Transcripts For ALJAZ NEWSHOUR 20221017 : vimarsana.com

ALJAZ NEWSHOUR October 17, 2022

This is al jazeera. Ah hello, im has, im secret. This is the news. Our life from dell ha, coming up in the next 60 minutes. The u. K. Prime minister, under pressure. As a new finance minister unveils plans to reverse most parts of a controversial economic package that will be more difficult decisions. Im a phrase on both tax and spending drone strikes. Hey, ukraines capital keith. But president zalinski says the attacks will not break ukrainians. Ethiopians, government says ill sees airports and other federal buildings in t. Great, but its committed to talks to resolve the conflict. Ah, the fight to stamp out Child Marriage is a campaign is launched in india, which has the largest number of young brides in the world. And im he, december, to the sport with just every month to go to the world cup organizes say, cousins tournament will welcome everyone as a festival of football. It brings the world together. And lets unify everyone here in celebration of whats going to be an absolutely amazing event. Ah, ah, hello, it is 1500 g m t for pm in london, where the you case, new finance minister will present his economic plan to members of parliament shortly. Jeremy hunt has already unveiled some measures they include reversing. Almost all of the proposals announced by his predecessor a parliament is meeting now. But the Prime Minister list trust is not attending comments lead a penny movement is taking her place. She says the Prime Minister is attending urgent business. We have made this change for a reason, and i understand that people want people want certainty and reassurance about their bills that businesses benefit. And i am sorry that the ive been leading to the changes today have added to the concerns about the major volatility that was already the existing in the economy. Thats why we are pushing it right today. Jeremy hunt announced the economic measures 2 weeks earlier than planned. The most important objective for our country right now is stability. Governments cannot eliminate volatility in markets, but they can play their part. And we will do so. Because instability affects the prices of things in shops, the cost of mortgages and the values of pensions. There will be more difficult decisions, im afraid on both tax and spending as we deliver our commitment to get that falling as a share of the economy over the medium term on a spring. And Andrew Simmons who is in western is the force. Andrew, we are expecting to hear from the, the new chancellor in a few minutes when he appears before Parliament Just but just bring us up to date on whats been happening there within the last now well, this was customer leader of the labor party is 1st opportunity to try to tackle the government over the fiasco has been occurring over the past 4 days. He wasnt able to speak the prominence youve already heard. Why . The explanation why, but he was almost humorous to begin with saying that penny morden, serb, leader of the house will everybody seems to get 15 minutes trying to be the Prime Minister or pretended to be the Prime Minister, or was that effect onto it . Show . There wasnt much laughter, but so then he got into that the main message of the labor party to the government. He was saying that long term damage had been cause to the economy by the Prime Minister. It was like crashing a car at a 100 miles an hour. Theres lasting damage. He said that so where is the Prime Minister . Is she scared of her shadow . He demanded to know why this had happened, and he said she must be honest about major mistakes. And he also said that there was a vacuum. Now in the u. K. Government, he wanted to know further details of what was going on. I had a modern sir, though, didnt really get into much detail than to say that sir. The Prime Minister acted in the National Interest and you can agree with it or not. But it took courage to do it. She said, of course he quit back about that, but not being the case at all, that it wasnt courage to do such a thing. So, oh, this is ron installment of many in a fast moving crisis. Been described by one m p as Something Like a soap opera that needs cut to come to an end. Well, the new chancellor has certainly calm the markets, but it took a colossal amount of reversing of all the decisions. Most of them anyway, less trust made along with quasi, quoting her ex chancellor, or who she more or less blame for it all, but they were her decisions. She was the one who wanted to actually a call for cutting taxes and growing the economy, but cost that didnt work out. Indeed an engine as you say, the, the new chancellor has com the market, sir, for now. But what does this do for a lizs less trust is position as, as Prime Minister, given that she is fighting for her job as each day goes by, is each hour goes by almost were just looking at the that the reversals of, of the decisions that, that the chancellor talk, 1st of all, i mean he, he basically the main highlight from all of the taxes. Hes the tax cuts and hes reversed. It is income tax. Its scott was to go down to 19 percent from 20 percent. Thats not just been postponed. Its been cut altogether and so his trust is being left now with a total reversal of what she was doing added to that the scheme for helping out the public with their heating bills was supposed to last 2 years. The financial scheme to cat the bills. Thats now laguna last 6 months. That will be a review by the treasury. That will be a different product. Maybe thats going to save taxpayers a lot of money. So trust has got to look all of the look at all of this and try and re package it as her own vision for the future will. Its not that its being ported out, not just by the labor party, a, some conservative party as well. That there is a lame duck Prime Minister. Now she doesnt appear to be in control. She doesnt even appear to be in power. Because jeremy hun, the chancellor is the