At between 20 and during that entire night that's right. Show. Me. That me around. The house. Again Gratian radio on the floor. There's been more clashes between rival political factions in the Lebanese capital Beirut from there his mountain patients this recent violence in the capital will supporters of the prime minister clash with members from the has been and Amel groups gunfire was heard in the cola district of the she say but there have so far been no reports of any injuries elsewhere in the country thanks to ramp up protest camp until Mon the mass demonstrations have been largely peaceful but with no resolution and signs many Lebanese fear the political crisis could become increasingly violent Hong Kong's chief executive Kerry Lerma has acknowledged that the results of Sunday's local elections could be seen as a judgement on the way her administration has handled the protests in the territory in the 1st public appearance since pro-democracy candidates won a landslide victory she did not offer any new concessions She said People wanted to go back to their normal lives World News from the b.b.c. In the biggest listing this year the Chinese retail giant only barber has raised at least $11000000000.00 in a share offering on the Hong Kong Stock Market Alibaba shares rose quickly rose 7 percent above these who price its initial public offering in New York 5 years ago you know did $25000000000.00. 28 people have been detained in the Georgian capital Tbilisi and police moved in to disperse anti-government protesters outside parliament police use physical force or more to come and to clear the entrances to the building a number of protesters were injured some demonstrators remain in a standoff with police at the scene they use the governing Georgian Dream party of backing down on a promise of electoral reforms a free man in the u.s. State of Maryland have been exonerated after spending 36 years in prison for a crime they didn't commit. Not from some walk ins and under Stuart was 16 when they were arrested on suspicion of murdering a 14 year old boy in Baltimore Baltimore state attorney Marilyn must be said detectives had coached and coerced teenage witnesses and withheld evidence from the boy's lawyers and the jury. Isn't a victory today it's a tragedy that these men had 36 years of their life stolen from them there's no way to ever appear the damage done or the trauma imposed upon these men for almost 4 decades so on behalf of this system in an attempt to right wrongs of the past I apologize to you and your family children born in the United Kingdom to foreign parents are taking the government to court to challenge the price of becoming a British citizen campaigners say there could be up to $120000.00 Chief children entitled to citizenship but that many won't exercise their rights because of the cost which is currently well over a 1000 dollars b.b.c. News. 3 about 50 meters underground inside Iglesias but the water the you can hear is the melting coming down from holes from the top there the dripping You can hear hear. It's not the ceiling is melting it's the the ice and snow on top of that nature that is melting and it leaks through during the summer. Inside the tunnel so it's like crazy rain the wilds ice at sea and on land is melting and that affects the whole planet because scientists often say what starts in the Arctic doesn't stay in the Arctic it may well be that 1st domino to fall that then puts into chain and other global tipping points which would be catastrophic so some engine is designing solutions to try to save the ice I'm working on. To reflect sort of entry back to space rather than letting it warm up the bit where we live. And you can do this by making the club reflect more of the incoming. But all projects like this just dealing with the symptoms and distracting us from tackling the cause of the problem. 6 in the world. Hello and welcome to people fixing the world i'm how to make me globally temperatures are rising and the Arctic is warming twice as fast as anywhere else causing ice to melt. Ice axes a shield reflecting some of the sun's heat and its loss could disrupt temperatures climate and weather patterns too I went to Iceland to see what's happening and what solutions people are coming up with. We are now inside the longest manmade ice tunnel in the world. And we're in the bottom of a cross and about 40 meters of glacier ice above us and 200 meters below. So many years in Iraq. And on the glacier in Iceland and I've been there one plays sure snow for 2 and a half years and now we're inside. The 2nd largest place here nice and. Just as we walk down these tunnels it's it's quite hard to believe staying is there's so much shit I see around us that this place here could disappear but what does the latest data suggest so in the year 2060 they were expecting this leisure to sit at these 2130 years now only. 3 years later they're getting a new numbers and I'm hearing numbers like 78 to 1000 years. And it's quite worrying us because almost 80 percent of the water that comes to Reykjavik come from this creature here because it's not only happening here the places are most of it their men think. All over the world. the sheet volcano walk with the remnants of the future on the right. Place the only just tossed into Austin's and he works for Iceland's meteorological office came with me and explained what's happening across the country use ice caps actually they have received a death sentence really in the current climate if warming continues has been project that then they will be lost $200.00 be a shot from now there are actually many more washed up of this appearing here every year in the mountains of north and Iceland but there's hardly anybody that tomatoes . When I'll truck started sliding back down and we had to wait for another 2000 and I stepped outside. On pleasure ice but then a few years from now we will not be able to stand on glacier ice we will have those we will be standing on better rock because. Here and this is happening all over this country really 40 square kilometers of new land this is coming out from beneath the glaciers every year and the. Typical retreat of glacier martyrs is about 50 meters per year. The Arctic is considered by many scientists to be perhaps the the 1st of the dominoes meaning dominoes of climate global tipping points to be