ease debt tess goes debt david cameron's debt george osborne's debt they take the money directly out the pockets through the banking system which is totally consolidated there's no competition it's a it's a dead hand of banks toure's you take that money from the hardworking burnished person and it goes directly into pocket to pay off his ill gotten the legalese mccrae debt as a matter of fact if i look at this austerity sandwich i can see george osborne's face that said jesus was saying that a toast a grilled cheese sandwich has there been such a miraculous sighting of a portraiture of the exchequer in this slice of bread. oh i felt it i think it's the town floor of the fricken exchequer but you know here john redwood the conservative m.p. for woken which is one of these commuter belts from the city of london so there are a lot of bankers working there. he is wrong to mock the poor for thinking that first of all there's one shot to get rich there is that it's you can gamble that's the only way to make it rich well look at what is happening in the city of london. h.s.b.c. gambled that

and they found that this was the cheapest sandwich now speaking of doing his part for austerity george osborne the chancellor of the exchequer is giving up his monthly welfare check yes it seems the chancellor of the fricken exchequer has been collecting child benefit for years he makes over one hundred thirty four thousand pounds per year and some hardworking taxpaying joe pint of lager has been paying for george's children's up kate stacy ever. max this reminds me of world war two when so many brits sacrificed for the good of the nation i'm giving up my child benefit from today so that my children and yours aren't saddled with our debts forever by chancellor george osborne this week my family will not receive the child benefit we've been getting every week since our children were born any household where at least one member is earning more than sixty thousand pounds will be in a similar position where i saw i was born is a welfare bum parasite on the state and whose job is to help other parasites like it just b.c. barclays royal bank of scotland and lloyds similarly collect corporate and ban

every single bank here in london gambled that george osborne would come to their rescue once they were selling all these fraudulent loans for august fraud fraudulent interest rate swaps and every other derivative product that the chancellor would come to the rescue and he himself was sacrifices child benefit to make the bankers whole and the next step for i was born a sacrifice is trial and he would throw the child into the volcano if it meant getting a good deal of the revenue number one and number two j.p. morgan they were gambling and derivatives the so-called london whale scandal they got caught breaking the law they got caught breaking the law the proprietary desk law and they gave nine billion dollars to cover the loss and the chancellor said oh here you here is nine billion dollars and they covered the bet for them. and so all of these betting shops are clustering in high street areas of the very poor poorest regions and constituencies and what they found is that betting shops are clearing out britain because they were listed as financial services and planning guidelines this me

from today so that my children and yours aren't saddled with our debts forever by chancellor george osborne this week my family will not receive the child benefit we've been getting every week since our children were born any household where at least one member is earning more than sixty thousand pounds will be in a similar position where i saw was born is a welfare bum parasite of the state and whose job is to help other parasites like it just b.c. barclays royal bank of scotland and lloyds similarly collect corporate and banks through welfare from the state the u.k. economy is shrinking why because of scroungers like oz born cameron and the banks. now i might add he's been pretty much alone on the world stage of leaders as introducing austerity and so he's doubled down even cutting his own child benefit despite the fact that this week i.m.f. economist apologized for austerity forecasts so the international monetary fund's chief economist today acknowledged that the fund blew its forecast for greece and other european economies because it did not fully understand how government austerity e

he seemed to be seemed to be a direct attack on on george osborne's economic policy. he was talking about how you know is talk too much talk of authority anything will talk about here about investment and about the kind of positive ideas and certainly. since then he's kind of tone that down some orphanage back to the opinion that cuts are the right thing to do at this stage so he's kind of backtracked somewhat. but certainly there's increasing pressure on george osborne. and if the economy doesn't improve. he's got the budget coming up in a couple of months time. he's got to look at ways of boosting growth and the problem is that he's already cut two very large extent. in order to find the money for investment he have to make more cuts so be interesting to see what actually happens. ok. susanna thank you. now it's got more in the heavy snow across parts of scotland northern england and the midlands just sanders is in the village of nineteen and west yorkshire. forested i said paint the picture for a stair. well i'm in a hamlet called mountain which is appropriate and

