for the u.k. down this path, it would have to be prepared for resistance and to face some serious court cases about if they are able to implement this policy. >> if this plan does go ahead and if migrants and refugees are sent to rwanda for processing, do we know at this stage if those who would be deemed refugees five or wanda actually be allowed to travel back to britain? >> it is very difficult to make sense exactly what this policy will look like and how they are going to try to implement it. part of the issue around all of this is that the british government likes to talk very, very tough when it comes to asylum and immigration and make plans something they can explain to the public quite easily, but the details can be very difficult to make sense of, and one of the things we know about britain's asylum and immigration system already is that it is incredibly complex. i have spoken to many during my research who have been so overwhelmed by the bureaucracy and constantly changing laws. people r

let's pivot to the u.k., today is the deadline for u.k.nies with more than 250 employees to disclose the gender pay gap. the statistics look bad yet again, especially in finance. joining us now is charlie wells to break down the numbers for us. first off, we know the numbers are bad, but has there been improvement? charlie: i'm going to be blunt, no. based on the data that has been turned in so far, men made a median 90 -- 9.5% more than women, but last year was 10%. but in 2017 the number was 9.2%, it has actually gotten worse. manus: charlie, you have done a leaders and like guards. -- and laggards, which banks are the worst and which are the best? charlie: the financial sector is struggling. we looked at large investment banks in the u.k. to see how they stack up in 2020. what we found was that women made 56 pence for every pound that a man made at these large investment banks. and we found that hsbc was in the worst category. there is a gender average pay gap of 64%. one of the better performers was deutsche bank. that differential was

she is exempt from paying u.k. tax because of her status as a non-domicile u.k.ad been criticized for not paying it. simon, so she will pay tax on her u.k. tax, on her worldwi income, but is retaining her non-domicile status. what does that mean? >> there is a program that means you are non-domicile, meaning you live in the u.k., but for tax purposes, you are not considered a resident, meaning you don't pay taxes on your worldwide income. she has a large stake in infosys and gets about 1100 million pounds from dividends from that. she is saving herself to million pounds in income tax from that. it's perfectly legal when the person you are sharing number 11 downing street with is putting taxes on everyone else when there is a cost-of-living crisis. that got a little uncomfortable, and she sent me a statement, saying it has become clear that my non-domicile status is not compatible with my husband's role as chancellor. i appreciate the british sense of fairness and i do not want this to be a distraction from my husband or affect my family. she says she's going to v

that showed up in the u.k. data today. anna: let's pick up on that data having an impact on u.k. assets, the pound moving lower as a result. retail sales fell more than expected in march, the pound hitting its lowest level since november 2020. consumer confidence plunging to as low as the 2008 recession. with us now is the bloomberg editor for emea. the u.k. data is pretty weak, sentiment the weakest since 2008. that is not surprising when you consider the cost of living, higher energy prices, that has been a dominant theme in the u.k.. >> absolutely, and this is a great example of that cost-of-living crisis starting to bite the u.k. consumer. when you look at what is happening in markets in the u.k., if anything screams policy mistake, it is what is happening here. the pound is weaker, u.k. yields market. it is an interesting juxtaposition because we heard from catherine yesterday saying there could be some consideration of a larger than 25 basis point rate hike for the boe. the u.s. economy is not the u.k. economy. kailey: i wouldn't want to be in andrew bailey's shoes. that is

silvia: obviously, the u.k.ther countries facing this inflationary shock from the war in ukraine on top of the covid recovery, meaning that all the underlying trends for the labor market were quite uncertain, and there is a significant risk of recession next year. it ise case yet given that we have seen civilization in the situation in ukraine, and the assumption here is there will be no escalation going forward. it is a fragile environment. tom: we have the ecb on thursday with their decision, why on earth is the central bank of europe still buying bonds? silvia: as a matter of fact they plan to end purchases in q3. also, they are planning a sharp reduction in coming months. they are clearly comfortable with the current extremely accommodative tightening, and their baseline is one of gradual normalization of monetary policy in coming quarters. if the situation stabilizes, and if growth holds up in coming quarters, the plan is to lift off as early as september. they are probably quite happy with the current mark

dani: if the u.k.s a bit marshall to from qualitative tightening from the u.s., a place where the effect is amplified is energy costs. the spike of oil prices. we had basic resources and higher yesterday. the immediate impact to rest and sanctions was for the sector to sell off. where does it go from here? are these stocks you want to be playing in right now? alexandra: yes. that's a good point. a lot of the sectors are why the u.k. has been very resilient on the top end of the u.k. markets. the ftse 100 has had a good performance during the first quarter. the big focus on energy. further sanctions, we have very little visibility on that at the moment and the impact that they have. analysts haven't started putting the downgrades through yet. i think this is why we see volumes quite low in the last couple days. maybe that changes today. we are thinking about these impacts over the medium-term. we don't want to be invested in these areas because they are more about harvesting short-term profits to us tha

