autumn statement george osborne says plan b. would be a complete disaster for britain so george osborne has admitted that tackling britain's debt mountain will take longer than hoped but warned that changing course would be a complete disaster no this ladies and returning yes the country takes a swan dive into george osborne's play. hole. so as we said in the first story there's a black hole of debt in the banking sector around the world there's a black hole of debt taking over the world and because of this we keep on like some sort of magical sort of ancient ritualistic people were throwing all of our wealth into this black hole. you know if they've got the heads of you know those ancient. i think is. that there is no money to go to the book critics of the ok go so into this black hole like began to you know that's what they say what happens if we if you get too near a black hole you just basically turn into speed getty so our global economies and our jobs and our wealth are like spaghetti going into this black hole and so g.d.

been talking about the chancellor george osborne today. the british finance minister expected to ramp up fiscal titan numbers. he specifically might take another pop at the property market. many experts say it's hurt the residential market in greater london. today he might stick another percent on that stamp. he might raise it over 1%. joining us is sue foxley. good to see you. thanks so much for joining us. mark field says -- he's quoted today, he says figures show we've had a 53% decrease in greater london property sales between 2 and 5 million. is it all stamp duty? how much of an impact do you think it's had? >> i think stamp duty was really the nail in the coffin for that part of the market during this period. i mean certainly there is a struggle there in terms of the economy and there is uncertainty in order to make a big investment like that. people are a little bit nervous. i think the caution now is not so much the actual figure, which obviously don't's things particularly just over two million, but it's more the concern that actu

the hardest of the sonny bono single mums do you know telly children don't pay says george osborne i wouldn't go near that taxi. well ok so because of course we're having the austerity budget here and nowhere is mentioned of course what the bankers are doing and why and we're suffering austerity we're living in containers they were being exiled from the cities for the bankers loss of income caused by banks as bad as world war says bank of england's and you haldane and he is the bank's executive director for financial stability max and he said quote in terms of the loss of incomes and outputs. this is as bad as a world war it would be astonishing if people weren't asking big questions about where finance has gone wrong well and paul moore who is on this show former regulator days boss top regulator he made the exact same question any said that it's like a world war that there are one hundred million people they've been thrust back into poverty as a result of this you know maybe baby stucky will be thrust back into poverty at some point i'll have to sell as silver plated spoon that he

green initiative it'll be a tory green initiative so they're being exiled from the city and george osborne has already started that process here where the poor who have to live in council housing are being exiled from london because they're saying there's a cap on housing benefit so they're they're being exiled from london in san francisco we're seeing people put into containers as well they're two hundred twenty square feet apartments i've been given approval these are little containers so of course we have to go to the artist taxi driver to find out what he thinks about this austerity budget from george osborne george should be arrested he should be arrested for misappropriation of public seat not like this but one program sixty five thousand pounds per job dependent welfare is going now not going down and they keep cutting benefits because. public money. sixty grand son for no income private pokies while the people who profit from not us i'm playing sax. and put in a point of profits off shore accounts it's no recession it's a robbery the chances are he's saying they've caught some one

it's taking time but quality is healing those are pretty much the first words out of the george osborne's mouth that was meant to love in the houses of parliament it's the way he tells them isn't it i mean he then delivered us in this autumn statement the red is a kind of mini budget the following has in fact been revised up that is rising not falling and the person can't settle in for more spending cuts more cost of welfare and all stereotype all the way to twenty eighteen and despite all of that he still tried to convince us that the government are making some progress now it wasn't particularly bright autumn statement no one was expecting that we were expecting this her cluing me forecast for the economic future but it was pretty tough and of course as we said the chancellor trying to convince people that things are actually working that they're pushing ahead with a similar plan that many people are saying is simply failing. he's definitely not up to the job and hasn't been right from the outset what he has is an ideology which is about dismantling an important welfare state and making

in britain today, the finance minister george osborn was forced to defend his policy of austerity in the light of economic growth. >> when georgia osborn when to address the house of commons from the british economy -- on the british economy, he had to read mcvet is taking much longer than in must got to balance -- he had to admit it is taking much habrÉ than it osborn when o address was first thought to balance the nation's books. >> the people want to know that we are making progress, and the message today is that we are making progress. it is a hard road, but we are getting there. >> he pointed to the economic problems globally that are making his job harder. as a result, the chancellor announced austerity would have to last for logger, until 2018, in fact. that means more benefits will now be squeezed, and there will be a tax rates on the pension pops. >> i know these tax measures willthought to balance not be r. ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it

