Speaking before squeezed by massive bills, there is still Spending Power out there. A lot of our customers are probably a bit older, so we dont feel the mortgage rate, although it creates uncertainty for them and that does and we do notice when there is a rate rise, everyone gets a bitjittery. Does it feel like we are getting green shoots . I dont feel that there is green shoots, no, no. I dont feel that there is green shoots, no, no. I feel we are in a holding pattern. It could go either way. Today, the Bank Of England said the tough medicine was beginning to work. Less tha n less than two years they have over 14 steps raised Interest Rates to the highest level in 15 years in an attempt to drain Spending Powerfrom the Spending Power from the economy. The period of near zero Interest Rates now consigned to history with the bank warning that rates could remain at this level for some time. If you asked the question, yes, and when are rates going to come down . My answer is we are going to need much more solid evidence that inflation is going to come down, and i mean that people can rely on it. The Housing Market correction may have started already . I dont know what your view is on that . Yes, we are seeing someadjustment in the Housing Market. An adjustment . Prices are not coming off their peak but we should avoid preaching crisis at this point. It is not that. At the law courts in salisbury, steve is arriving at a possession hearing. We are here today to see whether in two weeks time i am living on the streets. January last year, my Mortgage Payment was £1264 and i have been paying that amount for the last ten years. My mortgage today is £4501 per month. The judge agreed with the bank to repossess the house, citing the mortgage� s unaffordability after those recent rate rises. Not Walking Around this house in another two months, is quite upsetting and i do not want to think about it. When Interest Rates go up, it is no surprise that you see more repossessions but actually, the level of repossessions is remarkably low, given just how rapidly the Bank Of England has raised Interest Rates, and the bank says they are trying to help by extending the length of mortgages, for example, and there are also hundreds of thousands of people on fixed rate mortgages. But the question is whether thatjust delays the pain. Food Price Inflation is easing but still very high, putting the government under pressure to further delay imminent post brexit checks and charges from imported foodstuffs to help the bank combat inflation. What the government must do is stick to that plan, so that we dont delay any longer the relief for families and businesses that are finding it tough. How is that plan helping to bring down prices for people . Consistent with the possibility of a import taxes and duties on food imports from europe . That is a long standing policy that is required by the fact we have left the eu. That will add to inflation. We will be very careful to make sure that we implemented in a way that has minimal impact on the overall inflation rate. Our anti inflationary measures include boosting our Energy Security by investing in home grown Renewable Energy and insulating homes to get down the bills, sorting out the brexit mess to reduce prices because extra bureaucracy and checks at the borders are pushing up prices for uk consumers. Todays move is expected to be one of the last rises this year but the message today is that any rate cuts are still some way off. Faisal islam, bbc news in salisbury. The prospect of higher Interest Rates being the new normal is a worrying one for many people with mortgages and loans but its being welcomed by others who rely on income from their savings, especially retired people. Ian in oldham is one of them. Hes been speaking to our cost of living correspondent colletta smith. At 5. 25 . Yes Interest Rates are up and theres plenty of people who are delighted. Theres far more savers in the country than there are mortgage payers. We have had some reaction from jeremy hunt. Hes got onejob. Ian lives off his pension, but after squirrelling away money his whole working life, he has got a small savings pot tucked away. What impact are those rising rates having for you . Thank you you are rejoicing, then, today . As a saver, for the last ten years, i have had 0. 