breached. Cynthia software works for the Carnegie climate governance initiative I think tank set up to encourage more debate around the suggested solutions it could be seen as the weak link in the chain in the entire global climate system because the melting here is at a scale never before imagined this area of the world is warming at over 2 times the rate in any other region in the world so the Arctic is disappearing. So what are some of the solutions out there they range from weird and wonderful big to Smoove like building walls around icebergs to stop when water eroding them sending giant mirrors into space to reflect the sun's heat away from Earth one community living around the wrong place here in Switzerland has been covering it in blankets during the summer to protect it from the sun but blankets on something that could be rolled out across a vast region like the Arctic. I went to a meeting of leaders and scientists from around the world at an Arctic Circle conference held in Reykjavik a few weeks ago to hear about some of the ideas that being discussed one of them comes from Dr Leslie field who runs a charity called Ice 911 in the u.s. . So I have in my hand a small jar of hollow glass microspheres And if you could see them you would see that this is like a very white light fine beach sand very foot friendly it's round it's very round and this is actually a commercial product that is out there in the world in many applications these tiny beads of silica like sand I already use in building materials especially to have an insulating effect spread across the ice she says they'd make it whiter and so reflect more of the sun's heat if you can put a thin layer of these materials on top of a young ice you can make it act instantly like an older more reflective ice and that's important because Noah the National Oceanic and Atmospheric Administration in the Arctic report card December 28th got to show that you know 95 percent of the most reflective ice in the Arctic is gone over the last 4 decades is it proven to work so on lake ice it is proven to work and it makes ice even on a small pond last you know 20 percent longer 50 percent brighter more reflective that might sound small but when you're in a small test area where you've got a lot of heat coming up from the bottom of the shallow pond from the edges those are actually really significant results they've not tested it on Arctic sea ice yet but I say 9 when one wants to cover relatively small key areas in silica we're looking at the order of something like 100000 square kilometers what does that mean it's like between a half and one percent of the area of the Arctic and we're doing it in a thickness of something like $300.00 micron thick or a few hairs with depending on what your hair is and so it's a thin layer over a relatively small area when compared to the whole Arctic and the cost of that you know we think is roughly with the labor of getting. It Out there in such a something like you know a few $1000000000.00 a year Leslie's plan would be to spray the beads on to the ice from ships every month will say during springtime that designed to stick to what surfaces and to flight so she says they could gradually help the ice thicken by allowing snow to form new lies above them if it mouth they rise back to the top some areas might need re spraying if wind and waves wash the silica balls into the sea so would this be safe especially for animals we've sent this out to testing labs to test on Representative fish and bird species you know basically force feeding them to eat you know a few selected species and it's Ok You know there has been no harm and that's very important to us our whole ethic really the 1st principle is 1st do no harm and so we keep testing for that when we will continue to test for that we're building collaboration's more and more with biologists to make sure that we're not going to do harm. Another solution being talked about is boosting cloud cover to shape the ice back in the u.k. I went to see Stephen Sultana an emeritus professor of engineering design at Edinburgh University to find out more I'm working on true reflect sort of energy back out to space. And letting it warm up to the bit where we live. So we're I want to do this is based on an idea. John lay some and he wants to make clouds be a little bit watches and they are now only a tiny little bit part of it just enough to reflect. Back out to space. Stevens working on the design of unmanned wind powered ships they could convert salt water into Salt particles and spray them into low lying clouds so in practical terms how do you plan on doing this what we want to do is to get hold of seawater filter it very carefully to get rid of all playing to. Pump it through tiny nozzles to make a very large number of very small drops of seawater. This will evaporate to leave tiny fragments of salt crystals these will be blown around by the turbulence over the sea. And the worms that get up to whether the humidity is 100 percent or a little bit more will form the nuclei for more cloud drops so we start with sea water and rear end up with a larger number of smaller drops underwater cloud and like less these beads having whiter clouds would reflect more heat away from the ice Stephen also only wants to do this for a few months a year for about 2 months was actually more server and she coming into the Arctic and into the equator so you have to do it in May June July Stephen says it's hard to predict costs but things you need $300.00 ships which would come to about $100000000.00 a year and after 10 years he expects that to be a more permanent fix there are concerns over Marine cap brightening that some say it amounts to playing God with the weather because it could change rainfall patterns but Stephen says the effects would be temporary the climate models show that we make dry places very slightly wetter and work places dry most of the drying is over the sea and it's the desert places that get a tiny bit more rain and it also shows that the there is heavier cooling more cooling in further north you go so it's particularly good for saving the Arctic and we can also stop our release very quickly and it's all forgotten in a few days so a lifetime of the spray is really only 2 half the time between rain showers so if you're really a few days but for now a lack of funding means Stevens