in britain today, the finance minister george osborn was forced to defend his policy of austerity in the light of economic growth. >> when georgia osborn when to address the house of commons from the british economy -- on the british economy, he had to read mcvet is taking much longer than in must got to balance -- he had to admit it is taking much habrÉ than it osborn when o address was first thought to balance the nation's books. >> the people want to know that we are making progress, and the message today is that we are making progress. it is a hard road, but we are getting there. >> he pointed to the economic problems globally that are making his job harder. as a result, the chancellor announced austerity would have to last for logger, until 2018, in fact. that means more benefits will now be squeezed, and there will be a tax rates on the pension pops. >> i know these tax measures willthought to balance not be r. ways to reduce the deficit never are. but we must act together. when you look for savings, it is fair to local to the 1%. >> with multiple forecasts being downgraded, it

or chancellor george osborne starting his statement by saying that the british economy is slowly healing now that certainly elicited loves from the house of commons but calls that he painted at the think clearly unfunny picture of the future of our economy now have a look at what the figures show us and it is actually that the economy set to shrink by the end of twenty twelve by about nor point one percent now it's a small amount but of course new sides of that all important growth in fact what we saw is the borrowing is up is that the debt is rising and not falling and that what will set the scene now is more cuts in spending more cuts to the welfare and that's that's really important millions of families all across britain in real terms now very importantly one of the crucial bits of that statement is that we've seen the government have missed that debt reduction target that they set themselves and we're now facing and also there is the program that's been extended left going to take us away to twenty eight hundred so incredibly bad knees certainly the chancellor trying to paint it as

of this question of who stole bongos trousers and i think it could be very david cameron or george osborne because you know while they have slashed the budget across the united kingdom for the people of the united kingdom they have increased their overseas aid budget and in order to pay for that perhaps they planned on selling bongos trousers or bonaduce trousers on the international market blackwork it yeah well i think the poem you know it's about the fragility of the global system you know that you have these g twenty and g seven con fabs. and they all seem to be talking around the issues meanwhile the stain of a global economy is getting more dire more fragile and something like stealing

tragic why do you think that george osborne the. recognize that when we see these austerity measures being pursued in the e.u. clearly not working in the eurozone i should say and clearly having a devastating impact particularly on the social and political level. because it's a matter of the school pride in some respects that was born always maintained that the most important thing was to get debt down and that would lead to growth and he's not willing not willing to back down and and he believes actually that you will be vindicated in time by the time the election i do think he won't be as original i was to go into the election saying i've cleared the deficit i've cleaned up the mess in fact now whichever party wins next election whether it's they will the concept is it's going to inherit it's a new best almost. to have to write sort of dropped about five more years of a stir you know the british public put up with this bearing in mind what we're seeing happening in greece spain italy protests. i think i think actually they probabl

tonight, george osborne, britain's chancellor of the exchequer. >> i think i've become more conscious than perhaps i was even two years ago that britain is in a global race with economic powers fundamentally shifted in our world and that western economies face this dual decline choice and do you do what's necessary to remain competetive to take advantage of these new markets in asia and africa and the americas or do you basically surrender to decline? and i think that requires very tough choices about the time and energy and education systems and welfare systems and being not prepared to tolerate poor performance. >> rose: and rick stengel, managing editor of "time" magazine talking about "time" magazine's person of the year. >> i always like to feel the person who wins person of the year it's both backward looking in terms of the year past and forward looking in terms of what that person will do in the next year and beyond and obama is a perfect example of that. the next america is the america of today. which is why in effect he's person of the year. because he's the architect of thi

thank you for joining us so the british economy is slowly healing according to chancellor george osborne what was your reaction to well i thought that was a very silly statement the truth is every prophecy every target of. he has failed he has not met his targets he's not going to deal with the deficit he said the road growth will grow. and also there's going to be a huge car made in benefits pavement to some of the poorest people in the country are going to suffer. as a result of this and there's no end to this all started from now on it's. just one percent for the benefit of the world and that's less than inflation you know that's really going to hit a huge number of. forty seven billion pounds from the benefits we're talking about farmers are really on the bread line anyway even losing twenty pounds a week is a big hit i mean it's a very cold day outside and it's a very cold prospects for britain's poor because they are going to the brunt of the austerity caused by britons by because of all school doesn't know what he's doing thank you very much for joining us also say there is a lot

just satisfy germany's request any blind about it and the coalition government including cameron osborne today are lying about it they don't have the gold and now they're being completely flamed by the actual market. oh oh oh oh oh well for those who don't know who have followed the gold manipulation story the central bank goldman if they should story or the got to gold antitrust action committee story. article points out that data alleges that western central banks have manipulated the price of gold for decades to support their currencies especially the us dollar and to maintain artificially low interest rates many of these gold transactions are carried out with reserves of central banks so they may be storing in their vaults only half the gold that officially counted now again he mentions the devils currency the us the devils currency and most some more of my work that stolen of course. and then they say that it's in order to maintain these artificially low interest rates again this goes back to convincing us to believe in all these various toxic debt schemes that rely so much on low i

