With not enough young people prepared to take up the craft. We start here in the uk with a warning that soaring Interest Rates could be increasing social inequality and widening the gap between the haves and have nots. Thats according to one of the bank of englands Policy Makers who has been speaking exclusively to the bbc. Dr Swati Dhingra has been on the Banks Monetary Policy Committee since august of last year, and has voted against raising Interest Rates at seven of its last nine meetings. It comes as official figures out shortly are expected to confirm the Uk Economy Stagnated in august, after a surprise decline onjuly. Dr dhingra suggests the steep rise in Borrowing Costs could be pushing the uk into recession as she explained to our chief economics correspondent, dharshini david. The reason why the rates have been raised is because of the kind of price increases we are seeing which is energy and food. Those will typically contact poorer people more and the Interest Rate also typically impact younger less educated people more. Eventually when we come out of all of this, were going to see the possibly inequalities. We dont know how much it because the numbers are not out. We have been hearing more that many of these pressures are falling more severely on poorer people. Falling more severely on poorer eole. ~. , falling more severely on poorer neale, ~. ,. ,. , falling more severely on poorer eole. ,. ,. People. What are you expecting to see play people. What are you expecting to see play out people. What are you expecting to see play out over people. What are you expecting to see play out over the people. What are you expecting to see play out over the comingi to see play out over the coming months in terms of the growth picture . Are you fearful that were looking at a severe downturn . I were looking at a severe downturn . Downturn . I think that is definitely downturn . I think that is definitely that downturn . I think that is definitely that risk. Downturn . I think that is definitely that risk. The | definitely that risk. The economy has already flatlined and we think about 25 of the impact of Interest Rate hikes have fell through to the economy. There is this worry that might mean were going to have to pay higher costs than we should be paying. That being said, what we are seeing in the economy unfold is there were some resilient early on and fortunately we did not see the worst Case Scenario which was Energy Shortages happening in the economy. We do not see that really bad Case Scenario unfold. As long as those sorts of events do not happen, we would see a flatlining economy possibly with some weakness, more weakness and growth and what the average bank us. That is my personal view. Is my personal view. Some economists is my personal view. Some economists are is my personal view. Some economists are saying is my personal view. Some economists are saying we | is my personal view. Some economists are saying we could be entering a recession. How likely do you think that is . I think it is very hard to get a definitive answer on that. When you are going slowly as we are going now, the chances of recession or not recession are going to be pretty equally balanced. We should be prepared for that, we should be thinking about, it is not going to be rate times ahead great times. Hetal mehta is head of Economic Research at the investment managers, st jamess place. Hello and welcome to the programme. We are awaiting these figures for august. What are you thinking they are going to look like . I are you thinking they are going to look like . To look like . I think we are likely to to look like . I think we are likely to see to look like . I think we are likely to see a to look like . I think we are likely to see a week to look like . I think we are l likely to see a week number. Im not in his early expecting a slight increase in gdp. We had last month the numbers that came out forjuly really had a perfect storm of weakness. Strikes, really bad weather and i was pushing down gdp. Some bounce back is inspected but gdp is still very weak. Were going to be probably hovering close to zero in todays numbers and also looking ahead. Talking of perfect storms, world events really are impacting on people � s lives. Obviously we had a pandemic, we had the invasion of ukraine and now watching very closely was taking place in The Middle East. We are heading into winterfor east. We are heading into winter for the northern hemisphere. Winterfor the northern hemisphere. A winter for the northern hemisphere. A lot of people are going to be keeping a very close eye on oil. Close eye on oil. That is riuht. Close eye on oil. That is right. Global close eye on oil. That is right. Global markets i close eye on oil. That is i right. Global markets dont like uncertainty. Consumers and businesses dont like uncertainty. Higher oil prices feed into high inflation and inflation itself creates a lot of uncertainty about the outlook. I completely understand the gloominess and i do think we have not seen the full impact of the rate increases coming through. There is probably still some economic pain ahead, unfortunately. There are winners and losers when it comes to raising rates. What sort of advice is your Organisation Giving . We have lots of advisers, Organisation Giving . We have lots of advisers, cannot Organisation Giving . We have| lots of advisers, cannot really speak for them. Lots of advisers, cannot really speakfor them. I do lots of advisers, cannot really speak for them. I do think we have to be very mindful that people have a lot of exposure to Interest Rates, some positive, some negative. I think looking at the Labour Market, Thejob