the public finances are not getting any better, are they? there are borrowing from april through october. sameis up by 6.1% from the period a year earlier. osborne has left her room to maneuver. the member lack in march, the chancellor said that britain would reduce the budget deficit by 12 billion pounds to 84 billion pounds. that looks unlikely. 97.5 billion. is that was last years budget deficit. i think we could be assured that george osborne will want to announce that britain's budget deficit will be reduced this year, but it will be pretty close. george osborne has a bit of history when it comes to missing his goals when the coalition took over in 2010. he said that current budget thatit is the deficit doesn't include investment spending would be eliminated by the 2015 election. .hat is not going to take place that probably will happen by 2017. the overall budget deficit that includes investment spending probably will be eliminated in 2018. to achieve that, george osborne will probably have to announce further public spending cuts which

he is very much constrained by the public finances. is constrained to some extent. i guess the big question is what can investors expect in terms of therne's outlook for economy and the giveaways? >> the economy is growing. 3% this year. it is going to be the top g-7 economy. other things, it has grown for seven consecutive quarters. they will boost the outlook. unemployment below 2 million. that has not happened since 2008. wages, basic pay, excluding bonuses, finally outstripping. those are the big tex. yes, he is going to support business through the extension of funding for lending scheme. big business will be helped anymore. are one billion pounds of savings to support small businesses as well. all of these are big measures. extra 15 billion pounds on improving the capacity of the u.k. roads. there could be a big election banner. a progressive system. it will probably help those desperate to get on to the themng market actually get onto the housing market. lots of measures. dig beneath the headlines, and the underlying fact is the public finances are not in as

. >> and i, and i noticed that you had the office of the city's office of public finance on the selection committee? >> yes, we have been briefing them because nadia sits on the ocii over board as well and we have briefed the mayor's office as well on the real estate klaleral and so they have been involved. >> and the last question is the margin that you said was set or that you spoke of what it would be for the first year, and what is the... >> it is just a half of a percent each year there after. and so it will go up to 2.75, in the second year and there after a. and increase. >> and the interest rate cap, is going to be subject to some competitive process, do we have, without wanting to compromise the process, do you have a sense of what that might and what could we reasonably expect that cap to be. >> we are considering a cap between 50 and 100 basis points and we will be working with a consultant who lives and braoegts interest rate caps. >> over three months, which is currently at or below a quarter. >> and so it is not an absolute cap. it is a cap that floats above the (inaudible)?

the process of fiscal. if long-term interest rates rise because of deteriorating public finances, will that undercut your efforts? >> i think if, i mean, this is a big if, if fiscal consolidation is delayed substantially and the market concern over the sustainability of the public finance, then interest rates might be affected. that is a possibility. but at the same time, the government continues to stick to the medium term fiscal plan to achieve the primary by fiscal 2020, and also, the government declared that concrete measures to achieve the 2020 target would be fresh out by next summer. and i think that is a very clear commitment to fiscal sustainability, fiscal consolidation. so i do not expect any serious impact on the gdp prices, but i would like to emphasize that the government is to stick to the medium-term fiscal plan and to achieve the primary surplus by fiscal 2020. >> in a metaphor about qqe you said the patient should continue to take medicine until the disease is completely cleared. >> yes. >> regardless of the medicine, side effects might occur. what do you think the side effects are for unconven

if you had raised public money, even if you had that statute in place, the big donors would still have been given the big megaphone. >> if we had in new york state the public financing system that i'd like to see in every state, i, first of all, i would've raised at least $4 million. >> instead of? >> instead of around $800,000, most of which came in the last two weeks. i could've gotten on tv. i got a third of the vote with no television, no mail. and most importantly, there's an odd dynamic where the press will only take you seriously as a candidate once you've raised a certain amount of money. and by far, the most important intermediary is still the press. the press still makes a bigger difference than the fundraising itself. >> well, separate the press. the journalists from the tsunami of ads out there. there were so many ads that some stations could no longer carry them. and the parties had to go out to little small stations just to spend the money to run the ads. and i saw ad after ad for your opponent here, none from you. so it's not just the journalists. >> it's not just the journalists, but i actually think it's really important because one of the things th

