well, in terms of the costs to the businesses, do you find as well that if you put up the real living wage, as well? in general, we do, yes, we do. we signed up for the living wage. every year that is reviewed and whatever that review is we abide by. we are happy to do that. we are committed to the cause. and, in general, everybody else's wages go up at our annual review, which is in the new year. nigel, thank you very much. so the real living wage is going up today by 40p. so come on a 40—hour week, that's worth £16 a week to a worker, so significant for those who are on that pay level at the moment. amazing drumming weatherman 0wine wyn evans has smashed a children in need record. after hundreds of songs, multiple costume changes and countless pep talks, 0wain has raised more than £3 million so far — the most successful 24—hour challenge in the charity's history. here's a look back at some of the highlights. yes! i see you have had a costume change. absolutely a bit of a star this is a 24—hour chat show. hello, everyone, i am this is a 24—hour chat show. hello, everyone, iam back. # trag

for us, a real living wage is part of giving — for us, a real living wage is part of giving people _ is someone on _ money is part of that. the bottom line is someone on the _ money is part of that. the bottom . line is someone on the government's living wage would earn £18,500 a year. someone in the real living wage would earn £800 a year more. good for that worker but of course it puts a lot of pressure on employers. you might be thinking, why would employers opt into this decision? it is their decision. at the moment we have a record number ofjob vacancies. it is the employees's market when it comes to choosing where they want to work. if you can say to them, we are committed to paying you more, it becomes a bit more appealing. thank you. buckingham palace says the queen is disappointed to have missed the annual remembrance sunday service at the cenotaph yesterday, after spraining her back. it's the first time in 22 years that she's missed the event. our correspondent helena wilkinson is in windsor this morning. this is another public engagement of the queen has missed. what does

. which aims to ensure all staff earn a wage that meets the real cost of living. n. how is it worked out? the real living wage is the only rate calculated at actual what a cause celebre such as food and childcare and these are decided by members of the public and that's how we get to uk rates which are about a0p an hour and the london living wage which £11 and the london living wage which £11 and this makes a real difference to peoples lives and means not having to worry about money or putting food on the table and pay bills at the end of the month. it is great we have seen so many employers lining up have seen so many employers lining up for it. about 9000 across the uk including companies and thousands of smaller as this is like coffee shops and florists and it means 300,000 employees will get a pay rise. in the scheme of things what proportion is that of businesses in the uk? about one inch 13 jobs with living wage employers but we have seen about a third sign up since the pandemic and seeing the fastest growth on record of employers wanting to peoples rates. wh

it might help if we paid teachers in the state a real living wage so they don't work a second or thirdmportant job, unlocking that lifelong love of learning in that child before them. that's not a republican issue. that's not a democratic issue. that is a texas value. and the folks in this state want us to get back to focusing on just those things. so that's how we bring people together. that's how we win. chris, it is the only way i could hope to serve everyone in the state is by bringing people together. that's why i'm here in laredo tonight with great people. >> how do you avoid what happened in virginia where the republican made the case of all talk of education, the kids have to read but it's about what they read also. and these democrats want to teach them that if you're white, you're a problem and that you have to apologize for everything that's happened and they're going to judge your kids? it worked in virginia on that issue of education. how do you stop that from happening in texas because abbott is on the same page? >> first thing we need to make clear is we want every paren

we are quite fortunate, we can afford to pay the real living wage. that makes a difference.to be kept safe. . , ,., _ , safe. it varies. obviously, they want to be _ safe. it varies. obviously, they want to be kept _ safe. it varies. obviously, they want to be kept safe _ safe. it varies. obviously, they want to be kept safe but i safe. it varies. obviously, they want to be kept safe but they l safe. it varies. obviously, they i want to be kept safe but they have seen the measures we have put in place to protect them and protect families when they come in and we have had very few covid cases over the last 12 months no resonant die of —— no resident died from covid over the last 12 months. we have members of staff who have been with us for many years who the residents love and they don't want to lose them and having to replace those long serving members of staff with people that our residents do not know, concerned about that as well. so it is difficult. there is a balance, they are worried about losing staff and also worried about vaccination but we have family members and r

