk's festive favourite — pantomime — is back with a bang. welcome to business today, i'm ben thompson. we start with the growing debate over whether generative ai is a threat or an opportunity for creative industries. today the uk government have launched a consulation on its plans to update copyright laws for the ai age. some creatives embrace ai but many are concerned about the way their work might be used without their consent. over 37,000 people — including big names in terms of actors and musicians — have signed a petition calling for a ban on using human art to train artificial intelligence without permission. i'm joined now by beeban kidron — baroness kidron — a crossbench peer campaigning to protect artists and creatives rights. we laid out some of the proposals, so what do you make of the plans? do they go far enough? of the plans? do they go far enou~h? , of the plans? do they go far enough?— of t

thursday, boj, bank of england in that order. a little bit of uncertainty. the bank of england despite the softness seemingly positioned to hold pat. you can get a roundup of the stories you need to know in today's addition of daybreak. our focus on continuing sluggish growth in terms of the data out of china with a particular focus on retail sales so have a look at that. the fallout continues after south korea's president is impeached. we will bring you the latest out of seoul next. this is bloomberg. ♪ tom: welcome back. south korea's constitutional court has begun reviewing the president's impeachment case. if the court agrees, a presidential election will be held in 60 days. for more, let's bring in katya. what's the latest? the impeachment happen largely is expected, a couple members voting for that. what next then for south korea and its leadership? >> the impeachment happened. the prime minister has assumed duties of the president as yoon has really pushed them and has held a press conference. we heard from the prime minister today and over the weekend

well, the novemberfigure is now even further above the bank of england's target for inflation. his latest data when it makes its next decision on the cost of borrowing through interest rates. of course, that affects the cost of loans and mortgages. it has begun cutting interest rates this year, albeit slowly. they are now at a.75% the base rate. but this rise in inflation, together with wages rising faster than expected in recent months, means that it's now very unlikely that we'll see any further cut in the cost of borrowing this year. but we will get that decision from the bank of england tomorrow. ben boulos. now it is coming up to midday, it is wednesday and shortly it to midday, it is wednesday and shortly , ., to midday, it is wednesday and shortlj , ., ., , shortly it is going to be time for the final _ shortly it is going to be time for the final prime _ shortly it is going to be time | for the final prime minister's questions of the year. frontbenchers from the two main parties are arriving at the moment. we have women and equalities questions going on and there are goi

from the bank of england, it seems it is somewhere between the fed and ecb. >> that is a concern givenowing signs of slowing i would suggest that the bank of england, as you said, s betwee the ecb and fed. they are still fighting inflation while acknowledging growth is a bit of a challenge that's a tough spot to be in the fed is acknowledging that inflation has room to go, but the economy remains okay the biggest issue with fed policy is that it remains restrictive relative to what would be considered a more neutral rate given this point in the cycle. the bank of england is caught a little bit in a ways to go, yet the economy is showing signs of slowdown. >> michael, we appreciate your time this morning. michael goosay. >>> coming up on the show, president-elect trump makes his first overseas visit since winning the election we will bring you his comments on ukraine and the nato alliance for nearly 200 years, big beverage companies have been selling us billions of single-use sugary drinks. using the same old one size fits all playbook. think about it, we've seen technological advanceme

how does wage pressure complicate the bank of england 5 job? in the coffin of an interest rate cut on thursday when we get the boe s decision? well, it is unlikely that we will see interest—rate cuts when they meet this week, but we still think that they will continue gradually cutting rates next year. although we think they will remain cautious with regards to that, given the local and global uncertainty. the economy has lost some momentum since labour took office, with figures last week showing gdp shrank for a second month in october. the outlook for wages and employment is under scrutiny at the moment after labour 5 £26 billion payroll tax on employers and another hike in the minimum wage. what do you make of that? the gdp figures we received were disappointing, definitely, but we think that the government's new budget and the increased investment spending might be a bright light towards that which will boost gdp next year. howeverthere that which will boost gdp next year. however there is a lot of uncertainty, especially surrounding the do

