this is the cost effectively of a five year loan to government now up above 4%. this makes it more expensive to borrow all that money for government and it makes new fixed rate mortgages and business lending pricier. sterling has also fallen by 3% against the dollar following the announcement. it’s following the announcement. it s very unprecedented to see this kind of market very unprecedented to see this kind of market reaction with the currency falling of market reaction with the currency falling roughly 3% against the dollar falling roughly 3% against the dollar and uk borrowing costs increasing exponentially, so by about increasing exponentially, so by about 0.5% in the course of one day. that underlines that international investors that underlines that international investors have listened to the government and don t necessarily like it government and don t necessarily like it. ., ., ., like it. for the government, the tax cuts are a down like it. for the governmen
system and it s a cheap and efficient way to move goods. i was talking to ag people who said you can t take grain and put it on the trucks, by the way, you don t have the trucks and truck drivers to do that anyway. just about everything in your life rides these rails so it would have, pun intended, derailed the economy. you can t put 17 trucks on the road by snapping your fingers. the negotiations went late into the night. when they ordered dinner and a call from the president. and a call from the president. the who would up here was not wages which it usually is. it wasn t about money. it was about scheduling, rostering, sick leave. a lot of these industries you have worker shortages, talking about engineers and conductors here on seven day on-call rosters, that was not sustainable for them, that was a
legislative or from the administration, to force all this either force an agreement as indicated here. almost every aspect of our economy from agricultural, cold, goods. these are significant issues. april, let me tell you about worker shortages. how does that play into here, the strain on workers in the supply chain field over the past couple of years? what s the labor situation there? on the supply chain, good news. these are committed individuals. however, when we re seeing the extent of job shortages.