. >> wages have gone up faster than inflation and we have generated real economic growth. it does not mean that the dislocations are not real. they affect people's lives. jonathon: he says wages have gone up faster than inflation. what data is the president looking at? marty: we are seeing this worldwide issue. we have seen over the last couple of months wages increasing. we have seen that number catching up to inflation. not quite there yet, but it is heading toward that number. i cannot predict what is going to happen over the course of the next six to eight months. all i can say is the president laid out a plan in january for economic recovery. since that time, five point 6 million people have gone back to the workforce. this month, there is a lot of positives because it is a ever saw a group of businesses that have seen increases in the job market and business related issues in much of different sectors. not just hospitality. i think moving forward, i did not hear the presidents whole speech, so i assume there was context before and after what he said. jonathon: i don't think the context is relevant when you have the statement for all to hear. he

living. real wages are falling. the prime minister does not have a -- the president does not have a solution. he seems confused about the problem, apparently believing if we pass another massive social spending bill, inflation will be controlled. the federal reserve has a dilemma. rein in money printing thousand or later? if in-- thousand or -- now or later? big selloff yesterday when that inflation news first came out, a very modest rebound this morning, and it's led by big tech. the dow's going to be up 23, s&p up about 17, but look at the nasdaq. that's where big tech the comes in, up a strong .8%. big tech doing very welled to. the inflation threat has pushed interest rated just a little higher, the yield on the 10-year treasury now at 1.55%. crypto backing off a bit, but bitcoin is holding around $65,000, 64,8, to be precise. and ethereum keeps on getting closer to $5,000 a coin. there are companies in the news, i mean, big news. after rivian's spectacular debut yesterday, the stock's up a little more today. th

real wages. people's wages aren't keeping up with the cost of living. so that's an inflationary psychology, and you see it in the market, you see it in the surveys. so i think we need to be moving quickly to do something about this inflationary psychology, and i'm not sure that that's currently in trajectory without further actions, particularly by the federal reserve. >> woodruff: well, and i want to ask you about what should be done because that's on the top of everybody's mind right now. first, we know president biden, the democrats are pushing this $1.75 trillion build back better bill, with more money for education, for childcare, to combat climate change. but you have -- larry summers, you have republicans like mitch mcconnell, they are citing you as one reason to vote against it. they are saying, you know, you've spoken about inflation, this bill is going to make inflation worse. you even have key democrats like joe manchin in west virginia worrying about inflation. yet, as i understand it, you're saying build back better should be voted into the

real wages. people's wages are not keeping up with the cost of living, so that is an inflationary psychology.arket. you see it in the surveys. so i think we need to be moving quickly to do something about this inflationary psychology, and i am not sure that is currently in trajectory without further actions, particularly by the federal reserve. judy: i want to ask you about what should be done, because that is on the top of everybody's mind now. first, president biden, the democrats pushing this $1.75 trillion bill back better bill with more money for education, childcare, to combat climate change, but larry summers, you have republicans like mitch mcconnell, they are citing you as one reason to vote against it. they are saying you have spoken about inflation. this bill will make inflation worse. even he democrats like joe manchin worrying about inflation, and yet, as i understand it, you are saying build back better should be voted into law? larry: i am for build back better, because of what it would do for the environment, for what it would do for the society. i don't think it will have a m

living for you. in fact, the real income of americans dropped by over 1% over the last year because wages are not going up as fast as inflation. so anybody who lives a real life, may be a joke to people hiding in the white house or a joke to the secretary of energy that broke up laughing when she was asked what her plan is to lower the cost of gasoline, but remember, there's a fight underway right now to close the largest pipeline in to michigan which carries i think 60% of the gasoline used in michigan, plus some gasoline for indiana and ohio. if they close that pipeline and further raise the price of gasoline, people are going to think they're crazy. totally out of touch with normal everyday americans. >> that's a good segue. we're about to talk to debbie dingell of michigan. thanks, newt. >> thank you. >> martha: joining me now, debbie dingell. good to have you with us. to respond to what newt gingrich was just saying there, what is your stance on the consideration or the study of potentially not keeping that line 5 running and functioning in the new plan that was scheduled for it? >> so like all th

