Transcripts For BBCNEWS Verified 20240704

The economy too much. To dicsuss this further im nowjoined by the Bank Of England 5 former head of international surveillance, katharine neiss. She is now the chief european economist for pgim fixed income. Good to have no surprise that Interest Rates are still rising. Do you think that this is it . ~ ,. ,. , is it . The banker very clear today that if inflation is it . The banker very clear today that if Inflation Remains is it . The banker very clear today that if Inflation Remains resilientl that if Inflation Remains resilient at higher levels, then they could see Interest Rates are going higher from here. That said, to me, the really big message coming out of the Bank Of England today was, even in the absence of further rises in Interest Rates, they really see these higher Interest Rates that we have seen more recently as he had to say for quite some time. Yes. Have seen more recently as he had to say for quite some time. Say for quite some time. Yes, and this is taming say for quite some time. Yes, and this is taming inflation say for quite some time. Yes, and this is taming inflation that say for quite some time. Yes, and this is taming inflation that is this is taming inflation that is proving to be so tricky. Why is a uk seemingly such an outlier . We are seeing it start to fall in some other developed economies, particularly in europe and the united states, and yet, still proving to be so sticky here . Well, the uk is being proving to be so sticky here . Well, the uk is being affected proving to be so sticky here . Well, the uk is being affected on proving to be so sticky here . In the uk is being affected on both sides. On one hand, we have got a very tight Labour Market similar to the united states. On the other hand, we are also seeing the ripple effects of Higher Energy prices as a result of Russia Pass Invasion of ukraine impacting on European Energy prices. So, the uk is really being affected by a double whammy, if you like, of those inflationary pressures, and that explains some of the more resilient and sticky inflation that we are seeing here. As we said, the rise in Interest Rates is a rather blunt tool. It is designed, bluntly, to make us poorer, so that we stop spending. So much of inflation is imported, coming in from overseas, like Higher Energy prices. Does really have desired effect . Energy prices. Does really have desired effect . ~. , desired effect . Well, the impact of a hither desired effect . Well, the impact of a higher interest desired effect . Well, the impact of a higher Interest Rate desired effect . Well, the impact of a higher Interest Rate is desired effect . Well, the impact of a higher Interest Rate is that desired effect . Well, the impact of a higher Interest Rate is that it a higher Interest Rate is that it raises the cost of borrowing. That affects households who are going to face higher Borrowing Gusts for things like taking out a mortgage, purchasing a car, it is going to make borrowing more expensive for firms, and so, you are going to see households and businesses stepping back from plans to expand their businesses or to take on new consumer borrowing. And, that should help to ease the economy, and to bring inflation back to target. Turning to your question specifically, the effect that the Bank Of England is seeing now, and thatis Bank Of England is seeing now, and that is really underpinning these higher Interest Rates, is that higher Interest Rates, is that higher prices have rippled out from energy and food into other things Like Services inflation. And, that in turn is feeding in to higher nominal wages. In turn is feeding in to higher nominalwages. So, in turn is feeding in to higher nominal wages. So, that suggests that what may have started out in part as an external shock to prices is starting to affect domestically generated inflation, and it is there that the Bank Of England is concerned and responding to these higher Interest Rates. figs concerned and responding to these higher Interest Rates. Higher Interest Rates. As you have highlighted. Higher Interest Rates. As you have highlighted. It higher Interest Rates. As you have highlighted, it also higher Interest Rates. As you have highlighted, it also prevents highlighted, it also prevents businesses from expanding growing perhaps in a way that they would, because borrowing is more expensive. And therein lies the dilemma, how do you make sure businesses stay on track without the railing of economic recovery, but also calling concerned consumer spending. It is a Balancing Act. It concerned consumer spending. It is a Balancing Act Balancing Act. It is, it is a balancing Balancing Act. It is, it is a Balancing Act Balancing Act. It is, it is a Balancing Act between. Balancing act. It is, it is a i Balancing Act between clear Balancing Act. It is, it is a Balancing Act between clear signs that the economy is easing, we see that the economy is easing, we see that in vacancies, they are dropping off rapidly. That tells us firms are stepping back their hiring plans against a picture of uncomfortably high inflation. And, i think that that balance probably is why. Or a key factor, behind why the Bank Of England chose to raise rates by 25 basis points and not a more aggressive 50 points, as we saw last month. ,. ,. ,. , i. Aggressive 50 points, as we saw last month. ,. ,. ,. ,. , month. Great to hear your thoughts. Thank ou month. Great to hear your thoughts. Thank you for month. Great to hear your thoughts. Thank you forjoining month. Great to hear your thoughts. Thank you forjoining us. Month. Great to hear your thoughts. Thank you forjoining us. Now, month. Great to hear your thoughts. Thank you forjoining us. Now, we i month. Great to hear your thoughts. | thank you forjoining us. Now, we go to the us. Revisiting the news we brought you just yesterday when the Ratings Agency fitch striped the Worlds Largest economy of its top credit rating. Downgrading its ranking from triple a to double a plus citing concerns over spirally National Debt and mismanagment of the economy. Drawing this response from the us Treasury Secretary janet yellen. The decision is puzzling in light of the economic strength we see in the united states. I strongly disagree with the decision, and i believe it is entirely unwarranted. It is a flawed assessment based on outdated data and fails to reflect improvements across a range of indicators, including those related to governors. That we have seen over the past 2. 