earl to it's coming... wait for it. it is to early to spectate _ it's coming... wait for it. it is to early to spectate by _ it's coming... wait for it. it is to early to spectate by cutting - early to spectate by cutting interest rates, we have to see more progress, i'm encouraged by the progress, i'm encouraged by the progress that we have seen but it is too early to start speculating that we will be cutting soon. weight it was worth waiting for. victoria scholar, head of investment, interactive investor we heard from the bank of england, let's talk about the ecb and the bank of england, no great surprise rates didn't move. what everyone is pouring over is any indication about when rates might come down, as we heard there we shouldn't get our hopes up, should be?— heard there we shouldn't get our hopes up, should be? know, for uk money markets. — hopes up, should be? know, for uk money markets, they _ hopes up, should be? know, for uk money markets, they are _ hopes up, should be? know, for uk. money markets, they are anticipating rate cuts next year but not until june, that is when the first cut has been pencilled in but that was pushed back after today's decision from the previous estimation that the bank of england would cut rates in may. financial markets are pricing in one percentage point move of rate cuts in 2024, that would bring the base rate down to 4.25% in 12 months. the governor was a lot more cautious than the markets, he says the markets have their own view and he thinks it is too early to speculate about rate cuts. clearly, he is being a lot more dependent on the data. i think the main takeaway is that the bank of england is being a lot more cautious than the fed. it a lot more cautious than the fed. it is interesting that the language we are hearing is quite robust and normally we would get a bit of guidance, a bit of a normally we would get a bit of guidance, a bit ofa hint normally we would get a bit of guidance, a bit of a hint but he is very keen to point out that rates will not be coming down quickly. that is because in the uk inflation is still a problem, it is a similar picture in the eurozone and we have had similar comments from the ecb, they want to bring rates down but now is not the time to do so. that's riaht, now is not the time to do so. that's right. there — now is not the time to do so. that's right. there is _ now is not the time to do so. that's right. there is a _ now is not the time to do so. that's right, there is a clear— now is not the time to do so. that's right, there is a clear difference - right, there is a clear difference in messaging between the fed and the back of england and the ecb. the message is that interest rates are going to remain higherfor an extended period in the uk, sticking out these 15 year highs. the governor has said that there is a lot more to do to bring inflation down, i think that final stretch back to 2% can be tricky, we know that interest rates are a broad brush tool, there are good at sweeping changes but when it comes to tinkering around the edges, that will be a lot more difficult. when we look at the vote split, it was 6-3 we look at the vote split, it was 6—3 in favour of the halt, that shows that three policy members believe that interest rates should have gone up. a big difference from the fed which has switched its language, signalling that it is at the peak of the cycle and there are rate cuts to come in the states. thank you forjoining us. this is it right after the federal reserve kept its main rates on hold for the third month in a row, it has now talked about when to cut rates, shares hit a record high last night, markets have just opened for today's trading, michelle is watching us for that in new york. a bit of a rally yesterday because unlike here in europe where indications are that rates will stay higher for longer, the us are starting to talk about when it will come down. just the us are starting to talk about when it will come down.- when it will come down. just a little bit of _ when it will come down. just a little bit of a — when it will come down. just a little bit of a rally, _ when it will come down. just a little bit of a rally, we - when it will come down. just a little bit of a rally, we saw- when it will come down. just a little bit of a rally, we saw the| little bit of a rally, we saw the dowjones industrial average jumped dow jones industrial average jumped to dowjones industrial average jumped to a record high passing 37,000 for the first time, it is already up another hundred points and across the board in the us markets, more than 0.5% points gain. what you are seeing here is wall street investors cheering what they perceive to be a huge pivot by the federal reserve when it comes to monetary policy. jerome powell said as much in the press conference saying that interest rates are at or near the peak, signalling that they may be three possible quarter percentage point next year. all of that subject to the data that comes in, we have more data today, sales figures which showed stronger than expected sales. this confirms the idea in the us that the fed has managed to engineer an easing of inflation by raising rates. remember11 hikes an easing of inflation by raising rates. remember 11 hikes to the highest level in 22 years but without seemingly hurting the economy so bad as to tip it into recession, that is what the markets are celebrating.