1 on my savings. Literally nothing. It doesnt pay your bus fare. Interest rates going up, for me, is Manna From Heaven and it is about time. Lets speak to Gervais Williams from the Investment Manager premier miton. Higher rates are not bad for everyone of course and there are more savers than borrowers in britain so as a fund manager, enriching those savers further, because it have consequences. As one of them inflationary . Inflationary . Yes, it tends to be that actually inflationary . Yes, it tends to be that actually when inflationary . Yes, it tends to | be that actually when Interest Rates are raised the whole point is you suppress the demand, so less demand out there and i think comes down it moves below supply thats when you get price competitive behaviour, cost of goods and Services Start to come down and it allows inflation to come under control so thats the real purpose by clearly raising Interest Rates does improve the outcome of savers but obviously equally and it obviously reduces the affordability of people who are borrowing. Rachel reeves there was bringing up the b word. Brexit, of course. If this climbdown over brexit checks on food would be the second in a week after britain decided to keep the sea Safety Market as well. What is the broader influence Of Brexit On Inflation do you think . I Of Brexit On Inflation do you think . ~ Of Brexit On Inflation do you think . ~ � , , think . I think its disrupted Trade Supplies think . I think its disrupted Trade Supplies and think . I think its disrupted Trade Supplies and there i think . I think its disrupted Trade Supplies and there is | Trade Supplies and there is more costs involved with many of the Trading Partners so the net effect is that is more expensive but more competition in due course and hopefully we have more competitors to deal with which allows more people to sell things in the uk and if it comes in time and ultimately we expect there to be a benefit as well and the net effect is actually costs arising at the moment in the uk faster than elsewhere and thats why uk Interest Rates unfortunately had to continue rising even at a time when many other global Central Banks are holding off Interest Rate rises at this point. Interest rate rises at this oint. ,. , point. You are right, while underlying point. You are right, while underlying inflation point. You are right, while underlying inflation does l underlying inflation does appear to be falling, the Headline Inflation is getting worse. Why is it that Energy Prices, food prices are so sticky and in fact some instances rising . If anything we have had instances rising . If anything we have had a instances rising . If anything we have had a Benefit Instances rising . If anything we have had a benefit in instances rising . If anything we have had a benefit in the last 18 months, since the impact injune 2022 and a beastly Energy Prices have come down and everyone was looking forward to those helping the underlying effect but actually whats been interesting in the last six weeks as we have seen food prices beginning to rise again and exports from the black sea ports from ukraine obviously have been suspended for the time being and we have hot weather Around The World which is interfering with food supply and alongside that, weve seen Energy Prices which weve seen Energy Prices which we have stopped passing quite low over the past 18 months we have torn down global stockpiles and are now seeing with the Global Recovery coming through perhaps a bit stronger people thinking or us economy continuing to expand at a faster rate than people thought and we are seeing that actually Energy Prices are pushing up so although underlying inflation is coming down at the moment, we are seeing that overall Headline Inflation is beginning to stabilise and actually may be continuing to rise which will be a real challenge for the Central Banks from here. It will. Surveys, thank you. Gervais. As we head into the last weeks of summer and the war in ukraine continues, is there a risk we could soon see a repeat of last winters Energy Crisis . Well, if you have been looking at the weather forecast, some people may be saying what summer . Soaring gas prices could undo the efforts of Central Banks to get inflation under control. So, what have governments in europe and here in the uk been doing to make sure we are better prepared this winter . Ben mcwilliams is from the european think tank bruegel. Hes in liverpool. Are we are going to be in crisis mode again this winter or are we better prepared . We are or are we better prepared . Are certainly better prepared, both in the eu and the uk. I think to think we would be in crisis mode the same way we were the past winter is very unlikely. The risks, as discussed last year, of blackout or lack of Energy Around europe are highly improbable. Anything is possible but its not the scenario we expect. Were still in what you may call crisis mode Energy Prices are still two or three times higher than previous normals and, of course, this has an impact on small and Large Industries as well as households and thats something that policymakers need to keep a close eye on over the Coming Winter but in terms of running out of energy, it is not a risk we are seeing this Coming Winter. I it is not a risk we are seeing this Coming Winter. This Coming Winter. I was lookin this Coming Winter. I was looking at this Coming Winter. I was looking at some this Coming Winter. I was looking at some figures i this Coming Winter. I was looking at some figures here, a 25 reduction in demand compared to the three year average injanuaryjust gone. Average in january just gone. Of average injanuaryjust gone. Of course, this is coming from three different places, power