5 years. Governance that we have seen over the past 2. 5 years. Studio welljoining me now me now is one of the main people behind that ratings cut Richard Francis co head the americas Sovereign Group at fitch ratings. Thank you for being with us. So, we heard there, she is puzzled, why did you do it . I heard there, she is puzzled, why did ou do it . ~. , heard there, she is puzzled, why did ou do it . ~. , you do it . I think that the numbers seak for you do it . I think that the numbers speak for themselves. You do it . I think that the numbers speak for themselves. We you do it . I think that the numbers speak for themselves. We have you do it . I think that the numbers speak for themselves. We have a, | speak for themselves. We have a, those figures are nearly double where they were in 2007. That is a steady rise in debt. It is now nearly three times the level of the triple a median, so much, much higher. So, we have fiscal deficits that are expected to rise pretty sharply over the next three years, and furthermore, because of the high Interest Rates and the debt burden, we have the Interest Burden rising rapidly as well. That is relatively new. So, ithink rapidly as well. That is relatively new. So, i think that the fiscal picture is bad, and furthermore, we have a very high level political. In the us, and that makes it difficult to tackle these fiscal challenges. We dont expect anything to happen, the 2024 election. Someone so that that is nothing new. The American Economy has been here before. We have talked about them almost defaulting on debts before. In the report, you state the steady deterioration in standards of governance over the last 20 years, notjust governance over the last 20 years, not just at the last year, the last 20. Why make this decision now . Remember, we put the rating on watch negative at the height of the debt ceiling, yet again, but you mentioned, this is not new. It pops up mentioned, this is not new. It pops up every two years, more or less. And, when we put the rating on watch negative, we said that after the resolution, it would result in the watch in the third quarter. We took our time, we looked at the impact and the fiscal responsibility act, part of the revolution, we want to look at the political dynamics, in the aftermath of what we saw around the aftermath of what we saw around the debt ceiling debate. And, we wanted to rerun our numbers based around the new recommendation, and when we took a look at all of these factors, itjust became very clear to us that the us does not look like a triple a any more, and that led to the downgrade. You a triplea any more, and that led to the downgrade the downgrade. You talk about the brinkmanship. The downgrade. You talk about the brinkmanship, lucky the downgrade. You talk about the brinkmanship, lucky other the downgrade. You talk about the brinkmanship, lucky other report, | brinkmanship, lucky other report, perhaps one of the factors the january six attack, when you talk about standards of government. Do you worry that by downgrading the us economy, you stoke some of that Political Tension . We know that the democrats blame the Republicans Holding the economy hostage when it came to those negotiations, and at the same time, the republicans simply blame democrats for spending too much. Who is right . I simply blame democrats for spending too much. Who is right . Too much. Who is right . I think there is blame too much. Who is right . I think there is blame to too much. Who is right . I think there is blame to go too much. Who is right . I think there is blame to go around too much. Who is right . I think there is blame to go around on | too much. Who is right . I think. There is blame to go around on all sides. I dont think it is one of the other side pass primary. The reason why the debt is so high is from both parties. And also, the polarisation makes it difficult to see if there is going to be any effort to tackle the entitlement programmes, security, medicare, there is no appetite to raise taxes, and there might be the tax becoming permanent. And there might be the tax becoming ermanent. ~. ,. ,. ,. , permanent. What would need to change for ou to permanent. What would need to change for you to upgrade permanent. What would need to change for you to upgrade the permanent. What would need to change for you to upgrade the forecast . Permanent. What would need to change for you to upgrade the forecast . To for you to upgrade the forecast . Trr upgrade the forecast for the rating . The rating. You upgrade the forecast for the rating . The ratinu. ,. ,. ,. , the rating. You would probably have to have a significant the rating. You would probably have to have a significant agreement the rating. You would probably have to have a significant agreement on l to have a significant agreement on the fiscal side that reduces the deficit and re