is expected to confirm the national living wage will be raised to at least £11 an hourfrom next april. when pressed about the pressure on the government to cut taxes, mr sunak said his priority is curbing inflation to ease living costs. change may be difficult but i believe the country wants chain and i am going to do things definitely to bring about the change. you saw that last summer when i came to this question. it is about bringing inflation down. inflation is making people feel poorer. the quicker we bring inflation down, the better it is that is why it is right priority. rishi sunak there talking to laura kuensberg. let's unpack this further withjustin urquhart—stewart, founder of the investment platform regionally. good morning, justin. lovely to see betty as well as per usual. now, interesting to see some of the headlines this morning. the metraux just says, winflation. when pressed, he said we are cutting taxes because we are aiming to halve invasion by the end of the year. this does seem to be a battleground within the tory party. it to be a battleground within the tory party-— tory party. it does indeed. the trouble is _ tory party. it does indeed. the trouble is technically _ tory party. it does indeed. the trouble is technically by - trouble is technically by cutting inflation you are cutting inflation you are cutting costs so therefore you will make life better, but of course for most people that is not really taxation being cut. the real issue is they can't afford to do very much at the moment. the good news is it got a little bit better, but inflation is still higher than our competitors. what they could do is instead of looking for tax cuts, what they could do is have tax incentives which would achieve the same thing, by not actually making sure they are saving any money. for example, starting new high—tech businesses, small businesses, all those areas which managed to create jobs and create a more positive attitude in the economy in the short term. in terms of what the chancellor might say today, we have got the information that he is likely to say that the living wage will be raised to £11 per hour, and then you have got of course the issue of trying to get people back into work. 2.5 million people are not in work because they are unwell or have disability payments, and the incentive is to get back —— get them back into the workplace. it is dynamic and exciting subjects that will get people excited, but bear in mind he is talking to his own people. only a small minority of those, so are you going to have something thatis are you going to have something that is dynamic? this will have something to do with the hs too, wouldn't be surprised if he comes up with something more dramatic particular with regard to the northern powerhouse and make sure there is effective use there, but it is very difficult when you don't have enough money available to come up enough money available to come up with something that is really startling. the trouble is all the effort they put into actually alleging the economy through covid has cost a fortune. what they need to do is spend some downtime paying for that, getting the money together in order to move onto the next stage. however, they could make it look much more dynamic than it is now. {131 dynamic than it is now. of course servicing that debt that they took on during covid has become so much more expensive, hasn't it? . , become so much more expensive, hasn't it? ., , ., , hasn't it? virtually double. it is roughly — hasn't it? virtually double. it is roughly the _ hasn't it? virtually double. it is roughly the same - hasn't it? virtually double. it is roughly the same as - hasn't it? virtually double. it is roughly the same as the i is roughly the same as the defence budget this year and i'm not at all surprised it will be 100 billion a yearjust on the debt alone. so it is time to wake up and realise, i am afraid we don't have much spare cash, we have to get the debt down at actually get the cost of the money down in terms of the interest. that will take some time. bear in mind where we were this time last year after the fiasco of the trust budget and we are now considerably better now than we were then. needs to be more international confidence which we certainly lost last year. thank you both so much. have a great weekend we will you again soon. needless to say we will be alive with the chancellor's speech a little later today, the conservative party conference gets under way officially this morning so we will be a cross that here for you on bbc news. let us bring you on bbc news. let us bring you some of the other stories in business. water companies in england have outlined plans to nearly double their spending by 2030. the money will go towards building reservoirs, fixing leaky pipes and reducing the amount of sewage being discharged. the proposals do require approval from the regulator, ofwat, and the cost will be passed on to customers. if approved, average water bills may rise by £150 by 2030. nigeria's president, bola tinubu, has announced an increase to the minimum wage there as workers are set to start an indefinite strike. unions want the monthly wage to be raised to $255 