does have very strong trade economic ties with the country. it is a bit of a tricky balancing act, is it not? it is always a delicate act of diplomacy when it comes to australia and china. you are absolutely right. china is australia s biggest trading partner. australia s recent prosperity has been underwritten largly by china s demand for australia s natural resources most notably bya iron ore, a ingredient in steel making. since the election last year of anthony albanese leading australia s left of centre labour government, there has been some easing of tension with beijing and mr albanese is pointing out that australia needs to have cordial stable relationships with china but there will be areas where both countries disagree.
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the federal reserve increased its key lending rate by a quarter of a percent on wednesday, despite fears it could add to instability in the banking system. but the fed chairman spoke to reassure the public. our banking system is sound and resilient, with strong capital and liquidity. we will continue to closely monitor conditions in the banking system and are prepared to use all of our tools, as needed, to keep it safe and sound. in addition, we are committed to learning the lessons from this episode and to work to prevent episodes, events like this from happening again. and in the uk, it s a tricky balancing act for the bank of england at the moment as, last month, they predicted that the rate at which prices are rising had peaked. but yesterday, we learned that inflation unexpectedly rose to 10.4% in february, a near ito year high. the spike was driven by soaring food prices, which are still rising faster than at any time in the last 45 years. and it means the uk has the highest infl
hannah can tell us more. we have had moves around the world, around the united states, european central bank, and also we had that inflation figure? yes, a lot of people would say, why make it harder for yes, a lot of people would say, why make it harderfor us? it is tough already. it s a tricky balancing act for the bank of england at the moment. last month they predicted that the rate at which prices are rising had peaked. but, of course, yesterday we learned that inflation unexpectedly rose to 10.4% in february, a near 40 year high. the spike was driven by soaring food prices, which are now rising quicker than at any time in the last 45 years. and it means the uk has the highest inflation of all the major economies in the so called g7 the only one still in double figures. now, in order to keep a lid on those prices, the bank of england often chooses to increase the cost of borrowing in order to discourage us all from spending. the current base rate is at 4% and it s gone up ten ti
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