Prospects at the moment, we are in incredibly tight Labour Market. Starting to see signs softening. Unfortunately, that is probably likely to continue. Labour incomes for the economy are still likely to remain weak. , ~ are still likely to remain weak. ~ ,. , are still likely to remain weak. , ~ ,. , are still likely to remain weak. ~ ,. Weak. Thank you very much. Thank yon to the us now where Policy Makers at the Us Federal Reserve all agreed that Interest Rates will have to stay high for some time according to the minutes from their last meeting. But they expressed growing doubts about the future direction of the us economy. Erin delmore reports from new york. Federal reserve officials are embracing the higherfor Federal Reserve officials are embracing the higher for longer strategy. That is according to the neoliberalism minutes from their september meeting. The reader shows while officials are divided on the question of whether the Us Central Bank will hike Interest Rates again before the year is out, they all think the thing rates will remain high for some time. What the fed decides it dictates the cost of Borrowing Money in the us and a Spillover Effects on Financial Markets everywhere. Higher rates make it more expensive for americans to take out a loan on a house or car and makes it more expensive for businesses to borrow money through loans or lines of credit. All of which slows growth. Meanwhile, the interest paid on Us Government bonds are also moving towards its highest levels in more than 15 years. That could end up having the same effect as a faded rate hike without the fed having to act. During that september meeting, participants viewed the economic climate, including strong growth and a cooling Labour Market, as positive indicators. Since then, we have seen a octoberjobs report beating expectations. We have also seen a full blown conflict erupted between israel and hamas in The Middle East. That parents to constrict oil supply that would elevate prices and contribute to headline inflation. The next time the fed means it is clearly going to have a whole new set of circumstances to consider. Joining us from new york. Some economists believe the feds cycle of Interest Rate rises could already mean the us is headed for recession. Our base case is as we move into 2024, us economy falls into 2024, us economy falls into recession. There are a few reasons for that. First and foremost, we are now about a year and i have passed the first hike from the Federal Reserve. This has been one of the sharpest and most hawkish Hiking Cycles in the last 40 years. If you go back from world war ii until now, weve had 13 Hiking Cycles from the Federal Reserve and ten out of 13 of those Hiking Cycles have resulted in a us recession. Lets speak to keith hall from the mercatus center, which is a pro free markets think tank. He has previously held government roles including director of the Congressional Budget Office and as commissioner of the bureau of labor statistics. Hello. You agree the us could be headed for a recession . So far that data is held up pretty well. I think we had a more than solid Labour Market data release from september. Is release from september. Is there any indication the fed is going to raise rates . What are you hearing . You hearing . They are clearly signalling you hearing . They are clearly signalling in you hearing . They are clearly signalling in a you hearing . They are clearly signalling in a sense you hearing . They are clearly signalling in a sense they you hearing . They are clearly signalling in a sense they are | signalling in a sense they are undecided. And talked about watching the data over the next few months. It sounds like they could go either way. They could continue to pause the rates or could continue to raise them over time. Could continue to raise them overtime. It could continue to raise them over time. It is really going to depend on data. Later today we have the Consumer Prices coming up which is one of the things they are going to look closely out. Things they are going to look closely out things they are going to look closely out. How generally is the us economy closely out. How generally is the us economy coping closely out. How generally is the us economy coping with | closely out. How generally is the us economy coping with high Interest Rates . Interest rates . Really seem to be holding Interest Rates . Really seem to be holding up Interest Rates . Really seem to be holding up quite Interest Rates . Really seem to be holding up quite well. Be holding up quite well. Almost puzzling the Labour Market has held out quite so well. Unemployment rate still rather low and they have not been any real signs of distress. Had a little bit of a slowing injob distress. Had a little bit of a slowing in job growth distress. Had a little bit of a slowing injob growth but again, september Employment Data showed it take to back up a little bit. Data showed it take to back up a little lsit a little bit. Why be surprised b the a little bit. Why be surprised by the labour a little bit. Why be surprised by the Labour Markets . A little bit. Why be surprised by the Labour Markets . In i a little bit. Why be surprised by the Labour Markets . In a | by the Labour Markets . In a sense, by the Labour Markets . In a sense. They by the Labour Markets . In a sense, they are by the Labour Markets . In a sense, they are trying by the Labour Markets . In a sense, they are trying to i by the Labour Markets . In. Sense, they are trying to cool off Labour Market by raising Interest Rates, trying to slow down the inflation pressure. Normally, at least in the past when they raised Interest Rates like that, of