hi tech economic boom. more now on the us, where, as you have been hearing, the big spending continues. just a couple of weeks after he signed into law $1.9 trillion of coronavirus relief spending, president biden has laid out a $2 trillion road map to rebuild america s crumbling infrastructure. the plan would be paid for in part by a steep rise in corporate taxes, up from 21% to 28%. but speaking in pennsylvania, mr biden said it would create the strongest, most resilient, innovative economy in the world. it s not a plan that tinkers around the edges. it s a once in a generation investment in america, unlike anything we ve seen or done since we built the interstate highway system and the space race, decades ago. in fact, it the largest american jobs investment since world war ii. it will create millions of jobs, good paying jobs, ii. it will create millions of jobs, good payingjobs, it will grow the economy, make us more competitive around the world, promote our national
are you planning on going anywhere anytime soon? we start with the travel industry, because airlines and tour operators have been welcoming the decision by the uk government to ease covid testing rules for travellers. from oaoo gmt tomorrow, fully vaccinated passengers arriving in england will no longer have to take pre departure covid tests. they will still have to do a test within two days of arrival, but won t have to self isolate while waiting for the result. travel bosses have complained the extra testing brought in to curb the omicron variant has put many people off travelling, because of the high cost and fear of being trapped abroad. the boss of tour operator jet2 told our transport correspondent katy austin the changes have come at a critical time for his industry. january is the peak booking time for holidays, it s when everyone gets through christmas, you ve got the january blues and you want to book a holiday and look forward to it and i think it is fair to say th
we start in germany where after 16 years the era of chancellor angela merkel is finally coming to an end. she is set to be replaced by former finance minister olaf scholz. he has become germany s chancellor in waiting, after the social democrat party struck a three way coalition deal with the greens and the free democrats. they have pledged to transform europe s biggest economy with a decade of investment in renewable energy. but they have many big challenges ahead as damien mcguinness reports from berlin. the end of an era in germany. after 16 years of conservative led government under angela merkel, germany s new leaders are younger and more radical, and they want to modernise the country. it s an unusual alliance a left wing social democrat chancellor, olaf scholz, in government with the greens and the business friendly liberals. in germany, it s called a traffic light coalition after the colours of each party. mr scholz drew parallels between the incoming coalit
the world bank says it expects ukraine s economy to shrink by 45% this year as a result of the war with russia. the bank says enormous financial support is needed immediately to keep the government running and to support a population enduring the hardship of war. it s also forecasting there will be greater economic damage than was caused by the covid 19 pandemic across eastern europe and central asia, with unprecedented sanctions leading to a steep recession in russia, too. joining me now from warsaw is anna bjerde, the world bank s vice president for europe and central asia. anna, good to talk to you. no surprise at all to hear that the outlook for ukraine is dire economically but the question is how do we help ukraine. the world bank is pledging even more money? world bank is pledging even more money? great to be with ou, more money? great to be with you. sally. more money? great to be with you. sally. and more money? great to be with you, sally, and thank- more money?
at an annual rate of half a percent injuly, although the price of services has continued to rise. that s raised hopes that after 11 hikes in the cost of borrowing, the fed may have won the battle against soaring inflation. all eyes now are on official employment numbers for august out later today. the fed will want to see a continued slowdown in hiring and pay rises. we certainly got an indication from thejobs report we certainly got an indication from the jobs report and from the adp report that the jobs could be weaker than anticipated, which would be good because that implies the fed might not need to raise rates september or november. also unemployment rate remaining very low and the hourly wages actually being equal to or less than last month, so again, inflationary pressure is probably coming down. let s speak to joshua mahony, chief market analyst at scope markets. has the fed nailed this? has it achieved a possible dream soft landing for the us economy, tackling infla