key player. Hes revive the markets. The pound is getting stronger against the dollar now. And government borrowing, it is cheaper, but its still by no means over and done with. And weve got it. Were are still billions of dollars of Government Debt to deal with. However, a big move has been made and, and, you know, for now the some breathing space, the question now is the Prime Ministers future and the, the Financial Markets dont want instability. That the chaos thats going on over the past 4 days is one thing. But actually stabilizing the politics is the real challenge now and, and westminster is in, well, its in a spin because there are all sorts of plots going against Prime Minister as i speak. There are plans to try and bring in a caretaker, Prime Minister or hose alls, not firm plans. There are also other suggestions that the 1922 back Bench Committee which, which really does all the moving and shaking her in terms of government, that members of parliament and elections and so on and so forth. They could change the rules for bringing in another leader that will all cost that will all cost in terms of public popularity. But the feeling is amongst many quarters in this, a government now is that they cant really afford to carry on with less trust. But then they cant go for an election because that would be disastrous. The popular to this government is going down and down and down. Its below 20 percent suggested by one opinion poll from the past 3 days. And so now what do they do . Well, its likely its very possible there will be a move to bring in a new leader. Possibly its. I take a Prime Minister, a catholic, a Prime Minister as a number of people who could take that role. And maybe thats for 3 months. And then they get more serious about, hopefully stabilizing in the run up to an election, which will be in 2024. Certainly by the end of that year. That has to be so that gives them some space. But the thinking right now is that the conservative party has got a total car crash on its hands and less trust is in serious, deep trouble or writer for the moment. And you simmons, lifers. There are outside and westminster. How big your price is, their chief economic adviser at the center for economics and business research. Hes also a former u. K. Government economic adviser joins us now from london. Thanks for being with us now as we were hearing from and you there. And what were the new chancellor has done as, as help the markets for now, but what happens next . Its a very good question. The reason what you needed to do something today, i had to announce it early in the morning, and fact and note came out to the treasury. You know, before the markets opened at 8 oclock here in the u. K. It was really because the bank of england, which had been supporting the markets by buying bombs and reducing the yields as fast as we possibly could over the last 10 days or so. I was stopping doing so on friday. And the fact it did. And now im sorry what it was gonna do. And of course everyone was looking with presentation on what may be happening on monday morning. So they had to come to markets ahead of the opening, which they did. So yields indeed have started coming down and the pound has stabilized effective, strengthening slightly, as weve just been hearing. As always, of course, on the back. Oh, very substantial. You tons that have taken place, which can only really the government in a rather weak position in terms of the market thinking what else is going to change . And as we heard from jeremy, the new chancellor, hes only been there for 3 days. There may will be more tax increases, more changes and publics expenditure cuts, which i get into home the economy quite substantially say ill put through. So where does this now leave the, the free market ideological wing of this government, which really inspired these proposed tax cuts. Its not got a good reaction from, from the Financial Markets as we were saying. And now they have almost complete reversal of those tax cuts, original tax cut plans. They now started been thoroughly discredited. Well, as we heard from the chancellor, he says, we still want to go back to that model that lease trans was pushing, which is really reducing the tax burden on on firms. Im going to individuals and pushing for growth. The truth is, of course such, its very unlikely that any of her plans would have led to any fantastic growth in the u. K. Given the environment that we really given the fact that the economy slowing down anyway, given the fact that Global Economy itself is in trouble. What is going on in russia . Ukraine is, or continuing. And there are still serious worries about what may happen to gas prices in the future. So all that combined would have negated quite a lot if a growth policies, if you want to call them that. Now of course, with the change in planning on all this, what were doing is removing quite a lot of money from the economy that would otherwise have come in. But at least there is a little bit more money that can be spent in the areas that the government really is concerned about. Whether its National Health service or the defense budget, or you know, possibly or certification areas which need extra cash. And where of course, what had been announced in terms of the tax cutting measures of september 23rd would have necessitated huge extra amount of borrowing, which the markets really wouldnt have provided unless they got very, very high Interest Rates in return. And that was the real dilemma that jeremy hunt was facing, and thats why you dont you turn, but im afraid it means that individuals and businesses now have even more uncertainty as to what happens ahead and even more uncertainty as to whether they will be supported beyond the next 6 months, given that the electricity price phase was introduced, seems to now be limited quite significantly. So we have to do a rethink on that basis. Everyone is downgrading Economic Growth in the u. K. So