well, the novemberfigure is now even further above the bank of england's target for inflation. nk likes to see inflation at 2%. so it will consider this latest data when it makes its next decision on the cost of borrowing through interest rates. of course, that affects the cost of loans and mortgages. it has begun cutting interest rates this year, albeit slowly. they are now at 4.75% the base rate. but this rise in inflation, together with wages rising faster than expected in recent months, means that it's now very unlikely that we'll see any further cut in the cost of borrowing this year. but we will get that decision from the bank of england tomorrow. a magistrate has ruled that devon and cornwall police can seize more than two million pounds from the social media influencer, andrew tate, and his brother tristan. westminster magistrates court heard that they had failed to pay a penny in tax on £21 million of revenue from their online businesses between 2014 and 2022. syria is not stable enough for a large—scale return of refugees, according to a warning by the head of the un's

inflation has ticked up again, above the bank of england target of 2%. er and will feel that in our pockets. the bank left interest rates are 4.75% so no respite there for mortgage holders. we are expecting fewer cuts next year, potentially two cuts from the bank. next year we are waiting to see how this policy by then. there are a lot of economic things in the budget, the national living wage is going up, we will see fewerjobs being created, wage stagnation, that kind of thing. keir starmer stand there hoping for a boost by floating these big investment projects we could get a boost for the economy. global factors are at play here. a new president in january. trade tariffs could have a big effect. also global politics, we have russia, the ukraine, the middle east. a cautiously optimistic forecast but anything could happen. people have been spending more than they would normally because of christmas pop —— christmas shopping. how are people financing that? seam; people financing that? any retailfigures? _ people financing that? any retailfigures? ritual-

analysts say the latest figures have reduced the chances of the bank of england cutting interest rates meets this week. this comes as businesses from jaguar land rover to amazon to defence giant bae — as well as trade union leaders — will be in parliament to discuss britain's new employment rights bill. it is been billed by the government as the biggest upgrade to workers rights in a generation. thomas pugh, economist at leading audit, tax and consulting firm rsm uk. good to have you here, and let's — good to have you here, and let's start _ good to have you here, and let's start first of all with the — let's start first of all with the earnings figures. they are risinu. the earnings figures. they are rising- what _ the earnings figures. they are rising. what they _ the earnings figures. they are rising. what they tell - the earnings figures. they are rising. what they tell us - the earnings figures. they are | rising. what they tell us about the state of the jobs market particular in terms of what employers are having to pay staff? and i think you may have neutered yourself, thomas. w

. >>> slightly softer than expected as the investors await tomorrow's bank of england decision despite a second straight month of rising headlines, cpi. >>> and the u.s. futures seek higher with the dow on track to break the longest losing streak in almost 50 years, as the federal reserve looks at to deliver the third straight rate cut. >>> very good morning, everyone, what a busy wednesday this far. let's start with the main story, the bank has up its potential stake to 28%. the italian lender holds 9.5% of commerce bank directly and a reminder through derivatives. a 29.9% stake and has applied, therefore, for the ecb to get there. let's go to milan. with e have claudia this morning. claudia, what i would like to understand is whether there's a sense in italy that perhaps they are on track to approve a higher stake for unicredit, and why we are seeing this announcement this morning. >> well, of course, we don't know for sure what the ecb is going to do. the idea is based on their view and their position in terms of consolidation within the european banking system, it would be surprisi

we heard the bank of japan, the bank of england say no one knows what donald trump will do and what impact that will have not only on the u.s. economy but economies around the world. a lot of this will be reflected in their currencies. . the policymakers are sort of saying, we will all wait and see what happens and see what we are going to get out of this before we lock ourselves into any pathway. scarlet: that is why a lot of people were surprised that the fed moved ahead with a rate cut because the data did not require it to cut rates yesterday if they would project you are rate cuts in 2025 anyway. mike: the criticism is if you are not going to cut, why did you cut? the fed basically feels we are still restrictive -- that is there were -- if you look at longer-term rates not directly infected by the fed, mortgages -- not directly impacted by the fed -- they have not come down. there is still restriction that holds the economy back. they want to get that down a little bit. wait and see what happens and how far they can go. they might be close to neutral. scarlet: it is a hurry up and way

what you have seen is relatively anemic growth the bank of england was warning about yesterday. think when you look at the public finances, you look at what the bank is saying. it is clear the public can't purse all of this. the government needs private capital to deliver its ambitions whether that's in the net zero or infrastructure or whatever it might be to that extent, they've got to support the markets, they've got to support the crowding in of capital from pension funds and retail investors into those investments in order to deliver on what they want from a growth perspective. they can't do it all themselves. >> right i was wondering also whether you see a potential risk here from deregulating ultimately that's what we're talking b. when you think about the global financial crisis in terms of regulation, is it actually the right approach given everything we've been through? >> i think these things are like pendulums, aren't they i think the pendulum has gone slightly too far in that direction and one of the things that's talked about quite a lot is and the regulator talked

