to early for speculation. earlier i put that to victoria scholar is head of investment at interactive investor. the uk money markets, they are anticipating rate cuts next year but not untiljune, that is when the first rate cut is pencilled in. that was actually pushed back after today's decision, from the previous estimation that the bank of england would cut rates in may. financial markets are pricing in a one percentage point move of rate cuts in 2024, that would get down to 4.25% from where it is now. but the governor was a lot more cautious than the markets, he says the markets have their own view and he thinks it is too early to speculate about rate cuts. clearly, he's been about rate cuts. clearly, he's been a lot more dependent on the data. i think this main takeaway is that the bank of england is being more cautious in its outlook than the fed. it cautious in its outlook than the fed. , , . fed. it is interesting that the lan . ua . e fed. it is interesting that the language we _ fed. it is interesting that the language we are _ fed. it is interesting that the language we are hearing, - fed. it is interesting that the language we are hearing, it i fed. it is interesting that the | language we are hearing, it is fed. it is interesting that the - language we are hearing, it is quite robust, isn't it? normally we would get a bit of guidance, a hint here or there but he is keen to point out that rates will not be coming down quickly, that is because in the uk, inflation is still a problem, it is a similar picture in the euro zone and we have had similar comments from the ecb, we want to bring rates down but now it is not the time to down but now it is not the time to do so. . �* , , do so. that's right, there is definitely — do so. that's right, there is definitely a _ do so. that's right, there is definitely a clear— do so. that's right, there is definitely a clear difference | do so. that's right, there is l definitely a clear difference in messaging between the fed and bank of england and the ecb. here in the uk, the message is that interest rates will remain higher for an extended period, sticking at these 15 year highs. andrew bailey has said that there is a lot more to do to bring inflation back down to target, i think that the final stretch down to 2% can be quite tricky. interest rates are a broad brush tool, they are good at making sweeping changes but when it comes to tinkering around the edges, that will be a lot more difficult. when we look at the vote split it was 6—3 in favour of a halt, that shows that three policy members agree that interest rates should have gone up. again, a big difference from the fed which has switched its language, signalling that it is at the peak of the cycle and there are rate cuts to come in the states. as i said, this comes on the back of the federal reserve also keeping it's main rate on hold wednesday for the third month in a row and said it's now talking about when to cut rates. shares hit a new record high last night and the us markets havejust opened for today's trading. let's go to michelle fleury in our new york bureau. michelle, how is it looking? lets just say, it is letsjust say, it is beginning lets just say, it is beginning to look like a lot like christmas on wall street. you have the major indexes up, in the case of the dow jones industrial, yet again at a record high. becausejerome powell, the chair of the federal reserve is essentially playing santa claus, giving investors what they wanted, in this case that is the comments that suggested that interest rates are at or near the peak. he even went so far as to suggest they were three possible quarter point rate cuts in the cards next year. this was music to the ear of investors and that is why we have seen this huge pop in stocks in the united states. ., , huge pop in stocks in the united states. . , . . , ., states. the fed was criticised for not bein: states. the fed was criticised for not being proactive _ states. the fed was criticised for not being proactive when - states. the fed was criticised for not being proactive when it - states. the fed was criticised for not being proactive when it came states. the fed was criticised for i not being proactive when it came to raising rates, a sort of feels they don't want to make the same mistake twice. but in reverse. they want to stay ahead of the curve and get things back to normal. that stay ahead of the curve and get things back to normal.- things back to normal. that is certainly the _ things back to normal. that is certainly the note _ things back to normal. that is certainly the note of - things back to normal. that is certainly the note of caution l things back to normal. that is i certainly the note of caution you heard jerome powell trying to inject in the press conference yesterday. he said, look, we are not taking the possibility of a rate hike off the table but the reality is if you look at the data at the moment, you have inflation easing, signs that the job market is beginning to soften, they mayjust have done enough. so, the talk now is you have hit your peak, then the next question is when you start to cut rates. that is the question that investors are asking at the moment, that is where they think the fed is moving towards. the reason they are happy right now is because rate cuts for them means cuts in the cost of borrowing, it is easier for companies, cuts in the cost of borrowing, it is easierfor companies, and easier for companies, and individuals to easierfor companies, and individuals to borrow, the other thing is that the idea that the federal reserve has succeeded in may be taming inflation without doing real considerable damage to the economy. in other words, real considerable damage to the economy. in otherwords, it real considerable damage to the economy. in other words, it hasn't tipped into a recession, and there doesn't seem to be the forecast from economists. that is where you are seeing this cheer from the markets. thank you forjoining us from new york. we know the pandemic sparked a revolution in working from home. many people are now returning to the office for at least part of the week. but for those still working remotely — avoiding the daily commute — many have found home working isolating and less productive. so now, there's a new alternative. it's called "working near home" as dougal shaw explains. does a place like this represent the future of office were? this is a co—working space, the kind made popular by we work. it is small scale and not in the city centre, it is in the suburbs where commuters live, in this case took in them. members pay to have a desk or small office here. ~ ., ~ ., , office here. working new home is in new category _ office here. working new home is in new category where _ office here. working new home is in new category where you _ office here. working new home is in new category where you can - office here. working new home is in new category where you can go - office here. working new home is in | new category where you can go down to your local high street and have a productive work day. we have a ground floor that is open to the public, we have bakery sales, ceramics classes. fit, public, we have bakery sales, ceramics classes.