caroline: the u.k.s one of the places where we have seen that upgrade the commodities prices so we are looking at 10% earnings growth for the u.k. this year. it is a rare combination that the u.k. gets to benefit from higher inflation and its defensive makeup. normally that suffers, but today people are worried about the growth outlook and the high inflation. tom: what do you avoid from the u.k.? caroline: you need to be worried about some of the consumer staples due to the higher input costs. they have seen margin pressures in the past, so we need to watch closely for that. the consumer discretionary space is already quite cheap. there are various subsectors coming on with extra cost so caution around that space. tom: when you say that you want to hedge given the list of risks, where do you send them? are you looking at spaces like health care, commodities, another way to ensure that your portfolio is hedging the risks? caroline: the helmet -- the hedges against the volatility of the war are marty's, s

francine: there is a new u.k.ying that women who ask for a pay rise are less likely to be successful, how do you change that? denise: i don't doubt that. there is evidence through covid that women have negotiated less well for themselves in the workplace. again, it is around changing expectations. women are not expected to ask for money as much as men are. we all have choices. if the organizations not taking the subject seriously, for many women there are also choices. i would like to see women looking at which companies will do as well, and making choices based on that. francine: leaving a job because you are not paid equally is not may be the right solution, but point taken. denise wilson, chief executive of the ftse women leadership. carrie lam will step down as hong kong chief executive after turbulence has dramatically changed the city. this is bloomberg. ♪ should francine: welcome back to the open. the hong kong chief executive carrie lam has said she will not seek a second term. as the financial hub became

i'm not at all convinced u.k.interest rates need to go up to 2% by the end of this year, which is what markets are expecting. you see a change in the bank of england presentation in the last two months. when they first raised rates, they were looking to a 50 basis point increase, and at the last meeting, everyone voted for an increase but there was a lot of comment about the income squeeze your head letting. -- income squeeze you are highlighting. you might see justification for calls for a pause. tom: uncertainty amongst policymakers in the boe, may and june in the cards but maybe a pause after that. thank you, stewart robertson, senior economist, aviva investors global services for walking us through key economic points. let's at the bloomberg first were news. laura: more than 10,000 civilians have died in the ukrainian city of mariopal, destruction across you cane totals $ -- across ukraine -- >> the u.s. stands ready to help india's diversified energy imports away from russia. the chinese premier league issued

the u.k. falling to the lowest level since 2008. the cost-of-living crisis, impact -- inflation impacting consumer sentiment. a challenge for boris johnson, who has his own issues to contend with. france, we will get back to that. francine is on the ground ahead of the final vote on sunday. that contention between emmanuel macron and marine le pen. let's see how things are squaring up as we look ahead to the u.s. futures. losses between 1.5 and 2%. today it is more subdued. at 2.694 -- one basis point. within the context, 11 basis points at the front end of the curve yesterday. across the curve, the worst -- futures pointing range bound. in terms of how this clicks across the european space, not much movement around the german two-year. eurodollar remains 1.08. officials at the ecb say is starting to reflect -- you are going to get a hike the second half of the year. when it comes to french as -- french equities, this is the four p ratio -- the p/e ratio. 10% compared to the benchmark that eur

the u.k.ernment said earlier, higher wages is what we are looking for. real wages are below. unpack that view of brexit on inflation. wages are rising but inflation is coming down. is that an impossible conundrum? adam: it is not impossible but it is not something the boe can get out of. i made a colleague yesterday. -- they made a comment yesterday. the important point for your viewers to understand is that the primary driver of inflation in the u.k. right now is wages. and that is when it is serious. it is the most important factor. once it gets momentum, it is hard to reverse. the way to think about the rugs that affect is that there is u.k., the euro area and the u.s., they all have inflation. but the euro area has had no wage fluctuation and that is because they had a better approach than the u.s. keeping people in their jobs than the u.s. the u.s. had physical access briefly and wage inflation because we did have this mess of having millions of people become unemployed suddenly and havin

last week, the u.k.ned a donor conference which raised weapons and equipment for ukraine worth over 1.5 billion pounds, 2.5 million items of military kit. today, i can announce that u.k. will send another 100 million pounds worth of high-grade equipment to ukraine's armed forces, including more antiaircraft missiles, which fly at three times the speed of sound, another 800 antitank missiles, precision new editions capable of lingering in the sky until directed to their target. we will also send more helmets, night vision, and body armor on top of the 200,000 pieces of nonlethal military equipment the u.k. has already dispatched. olaf and i agree that our two countries, and our allies, must go further and provide more help to ukraine. the europe we knew just six weeks ago no longer exists. putin's invasion strikes the very foundation of the security of our continent. but his ambition to divide us has demonstrably failed. the contrary, he has succeeded in uniting europe and the whole transatlantic alliance