the bank of england expected to cut two times next year. 50 basis points between now and november next year. keeping the pound supportive as markets pull back expectationors rate cuts. $73 a barrel for brent and bit cone. taking a breather. let's get to a major corporate story now in asia with global ramifications because shares in nissan surging the most in at least five decades. take yourself back to 1974 as bloomberg learns the japanese automaker is in talks to merge with honda. what are the implications for japan's car industry? >> well, depending on how this shakes out, this could be a threshold moment for the japanese car industry. a tie-up between nissan and honda and possibly military beneficiaryi. they would pit themselves against toyota's alines morales disa and suzuki. the honda alliance on one side. this would make for an interesting situation. this would lead to competition between the two groups and hopefully allow them to pull res and compete abroad between u.s. and china as well. thom: china is a key competitive threat. a number of these brands struggling around the com

elsewhere the bank of england holding rates steady. adually in a 2025 despite a growing minority of officials advocating for an immediate cut in borrowing costs. and finally, formula one driver sergio perez is no longer with team red bull, after months and months of core results. he's not won a race since 2023. max for staff and has dominated, winning his fourth consecutive title this year. lisa: all i can say is iv the football, you say the only thing is sec football and f1, and then we do a brief about f1. all right. jonathan: is that ok? lisa: it's fine. called a christmas gift. up next, an interview with the u.s. secretary of state antony blinken. that is just around the corner. from new york, this is bloomberg. ♪ jonathan: the opening bell, one hour 30 minutes away. equities higher by 0.8%. first off, jeffrey's upgrading tapestry to buy, the second call coming from td cowan. that stock is up by 1.5 percent. and finally bank of america downgrading micron to neutral, that stock getting hammered. we don't talk much about it this morni

it will be interesting to see what the bank of england does with interest rates tomorrow. ves about that aspect, but she has also been speaking about this aspect, the story that is getting a lot of traction in the uk, women against pension inequality, those women who say they were not told that their state pension would rise when those women who were born in the 1950s. bring us and our audience up to date with the story. it audience up to date with the sto . , ., ., , , audience up to date with the sto. ., i, story. it is a really big story in the uk- _ story. it is a really big story in the uk. this _ story. it is a really big story in the uk. this is _ story. it is a really big story in the uk. this is the - story. it is a really big story in the uk. this is the waspi j in the uk. this is the waspi campaign. a group of women born in the 1950s. several governments ago, 29 years ago, john major's government made a decision and passed a law to say that between 2010 and 2020 those women's pensions would rise from being paid at the age of 62 65. the timetable was sped up by da

that's above the bank of england's target. are waiting forjapan�*s numbers and they're expected to be similar to the uk's. but the headline way we measure the cost of living doesn't include, for many, the biggest cost — living in a house or flat — and separate figures showed rent rises near their all—time high for the uk, up above 9% over the past year. that includes an actual record for england, driven by double—digit rises in london and the north west. continuous cost—of—living crisis for private renters, _ given a backdrop of, - you know, already still quite persistent inflation, _ and private renters already facing the tough backdrop of low security in their housing and generally- low quality as well. ups and downs on inflation for wool merchant rupert, with a stronger pound making imports cheaper. my uk costs have gone up dramatically and are still increasing. i'm a little different, in that i import and i pay for it in nepal, and the currency fluctuation�*s worked in my favour. there are many moving parts, but the bump u

the bank of england's meeting today, so much to talk about. i will see you shortly. hello. e chilly side, particularly across the north of the uk with a noticeable breeze, but overall, not a bad day. now, here's the satellite picture of that weather system earlier on, spreading across the uk. the rain has been mostly across the southern half of the country — in the north, we've had showers and clear spells. by the middle of thursday, that weather front is way towards the east of us — and in its wake, we're in that north westerly airstream. so, this is what it looks like early in the morning — still the remnants of the rain there across east anglia, but 1—2 showers also further towards the west. frost—free for england and wales, typically five celsius, closer to freezing in northern ireland and scotland. so here's that weather, then, on thursday — sunshine, particularly across eastern and central england, but notice a few showers in scotland, and 1—2 elsewhere. but on the whole, a fine day. the temperatures — around eight for cardiff and for london, about that for liverpool.

