Have been killed and many more have been injured without the utopians took lena, bundled nevada was, it is impossible not to respond this morning. A mess of strikes took place on air, sea, and land against energy and military targets against ukraine, lose him. If such attempts by ukraine continue, they will be harsh responses. What was that when you, when the attacks are being represented by russia as a response to ukraines alleged attack on the couch bridge in crimea. John italia, supports from the scene lawfulness. Ella had the up from this boat. We can see the damage to the coach bridge. Some of it, as used by cars is now submerged, and fire damage can be seen on the other section used by trains. Repairs have been carried out under tight security, including the russian coast guard traffic slowing again. Although it is restricted, the nobel prize for economics has been awarded to 3 people for research on banks and financial crises. Then bernanke and Douglas Diamond and philip died. Vague, won the 2022 award. The un high commissioner for refugees is wanting, armed conflict, human rights abuses and Global Warming of forced a Record Number of people to flee their homes. 100000000 people are now displaced. North koreas leaders says its latest to miss i launches, went away to test the ability of its nuclear weapons, to wipe out american and south korean targets. Kims allan also acknowledged plans to conduct more tests. Kim said the launches were in response to joint naval drills between the u. S. And south korean, malaysian Prime Minister ismael sabri yar called has dissolved parliament paving the way for National Elections to be held in the coming weeks. A smells as the Election Commission will announce the date shortly. The polls were not due to be held until next september, but it smells faced pressure to call elections from his own party. Tie ones president has warned china that armed confrontation is absolutely not an option. Cy, england was speaking in the capital tie pain during the islands national day. Chinas father ministry, he said in response, it would never leave any space for tie ones independence. Tensions between the 2 have been hi, following a visit by u. S. House Speaker Nancy Pelosi in august, a landslide in venezuela has killed at least 25. 00 people and more than 50 are missing the area received a months worth of rain in 8 hours. Those are the headlines been use continuous here and ill just you know, after counting the cost by ah, ah ah, ah hello and has them speaker this is counting the cost on agency or your weekly look at the world of business and economics this week a big you turn on promised tax cuts for the top owners in the u. K. But is the British Governments reversal enough to limit the financial damage and has the Prime Minister lost her credibility . Also this week, hurricane e, and joins a list of destructive and very costly storms is the world spending enough to mitigate or adapt to Climate Change and boeings, Vice President tells us how the companys planes can reduce that carbon footprint. The well, just a few days ago, britains new Prime Minister was confident she would be able to kick start Economic Growth by cutting taxes. Yet the country is still on course for recession. The face with market term all and criticism from within her own conservative party list trust was forced to scrap plans to remove the 45 percent top income tax rate. On high honors, the u turn is being seen as a humiliating about face. That leaves trust is Economic Policy and premier ship in crisis. The dean, bob reports from london. I have 3 priorities for our economy, gross gross. On the policy conference, it opens against the backdrop of intense market. On eas, liz trustees pro growth tax cutting many budget, had lead briefly to a slump in the value of the pound, and instantly made thousands of mortgages more expensive with expectations, the bank of england would have to raise Interest Rates foster. Then at the 11th hour chance in a quasi quartet was told hed have to reverse plans to scrap the 45 percent income tax rate for top harness. I know the plan would forward only 10 days ago has caused a little turbulence. I get it, i get it. That may well have been nervous. Laughter as the Opposition Labor Party opened up a big a lead in opinion polls delivering the Main Investors in the city a sale, waiting on crucial information, including the assessment already done by the office for budget responsibility, the government independent economic forecaster. And theres another group of people who might want their say on all of this over in westminster. It was only when the Prime Minister realized she was facing a mutiny from conservative members of parliament over the top tax rate that she ordered the u turn. Crosses position has always been that growth drives things so successfully that you dont need to explain how you fund your tax cuts because a ha, a lower rate will give a higher yield with more grace. People arent broadly speaking, accepting that at the moment. And theyre looking for an understanding on the government Balance Sheet as to where cuts are going to be made, of course, and he comes to public spending could prove hugely controversial. The governments refusal to commit to raising welfare payments in line with inflation has prompted open descent from some cabinet members. One think tanks as the many budget is regressive. As most of the gaines go to richer households and will struggle to achieve it stated, aim, the tax cuts that the government has proposed arent looking like theyre gonna achieve at the growth targets that the government is, is setting out for itself. It would have to increase great by quite a