to help deal with the sharp rise in the cost of living since mrtinubu took office in may. however, the president's $32 increase only brings the minimum monthly wage to $70. and ubs has agreed a settlement with mozambique over credit suisse's involvement in a $2.5 billion alleged "tuna bond" fraud that caused major damage to the country's finances. the case relates to loans and bond issued for the country in 2013. ubs has been working to clear a number of legal issues at credit suisse since it bought its rival in a rescue deal six months ago, and will not pay any cash under the settlement. let us return to the us. as we mentioned earlier, the presidentjoe biden has said his country will continue to provide support for ukraine. this after further military funding was excluded from a last—minute congressional budget deal. the temporary measure, pushed through to avert a government shutdown, did not include $6 billion in military aid for kyiv, which is a top priority for the white house. saturday's temporary budget agreement, which will fund the us federal government for 45 days, stripped out continued military funding for the time being. let's discuss this with parker roy, strategist and chief revenue officer at axxes capital. how long will federal departments operate before this happens again? give us your take on this deal that was reached at the last minute before a government shutdown was due to kick in. who are the winners and losers here? ,., ., who are the winners and losers here? , ., ., ., who are the winners and losers here? ,., ., ., , here? good morning, sally. it was certainly _ here? good morning, sally. it was certainly significant - was certainly significant political theatre. was certainly significant politicaltheatre. i was certainly significant political theatre. i would say the winners are the moderates on both sides of the aisle. the far right conservative party of the republican party did not prevail, but you will find on monday that matt gaetz, he will put in place in the motion to have the big of the house vacated. so it will continue to be political theatre moving forward. . ., , be political theatre moving forward. . ., , .,., forward. yeah, it does go on and we have _ forward. yeah, it does go on and we have 45 _ forward. yeah, it does go on and we have 45 days - forward. yeah, it does go on and we have 45 days in - forward. yeah, it does go on | and we have 45 days in which forward. yeah, it does go on i and we have 45 days in which to hammer out the detail, haven't we? otherwise we will be here again talking about a possible us government shut down. that is exactly how — us government shut down. that is exactly how this _ is exactly how this continuation referendum is structured. as it relates to markets in the way it impacts markets, historically, the markets, historically, the markets have not responded to government shutdowns or in the days afterwards. i don't think you will see any impact here. the big question that is on everybody�*s mind relative to markets is still inflation. ukraine. interest rate environment. higher rates for longer. the impact of gdp. and with 32 trillion of gdp, excuse me, of debt in the us now, it is creating significant debate within the house of representatives. it within the house of representatives. it will be interesting _ representatives. it will be interesting to _ representatives. it will be interesting to see - representatives. it will be interesting to see how- representatives. it will be interesting to see how thej representatives. it will be i interesting to see how the us economy does fair. there is huge debate as you say about whether the economy could tip into recession or not, the impact of the interest rates. but not many people talk about the impact of fiscal policy in this huge amount of spending. the inflation reduction act and what that means four different parts of the us and how that is playing in to the situation with regards to economic growth. with regards to economic urowth. with regards to economic rowth. ., with regards to economic urowth. ., ,. ., growth. look, for school and monetary — growth. look, for school and monetary are _ growth. look, for school and monetary are all— growth. look, for school and monetary are all at - growth. look, for school and monetary are all at work- growth. look, for school and i monetary are all at work here. we think that recessionary pressures for the us and certainly globally are real —— fiscally. a soft landing will still create investment opportunities across both public and private markets as we move into 24. if you look at current markets, as we go into the fourth quarter, we have earnings coming up, we have a 5.25, possibly 5.5 on the overnight rate, and that will go higherfor longer, and we believe will create significant valuation opportunities on the other side of this in the first and second quarter of next year. and second quarter of next ear. ~ , ., ~ , and second quarter of next ear. ~ , . ~ , ., year. 0k. well, we shall keep a close eye _ year. 0k. well, we shall keep a close eye and — year. 0k. well, we shall keep a close eye and see _ year. ok. well, we shall keep a close eye and see if— year. 0k. well, we