faisal islam, bbc news.will affect many of those with mortgages, credit card debt and other borrowing. 0ur cost of living correspondent colletta smith has been talking about the cost of living pressures with people in cleckheaton, in west yorkshire. i'm 200 miles away from the uk's central bank, but decisions made in the bank of england this lunchtime will impact everybody�*s finances in lots of different ways. fabian is under pressure to make his wages stretch to cover all his bills. i rent a one—up one—down in cleckheaton. it's small, but yeah, it goes, i'd say 35 to a0% of both our outgoings. with the interest rates going up, will my landlord put my rent up? it's notjust homeowners who are impacted by increasing interest rates. renters like fabian are, too, because if landlords are facing higher mortgage rates, then they're really likely to pass that on to tenants, or to sell up, which means prices going up for everyone in the rental market because there are fewer properties going round. don't forget, tho

our economics editor, faisal islam, has all the details. sophie, rates have been raised consistently and rapidly in just over a year, from nearly zero to today's 4%, however, the question arising today is the idea that it won't go up much further from here, maybe even not at all from 4%. the bank does say that inflation has peaked, so let's split that into goods prices, which have come down, and the bank expects that to continue as energy prices continue to full. then why raise rates again? here is why. in services, which is much more sensitive to wages, prices are still forecast to go up. however there is some good news, three months ago, the bank expected a long and deep, two—year recession, but now they say it should be much milder, shorter and shallower, but a recession still, nevertheless. looking at the picture over a few years, the bank now says something remarkable, that after the pandemic and brexit and the energy shock, the economy has suffered a more enduring hit, meaning it will not have grown at all during the 2020s so far, sti

thank you, faisal islam, our economics editor.�*s bbc.co.uk/news, and by using the bbc news app. in the us, the funeral of tyre nichols, the 29—year—old black man who died after a beating by police in memphis, has taken place. vice—president kamala harris was among the thousands attending the service at mississippi boulevard christian church. following tyre nichols�* death, five officers, all of them black, were promptly charged with murder, with additional police and staff fired in recent days. 0ur north america editor sarah smith was at the service. # you lift me up... the grief was overlaid with anger as mourners celebrating the life of tyre nichols also railed against the injustice of his death. i tyre nichols also railed against the injustice of his death.— injustice of his death. i can't seak injustice of his death. i can't speak for— injustice of his death. i can't speak for everybody - injustice of his death. i can't speak for everybody in - injustice of his death. i can't - speak for everybody in memphis, i can�*t speakfo

faisal islam, bbc news.chariots of fire, has died after a short illness. he was 86. music: chariots of fire. he began his career making tv adverts in the 1960s, but his big screen directing debut, chariots of fire, won four 0scars, including best picture. it kick—started a renaissance in the british film industry in the 1980s. hugh hudson, who's died at the age of 86. let's take a look at some of the day's other top stories. the rmt union has rejected the latest pay offer from network rail and train operators in an attempt to end a long running dispute over pay and working conditions. the rmt boss mick lynch described the offer as "dreadful". the transport secretary, mark harper, called the rejection a "kick in the teeth for passengers across the country." mps have demanded a school in surrey is investigated, after a black pupil was injured in what police describe as a serious racially aggravated assault. distressing footage shared widely online shows a girl being punched, kicked and having her hair pulled.

faisal islam, bbc news. if you want to get in touch with me on any of the story seen so far.still to come on the programme... we speak to microsoft founder bill gates about covid, vaccines and those conspiracy theories. this is the moment that millions in iran have been waiting for. after his long years in exile, the first hesitant steps of ayatollah khomeini on iranian soil. south africa's white government has offered its black opponents concessions unparalleled in the history of apartheid, and the anc leader nelson mandela is to be set free unconditionally. three, two, one. a countdown to a critical moment. the world's most powerful rocket ignited all 27 - of its engines at once. and apart from its power, - it's this recycling of the rocket — slashing the cost of a launch —| that makes this a breakthrough in the business of space travel. two americans have become the first humans to walk in space without any lifeline to their spaceship. one of them called it a piece of cake. thousands of people have given the yachtswoman ellen macarthur a spectacular homecoming in the corni

faisal islam there. 0ur political editor chris mason is in westminster.ike action. do you think the government are getting closer to making tay offers that public sector workers might accept? i offers that public sector workers might accept?— might accept? i think there is a more conciliatory _ might accept? i think there is a more conciliatory mood - might accept? i think there is a more conciliatory mood in - might accept? i think there is a more conciliatory mood in the i might accept? i think there is a i more conciliatory mood in the air but that doesn't mean that hey presto suddenly all the strikes will not happen. take for instance the strikes scheduled next week in the schools across chunks of england and wales. they are going to go ahead because the national education union tonight has said no to going into talks substantially with the government. they don't like what they are being offered. the context here our discussion is beginning about the next financial year's pay settlements starting in april. the treasury is saying anything above 5% risk