the u.k. does not have that. if you are living in the u.k., what is this about?newables really take some of that off on here? dan: the chancellor took some small steps in the budget in the quarter before that, but nothing will max the level of increases that are coming on and there are many people that will have to act again in order to smooth out this impact. it is a big shock to the economy. it is hitting hard for households adapt. they are risky and compounding economic problems. maybe you have to borrow money to keep going. there may well need to be more later in the year to support households. you're right to say that we don't import russian gas in the u.k., but we do face a common european price hike and that is because we are very close neighbors. we trade and the gas comes to us and one trip -- and when everyone is trying to get a hold of the same gas, that brings the price up and there is not much we can do about that. we are already seeing as much gas as we can produce each day into the market, but russia is a globally significant player and it is hard

u.k. time. let's get our top stories this morning, tom metcalf has the details on european bank earnings, laura wright with all of the latest drama when it comes to elon musk's deal with twitter. juliette saly has a wrap of markets in asia, and russ matheson with the latest on ukraine. earnings fast and thick. in just the past hour we had hsbc, ubs and santander. tom, i know over the past 15 minutes you have been poring through results. what have we learned? tom: ubs and hsbc comfortably eat -- beat expectations bid there was a big beat on net profit but also the provisions hsbc makes for loans. pretty comfortable and that was driving results. dani: thank you very much, tom metcalf. in about 30 minutes we will have a conversation with the cfo of santander. onto the big story, twitter and elon musk, agreeing to buy the company for $44 billion. it would be one of the biggest leveraged buyout deals in history, taking the 16-year-old social networking platform private. joining us as a laura wright,

u.k. is this an escalation on speed and scale of delivery for arming ukraine? >> yes, it is. until now, the west as in europe and the u.s., have been arming ukraine with light weapons for infantry. shoulder held weapons and antiaircraft weapons. but they have recognized that the war is moving to a different phase. russia is concentrating its forces in the east. we are now talking about a tank battle. they are starting to understand that they have days and not weeks to get quantities of tanks and armored vehicles to ukraine. there is a sense of urgency because they understand that this will happen in days and this is a completely different level of weaponry that is needed. dani: that is bloomberg's marc champion on the latest in ukraine. let's take a look at the key things that markets are watching out for today. 10:00 u.k. time, a survey is released. we will see if that changes. we have u.s. data at 1:30 p.m. u.k. time including the eagerly awaited cpi data. and at 3:30 p.m., boeing will a

those findings were echoed by the u.k. just last year. at the u.n., the u.k.concerns about continued restrictions to civil and political rights in rwanda. this is what human rights watch found. >> what we have documented is the clear repression in rwanda, not only of political dissidents of people killed, we have seen torture, indefinite detention, but we have also seen violence against refugees. for example, a number were killed for nearly protesting about their conditions. dozens were put in prison. what we are talking about is not sending people to a place where they will be safe. we are talking about a place where there is clear documentation of human rights violations against individuals in rwanda, including refugees. >> peter walsh from the migration observatory at oxford university -- >> the government will encounter substantial logistical challenges, the challenge of providing sufficient care for people who have experienced trauma, and that has associated with it substantial financial costs. that was sething learned by australia. they has its use 300 a

we have got the contract up by 5% today, with u.k. having loads of gas right now, a little bit lower. over two days the number looks a lot uglier and the concern is of course the situation we see so far with possible expansion. the internal markets commissioner will be joining us shortly and we will try to get some clarity from him about what the rules look like. kailey: looking for rules on that in the equity market here in the u.s. is looking for answers as to how it should read these big tech results where we have already seen a lot of fluctuation where the nasdaq was higher and then lower, once again higher, 9/10 of 1% higher, optimism coming back, largely looking at heavy viewing with microsoft up 6%, thank you to the cloud. different story for alphabet, advertising headwinds creating a sales miss for the company, taking the communications sector down with it, the unprovoked -- underperformer on the sector basis today. the other earnings story we continue to monitor related to what you were just discussing is the strength of the

>> in the u.k.e have been a global hub of fintech, and i see in cryptocurrency and exchanges in the u.k. a great opportunity. it is likely we could get the regulatory framework. we have got to terms with the promotions regime that taxes consumers. but we have got a brace for the opportunities for new phenomena and how that will apply to markets. caroline: let's talk about the sensationalism in many ways of non-fungible tokens, taking a nosedive but still a lot of interest. we have the royal mint looking to create an nft. >> that was part of the announcement last week, and the chancellor wants us to create an nft. it is important that we pick up on the emblems of change in the opportunities that will exist in the future. we have asked the royal mint to develop and an f sheet -- develop an nft. caroline: in the united kingdom my family day in and day out talks about inflation and electricity and what is happening in terms of the ramifications, antagonized by the invasion of russia into ukraine. talk t