shall keep a close eye and see if you - close eye and see if you are right. thank you so much for your time. every single day we drink around 1.6 billion cups of coffee, the industry is worth $500 billion globally, and yet the majority of coffee farmers are living in poverty. worldwide, over 125 million people depend on coffee for their livelihoods. but despite the recent rises in global coffee prices, farmers are struggling with inflation, with rapidly rising production costs, and crop failures due to the effects of climate change. earlier, i asked sandra uwera murasa, the global chief executive of fairtrade international, what challenges coffee farmers are experiencing right now. sustainable production of coffee is very expensive, specifically because you look at the input costs of coffee on the ground, which comes from coffee yields, fertility of the crops and the particular dynamics. the challenge right now is that with the volatility of prices, the last price of copper to the consumer is in the cost of production, the cost of living, the cost of household, requirements of the cost of education coffee growers actually incur on an everyday basis. because we specifically look at addressing minimum prices for coffee, addressing premium over the sales of coffee, and also income reference prices that consider the cost of living and how the last price would actually take into consideration the cost of living of purchases when selling their products. find selling their products. and that would _ selling their products. and that would explain - selling their products. and that would explain why you recently increased the minimum price for fair recently increased the minimum price forfair trade recently increased the minimum price for fair trade coffee. given the economic environment we are in, many countries around the world as you have mentioned are experiencing inflation and cost of living pressures. was that not a risky move to do that? it pressures. was that not a risky move to do that?— pressures. was that not a risky move to do that? it depends on how ou move to do that? it depends on how you look — move to do that? it depends on how you look at _ move to do that? it depends on how you look at it. _ move to do that? it depends on how you look at it. i _ move to do that? it depends on how you look at it. i think, - how you look at it. i think, when i think i fair trade, i think it is everybody�*s business. i think it is important that all consumers of fair trade products take into consideration that they have to be part of the shared responsibility of encouraging sustainable production on the ground. so from a consumer, from a shopper to a customer, it is important part and parcel of building responsible business practices resource in the products and also buying them. it is based on that that we have done extensive consultation on the ground to understand what needs to be addressed to improve sustainable sourcing for coffee and also improve the livelihoods for the farmers. there was a common agreement that we need to set a new minimum price that acts as a safety net to producers themselves, a safety net especially in this space price volatility and costs skyrocketing production across the board. these are slight adjustments are actually now assisting producers to think a little bit more over and above the economic challenges of income. they are able to plan for future harvests, grow quality products, get into cropping practices, climate challenges and also provide for their own families and their business operations. you have been global— business operations. you have been global ceo _ business operations. you have been global ceo of— business operations. you have been global ceo of fairtrade l been global ceo of fairtrade international for a year. what are you hoping to achieve while you are in charge? fine are you hoping to achieve while you are in charge?— you are in charge? one of the beautiful _ you are in charge? one of the beautiful things _ you are in charge? one of the beautiful things about - you are in charge? one of the | beautiful things about cataract fair trade as we have been in the market for about 30 years. ijust the market for about 30 years. i just joined the market for about 30 years. ijustjoined 1.5 the market for about 30 years. ijustjoined1.5 years ago. when i talk about fairtrade l, i think about the fact we have a specialised vehicle specifically looking at building technical capacity foot producers at the grassroots level. we are looking at boosting the coffee industry so that sustainable production, sustainable prices on the market, we can encourage young farmers and young producers to invest in this particular sector and not do what was previously happening because it is unfortunate that today in spite of coffee being a very high in demand product, it is still stuck in the sector. moving forward, i would like to see a lot of businesses and a lot of companies focus on building more capacity so that we can have young entrants into this particular market and strengthen the quality of the product as it goes out there. the global ceo of fairtrade international there. around the world and across the uk, this