and it is anticipated what we worked out with the mayor's office that this suggestion of the public finance staff in the controller's office is to use a portion of those proceeds to fully fund, phase one and the remainder which is still quite a significant amount, be used for phase two, and in the downtown extension. >> and is the melaru the condition on getting this loan? >> no. we are covenanting in the credit agreement to work with the city, to the district and we cannot control the formation of it but we do covenant in the credit agreement that we will undergo or undertake our best effort to insure that the district is formed. and of course, you approved the executive director voting in favor of formation that was our last meeting. >> and just by way of background, director on the status of the cfd, the city board of supervisors has taken two of the three legislative actions that are required to form the cfd and it is schedule a special election, for closing on december 29th. and we anticipate that the city board of supervisors will take its third. >> i understand that. >> okay i just w

we have a successful and growing economy, a long-term economic plan and a demonstration that the public financesare under control. with this chancellor and with this government, we have all of those things in place. that is why we have been able, over the previous days, to talk about improving our nhs, investing in our transport infrastructure, building the flood defenses that this country needs and putting in place all the infrastructure, whether it be ports, airports, or energy, that the british people deserve. >> in the past four years, the nhs has spent more than £5 billion on agency staff, about 20% of which will have gone into the pockets of the agencies rather than the pockets of nhs staff. how many full-time permanent nurses would that have paid for? >> what we have in the nhs under this government are 1,300 extra nurses and 8,300 extra doctors, and because we have cut the bureaucracy, we have managed to remove 21,000 bureaucrats. no one wants to see extensive use of agency staff. all well-run hospitals will have fewer agency staff and more permanent staff. and that is what is happening

prime minister and this is a government that has turned our economy around, sorted out our public finances and got the economy growing. no one in this country will ever forget that they are the people who broke the economy, bankrupted the nation, and still they sit there, completely hopeless and unelectable. >> thank you, mr. speaker. the city of yorkie is benefiting from the governments economic plan. they transformed infrastructure across yorkshire. with the prime minister agreed to meet with me in a delegation of local businesses to discuss you havepaigns, which seen given the high levels of congestion and a serious barrier to further economic growth for our city? >> i think my honorable friend is absolutely right. i know what a problem this road can be. infrastructure investment does unlock growth. that is why we announced the biggest roads program in a generation, including 2.3 million pounds for major roads in yorkshire and the northeast. i am happy to arrange a meeting with him and the honorable secretary to discuss this, but he will note that we do have substantial plans to upgrade the junctio

. >> my name is anthony anthony arabon from the office of public finance. this is an resolution to authorize the issuance of one or more bonds for the city. the board authorized an issuance not to exceed in the city and county bonds. the refunding bonds must achieve 3 percent net present value savings and the cost of such bonds must not exceed 12 percent. based on market conditions the city could issue $361,530,000 refunding bonds to refund approximately $400 million in outstanding geobonds. based on market conditions it is estimated it will result in gross savings of approximately $36 million or approximately 11 percent of the refunding bonds, meeting the 2011 resolution terms and conditions. the item before you also approves certify napbsing documents including the official statement and appendix a the official statement (inaudible) describes sources and uses, risk factors and tax and other legal matters. it also includes the city's appendix a that describes our finances and our organization and allows for the recently audit edify napx papers of the city.

and for example, the public finance, candidates they have even more obligations and so we have to be sure that these folks know what they are, and but it is that syndrome that i just described that contributes a lot to this. >> understandable. >> and the other thing that i would say and what is the number, and it is 9,000 that the staff is recommended and the 9,000 penalty, is that right. >> yes. and if you will allow me to try to add a rationale to a number. and in our last ruling there was 10,000 and we got to 2,000 and we somehow talked ourselves through that that we got there. and we have 9,000 here and i am thinking someone who did not follow a regulations, and in the fliers that you put out, if you are asking about harm, how many people were harmed, meaning that they could not read that form that they otherwise, could be able to read and be more informed, and from that harm, we made this determination? and for this particular one, there were 6 counts, and i understand, but then i think about how many people were harmed along the way and who is to define harm and how far-reachin