now, the u.k.re to show its western allies it can stop the flood of corrupt money. >> dominic grieve: money has been flowing into the united kingdom, absolutely no doubt about this, which often has had what i can only describe as a tainted source. but then, russia is a mafia state. >> whitaker: dominic grieve is a former conservative member of parliament, who served as attorney general and chaired britain's intelligence committee. his 2019 report on russian interference in u.k. politics, found britain was awash in russian oligarchs' money, much of it from untraceable sources. >> grieve: so, one has to face up to the fact that if you're going to live in russia or do business in russia, you have to dance to the tune of the mafia boss. and the mafia boss is president putin. >> whitaker: you don't become aa wealthy businessman in russia without dancing to the tune of putin? >> grieve: a lot of russian businessmen have very close links to the kremlin. others don't. but as long as you have a connection t

let's focus in on the u.k., there seeking to work quickly, discussions on the free trade accord remain frozen. the uk's secretary of state for international trade joins us now, what progress has been made , given reluctance from the biden administration enter formal free-trade agreements and discussions, what has moved in terms of your talks? and where do things go from here? anne-marie: good morning. we've had some good discussions over the last two days, in london, and month ago in baltimore. where i went to listen to stakeholders across the u.s. to what is important to them to grow what is the bilateral trade relationship, over 200 million pounds per year. we want to figure where we can in a 21st-century way, drive forward the digital trade principles which we agreed during the uk's g-7 presidency last year, how we can support those young female entrepreneurs of minority groups who are not yet able to get the maximum benefit of our trade. we've been discussing a wide range of areas, hearing from stakeholders

this is a modern country, this is the u.k.re a rich country, we're a wealthy country, you could say. so why aren't the people on the ground being looked after properly? reporter: with no answer to that question, her home will stay cold. conor: gas is also a key issue in turkey. and now, with russia waging war against ukraine, that explains why turkey, which is a member of nato, has taken care not to offend moscow. but the country's dependence on russian gas is not the only reason why turkish president erdogan is trying to act as mediator between putin and the west. for turkey, russia's war in ukraine has extremely high stakes. reporter: the hagia sophia is one of istanbul's most important tourist attractions. for now, russian vacationers are still visiting the city. last year, some 4.5 million russian tourists came to turkey, more than from any other country. but turkish hotel and restaurant owners expect that will change in the coming months, largely due to the economic sanctions imposed on russia. ismail: the russians keep o

and u.k.gence that putin's advisers are not telling him the truth about how the war is going. but how do western spies even know what putin is even being told? let's talk to -- who worked for the cia and manned the agency's russian operations. do think it is possible the west actually has spies in putin's inner circle? >> we do not have to -- we do not necessarily have to have spies in his inner circle to understand what he is up to. there's a lot of ways the west collects intelligence. nowadays with the advent of big data, there's a number of ways. there's overhead programs of communications intercepts, there are spies on the ground. our analysts put all that together to get an understanding of what is happening. it does seem that we have a good understanding of the plans and intentions of the kremlin. we saw that before the war and it appears we are seeing it again now. nora: this afternoon, president biden said, almost mockingly, that putin seems to be self isolated. he is not getting good

kailey: what about the u.k.? energy prices where you are going higher, cost of living getting worse. what is your take on that, how that will influence a bank of england that wanted to be hawkish but now has some concerns around growth? philip: absolutely right. the narrative coming from the banking committee is different from what we are hearing from the federal reserve members. the message is, yes, we have inflation risks and more rate increases may be necessary in a modest way. that bank of england is very mindful of the cost of living squeeze on households. there are also personal taxes which are rising in a weeks time also, which will slow demand down. it is much more of a balancing act in the u.k., whether we will see further interest rate increases from the bank of england, or whether we see a much more modest situation than we expect. although we see rates rising before the end of the year, we see perhaps another half a percent, rather than the 1.5% that markets are pricing in before the end of the year.

it may also have been a reaction to the u.k.ed forces minister who suggested yesterday that the ukraine would be entirely legitimate. he used western weapons. it was given to attack russian targets inside russia. for example, logistics and supply lines. whether or not mr. pruden is reacting to all of that or any of that, we don't know, but it has been for ocean -- ferocious from the russian leader. >> can you tell us, you talk about military movements. what is happening on the ground today? >> we know that russians have been stepping up there campaign in the east. they withdrew their forces from around here, from around the capital to focus on the other regions. we saw one ukrainian mp earlier today who is a member of presidents army. he visited troops there. he said it is a difficult situation for the ukrainian troops, that they are outnumbered by the russian forces. they are finding it tough, frankly, and they were saying they need, desperately, western weapons, and western heavy weapons, artillery, and so on. specifically, it