it will put more pressure on george osborne. the chance lore has been speaking to maria in an exclusive interview. here is a recap. >> the uk economy, our next forecast is for the uk economy to grow this year and next and indooe deed, it's a celebration and we are forecast to grow more than germany or france. now, we have a tough situation with our neighborhood where we have the eurozone in recession and that is a major trading partner of the uk. 40% of our part yanlts goes to the eurozone. but we still have a real economic situation in many of these eurozone countries. the rebaming is happening. the jobs are being created. and also, another encouraging sign is that the rate of the new conflict creation in the uk is at its highest rate on record. so you're seeing, hopefully, the great successfuls of the future being born out of the difficult times of the president. >> that's george osborne, the chancellor speaking exclusively to maria bartiromo. that was recorded before the release of that gdp number. it was recorded last night.

speaking of queen bees we are going to talk about george osborne in the city of london but first i want to make note of the fact that we have covered the fact that your first went to china didn't they to try to get them to buy european bonds and they were like no what they did that would be insane that would be lunatic so of course they went to japan the state in japan was like yeah ok why not well looking at this over the past twenty years but particularly in the last ten years japan and the yen has been what's called the funding currency for the global carry trade which means that the yen has always been trading at a low value compared to these other currencies and at these ridiculously low interest rates so that these other countries and even japan itself can borrow money from itself at ridiculously low rates and then use the proceeds to invest in these other higher yielding securities and currencies now here is where you're going to see the end game manifest the japanese authorities are not only selling their own bonds and using the proceeds to buy other countries bonds but they're

from today so that my children and yours aren't saddled with our debts forever by chancellor george osborne this week my family will not receive the child benefit we've been getting every week since our children were born any household where at least one member is earning more than sixty thousand pounds will be in a similar position where i saw i was born is a welfare bum parasite on the state and whose job is to help other parasites like it just b.c. barclays royal bank of scotland and lloyds similarly collect corporate and banks through welfare from the state the u.k. economy is shrinking why because of scroungers like oz born cameron and the banks now i might add he's been.

and they found that this was the cheapest sandwich now speaking of doing his part for austerity george osborne the chancellor of the exchequer is giving up his monthly welfare check. yes it seems the chancellor of the fricken exchequer has been collecting child benefit for years he makes over one hundred thirty four thousand pounds per year and some hardworking taxpaying joe pint of lager.

steinitz minister george osborne described it as a very difficult economic situation and set up with debts building up at home and problems with the u.s. the u.k. has to confront station the director of the institute of economic affairs in in london that i'm marking a little word says the british government is not doing enough. of course we need to bear in mind when you look back actually a couple of years later often these numbers are revised up or down so we shouldn't really trust them to the very last decimal point what we've seen it appears over twenty twelve is not the british economy absolutely tanking but basically flat lining and that is pretty much been the picture for the last two years it's not a crushing recession but it's certainly not a parent's back certainly what the coalition government here in the u.k. are doing isn't working if the game is to produce growth rates of two or three percent and indeed the government's independent forecasters suggested two years ago that we would be experiencing those sort of levels in growth growth in the u.k. economy about now and i'm

you think she doesn't know what no and then the other thing is that the next day when she saw george osborne it was reported that she said oh i saw all the gold too bad it's other people's it's not our gold it's other nations like austria netherlands don't worry little lady queenie i saw your gold that's all there is far i mean well this is the only use the monarchy has is to fool people into thinking they're gold to say you know this is if you go back in history this monarchy whether it's a stricken old bag or some other dude and they end up killing the commoners don't think they slaughter the commoners if you're not royalty or commoner the chance of a good slaughter high. well so now. part and parcel of this global financial system which is ridden with fraud and outlaws like jamie diamond lloyd blankfein and we need to execute the banks like u.b.s. and even bigger than u.b.s. is j.p. morgan. the rubble of my country sent me this link and i think it's an important one to look at for two thousand and thirteen banking thousands of customers switched their account out of the big five these are

of japan's ministry of finance we've got a sterling crisis brewing thanks to the british ask george osborne with a little help of course from the mightily deranged bank of england but first has facebook used your likeness and personal info to promote a fifty five gallon tube of personal lubricant and if so you could be in for a payout of as much as ten dollars stacey however yes max our first headline indeed is facebook's sponsored stories settlement means it's facebook's turn to pay you apparently facebook has been sending some of their users that they could get up to ten dollars from the company because according to the lawsuit it alleges that the facebook ads used facebook members names the likenesses to sell products without their consent case in point facebook used one member's name and face without his knowledge to promote a fifty five gallon tube of personal lubricant under the terms of the settlement any current or former facebook users who have their identities shown in a sponsor story add name to name profile picture photo excited or could be entitled to a check from facebook you