plans remain on paper and computer models. The next solution next above the clouds is called stratospheric aerosol injection this would involve spraying sulfates into the stratosphere about 20 kilometers above the surface that's above the level where most planes fly these particles would act like tiny Maris reflecting heat back out to space the idea is modeled on mimicking Boak a nice major volcanic explosions when they release many many tons of sulfate aerosols into the upper atmosphere the stratosphere it dims the sun and the global temperature actually does go down Cynthia sauf from the Carnegie climate governance initiative likens this to applying some cream or putting a parasol in the sky now scientists are pretty convinced that would work it would lower global temperatures something on the order of at least half a degree Celsius and there's nothing else that we know of that could have that rapid of an impact so in terms of benefit that's that's a pretty big benefit especially for the countries who are suffering the most from climate change however there's a big however. There is a lot of concern about how these technologies might interfere with the ozone layer one of the major concerns about stratospheric Arris an injection is that it might save I think the optical Antarctic but it could also have the power to change the entire world's climate and unlike Marine Corps brightening there are fears that once it started it will be hard to stop what scientists are learning from their computer modeling is that hydrological patterns water monsoons rains would would be affected so some areas might be drier while using this technologies some areas could be wetter that will mean that the global benefit of reducing temperatures has to be viewed in the context of yes but there are other risks here that some countries would benefit from others would definitely not benefit from why is it important to have a discussion around some of these climate altering technologies the people of cooled geoengineering So it is very very risky to think about where might that decision be made who makes that decision who gets to be consulted who's on the inside is it the poor countries who might be most affected is it the winners is it the losers and then how do how do they decide what the thermostat should read who sets that global thermostat whose finger is on it and Cynthia says that this aerosol spraying idea is actually very affordable especially when compared to the costs of decarbonising our economy or dealing with the impacts of climate change when of the dangers is that it's actually not expensive it's a very cheap something on the order of maybe 15000000000 dollars a year now neither you or I have that kind of money but the company does. Many companies in the world have that kind of money in fact maybe even a few billionaires $1.00 of the dangers of it being cheap is what if someone decides they want to be a hero or a government decides it wants to be a hero or the people in a country say we can't take it anymore climate impacts are killing us do something do something. She says that with the push this technology that might seem out of reach now could appear within 5 to 10 years. There is hope ization to some of the big geo engineering ideas people are afraid that they could end up doing more harm than good let's not put too much faith in technologies that aren't even fully developed these are just in the idea stage this is glaciologist Jason Box 80 percent of Greenland is covered by ice and he's been studying it for 25 years the idea with one climate intervention to slow down or or stop the loss of the West Antarctic Ice Sheet is to block warm ocean currents how building walls under water Another idea is refrigerating the beds of glaciers and yet another ice engineering concept is using snow making just like it artificial snow at ski areas just to somehow scale that up and to increase the accumulation of snow on glaciers he dismisses nice geo engineering ideas for being too far fetched expensive and fraught with risk he also says they'd be hard to police but the geo engineering conversation I think is quite useful. Because it has this kind of logical conclusion that you run into and you're like you know what let's focus on the source of the problem not go down this road of kind of science almost like science fiction fantasy about the hubris of thinking that we could reverse engineer glaciers is it's kind of proposed that that's what I've learned by contemplating these issues. The last person I met at the Arctic conference was Professor. Yes it a bit king he used to be the you case chief scientific advisor when he too argued against these ideas in my negotiating for the British government right up to the Paris agreement I stood against all of these technologies because I didn't want to interfere with the process of reaching an agreement to reach net 0 emissions that has to be the target now however he's pushing for more research on them so I'm setting up a scent of a climate repairer Cambridge and the whole point of the center is to check for every technology that has been put forward to manage these problems to see what the deleterious effects might be and what we wanted to use the best science and engineering and technology available so that when people ask questions we've got all the answers before we run them up to scale we have checked all of the potential negative impacts whether or not these schemes become reality everyone I spoke to agree that alone they can't save the planet or they might be able to do is buy a time and with all of the technologies I'm now talking about if we continue to emit we are cooked anyway he's technology's right manage the problem. They said the fundamental solution to saving the ice is to massively reduced greenhouse gas emissions and even remove existing c o 2 from the atmosphere we've explored various ways to do this in pasta dishes of people fixing the world and you can find those online or in our podcasts it's worth mentioning that ISIS government wants to scale up the use of carbon dioxide removal technology and double tree planting and I know. Is that globally people are calling for change at the weekly Friday climate protests outside Iceland's Parliament I met 14 year old Ida Harris. So what does your sign say that says that which means our house is on fire