living. real wages are falling. the prime minister does not have a -- the president does not

real increase. wages moving up of course is how standard of living increases over the years for generation upon generation. it is very important and it is generally a good thing. the concern is somewhat an unusual case where if raises we re to be rising persistently and materially above inflation and productivity gains, that could put upward pressure on -- or downward pressure on margins and cause employers to raise prices. you can see yourself, find yourself in what we used to call a wage price spiral. we do not have evidence of that. productivity has been very high, the uci reading is just one. if you look back, we will be watching this carefully. but i would say that at this point we do not see troubling increases in wages and we do not expect us to emerge but we will be watching carefully. >> next is steve from cnbc. >> thank you, mr. chairman. i wonder if you could give us your thinking of the trade-offs between inflation and unemployment. you talked about the shortfall relative to the pandemic. and yet you have inflation that has affected everybody. are we at or close to a point where the risk of in

lives. what happens if there is nothing to buy? and you have more money? it creates a real problem. we are experiencing higher demand for goods. wages are. people have money in the bank. american families have been able to buy more products. they are not going out to dinner and lunch. they are staying home and ordering online. prices go up. we have nearly a 20% more goods coming into the country. they change the way they spend our time and money. people have a little bit more breathing room than they did last year. that is a good day. it means we have higher demand for goods. this is a recipe for delay and higher prices. people are feeling it. we need to stabilize the supply chain. i spoke with the ceos of major retailers. the leading freight movers. there is a lot of stuff in the boards. we have worked with the shipping. and retailers. to speed up commerce. to get things to your doors. to get things fully stocked this holiday season. instead of pointing fingers. we are seeing people work together. state and local governments. infrastructure used to be rated the best in the world. but now we ranked 13th in the world. 12 countries in the

now down 2% on wage gains so any progress that we've made on the wage front has been eaten up with cost of living >> yes, and that real back to 1970s, where real wage gains, especially at the lower end of distribution lagged inflation. you mentioned the demand side and certainly there has been a ton of fiscal stimulus there are big transfer pages in the pipeline with the reconciliation bill. on the other hand, there is also, there are also policies that are actively lowering the supply side potential of the u.s. economy there is a massive increase in the child tax credit disen centivizing participation. there are marginal income tax hikes down in the pipeline that are not going to do anything to entice those older over 55s who exited the labor force early then on the business tax side, we have a number of predictions in the reconciliation bill that are going to disincentivize new capital formation. at the very moment that business investment is still cumulatively $1.8 trillion below trend over the past 18 months >> we've got the latest from senator manchin. it's not the latest. he has been saying it for a while. infla

real wages were down 2.2% since january. american purchasing power has declined. the average standard of living has fallen despite unheard levels of government spending. what say you? >> a lot to unpack there. the statement about wages being up have been wiped out by the inflation increases. you pointed that out. yesterday dana and i were meeting with our feel. if you're an american under the age of 40, you don't understand inflation. i'm going to be 57 this weekend. a birthday coming up. >> martha: happy birthday, bill. >> i don't remember the late 70s from gas lines and the price of a gallon of gasoline. but i remember the angst it caused my parents at the time trying to raise five kids and trying to make ends meet and trying to work everything out. interest rates were 18% back then as well. so you had that working against you. but the inflation factor is something that hits everyone in various ways. raises the ability for you to meet your own dollar in a much more difficult way. i think that's just the way you need to understand it right now. suddenly everything is more expensive. the other

real increase. so wages moving up is how standard of living increases over the years for generation upon generation. very important and it's generally a good thing. the concern is, somewhat unusual case where if wages were to be rising persistently and materially above inflation and productivity gains, that could put upward pressure own, on, or downward pressure on margins and cause companies, their employers really, to raise prices as a result and you can see yourself, find yourself in what we used to call a wage price spiral. we don't have evidence of that yet. productivity has been very high. the eci reading is just one reading. again if you look back, so we'll be watching this carefully but i would say that at this point we don't see, we don't see troubling increases in wages and we don't expect those to emerge but we'll be watching carefully. >> next steve liesman from cnbc. >> thank you, mr. chairman. i wonder if you could perhaps give us your thinking about the tradeoffs between inflation and unemployment. you talked about the shortfall in unemployment, reemployment relative to before the pan

