how much does that boost george osborne's budget? what matters is the long run outlook for government receipts and spending. the important backdrop is that mr osborne still has a long way to go before he closes the gap between the two. there are big spending cuts ahead of us. the extra growth we are getting this year, it is nice to have, but it looks like it is going to be growth we get sooner rather than more growth overall. it doesn't really help. what we can expect is more spending cuts to continue right up to the election and beyond. >> we talked about who did well after the budget. who did badly? >> his budget is giving with one hand and taking with the other. he took some money from spending departments. he's making public-sector employers pay a bit more for the pension costs of their members. that will be a squeeze on public services. he did a crackdown on tax avoiders. those people engaging in those kinds of activities may well lose. >> carl emmerson, thank you very much indeed for your time. the clock is ticking slowly down

george osborne cut that to 0.ou can imagine some pensioners who got a reasonable onto money coming from savings. they will benefit from that tax cut. >> we were told that the economy is growing and had a rate faster than previously expected. how much does that boost george osborne's budget? >> what matters is the long run outlook for government receipts and spending. the important backdrop is that mr. us born still has a long way to go before he closes the gap between the two. there are big spending cuts ahead of us. the extra growth we are getting this year, it is nice to have, but it looks like it is going to be growth we get sooner rather than more growth overall. it doesn't really help. what we can expect is more spending cuts to continue right up to the election and beyond. >> we talked about who did well after the budget. who did badly? with onedget is giving hand and taking with the other. he took some money from spending departments. he's making public-sector employers pay a bit more for the pension costs

is suggesting we know total percentage of suggested an upset of sadness that comes back to george osborne had come the nineteenth is intended to cs for the scottish independence will find humble pie and dynamic. because economics thoughts to themselves. he did on the legitimate to dummy with a pen or not offend him and it was full of this government is inefficient and he was off to his mind. she still says they will be the follow up in scotland when speaking to other people think. the white paper was published before they really know exactly what independence means the school that is just ok hundred to participate isn't that like paper and lay some of the biggest thing she's hillside listen to it since the british government the kids. i showed the differing up to the referendum that if anything else but this place is getting into this going to fare well there's good in some psych or two to rescue from the vigil beside that undermining the door knocking it's never the last fifty years hundred and fifteen east a loss on the use of non than fifty nations have become independent. this indepen

please don't judge brown just about an old woman and george osborne at number eleven downing street is convincing the old woman that they should be fracking and then the old woman tells george journeys we do defrag. the green energy companies then and then george says gail knisley we need the doctors are. hurting syriac. sally. arts. dramas that can't be ignored. stories others refuse to notice. food since changed the world lights never. told pictures of today's new long gone designs from around the globe. dropped. to fifty. could the kind of really happen the way it was described in the case reports. he was murdered between nine and ten in the morning and my case was arrested for the crime early in the afternoon just a few hours later. it's very fast and we're wondering how the police could be so sure that marcus was the murderer. and why do you big impression you get is that a lot of the details just don't make sense. we feel like we have to find a different way to understand the case better. than the first things i do is i read every report and then the next thing i do say the earth

we have some comments coming out from george osborne.e's testifying at the moment in front of parliament. he's saying the treasury did not interfere with the investigation into lloyd's. on household debt levels, as well. >>> still to come, king digital got crushed in its ipo debut. we'll look at the risk and rewards of going public now. huh, fifteen minutes could save you fifteen percent or more on car insurance. everybody knows that. well, did you know bad news doesn't always travel fast? (clears throat) hi mister tompkins. todd? you're fired. well, gotta run. geico. fifteen minutes could save you fifteen percent or mor sometimes they just drop in. always obvious. cme group can help you navigate risks and capture opportunities. we enable you to reach global markets and drive forward with broader possibilities. cme group: how the world advances. >>> russia's economic minister tells cnbc the country's slowdown is not due to sanctions. china unveils a mini stimulus program pushing tax breaks and spending on railways. >>> and the imf's chri

the clues george brandis of an old woman and george osborne at number eleven downing street is convincing the old woman that they should be fracking and then the old woman tells george we. didn't see a green companies then and then george says. we need to conserve. this immediately though so we leave that maybe. by the sea pollution security play your part of the physical. issues that no one is asking with the guests that you deserve answers from it's all politics. are to. be seventy people are reportedly arrested in the clampdown on anti-government activists in the eastern city of ukraine called after they stormed on local authority building and declared independence. young rest spreads across the country southeast with crowds in several industrial hops claiming the interim leaders in kiev as illegitimate and seeking to me pull their regions. held to account russian security services say they've neutralized the country's most wanted man and a huge operation that netted hundreds of terror suspects. and fraud allegations mall the aftermath of afghanistan's presidential vote which is.