tomorrow it's the turn of the bank of england to make its latest interest rate call with all of this ew from one economist from the bank nomura. the reason they're going to be cautious about how quickly they cut interest rates is because of data, just like we had today. it wasn't just the fact that inflation rose from 2.3 to 2.6, but also services inflation is still really quite high. it's running at 5%. in the euro area it's about 4%. so, the uk clearly has a services inflation problem. it's taking a long time to get rid of that. and yesterday we had some labour market data which showed that wage growth was still very strong. so the combination of strong wages and strong prices means that i think they have to be very cautious indeed when they cut interest rates. now, how does it feel to pull off a billion dollar business deal? this tiktok video went viral earlier in the year — it's dean forbes — boss of software firm forterro — at the moment he closed the deal to sell the company. what made it special for many people was the back—story. dean grew up in social housing in london and wa

increase and it led to traders cutting some of the bets in the potential rate cut from the blank of bank of england. in terms of what we are hearing from france, the cac 40 is marginally higher. we need to look at political turmoil. we heard from the bank of france and central bank there warned of the domestic political uncertainty will add to global volatility and downgraded the growth next year by 30 basis points to 0.9%. let's see what france is going to do in terms of their fiscal policy going forward. no doubt that is still an important market narrative as you look at the cac 40. frank. >> silvia, thank you very much. silvia amaro live in the london newsroom. >>> turning back to the u.s. markets, the s&p 500 closing yesterday below the all-time high it hit this month. the market breadth is narrowing. according to deutsche bank, that's the longest run of that type in about 40 years. the markets were driven by the mag seven without nvidia. that group rose 2% and closed at another record high. joining me now is partner at the wall street alliance group. adele, thanks for being here. we set it up.

the markets priced in increasingly few cuts from the bank of england not expected to get below 4% forstash markets pricing in just around 70 basis points of cuts between now and november of next year from the bank of england. to what extent does the weight story and on and rick -- unemployment rates tie into a. weekly earnings over at three months will have increased to 4.3 when the data drops from 4% to 3%. unemployment at 4.3%. if you get those numbers presumably for the hawks. npc and boe saying and urging for caution. germany in terms of data. gains around expectations with political and lack germany will be consequential. just bear that in mind in terms of the people business sentiment survey, is there any bottoming out or do we need to wait until after the elections february 23, even then you could have weeks, if not months of wrangling if you are looking at a rank -- a coalition scenario in germany. we will be speaking with the president of germany's institute on its latest business climate survey. tune in for that 9:00 a.m. 8:45 u.k. time on the opening trade, we will be speak

the bank of england making the right decision at 7:00 a.m. eastern. sia right across the board take a look at the numbers of jenkins to enter bank of japan rates steady the nikkei average on two thirds of the present worst performer korea cosby index down 1.4%. president trump stand into steps into the fund invites lehman the continuing resolution and timing of the debt limit. house speaker mike johnson under plan under pressure to fund the government deadlines parking frustration on capitol hill putting the speakership at risk with the vote for speaker looming on january 3. were on it joining the conversation strategic wealth partner mark kepler the president of lonski importance lee carter. "mornings with maria" is live right now. ♪. mariaa: we kick it off with a hot topic of hour lawmakers are scrambling to avoid tomorrow's midnight deadline digital political correspondent brooke singh been with the details. >> good morning more than 1500 page spending bill to avoid a government shutdown tomorrow is effectively dead on arrival, speaker johnson yank

i think there are other central banks somewhat slower in terms of the policy easing. the bank of englands in that context. although we get to neutral by the end of next year, it is a much slower pace of easing. swiss is one of the key themes for next year. >> before i let you go, i thwart your want your thoughts on the euro. there are so many variables at this stage. >> i think we have a lower run. we have another run to 103 or 102.5. we have that level. a parity run cannot be put off the table. i think once we get to those extremes, that field is fully value correction. we have a lot of bad news priced into the euro story. i don't think the euro won't go as far. we will think the reverse scenario in terms of the fed. that will probably provide a little bit of value of 102 or 103 next year and then we can see a slow recovery with the euro in 2025. >> would you think the ecb is not going to match the market expectations in terms of cutting rates? >> i think one thing is we have a lot of negatives in the economic story. there may well be slight resilience. the other context is the politica