this is a modern country, this is the u.k.e a rich country, we're a wealthy country, you could say. so why aren't the people on the ground being looked after properly? reporter: with no answer to that question, her home will stay cold. conor: gas is also a key issue in turkey. and now, with russia waging war against ukraine, that explains why turkey, which is a member of nato, has taken care not to offend moscow. but the country's dependence on russian gas is not the only reason why turkish president erdogan is trying to act as mediator between putin and the west. for turkey, russia's war in ukraine has extremely high stakes. reporter: the hagia sophia is one of istanbul's most important tourist attractions. for now, russian vacationers are still visiting the city. last year, some 4.5 million russian tourists came to turkey, more than from any other country. but turkish hotel and restaurant owners expect that will change in the coming months, largely due to the economic sanctions imposed on russia. ismail: the russians keep ou

also the middle of the curve when it comes to u.k. debt. the u.k.r yield making moft higher. the german, french, italian yield moving higher and others at the e.c.b. in the u.k., the comments from the bank of england is moving things around. industrial goods and services playing well for frarches. france. basic resources to the down side. that is one of the biggest losing sectors or the biggest. that weighs heavily on the london market. that goes to explain why we saw a divergence between the french and london market. it's a day where we are focused on earning stories. here's two of them for you. necessarily is up by .-- nestle is up .7 of a%. when it comes to coffee and chocolate, we'll pay. akzo nobel is another company when it comes to pricing power. up by nearly 7%. this is a home improvement business. or paint for all kinds of different trades. and coating. industrial but also exposed to the consumer. that business talking positively about its ability to pass on costs. also talking quite positively about how costs might start to come down in th

jonathan: the date it in the u.k. of consumer confidence is at a new low and retail sales are softer. inflation starts to hurt the consumer and the consumer starts to feel bad and then it shapes what the consumer does. when you start to hike into weakness, the currency falls, it does not rally. tom: this is a friday where we are trying to slip into the weekend. i've got sterling under $1.29. that is a well statistic. jonathan: a one point 2% move this morning. lisa: it has accentuated the concern saying even if rates go up at the bank of england as much as people expect, it's not going to cause the currency to strengthen because we are talking about hiking into a slow down. this is really the dilemma that central angst have around the world. you heard that to some degree yesterday at the imf meeting. jonathan: we are obsessed with the front end of the yield curve and the hawkish talk. what's happening with the long and with inflation expectations? even with all this hawkish talk, breakeven is going the other way. lisa

the u.k. also expected to join those efforts. haidi: let's look at how we are looking at the start of trading. you said that acceleration into the close is what dominated the narrative when it comes to the friday session on wall street we are the 10-year yield holding steady. a little bit of a move to the upside when it comes to rates on the shorter end, the three year is up 40 basis points higher. new zealand is up 0.1%. dollar-yen is remaining in focus after the world swings in the past few weeks also. but if we look at the three-month implied volatility, it has come down from a two-year high. potentially some of the rate differential, the gap we are seeing being treated may have passed for now. shery: yes, let's talk about what is happening in ukraine. the country once an investigation into what it says are war crimes by russian troops on civilians. president volodymyr zelenskyy: the actions "in genocide." >> indeed, this is genocide. the elimination of the whole nation and of people. we ar

coming up, u.k. minister boris johnson says he has paid the fine for breaching coronavirus lockdown rules. plus, the inflation print from the u.k. today. ♪ manus: it is daybreak europe. i am manus cranny in dubai. dani burger in london. we have the reactions in. elon musk is born in south africa. he cannot run for president. there you go. that is four different people. i think about the message. dani: i'm embarrassed myself. i did not pick that up. at the top of the show i insisted on saying rbn-z. manus: don't try to share the blame. dani: you are right. i just did not want to correct you. let's turn away from the u.s., away from south africa, and get to u.k. politics were boris johnson has become the first sitting prime minister to be sanctioned for breaking the law after he was fined for attending a rule breaking party during lockdown. how big of a threat to these party gate fines post his career? >> he looks to be the teflon man. the most likely successor has also been having a time. he had his m

the u.k. ordering another 100 of those. then socgen.s found a buyer for its russian assets, and the broader political story surrounding the french election seems to have given the french bank a boost today. that up 5.1%. kriti: let's turn to the political risk, specifically the french election. we welcome rainbow murray who joins us live in paris. thank you for joining us. let's start with the show down of the 2017 runoff between emmanuel macron and marine le pen. where do we go from here? le pen notably underperforming in 2017. do we see a repeat of that this time around? prof. murray: it is the same lineup this time around but some things have changed. one thing is le pen is much closer to emmanuel macron in the polls. the second is emmanuel macron has done well in the first round but we should not be diluted. he has less of a transfer of votes in the first round he can rely on. it is notable more than half of the votes in the first round were cast for parties outside the mainstream, anti-system parties, which those -- which shows the