sector, Industrial Sector and Household Sector and ordinary people turning down the thermostat, the Household Sector, contributed to a lot of the fall in demand. You cannot keep doing that and we were lucky that it was not a really, really cold winter. What if we cannot manage those kind of demand reductions again because its not as though the industrial or the production sector, the power sector, is only going to reduce their demand as well. Only going to reduce their demand as well. Indeed but as ou sa , demand as well. Indeed but as you say. There demand as well. Indeed but as you say, there are demand as well. Indeed but as you say, there are three you say, there are three sectors where you can see Gas Demand Reduction which provides a nice amount of resilience to our economies. Household, last year it was warmer than average. But we are seeing warmer than average temperatures year on year and if you put last years temperatures in the linear trend, actually, that inaudible out of place and it certainly is one large uncertainty is the temperature and if you want to design a scenario of stress for europe this winter, you would put very cold temperatures in there. Industrial demand has been surprisingly down and a very positive note from last year was that it didnt significantly hit economic output so what it tells us is that industries were clever in finding ways of replacing gas that still allow them to produce and still allow them to employ people and keep factories running. And the final sector you mention, the power sector, final sector you mention, the powersector, is final sector you mention, the power sector, is one area where we can have great positivity coming into this winter because one of the real problems last year was that we faced a perfect storm not only of roshai withdrawing gas supplies but also of the power sector in europe being very strained, largely due to French Nuclear plants which about half of them were off line. And as you mentioned, we used Gas Producing power, producing electricity, so this combination really made last winter difficult but its not something we expect again this winter and thats a positive. Then, thank you very much for your time and for ending on a positive to the us now, and americas most valuable company the 3 trillion giant that is apple. Because it seems its tough at the top. Apple reported its latest results after Wall Street Closed On thursday and it has seen revenues fall for the Third Quarter in a row. Iphones account for half its earnings. Sales of those are down as analysts say the Global Market for smartphones is now pretty saturated, and some would be buyers are waiting for the new iphone 15 before upgrading. Sales of ipads and macs are also flagging. Apple did do better than expected, though, because of some of the other areas of business its been developing. Lets go to new york and speak Tojeremy Goldman from the Analysis Firm insider intelligence. Thank you very much forjoining us today. Looking at these results, it really underscores the strategic decision to shift away from products and toward services is the Core Offering from apple now. Absolutely. And its very interesting from apple now. Absolutely. And its very interesting when from apple now. Absolutely. And its very interesting when you its very interesting when you look at the Gross Margins of the business, right . About 44. 5 . 36, 30 7 for products. And about 71 for services, right . When you look at Something Like that, but alone really shows you why the company is investing in services, including advertising, including Cloud Storage for consumers 37 . Simply because the dollar will go a bit further. The simply because the dollar will go a bit further. Go a bit further. The Company Still has go a bit further. The Company Still has headwinds go a bit further. The Company Still has headwinds when go a bit further. The Company Still has headwinds when it comes to iphones. There is no lack of love for the iphone but at the price points that they are, how many people will consider upgrading orjust holding off for the one they already have . Already have . That is the ickle already have . That is the pickle that already have . That is the pickle that apple already have . That is the pickle that apple is already have . That is the pickle that apple is in. I already have . That is the l pickle that apple is in. Part of the issue is that people expect quite a lot from their iphones these days are given how much they are which then means you have to have quite a good experience and that means it is harder to convince people to replace them as frequently. That is a challenge and at least apple can point to strength in emerging markets such as india where it has seen growing demand but definitely waning demand in the United States. ~ waning demand in the United States. , ~. ,. , states. Talk to me about these to ules, states. Talk to me about these toggles. The states. Talk to me about these toggles, the vision states. Talk to me about these toggles,