well whatever so let's turn to what george osborne is saying chancellor george osborne is offering generous tax breaks to kickstart the technology he believes fracking for shale gas could herald an energy revolution that will boost the economy make britain more self-sufficient and put an end to sky high bills from greedy energy firms notice how he uses greedy adage the firms there and yet somehow these a benevolent benign dictator i mean corporations that are going to come in and drill under your land without permission without asking you a throw you one hundred pounds these are genuine you know if you will thought i was the lords would just ride over the peasants who got the way in the middle of town and just throw them a bobber to keep on going here we have the same thing is here the british population who supports invasions around the world by the way for this very sort of things like chavez they thought was the height of all evil maduro his his in his case his replacement is the height of evil because of he doesn't respect private property here they'll be like oh whatever they threw me

how are those two interaction is that a separate office the treasury to put directly into george osborne this is ultimately his responsibility ok so this does come under osborne but a salute me and so getting back to clifford chance then why. what what did they say about the global restructuring group the chop shop of royal bank of scot well let's just dismiss this report for a start i mean r.b.s. paid click for a chance one point five million pounds effectively taxpayer money to write a report that cleared them clipper chance are conflicted in this because the end six million pounds in fees last year from r.b.s. they themselves subpoenaed by swiss to geology in relation to the study sixty five sixty pages of nonsense there's a lot of an active season of rate if we worked all of it one of an actor cease and the spin doctors have basically used the clip for a chance of clint the even clip of chance find a whole series of things that were wrong in customer service in bank his behavior and lo and behold r.b.s. of never announced that they're going to clue was. just a. wee shift which to me

george osborne, pay attention. ♪ >> welcome back. you are watching "the pulse."jon ferro for more on the markets. >> but check out equity markets for you. a lower trading day. ftse down by 0.6%. the dax down by 0.9%. heightened violence within the ukraine driving sentiment this morning, driving equities lower. everybody is talking about one thing, euro. mario draghi's comment striving euro/dollar low by 0.3%. is that enough? most people say no. socgen says this would have to hit 1.50. for euro/dollar to go lower, most experts will tell you one thing, you need better data out of the u.s. and you need a dollar rally. u.s. retail sales out in a few hours. looking for 0.9% growth. that would be the best month since september, 2012. we will get more on that later. up next, china to the rescue. private equity titans. the company's appetite for them and they could revive europe. that interview when we come back. ♪ >> welcome back. you are watching "the pulse." i am guy johnson. francine lacqua what is off today. she will be back soon. finance minister says they may grow

chancellor george osborne is also in washington. he will renews commitment to fiscal austerity.e a speech today to say that britain's biggest budget increase since world war ii economy stronger, not weaker. let's turn now to u.s. banks. first-quarter earnings season gets underway today for the biggest lenders. some key themes in play. lower trading, increased regulation and legal woes. managing director at iu our capitol. thank you for coming to talk to us now. the earlier season from the u.s. bank might -- from u.s. banks might be a bit dull. what is going to catch us off guard? >> first quarter bank earnings are generally not the most exciting thing for investors. with jpmorgan starting earnings today, we're looking for margins as lucy mentioned, looking for margins to continue to be under pressure for both ppm and the other two major banks. fixed income trading is always difficult. we're looking for other parts of the business that will prove to be profitable over the longer run. in eps.e how things go we are in line at $1.40. >> lower-cost areas of investment banking are the

the fleet is george brown just like an old woman and george osborne at number eleven downing street is convincing the old woman that they should be fracking and then the old woman tells george gillett leave. a green. thing and then george says. this picture sir. i'm not. sure that. it's in our. hearts. the financial crisis of two thousand it was no doubt the worst economic catastrophe since the great depression besides the multitude of bankruptcies bailouts and austerity measures the crisis also left a lasting impact on the amount of faith americans have in wall street and in fact according to a financial trust and expo of last year only twenty two percent of americans said that they trust the financial system and now there is yet another reason for the public to reject our crony capitalist system and it doesn't even involve predatory lending or subprime mortgages i'm talking about a little known practice known as high frequency trading century this is a stock trading method that involves using incredibly advanced computer algorithms to buy and sell stocks and ideal prices just millise

that he wants sterling to become weaker because that is the economic reality of what george osborne is suggesting and we knew george osborne sort of suggested that and i've said i've said names of commons that's a george osborne come the nineteenth but if you say yes one scottish independence he will find humble pie and he will done it very heartily because the economic facts speak for themselves he took a gamble at the moment the preowned on a referendum and he knows full well that if scotland wins the referendum he will have to change his mind if. the last time we were in school and speaking to a lot of people saying you know the white paper with published we still don't really know exactly what independents will mean for scotland it's just not clear hundreds and hundreds of pages in that white paper and you know some of the biggest issues saying well listen don't listen to the base of government because i'm sure it'll be different after the referendum that is leaving you'll scottish fate is going into this blind well the sources i quoted what actually from the british government sid

as engineer by devil worshippers like george osborne of course you and i flew in a small plane the u.s. infrastructure system is not too dissimilar to that we flew a small plane from new york down to north carolina i remember there was electrical tape around the door that was holding it was actually around the entire body of the plane if you looked outside when you were boarding the plane that was held in one of the wings was held on by gaffer tape i swear to god i was so scary but now there is not just children being put into these plastic bags and sent across the river one twenty three year old woman in the province d.n.b. end who relies on the bag method to get to work the crimes experience shaky and scary but you know. sure it. own take in the bag. like a safe way to go to work to be put a plastic bag and thrown into a river but you do what you do in the club the crabs are stealing all your wealth well yeah and i think it's a good analogy for our entire. infrastructure our financial infrastructure that this is the equivalent of what you see central banks hearing this is quantitativ