substantial amount for them to even pay for themselves. And in terms of the, at the spending cut that automatically going to reduce g d p for, for the u. K. So it looks like the job of selling this new low tax, Economic Vision has really only just started nadine barber for counting the cost london were jonas now from london is below half east chief executive of the macro. Hi, thanks for being with us. So why was this so poorly received by the markets and then the subsequent you turn, is that gonna be enough to calm the markets . Yeah, thats a great question. I mean, one big reason why the u. K. Many big budget was so poorly received, was number one, the size of the desk is fairly large, the tax cuts. And then before that there was the Energy Subsidy with the introduction of price caps in the u. K. So the amount of borrowing the u. K. Government is having to do is very large compared to what you had announced in the previous administration. So one was the, the scale of the desk did. But also it was the way the u. K. Was going to fund that deaf fit, which was to issue bonds, but particularly issue bonds at the shorter 10 or off the cut, the 12. 00 parts of the curve which one particularly liquid. And so they seem to be a lack of chord nation with the Management Office in terms of the way the government would issue bonds. And that really sets a set, a bad tone for the straight markets in the u. K. Which over the past week or so have experience significant volatility then on the, on the do turn. To some extent it does potentially help the administration in so far as it removes one of the politically toxic parts off the mini budget. But at the same time it has it in utah and so other parts of the conservative party can smell blood. And so they may challenge the parts of the lives. Trust is program which could introduce much more uncertainty about what the government can actually do Going Forward. And will people on the lowest income still pick up the bulk of the, of the costs of the costs and, and what about middle class families . Everything from mortgage to, to food is getting more expensive now and you can absolutely so on balance, the measures are regressive, which means that people at the lower end will suffer, will get the least amount bent, that will suffer more than people who have more income and not apply to lower economic classes as well as middle class as well. And as you write, you points out the, the thing that really hit people ha, is the increase in interest rate. So peoples mortgage is when they reset their mortgages, most people and you have to go to your fixed Mortgage Rates and many of them will start to reset over the next 12 months. Theyll be in for shock them. Monthly payments could double or triple even in many, many cases. So this is really quite a big shot to, to the system. Express, especially peoples expenses. And the bank of england, this is, is not going to keep intervening for, for too much longer. They are expected to, to, to raise Interest Rates. But what does all of this mean Going Forward then . Yeah, the bank begins in a tough degeneration because on the one hand, they had committed to stock buying Government Bonds. But obviously last week they had to buy Government Bond to the people lies the u. K. In straight markets. So thats one chatting is they face because theyre having to do things contradict another policy that same time as you rightly points out they. They have committed to raising Interest Rates to reduce inflation. Now the issue here is that the market so expect them to raise Interest Rates very significantly, up to maybe 5 percent. So even 5 hopson by next year. Thats more than the bank. Said that they are willing to increase in rates by but inflation is very high in the u. K. Now, of course, because the u. K. Has this angie price cap, that means the patient could come down a bit. But on balance bank, thank the gland is in the top situation of having to raise rates at a time where peoples peoples Household Bills are going up. And this, these plans by the, the British Government have been dubbed trust nomics and its modeled on reaganomics, which is of course, a reference to the u. S. President s tax cuts in the 1980. The idea being that these tax cuts would create more wealth in the economy and thereby lead to higher tax revenues. Does. Does that work . I mean, has it ever really work . Thats a good question. I mean, theres a big debate around all of this. I mean, in general, it seems like the effects are much weaker than people think. So that will trickle down economics that the, the historic evidence is quite weak, that it does work. What does tend to work more so called supply side reforms. And this is something thats part of trust economics, which is to reduce regulations, reduce red, say make it easy for business to operate in the u. K. So that is something that lives proper ministration is engaging in other potentially could be positive in the long run. So there is a silver lining, and all of this, the question is whether she has the will and the buy in from a policy to be able to push through those reforms in the coming few years. So, i mean, you, i know you mentioned the sort of political implications of this has that has the Prime Minister, lost her credibility. You think what, what does this mean for the long term and for the conservative party, i think theres been a big loss of credibility. One basic example is the fact that many of the, these announcements were not discussed with the rest of the cabinet. So the rest of the cabinet are starting to speak again, blue cross in public, which is a very bad sign. Public polling shows that lives cross is the least popular, tory leader for in modern times. So shes lost a lot of credibility with the public, but also within her party, said as theres already talk that there could be another leadership challenge which introduces additional uncertainty. So the next month also is gonna be critical for this cross to try to get over this negative and tried to stabilize her position. So its a very precarious situation that shes been right now. And the next 45 weeks are going to be critical to see whether shell be able to regain a credibility and push through her program. Will add half ease in london nicely with us. Great, thank you. The, the United States has gone through 332. 