fiona cincotta, thank _ which will be beneficial. fiona cincotta, thank you very - which will be beneficial. fiona| cincotta, thank you very much for that, joined us from city profits for last year. for the fourth—quarter, with revenues of over $7 shockwaves throughout the industry earlier thank you forjoining us here on bbc news. monday, the shock of monday, how did asml read ss�* �*i—�*s—�*s. isss 24:24, £93k" sssd .. ....... ' ... and ss�* �*i—�*s—�*s. isss 24:24, £93k" sssd .. w ' ... and what ss�* �*i—�*s—�*s. isss 24:24, £93k" sssd w www ' ww and what do you 7 will 7 twillimakefw n w 7 77will7ma7k7e7 7�*7ti71e 77 “day’s; ww ww; morning, thank you for good morning, thank you for having me. it is my pleasure. start with the asml let�*s staft'witis tiss asml surprisingly strong, results. surprisingly strong, revenue �* than revenue higher than expected, but profitability higher than 2:7: also for various also the i77r various 7 77 hissthsihtiost; also the 7outlook as reasons. also�*ths'out�*took as expectations. and todayis today

i'm joined by fiona cincotta — market analyst at city index may send a shiver down the spines of manyi am sure it is concentrating the minds of the people at the treasury. completely. we see the cost of borrowing go up globally but for the uk it has wafer thin marge�*s and that means there is a lot of pressure here. the increase in borrowing cost is running the risk of wiping out rachel reeve�*s buffer of 9.9 billion that she had set aside in the budget. the problem being that there is the potential need to take action. we have a budget coming up in march and that could mean that we would either need to see tax hikes or spending cuts or even both. what we end up seeing will depend on how far sell—off in the bond market actually goes. as i mentioned it is coming back globally but it is here in the uk where there are concerns of persistent inflation and fears that the bank of england may not be able to cut interest rates as much as initially thought, combined with concerns over tax hikes from the government. what is going on in march is the office for budget responsibility will release