is bbc news. voice-over: bbc news, - bringing you different stories from across the uk. i just keep this wretched thing out of the way. out of sight, zip it away, forget it. that's been 79—year—old tricia barron's solution ever since she got her new phone. and it's the same story for so many older people who are being invited to these free it sessions in birmingham. from the old school where we used to face to face, still with banks, still with people, get feedback. any difficulties we have then? you know, it was much more easier. this class in the city centre is the first of around 1000 which bt and uk charity ability net are running up and down the country with more services moving online. people at this session know they have to change with the times. there are 11 million people in the uk who don't have the basic digital skills that they need and we know that people over 65 are ten times more likely to fall into that category. for more stories from across the uk, head to the bbc news website. you're live with bbc news. let's continue with our business coverage and look at what's happening later today. the international energy agency and spain will be hosting an international climate and energy summit in madrid, focused on accelerating the global clean energy transition. this event will bring together energy and climate ministers from around the world just weeks before the united nations�* cop28 climate change conference. according to the iea, the world's emissions need to peak before 2025 and then fall rapidly until they hit net zero by 2050 or earlier. francois gemenne is a professor of economics and decision sciences at hec paris. good to meet you. i'm no different countries around the world have got similar economic challenges at the moment. there are countries getting over the pandemic, dealing with high inflation, high interest rates, etc, etc. so, for example, here in the uk we have seen our government rollback on certain targets when it comes to eating net zero. they say they are admitted to reaching zero by 2050 but the journey is going to be different. other governments around the world are in a similar position, aren't they?— are in a similar position, aren't they? well, clearly, most governments - aren't they? well, clearly, most governments around j aren't they? well, clearly, - most governments around the world are in a similar position and most are speaking of a long—term or mid—term target which is often a way to delay the option that is badly needed today. right now, if countries respectfully their commitments, we are aiming at that two plus temperature increase by the end of the century. so quite far away from the objectives of the paris agreement. i think this mid—term or long—term targets usually delay or it is just a way for to procrastinate for many governments.- way for to procrastinate for many governments. some of that is happening _ many governments. some of that is happening in — many governments. some of that is happening in madrid _ many governments. some of that is happening in madrid today, - is happening in madrid today, or in spain, i should say, what is it hoping to achieve ahead of cop 28? why gather everybody now and gather them again later this year? now and gather them again later this ear? ~ . ., , this year? well, clearly there are two problems _ this year? well, clearly there are two problems we're - this year? well, clearly there l are two problems we're facing of cop 28. the first one is that the climate commitments, the climate emission is not high enough. as i said, if governments respect their commitments we are aiming at plus 2.4 degrees. the second problem is that these commitments are usually not respected. so we have to deal, really, two difficult issues, one, how to convince countries to upgrade their commitments and two, how can we sure this commitments are respected and clearly the summit in spain todayis clearly the summit in spain today is aiming to achieve the first objective, to make sure that the commitments are upgraded so that we open cop 28 in a few weeks in a better position than we are today. we also had the africa climate summit recently in kenya, where they were doing a similar thing across the continent of africa, trying to get their ducks in a row so they are one was ahead of cop 28. row so they are one was ahead of cop 2&— of cop 28. exactly. that was a similar ambition _ of cop 28. exactly. that was a similar ambition and - of cop 28. exactly. that was a similar ambition and is, - of cop 28. exactly. that was a similar ambition and is, very. similarambition and is, very clearly, think the results of the nairobi summit of us ago were quite remarkable. the african countries managed to speak with one voice and with some very clear, very strong proposals, one of them being the establishment of a global carbon tax. the establishment of a global carbon talc-— carbon tax. ok. francois gemenne. _ carbon tax. ok. francois gemenne, thank - carbon tax. ok. francois gemenne, thank you - carbon tax. ok. francois gemenne, thank you for| carbon tax. ok. francois - gemenne, thank you for your expertise. we will keep an eye out on how things pan out this week in madrid. the used car