hello there. we start with the cost of living crisis because the uk is facing a summer of discontent over pay, according to the head of the biggest private sector union. sharon graham, who runs the unite union, has told the bbc it s not militant to ask for pay rises in line with inflation, currently running at over 9%. she says tens of thousands of her members, from bus drivers to refuse collectors to factory workers, are involved in pay disputes around the country. this warning comes as railway workers announce more strike days over the summer. here s what she had to say to our economics editor faisal islam. before people turned around to workers and say to workers, not only have you got out and defended the pandemic, because it was key workers and ordinary people that did that, now it is over, we want you to pay for it. now that is actually abhorent to me. the idea that we set out you go, you defend what is going on out there and by the way, now you are back and everyon
plus the crypto crash deepens. could it spell disaster for el salvador s multi million dollar gamble on bitcoin? we start in the us where the federal reserve has announced the biggest rise in borrowing costs in 28 years. the fed raised its key interest rate by three quarters of a percent and signalled more big increases are on the cards. as our correspondent michelle fleury reports, from washington, it s battling to control the worst inflation in four decades. intensifying its five figure inflation which is currently at a a0 year high reserve raised its key interest rate by three quarters of a percentage point to a range of 1.5 to one and three quarters of a percent, move that will push up borrowing costs for and company. us interest rates haven t been hiked by this much in one go since bill clinton was in the white house in 199a, the size of the mood something federal chair reflected on during his press conference. clearly the 75 basis point is an unusually large one a
heinrich. griff: i m griff jenkins, good to be back. rich edson is in pennsylvania. and let s go to chester, pennsylvania, hey, alex. hey, yes, this has been a plot twist in pennsylvania. big names and big money at no point had a republican candidate to be the front runner, there s dr. oz and kathy barnett made this a three-way tie. now i m surging. that s their word. [applause] no one thought it. no one thought it. they were all focused on the two men in the race and no one thought it. kathy barnett is at a breakfast this morning and operating on a shoe-string budget. the celebrity mehmet oz held a rally and said this about barnett. we know little about her pass, they cannot win in november. every time kathy tries to answer a question leads to more questions which is why she s not answering more questions. and this is the financial treasure official, mccormick says there s no room on onto job training. any of these into this role on day one, i know what to do,
What is going to happen going forward. , ,. ,. , forward. Yes, its been a remarkable sto , forward. Yes, its been a remarkable story. Really forward. Yes, its been a remarkable story. Really the forward. Yes, its been a remarkable story, really. The uaw forward. Yes, its been a remarkable story, really. The uaw has forward. Yes, its been a remarkable| story, really. The uaw has organised in a way that it has not done in decades. As background, real terms paid the us auto workers has declined by about 20 over the last four years. Theyve been under a squeeze. At the same time, Car Companies have been making record profits, 70 billion, 21 billionjust in the First Six Months of this year. Workers will be looking at that saying, hang on a minute, when not sharing on that success. Car firms, the big three, have also turned Something Like 85 billion in dividends to shareholders. So that was not a Sustainable Business model. The workers are organised in a way they have never done before acros
9,000 workers to walk out at fords largest plant in mid october. The tactic has been to play the auto makers against each other and, in this instance, the uaw may try to pressure stellantis to match an offer on the table. Well get a glimpse into what this means when gm and Ford Report Currently Earnings this week. In the past, the union have used pay and reports to fuel the argument that the companies can afford concessions to workers. Gm reports tuesday. Given wall street verse look at the impact of the strikes. Ford follows on thursday. Staying in the us, rumblings in the market appear to have concerned investors. The snp closing at its lowest since may, that has led to higher demand for government bonds, also called treasuries. Often viewed as a safe haven investment. Leading to a fall in the yield. A boost in demand pushes up prices leading to a fall in the yield, but that has bounced back amid concerns that the fed will continue to hike rates. I spoke to tim murray about the impli