and that one has pulled the emergency brake well awk that melted. Was no longer counted as a place here in 2014 actually me and my twin brother went up there when they put the memorial clock up there to simplify where it had been and where we had lost our place and it was very sad because it was this beautiful landscape which we went up onto and we went there and there was only a tiny little bit of ice left and under the ice there was water cooler you're almost completely melted and you could like see. I mean how did you feel. Funeral over it was very sad to go out there and I know lots of people felt that way as well that's why we're here and that's why we're trying to make a difference. That people fixing the world this week if you're looking for solutions to climate change then subscribe to our podcast and check out our back catalogue we've got projects aiming to reduce greenhouse gas emissions from concrete lorries forms a much more and deep dives into carbon removal and carbon pricing. Get in touch if you want to say hello or let us know about a project we should cover the e-mail is people fixing the world at b.b.c. . And I think the last saving ice really means should go to Agnes. I just want you to take this moment. You know or you know take it all in but I think we're quite lucky to be able to do this and we're glad to be able to experience this an experience. To be able to see. You know so I think you know Joy every moment of this. Distribution of the b.b.c. World Service in the United States is made possible by American Public Media producer and distributor of award winning public radio content engaging audiences creating meaningful experiences and fostering conversations American Public Media with support from a lot of your dedicated to making a difference for children battling cancer you can join the fight Black Friday through Cyber Monday at love your melon dot com. You're listening to the b.b.c. World Service I'm Ed Butler today we're looking at Britain where elections are on the way both major parties are now pledging an end to economic austerity that sounds great but what does it actually mean is the idea of sensible belt tightening day in economics or commerce spending are we going to see instead that's business daily in a couple of minutes. B.b.c. News when Jerry Smit the un involvement program says governments commitments made so far to reduce greenhouse gas emissions will not be enough to restrict global warming to the limit agreed under the Paris Carmen's accord you nervous annual emissions Gap Report says that to hold global warming to $1.00 Celsius above pre-industrial levels emissions will have to be cut by 7.6 percent every year for the next 10 years the French president's office says 13 French troops have died in 2 helicopter accidents in Mali a statement said they were taking part in an operation against your hardass on Monday evening when the accidents happened President to our core expressed deep sadness over the deaths there's been a strong earthquake in Albania one of the most powerful in decades the magnitude 6.4 quake was felt across the Balkans at least 6 people have died there's been a 2nd night of violence in the Lebanese capital Beirut linked to the country's political crisis supporters of the caretaker Prime Minister Hariri clashed with members of the main Shiite groups has been law and. Joyner has summoned the u.s. Ambassador to Beijing Terry Brunstad to protest of the passing of a bill in Washington last week in support of democracy in Hong Kong the legislation would make it easier to revoke Hong Kong special trading status with America if China undermines the territories autonomy President Trump has not yet signed the bill into law children born in the United Kingdom to foreign parents are taking the government to court to challenge the price of becoming a British citizen campaigners say there could be up 212-0000 cheat children entitled to citizenship but the many won't take his eyes their ride because of the cost currently well over a $1000.00 b.b.c. News. Hello I'm Ed Butler and welcome to business daily from the b.b.c. Coming up austerity is dead so say the main parties in Britain anyway but what is belt tightening meant for the u.k. Economy over the last decade things like the Home Office the Department of Justice in the u.k. The environment food roller office have injured cuts of about a quarter to a 3rd in real terms so with breaks it looming Is it a case of spend spend spend the real question is can we spend it sensibly and improve productivity of the economy and allow for us to be more competitive because in reality we can be in a very difficult competitive position and we should really be focusing very much on how to survive in that environment that's all the garment business daily from the b.b.c. . As far as economic debate goes during the current 2 u.k. Election campaign the leaders of the 2 main parties both seem to agree at least on one thing can we have a pledge here from both you simply is austerity over in the United Kingdom Mr Corbett it will it will end of ceratin absolutely clear about that yes because it was charged was still the case and I believe in spending investing massively in our public services because we support you only with most wealth creating sector if you didn't have to face in the extraordinary levels of borrowing at the last election we were told by your previous estimates Johnson that there was no magic money tree Have you found a magic money tree Mr Johnson and have you found perhaps more than one of the mystical been was going to be trying to do with the idea and Judy edging and they're asking questions of the leaders of Britain's 2 main parties Jeremy Corbyn of labor and the conservatives Boris Johnson the end of so-called austerity as it's known the tightening of government spending in the aftermath of the 2008 financial crisis has been seen as a major development in u.k. Politics in the last year or so some would say it has blurred the electoral battle lines between left and right in next month's election the centrist liberal Democrats led by Jo Swinson are offering a much more measured prospectus for the future of public spending I don't think it's helpful to anybody to put forward an course did pledges I mean there are cost in there just big Well I mean their cost it but where is the money coming from