and avoid reputational damage. we start with the day ahead here in the uk with a new prime minister in waiting. and as you ve been hearing from day one, liz truss has a monumental task ahead, both economically and politically. rising inflation and the high cost of energy is at the forefront of voters minds with households and businesses desperate for help. no surprise then that the energy crisis is top of the new prime minister s agenda. a freeze on energy bills is understood to be one of a number of options being worked on. that could mean bills are subsidised and the current price cap ofjust under £2,000 would be maintained for two years. the cap would be repaid in loans over the next 10 to 20 years, plus help for businesses is expected to be unveiled. scottish power estimates the two year package of energy relief could cost around £100 billion. joining me now is douglas mcwilliams, deputy chairman of the centre for economics and business research. this government plan w
let s carry on with our coverage of the political crisis here in the uk as prime minister borisjohnson continues to defy calls for him to resign despite more than a0 ministers and aides walking out of government in the last 48 hours. it comes as britain faces a wall of economic challenges. among the g7 group of rich economies, uk growth is predicted to be at a standstill or even in recession next year, putting it behind canada, france and the us among others. inflation in the uk is already at a ao year high and expected to hit double figures, ten or even 11% by the year end and there s no let up in soaring household energy bills the annual bill is likely to be over 3,000 pounds a year by the autumn when the regulator lifts its cap on prices again. so the challenges are stacked up for chancellor nadim zahawi and he is widely expected to make an announcement on cutting taxes in the near future. rebuilding the economy and growing the economy is my task, and this is the f
with the start of wimbledon, we take a look at how sponsors are trying to ace the event. let s start with more on the important meeting taking place in the bavarian mountains today, where g7 leaders are gathered for their latest summit. the conflict in ukraine and the effects the russian invasion is having on the global economy is top of the agenda. leaders will consider imposing a price cap on russian crude, which is an idea strongly supported by the white house. russian oil and gas sales could hit $285 billion this year, which is 20% higher than last year s figure. as well as discussing energy food inflation and security is causing a headache for g7 leaders. with around 20 million tonnes of grain stuck inside ukraine, unrest has erupted in countries from indonesia to iran, and hunger now is predicted to affect 867 million people this year. to discuss this i m joined by professor olivier de schutter co chair of the international panel of experts on sustainable food syste
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hello and welcome to audiences in the uk and around the world. we start here in the uk where the bank of england is poised for the biggest rise in the cost of borrowing for 27 years to rein in the soaring cost of living. economists expect the central bank to raise its main interest rate by half a percentage point something it hasn t done in one go since 1995. that would take it to 1.75% the most expensive borrowing costs the uk has seen for almost a decade and a half with further steep rises expected. it comes as a leading think tank has warned inflation could hit 15% before it starts to ease next year. george buckley is chief uk & euro area economist at the investment bank nomura. i assume you are with the majority and you think is half a percent rise today is a given? i a percent rise today is a civen? ~ , a percent rise today is a civen? ~ , ., a percent rise today is a . iven? ~ , ., ., given? i think it is going to happen. given? i think it is going to happen.