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World Business Report

their existing members but trying to attract new ones. and with inflation running at 10% as a headline and food inflation in the high double digits, you can understand why. absolutely, and there is a lot of sympathy nationwide for nurses. because we all remember well that they worked right through the pandemic in extremely dangerous and difficult circumstances, keeping the nhs going to a great degree. so it will be interesting to see how this does play out for pat cullen, who is leading the icn, she has provided the forefront of this with grant shapps —— leading the rcn. with grant shapps -- leading the rcn. �* . ., the rcn. big challenge the government _ the rcn. big challenge the government has _ the rcn. big challenge the government has is - the rcn. big challenge the government has is that - the rcn. big challenge the government has is that it l government has is that it provided a 10.1% increase in the old age pension in the budget so any public sector worker will use that as the inch mark. if the government is prepared to give it to one part of the uk population it seems odd that they are not prepared to give it to the other. equally the government will say, well, there is very little money in the kitty, the uk

Inflation , Members , Lot , Food-inflation , Headline , Digits , Ones , Sympathy , 10 , Nurses , Pat-cullen , Nhs

Way Too Early With Jonathan Lemire

claims data. >> that still does potentially loom on the horizon. the bank of england raised interest rates by a quarter point. that's the 12th hike in a row. tell us the sense in europe if they believe this could temper inflation and do we think the continent could also be looking at recession? >> the bank of new england has taken recession out of its vocabulary. it seems to think there should be a flattening in terms of growth just above that 0% mark, in fact. so who knows where that could actually continue to go. with interest rates remaining at their current high levels, of course inflation still at double digits then. that march number 10.1% is where we saw it. so all of those factors still impacting, still hurting. in fact, today we saw a gdp number come out at 0.1% for the

Point , Sense , Interest-rates , Horizon , Data , Claims , Row , Bank-of-england , 12th-hike , Europe , 12 , Inflation

BBC News

will be back with you a little later. take us through how the bank of england makes this decision. the monetary policy committee, what do they weigh up on the decision that affects the lives of so many millions of people? they weigh up what they think inflation will be in the future and the challenge is inflation is always looking backwards as an indicator so we look at how far prices have risen in the months gone by, the 12 months in recent times, and i will skip forward. to address that question we will look at this graph which shows where inflation was running two until march this year. prices have been rising up until march 2023 and inflation rising at 10.1% and prices rising at that percentage, a massive increase where inflation is against a year ago. the bank of england

Decision , Bank-of-england , Monetary-policy-committee , Inflation , People , Prices , Lives , Millions , Challenge , Indicator , 12 , Times

BBC News

capitat— half a percent. temporary 100% capital allowances for qualifying business investment and measures aimed _ business investment and measures aimed at— business investment and measures aimed at increasing labour market participation seem to have positive effects _ participation seem to have positive effects on — participation seem to have positive effects on potential supply. the outlook — effects on potential supply. the outlook for inflation. annual consumer price inflation is come down _ consumer price inflation is come down from — consumer price inflation is come down from a peak of 11.1% in october last year— down from a peak of 11.1% in october last year but — down from a peak of 11.1% in october last year but remains very high. the latest _ last year but remains very high. the latest figure of 10.1% for march were _ latest figure of 10.1% for march were 0.8% than we expected at the time of— were 0.8% than we expected at the time of the — were 0.8% than we expected at the time of the february report. —— 0.8% higher _ time of the february report. —— 0.8% higher food— time of the february report. —— 0.8% higher. food inflation has been particularly high reaching 19.1% and this particularly high reaching19.1% and this is— particularly high reaching19.1% and this is not— particularly high reaching 19.1% and this is notjust happening here in the uk — this is notjust happening here in the uk. food inflation rates are similar— the uk. food inflation rates are similar across europe. we are acutely— similar across europe. we are acutely aware of a difficult this rising — acutely aware of a difficult this rising food prices is for people and especially— rising food prices is for people and especially those on lower incomes.

Tabour-of-inflation , Effects , Outlook , Consumer-price-inflation , Labour-market-participation , Measures , Supply , Business-investment , Outlook-effects , Participation , Capital-allowances , Investment

BBC News

markets, but who knows what geopolitics russia and ukraine could throughout. we put this onto a giant mix, and my impression is that we have had this 12th rise. this is not a case of 12 and out. perhaps it goes further because inflation is not yet under control. there are fears it has become embedded, and there is fears in the uk context that it there is fears in the uk context thatitis there is fears in the uk context that it is a little stickier than it is elsewhere. the bank leaving their options open, leaving the weapon loaded for further rate rises in the future, at least one injune. loaded for further rate rises in the future, at least one in june. thank ou ve future, at least one in june. thank you very much- — future, at least one in june. thank you very much. let's _ future, at least one in june. thank you very much. let's go _ future, at least one in june. thank you very much. let's go back - future, at least one in june. thank you very much. let's go back to i future, at least one in june. thankl you very much. let's go back to our business reporter. david, give us some comparisons internationally. how does the uk compared to the us and the rest of europe? i can how does the uk compared to the us and the rest of europe?— and the rest of europe? i can do that. we were _ and the rest of europe? i can do that. we were just _ and the rest of europe? i can do that. we were just talking - and the rest of europe? i can do that. we were just talking about inflation levels and where they got to any uk, at 10.1% i said that was