that both start shooting upwards and the pinch will really be felt and that's why it's vital for george osborne the transfer of the exchequer and the wider government to retain the confidence of the international markets my fear is that they will struggle to do that unless they can show they really also extremely serious about getting public spending under control and they are taking far far too long to bring the budget back into balance they also need i think a clearer plan for what's really going to attract business investment in the u.k. and what's going to make it easier for intrapreneur as their rhetoric is often very encouraging in this regard that we've got to deregulate we've got to make it easier to get your business set up we've got to make it easier for you to take on employers but in fact the policy framework behind it has been really rather feeble there certainly hasn't been a bonfire of red right and regulation for example there's been a mere small during the best of ok mark good to hear your thoughts on this very interesting we appreciate a little bit direct to the institute of e

the austerity program really taking place and, you know, on the one hand people who say, look, george osborn david cameron say, we have to do this. we had to get serious and we had to get our fiscal house in order and, yes, it is going to be painful. there are people who say look, the british economy contracted more than it did during the great depression. >> that's a great question. i agree with the gist of your question, this being a big theme of mine for the last two years. if you look at the amount that britain has managed to reduce its deficit in the last three years, it's actually less than the reduction in deficit in the united states. the united states purely through economic growth without any tax hikes or significant public spending cuts, has actually managed to be more successful in controlling its deficit and debt than britain has with an austerity program, which is really second only to that in spain and possibly italy, among the major economies in the world. so, i think britain is a very good object lesson for the united states of the danger of doing too much too soon in terms

george osborne and david cameron is both flying in today to davos. we hope to speak to them.get a negative picture of gdp tomorrow. that will put even more pressure on the chancellor. what does he need to do even more of? >> one of the things is to deliver some of the things that have been announced, for example, the lending scheme. maybe there are some things now that we should put the button on really just to start the process again. and it's not blaming the deficit. we don't want that. but it is constructive action in a couple key areas. >> we can't keep doing austerity, austerity, austerity and not see an impact. >> thank you so much. >> kelly. >> ross and maria, thank you so much for that. seeing a slowdown broadly in europe, france, even in poland there. getting the on-the-ground take of what's going on. >>> apple losing its shine. shares down 10% after hours on disappointing earnings. china p mi is up to a two-year high in january. france is slowing while germany continues to power ahead. ♪ [ male announcer ] how do you make 70,000 trades a second... ♪ reach one custom

george osborne's improvement rating has fall ton just 11% down from a peak of 54% in 2011. something to ponder. >>> still to come, we'll be in paris where reports are servicing francois ohland may have to abandon his tax rate. >>> in k0r79 thus, next is up by 2.12%. boosted by better holiday traffic in the unup from christmas. joining us for more is will hedden. trader at ig. we had a bullish update from john lewis yesterday. now neck, as well. what's the read through here? >> good morning, ross. i think the read through is that the bigger players on the high street continue to perform well, continue to attract the traffic both through foot fall and on line, as well. very prominent online offerings and this is what differentiates a lot of the larger companies from the retailers on the high street that obviously struggled throughout last year. >> and what are the indications on the early sales news? >> well, i think the indications are that the stocks have been surprisingly good despite the obvious issues with the uk economy. certainly what we see from neck is that they're s

calculation for state pension, that isn't going to happen which means there will be more pressure on george osborne for finances, as well. on the currency markets, we haven't got it up. we'll switch that back. sterling/dollar, 1.6020. euro/yen, 115.17. euro/dollar at 1.3066. quick look at commodities after the chinese data, 1.1234. spot gold firm at 1669, as well. you would think, as well, that somebody is doing fairly well on that. iron ore imports at a record of 70 billion tons. we'll take a short break. still to come, tim cook is in china. we'll look at what he needs to do to turn around apple's underperformance in the world's top global market. more to come on "worldwide exchange." what are you doing? nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. >>> now, facebook has sent out on mysterious invites to the press. what w