the u.k. has decided, their students would not. the u.k. has gone to what they call endemic management. they mean, even if you are sick with covid, if you have symptoms, stay home. but, there is no standard time of isolation. you don't even have to tell some buddy you got covid. it is an important distinction and we are not there yet. the u.k. has gone full on endemic, but we are not there. in this case right now, we are saying stay home. kristen: to be clear, i'm not advocating one thing or another but i need to point out things that seem less clear or consistent than they should be. >> the world is still in transition. some are totally endemic, some have to shut down, shanghai, 23 million people and most of the cases are -- we are completely all over the map about how we deal with covid. kristen: we still require, the u.s. government via the cdc and tsa, that incoming travelers have to show a negative test. before coming into the u.s.. if they are coming from somewhere very similar to the u.s. where there are not different variants, i am

the u.k. 10-year yield 1.925.ohnson addressing parliament for the first time today since he was fined for breaking lockdown. tom: his party suggesting they might be willing to oust the prime minister if he faces legal action. francine: 50 pounds. francine: tom: we will see what the political ramifications are. president zelenskyy says russian forces have begun a new campaign to conquer the east of the country. >> russian troops began the battle for the donbas for which they have been preparing a long time. no matter how many russian troops are driven there, we will fight. tom: vladimir putin says western countries have hurt their own countries with sanctions against russia. >> we can now confidently say that such policy of sanctions towards russia has failed. the economic blitzkrieg strategy didn't work. the initiatives themselves couldn't get away with the sanctions. i am talking about inflation and unemployment growth. and economic dynamics worsening tom: joining us now is the former deputy supreme commander in

of the u.k. over ukraine, can you explain that? tom: no. jonathan: without the full quote, i wouldn't be as critical but that line speaks for itself. we heard that a few times. tom: we've herded no less than five times this weekend. this is a war and a huge part of the public is never experienced this. there is not even a sequential script. we are staggering through this. i have no idea what escalatory means. it sounds like a salad i had in paris two weeks ago. the only escalation i can think of rationally is how will they move military hardware to ukraine, particularly on the battle in the black sea? jonathan: more on russian sanctions and the ukraine? kailey: this is why the use of force has been off the table step nato or the u.s. does not want to put troops on the round internet willing to give them the fighter just they were asking for a monthly go because that would be an escalation and could potentially be a world scenario. jonathan: that's something that comes up repeatedly over the last

the u.k.ich holds the presidency, decided to wait. the russian ambassador came out with that press conference expressing his country's view that this was staged by ukraine, that these bodies were not left by russian soldiers. he pointed to a social media video of the bucha mayor speaking after russia announced its withdrawal, showing that he was happy that they were leaving and that he did not mention anything about these crimes. of course, as you say, now there is evidence coming out that the bodies were ostensibly there for the troops moved. so we have had this back-and-forth at the un today as we have had since the start of the conflict, with the u.k. and other u.n. officials pointing to images that are clearly disturbing, and reports coming from the field of atrocities, and in the words of the u.k., war crimes, with russia's denials. what we have been hearing from you and officials is the need for an independent investigation , that was perhaps the overarching call from the secretary-gener

millions of people in the u.k.it by t biggest rising energy prices in living memory. >> i'm scared to see how it will go. am i going to be able to afford to eat, wash my pots, and also have my heating on? >> and the draw is announced for the 2022 world cup in qatar. we will bring you news of the groups in the next half hour. ♪ >> hello and welcome if you e watching in the u.k. on pbs in the u.s., or around the world, thanks for joining us. in ukraine, the bbc has found evidence that russian forces have been forced to pull back from positions they held at the art of their invasion five weeks ago. russian armor has been hitting west out of the capital of kyiv and the bbc team gained access to one area just hours after their retreat. a stretch of the e40 highway was where shocking images of the war emerged, showing russian troops firing on civilians trying to escape. jeremy bowen and his team have reached the scene of the attack and finds evidence that raises the possibility that war crimes may have occurred. a warnin

which means she doesn't have to pay u.k. taxes on her overseas earnings.ding to analysts, she could have saved millions of pounds for not having to save -- to pay those taxes. this causes a conflict of interest if you hear from lots of the opposition parties. it's been revealed that the chancellor sunak himself held a u.s. green card, that was a yard have to his chancellorship before he did give that up. manus: if you look at some of the national broadcasters, the mauling that sunak was given in terms of raising taxes while at the same time - it is how it looks, the spirit rather than the actuality here. is he in a precarious position? his wife is moving out of downing street, will he? >> i did see the interview, and she did have a lot to say. a lot of interest from opposition were trying to say that the chancellor is just out of touch with the real world. as you've mentioned, it's been a really difficult time for people living in the u.k. we've seen a massive squeeze on our household incomes. and of course, rishi sunak has put up the taxes. we had a rise