course it has slowed down the Labour Market a little bit, that is the danger of going through this exercise you are trying to slow the economy down but not too much. And then the challenge of having a lagged effect on prices when they raise Interest Rates. It is hard to know what sort of Effect Rate Hikes have already had. On Consumer Prices Going Forward. We already had. On Consumer Prices Going Forward Going Forward. We will leave it there for now, Going Forward. We will leave it there for now, thank Going Forward. We will leave it there for now, thank you. 25 years ago, a third of the worlds population faced extreme poverty. That figure has fallen today to around 9 . However, according to a top official at the world bank, since the covid pandemic, the trend has begun to reverse with the number of people in poverty beginning to rise again. Axel Van Trotsenburg has told the bbc� s economics editor faisal islam that the lender needs more funds to tackle the threat of Climate Change to the developing world. The first decades, extreme poverty increase again. And there is another challenge, gradual states. There is another challenge, gradualstates. Expect there is another challenge, gradual states. Expect over half of the extreme poor rule live in these countries by 2030. That means if we want to deal with it, we need to deal with some of the global challenges and can be fragility and also on climate. I dont think they are separate. They are part of the same coin but there is also a need for additional resources. Lets start with the poorest countries. We are successful with a fund for the poor Cold International development association, every three years and envelope, the last envelope is 93 billion. From donors, about 24 billion. We need to get to a record replenishment because the needs, we need more resources make the case. This fund is of resources make the case. This fund is of particular resources make the case. This fund is of particular interest for the uk. Fund is of particular interest forthe uk. Forten fund is of particular interest for the uk. For ten years, we were the biggest single donor to the ida and that has changed . Has the impacted what you can do and what do you say to the uk . To the uk . One of the things is, this to the uk . One of the things is. This was to the uk . One of the things is, this was not to the uk . One of the things is, this was not affecting to the uk . One of the things is, this was not affecting usl is, this was not affecting us because every dollar counts. Every dollar we get saves lives. The way i look at this fund is how you actually save life and presence at a future because that otherwise did not have a future. This caused real pain. We had other countries stepping up but the truth of the matter is that over the last couple of replenishment, the Donor Contributions have been largely flat around 24 billion for three years. 8 billion for three years. 8 billion per year. We need more of. We have been quite successful on this. We want to build on it and we want uk back higher levels. Around the world and across the uk, this is bbc news. Romford wheels new waterwheel turns history full circle. The . Turns history full circle. They would be turns history full circle. They would be pleased turns history full circle. They would be pleased of turns history full circle. They would be pleased of what. Turns history full circle. They i would be pleased of what we have done today because he was in innovator. The have done today because he was in innovator. In innovator. The owner didnt have to find in innovator. The owner didnt have to find too in innovator. The owner didnt have to find too far in innovator. The owner didnt have to find too far to in innovator. The owner didnt have to find too far to find have to find too far to find someone to build the waterwheel. They found only one person who could burn the job. Designer david wilcox. fiur person who could burn the ob. Designer david wilcox. Our toys were very designer david wilcox. Our toys were very limited designer david wilcox. Our toys were very limited growing designer david wilcox. Our toys were very limited growing up i designer david wilcox. Our toys were very limited growing up so i was raised on meccano and that reflects. There was about 1500 volts. That reflects. There was about 1500 volts that reflects. There was about 1500 volts. , 1500 volts. Tucked away behind the new wheel 1500 volts. Tucked away behind the new wheel is 1500 volts. Tucked away behind the new wheel is a 1500 volts. Tucked away behind the new wheel is a water 1500 volts. Tucked away behind| the new wheel is a water source heating a superefficient turbine to generate most of the renewable electricity. Together with another Community Owned turbine it has cost £400,000 from crowdfunding and business donations. A sorting the final bit of plumbing is going to cost more money than they have. We need about £40,000. We have started crowdfunding, i think we are at about. Youre live with bbc news. Shares in the german Sandal Maker Birkenstock have fallen almost 13 on their first day of trading on wall street. The company, which traces its roots back to 1774 and a cobbler� s shop in western germany, floated on the New York Stock Exchange on wednesday with a value of around 8. 6 billion. But it saw over A Billion Dollars of that wiped out in one of the worst Stock Market Debuts of a Major Company in two years. So, what caused the sandal giant to trip up . Fiona cincotta is from the Spread Betting Company City Index here in london. Hello there to you, fiona. We started off at 46, it ended market close at 40. 