. >> looking ahead to this meeting , they were calling this george osborne's i told you so talk. >> thatng on for 12 months. >> he deserves a bit of that. >> is stared he -- austerity does not work, all those lines from the imf. fundamentals, the debate will rage on. ithe will rise and deliver tomorrow. futures, it has been a funny few days since the end of last week. stocks are yesterday have taken a bit of a beating. >> futures pointing a little bit higher. get thatwe going to 10% correction on the s&p 500, we have not had one for 22 months. goldman sachs said the probability of getting that 10% correction, 60 seven percent. some might consider that quite high. had one fore not two years? >> it seemed to come down to the basic idea that we have not had one in a while. >> bottom line. the dollar yen. >> money going into the yen yesterday. a lesson, look at the headlines from yesterday. we have room to do more and do the opposite. >> that is classic central-bank speak. >> giving you absolutely nothing. if you are one of those isnomists who think the boj going to do more in the coming mon

lose georgia just like an old woman and george osborne a number a lot of building straight is convincing the old woman that they should be fretting and then the old woman told george. tenet and then george says. there's a. right to see. first tree. and not a gripping picture. welcome back to boom but now daniel alpha is a founding partner of westwood capital and has more than thirty years of international merchant banking and investment banking experience in his book the age of oversupply alpert discusses how the integration of china brazil india and other emerging economies have led to a drastic increase in the supply of labor capital and productive capacity now he argues that policymakers are using outdated supply side ideas to address a world that has too much supply now i started off by asking her to describe what the relationship between demand and supply of labor is in the globalized world. the best way to do it is to sort of discuss what the developed countries are right we talk about japan u.s. canada europe. at least western europe you know throw in some small places like austra

we're going take to you parliament, where george osborne is giving testimony to the select committee,budget. he says the u.k. economy is showing a more broad-based recovery. ♪ >> good morning, everybody. welcome back. you're watching "the pulse." we are live from our studios here in london. >> london is still hungry for listings. today online takeway service just eat began trading. its shares are surging. manus cranny is here with the latest. what are they buying into? a food retailer, but also really online. >> yeah, i mean, put the two together, i read lots of different articles, and the food dent go through the tech revolution. you run takeways, but i'm not going to say, hey, do you want to list your takeway on my website. i'll help drive orders to your kitchen, directly to your kitchen, i'll sell you a kit, and it will solve your e-commerce problem. i'll charge you 600 pounds for it, and when you get an order, i'll take 10% to 10% off the top of that order. why? because when i get people online to look at just eat, typically, typical when will did you online, you buy 30% more food

cabinet of george osborne and the other folks there are buying growth by taking in the u.k.credit card and overspending to they're going to be at one point five trillion pounds in debt very soon heading to two trillion pounds in debt and that's based entirely on an economy that has a current account deficit or a cause and with a tax base that is impossible to ever overcome the liabilities incurred by this government so you have socially a sinking ship so you have the good news of that they're counting illegal drugs and prostitution so that's going to add to the economy now let's look at what's detracting from it the u.k.'s debt will effectively increase from well over one trillion pounds by more than one hundred billion pounds or seven point three percent of g.d.p. as owen at the time soon proved its accounting standards they are an ass will bring network rail's debt onto the u.k.'s books and also stop classifying the state stakes and the royal bank of scotland iowa the risk coming back on the books. what is rural mail that's already on the books what is all the debt from en

here they've just done some reform on the pension system so basically george osborne has said all these baby boomers are about to retire and set of these annuities which have been scalped defrauded essentially with very high fees by the banking industry they're going to be able to take it into a lump sum so they can buy lamborghini's with their savings rather than your banker now i want to turn to the us in terms of their pension system want to retire with a million dollars here's how much you need to be saving right now so if you're twenty years old and you want to retire a millionaire you should be socking away three hundred sixty one dollars per month if you're. starting at twenty five that jumps to four into ninety nine dollars a month so you can see how as you get older you need to be saving much much more thanks to compound interest that well they've been able to convince people that spending everything now going deeply into debt is having financial independence which of course is completely false us live ben franklin famously said a penny saved is a penny earned in other words wi

to sleep is georgia grown just about an old woman and george osborne at number eleven going straight is convincing the old woman that they should be fracking and then the old woman told george jones we need to brag. a degree. then and then george says. we need doctors or. on larry king live the cast of the listed jeff scolds chris lowell and parker young frankly it's the first time you've seen really a military comedy on television in terms of the post nine eleven world which i think is a great refreshing healing thing to see you travel before bliss in el paso the boot camp before you film began we made the decision amongst ourselves like all right we're here in the sox but we're just going to suck it up we're going to do our best and they appreciated that we didn't quit plus where grace would talk about his later brands like jeff parker wanted to wear matching sweaters today because and i couldn't even he thinks he lives in santa do take this because they'll never be back about i'll next on larry king now.