to maybe not increasing but close to back to stroh in terms of the real increase so wages moving up, of course, is how standard of living increases over the years for generation upon generation it's very important. it's generally a good thing. you know, the concern is a somewhat unusual case, where if wages were to be rising persistently and materially above inflation and productivity gains, that could put upward pressure on -- on -- or downward pressure on margins, and cause companies to, their employers, really, to raise prices as a result and you can see yourself, find yourself in what we used to call a wage/price spiral. we don't have evidence of that yet. productivity has been very high. the eci reading is just one reading. again, if you look back, we -- so we will be watching this carefully. but i would say that at this point we don't see troubling increases in wages and we don't expect those to emerge but we will be watching carefully. >> next we will go to steve liesman from cnbc. >> thank you, mr. chairman i wonder if you could perhaps give us your thinking about the trade-offs between inflation and unemploymen

wages have gone up higher faster than inflation. we have generated real economic growth. it does not mean these dislocations are not real. they affect people's lives. one of the reasons i have decided to talk about the need to deal with the operation that occurs in some of the pricing of beef and chicken and other things, that is right i indicated you were going to look at whether or not there is a violation of antitrust laws and what they are doing. there is a lot to look at but the bottom line is that i think that -- and anyone who would prefer, as bad as things are in terms of prices hurting families now, trade this thanksgiving for last thanksgiving. "wall street journal." excuse me. i beg your pardon. >> bloomberg. pres. biden: i hope i got it. especially since my granddaughter works for you guys in a different circumstance so i got it. i'm in trouble. >> i have a bloomberg question to begin. who will you nominate to chair of the federal reserve board? can you speak about what you are thinking about if you consider your choice for fed chair and the other seats that are open? the president has gone without nominating a year before a nominee ne

if you look at wages, in real terms are higher than before the pandemic, and if you look at where we are targeting support to help people, the raising the national living work, rwarding their effort, letting them keep more of their money, but the best way to move to that new economy is to invest in people, to invest in skills and training and education, and the budget set out the most ambitious plans for a long time to do that, so people everywhere have the opportunity they need to get a great well paid job. anyone who works in a care home in england will have to be double—vaccinated against covid—19 from today, unless they are medically exempt. the health secretary sajid javid says the move is designed to make homes safer, but some in the sector have warned they could lose large numbers of employees, at a time when the industry is already struggling to recruit and retain staff. a new species of dinosaur with an unusually large nose has been discovered by a retired doctor. the remains of the brighstoneus simmondsi were found on the isle of wight in 1978 — they'd been in storage until drjeremy lockwood decided to reconstruct the skull of the animal and

living wage and have flexibility at work as well. no longer can we stretch the american worker so far. >> let me ask you real quick about merit garld sayingolks that are coming after you, the flight attendants, over mask mandates. there are a record number of incidents that have been reported. how hopeful are you that it will be a deterrent. >> it will be a deterrent as soon as people start going to jail. we applaud this. merrick garland taking this step was critically important. people got to go to jail and understand the consequences and keep everyone safe on board. >> safe travels. thank you. >> good to talk to you, too. >>> meantime, early number crunching from the first big weekend of holiday shopping. (tiger) this is the dimension of imagination. ♪ ♪ ♪ when you have nausea, ♪ ♪ heartburn, ingestion, upset stomach... ♪ ♪ diarrheaaaa.♪ try pepto bismol with a powerful coating action. for fast and soothing relief. pepto bismol for fast relief when you need it most. unleash the freshness... [upbeat music] still fresh ♪ in wash-scent booster ♪ downy unstopables >>> numbers of note on holiday shopping, unfortunately, this holiday season m

