Isjust not falling £300 billion in one single year. It is just not falling quite as fast as everyone had hoped, really. A lot of thatis everyone had hoped, really. A lot of that is due to the governments high interest Debt Payments which is not going to go away. I think in general this kind of dampens a bit of the chatter we have heard over the weekend about the chancellor hoping to cut taxes again in a fiscal event before the next election. That to cut taxes again in a fiscal event before the next election. Before the next election. That is the challenge before the next election. That is the challenge because before the next election. That is the challenge because the the challenge because the government, there was a they are raising taxes to fix Public Services or give the electorate some kind of gift before an election and that is when politics strays into economics and its not necessarily about what is better for the economy but what might win them some votes. Thats ri. Ht and might win them some votes. Thats right and it might win them some votes. Thats right and it is might win them some votes. Thats right and it is probably might win them some votes. Thats right and it is probably a might win them some votes. Thats right and it is probably a bit might win them some votes. Thats right and it is probably a bit of right and it is probably a bit of space for the chancellor to play around and he could well cut tax a little bit. It isjust around and he could well cut tax a little bit. It is just not a lot of space at the moment. I think its really important to remember this is an issue that is not going to stop when the election stops. Whoever wins the next election is going to be in a situation where there is not going to be a lot of money to spend simply because Interest Rates are higher now than they have been over the last decade. That government, whoever it is, will be constrained in what they are able to achieve by the fiscal situation. The fiscal situation. Cynically you mi. Ht sa the fiscal situation. Cynically you might say the the fiscal situation. Cynically you might say the current the fiscal situation. Cynically you might say the current chancellorj might say the current chancellor jeremy hunt, he could just rack up the borrowing to offer those tax cuts and then whoever takes the keys to number ten has the problem to do with after the election. Is that a possible scenario that could play out . To possible scenario that could play out . ,. , , out . To some degree, yes, there is alwa s out . To some degree, yes, there is always the out . To some degree, yes, there is always the politics out . To some degree, yes, there is always the politics playing out . To some degree, yes, there is always the politics playing out always the politics playing out ahead and around elections. I think jeremy hunt, if you want to have a chance of winning the election, he does have to display some kind of fiscal responsibility so he cannot go too far. For example back in the budget at the start of march, whereas he did cut taxes he did not spend all the money that was available for him, he kept a buffer back to show he is responsible. You are not necessarily going to win votes byjust spending it all, people see that as reckless. But you are right, the government will want to do all it can to win the election, it is quite far behind at the moment, if there is another fiscal event and it is money available, i suspect the chancellor will spend it as much as he can on tax cuts. ~. ,. ,. ,. , tax cuts. We will have to wait and see. Tax cuts. We will have to wait and see good tax cuts. We will have to wait and see good to tax cuts. We will have to wait and see. Good to have tax cuts. We will have to wait and see. Good to have you tax cuts. We will have to wait and see. Good to have you with tax cuts. We will have to wait and see. Good to have you with us. I staying in the uk, and theres been some better news when it comes to the cost of living. The latest Grocery Price inflation from kantar has fallen to 3. 2 over the four weeks to ia april, marking the 14th monthly drop in a row. The decline has been helped by a significant increase in promotional spending, with items bought on offer making up just under 30 of supermarket sales. Im joined now by fraser mckevitt, head of retail and Consumer Insight at kantar. That is the thing, supermarkets have had to lyricism with more offers to get us to spend . This had to lyricism with more offers to get us to spend . Had to lyricism with more offers to get us to spend . As it ever was and its an incredibly get us to spend . As it ever was and its an incredibly competitive its an incredibly competitive market but the fact those promotions are out there alongside the slightly lower rate of inflation and costs they have to run the supermarkets mean there are some bargains to be had. This rate of inflation is the lowest we have seen since november 2021. That predates the invasion of ukraine which kick started the inflation we see in the supermarkets and the wider economy. Inflation we see in the supermarkets and the wider economy. Some would auestion if and the wider economy. Some would question if supermarkets and the wider economy. Some would question if supermarkets can and the wider economy. Some would question if supermarkets can afford l question if supermarkets can afford to pay for these promotions, why cant the lower across the board, cant the lower across the boa rd, why cant the lower across the board, why do they have to be promotions . That has been a trend in that direction over the last few years. Ten years ago promotional levels were much, much higher and then supermarkets moved towards this simple pricing model known in the industry as everyday low prices. No promotions, just going and pay the price that is seen and that has worked really well for the discount supermarkets little and algae. But it is very competitive for them and they want to make some noise so they are offering more promotions to allure people in and in actualfact in the last four weeks that has saved in theory at least the british upper £i. 3 saved in theory at least the british upper £1. 3 billion of their shopping goods which equates in more meaningful terms to £46 per household. We meaningful terms to £46 per household. Meaningful terms to £46 per household. ~ ,. ,. , meaningful terms to £46 per household. ~ ,. ,. ,. , household. We spent some of that on early easter. Household. We spent some of that on early easter, £100 household. We spent some of that on early easter, £100 million household. We spent some of that on early easter, £100 million on household. We spent some of that on early easter, £100 million on sweetsl early easter, £100 million on sweets and chocolates in the week up to and including easter sunday. 