let's talk more about this with our economics editor, faisal islam. , a sluggish economy but not as bad as feared.— as bad as feared. it is better not to be in recession _ as bad as feared. it is better not to be in recession than - as bad as feared. it is better not to be in recession than be - as bad as feared. it is better not to be in recession than be in - to be in recession than be in recession, but as andy pointed out, this is as close as we could have been to that state, and there are clues if you break down the numbers month to month that december was quite tough going into this year, and what matters is what is happening right now. the better news is that the downturn is expected to be milder than first feared in 2023, and that is because of the lower gas prices than expected, but even the chancellor said we are not out of the woods yet and would not say there would not be a recession this year even. there would not be a recession this ear even. �* ., there would not be a recession this ear even. . . ., year even. and meanwhile, faisal, this

but a recovery could take years — as our economics editor faisal islam reports.an official interest rate of 4% should not feel huge, but it does, and notjust here in nuneaton, forjoanne, who runs a furniture and gift shop. the mortgage _ a furniture and gift shop. the mortgage on _ a furniture and gift shop. the mortgage on the _ a furniture and gift shop. tue: mortgage on the business a furniture and gift shop. tte: mortgage on the business has increased, gas and electric is increased, gas and electric is increased, wages has increased and is due to go up again. so there is a lot of things that i have to think about on a daily basis to ensure that the business will be sustainable for the future. but business will be sustainable for the future.— business will be sustainable for the future. but could there be some from _ for the future. but could there be some from the _ for the future. but could there be some from the bank- for the future. but could there be some from the bank of- be some from the bank of england? some strong hints today that there should be one

faisal islam is joining us. update _ and prices to go up. faisal islam is joining us.igh - joining us. update us. 0.596 rise and interest rates at a 14 year high of. interest rates at a 14 year high of 4%, that was expected, it was a vote of 7—2, two members of the 9—member committee in the bank of england that decide on interest rates taught interest rate should not gone up but seven voted for it so they have gone up seven voted for it so they have gone up to 4% and that is a 14 year high, it is meant to try and hammer down on inflation. what is perhaps more intriguing is the change in the language in the account of why they made that decision, where they lose some of the more forceful language about how rates have to go up and up into the future, they lose that and suggest pretty clearly that rates would have to go up only if inflationary pressures proved to be more persistent than they expect. that is quite a shift and it suggests we are at or very close to the peak in interest rates, four and a half % or maybe 4% where we are right now, it depends, that is interest

there's more analysis of the day's main stories on newsnight with faisal islam, which isjust gettingay on bbc two. the news continues here on bbc one, as now it's time to join our colleagues across the nations and regions for the news where you are, but from the ten team, it's good night. good evening. i'm rebecca would end here's your latest sports news. chelsea's british record signing enzo fernandez made his debut, but it didn't help the side secure three points in the west london derby. it was another debutant who almost gave chelsea the lead. david fofana rounded fulham's bernd leno, only to see his effort blocked by tim ream. a "penny" for todd boehle�*s thoughts might not be the right expression after their expenditure in january. graham potter's side stay below fulham in the table but move up to ninth, nine points off the top four. but potter feels the club is on the right path for the long—term. i can right path for the long-term. i can see the profile, _ right path for the long-term. i can see the profile, in _ right path for the long-term. i can see the profile, in terms -

there's more analysis of the day's main stories on newsnight with kirsty wark and faisal islam, whichst getting underway on bbc two. which isjust getting the news continues here on bbc one as now it's time to join our colleagues across the nations and regions for the news where you are, but from the ten team, good evening — this is your update from the bbc sport centre. there's always drama and plenty to talk about when liverpool and real madrid meet in europe. and this evening's match at anfield didn't disappoint but for liverpool, they were on the end of a heavy loss. on a goal packed evening, andy swiss was there to see it all unfold. therefore got onto the brilliant start after that go from darwin nunez. that was followed up by a second from marcella after that horrific goalkeeping howler from the real madrid goalkeeper. at that stage, and feels rocketed with the reporter 2—0 up but real madrid came back with two goals before the half. to goalkeeping blunders tonight. after half—time. real madrid took control. three goes in the second half. two of them from karen ben's semi, which