06. Why did the Market Reject Birkenstock . Hi, thank you for having me. Yes, this was really quite a big disappointment, just adding to those statistics of the 300 in the us that have been over1 million, only 13 have fared worse. This tells us we have seen really weak demand as far as the ipo was concerned. The price range that it was going to be set at was between 44 and 49, the price was set at 46 us dollars, and so when we then look at the financials, financially speaking, this is still a fairly relatively Strong Company in the sense it has seen 21 relative remnant Revenue Growth in the First Quarter of its current fiscal year, then 15 Profit Margin growth. Again, these are strong numbers. But when we start to look at the price to Earnings Ratio in the sales to price ratio, these were very high compared to competitors such as crocs and nikkei and adidas. They would have gone some way to meeting there is demand for the avo and thatis there is demand for the avo and that is what we saw the stock price drop, quite sharply when it floated nike. Um . Price drop, quite sharply when it floated nike. It floated nike. Why did they choose it floated nike. Why did they choose to it floated nike. Why did they choose to go it floated nike. Why did they choose to go public. They choose to go public back in september . Why now . It is in september . Why now . It is cuite in september . Why now . It is quite interesting. In september . Why now . It 3 quite interesting. There has been quite a lot of activity in the ipo market in recent months, we have seen four big ipos in the last four months, the ipo market has been very, very quiet over the last couple of years because it has not been a good environment, not been a good environment, not been what would be considered profitable, and encouraging environment to go public. So there is this feeling that things are tarting to change, this might be the time now for those start ups to go public starting to change. The fact we have seen such mixed performance from these big four Ip Performance from these big four ip ipos performance from these big four ip ipos we in the last four months it is delivery difficult market to go public in and i think we are going to see the other companies that are considering, other start ups considering, other start ups considering floating might really start questioning, and it is not an easy market right now. ,. ,. , now. Ok, fiona, we will leave it there for now. Ok, fiona, we will leave it there for now. Now. Ok, fiona, we will leave it there for now. Thank now. Ok, fiona, we will leave it there for now. Thank you i it there for now. Thank you very much. To indonesia now, and a row over plans to develop the island of rempang, located close to singapore. The island is earmarked for a new Industrial Zone to host factories including a chinese owned glass and solar panel plant. But it would mean moving 7,500 people from their homes and some locals are resisting. Astudestra ajengrastri has been investigating. Indonesias strategy inviting direct Foreign Investment into the countrys Manufacturing Industry will see this village transformed into an industrial ego city. This chinese firm has agreed to build a factory here to manufacture glass and solar panels. This island is rich with quartz sands, one of the main components to making solar panel, and it is strategically located because it is very near to singapore, which you can see from here. There are 16 old villages here and most of the people here have been living as fishermen for decades. The Development Plans have been around for about 20 years, but were on pause until recently. The fresh push and the idea of relocating lead protest from the locals. The first phase of the locals. The first phase of the factory related 900 families being displaced but only one third have signed up for the governments alternative housing plan. Translation the location is ready. Around 450 hectares. We will have schools, public offices, mosques, entrance roads, we will build them all. The designated place still covered with vegetation. The settlement will not be ready for another two years. While waiting, families will be temporarily moved to another city far from the ocean. This grandma is among those reluctant to move. The centenarian has eight children, 30 grandchildren and 29 great grandchildren, all of them live in the same village. Translation if them live in the same village. Translation them live in the same village. Translation if All My Children have moved translation if All My Children have moved out, translation if All My Children have moved out, i translation if All My Children have moved out, i will translation if All My Children have moved out, i will come have moved out, i will come with them. But if they refuse, if there is no place to go, no compensation, i try to stay. I am already old. If i die, where will they bury me was to mark out in the ocean . We will end our programme in italy. We cross to rome, a city known for its fine food and its stylish dressers. We are thinking more about how sharp they are when it comes to fashion. Italian tailoring has long been renowned throughout the world as among the finest. But could italys Master Tailors be at risk of extinction . Many have no successors to take on their business. So, why are so few young italians interested in taking up the trade . Lets find out, shall we . Lets speak to gaetano aloisio, Master Tailor and president of the National Academy of tailors. Good morning. Welcome to the programme. Just to give our viewers a bit of a background to you, you won the very prestigious golden scissors. This is something very close to your heart and you are only 22 years old, so why arent italys young of a similar