of this question of who stole bongos trousers and i think it could be very david cameron or george osborne because you know while they have slashed the budget across the united kingdom for the people of the united kingdom they have increased their overseas aid budget and in order to pay for that perhaps they planned on selling bongos trousers or bonaduce trousers on the international market blackwork it yeah well i think the poem you know it's about the fragility of the global system you know that you have these g twenty and g seven con fabs. and they all seem to be talking around the issues meanwhile the stain of a global economy is getting more dire more fragile and something like stealing bottles trousers could be that straw that broke the camel's back it could be the way for that goes into the man at the money python movie where then explodes you say that's not a poem is about it's about it's about fragility in the system. i do seem to recall the promise trousers were stolen right at the peak of the bubble the global fine before the global financial collapse happened but you know what

there's no miracle cure for the country's economy the highly anticipated autumn statement by george osborne brought little relief for a public already angered by government cuts on the surface reports from them well everyone now madly picking their way through the thing is that while we're there is . one thing that was very very clear and so the u.k. is set to face even more austerity no what they say they said it was that the u.k. economy is going to shrink by no point one percent and by the end of twenty twelve now it sounds like a small amount but of course no sign of that all important in fact what we're seeing is that borrowing has got we think that has risen and fallen and most crucially i think it's probably the fact that the government had missed that reduction target so we're now facing an extended austerity program this case they can see right away three to twenty eighteenth pretty gloomy out and this is what we were a. bit of course going to really not be what millions of families all across the again one theory because this is when you get anything. now to speak tell us more abo

you in a scum village and we're going to cut off your services and whatever then would be george osborne's final solution we can only wait and see now again part of this austerity package this austerity autumn budget being passed is again because of the bankers as the haldane says they caused this crisis they lost more wealth today for us than during world war two former boss chairman admits bank was guilty of a lot of mistaken lending lord stephenson the former chairman of boss has admitted that the bank was guilty of quote a lot of mistaken len. doing in the run up to its near collapse in two thousand and eight stephenson admitted on to say that some of his bosses lending was just incompetent it wasn't there was nothing illegal about it well the ease it's almost correct but he's saying he just needs to revise a statement or replace the word mistaken for fraudulent and or a legal that would also suffice what was done was illegal and fraudulent and oh lord puss you know he'll be half naked getting spanked at the club later on you know this week tony for his sins as most of these serb snoot

. >> rose: osborne and stengel. next. captioning sponsored by rose communications from our studios in new york city, this is charlie rose. >> rose: george osborne is here. he is britain's chancellor of the exchequer. he has been called the austerity chancellor. he continues to lead the increasingly controversial austerity process. in a piece called "god sieve the british economy" in the upcoming "new york times" magazine adam davidson writes "in the past two years the united states has experienced a steep downturn followed by steady though horrendously slow upturn. the british economy, however, is profoundly stuck. the u.k. has been put on negative watch on three largest credit rating agencies. the european union is britain's largest trading partner, europe's economy remains on prepares you footing despite several months of relative calm and there's a growing debate about whether the u.k. should lead the e.u. earlier this month we covered the "economist" magazine read "good-bye europe, look what happened when britain left

now he is back in his own cell with his cellmate, shawn osborne. ♪ i know that you've been feeling mee ♪ ♪ we know it's all been okay but today we're going to say whatever is on our mind ♪ >> he pops off. he's got lyrics that just come out of his head that just flow. ♪ a little saxophone. >> you know what i mean? >> see, we're not allowed to have this either. >> verlander's high energy level hasn't gotten to osborne, but verlander has gotten word that his actions -- >> [ bleep ]. >> -- might be getting on the nerves of his gang. >> i'm a meth addict and we're not supposed to do drugs. a.b. is not supposed to do drugs. we are not supposed to be breaking the law. we're supposed to be trying to get jobs as regular citizens and keeping the heat off of us. what the hell? i was a criminal when i got in. i'm supposed to be a criminal now. other gangs are laughing at us. they're like what are they doing? they're piss testing their broz? everybody's spun out. but they want us to be on top of everything. some people are saying they're going to x me, they might x me. it would be for all the wron

