Increase wont come. Lets not forget that yesterday we heard that average uk wages were rising at their fastest pace in 20 years. Joining me now is Neil Shearing group Chief Economist at capital economics. Thanks very much for being with us today. Clearly it is pretty good news, but is it happening fast enough, oras news, but is it happening fast enough, or as fast as we had hoped . The fall in the Headline Rate of inflation, as you say, thats going to be welcomed by the Bank Of England. It takes a bit of pressure off them. But when you start to dig into the details of this report, i think perhaps there is still some uncomfortable reading there for the policymakers of the bank. As you mentioned, a lot of the fall in the Headline Rate, that is driven by what has happened to food and Energy Prices and that is out of the banks control. Interest rates dont tend to affect the price of our energy or food. Those are set in global markets. What they do affect his conditions in the real economy,
Plus, were learning more about the failed Plea Agreement for hunter biden and the questions raised by the judge in that case. And also ahead well bring you new reporting on a private meeting between President Biden and former president obama over concerns over the 2024 election. Good morning and welcome to Way Too Early on this thursday, august 3rd. Im jonathan lemire. Weve got a big day ahead. Thanks for starting it with us. Well begin in the nations capitol where just down the street from where he was inaugurated back in 2017, the former President Donald Trump will be criminally charged today for allegedly trying to disrupt the same government he once swore an oath to protect. Around 4 00 this afternoon, trump will be arraigned in d. C. Federal court on four Felony Charges stemming from his alleged efforts to block the peaceful transition of power following his loss in the 2020 election. The charges are conspiracy to defraud the United States, conspiracy to obstruct an official proce
Favour over the past month. Weve seen sterling rise that will help temper the Price Pressures from imports. Weve also seen other pressures in the markets where theyve been raising some questions about the Bank Of Englands credibility, as in Mortgage Rates going up without decisions being made that has all calmed down, too. And the public s expectations of where inflation is going, which were really very high, have now begun to temper. So thats also going in the banks favour. But a crucial issue is that they have raised rates by 5 the impact of that has really taken some time to filter through into the economy, there is sort of turning the type of rate rises on. Turning the tap. We are beginning to see the impact of that now weve seen in the Housing Market, weve seen it in some corporate insolvencies too. So that all leads back to this Balancing Act between crushing inflation, but avoiding a downturn its a tight rope and we are probably approaching the most narrow, trickiest part of tha
Have about 3. 5 minutes of extra time to go. We are deep, deep into injury time, i should say, and, to go. We are deep, deep into injury time, ishould say, and, yes, i think england, they have a five goal lead, even a draw would take them through as Group Leaders but they have absolutely blown china away. There was some criticism of england coming into this. Theirfirst there was some criticism of england coming into this. Their first couple of games, they won but only 1 0 against opposition they certainly, in haiti, they thought they should have beaten more comfortably, but this time against china they have shown what they are really capable of. This is the england team we saw in the euros, the england team that went on a huge unbeaten run, and the england team that has kept hundreds of people here at box back in croydon thoroughly, thoroughly entertained for the last 90 minutes or so. Entertained for the last 90 minutes orso. Its entertained for the last 90 minutes or so. Its been a r
Not in line. What the bank is doing is looking back at inflation, but forward at what this Rate Decision may influence in terms of behaviour. I think, from last Bank Of England became, where they moved a 50 basis points, that was taken as a really big jump in rates. Since that decision, we have seen some improvement in inflation numbers. There were still some calming for a 50 basis point change, but i think that this was more of the consensus. As you say, the balance between trying to get inflation under control, because lets not forget, that also makes people poorer in the long run, and also, making sure that there is not too much damage done to there is not too much damage done to the economy is a Balancing Act that they have to play. And, if you watch some of the comments Andrew Bailey made after the meeting, there were some pretty negative outlook in terms of gdp and the general gross scenario for the uk. Scenario for the uk. And, a fine line in terms scenario for the uk. And, a fi