here's our economics editor, faisal islam. energy prices are driving the economy up and down. once there was cole, now it's winter. at this secondary glazing factory is a corner of british trade that is brisk. figs glazing factory is a corner of british trade that is brisk. $5 a british trade that is brisk. as a homeowner — british trade that is brisk. as a homeowner you _ british trade that is brisk. as a homeowner you see _ british trade that is brisk. s —. homeowner you see energy british trade that is brisk. is —. homeowner you see energy prices increase. what good times at the moment, for our dealers and commercial clients, we want to continue supporting them and expect growth to continue for two years of. on the official measure of the economy, gross domestic product, that has been sluggish at best. this is growth in three month chunks are across the past two years, it's been swelling and it fell over summer. had it fallen again then that would have been the official definition of a recession. instead, it was flat, so no recession but no growth either. take this trend bac

let's talk more about this with our economics editor, faisal islam.cations but the big picture that the unions broadly think their members deserve and need double—digit pay rises to make up for the high rate of inflation and the cost of living crisis. the government says that unaffordable without tax rises and, furthermore, it would embed inflation and mean inflation would take longer to come down to strip there is some truth in both those arguments. it's a matter of where you draw the lines of whereas several months ago some unions were suggesting 14, 15% rises, the government was was its inflation target of 2%, that has closed a bit and you hear the government is talking about 45% and the union saying around inflation, 10% tip you don't need to be rocket scientist to work out where the landing zone for some sort of solution would be, perhaps six or 7% through various methods, but we are not getting there. there is an impasse. a couple of reasons, firstly, there are actually few real payment oceans happening just up instead, we have this independent

news at ten on february 28th — there's more analysis of the days main stories on newsnight with faisal islamjust getting under way on bbc two. the news continues here on bbc one, as now its time to join our colleagues across the nations and regions for the news where you are, but from the ten team, it's goodnight. hello, i'm marc edwards with your sports news. it was a night of fa cup action — four matches to bring you up to date with. there was something of an upset as championship side blackburn rovers saw off 2021 winners leicester city, fulham triumphed in their all premier league tie with leeds, brighton proved they can do it on a cold tuesday night in stoke and bristol city were unable to keep out the big stars as manchester city booked their place in the quarterfinals. 0lly foster rounds up a host of tasty ties. the cameras were out early as the match day mascots made the most of manchester city's visit, snapping some of the superstars on the way in. they'd already hit the bar before they cut through the championship side, phil foden giving them the lead inside ten minutes. it was all

the governor of the bank of england, andrew bailey, has been speaking with our economics editor, faisal islamink inflation is going to come down rapidly, and a lot of that is down rapidly, and a lot of that is down to energy prices, which have fallen rapidly, but i'm afraid there are big risks out there which mean that it may not happen in that way and we are still seeing stronger pressure from both price and wage in the economy. and the question is, will that start to ease off was —— ease off? -- ease off? with the industrial action- -- _ -- ease off? with the industrial action... the _ -- ease off? with the industrial action... the public _ -- ease off? with the industrial action... the public sector - action... the public sector strikers, some of them asking the government for pay rises. i strikers, some of them asking the government for pay rises. i should sa we government for pay rises. i should say we look _ government for pay rises. i should say we look at _ government for pay rises. i should say we look at wages _ government for pay rises. i should say we look at wages across - say we

the chancellor, jeremy hunt, says there is reason for optimism. 0ur economics editor, faisal islam, askedfact that we grew faster than any other major economy last year shows that the situation is better than some people feared. but we still have a big issue with inflation, we are by no means out of the woods. that is why the most important thing we can do to help families up and down the country that i worried about the cost of their shopping bill is to stick to our plan to halve inflation. that is also important for businesses worried about high interest rates. then we believe we have tremendous growth prospects, if we play to our strengths in science and technology. we think that we have the chance to be one of the fastest—growing in europe. be one of the fastest-growing in euroe. ,, x' be one of the fastest-growing in euroe. ,, w ., be one of the fastest-growing in euroe. ,, ., , europe. sticking to the fastest urowth in europe. sticking to the fastest growth in the _ europe. sticking to the fastest growth in the g7, _ europe. sticking to the fastest growth in the g7, a _ europe. stic

andy verity, bbc news. 0ur economics editor faisal islam said we can't rule out that the economy may not say that there wouldn't be a reception this year either. what impact is all this having on small businesses? we can talk now to two small business owners. annelize van staden is the owner of class fit gym in gloucester, and kelly vowles owns the pixel rose hair design salon in swindon. good afternoon to you both. let's start with you, kelly. just tell us, how is business at the moment? just gone through a very quiet janua , just gone through a very quiet january, which... _ just gone through a very quiet january, which... we - just gone through a very quiet january, which... we are - just gone through a very quiet l january, which... we are seeing just gone through a very quiet - january, which... we are seeing a slow incline, but client behaviours have definitely changed. we are seeing less frequent visits to the salon, and clients pop in for much more low maintenance services. 50 more low maintenance services. so people are not coming as often, getting a slightly cheaper option