stabilises the debt, and i think that i would speak to the governance, because the reason that he got to that agreement was because both sides were willing to talk and make difficult decisions. It has been very interesting speaking to you. Thank you for being with us. Talking about what has been a very big week in terms of the us economy. Those are your Business Stories this hour, across the world and across uk, this is bbc news. Meet the cheshire ghost riders, they are gearing up for the cheshire ghost riders, they are gearing upfora the cheshire ghost riders, they are gearing up for a home at World Championships. It is gearing up for a home at World Championships. Gearing up for a home at World Championships. It is a whirlwind of emotions, championships. It is a whirlwind of emotions. Not championships. It is a whirlwind of emotions, notjust championships. It is a whirlwind of emotions, notjust adrenaline. Championships. It is a whirlwind of| emotions, notjust adrenaline. You are focused, and then you are across the line before you know it. Im absolutely buzzing. I did the world is 11 years ago. I had an awful accident in which i broke my hip, i couldnt walk for seven years. I recently got back into it and qualified again. It is amazing. There was no stopping me gapping back on. If you look at children under ten, they are the most fearless, they dont have to get up and go to work in the morning. Here at the bmx and go to work in the morning. Here at the bmx track, and go to work in the morning. Here at the bmx track, the and go to work in the morning. Here at the bmx track, the club have a total of eight riders qualified for the World Championships in glasgow, the World Championships in glasgow, the youngest aged nine years old. I started when i was very, my dad did it first, started when i was very, my dad did it first, and started when i was very, my dad did it first, and i started when i was very, my dad did it first, and i thought, oh, maybe that might it first, and i thought, oh, maybe that might be interesting for me to try. That might be interesting for me to t. ,~, that might be interesting for me to t. ,~, , try. So, the race is 30 seconds one minute try. So, the race is 30 seconds one minute. It try. So, the race is 30 seconds one minute. It is try. So, the race is 30 seconds one minute. It is physical one minute. It is physical endurance. One minute. It is physical endurance. ,. ,. ,. , endurance. You are going through it, its very much endurance. You are going through it, its very much a endurance. You are going through it, its very much a contact endurance. You are going through it, its very much a contact sport. Its very much a contact sport. People its very much a contact sport. People will its very much a contact sport. Pecpte will go its very much a contact sport. People will go into its very much a contact sport. People will go into you, its very much a contact sport. People will go into you, you i its very much a contact sport. I people will go into you, you will going people will go into you, you will going into people will go into you, you will going into people people will go into you, you will going into people. It people will go into you, you will going into people. It is people will go into you, you will going into people. It is about. Going into people. It is about feeling going into people. It is about feeling physically going into people. It is about feeling physically and going into people. It is about. Feeling physically and mentally prepared feeling physically and mentally prepared for feeling physically and mentally prepared for that. Youre live with bbc news. We return to our top story, that is the Bank Of Englands rate rise, 5. 25 . That is the highest rate in 15 years, it comes on the back of stubbornly high inflation in this country. That stands at 7. 5 . The banks remit is to bring down inflation to 2 or lower. What impact will this have on the Economy Andindeed impact will this have on the economy and indeed the Labour Market in this country . We cross to this guest. Thank you forjoining us. What is your reaction to this 14th rate rise . I your reaction to this 14th rate rise . ~. ,. , your reaction to this 14th rate rise . ~. ,. , rise . I think that what we are seeinu rise . I think that what we are seeing now rise . I think that what we are seeing now is rise . I think that what we are seeing now is the rise . I think that what we are | seeing now is the government flirting with recession. I think that this news will be very concerning for people across the economy, whether they are facing increased mortgage gusts, whether they are looking at those figures behind the banks report, which is that unemployment will see a pretty sharp rise. And i think what we are seeing is, not only the bank putting operates, but the government sitting on the sidelines and not stepping in with a planet that evidently needs to come. Everybody needs a country needs it. ~. ,. ,. , ~ needs it. What do you think the government needs it. What do you think the government should needs it. What do you think the government should do . Needs it. What do you think the government should do . It needs it. What do you think the government should do . It is i needs it. What do you think the government should do . It is a l needs it. What do you think the government should do . It is a banks agreement to do this, it needs to bring down inflation, raising interest is the biggest tool it has. I think we are in a really worrying situation where we see the sharp Interest Rate rises, and we are starting to see the economy showing down. We are still administering the same medicine. Overall, what we need is an economy that is