leadership on this issue and the department of the environment and the entertainment and the department of public finance and the commission on the environment and particularly from my staff. and so we will move to a quick hearing where rich is going to come up and talk a little bit about the program. and so, if we could have you come up? >> thanks for being here and thank you for your hard work on this you. >> thank you, supervisor, and chair farrell, good morning, supervisor campos, i am sorry. >> my named is rich chin with the department of the environment and i am the program manager for green finance sf. chair farrell's comments sumed up what i was planning to say, just to provide a little bit of context, in response to the board and the resolutions that were passed to direct the department of the environment to restart the component of green finance a year ago, the staff, developed an rfp and we issued that early, in 2014 to solicit interest from the third party pace providers to provide a suite of services namely the capital, the program and administrations and the... >> mr. chair, one thing that

governing body of this jurisdiction in which the project is located approve the financing and the project after providing the opportunity for a duly noticed public hearing before the bonds can be issue order a tax exempt basis. pursuant to tefra the city is required to conduct a public hearing and to approve the financing by the authority. this project is located in district 10 and legislation is being sponsored by supervisor cohen. the amount of the bonds is not to exceed $26 million dollars. there is a hearing notice published in the examiner on september 19th, 2014 and the hearing was held at the office of public finance on september 23rd. 2014. we did not receive any comments from members of the public through the public hearing process and the project itself is a refunding of series 2005 and 2007 california educational facilities authority, tefa, bonds to take advantage of substantially lower interest rates and keep debt savings. the proposed obligations will refund all the outstanding $18,295,000 of series 2005 bonds and a portion of the 2007 revenue bonds that are allocable to the college. the proceeds of those bond sales were used to fin

tjpa and myself and our financial advicers and our financial counsel and nadia from the city's office of public finance. and a direct loan proposal which is the proposal before you today, from goldman sachs ranked the highest. it had of all of the proposals the greatest senator of execution, and they, had already gone through several levels of internal bank review and getting the initial approval before they came to us with the proposal. and it was the most cost effective of the proposals that we saw, and it is actually a lower rate than the tifia loan is, which is 4.57 percent, is the loan. >> this slide and this table shows you a little more detail about those other proposals that we received. and as you can see, in all cases, the cost were potentially higher than the bridge loan in front of you today. and a couple of them would have taken a longer time to execution, and each one either would have required the same collateral that we are going to be talking about today or had other uncertainties associated with it. and again, with the tax increment not being mature and projected to bring in $9 millio

the first of which is to produce five year ahead forecasts twice a year for the economy and the public finances. and secondly, to use those forecasts to judge progress towards the explicit fiscal rules that the government has set itself. that is one rule in terms of a particular measure of structural budget deficit and another rule for the trajectory of debt to gdp. that discussion of uncertainty should be couched in terms of what that is telling you about the government's progress. the third thing is scrutinize scoring of tax and in particular welfare and social security spending measures and then we also assess the long-term outlook for the public finance as much as cbo does looking over a 50-year horizon and what we can learn from the balance sheet. putting that into u.s. context and if you think about key differences from this structure i guess one point to note is that all of our analysis covers the entire public sector and not just the equivalent of federal government level. we are confined only to producing projections on the basis of the current policy of the current government. we are

and i guess the western europe to sort of severely limit the public financing for coal. we have covered some of the key indicators and they suggest that coal may still be the only viable option. in that light, i mean it's for asia at least we talk about the u.s. or europe, or even say let's put china into the a side because there's enough of private financing come is public financing will use that often for asia? >> well, with a bit of the certification the typical asian country, it's very integrated monopoly so that no, there is no real competition or even who is competition in most asian countries. that you might have private investment backed by long-term contracts with the government over the dominant -- more often than not -- and more often than not that industry has picked relationship with the state owned banks. now, if this is in the country that the conditions for right and the institutions function let's say malaysia for example, i would put that into the category, the malaysian they can do pretty much whatever investment they want because they have -- [inaudibl