it's not good news for george osborne. we're looking at what he's doing with his growth policies. >> yeah, no, that's right. the uk economy is certainly bumbling along. demand is not strong. but i would make just a couple of points. one is the overall level of the services pmi in the uk is well above that in europe. you know, the uk services pmi has been in the 50 to 5 2 type range for quite a while. and the european number has been around the 46 to 47. so in terms of rate of growth, actually, the uk services and domestic economy has been doing better than its continental counterpart and i think the outlook is better. inflation is falling. high inflation has been a key factor holding back consumer spending and retail spending for the last few years. it should at the margin improve a bit. >> daniel, hi. chris here. in terms of the numbers that we get the flurry of information we're getting on a regular basis, is this something that you use to frame your expect aegzs were or is this too short-term? you're talking about the l

. >> and george osborne is making some comments. he's basically saying that it's an interesting starting point and he plays down the prospects of there being a straight referendum on being an in/out referendum, part of the eu, not part of the eu, which is mixed from where most people think they are. >> some of the surveys show the people becoming more worried about it and we saw those comments, what's his face, labor leader over the weekend saying that he's walking out of the eurozone. so clearly, he finds that there's political gain to be made from -- >> and then you saw this british train commerce survey, just 26% of them wanted to keep the status quo, right? >> i thought this was extraordinary. i was surprises how low it is. in this survey, when you ask businesses about how much in favor they are of keeping things the same, only 24%. >> 59% wanted a looser relationship with the eurozone. most people would say, we want to stay part of the eu, but we would like to have far less regulation, far less judgments than just have been con

also if you could see a joint sledding session between david cameron and george osborn, that's 100-1.chance, that the prime minister cameron is spotted with bono. that may not happen, since bono has not arrived yet. we'll see about that. in the meantime, back to you. we'll come back to you at 8:00 with lloyd blankfein. >> you got hit by some snow last year, too. remember at the end? >> by the way the chances of that are probably better. i don't know, maybe ladbrokes could take bets on that one. i'm looking at the production guys, and i'm sure there's going to be something coming. >> like the gatorade, the victory at the end. >> if you consider that victory. >> we'll see you in just a little bit. by the way, folks at home, if you have comments or questions about anything we're talking about e-mail us at squawk@cnbc.com. or follow us on twitter. can the bulls remain in control and is january an indicator for the rest of the year? the bulls sure hope so. we're going to talk about that right after this. ♪ [ male announcer ] when we built the cadillac ats from the ground up to be the world

there was very deliberately by george osborne, the chancellor of the exchequer, a welfare-rating billt would see most benefits rise by 1% for three years. that will see a huge debate between the government and labour on welfare, an unusual debate because it matters to how much money the treasury has, it matters in terms of how much money some poor and vulnerable people have, and the public really care about it. if they see it as maybe a bad government taking money away from the vulnerable or if they take the absolute opposite view, it is an almost unique political debate for its sensitivity, and it's going to explode in the coming months. it will be a huge issue. >> ross wilkens, thank you very much, indeed. now to the committee corridor where there was a grilling for the child sport secretary over what's been labeled the main line franchise fiasco. sir richard branson's virgin trains originally lost out. virgin challenged the decision, and the outcome was scrapped when serious flaws in the bidding process were discovered. at the transport committee, the minister said the two train co

. >>> in the u.k., the british finance minister, george osbo e osborne, wants the e.u. to toughen bank regulation across the 27 member states. britain's set plans in motion to separate retail investment decisions in part on proposals from the finnish central bank governor. the fed is also reportedly considering a plan to help banks avoid costly regulations aimed at preventing derivatives trading from being subsidized by taxpayers. the "financial times" says it stems from the lincoln amendment, included in the 2010 dodd-frank law. it prohibits banks that have access to federal deposit insurance or fed credit from acting as derivatives dealers. u.s. banks will still be able to trade some products like interest rate swaps. under the rule, foreign banks would be forced to move their u.s. derivatives activities off their books. >> yeah. if you followed that, you get a gold star this morning. it's a tricky one. >> there's a law that means foreign banks will have problems trading derivatives in the united states. >> charlie, any thoughts here? >> you know, it's part of this br