really go back to your original question. The plans and the Market Growth model, which i think the stress wanted to see happen, is just operate. So where does this now leave britains britain place in the Global Economy . It is the 6 biggest economy in the well, but its no longer part of the European Union if last years amount of credibility and im afraid we have to live with that. And when you look at sterling, yes, he has recovered a little bit. But if your growth dictations have been downgraded and will be downgraded again, then im suspecting that wed be looking at the u. K. Sort of negatively. Remember just before the, those announcements sovereign credit risk was downgraded in the u. K. By suddenly one of the southern risk credit companies. And the expectation of course, is now that shes looking ahead. We may well see a drop in g d p over the next year. Now of course, you mentioned that when a longer part of the, you know, the you is having problems as well. And the forecast from the mess where that countries like germany and italy, were going to see negative growth next year. The had the u. K. Having a little bit of growth point 3 percent is what they thought the 2023. I think that would have to be re estimate of that. So we talking about negative growth possibly in the u. K. Next year to alright. Good to get your analysis on this. Vicky price, thanks very much. I stay with al jazeera because were we will be yeah. Hearing from the new u. K. Chancellor, later in this now and he still had now the battle to lead brazil, the top contenders. Face off in their final debate before the runoff election. Tough lessons for hong kong teachers. Why many educators are quitting and brazil star name . Ah, if he is in spanish court, as he denies allegations of fraud and corruption, he tells coming up at school. Ah, for less than i had professed, at least 4 people have been killed and 16 injured in drown strikes on ukraines capital. Official say keith was struck several times in an Early Morning attack by Russian Forces using drowns cities mass as they hid the Central Shaft krinski district. That same area was shelled by russia last week. Everything well have is right now. Hotel. It just, there are, its there at that. Here in historical film leave. Im due to the live and what the russians they destroyed all gone for. They destroyed our hometown. Did. They kill allows right no, amber, we see the error. These bear up is spirit douglas through the 3rd draw brace of this war. Roger. Good. The russians need you. Brainy result. You granules them back. Why big . You see below people who i am a gen june is in keith. Its so common fact a neighbourhood that were in right now that im, im actually over looking at the moment. A childrens playground where there are kids playing on slides and swings. There really gives you a sense of how quickly things change here and keep it was just early this morning that our team was awakened by the air raid sirens that were sounding out throughout the city. We were looking at the sky at different points and seeing those kamikaze drones trying to hit targets. Then wed hear the rat a tat tat sound coming from the air defense systems. They were trying to shoot those, those drones down for people confirmed it killed in keys. And that happened in a residential building that was badly damaged as a result of those drone strikes in the center of the city where the attacks took place. And the mayor of the city of italy, clinico, he said that one of the victims was an elderly lady, a resident of that building. And the 2 other the victims were a married couple, a man and a woman who was 6 months pregnant. So a certainly a very tragic news for the residents of that building. Weve also heard that there were 3 People Killed in attacks on the sumi o blast region thats on the border with russia. Now at the moment, there are some concerns that this could affect the power grid in the country because local officials have said that there were many Critical Infrastructure targets in different cities and regions that were targeted by these drones strikes to day. But you have officials that have tried to ease peoples concerns saying that even though some facilities were damage, the power grid is up and running. Yes, there were Power Outages and hundreds of villages, but they say that everything should be back on line and back to normal. Within the coming hours are taking a closer look now at the kamikaze drones. They are designed to hit enemy lines and are destroyed in the attack. Their small Unmanned Aircraft carry explosives, kamikaze drones are unlike traditional, larger and faster military drones that return to base after launching missiles. Earlier, my colleague nick clark spoke with edges here as defense analyst alix could topple us about the key of attack and the type of weapons used. Kamikaze drones are a very exciting name for what is i loitering in issue. So logic, munitions, so range of munitions at one end or they can loiter literally, hover above the battlefield, identify an enemy tank or an enemy position, a nose dive into it, destroying it. Now the other end, they are virtually cruise missiles, so they can travel a Long Distance and strike their target. Hundreds of kilometers inland, very much like weve seen here in keep to day in other irregular parts of russias austell. No, theyre not russia hers being behind in developing a low end tactical drones, especially on once. Its a cruise missiles and missiles have been used up significantly in the battle for ukraine and its running low. And now these were high end, high value, extremely accurate, but also very expensive, and their inventories have been depleted. Now these imported drones are not only accurate do the job, but theyre cheap as well. Higher forces from across the nato are taking part in the alliance. His annual nuclear exercise, the drills involved 14 countries and up to

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