or specifically in the u.k.conomists scrambling to raise forecast after the latest shock read we had from the ons. inflation in u.k. hitting a 30-your high. the data showed it was 7% last month. the rpi index, the older index, what it includes housing, up by 9% from the previous year. you are seeing is headline inflation up 7%. core still rising, still 5.7%. not far behind where we are in the united states, but the rpi index up to 9%. there is this idea of the bank of england can use higher inflation, as a cure will reduce demand. i wonder if that is being called into question and whether or not it is going to act further following those three hikes it has delivered. kriti: a lot of questions and it comes from the ecb as well. joining us now is reinhard close, the chief economist for europe. thank you for joining us. let's start where guy left off, talking about affordability, the strength of the consumer in europe. unless ago we had a headline from janet yellen saying she is more worried about recession process

. >> it is a responsibility of the u.k. our allies, and that is what we discussed today, to step up our support for our brave ukrainian friends. that means more weapons, and more sanctions. putin must lose in ukraine. later this week, the g-7 foreign ministers and nato foreign minister meet. we need to announce a tough new wave of sanctions. the reality is money is still flowing from the west into putin's war machine and that has to stop. ros: we have been keeping and i out from any comment from china and india on the latest atrocities that occurred, both are trading ptners of russia and both are at times allies. they have not said anything. israel has commented -- this is of note because they are seen to be an intermediary between russian and ukraine. getting intentionally harming civilian population as a war crime and i strongly condemn it. many of the strongest words have come from eu leaders. here is ellen's prime minister. >> the crime and genocide must be documented and judged and we propose to have an international c

u.k.. he has worked 30 years here but he also get social security, a state pension in the u.k.. we can't get an answer as to whether or not he should be paying taxes on that. the cpa says yes, the major online tax preparers is absolutely not, these air -- there is a u.s. u.k. trade agreement, but because we do not know what to do we have been paying taxes on that british social security, which does not seem fair. if it was u.s. social security, it would not be fully taxed. host: let's get a response. guest: i can't speak to your specific situation. other than to recommend finding an expert who can interpret the u.k.-u.s. tax treaty. i'm not an expert in that area. host: tom is calling from denver, colorado. good morning, tom. caller: the morning. can you hear me ok? host: yes. caller: my question is i'm using turbotax online. i moved money from one ira company to another one and took part of that and put it into a roth, and i got my 1099s but it changed my adjusted gross income to way too

also very important economic partner which is the u.k.. >> marine le pen defends her efforts.s next president, she or he won't be able to claim the heart of all french people. this is a divided country. >> sir david attenborough has been named the champion of the u.n. environment program. it recognizes his devotion to telling stories about the natural world and climate change. the head the environment program says his programs help people fall in love with the planet. our climate editor has more. >> let me just say that we are deeply honored. >> like so many others, the ceremony was conducted over the internet. there was nothing virtu about his delight. >> you have the award. >> i am extreme the owner. united nations, we are in a new era. without them, we will never solve the environment of crisis the world has to get together. >> hidden beneath the waves, right beneath my feet, there are creatures beyond our imagination. >> only concerted effort by the countries of the world will do, he tells the head of the u.n. environment program. >> we know what the problems are and we kn

he also is a dual citizen in the u.k. please work 30 years here but he also gets social security -- he has worked 30 years here but he also gets social security from the u.k., a state pension. we cannot get an answer as to whether or not he should pay taxes on that. the cpa says yes, the major online tax preparer says absolutely not, there's a u.k.-u.s. trade agreement, but just because we didn't know what to do, we have been paying taxes on that british social security, which doesn't seem fair, because if it was u.s. social security, it would not be fully taxed. host: ok, cheryl. let's get a response. guest: i cannot speak to your specific situation other than to recommend finding an expert who can interpret the u.k.-u.s. tax treaty. i definitely am not an expert in that area. host: all right. tom is calling us from denver , colorado. good morning. caller: can you hear me ok? host: yes. we can hear you. guest: -- caller: i am using turbotax online. what i did is i moved some money from one ira company to another one, i t

day of the year so far in the u.k. roads and railways have been busy as millions of people try to get away for an easter break. the good we went resulted in delays in southwest england as motorists tried to head to the coast or travel by the port of dover. there are no trains at all in or out of london's euston station. >> the long weekend with c -- queues to match. >> we are a little bit worried about traffic here. that's why we came very early yes. >> this is the perfect storm. exactly what you don't want it to be. >> in dover, just as holiday workers are leaving. p and o has suspended its ferry services. this is the first bank holiday since awful covid travel restrictions were lifted in the u.k. the r.a.c. estimates more than 22 impact car journeys will take place this weekend. >> the message is plan your trip well in advance and make sure your car is ready for a journey. in lots of cases this is the first long-distance trip people have taken this year. >> for this station in west yorkshire, the heavy traffic was wo

