expectation was it was on its way down. and certainly, some critics at the time that the prime minister was trying to take credit for something that was going to happen anyway. now of course, it looks like it will be much stickier, the expectation of more interest rate rises on the way. labour now putting pressure on the government over the impact of this for people who are paying off their mortgages. and let s talking now of whether the government should be intervening in some way to help owners, that is something the government is resisting and there is talk now. at prime minister s questions today, rishi sunak insist on tackling inflation was his priority and he wasn t going to do anything that risked making it worse. insisted tackling inflation. it s also right that we do support those with the mortgages, and this is why the absolute right economic priority is to halve inflation. because inflation is what is driving interest rates up. inflation is what erodes people s savings
previous predictions. it says the us economy is performing more resiliently than forecast and suggests the earlier than expected reopening of china after the worst of covid has boosted performance, but there is still a health warning that high inflation and interest rates will continue to weigh on global growth. here is the oecd s chief economist. global growth. here is the oecd s chief economist. some good news in the forecast chief economist. some good news in the forecast today, chief economist. some good news in the forecast today, the chief economist. some good news in the forecast today, the overall - the forecast today, the overall economy is improving. we expected it to moderate to 2.7% in 2023 and 2.4 in 2024, but it is low in terms of the growth we saw before the recent crises. a , the growth we saw before the recent crises. n, , ., the growth we saw before the recent crises. , ., , the growth we saw before the recent crises. , ., crises. many of the gloomy forecasts o
is, things are a bit stickier and worry the bank of england and the chancellor because it means they could stay higher for longer. we all feel inflation, could stay higher for longer. we all feel inflation, because could stay higher for longer. we all feel inflation, because staff- could stay higher for longer. we all feel inflation, because staff cost i feel inflation, because staff cost more in the shops and our money doesn t go as far but we also feel it because the bank of england tends to respond by raising interest rates. we originally thought they might peak around 5% but now they are going even higher? we might peak around 5% but now they are going even higher? might peak around 596 but now they are going even higher? we don t know where they will are going even higher? we don t know where they will go are going even higher? we don t know where they will go because are going even higher? we don t know where they will go because this - are going even higher? we don t
interest rate tomorrow much more likely. 0ur economics editor, faisal islam, is here. the government and the bank of england desperate to get inflation down, but it s going in the wrong direction. are these figures a one off or part of a pattern? it is your assessment? there was certainly a surprise to markets and the bank of england, but no surprise to people going into supermarkets and seeing that moving food prices and restaurant prices going all the way up there. so no surprise therefore ordinary consumers. the question is, that it is now proving, i think, stickier and more stubborn, hanging around for longer than the government hopes, which was to hover over the last year. we still think it will come down pretty sharply, because the gas and energy prices will come out, starting from next month, but it still so is that all those hopes, it still so is that all those hopes, it is still going to take some
their deposits were largely commercial deposits of very, very small amount. retail deposits. somewhere along the line they missed in a bank balance sheet management 101 that retail deposits are much, much stickier than commercial deposits. neil: that is well-put. they are at the very least. thanks, tim. good seeing you. great seeing you, neil. neil: all right. meantime here, donald trump says he s going to be arrested tomorrow. a lot of people say that is unlikely but he s galvanized reaction from his own business who have said to protest and make their views known. what is at stake tomorrow? after this. [dramatic music] [radio chatter] welcome home, commander! [music swells] [music stops abruptly] [sigh]