working, that need strong investment from the government, strong skills policies, dealing with some of those reasons why inflation is higher in the uk, whether that is ineffective trading, trading deals, or some of the reasons why it is harder for people to get in the uk. I think we do need that plan from the government, because people are looking down at the moment and are paying the price for the inflation because they did not get enough protection from when that was imported from abroad. But, also, working people are paying the price of the recession, which could be around the corner. Share price of the recession, which could be around the corner. Be around the corner. Are bank of encland be around the corner. Are Bank Of England officials be around the corner. Are Bank Of England officials have be around the corner. Are Bank Of England officials have mentionedl be around the corner. Are bank of. England officials have mentioned how pay rises have continued to be stronger and have crystallised in terms of the wage price spiral. That has an impact on inflation, and it is unions that push the pay rises. I think we do need that plan from the government, because people are looking down at the moment and are paying the price for the inflation because they did not get enough protection from when that was imported from abroad. But, also, working people are paying the price of the recession, which could be around the corner. Stare of the recession, which could be around the corner. Around the corner. Are bank of encland around the corner. Are Bank Of England officials around the corner. Are Bank Of England officials have around the corner. Are bank of l england officials have mentioned around the corner. Are Bank Of England officials have mentioned how pay rises have continued to be stronger and have crystallised in terms of the wage price spiral. That has an impact on inflation, and it is unions that push the pay rises. Had aiming we are in the longest pay freeze in history. Max hundreds of years. We have a big inflationary shocks this year, but over the last decade, and it is our job to push forward, because lots of people are struggling now. If job to push forward, because lots of people are struggling now. Ii you job to push forward, because lots of people are struggling now. If you do ush for people are struggling now. If you do push for pay people are struggling now. If you do push for pay rises. People are struggling now. If you do push for pay rises, they people are struggling now. If you do push for pay rises, they are people are struggling now. If you do push for pay rises, they are likely i push for pay rises, they are likely to take price presses on, wages are likely to take longer to gun down. Therefore, workers are putting pressure on their employer, they will have an impact on inflation, wont they . Will have an impact on inflation, wont the . , wont they . Faced with companies a in a wont they . Faced with Companies Paying a fair wont they . Faced with Companies Paying a fair wage. Wont they . Faced with Companies Paying a fair wage, they wont they . Faced with Companies Paying a fair wage, they dont wont they . Faced with companies | paying a fair wage, they dont need to put up their prizes. They can look at their profit margins, a big factor behind inflation is companies trying to maintain their profits in the face off price shocks. They could also increase productivity. It is hard to do that and the government is not putting a plan in place to help them do that. But, it is not the case that workers wage rises and price rises. What we need, if that strategy from the government about a sustainable economic plan does see inflation coming down, but not at the expense of workers living standards, which have been battered time and time again in the last decade. You have been battered time and time again in the last decade. Have been battered time and time again in the last decade. You on the government again in the last decade. You on the government to again in the last decade. You on the government to get again in the last decade. You on the government to get involved again in the last decade. You on the government to get involved with government to get involved with inflation when it hits a Bank Of Englands remit. What is it that the government can do . Government can do . What the government government can do . What the government needs government can do . What the government needs to government can do . What the government needs to do government can do . What the government needs to do is government can do . What the | government needs to do is put government can do . What the government needs to do is put out a sustainable plan for growth. That is what the economy needs, that, over time, will see a more sustainable economy with stronger growth help everybody improve their living standards. That doesnt mean a sustainable plan. Businesses are facing great uncertainty. That does mean a sustainable plan. I dont know what the strategy will be. If there is a potent political uncertainty, uncertainty about pleading relationships with the eu, there could be cuts to school funding, 40 cuts to Adult Education of the last decade. If we fix those problems, that will provide a sustainable economic plan which does what we needed to. What we needed to. Apologies for dro |n~ what we needed to. Apologies for dropping you. What we needed to. Apologies for dropping you. We what we needed to. Apologies for dropping you, we have what we needed to. Apologies for dropping you, we have run what we needed to. Apologies for dropping you, we have run out. What we needed to. Apologies for dropping you, we have run out of| dropping you, we