spring of next year which is the goal and in particular roger kim the mayor's senior environmental advisor and our department of public finance and the commission on the environment particular mr. arsa as well as my staff and with that i hope to have your support. >> thank you. colleague same house same call on this item? no objection these resolutions are adopted. >> item 22. for a professional services agreement and design and develop install and maintain an integrated ground transportation and taxi management system between trans core pursuant to charter section . >> colleagues any discussion on this item or do we need a role call vote? supervisor campos. >> thank you this is an item that came before the budget and finance committee and it's a contract at the airport i raised concerns at the budget committee and so we'll be voting against that today. thank you. >> all right. any further comments? seeing none same house -- oh, roll call vote madam clerk. >> tang aye weiner aye yee aye supervisor avalos avalos no supervisor breed aye supervisor campos no, supervisor cohen aye supervisor farrell aye supervisor kim kim aye sup

understand the indicas what is consistent with the public trust and how to balance it with the public benefits and the public access and be able to finance the improvements along the waterfront are shared by both parties so we see ourselves refreshing and looking at want current membership of the advise groups we have representing that membership with the areas we want to make sure are covered and making sure we have a port wide-body that can also homogenize and integrated integrate the recommends on the waterfront and tells you about the outreach has been so far is there a process getting it out citywide. >> we have been working at a number of different levels certainly to starting with the port authority's and 55 the advisors groups gone to the city and spur citywide organizations spur we've gone to our sister agencies within the city family we've gone to bcdc and met with the state lands to get their insighted into other stakeholders we should be touching base with our efforts on producing those summary documents and the improved presentations slides have also a reflection of the effort to boil down the issues so people can understand

particular welfare and social security spending measures and then we also assist the long-term outlook of public finances much as cbo just looking over a looking over 50 are rising and what we can learn from the measures of the public sector's balance sheet. putting that in the u.s. context when you think about the key differences from the structure to cbo, omb structure here i guess one point to note is all our analysis covers the entire public sector not just the equivalence equivalents of the federal government level. we are by parliament confined only to produce projections on the basis of the current policy of the current government and not for bid and from looking at policy options in the third thing is the executive administration in the u.k. does not publish its own fiscal projections. we are the provider of the official fiscal projections and this is for the government to comment on what we say, not for us to comment on the figures that they produce. in that context thinking about how uncertainty comes to our work i think as a background it's important to bear in mind and budget setting in the u

and, i guess, the western europe to sort of severely limit the public financing for coal technologies. but we've already sort of, you know, covered some of the key indicators and they suggest that a coal may still be the only viable option. in that light, for asia, at least, i'm not really talking about the u.s. or europe or even, say, let's put china and india side because there's enough of a private financing. is public financing really irrelevant for asia? >> you know, typical asian country, the industry is -- so there are no real competition of even who is competition in most asian countries. that you might have private investment into merchant backed by long-term contracts bid the government or the dominant. more often than not, more than half in the industry. and more often than not, that state of the industry has a previous relationship with banks. now, if this is in a country where the overall conditions are right and the institutions reasonable, let's say malaysia, for example, going to put that into the category. and the malaysia, in a contract like that, they can do pretty

we assess the long-term outlook for the public finance as much as cbo does looking over a 50 year horizon and what we can learn from the measures of the public-sector's allen sheet. in context and if you think about the differences , ombthe structure to cbo structure, one point to note is our analysis covers the telik sector, not just the equivalent of the federal government level. we are by parliament confined only to producing projections on the base of current policy. we are not forbidden at looking at policy options. the executive administration does not publish its own fiscal projections. we are the provider of the official projections and it is for the government to comment on what we say, not for us to come in on the figures they produced. thinking about how uncertainty comes into our work, i think as a background it is important to bear in mind in the budget setting the executive is very powerful relative to parliament compared to the relationship to the administration and congress here and the treasury department in the u.k. is powerful relative to cabinet departments. the ration