lot better and the wages have gone up higher, faster than inflation and we have generated real economic growth. it doesn't mean the dislocations aren't real. they do affect people's lives. that is compared to a year before, matching the highest rate we've seen in 13 years. real average hourly wages dropped .8% in september compared to one year ago. anthony chan joins us now. let's get the accuracy going here. is inflation eating up wage gains, yes or no? >> absolutely, start. what we see is that wages are for all workers falling behind the inflation rate but we really have a tale of two cities when you dig down deeper into the numbers. for example, when you look at the bureau of labor statistics 80% non-supervisory workers are up 5%, they are keeping up with inflation and doing a little better, but if you add the supervisors, higher wage employees, wages are rising 4.6%. you're absolutely 100% they're falling behind inflation. but also digging a little bit deeper you also find a tale of two cities. what you see if you work in the utility sector, wages are rising by 2.2%. that's huge underwhelming results relative to the inflation rate. you about if you're lucky enough

wages have gone up higher, faster than inflation. we have generated real economic growth. it doesn't mean these dislocations are not real. they do affect people's livesr example, one of the reasons why i decided to talk about the need to deal the operation and the gouging and the curves and some of the pricing of beef and chicken and other things is that that's why i think -- that's why i indicated you were going to look at whether or not there's a violation of antitrust laws and what they're doing. so there's a lot to look at. the bottom line is that i think -- anyone who would prefer as bad as things are in terms of prices helping -- hurting families now, trade this thanksgiving for last thanksgiving. jen epstein, "wall street journal." excuse me. i beg your pardon. >> bloomberg. >> i got it. >> thank you. >> especially since my granddaughter works for you guys in a different circumstance. so i'm in trouble. >> i'm going to ask a very bloomberg question to begin, which is have you decided who you will nominate to chair the federal reserve board and if not, can you speak a little bit about what you're thinking about as you consider your choice for f

wages have gone up higher, faster than inflation. and we have generated real economic growth. it doesn't mean these d dislocations aren't real. they do affect people's lives. for example, one of the reasons why i decided to talk about the need to deal with the operation and the gouging that occurs in some of the pricing of beef and chicken and other things, that's why i indicated to you we're going to look at whether or not there's a violation of antitrust laws, and what they're doing. so there's a lot to look at. but the bottom line is that i think that -- and anyone who would prefer as bad as things are in terms of prices hurting families now, trade this thanksgiving for last thanksgiving. jen epstein, "wall street journal." i mean, excuse me, i beg your party. >> bloomberg. >> i got it. i got it. especially since my granddaughter works for you guys in a different circumstance. i'm in trouble. >> well, i'm going to ask a very bloomberg question to begin, which is have you decided who you will nominate to chair the federal reserve board and if not, can you speak about what you're thinking about as you consider your choice for fed chair and the other seat

better, and the wages have gone up higher, faster than inflation and we have generated real economic growth. it doesn't mean these dislocations aren't real. they do affect people's livesexample, one of the reasons why i decided to talk about the need to deal with the operation and the gouging in some of the pricing of beef and chicken and other things is that that's why i think that's why i indicated to you we're going to look at whether or not there's a violation of anti-trust laws, and what they're doing, so there's a lot to look at but the bottom line is that i think that and anyone who would prefer as bad as things are in terms of prices helping, hurting families now, trade this thanksgiving for last thanksgiving. jen epstein, wall street journal excuse me, i beg your pardon. reporter: bloomberg. >> i got it especially since my granddaughter works for you guys under a different circumstance, so i'm in trouble. reporter: i'm going to ask a very bloomberg question to begin , which is have you decided who you'll nominate to chair the federal reserve board and if not can you speak a little bit about what you're thinking about as you consider your choice for fed chair

wages have gone up higher -- faster than inflation. and we have generated real economic growth. it doesn't mean these dislocations aren't real. they do affect people's livese, one of the reasons why i decided to talk about the need to deal with the operation and the gouging that occurs in some of the pricing of beef and chicken and other things is that that's why i think -- that's why i indicated to you we're going to look at whether or not there's a violation of antitrust laws and what they're doing. so there's a lot to look at. but the bottom line is that i think that -- anyone who would prefer as bad as things are in terms of prices helping -- hurting families now, trade this thanksgiving for last thanksgiving. jen epstein, "wall street journal" -- excuse me. >> bloomberg. >> i got it. especially since my granddaughter works for you guys in a different circumstance. i'm in trouble. >> reporter: i'm going to ask a very bloomberg question to begin which is have you decided who you will nominate to chair the federal reserve board? if not, can you speak a little bit about what you're thinking about as you consider your choice for fed chair and the other se

