and the independent trade economist rebecca harding. we start here in the uk where the economy is expected to do worse than every other major advanced country this year, including russia which has been hit by a barrage of economic sanctions from the west. that s according to the international monetary fund, the imf. it said the uk economy will shrink by 0.6% in 2023, rather than grow slightly as previously predicted. here s what they ve had to say. we have a very challenging environment in the united kingdom. we have a large terms of charts meaning that an energy crisis is very strong and in a country where there is a high dependence on liquid natural gas in the high pass through of the wholesale price to the retail price and this is heading towards the cost of living crisis and we have an environment as a response to this high inflation, there was a tightening of monetary policy by the bank of england and in the uk, this fits quickly into mortgages because a lot of mortgag
A new chapter for the Oakland Police department. Chief Floyd Mitchell officially steps into his new role. Well examine his plans and priorities for the east bays largest city. Plus, tragedy in contra costa county, a five year old boy dies after being pulled from the waters of bethel island. The warning from First Responders as summer is just around the corner. Live from Jack London Square this is morning time two. The night. Well, todays monday, may 13th. Youre looking live from our emeryville camera at the bay bridge and San Francisco skyline in the distance. And you can see right there. Yeah, weve got some cloudy skies that were dealing with. Were going to check in with roberta gonzalez. Shes in for steve. Shell give us an update on how long this weather will be sticking around for us today. Jay. Well, triple a is predicting close to 44 Million People will be traveling for memorial day weekend. This years numbers is a 4 increase since last year and closely matches 2005 record travel.
From the 39. 6 to 37 . Now, one of the biggest questions, especially for californians, is the fate of the state and local Tax Deductions. Those allowed you to deduct what you pay in state and local taxes from your federal tax bill. Save ace lot of people money, but both bills eliminate those deductions but allow property Tax Deductions of up to 10,000 a year. Right now we dont know how that all was ironed out. California republicans largely backed the bill in the house but they came under pressure during the conference negotiations to push for an expansion of the state and local deduction in order to avoid tax increases. And the announcement on tax reform came just hours after Democratic Senate minority leader Chuck Schumer called the republicans to hit pause on their tax bill until newly elected Democrat Doug Jones takes his seat. Nbc news projects jones won the special election in alabama. He holds about a 1. 5 lead or 20,000 votes over republican roy moore. Moore has refused to conc
There will be no washer drilling around florida appeared governor rick scott and republican senator congressman didnt want it. Its not going to happen. In florida. A judge in San Francisco the president plan to an protection for, so yet again a California Court tested in the way of mr. Trumps immigration plan. The liveaction presidency later this morning. Will it be open to the cam is like yesterdays meeting on immigration . Weve never seen anything like that before. The president showed the world how he negotiates. Will he do it again today . Later he greets norways greater it will open up to questions from the media that will be more liveaction. Ive got to tell you, you still cant get over mr. Trumps visit to dallas. Im a change come income inequality and open borders. Give them, mr. President. Varney company is about to begin. Stuart well, fires, then storms in a deadly mudslides in california. This is the golden state taking it on the chin recently. Ashley yeah, we now have the dea
Largely in the red you can see other than spain, lets call it even for the uks ftse crude oil also important to keep an eye on, given the moves last week the tenyear yield came off. Still working off a big employment number on friday. Well see if theres follow up to that and theres wti hanging right below 44 lets get to our road map this morning. And it starts with stocks. They are coming off a volatile week that ended in the green were going to take a look what to expect this week ahead of fed chair janet yellen appearing on capitol hill wednesday and thursday and secretary Steve Mnuchin said a plan to raise taxes for the wealthy to pay for middle class tax cuts is not being considered were going to discuss what should be expected, if anything, from the administration when it comes to tax reform. And amazon prime day is upon us. The deals start at 9 00 p. M. Eastern, but will they be big enough to boost the bottom line . Do they really need anything more im gearing up 20 , up 20 . Wha