s warning is chancellor george osborne's fears of certain measures which the agency says is that she dragging on growth now earlier today i spoke to dick parsons from f.x. strategy and i started by asking him if britain will suffer as a result given that the foreign rights of france and the u.s. were not affected after their downgrades. ultimately credit is a relative measure aaa of itself would be of no use if everyone were aaa because the big no differentiation and so as long as some of our major trading partners and you mentioned the u.s. and france have already been downgraded then the stigma or the perception that somehow this would be a bad thing i think is not going to be too difficult to handle but we have seen that borrowing costs in france a fall and despite them now being double a we've seen that in the u.s. borrowing costs continued to fall even after it was downgraded by most of the ratings agencies in august of two thousand and eleven it's not such a big deal these days as far as person is concerned is it a case of bad policies or in international passes what's to blame

thank you for joining us so the british economy is slowly healing according to chancellor george osborne what was your reaction to that well i thought that was a very silly statement the truth is every prophecy every target of. he has failed he has not met his targets he's not going to do with the deficit he said the road growth will grow and also there's going to be a huge cart made in benefits pavement to some of the poorest people because we are going to suffer the most i was resolved to go for it and there's no end to this all started something i wanted to talk to about because we saw that just one percent for the benefit of the welfare bill and that's less than inflation you know that's really going to hit a huge no. it's about forty seven billion pounds from the benefits bill and we're talking about farmers is a really on the bread line anyway even losing ten twenty pounds a week is a big hit i mean it's a very cold day outside and it's a very cold prospect for britain's pool because they are going to bear the brunt of the thirty calls by britons by all school doesn't know what he'

schmucks and the charlatans and harley and hollywood now it's a global accounting phenomenon george osborne ben bernanke wall street they all they all want to piece of skull and join hands and slow play now to be clear here what hollywood accounting is and i used to work in hollywood so i know this is these big entertainment conglomerates basically for example the music music industry used to make money but they would hide all the profits in the losing sector or.

for tell them to mexico their store cocaine although i don't know what it is to believe that george osborne david cameron and number ten number eleven down are sort of colgate all day because they obviously don't care if they're fricken banks are but a laundry list. the un's atomic watch talk says it's ready to inspect iran's alleged nuclear sites if it's given permission the i represented serves to head into to run to renew talks which have been at a standstill since august inspectors are hoping to gain access to the parchin military base near the capital they claim the facility may have been used to develop nuclear weapons and cleaned up afterwards and accusation yet to be backed by evidence however as maria for national reports the burden of proof is now weighing even heavier on iran. three decades of pride followed by three years of. women sue remember her future husband a young physicist she immediately knew he'd come a long way indeed he went on to become one of the rounds. leading nuclear scientists until it all ended one sunny morning in january two thousand and ten. left the war an

everything to the financial sector remember that tina thinks she used to say you know they george osborne doesn't want to say tina does it there is no alternative so there is no plan b. we don't know if you really mean that you're doing you're channeling fats you're you know we know that it's all about. exactly when they say there is no plan b. what they mean is to you not to you now there's no alternative because that's all we know this is how we've been indoctrinated so there's no going back they say yeah it is black oh debra west wing i meant. this is what's happening to this is where i was two years ago and now this is the this year and you see it growing like this this is once in devouring the global economy this is what's killing they glow economy as we know it is at this black hole of debt flowing through the financial year just near the atmosphere is getting bigger every year you say the list of problems. well it is true because the more mass that is sucked into a black hole the bigger it gets and the more dangerous it gets so u.k. banks face sixty billion pound black hole britain

the economy now you were chancellor at the height of the financial crisis how do you think george osborne's doing now i think the mistake the new government made in two thousand and ten was to firstly trash confidence by saying the u.k. was like greece so we couldn't pay our way which is absolutely rubbish it's part of the ridiculous the second the state they made was to assume that they could eliminate all the problems we had in a five year period and the real problem is that if you have a policy of a sturdy first and foremost it's never going to work on its own and growth has been killed off which means your borrowing or your bets going up and you know the moment the government appears to run out of ideas as to how to get it going again this might sound to our audience like a slightly odd question but do you think that britain would be better or worse off today had it been part of the year is that in two thousand and eight and i ask of course because our budget deficit is still larger than the average euro zone countries is i think we've been part of the euro zone we would have been a wor

george osborne that you know she saw the gold at the bank of england the other day she adds regrettably not all the bars are ours. and more and replies well we you know we still have some that is the key question to whom does this gold belong how many competing claims are there to this gold we know the bank of england has been in the gold leasing business we know the bank for certain of national settlements is in the gold sales swaps leasing business you talk about conspiracies lauren when the when the board of the bank for international settlements which represents all the western central banks holds its monthly meeting they don't call you and say we're having a meeting would you like to attend when the g ten gold and foreign exchange committee meets so committee of representatives of the treasuries of all the major western countries when they meet they don't post a notice they don't say would you like to attend conspiracies by definition these are secret meetings of of government people in a national government people where they may take action bearing on the gold market in the world