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they were higher than l real terms they were higher than before the pandemic and if you look at where we are targeting support to help people, the raising the national living wage money but the best way to move to that new economy is to invest in people, to invest in skills and training and education and the budget set out the most ambitious plans for a long time do that so people everywhere have the opportunity they need to get a great well paid job. the opportunity they need to get a great well paid job-— well paid “0b. the chancellor s-ueakin well paid job. the chancellor speaking to _ well paid job. the chancellor speaking to faisal— well paid job. the chancellor speaking to faisal islam. i let's speak to our business correspondent, victoria fritz. so, the numbers released today relate to what is going on with the economy, and what is already happening, so they are backwards looking they are looking at the last quarter of growth. they are showing, that, yes, the chancellor is right. the economy is growing but it is growing slowly, it is growing more slowly than expected. the bounce backin slowly than expected. the bounce back in september was not enough to

skyrocketing inflation is driving down real wages for hardworking middle class families and making it more difficult for those living on fixed budgets to make ends meet. instead of addressing the root cause of inflation, which, by the way, and for the record is largely caused by out-of-control government spending, house democrats are continuing to push their sweeping $1.75 trillion build back broke act. this package would once again hand out cash to households and create new paid leave benefits with no expectation of work. however, as we all know an engaged work force is key to invigorating economic recovery and slowing inflation. make no mistake, wasteful and increased spending by democrats, much of which is being funded by even more borrowed money, won't slow inflation. it will super charge it. i strongly urge president biden and democrats in congress to reconsider the devastating economic consequences they are proposing to enact. thank you. i yield back. mr. johnson: thank you, my friend. are you so right about that. the hardworking american families are feeling the pain from tennessee all the way to california.

lives aren't better, necessarily. when you look on the left here, this shows what happens to real wages. adjustment for inflation. you can see the dotted line is the trend line. real wages after inflation actually jumped up during the pandemic. mostly because prices went down. what's happened since then, this is inflation. this is what the american people are really unhappy about. inflation for the first time in a long time is polling number one, broadly speaking, across the nation as the issue. you can see, in fact, the pink area. it shows you the gap between the trend line, where wages were supposed to be going, and where real wages after adjustment of inflation are actually going. americans are losing. for all you read about wage increases, amazon and this and so on, americans' wages are actually going down at the moment in real terms after inflation. >> because of inflation. >> gas is $3.40 across the nation. that was the highest since 2014. there was a poll in october in which 89% of americans said they were very concerned about the economy. there was a poll in october also that sai

lives. i think that would be welcomed, but i don't think that's what he's saying, unfortunately. dagen: i don't really know what he's saying. joel, and i'll point out that because of this inflation real wages i mean, when we think about wages and, you know, this is going to be a continuing issue, you know, through next year particularly as we're seeing mixed signals now. some prices have come could be just in the last 24 hours with the new covid strain is emerging. we're seeing oil prices drop and other things like iron ore and aluminum and steel have declined for the last month or so, so it's kind of a mixed situation. at the end of the day, as you say, individuals are looking at how are their wages performing relative to inflation. and they're generally down. now, we'll see what happens next year, whether some areas catch up. we're seeing a lot of concern we're still seeing unemployment levels of 4.7%, they're not quite what we had three years ago. they hit bottom at 35% which is -- 3.5% which was the lowest in 50 years. to try to get back to that level is going to be the difficult, is so it'll be interesting to see how they navigate regarding inflation, unemployment and then the job gro