a top republican has accused us regulators of being asleep at the wheel in the period leading up to the implosion of silicon valley bank. those comments in the first of two bruising congressional hearings intended to shed light on the failings that led to the lender s collapse. in response, the regulator pointed the finger at executives saying they did a terrible job of managing risk. we are still reconstructing the supervisory racket, we understand they were issued a matter requiring attention based on the inaccuracy of their interest rate risk modelling. essentially, the risk model was not at all aligned with reality. today, the hearing continues. the collapse of svb and signature bank created shock waves across the global banking sector, with central bankers moving to reassure nations that the structural integrity of the financial system remains intact. joining me now is greg feldberg, director of research for the yale program on financial stability. you were director
hi, dodd. not seen you for a while. how have you been, you big giraffe? sally laughs. good morning. with one game to go before the world cup begins, how gareth southgate s future s the spotlight, a year after leading england to the euros final. good morning. we ve currently got some rain in the south east which will clear away and for all of us we are looking at a day of sunshine and showers and a noticeable wind too, and feeling chilly in that wind. i will have all the details about this mornings programme. good morning, everybody. it s monday 26th september. our main story. the pound has fallen to its lowest level against the us dollarfor 50 years. the record slump came after the government unveiled tax cuts funded by huge increases in borrowing. let s talk more to nina about this. how did this all start? a drop to around $1 how did this all start? a drop to around s1that s how did this all start? a drop to around $1 that s the how did this all start? a drop to around $
yes, indeed, the thought of a chip implant may send a shiver down your spine, that comes later but we begin with the latest warning from the international monetary fund. it has slashed its forecast for the global economy, saying it will grow by only 2.7% next year, with many countries in recession. in its six month update, the imf said the worst was yet to come. this forecast comes as the fund and internationalfinance ministers meet in washington. our north america business correspondent michelle fleury has more from the us capital. the international monetary fund had bad news forjust about everyone. according to its latest forecast, a third of countries will be in recession next year. and whatever growth the others have, it will be far less than they had hoped for. on top of that, the fund s less than they had hoped for. on top of that, the funds to balcomba speaking to the bbc insisted central banks must continue to raise interest rates to fight inflation. if central banks