two lives have been lost, it s double murder. good evening. inflation is rampant, productivity stalled, and the threat of recession. it s a daunting economic situation and it s producing a good deal of friction among those trying to manage the economy. today s big interest rate rise is meant to choke inflation by making mortgages so expensive that many households haven t got enough money for doing much other than servicing that debt. if it s not hurting as a former conservative chancellor said it s not working. it s certainly going to hurt for many now, but will it work in getting the government on top of inflation, and are there alternatives? here s ben. a super sized 0.5% rate hike from the bank of england, swelling uk interest rates to their highest level since 2008. pretty much everyone agrees that high inflation
need to raise rates now, and in a sense in addition to what ben chu was saying, what you need to do is wait and wait for the interest rate rises, 13 in a row, to take effect. do you still believe those bank of england projections? because asjohn baron was saying, they were slow to acknowledge we were getting into heightened inflation and they have been predicting a steeper fall than has transpired, so they don t seem to be great forecasters? the forecasting to be great forecasters? the forecasting of to be great forecasters? the forecasting of the to be great forecasters? tue: forecasting of the bank of to be great forecasters? tt9: forecasting of the bank of england was the bugbear of my life. remember that they completely missed the great recession in 2008 and we see no real improvement there. i think the answer is that there have been continuing shocks hitting the system, i think the answer is inflation is going to eventually go away and in all probability within two years, an
weekend, it is almost to the west because we have a frontal system are pushing in and it will take awhile to get here but it will eventually bring some heavy thunder and rain and behind ita bring some heavy thunder and rain and behind it a westerly wind and a return to something a bit fresher but ahead of the weather front, we can see highs of 30 or 31. on sunday afternoon. to sum it up it will be very warm indeed, the knights will be humid, it could be uncomfortable for sleeping and increasing chance of thundery downpours. that is what i have got a few. thanks, ben. and that s bbc news at ten on thursday the 22nd ofjune. there s more analysis of the day s main stories on newsnight with mark urban, which isjust getting under way on bbc two. the news continues here on bbc one, as now it s time to join our colleagues across the nations and regions for the news where you are. but from the ten team, it s goodnight.
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process and it was important that it happened. tqm. process and it was important that it ha ened. ., ~ process and it was important that it ha ened. ., ,, i. process and it was important that it ha ened. . ~ ,, , happened. 0k, thank you both very much. climate change is the defining issue of our time, and according to some, we are at a defining moment. and with that in mind, labour had promised that if it wins the next election, it would borrow £28 billion a year each year for ten years to transition to a green economy. the week before last, it rowed back on that, delaying that level of spending until halfway through the parliament if it wins power. today, in edinburgh, it sought to regain the initiative by making a pitch for energy security, pledging to rip up planning rules for onshore wind and power and create a state owned green energy company, gb energy, to be based in scotland. the party says that would lead to lower energy bills. our economics editor ben chu is at the uk s lar