the reason for that is there's been a hawkish pricing for the bank of england path rate next year.t is a path for the ecb. at the moment, they are pricing in two interest rate cuts which to me is conservative. we see in the weak data the last few months, the economic data has stalled largely due to the crisis confidence in the budget. i do believe inflation has been sticky in the past few months. i think we can start to see progress on that over the next year. if the economic data continues to worsen or we don't get recovery in 2025, the bank of england will have more willingness to cut rates. i through is desire or appetite to do that on the mpc. we had three rate cuts in the last year. for me, i think the pound could be set for quite a bit plunge if this happens quickly. >> fabulous. kyle, thank you very much for whatever you are working on. lovely to see you, sir. magnificent uk city of leicester. kyle chapman. >>> right, we are going to take a break. a new year, a new government for france. let's count one. let's be optimistic. let's take a look at the lineup in paris at the bi

more carnita is um and if it's an important allies of departments there's, he is a former bank governor of the bank of canada and was bank of england. the prime minister has been forcing him for many, many months now. so the fact that he was shuffling his finance minister out putting or somewhere in cabinet in the, in the hopes that maybe more corny would assume this finance portfolio was, was just the, the straw that broke the camel's back. and she was like today. and of course, this is all coming in the context of your neighbor here. so their neighbor at donald trump, the seemed to be president of the united states threatening terrace, which could result in serious economic issues for canada. so how has the canadian government been preparing for this at possible at the introduction of tires as well? yeah and, and they're not just small chair, suite of trunk is, is proposing 25 percent care of all canadian exports, choose united states. this would cripple the canadian economy so, so very soon after the announcement by like soon to be president trump, the prime minister, lead down tomorrow, i'll go to meet with him in florida. it w

she, on the other hand, blamed the bank of england and others, and i think this is one of the single bang of england and the ldi crisis, perhaps because it's difficult to explain, perhaps because it's inconvenient. but for her, the bank of england was just part of the 1w56r7, and they had another economic view, a keynesian view, and they had no faith in her program. so viewers can watch that play out in realtime. and i think it's not -- so, typical for the films we do with you, this is really a great story. we say it's a combination of "house of cards," a very political portrayal of back stabbing and yes, minister, a story of the administrative state manipulating and trying to manipulate people many if power. and it's -- people in power. and it's very relevant to today when the trump team is about to take on our administrative state. i think right now there's a triumpherrallism here in washington where they think winning the election has defeated the administrative state, but i think they will find -- as liz truss found -- it's way more difficult than they anticipate. paul: so what i

a bank of england survey published friday found that consumers expect prices in the shops to rise 3%n, which would be a further headwind to the governmnets pledge to restore growth. for more, let's speak to anna leach, chief economist at the institute of directors. thank you for being with us. previous governments have issued a budget within a month of coming to power. alastair campbell, the former communications director at number ten under the last labour government was among those who said they had made a terrible miscalculation delaying get. do you think these figures back that up? there is a degree to which that is a fair point. it was certainly the case that the damaging uncertainty ahead of the budget, which was to do with the quantity of rumours swirling in the media, had a damaging effect on business confidence. fora damaging effect on business confidence. for a very lengthy period of time, and we saw this in our own data, we saw four months of declining confidence amongst our membership. so this is a reasonable point to make. i do understand why they did want to take their

christian: the bank of england has held interest rate to 4.5% today, the three members of the monetaryreduce it. the bank said its decision to hold the red was because of uncertainty about how the members had announced in the autumn budget and how that was affecting growth. not an ideal backdrop for prime minister sitting down in front of the parliamentary liaison committee, often described as a super comedic because it brings together shares of other committees. it was around a variety of policy areas, but the toughest questions were ongoing and the commands the labour party made in the election campaign, namely the pledge to restore growth. let's speak to the labor mp for voxel and camo green. thank you for being with us. i did watch some of it today i can't yo-- caught your question. you asked about the housing crisis and why the government had frozen the local housing alliance. that is a means-tested benefit intended to help people of low income pay for their commission. you satisfied with the answer you got? >> we were waiting to hear from the prime minister in terms of the 1.5 mi

