in the uk are at an all time high as country. its lowest ever now we have the round up of the business news and one of those headline stories you are concentrating on. welcome to the programme. yes, on course for stronger than expected recovery. that is the assessment from the international monetary fund on the state of the global economy in its latest world economic outlook update. the imf predicts that global growth of 3.1% this year and slightly higher growth in 2025. it also says that inflation is declining faster than expected because many supply chain problems caused by the pandemic have now been resolved. the imf has, however, issued a warning to the uk government not to cut taxes any further and suggested that treasury percent planned spending cuts for this year were unrealistic. earlier i spoke to the imf s chief economist and i asked him what his concerns were over the uk cutting those taxes. ~ , ., taxes. well, first, for the uk, we are seeing taxes. well, first,
over 3% in december. we spoke to investment manager shanti kelemen. she told us the fall in shop prices is a positive development, as the bank of england weighs up when it can start cutting the cost of borrowing. i think it s absolutely good news. i mean, one quirk of psychology is that even though inflation isn t going up because prices arejust sort of constant, it might not feel a lot better because the price is still higher than it was two years ago. with the changes and how people are expecting the future to unfold, the interest rates people pay our mortgages have already fallen a bit, similarly the rates the government is paying for borrowing are also coming down a bit from last year, so that in itself will provide a little bit of relief, even before the bank of england changes interest rates. but will that downward trend in shop price inflation continue? we all know about the supply chain disruptions in the red sea. and the picture could be further complicated from toni
hour s time. new figures are expected to show net migration to the uk reached a record level last year. what a way to seal europa league football for the first time. ensiso s cracker earns brighton a draw, and a place in the group stages of next season s competition. # waterloo, i was defeated, you won the war. and we ll hear from abba on those eurovision reunion rumours. plus, the perfect day to take to the river, here in baiano on the banks of the thames, a bit more clout around the uk but most will avoid the ray. here in malo on the banks of the thames, cloud around but most will avoid the rain. tributes to the singer tina turner have been pouring in overnight after her death at the age of 83 was announced. known as the queen of rock n roll, she survived poverty, domestic abuse and career setbacks before becoming one of the world s biggest stars. our arts correspondent david sillito looks back at her life. # when you were a young boy # did you have a puppy # that always
also this lunchtime. lower energy bills for many households after the regulator brings in a new price cap. the chief constable of police scotland the uk s second biggest force admits it is institutionally racist and sexist. and by public demand, a fitting farewell for an raf hero who fought in the second world war. and coming up in the sport later in the hour on bbc news: history for brighton, their highest finish in the premier league and a first european campaign to look forward to next season. good afternoon. net migration to the uk has hit a record high, despite the government s promise to reduce it. the office for national statistics say that last year 606,000 more people moved to the united kingdom than left it. that s up around 118,000 on the previous year s figure. the rise is driven by people from outside the eu, including ukraine and hong kong. the prime minister says the figures are too high labour claim they show the government has lost control of immigratio