— are celebrating. make that connection, _ are celebrating. make that connection, rate _ are celebrating. make that connection, rate rises - are celebrating. make that. connection, rate rises make are celebrating. make that - connection, rate rises make us poorer, that is the idea, it stops us spending and tries to keep a lid on inflation. therefore cutting rates means we will have more cash in our pockets and businesses are assuming we will spend more, is that why we are seeing this record number? i why we are seeing this record number? ~ , ., ., ., number? i think it is two fold, on one hand the _ number? i think it is two fold, on one hand the cost _ number? i think it is two fold, on one hand the cost of _ number? i think it is two fold, on one hand the cost of borrowing . number? i think it is two fold, on i one hand the cost of borrowing gets cheaper, that is helpfulfor businesses, that is helpfulfor governments and individuals. you just have to look at the housing market for example. the other side is also the idea that it looks possible that the fed has managed to engineer as a soft landing, they have managed to enact aggressive rate hikes to tame inflation but without cooling demand so much that it hurt the economy in a meaningful way. you have this twofold thing, firstly the economy as we have heard resilient, and the other side as you point out, borrowing costs will get cheaper next year and that could put more wind in the sales of businesses and the economy. i more wind in the sales of businesses and the economy.— and the economy. i think we have been quite _ and the economy. i think we have been quite resilient _ and the economy. i think we have been quite resilient in _ and the economy. i think we have been quite resilient in how- and the economy. i think we have l been quite resilient in how often we have to talk about interest rates. thank you very much. interest rates will talk so much more about when we get a sense of which direction they are heading in both in the us and uk. something entirely different. hydrogen. 11 new green hydrogen production projects have been announced by the uk government, creating 700 newjobs. it's also provisionally approved blending hydrogen into the mains gas network — a significant move, but at the same time has cancelled a domestic hydrogen trial because it says there's not enough supply — although there had also been some local opposition to the scheme. sarah is the director of regulation in wales and west utilities. that is one of the ii in wales and west utilities. that is one of the 11 companies behind new projects. it one of the 11 companies behind new ro'ects. , ., ., projects. it is important to say that we are — projects. it is important to say that we are pleased _ projects. it is important to say that we are pleased to - projects. it is important to say that we are pleased to see - projects. it is important to sayj that we are pleased to see the announcement today, 11 projects confirmed, that is £2 billion, showing that the uk is in the hydrogen market. it is not enough, we will need significantly more and as the next round of hydrogen production is now open, we are hopeful that that will produce around 875 mw. we are on the journey to putting the uk on the hydrogen map. in terms of the blending you mentioned, that is a welcome move today, looking at how we can put blended hydrogen into the existing gas network, if we can do that, that reduces carbon emissions by around 6 million tonnes which is equivalent to taking 2.5 million cars off the road. an important step here is a transmission to net—zero. road. an important step here is a transmission to net-zero.- road. an important step here is a transmission to net-zero. now, we know the pandemic _ sparked a revolution in working from home. many people are now returning to the office for at least part of the week. but for those still working remotely — avoiding the daily commute — many have found home working isolating and less productive. so now, there's a new alternative. it's called �*working near home' as dougal shaw explains. there is a place like this represent the future of office work? this is a trendy co—working space, the kind made popular by we work. it is in the suburb where commuters live, in this case twickenham, members pay to have a hot desk, fixed desk or office. ~ ., ~' , , have a hot desk, fixed desk or office. ~ ., ~ , , ., ., , office. work this is a new category, ou can office. work this is a new category, you can go — office. work this is a new category, you can go down — office. work this is a new category, you can go down to _ office. work this is a new category, you can go down to the _ office. work this is a new category, you can go down to the local high l you can go down to the local high street and have a productive work day. we are open to the public, we have bakery sales, ceramics classes. a lot of the people i met were office workers who were allowed to work from home but were either finding that lonely or too distracting.