together, these pacific rim countries, which doesn t include the usa, account for 13% of global gdp. the pact, it s called the comprehensive progressive agreement for trans pacific partnership, aims to cut 95% of import tariffs. the initial gains for the uk economy may be only marginal, that s according to the government s own estimates. here s the bbc s global trade correspondent, dharshini david, explinaing what that pact, is all about. cptpp is more thanjust cptpp is more than just a cptpp is more thanjust a mouthful. it is a packed between 11 nations and they are reducing those tariffs and they are reducing those tariffs and they are also making it easier to trade with each other and to invest in each other, supply chains should run more smoothly, but why is it when you look at the government estimates, they are talking about a gain of 8p in every £100 of income
park city, utah. the uk has signed a trade deal to help boost exports to 11 countries across asia and the pacific. the agreement includes australia, japan and mexico. britain already has trade deals with all but two of the countries. our global trade correspondent, dharshini david, is here with more details. yes, it s not the catchiest of titles, cptpp, but what it is, it has a fairly massive club, 11 nations stretching from australia all the way to vietnam, peru, mexico and the whole idea is, they won in every £8 generated and it is meant to make it easy to trade, invest in each other and tear down the barriers. but we already have deals with most of the nations here. so evenif with most of the nations here. so even if you count the fact this could mean cheaper chocolate from mexico, cheapervacuum could mean cheaper chocolate from mexico, cheaper vacuum cleaners from
to bail out the bank. uk chancellorjeremy hunt assured the bbc earlier that the british banking system is secure. we always have to watch everything that is we always have to watch everything that is happening around the world when that is happening around the world wheh it that is happening around the world when it comes to financial stability. the uk banking system is extremely stability. the uk banking system is extremely secure, it is well capitalised and i think we demonstrated that resilience by what was happening over the weekend and the fact was happening over the weekend and the fact we was happening over the weekend and the fact we were able to come up with a the fact we were able to come up with a solution so quickly. dharshini david is our global trade correspondent. just remind us how all of this happened. just remind us how all of this happened- just remind us how all of this ha ened. , ,., ~ ,, . happened. this is a bank, svb, which wasn t familiar happe
earlier today, in a bid to stem contagion across the industry, the us government stepped in, guaranteeing deposits across the entire banking system, ensuring all account holders could retrieve any funds. president biden says taxpayers will not bear any losses from the move, which will be funded by fees regulators charge to banks. regulators also took over signature bank of new york, which was seen as the institution most vulnerable to a similar bank run after svb. mr biden also says the banks leaders will be fired. our global trade correspondent, dharshini david, has more on the potential fallout. when we look at silicon valley bank their particular portfolio of investments, they clearly were not listening to that lesson, not putting all your eggs in one basket. they were too concentrated in a particular form of government bond. when you look at other banks, they have large holdings of similar things but there are sharper rules in place to have much more diversified portfolios and unl
the deal creates two customs channels for goods being sent from england, wales or scotland to northern ireland. a green channel for goods intended to be used or consumed there. and a red channel for goods destined for the repbulic of ireland. here s our global trade correspondent, dharshini david, to explain what it all means. this new deal matters wherever you are in the country. it ll shape our future relationship with europe and all our fortunes. fundamentally it ll streamline this process here, sending goods across the irish sea. the good news in particular those selling fresh foods, soldiers, sausages, eggs the britain will be easier. the czech and irish ports and paperwork, dozens of forms and sometimes, costing them time, too onerous for some producers. two thirds of shoppers in northern ireland, according to one study, noticed a small rangers and higher prices in shops. one cafe took smoothies off the many because they