market in south—east asia has been transformed over the past few years with a surge in people using online platforms. one of the leading regional players in this industry is carsome, established in malaysia in 2015, which has since expanded to indonesia, thailand and singapore. our asia business correspondent nick marsh sat down with chief executive eric cheng, and asked what's been driving this expansion. we are starting to see people spend less time to make a decision to buy a car. given it is getting more and more confident in the kind of information they get online. a lot of consumer behaviours are starting to change, especially on our platform. we see about 30% of the people buying cars entirely online. without seeing the car before they purchase. who are your consumers, who is using your platform?— using your platform? two-thirds ofthe using your platform? two-thirds of the household _ using your platform? two-thirds of the household incomes - using your platform? two-thirds of the household incomes in - of the household incomes in southeast asia middle—class, malaysia, indonesia, thailand, the first thing when you get your first the first thing when you get yourfirstjob, yourfirst pager, you want to get a car. they think it represents not just the social mobility, at the same time they run the business, do theirjob, and essentially with that rising middle—class, the potentialfor us to bring up more car ownership so we stand a good chance and continuing to expand the business in this market. i wanted talk about electric vehicles. in the last two years we have seen an enormous amount of investment in southeast asia. how was that going to affect your business? that asia. how was that going to affect your business? at this juncture. _ affect your business? at this juncture, anyone _ affect your business? at this juncture, anyone would - affect your business? at this juncture, anyone would love| affect your business? at this - juncture, anyone would love ev. every sales are doing well. what is lacking in southeast asia is the supply chain. for example, you want to change a battery it will cost you a lot of money and it's also a lot of unknown issues that are yet to p0p up unknown issues that are yet to pop up when it comes to maintenance. so these are the things that i think we also learning at the same time, along with the ev principles. ev is still probably going to come in in a much bigger volume over the next two years.- over the next two years. what about the _ over the next two years. what about the future _ over the next two years. what about the future of _ over the next two years. what about the future of the - over the next two years. what about the future of the car - about the future of the car more generally. we all know about the concerns of net zero, the replacements in europe cities that are moving towards a car free future. cities that are moving towards a carfree future. that cities that are moving towards a car free future. that must be a car free future. that must be a concern for you. is that something you are having to adapt to. what is the situation and southeast asia?— and southeast asia? whether southeast _ and southeast asia? whether southeast asia _ and southeast asia? whether southeast asia will _ and southeast asia? whether southeast asia will move - and southeast asia? whether southeast asia will move to l and southeast asia? whether southeast asia will move to a j southeast asia will move to a car free environment, southeast asia will move to a carfree environment, i think it's going to be taking at least more than ten years to do so. even then, public transport infrastructure is not as ready. so in many other markets that we are income including cities we are income including cities we operate, it is is impossible for you to travel without a car. so i think fundamentally that's how southeast asia or asia in general works right now, you require a car. it's not something that sometimes can be solved, it's much more easy and convenient if you own a car you can travel. eric chen: a car you can travel. eric cheng there _ a car you can travel. eric cheng there talking - a car you can travel. eric cheng there talking to l a car you can travel. eric cheng there talking to nick marsh. britain's biggest defence contractor, bae systems, has won a £4 billion contract to build a new generation of attack submarines as part of the aukus security pact. the us, australia and britain in march unveiled details of the aukus plan to provide australia with nuclear—powered submarines to counter china's growing influence in the indo—pacific. live now to our asia business hub in singapore wherejoao da silva joins us. joao, tell us more. well, this is part of broader naval deal in the aukus security alliance. it is to build a new nuclear—powered submarine for the uk and australian babies. a submarine model being called the ssn aukus. according to bae systems this £4 billion contract will allow it to come over the next four years, complete advanced design work and procure some clear materials, actual manufacturing will only start later on it was the end of the decade, with the first ssn august may to be delivered in the late 