— finding that lonely or too distractina. ~ ., distracting. we live in quite a small apartment _ distracting. we live in quite a small apartment and - distracting. we live in quite a small apartment and i - distracting. we live in quite a small apartment and i am - distracting. we live in quite a - small apartment and i am sharing the working _ small apartment and i am sharing the working space with my husband because — working space with my husband because he is also working hybrid, that that _ because he is also working hybrid, that that can be a little bit fraught _ that that can be a little bit fraught sometimes. this lets me focus _ fraught sometimes. this lets me focus without being interrupted by the washing machine going or doing various— the washing machine going or doing various tasks in the house. and also my husband — various tasks in the house. and also my husband. the various tasks in the house. and also my husband-— my husband. the number of these co-working _ my husband. the number of these co-working hubs _ my husband. the number of these co-working hubs is _ my husband. the number of these co-working hubs is on _ my husband. the number of these co-working hubs is on the - my husband. the number of these co-working hubs is on the rise, i my husband. the number of these i co-working hubs is on the rise, many co—working hubs is on the rise, many are backed by local government funding, they are seen as a way to regenerate high streets. this one in south—east london has a restaurant and yoga classes open to the public. the entrepreneur behind it has another one in sutton and is planning further expansion. the fact that this co—working space isn't in the city centre, how does that affect you?— the city centre, how does that affect you? the city centre, how does that affect ou? ~ , affect you? we were interested in deliverin: affect you? we were interested in delivering a _ affect you? we were interested in delivering a local— affect you? we were interested in delivering a local co-working i affect you? we were interested in l delivering a local co-working space delivering a local co—working space to allow people to not have to commute into city centres and spend times amongst their neighbours and reinvest their money in the local economy. reinvest their money in the local econom . , , reinvest their money in the local economy-— economy. some employers are subsidising _ economy. some employers are subsidising boys _ economy. some employers are subsidising boys to _ economy. some employers are subsidising boys to come i economy. some employers are subsidising boys to come to i economy. some employers are i subsidising boys to come to places like this because they think they'll be more productive than at home but many employers simply want workers backin many employers simply want workers back in the main office. so the commuter lifestyle might not be just yet. someone at bp doesn't want back in the office is the fur drew former boss, he will forfeit £32 million after the oil giant found he committed serious misconduct in failing to disclose relationships with colleagues. bp says his to be dismissed without notice and he won't receive salary or benefits. this is your update from the bbc sport centre. the europa league group stages go to a close and there is a reunion with an old friend, liverpool have won their groups of the pressure is off and he and the opposing manager were were both born in stuttgart, a chance for a catch up in stuttgart, a chance for a catch up over a belgian beer perhaps? i am really happy — up over a belgian beer perhaps? i am really happy that _ up over a belgian beer perhaps? i —n really happy that it is going well for him here, it looks really good in the table and really good. if he has appeared, will drink it together, i will not miss the plane for the beer. together, i will not miss the plane for the beer-— together, i will not miss the plane for the beer. brighton are in action arainst for the beer. brighton are in action against marseille, _ for the beer. brighton are in action against marseille, if— for the beer. brighton are in action against marseille, if they - for the beer. brighton are in action against marseille, if they win i for the beer. brighton are in action against marseille, if they win they | against marseille, if they win they top the group and avoid the knockout stage, west ham are also through a draw would see them into the last 16. rangers must equal the result to reach the knockout stages or else they will be into the conference league. speaking of the conference league, the aston villa manager wants his side to top their group, villa need a draw in bosnia—herzegovina to seal the top spot and move straight into the last 16. aberdeen can't go to the knockout stages, they have taken three points from their five games so far. in cricket the england women's have a lot of work to do if they want to end a decade without a test match victory. lauren bell chipped in with two wickets as they limited india on a difficult day for the bowlers as india found their rhythm. 4/2