have run out of time. Thank you for coming onto the bbc and answering bbc. That was a member of the tuc union. Five people have been arrested after greenpeace protesters scaled rishi sunak� s North Yorkshire constituency home. They were demonstrating at the announcement of new north sea oil and gas licences. Greenpeace said campaigners had unfurled Oil Black Fabric on one side of the house near northallerton. Our Political Correspondent says it is extraordinary that they got access in the first place. This began i think it was about 6 00 this morning when they managed to get into the grounds of rishi sunak� s manor house in North Yorkshire. Scaled up to the roof, using ladders and then unfurled sort of oil, black drapes over the front of the house. And these protesters were up there for quite a few hours. The the North Yorkshire police were called at about eight and it wasnt until after lunch about 1 00 that the protesters came down. And as you said, five people in total have been arrested, four charged with causing criminal damage and public nuisance. A third man arrested on suspicion of causing a public nuisance. And they remain in custody now. The Prime Minister isnt there. Hes on holiday with his family in california. And there are some reports that the protesters did knock on the door, first of all, before they went up to the roof to say that this was a peaceful protest. But its over. But it is quite extraordinary that they did manage to get access to the roof of the Prime Ministers constituency home. And one tory mp, alicia kearns, has certainly pointed that out today and say, you know, this doesnt seem a very serious Security Breach that these protesters could do this . Now, they were protesting because of the governments announcement a few days ago that they were going to issue new Oil And Gas Drilling Licences for the north sea. Thats a decision defended today by the deputy Prime Minister, oliver dowden, whos running things while the Prime Minister is away, who said in an interview earlier today that people were sick of these stupid stunts. Absolutely. Thats what he said. But what these people are saying, these protesters, is that theyre angry at the 100 new north sea oil and gas licences that have been granted. Talk us through that policy. What is it exactly that theyre worried about . Well, the government issued these licences, as i said, a few days ago, arguing that they are vital to both secure britains Energy Reserves in the years ahead, particularly with all the instability that we see around the world, but also to Help Britain Meet its 2015 net zero target. But its a very, very controversial decision. The labour party have said its a its a huge mistake and blows a hole in the governments environmental credentials. Campaigners like greenpeace say its the very last thing the government should be doing now, which is to be taking more fossil fuels out of the out of the north sea. So it is a very live political issue. And what we have seen today is one prominent Pressure Group responding with their own direct action. Queen fans are having a good week. They are having an opportunity to see a new exhibition. Queen fans are in for a treat this week, as theyll have the chance to see the singers private record collection, his artwork and flamboyant stage costumes. The exhibition is opening in london ahead of an auction of freddies personal possessions. They have until now been looked after by one of his closest friends. David sillito has been taking a look. Yes, thats a Giant Moustache outside sotheby� s sale room. And inside, well, lets have a look. When im gone no need to wonder if i ever think of you the same moon shines the same. This, the Famous Graffitied Green Door that led to freddies garden, freddies record collection, freddies kitchen. Freddies costumes. Theres even freddies moustache comb. And on and on it goes. There are 30,000 objects. And, for a man who is very private, really, this is more thanjust a collection of stuff. It tells a story the life of freddie mercury. This is unprecedented. This is an unprecedented moment in our 280 years history. Youve got literally everything. We might not have the kitchen sink, but weve got his monogrammed doors from the shower. Its freddie mercury. It had to be big. It had to be special. Mama. And for fans of classics, like Bohemian Rhapsody, there are on display little clues to how he created his songs. What am i looking at here . Well, were looking at here, this is the earliest surviving draft for Bohemian Rhapsody. Yes, its the lyric sheet of Bohemian Rhapsody, which began with, it appears, another name. Theres the title. Yes, yes. But then, if you look underneath, there is a cancelled earlier title, where he had written mongolian rhapsody. So Bohemian Rhapsody was originally mongolian rhapsody. So it seems. Yeah. And if you love the Bohemian Rhapsody video, that Snake Bracelet and the outfits are both up for sale. So this is what you see him wearing when hes sitting at the piano. And then when he gets up singing. Its a snug fit, isnt it . Yes. Freddie was very slim. Very slim. Real is this feeling. And then theres the freddie look of the � 80s the moustache. He goes into vests, doesnt he . Yes. I remember. It sort of happened overnight, didnt it . 