ispite the recovery, osborne less than halfway toward his goal of returning public finances to surplus. so what can we expect from the statement? we will bring you coverage of all those issues that matter of ahead of the statement this morning. >> we are bringing full coverage of the statement. we will take that live at 12:30 london time. first, we got two hours of analysis right here on "the pulse." some key guests. a game of numbers is a good way of looking at this. george osborne delivering his auto statement and the forecast are all about the deficit. around 100 billion pounds for much of this year. much higher than previously anticipated. cut or spend, we will do the math with the institute of fiscal studies program director. she is going to be working through the figures. make theborne investment case for britain? will the statement give the markets the signal they are looking for? himill discuss it with the portfolio manager. >> finally, we are going to focus on airports and roads. among other things, we will be asking the ceo of norwegian air shuttles. he has just got off a pla

and, you may not know this, but in 1924, i believe, a part of the democratic party platform was public financingof elections. >> i didn't, i was just in kindergarten then. >> but i actually think, you know, when we look at democratic losses, it's in part because enough, some, democrats aren't telling the truth about what's happening in the economy and people are going to respond. if they hear a candidate who's lying to them about everything being okay, instead of some real truth telling, and some real truth telling about what's wrong with politics and what's wrong with power, and if democrats can truly embrace public financing as a root issue, not as a sort of fussy, side reform, but as the root issue which enables democrats to actually care about, you know, what's happening in working-class people's lives, i think you're going to see a lot more excitement. it's the sense that democrats aren't really telling you the truth or they're really working for wall street and they say they're not, that i think turns people off. and i think there's an extraordinary opportunity. look, i know the odds are l

on page 73 of our report we note that in addition to the $326.7 million project costs, the office of public finance notes there will be additional if furniture fixture and equipment moving and department of technology costs to complete and occupy a city-owned building that would result in total project cost of $338 million. the sources of funding would be the 1,250,000 which was previously appropriated by the board of supervisors and authorized an 83,100,000. on page 77 of our report we state that because the future commitment of significant city funds, because of that significant expenditure the budget and legislative analyst considers approval of the proposed ordinance authorizing the conditional land acquisition to be a policy matte for the board of supervisors. according to mr. updike if the board of supervisors does not approve the proposed ordinances the city would likely lose the opportunity to purchase 1500-1580 mission street. our recommendation as mr. updike alluded to. we recommend you amend the proposed ordinance to change the reference from 466,400 gross square feet to the most recent

have a successful and growing economy a long-term economic plan and the demonstration that you the public finances under control. with his chancellor and with this government we have all of those things in place, and that's what we been able over the previous days to talk about improving our nhs, investing in our transport infrastructure, building the flood defenses this country need to put in place all the infrastructure whether it is ports, airports, energy, that a modern economy to in order to sustain a level of growth that can deliver the prosperity and security that the british people deserve. >> in the past four years as 5 billion pounds has been sent -- spent, around 20% of the would've gone in to the -- [inaudible] how many full-time permanent nurses would that have paid for? >> what we've got in the nhs and under this come is 1300 extra nurses, 8300 extra doctors. and because we cut the bureaucracy we have managed to remove 21,000 bureaucrats. no one wants to see extensive use of agency staff, all well-run hospital if your agency staff and more permanent staff, and that's what's happening

joining us next, chairman of the institute of public policy based in pakistan, also the former finance minister of pakistan. professor at georgetown's center for peace and security studies, and deputy director for south asia as the simpson center. has this been a water shed moment? has there been something different about this attack that separates it from others in the attack? >> i believe it is a water shed moment, and i believe we'll see a fundamental change in the way that pakistan is looking at terrorism. i'll give you three reasons for it. one is that there is a new guy who is in charge of pakistani armed forces. and he's much more --we had conversations with them, and they told us that that is his first priority to get rid of extremists. the second is th is a serious individual, i've known him for a very long time. we were together at the world bank, and they're serious about cultivating a positive relationship. and a third, something that not many people have commented on is pakista pakistanis are very scared of the islamic state and what is happening in iraq. they think that u