00 climate related disasters in the past 40 years that have cost, at least a 1000000000. 00, and theyre happening more often. Now. Hurricane ian is the latest and its estimated that could cost up to a 100000000000. 00 in damage and economic losses. That makes it one of the costliest storms in us history. President joe bidens recent climate law is providing only 37000000000. 00 a year over a decade. Kristen salumi reports from new york, tallying up the losses from Hurricane Ian has only just begun. Our roof is in the back of the house. For these retirees, seeing the damage to their homes and neighborhood was overwhelming. Theres no words for it. Its like holy cow, what a mess. The south west coast of florida took the brunt of wind and storm surge, but the impact of the heavy rainfall was felt further inland and up the United States. Eastern coast experts say whether storms is one impact of Climate Change. The majority of the cost, as well as the lives lost as a result of hurricanes and tropical cycle, and comes from flooding. It comes from storm surge. It comes from the rainfall. One of the costliest storms in u. S. History superstore. Miss sandy wasnt even a hurricane by the time i got here in new york, and yet heres where did the most damage. 82000000000. 00 and flooding an infrastructure costs some early estimates for hurricane in are approaching that. More than 40000 utility workers were dispatched to florida alone to help restore pat power water mains and roads have also suffered extensive damage. Not to mention bridges. The governor said 800 of them were in need of assessment. President biden declared a disaster in florida. Paving the way for federal assistance for infrastructure as well as individuals. It me, the federal government provide individual assistance of 37900. 00 for home repairs and other 37900. 00 for loss property for everything from automobile to last wedding with several Health Care Facilities damaged and forced to evacuate Health Impacts and related costs will take years to fully understand and has gone in the flash while the human cost remain. Incalculable. Kristen salumi for counting the cost new york, oregon and also knocked out pow across all of cuba and devastated some of the countries most important tobacco farms. Several other nations experienced extreme weather conditions last month, including pakistan, where the worst floods in the countrys history left a 3rd of its people under water. The un secretary general antonia good parish accused the wolves 20 riches countries of not doing enough to stop the planet from overheating and developing countries are calling on rich nations to pay the losses. The Climate Change has inflicted on the worlds poorest people. Well, joining us now for munich is dr. Miranda shaw as chair of environmental and Climate Policy at the Technical University of munich. Thanks for being with us, doctor. Let me ask you 1st off, the damage for this is estimated cost up to 100000000000. 00. How is that going to be paid for . Whos going to pay for it . Its an extremely expensive storm that is going to cost the Insurance Companies as well as private individuals and eventually also the state huge amounts of money. Its, its something that all of us will have to chip into all of these kinds of big storms or storms that need to be paid for by multiple individuals. But the reality is this money thats money that many people dont pass. And the un secretary general antonio parish has said the Hurricane Ian shows that no economy in the world is, is immune from the climate crisis. Is this 370000000000. 00 . Thats the, the government there is providing under this new climate, or is that going to be enough to tackle the problem . You know, theres so much work that needs to be done with Building Infrastructure in north america. The United States in particular, which just hasnt invested enough, whether its in the electric grid system and bridges and roads. And then a new technologies like the Renewable Energy field or electric automobile that, that alone is going to require most of that money. And when we look at climate adaptation, the reality that we have rising sea levels that we have storms that are expected to increase in intensity. So what we saw here with, with ian is likely to become something thats much more regular, much more often really damaging storms. Theres going to be a lot more money that needs to be invested into rethinking how we build, where we build and bringing nature back in, in order to protect coastlines, better in the past, weve been building, and i say we, i mean all around the world, weve been building right along the coast, weve been building an areas where it requires deforestation taking away the mangrove forests and its up South East Asia and the florida keys, where you see people building on sandbanks. Its really something that needs to be reconsidered because Climate Change is going to mean were going to have higher seas are going to have more storm surges. Were going to have more intense rainfalls. And this is unfortunately