brain tumor patients at one of the u.k.'ing hospitals are now having their entire dna sequence. the hope is tumor mapping will lead to more accurate diagnoses. a warning, this report contains images of brain surgery. >> i have a rough idea of what is going to happen. correspondent: daniel is 34, is on his way to brain surgery. >> to be awake and having someone move around in my head. correspondent: daniel has a large brain tumor, the round, white area. to begin with, daniel is fully anesthetizedle surgeons remove part of his exposed he in up and must be kept awake. >> we just need to be careful at the back. correspondent: before removing each piece of tumor surgeons need to be sure it will not affect his speech or ability to move his body. so at each step the team checks as responses. part of daniel's term will be sent for genome sequencing, it's entire dna will be mapped. >> we are looking at the abnormalities in the genes that cause the tumor in the first place so we are able to drill down to the tumors. correspondent: his

energy that was previously purchased for gazprom energy, a u.k.ail supplier, and wing gas, suppliers and germany. it is well-known that governments find hedges for that. it is unclear what it will mean for gazprom energy at the moment the u.k. government has made plans to nationalize gazprom energy should it fail. manus: thank you very much for being with us this morning. the very latest on nationalizations of gazprom assets. james, we just showed a graphic of finland, germany, italy, etc. , 94 percent dependent on russia for gas, finland. italy, 40%. how can europe sanction russian gas? is that even realistic? >> i think you are right. a lot of countries have a very high dependency on russian gas. that means it is very difficult to target gas in contrast to crude and diesel where you can, redirect trade flows to make that work. we are seeing companies within europe saying if there was to be a major sanction, they would stop functioning. dani: walk us through that scenario. alleged war crimes forces europe to start considering sanctioning of russi

what is the lesson we are learning from the u.k.'s experience with the hiking cycle and the uighur data that is starting to come through? geoffrey: stagflation, there are two parts. you have to focus on the stagnation as well as the inflation. as far as the u.k. is concerned, looking to reach those numbers, absolutely. stagnation is coming to the u.k. household. tom: there are leakages within our servitude. there are things that react and change the story. what are you watching as the metric that will change the story passed july 27? is it dollar dynamics or is it something em developed nation dynamics? geoffrey: we will see change in em. what has been the theme? stagflation. how do you play that? you want to own commodity currencies. every single latin american currency was over held, was well owned in the first quarter but that is starting to change. we are seeing the mexican peso starting to fall back. you look at iran, that is going to come up. our people are looking to go back to asia. tom: what does the dollar do as one example

u.k. and europe are better-vaccinated than we are. what they are seeing right now is probably in part the result of fading immunity protection against infections and more severe outcomes you see over time. i think it has been reported in a lot of studies. you are seeing that inevitable uptake of, after community waves. it does not seem like there is any reason why that would necessarily be different here, though obviously we are heading into a warmer part of the year. it is going to keep a lot of people outside. we know when people get forced inside the virus tends to follow them there. it is just easier to transmit in closed spaces. in general, no, there is no reason this time should be different for us than it has been any other time we have been through this. at least not in the broad strokes. guy: as numbers go up, should we expect the possibility of more variance -- variants to emerge? is that what we should be worried about? drew: anybody you talk to is saying, as long as this virus is circulating there will likely be more mutat

you look at the u.k. market, one of the better performing markets globally year to date, but of course that is being helped by the fact that the big commodity producers which make up a large part of the u.k. market are doing pretty well. i think you've got to look beneath the hood of the market a little bit there. i do still think there's a bit of a risk that in the u.k. and europe, markets are being a little bit complacent in the potential for a potential slowdown in higher energy prices. the economic outlook is better in the u.s. senate is and you can direct, but as bond yields move higher, as we have seen, that can weigh on the tech stocks which make up a larger part of the u.s. market. so i think i would probably be looking at u.s. value stocks which are less exposed to that higher rate environment, and also less exposed to the growth shock from higher energy prices. lisa: given the lack of resilience relative to the u.s. in the european region, do you think that people are overestimating how much the

. ♪ samantha: hello and welcome if you are watching in the u.k., on pbs in the u.s., or around the worldvy fighting continues in eastern ukraine, an advisor to the country's president has acknowledged ukrainian forces suffered serious losses. he said ukraine lost control of some towns, but claimed russia's casualties had been colossal. this report finds some images you may find distressing. >> this woman was carried from the wreckage of her home in a body bag. she had been found buried beneath rubble after a russian missile strike on central he have. vera was 55, a journalist for amican broadcaster radio liberty. it says it is shocked and outraged by the meaningless manner of her death. we saw forensic workers bring out what looked like fragments of the missile. russia's defense ministry claims it was firing precision weapons, only the military factory opposite the apartment block is scorched, but still standing. these people feel lucky to feel alive today, even able to salvage something from the ruins. they just got home when they heard the first last. if he had been in the left a minut