age not entering Tailoring Fashion . We must introduce young people to Tailoring Art and let them know about many opportunities they could have one they undertake this profession. Young people find work immediately after school. All of them 100 , some of them begin apprenticeships already while studying. Just begin apprenticeships already while studying. Begin apprenticeships already while studying. Just to try and work out what while studying. Just to try and work out what is while studying. Just to try and work out what is holding while studying. Just to try and | work out what is holding them back from entering your particular sector, back from entering your particularsector, is back from entering your particular sector, is it the costs involved . It is not very large scale, is it . It is not whole scale when it comes to producing this beautiful fashion. It is very bespoke. Other atones are the returns too low . Other atones are the returns too low . , , other atones are the returns too low . Too low . Yes, yes. Absolutely. I dont too low . Yes, yes. Absolutely. I dont know too low . Yes, yes. Absolutely. I dont know if too low . Yes, yes. Absolutely. I dont know if you too low . Yes, yes. Absolutely. I dont know if you can too low . Yes, yes. Absolutely. I dont know if you can hear i dont know if you can hear me. I wasjust i dont know if you can hear me. I was just trying to get a feel for why the youth arent entering. Is it the money that is involved . Is it too difficult to set up by themselves . ,. , j ,. , difficult to set up by themselves . ,. , themselves . Todays world is fast, it is themselves . Todays world is fast, it is digital. Themselves . Todays world is fast, it is digital. Become themselves . Todays world is fast, it is digital. Become a i fast, it is digital. Become a tailor, you need time, you need years of studying and apprenticeship. You need patience, and you need to put together brains, hand and heart. In any case, today we see a greater return of young people towards craftsmanship and i am very happy about it. Ok. Thank you very much indeed. Thank you. Ok. Thank you very much indeed. Thank you thank you. Thank you so much. Thank you. Thank you so much. Thank you very quickly, just looking at those asian markets, if we can get those figures up for you. We have got the uk and hang seng that are up slightly nikkei. Everybody watching closely as events in The Middle East continue to develop. We have more on this coming up on bbc news at the top of the hour. Dont go away. Hello. Some fresh autumn weather on the way. Chilly even for some of us in Northern Parts of the uk, but certainly nothing out of the ordinary. Its been so mild across so many parts of the country so far this month, so were back to really where we should be this time of the year. So, this is whats happening on thursday. This is the air mass, the temperature of the atmosphere. So, still some warmth and humidity across the south. In fact, temporarily, thursday into friday, well see a resurgence of that warmth as the Wind Direction changes temporarily from the southwest. But then, come saturday and sunday, its a northerly, and that autumn chill arrives, A Touch Of Frost across Northern Areas by night, even a little bit of wintriness across the scottish hills. So lets have a look at the forecast then through the early hours, really quite cloudy and wet across some southern parts of the uk, but to the north of that, its generally clear and chilly. In the glens of scotland, temperatures barely above freezing, but most of our northern towns and cities, around 3 to 4 degrees celsius. In the south, on the south coast, its still really quite mild, remnants of that warmth left over, but a lot of cloud during the day, little dribs and drabs of rain, and then, i think, across much of yorkshire, Northern Ireland, the bulk of scotland, a bright, if not sunny day, just scattered, fairweather clouds, 13, 14, still 18 in the south. But then come the evening, widespread heavy rain sweeps in to many parts of england and wales, so a really wet thursday night into friday, a really complicated weather map here. On the one hand, we have a Weather Front coming in, a low pressure from the south, then weve got a cold front coming in from the north. You can just about see it here. So i think, for a time, wet in the morning on friday, temporarily, that warmth, it literally clips the southeast with temperatures up to 20 in london, 19 in norwich, but the colder autumn air arrives in scotland, Northern Ireland and Northern England as well. So its a northerly, temporarily a northerly, but then into next week, High Pressure builds, and were right in the middle in the centre of this area of High Pressure, so that means the winds will be generally light, therell be a lot of sunshine around, so its going to feel very, very pleasant indeed, i think. A lot of crisp autumn sunshine on the way. Thats it from me. Bye bye. Good morning, welcome to breakfast with Charlie Stayt and naga munchetty. Our headlines today. Hundreds of thousands of israeli troops gather on the gaza border ahead of a widely expected ground invasion, in response to last saturdays attack. The United Nations says air strikes on gaza have left more than 300,000 people homeless and calls for Essential Supplies to be allowed to reach civilians. As the government moves to stop more children using vapes, we meet the 12 Year Old Girl who suffered a collapsed lung because of her addiction to them. Dont start doing it because once you start doing it, you dont stop doing it. You only stop when youre basically. You have to, its a life or death situation. The family ofjoanna simpson, who was violently killed