1979 is the change. You get the shift from the catsuits. He says goodbye to the catsuits and in come the leathers, the vinyl and the little caps. But now the partys over. And im left cold sober. And what about those parties . We invited one regular visitor to garden lodge songwriter tim rice to have a final look at the freddie dining room. Im hearing you dined here a few times, then. Certainly went to a few parties. Did dine here once or twice. Do you know what you were doing the 14th ofjune, 1987 . No. Let me go on. Ive got something here for you. Freddie, you see, was very organised. And there is a book with a record of every dinner party. Oh, wow. Good heavens. So you were having cold tomato soup, lamb in puff pastry, new potatoes, carrots, salad. A rather nice white chateauneuf du pape. And a red volnay. Wow. Just four of us round that magnificent table. Wow. I mean, i rememberthe evening. He was very civilised. And, if you didnt know he was a mega rock star, you might not know that. I mean, he was the opposite a lot of the time from the image he had on stage. Did you go to the parties . I went to one or two of the parties, yes. Can you tell me about them . Well, they were quite fun. So there it is, a free exhibition of a lifetime of memories that will, in a few weeks, be sold off in six freddie sales. This is a once only moment. They are expecting quite a few visitors. David sillitoe, bbc news, sotheby� s. I would have loved to have been invited to a dinner party with freddie mercury. How interesting would that have been . Now its time for a look at the weather with chris fawkes. Hello there. The weather is not looking too bad over the next couple of days, generally sunshine and showers knocking around. However, as we head into saturday, its going to turn very wet, particularly so across northern ireland, england and wales. And bear in mind parts of the south of the uk, even though were only three days into the new month, have already had a third of the average rainfall. Theres more on the way, as i say. Today is an ok day, though. Sunny spells and passing showers. The showers probably most frequent across parts of the midlands running into eastern england. Quite a few showers for northern ireland, but theyll tend to be quite light and i suspect the showers become a little bit less widespread for wales and south west england. So more in the way of dry weather here increasingly through the afternoon. So some of you will stay dry with sunny spells coming through from time to time overnight. A few more showers will keep going, particularly around coastal areas and especially across northeast england, north and east scotland. Temperatures about 11 to 14 degrees overnight. And then tomorrow, yeah, its another showery kind of day. However, as we head into the afternoon, the showers will want to concentrate in one area especially, and thats across eastern england. Thats because weve got one of these Convergence Zones where the winds bash together. It will concentrate the showers here. But if youre away from that, for example, across wales, western england, parts of northern ireland, west scotland, it should be largely dry tomorrow afternoon with some fairly decent sunshine coming through, but temperatures still a bit below par for the time of year. Its through friday night and into the weekend that weve got our next batch of really wet weather to come through. Also very windy, too. Now the heavy rain will initially start off in northern ireland. Quite gusty winds here for a time too, before it works in across england and wales, especially as we go through saturday. And with gusts of wind around 50 or 60 miles an hour across parts of wales, 40 to 50 miles an hour or so for parts of southern england, could bring some localised disruption. Then weve got the heavy rain too factor in as well. Now it wont be raining everywhere all the time. Across scotland itll be ok. Sunny spells here, a few passing showers, but the unsettled theme does continue, im afraid, through sunday and into the early part of next week as well. However, after that, it looks like well see our first area of High Pressure building in for some seven weeks, and come thursday, might only last a day or two, it looks like well see something drier, sunnier and warmer. Temperatures in the warmest spots could reach the high 20s or even low 30s. Live from london. This is bbc news. The Bank Of England raises Interest Rates to 5. 25 , the highest for fifteen years, in an attempt to curb inflation. There is a steady, solid pathway to bringing down inflation. What i want to make sure, which the government must do is stick to that plan so that we dont delay any longer the relief for families that we dont delay any longer the Relief Forfamilies and that we dont delay any longer the relief for families and businesses that are finding things tough. The government need to take responsibly for the government need to take responsibly for the fact government need to take responsibly for the fact that inflation in the uk is for the fact that inflation in the uk is much higher than it is incomparable country. Security tightened in washington ahead of Donald Trumps court appearance. Hell be formally charged with plotting to overturn the result of the 2020 president ial election. This is the Court Building live in washington where mr trump will appear in a few hours. Us Pop Star Lizzo Hits back at allegations of harrasment and discrimination she says theyre as unbelievable as they sound. And five people are arrested after greenpeace activists climbed on to the roof of Prime Minister rishi sunak� s house in yorkshire. Hello, welcome to verified live, three hours of breaking stories, and checking out the truth behind them. We start here in the uk where the Bank Of England has become the latest central bank to raise Interest Rates in an effort to curb rising prices. The rates are now at 5. 25 . Its the 14th consecutive time theyve have been raised and Borrowing Costs are now at their highest for 15 years. It will mean higher mortgages and loans payments for many people in the uk but it should also mean