2030s. sometime before we see these vessel sailing. ultimately, these cutting—edge nuclear powered attack nuclear submarines will allow them to reject more power in the indo—pacific which is a region of huge strategic value. but their development will also give a significant boost to a key sector of the uk's economy. bae systems says it will create thousands more jobs, particularly in the north—western region of the uk. it will also help the defence contractor upgrade its infrastructure in that part of the country. but it's notjust the country. but it's notjust the uk's defence industry that stands to benefit. australia's august submarines will be built in adelaide, so a huge boost to australia's naval industry. {lilia australia's naval industry. ok, thank you _ australia's naval industry. ok, thank you so _ australia's naval industry. ok, thank you so much _ australia's naval industry. ok, thank you so much for- australia's naval industry. 0k, thank you so much for that. joao da silva in singapore. that is all from a joao da silva and from me. thank you for your company. silva and from me. thank you foryour company. if silva and from me. thank you for your company. if you're watching on bbc one you can watching on bbc one you can watch breakfast soon. elsewhere i will be back at the top of the hour. hello. following on from our very warm september, october has also started on a warm note — particularly towards the south. that's the way it'll stay through the next few days, at least. we're looking at some warm days ahead, particularly towards the south. mild nights with no frost around, and some rain at times through the week ahead, too. so we've got a few fronts around — one of them producing quite a lot of cloud and outbreaks of light patchy rain over the next few hours across parts of southern england, wales, too. so a murky start here, some low cloud, fog and drizzle around coasts and hills. very mild in the south to start monday morning, 14—15 celsius. further north, though, we're looking at temperatures in single figures from the word go under those clearer skies. and we'll keep some sunshine across scotland, northern ireland, and northern england, too. one or two blustery showers in the far northwest. further south across the uk, generally more cloud. outbreaks of rain particularly during monday afternoon, which could be heavy and thundery for parts of southern england, the midlands — lincolnshire for instance, a bit more rain just pushing into perhaps yorkshire, northern parts of wales, as well. but still warm in the south, 22 celsius or so, we're looking at the mid—teens, though, further north. so moving through monday evening, some of that rain could be heavy and thundery across parts of the midlands, perhaps lincolnshire, east anglia for a time. gradually, that will clear away into the early hours of tuesday, and some slightly fresher conditions working their way in. but it will still be another quite mild, muggy night, 13—14 celsius, so we've still got that warm, humid airfirst thing — but it does get swept away, as we see westerly winds developing behind this frontal system on tuesday. so, yes, a bit of a cloudy, damp start perhaps in the southeast. sunny spells and scattered showers from the west, from the word go, and they're going to push their way eastwards across the uk through the day. so most of the showers during the morning are in the northwest, but they could crop up a little bit further east later on. temperatures 13—19 on tuesday — not as warm as monday, but still above average for the time of year. now, high pressure sits to the south, low pressure moves in from the northwest into the middle of the week. so some rain on wednesday perhaps for northern ireland, scotland, as well. further south, england and wales, i think predominantly dry, perhaps a bit of rain in the north later on in the day. fairly breezy with some of those showers coming through, but some sunshine and temperatures again, about 13 to 19 degrees. but it looks like those temperatures will continue to rise through thursday and friday, especially in the south, and we could see temperatures into the mid—20s as we head on into next weekend. bye for now. good morning, welcome to breakfast withjon and sally. our headlines today — the longestjoint strike action in nhs history. junior doctors and consultants are walking out for three days from today, in a long—running dispute over pay. water bills to rise by £150 a year, part of a proposed upgrade plan by suppliers, to cut the amount of sewage spills. tougher rules on benefits and a boost to the national living wage. the chancellorjeremy hunt will be on breakfast this morning, as he sets out his plans at the conservative party conference. birthday the conservative party conference. cards, christma cost birthday cards, christmas cards, the cost of sending these gets more expensive from today is the price of a first—class stamp goes up by 15 p. out of all the details and looking at the impact on businesses such as this card company —— i will have all the details. in sport, it's coming rome. there'll be some sore heads this morningm after europe regained the ryder cup with a sensational performance against the usa.