is the question which which was not answered anybody can write a wish list and say all of these wonderful things that people could have but I think people generally know that you don't get something for nothing well this does beg the question what does or stereotype actually mean for Britain for many governments across Europe austerity has been the policy response to the global financial crisis and the rising debt love. The governments have faced in Greece Ireland Italy and elsewhere massive cuts in public spending meant fewer benefits higher taxes and jobs lost in the u.k. Hasn't been quite that bad but that these benefit claimants payment freezes have made life very difficult indeed they must work hell 40 and then I have a baby and I'm trying to get a job I'm trying my hardest to. Make it the worry if it's really cold and cough up more let's see a gas in. Like it impacts on me shuffle me bullshit me feels sad to keep warm and seem to be only me chills and be warmed. Makes me depressed I don't tell him anymore and you lose your hope. All that people there got more and more people in May not have many good jobs and no idea what other people are in right because. You don't know because people don't care to know some u.k. Benefit claimants there are according to one u.k. Poverty charity there are now half a 1000000 more children living in poverty than there were 5 years ago with the charity placing a lot of the blame on austerity related cuts to benefits and tax credits so what are the exact numbers all together and what do economists mean when they speak about austerity anyway is the B.B.C.'s economics correspondent and the Verity It's the name that has been given to the policy of reducing the budget deficit to nothing as your primary economic policy was a budget deficit Well that's the amount by which you overspend each year so if you have an income of 10 grand and you're spending 11 grand you've got a one grand deficit there's one grand that you've got to borrow to close the gap between your income and what you're spending so the government in the u.k. Then and of course in many other countries in Europe announced they were going to be squeezing by. Spending in order to balance the books how is that worked well I started actually under the Labor government in 2009 because they realized after the financial crisis that the public finances were looking a lot less in control the me happy now this is an interesting question Does having a big debt mean that your public finances are out of control that's been the assumption that underlie the whole of economic policy for the last decade that it's a dangerous situation to be spending $100000000000.00 pounds more than you're getting in in taxes and so a lot of effort was put into trying to trim government budgets and spend less in order to enact austerity and get it back to a situation the hope was and the goalpost kept on shifting where where you would be spending less in your income rather than more than your income as a government so things like the Home Office the Department of Justice in the u.k. The Environment Food and Rural Affairs have ensured cuts of about a quarter to a 3rd in real terms over the last 10 years and the way this thing is now the politics have shifted and they're saying oh it doesn't matter anymore we have quite a chief the goal that we set out to for the last 10 years with all that pain we're just going to jettison the whole idea of a stereotype forget it we're not interested anymore yet the goal has not been reached in as much as the deficit is still there yeah and the conservatives will tell you hey look it was 9.9 percent in 2010 when we came to power it's now only about 2 percent but nevertheless the goal was to eliminate it completely under Philip Hammond under the new government under Boris Johnson Sajid Javid the chancellor has said he's not going to bother trying to do that anymore he just wants to get down current spending 7 sample spending on investments infrastructure spending is excepted from that so that all the parties are now allowing themselves to spend money on investment type things and that's Ok they don't have to get that within their income like they do with the rest of it so is there no difference between the opposition Labor Party in the Conservative Party when it comes to spending plants and it's alleged. Difference less in kind more in scale so what's actually going with the Labor government is they're proposing to spend much much more whereas the Conservative government just proposing to spend a little bit more fiscal prudence is now a dirty word in British politics Well it's sort of honored in the breach more in the observance you can put it that way the conservatives still want to say we have our fiscal rules and we're going to stick to them the institute Fiscal Studies and others are predicting that they're not going to anyway partly because Bracks it will throw all calculations off because if the economy is going to slow down because we do less trade because of difficulties with the trade deal in the next few years if that premise is right then we won't get the tax receipts in that we thought we would and all calculations as to what we can actually afford to spend what we can afford to borrow our finger in the wind the B.B.C.'s Andy Verity So what's going on here has everyone realised that austerity doesn't work now or is it just shifted in current economic thinking I asked 2 economists for their view Vicky Pryce is a chief economic advisor to the c.b.r. She's a former head of the u.k. Government economic service as well 1st up though Ryan born an economist with the Cato Institute in Washington did he except I asked that austerity had failed to deliver the type of rigorous economy that Brits have been promised the narrative on austerity has certainly changed in both major parties are talking about this is an age of investment both are committing to significant capital investment expenditures and it's certainly true that the conservatives have pledged to put much more into very frontline public services schools hospitals and and the police but the Tories are not really proposing to increase spending on other areas very significantly at all the manifesto committed to an extra $3000000000.00 of spending by the end year of the next parliament which is very small fry when you compare it to