cornelia meyer with her view on the latest shell results.omised, let's turn to the big story in the uk, yesterday's budget from the chancellor. right now, uk households, businesses or weighing up households, businesses or weighing up the impact of those announcements by the chancellor. rachel reeves announced tax rises worth £40 billion. as promised, there were no direct rises to income tax, vat or employee national insurance, but employers will pay national insurance at higher rates and at a lower threshold, meaning more of the workforce will be pulled into that national insurance bracket, amounting to a tax bill of some £25 billion for businesses. let's speak to the chief economist at pwc. good to have you here. the dust has settled, people have been through the fine print, and they wonder if in your view, what the chancellor says is that this is short—term pain and long—term gain. do you agree? i think that is right. i would say that i am quite sympathetic to the chancellor. she had to navigate a difficult situation with high public debt,

thank yon _ earlier i spoke with cornelia meyer. consultant with decades of experience in the middle east's oil industry. she explained the region's significance and how its unpredictability causes shockwaves in global markets. it's a third of the production, 48%— it's a third of the production, 48% of— it's a third of the production, 48% of oil_ it's a third of the production, 48% of oil reserves. it's it's a third of the production, 48% of oil reserves. it'518% of gas — 48% of oil reserves. it'518% of gas production and that's important especially for europe as we've — important especially for europe as we've weaned off russian gas and we _ as we've weaned off russian gas and we are — as we've weaned off russian gas and we are getting a lot of lng from _ and we are getting a lot of lng from qatar. 40% of gas reserves. so it is material. mind — reserves. so it is material. mind you _ reserves. so it is material. mind you we have seen these spikes— mind you we have seen these spikes whenever something happened in the middle east and