that makes it harderfor the bank of to england do itsjob so services inflation, the red line, is stubbornly itsjob of returning inflation to its 2% target. so while it started cutting interest rates in the summer, it is not expected to do so again tomorrow to give borrowers that pre—christmas boost. instead it is likely to wait until february because of lingering risks. it's lunchtime at david's stall in york market. he's braced for what 2025 will dish up. like many employers he faces a bigger tax bill after the national insurance hike announced in the budget kicks in. that could spell price rises. we're going to wait till we get to that point, see what other prices have gone up, like fat for us, fish for us. we're going to have to take that all into account and then possibly act on that after. yeah, yeah, card's good, yeah. such policies mean it may take longer for inflation to come back to target and so interest rate cuts are expected to be more gradual. 2024 has delivered lower inflation, but there's still some less than appetising leftovers lingering into the new year. dharshini david,

elsa: bank of england reluctant to cut, forward curve is well priced. tom: when? next year?half? >> skipping december, every meeting. carry trade but you need new news. tom: elsa indeed. giving views on the yen and the pound, looking for new news. elsa from rbc capital markets, indeed. trump is set to travel to paris for the reopening of notre dame which was devastated by fire. macron will meet with him. justin trego -- justin trudeau an obvious had meetings. staying with donald trump the nominated republican doughnut lauren stevens. it comes as keir starmer said england does not need to trade off its special relationship. must choose, that somehow we with america or europe is plain wrong. plain wrong. tom: ok. joining me more is lizzy burden who has been chanting this for us. what have we learned given the differences and the eu? >> before trump's victory there was tension between the two camps but it is about realism and not a binary choice, warren stevens is a prominent donor and banker so he fits the bill. this is a landing spot for pomp and circumstance of london. tom:

the bank of england raises interest rates to try to keep inflation at its target of 2%.ts next rates decision is on thursday, but economists expect rates to be held at 4.75%. henry settlements that the numbers on inflation are not going in the right direction. this government is desperate for people around the uk to feel like some of the pressures on the finances is easing. this is concerning news for them. we have heard in the last few minutes from rachel reeves for her response. the minutes from rachel reeves for her response-— her response. the inflation numbers — her response. the inflation numbers today _ her response. the inflation numbers today show - her response. the inflation i numbers today show inflation her response. the inflation - numbers today show inflation at 2~6%~ _ numbers today show inflation at 2.6%. that is comparable to other— 2.6%. that is comparable to other countries around the world _ other countries around the world and in the united states is 2~7%~ — world and in the united states is 27%~ in_ world and in the united states is 2.7%. in the eu

weighing up the numbers, wage growth in the uk accelerates unexpectedly ahead of a key bank of englandal media giant. hello, wolverhampton! from 'oh no, it isn't' to 'oh yes, it is!�*. pantomime is back with a bang. welcome to business today. we start in the us where it is the morning after the night before for the tech markets after a sizzling monday session that saw the nasdaq closed on a record high. the enthusiasm for all things tech ahead of president trump's second term is still in the driving seat with bitcoin finding new heights but it might be back to earth today after the federal reserve meeting begins with the latest numbers for them to crunch the retail sector, showing a healthy uptick in spending last month.

the international thinktank predicts the bank of england will cut its base rate from the current four—point—seven—fiveter representing lucy letby says she continues to maintain her innocence — after she was interviewed about more deaths. detectives asked her about incidents at the countess of chester hospital, and liverpool women's hospital, where she trained. letby is serving a whole life sentence for the murders of seven babies and the attempted murder of seven more in chester. you're live with bbc news. police in new york city are searching for a gunman who shot dead the chief executive of one of the united states's largest health insurance companies. brian thompson was fatally shotjust before 7am local time on wednesday. he was found outside the hilton hotel in midtown manhattan, they had little doubt the killing was premeditated. in midtown manhattan early this morning, 50—year—old brian thompson, the ceo of unitedhealthcare, was shot and killed in what appears at this early stage of our investigation to be a brazen, targeted attack. this does not appear to be a random act of violence. after the

tom: before we let you go is the boe shooting itself in the foot for the bank of england do you -- doave clarity? >> i would like to say yes but i don't think they do, i mean central banks talk about data-dependent this is a prime example from one to the next, right thing to do, they will cut but be careful because they have a problem so they will not commit, that can backfire. tom: oh yeah. no commitment expected. sonja martin indeed always informative. literally will speak with mary daly on the fed outlook given the pivot it will be really worth your time so do june in. u.s. president elect donald trump double down on calls to extend the debt ceiling after the house vote it down a funding plan. let's bring in pretty good to her for the latest. trump is not calling for 2027, 2029, running it down. kriti: in the united states this is what he is thinking about. it was a bipartisan deal, what has changed is desired to address the debt ceiling, trying to have that under the biden administration. his plan was to extend the debt ceiling, easier to widen the deficit following a moving targe