the Labor Party who are pledging for 83000000000 so there's I think a qualitative difference between what the. Of austerity means for both parties even though both have shifted the narrative but I would push back on this idea that austerity wasn't effective as disappointing as the productivity growth performance of the u.k. Economy has been a lot of people suggested that if the government actively tried to cut the deficit the budget deficit and particularly on day to day spending it would induce a recession it would induce more unemployment than there otherwise would have been but the ukase unemployment statistics have been incredibly strong the unemployment rate in the u.k. I believe now is well under 4 percent and actually I think people are beginning to realize that in the longer term the big economic challenge that the u.k. Economy has is really a lack of private sector investment and innovation over the last 9 years and it's very difficult to attribute that to a lack of spending on Day to Day public services in the economy Vicky Pryce it's a point isn't it I mean we're all suffering that austerity allegedly has brought it hasn't actually dented what has been a reasonably decent performance by the u.k. Economy in the 9 years since it began 1st of all of course we mustn't forget that a lot of the growth that we have seen has been caused by the Bank of England Deveny very significantly cutting interest rates again Reem barking on q.e. And putting a lot of subsidized loans into the system plus taking away some of the obligations of the banking system to raise capital in 2017 so that put quite a lot back into the economy while the public sector was still effectively it to very restrained position still and it's been exactly the same in Europe it has been again the European Central Bank that put a lot of money into the economy exactly the same way that we've done in the u.k. Says the referendum cut rates and that is what is sustained it so the big debate now is should we be looking again at the balance between monetary policy which has been quite lax and fiscal. Policy which has been tight because it hasn't served the European economies right and it really hasn't served the u.k. Economy certain finance ministries have been taken out of the money away and the central banks have basically stepped in and filled the gap and that's exactly what's been going on Ryan I mean we had successive Conservative Chancellor saying we're going to reduce the deficit bringing in a kind of fiscal prudence balancing the books it just never came about despite 9 years of pain. Well they did balance the books in the sense that they're now running a surplus on the day to day current budget and now Originally they did pledge to run an overall surplus in in good years but they they definitely rode back on that promise and then of course one of the consequences of Ryan back home is that it does put the u.k. In a more vulnerable positions should a future recession hit and also we've got the longer term issue here of all these contingent liabilities in terms of promises that be made on health and pension spending to produce a bit of a debt iceberg in in the longer term so I think we have to get to a stage where we recognize that there's only so much the macro economic policy can do macroeconomic policy at least when I was a university and afterwards was always thought of as controlling the business cycle but what it can't do and I think too many people expect it to do these days is fundamentally improves that structural growth rate of the economy and to do that you really do have to get into the weeds of a lot of tax issues regulatory issues land use planning issues and other things and I think politicians of all stripes have substituted thinking through those difficult issues for quite easy narratives on fiscal and monetary policy on both sides over the last 10 years well I would say that in a globalised environment this is in fact to do quite difficult to do but looking at the end was tear it inverted commas again in reality breaks it has already led to a slowdown in the economy one of the reasons why is because there is a general ignition that breaks it is going to bring possibly an even greater slowdown certainly in the short term and that public finances a bound to get worse and what the government do is just put a lot more money into the economy so we inevitably we're going to have a worsening in the fiscal position and that is probably and understanding that that's how it's going to be yet Iran are you not afraid given what you've already said about the current conservative policy that no side is now on the on the side of fiscal prudence anymore. No because I think there's a huge difference here I'm disappointed at the direction the Conservative manifesto has gone in but it's a huge category error to conflate that with the direction that the Labor Party is going and I think that is the biggest threat to the U.K.'s prosperity when you look at the amount of spending by the end of the next parliament the Labor is proposing is about 150000000000 pounds that's like adding in a whole new national health service on to existing government spending somewhere like a percentage points of g.d.p. On the government spending over a 5 year period and that's before we even talk about any subsidies that are pumped into the newly stay owned industries through nationalizations Vicky Pryce I just want to bring you in on a final thought that we've got this magic money tree it seems some people are arguing on the part of those on the left there is an airport no pushback now on the on the side of austerity office called prudence or whatever you want to call it and all we've got is spend spend spend Well the reality is that we do need some extra spending there's no doubt that introduction has lagged behind but also spending on a skills had been cut and all this needs to be tackled but I think I agree you can't just get the economy moving but just spending money you need to spend it wisely so we need to think about whether we need some infrastructure projects which are trophy ones like high speed links and so on in the in the u.k. I am not particularly worried about the figures that are coming out because one knows full well it takes forever to spend and if we can't have people coming in from the us they did before we are definitely