3 more chocolate eggs, 37 of customers bought one, 40 5 brought hot cross buns, that early easter helped, didnt it . It buns, that early easter helped, didnt it . , , didnt it . It did, maybe because the weather was didnt it . It did, maybe because the weather was not didnt it . It did, maybe because the weather was not so didnt it . It did, maybe because the weather was not so good didnt it . It did, maybe because the weather was not so good we didnt it . It did, maybe because the| weather was not so good we needed comfort food. This is the first thing we have seen sales of Easter Eggsin thing we have seen sales of easter eggs in the biggest sales week go through the £100 million mark. It was also very busy in the supermarkets overall. The busiest trading week since christmas and remember the seven days there is actually only six days when supermarkets are open so we were still in a position where the large supermarkets were all closed on easter sunday. Aha, supermarkets were all closed on easter sunday. Supermarkets were all closed on easter sunday. Supermarkets were all closed on eastersunda. �. ,. ,. ,. , easter sunday. A lot already them on easter sunday. A lot already them on easter sunday. Easter sunday. A lot already them on easter sunday, those easter sunday. A lot already them on easter sunday, those figures easter sunday. A lot already them on easter sunday, those figures i easter sunday. A lot already them on easter sunday, those figures i would | easter sunday, those figures i would like to see. Meta is making big strides in mixed reality, announcing it will allow Hardware Makers to make headsets powered by its own operating system. Our north America Business correspondent erin delmore has more. It looks like the Iphone Versus android wars are making their way from the Cell Phone World and coming to Virtual Reality headsets. Meta executive Mark Zuckerberg says his company will offer its Virtual Reality operating system, called meta horizon, to Hardware Companies like lenovo and microsoft. What it means for consumers is new headsets that run on the same software and operating system as metas own headsets, the quest 3 and the quest pro. Mr zuckerberg talked about wanting customers to be able to run content on quest or any meta horizon operating system headset. Thats akin to androids flexibility to integrate with other products. In contrast, he characterised apples ios models as being closed. That is, only functioning with other apple or apple enabled products. Apple is offering its headset, the vision pro, for 3,500 usd and thats expected to remain the costlier product. But the entrance of new products into the field and at different price points could threaten to give apple a run for its money. Turning to australia now and its wine industry, where producers are relieved chinas lawmakers have ended its tariffs on australian wine which led to a supply glut down under. But rekindling the business with the worlds second largest economy, is going to take some time and effort, as phil mercer reports from sydney. The world has a taste for wine from australia. Its celebrating the lifting of duties imposed by what was its most valuable customer, china. But rebuilding a booming trade will take time. Oh, i think therell be a lot of work. And the chinese industry is so much built on relationships as well. And having that time out of the market has meant that other people have stepped into those gaps that we left. So rebuilding those relationships will be a huge part of getting back into china. Big challenges remain, even though the tariffs are being lifted. The diplomatic row between beijing and canberra cost australia its biggest overseas wine market. The value of its exports to china fell from more than 600 million at their peak to just under 7 million last year. But here in the hunter valley, there is a determination to try to claw back much of what was lost. A consequence of chinas restrictions is a huge glut of wine in australia, estimated to be the equivalent of more than 850 olympic swimming pools. Growers have had to look elsewhere. Weve put a bit of effort and time into exploring newer markets such as vietnam, south korea, india and japan. And i think thats been a welcome, i guess a Silver Lining from the i guess the stress that these tariffs have put on the australian wine industry. Despite the tariffs, overall trade has been growing. China has, for example, still relied on australia for iron ore thats used in steel making. Those diplomatic tensions appear to be easing. The Chinese Foreign minister, when he came, said that the parties should be able to rise above their disagreements. So i think thats i really significant. Theres goodwill on both sides and a joint desire i to continue to engage and improve the relationship. China knows australian wine. They have a history of buying australian wine and even if it doesnt come back at the size that it was prior to these tariffs, its still great news for the australian wine industry. And winemakers like to think that their glass is half full and not half empty. Phil mercer, bbc news, in the hunter valley. In other news. Apple is facing a decline in high end Smartphone Sales in china, when compared to its rivals. Iphone sales fell 19 in the First Quarter of this year, while huaweis grew by 69 , according to tech data analysts, counterpoint research. The data suggests that apples dominance in the Worlds Largest Smartphone Market could be under threat. The Music Streaming Platform Spotify has reported its earnings for the last three months showing a return to profit. Premium subscribers, who account for most of the companys revenue, rose by 14 to 239 million despite the swedish Music Company spending less on Marketing Activities to draw in more listeners. The ftse 100 the ftse100 pushing through a record high, this is what it is looking like now. Remember the last record was 8047, last hit in february 23. Above that level but up 0. 5 on the day. We will see you soon. Hello from the bbc sport centre, im paul scott. Mixed emotions in milan this morning. Internazionale have been crowned champions of italy, after a 2 1win over their cross city rivals ac milan. The party went on late in to the night, as inter claimed the serie a crown at the san siro. Its the first time that the result of the derby has decided where the title ends up. Milan fans few and far between, as inter supporters took to the streets to mark their 20th Scudetto success their first in three years. Nottingham forest say they want a rule change to ensure that more consideration is given to the clubs that referees support when theyre appointed to officiate games. The club accused the var official in their defeat at everton of being a luton fan, who are forests relegation rivals. Theyve requested the Audio Recordings between the var and the referee to be released, and are pushing for greater transparency. Two investigations are ongoing into their comments. Greg mitchell from the Forest Supporters group summed up their frustration. Var has not been beneficial to the matchday experience, but i am realistic to know that it is here to stay, it is good for the tv entertainment value, and theyve spent so much time and money on it, we know it is here. It does need to change dramatically, though. When a referee is showing on tv across the world, this is what i think, and he is proven wrong within seconds on a replay, why wasnt the decision changed . That is where var is so wrong, because it was there for all to see. The barcelona president joan laporta says hes not ruling out legal
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