Case , Markets , 12th-rise , Impression , Geopolitics , Mix , Russia , Ukraine , 12 , Inflation , Bank , Uk

BBC News

insight? faisal, can you give us some insiuht? ., ' , ., insight? that 12th interest-rate rise in a row. — insight? that 12th interest-rate rise in a row, up— insight? that 12th interest-rate rise in a row, up to _ insight? that 12th interest-rate rise in a row, up to 4.596, - insight? that 12th interest-ratel rise in a row, up to 4.596, widely rise in a row, up to 4.5%, widely expected. if you look at the detail of something else that got released today, this the monetary policy report for it. it is a quarterly health check of the economy. what we have seen some sharp changes to the forecast every three months, principally because energy prices have been so volatile, they were very high at £4 a firm, as the gas market calls it, and they've gone down to a third of the pat valley right now. it has had a big impact on the economic forecast. that has been a significant... that sounds like great news, it was so bad in the previous forecast that it gets us to quite modest growth. that is a glass half—full element of the new forecast. the less good thing is that inflation, although it has fallen from where we are at the moment, 10.1%, it fall slowly, more

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BBC News

upgraded the prospects for the british economy, saying it now thought the uk would grow modestly over the next couple of years. we can speak to our business reporter. a bit more explain because inflation is above 10% at the bank of england says we have got to act now to bring it down. —— and the bank of a man. you can see inflation in recent years bubbling along at around 2% which is the bank of england's target so sometimes it has been above and sometimes below but not too far from it and that is until the height of the pandemic and just after, when inflation started to rise very rapidly, notjust here but all around the world, peaking well over 10%, and it has fallen in recent months but it is close to a 40 recent months but it is close to a 1t0 year high, 10.1%, and the governor of the bank of england explains the rationale for why interest rates would rise to

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World Business Report

rates to a 15 year high at 4.5% as it continues its fight against high inflation. and donald trump calls for republicans to let the us default on its debt rather than give way on biden's spending plans. hello. a warm welcome to the programme. this is world business report, i'm ben thompson and we are going to start in the uk where the bank of england has raised interest rates for a 12th consecutive month. all of that as it tries to fight high inflation. uk interest rates were raised by 0.25%, while the bank said inflation would fall sharply in april but not as far or as fast as it previously thought. last month inflation slowed to 10.1% but that figure is still way above the bank of england's target. remember that target is 2%. let's speak to victorias, head of investment at

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BBC News

accommodate and deal with the inflation of that level. economic activi is inflation of that level. economic activity is holding _ inflation of that level. economic activity is holding up _ inflation of that level. economic activity is holding up better- inflation of that level. economic| activity is holding up better than expected — activity is holding up better than expected so today we are forecasting modest _ expected so today we are forecasting modest but positive growth and a much _ modest but positive growth and a much smaller increase in unemployment. we think inflation will unemployment. we think inflation witt fatt— unemployment. we think inflation will fall quite sharply over the coming — will fall quite sharply over the coming months, beginning with the april number, which will be released in a couple _ april number, which will be released in a couple of weeks. energy prices have _ in a couple of weeks. energy prices have fallen — in a couple of weeks. energy prices have fallen from their peaks and that we — have fallen from their peaks and that we now start to come through as low inflation. —— that will. food price _ low inflation. —— that will. food price inflation will ease but we can be less_ price inflation will ease but we can be less sure about this in terms of timing _ be less sure about this in terms of timing but — be less sure about this in terms of timing but let me be clear, inflation _ timing but let me be clear, inflation remains too high. that was andrew bailey. _ inflation remains too high. that was andrew bailey, the _ inflation remains too high. that was andrew bailey, the governor- inflation remains too high. that was andrew bailey, the governor of - inflation remains too high. that was andrew bailey, the governor of the | andrew bailey, the governor of the bank of england, explaining that inflation is too high and also drawing attention specifically to food inflation which bite march 2023 was running at 19.2%. inflation is at 10.1% and food inflation 19.2%,

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BBC News

prices and across the globe other countries are taking a similar approach, we have also seen a rise in interest rates. the inflation rate here is stubbornly high, 10.1% in march this year. the uk's chancellor of the exchequer gave this response to that latest rise. although it is obviously good news that the bank is now not predicting a recession this year, it is very challenging for families with mortgages to see interest rates going up but unless we tackle rising prices the cost of living crisis willjust prices the cost of living crisis will just continue prices the cost of living crisis willjust continue and that is why it is essential we stick to our plan to halve inflation and if we do that we can bring certainty back to family finances. the bank of england is predicting we will hit the inflation target, there's never been anything automatic about hitting it, thatis anything automatic about hitting it, that is why it is so important if we are going to bring certainty back to family finances, stop prices rising, that we stick to our plan to halve it. ~

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