going to have difficulty in getting the things done that are being promised so it would take a very long time for that money to be spent The real question is can we spend it sensibly and improve the productivity of the economy and allow for us to be more competitive because in reality we're going to be in a very difficult competitive position and we should really be focusing very much on how to survive in that environment economists biggie price and before her Ryan board. Well she did touch on it there didn't she now that everybody is spending what will the money actually be going on now Betto Gallo is head of macro strategies at algebras investments he says that whilst an endorsed 30 May help reduce the worrying wealth gap that exists across the u.k. Economy whoever wins the election is going to have to focus on spending money effectively so that it actually stimulates production generally what you tend to see from parties without commenting specifically is presents for the electorate to make sure they win or that they get reelected at some point one thing that instead the u.k. Needs is something that increases productivity and so the output of production per person and this is generally achieved by improving education improving our education and that's a long term project and also improving infrastructure very often for a Political parties it's easier to give people low interest rates or to give people incentives to buy a house like the Help to Buy for example and these are credit subsidies they don't really improve your ability to work or your economic output parties are promising a new and endorsed Verity so the tide is turning but not well enough or effectively enough generally what we see as investors and economies around the world is governments tend to follow the short term this is the problem that we have had in debt based democracies governments have been using debt both public but also private you know helping people to to buy a house to afford a car to create jobs there may be a good in the near term but may be extinct in the long run so we need to have a long term focus and understand how the u.k. Can be competitive in the future thoughts of economist Alberto Gallo ending this edition of Business Daily austerity is dead but can we trust the politicians to deal with whatever succeeds it more from Business Daily same time tomorrow to join us there. Lowen welcome to witness history on the b.b.c. World Service with me ignored court today I'm taking you back to 991 when India left behind the socialist and protectionist policies it had lived by for decades and began to open up its economy it was the beginning of India's emergence as a major economic player in the world. The Finance Minister Dr Manmohan Singh when he was reading out his reforming budget toward the country's parliament that India was wide awake we have made substantial changes in the trade policy we have made major changes in industrial policies there dismantle the old licensing system which was coming in the way off investment decisions which has hampered in domestic competition and at the same time we have liberalized the Foreign Investment routine so that both the wind can flow into our country I've been speaking to the man who wrote the blueprint for India's economic reforms Dr Subramanian Swamy at that time the only thing that we did successfully was industrial reform because we love them to import machinery from abroad so they updated their technology in the 1980 s. The Indian economy was in a complete mess India was heavily in debt and government expenditure exceeded its income in 1090 Dr Swami was minister for commerce when India went to ask for help from the International Monetary Fund but the i.m.f. Wanted Gatting tease that India would reform its economy so I prepared blueprints basically for trade reforms and also for removal of controls and licenses and we got it passed from the cabinet in on March 11th of 1901 and then our government fell the coalition government collapse because of internal differences and fresh elections were called but then to add to the instability Congress leader Rajiv Gandhi was assassinated during election campaigning. Right down to body wrapped in the green white and orange national pride of India is lying in state in the house grandfather to our New York right when he was prime minister . Saw elections can register they were assassinated. Kartik situation but fortunately Mr Nazi Moravec came prime minister it was under the leadership of Prime Minister not a similar that Finally in July 9091 reforms began in earnest up until then business people had needed government licenses to carry out even basic operations in India relaxing bureaucratic control be the way for growth markets open to license free foreign investments and imports giving the industrial sector in particular a big boost the economic reform that we did during the similar spirit was essentially deregulation but not structural changes multinational companies such as Coca-Cola Pepsi and Kellogg's soon became household names and India's card industry had already been experimenting with foreign investment major manufacturers Maruti one of the success stories of foreign collaboration in India the company was started by Sanjay Gandhi in 1981 as a government project with Japanese multinational Suzuki owning 26 percent of the shares in 187 Zuki increase their shares to 40 percent and recently under the new policies they've been able to increase this to 50 percent as the company is no longer under government control the Japanese investment meant technological advancements that led to a 5 fold increase in the exports of models the deal which came to be known as moderate this is during those 5 years suddenly you saw a plethora of cars car companies being set up the South Koreans game the Japanese game tired I was being produced in Bangalore I mean the industrial sector was really booming in all its aspects because it was suppressed during the Soviet period of in there and there were little and so suddenly there are an opportunity and they opted that technology by importing there and the. The growth rate started increasing in it in 4 years it rose to 8 percent which is I don't think of well in those days but while the car industry was booming the agriculture sector was suffering nearly 80 percent of India's population is