uk interest rates will remain at 4.75% after the bank of england voted to keep borrowing costs unchangedwith no growth at all between october and december. inflation was also higher than the bank's target. rates are still expected to fall gradually next year, with the first cut possibly coming in february. downing street says the prime minister has confidence in the treasury minister, tulip siddiq, after she was named in a corruption investigation in bangladesh. the investigation is based on accusations that tulip siddiq's family embezzled almost £4 billion from infrastructure projects there. tulip siddiq's responsibilities as a minister include tackling corruption in the uk's financial markets. our investigations correspondentjoe pike reports. the minister responsible for tackling financial corruption has now been accused of it. tulip siddiq isn'tjust the city ministerand a labour mp. she's also the niece of bangladesh's deposed former prime minister sheikh hasina, widely seen as an autocrat. now tulip siddiq has been accused of helping her aunt broker a multi—billion pound deal with vl

the international thinktank predicts the bank of england will cut its base rate, from the current 4.75%ng lucy letby, says she continues to maintain her innocence, after she was interviewed about more deaths. detectives asked her about incidents at the countess of chester hospital, and liverpool women's hospital, where she trained. letby is serving a whole life sentence for the murders of seven babies, and the attempted murder of seven more, in chester. you're live with bbc news. the opposition in georgia says one of its leaders is in detention after being beaten unconscious by police in the capital, tbilisi. footage shows nika gvaramia, from the pro—european coalition for change, being dragged along a street by what appear to be security forces wearing balaclavas. police have raided the offices of all key opposition parties, as well as the offices and homes or civic activists. more than 300 people have been arrested in seven days of anti—government protests in tbilisi. one of the county's opposition leaders tells the bbc what is needed in order to stop the protests. the protests must c

uk interest rates will remain at 4.75% after the bank of england voted to hold borrowing costs.ormed worse than expected, with no growth at all between october and december. inflation was also higher than the bank's target. rates are still expected to fall gradually next year, with the first cut possibly coming in february. russia's president putin says he is ready for talks at "any time" with the us president—elect donald trump, who has vowed to bring the war with ukraine to a swift end without saying how. president putin was speaking at his lengthy end of the year press conference — and our russia editor, steve rosenberg was there. it would have been hard not to notice vladimir putin today. his marathon end of year event was live on all the main tv channels in russia. it was half phone—in, half press conference. he used it to deny that the fall of bashar al—assad in syria was a defeat for russia, and to say he was ready for talks any time with president—elect trump. after more than four hours, it was my turn to ask a question. "exactly 25 years ago," i said, "when boris yeltsi

probably more than the fed and the bank of england. you have pimco and fidelity sagan the ecb might have to go lower than neutral when it comes to the endpoint for interest rates next year. it draws the conclusion that her tone did not match the outlook. tom: and bloomberg reporting that they will go again in january and possibly march as well. on the politics then with the lens on france, possibly a new prime minister being named but did christine lagarde have anything to say about french politics? >> she did not want to wade into this. the question is whether the ecb would be willing to use the transmission protection instrument to deal if there is another yield spike like we saw with the greek levels of borrowing costs. she did not comment on the situation in france. she referred to general political risks that make forecasting difficult. and she mentioned the snap elections in germany. keeping it very broad when it comes to the politics. this is the elephant in the room when it comes to the forecast for next year. tom: lizzy burden

on top of that, as you mentioned, it is very busy for european central banks today in particular, here in the uk where the bank of englandannouncing the latest decision at lunchtime expectations, however, suggest they will not move they will keep rates unchanged investors will be keen to understand what is the commentary and what is the outlook for 2025 particularly as we saw the fed downgrading their expectations in terms of rate cuts for '25 as well. >> silvia, thank you very much silvia amaro live in london. now to the asian trader jp ong standing by in singapore jp, what are you seeing? >> reporter: good morning, frank. not a great thursday for asian stocks no one taking comfort from the prospect of the fewer rate hikes. it is fitting we start in japan today because we got a bit of surprise from the central bank despite the bank of japan to hike rates, they decided to keep rates unchanged. they wanted to see the ramifications of the incoming trump administration the gap differential with the fed. 156 against the u.s. dollar today. despite the weakness in the yen, it did little to support spirits in in tokyo and the n