dependent on farming which back then accounted for 32 percent of g.d.p. But unlike industrialists and business owners farmers did not benefit from these reforms in years Green Revolution dramatically increased production relied on expensive fertilizer and last year the fertilizer subsidies. Getting the subsidized pesticides the government used to provide us with and now if we buy them privately Well 1st of all they're expensive and secondly we don't have any guarantee of the quality. We can barely afford water a menu there's no way we can afford to buy pesticides as well Subramanian Swamy admits that the reforms did not do anything for agriculture we couldn't fathom how to fix agriculture because you must give something to the people directly not saying we'll filter down to you that's where I was all his economic problems that he accepted from my blueprint for where the benefits would come after some time the difficulties faced by farmers cause a lot of political resistance with opposition parties calling the reforms a capitalist move left wing parties allege that the government had bowed to American pressure from in those days a communist or so much stronger so parliament was always uproarious the removal of government licenses also left corrupt politicians and bureaucrats who'd lived off selling government fevers extremely unhappy there was a lot of resistance you see when you abolish licenses then what happens is those doubts who used to get licenses and then sell it in the black market they all lost their revenue the people of India were not happy with everything written. Off. Of it which it is beyond everything. That's gone up after the liberalization of yes which is nothing has become cheaper everything has become more a more expensive only our life has become cheaper Dr Swami says that opinion such as these eventually last knows them are all the next election he produced the best economic record of the last 70 years but he lost the election people saw the rich you know suddenly fancy cars coming on the road expensive blood to being stored people were building big houses they fell for the propaganda that this is this all these economic reforms for the rich people the majority of the Indian popular. Saw the reforms as a way to make the rich richer while the middle class man continued to struggle we should have thought of some measures by which the common man is benefiting the middle class they're the ones who talk the most and will create the climate and so on but we didn't in fact they made it last turned his Mr out in the elections and they saw that everything was for capitalists it took the economy nearly 5 years to stabilize after the reforms of 1901 by 1997 the Indian economy was growing but not for long in 1908 the growth rate dipped drastically doctor saw me successive governments for this inconsistency the successor governments they all did only cosmetic service for containing the reforms they still is produced in the steel industry but it is used in the bicycle industry therefore you have to be sure if you raise the prices of steel it will also already affect the price of bicycles so this interactive macroeconomics escort is something of a finance ministers' don't understand in retrospect the economic liberalization of 1901 is considered one of the most comprehensive financial reforms India has ever seen that's it from this edition of witness history on the b.b.c. World Service with me ignore court if you'd like to listen to more of a 1st time accounts of the past you can subscribe to free daily download just search on a podcast at the b.b.c. Witness history. You depend on j p r to bring you the latest news and information from around the world you can help us do that by subscribing to just the only Internet service provider that directly supports j.p. Or your Jeff net membership helps us underwrite the army or programming you rely on just it gives you remote access multiple email accounts spam and virus protection and 247 local technical systems stay on top of global news and information and sports entertainment and all of our expanded online programs connect to your world with Jeff and help us bring great public radio to southern Oregon and Northern California learn more at Jeff net dot org or call 866 Jeff net this is the news and information service of southern Oregon University's Jefferson Public Radio 12 30 am k s j k talent at 9 30 am k a.g.i. Grants Pass also heard in the road Valley one o $2.00 f.m. News of the region the nation and the world. 10 am in London 5 am in Washington 1 pm in Nairobi this is Dan Damon at the b.b.c. . Albania has been struck by its most powerful earthquake in decades at least 6 people have died the problem is there are people still trapped in the rubble getting people out it's been very difficult and it's been sort of civilians in the police it back. To things trying to get people out the u.s. Federal judge has ruled that White House staff can be made to testify before Congress rejecting the trumpet ministrations claims of immunity 3 men incarcerated in a u.s. Prison for 36 years for a crime they didn't commit a finally been released to the walls what in is going to put images we want to have and the chief rabbi in Britain as one votes as he believes the leadership of the opposition Labor Party is anti semitic an incompatible with British values 1st the news. B.b.c. News Hello this is Gerry Smit the u.n. Environment Program says government commitments made so far to reduce greenhouse gas emissions will not be enough to restrict global warming to the limit agreed under the Paris climate accord Here's Mark McGrath despite signing up to.
Related Keywords
Radio Program , Economic Problems , Climate Forcing Agents , Climate Change , Global Warming , Physical Chemistry , Gases , G8 Nations , Central Banks , Public Economics , Conservative Party Uk Mps , Members Of The United Kingdom Parliament For English Constituencies , Public Finance , Member States Of The European Union , Fiscal Policy , Economic Policy , Macroeconomics , Island Countries , Northern Europe , Member States Of The Union For Mediterranean , G20 Nations , Member States Of Nato , Western Europe , Bbc World Service , Countries In Europe , Liberal Democracies , Financial Markets , Radio Kjpr 1330 Am , Stream Only , Radio , Radioprograms ,
comparemela.com © 2020. All Rights Reserved.