— public, we have bakery sales, ceramics classes. a lot of people were office _ ceramics classes. a lot of people were office workers _ ceramics classes. a lot of people were office workers who - ceramics classes. a lot of people were office workers who were . ceramics classes. a lot of people - were office workers who were allowed to work from home but were finding that lonely or too distracting. we live in quite small apartment and i am sharing — live in quite small apartment and i am sharing the working space with my husband _ am sharing the working space with my husband because he is also a working hybrid _ husband because he is also a working hybrid. sometimes that can be a little _ hybrid. sometimes that can be a little bit — hybrid. sometimes that can be a little bit fraught. it lets me focus without _ little bit fraught. it lets me focus without being interrupted by the washing — without being interrupted by the washing machine going or doing varlous— washing machine going or doing various tasks like in the house. and also my— various tasks like in the house. and also my husband. the various tasks like in the house. and also my husband.— various tasks like in the house. and also my husband. the number of these local co-working _ also my husband. the number of these local co-working hubs _ also my husband. the number of these local co-working hubs is _ also my husband. the number of these local co-working hubs is on _ also my husband. the number of these local co-working hubs is on the - local co—working hubs is on the rise, many are backed by local government funding, they are seen as a way of regenerating high streets. this one in south—east london has a restaurant and ate yoga classes open to the public. the entrepreneur behind it as another one just outside london and is planning further expansion. the fact that this space isn't in the city centre, how does that affect you? taste this space isn't in the city centre, how does that affect you? we are interested in _ how does that affect you? we are interested in developing - how does that affect you? we are interested in developing a - how does that affect you? we are interested in developing a local. interested in developing a local co—working space to allow people to not have to commute into city centres and spent time amongst their neighbours, reinvest their money within the local economy.- within the local economy. some employers _ within the local economy. some employers are _ within the local economy. some employers are subsidising - within the local economy. some employers are subsidising workers to come to places like this because they think they will be more productive than at home. many employers now simply want workers backin employers now simply want workers back in the office. so commuter lifestyle may not be overjust yet. former bp boss bernard looney will forfeit up to 52.4 million pounds after the oil giant found he committed "serious misconduct" in failing to disclose relationships with colleagues. bp says mr looney is to be dismissed without notice and will receive no further salary or benefits energy suppliers in the uk will have to help customers struggling with bills after new rules come into effect today. the regulator 0fgem now requires companies to contact vulnerable customers if they miss two monthly or one quarterly payment and check to see if they are having financial problems. they must help by offering affordable payment plans or repayment holidays if appropriate. etsy — the online marketplace for home—made goods — is cutting about 225jobs, or ii% of its workforce. chief executivejosh silverman has told staff the cuts are needed as sales have been "essentially flat" for two years. etsy�*s shares are trading at well under a third of their peak during the covid pandemic. you're watching bbc news. new research from shelter shows an increase of 10% since last year with hastings having the highest number, followed by brighton and hove. every homeless person, what they want is a normal life. you are live with bbc news. universities and student unions could be named and shamed, and even fined, if they fail to uphold new rules on free speech in england. the higher education watchdog, the office for students, has announced the results of a consultation on how it will apply laws which came into force in may. it says that, from august, an institution might have to pay money to a complainant if their grievance is upheld. dr arif ahmed is the new directorfor freedom of speech and academic freedom of the office for students. the independent regulator of higher education. thank you for coming in. naming and shaming, finds potentially, is that the way forward? ~ potentially, is that the way forward?— potentially, is that the way forward? ~ ~ ., ., ., forward? we think that freedom of seech is forward? we think that freedom of speech is absolutely _ forward? we think that freedom of speech is absolutely fundamental. forward? we think that freedom of. speech is absolutely fundamental to higher education, it is fundamental to the extending of knowledge itself. we think it is very important to take a serious approach to protecting freedom of speech. following our proposals which we are consulting on, there will be a complaints scheme open to students, visiting speakers, academics if they think freedom of speech has been constrained. if we think there is an issue we will act.— constrained. if we think there is an issue we will act. how do you define freedom of— issue we will act. how do you define freedom of speech _ issue we will act. how do you define freedom of speech and _ issue we will act. how do you define freedom of speech and what - issue we will act. how do you define freedom of speech and what in - issue we will act. how do you define freedom of speech and what in your| freedom of speech and what in your view are the limits of that? freedom of seech view are the limits of that? freedom of speech as — view are the limits of that? freedom of speech as we _ view are the limits of that? freedom of speech as we understand - view are the limits of that? freedom of speech as we understand it - view are the limits of that? freedom of speech as we understand it is - of speech as we understand it is this freedom of speech within the law. what that means is you can say something if your speech is legal. it does not include speech outside the law, for example inciting to violence, stirring up racial hatred or harassment. d0 violence, stirring up racial hatred or harassment.— violence, stirring up racial hatred or harassment. do you accept that these definitions, _ or harassment. do you accept that these definitions, these _ or harassment. do you accept that these definitions, these laws - or harassment. do you accept that| these definitions, these laws exist, defining it may be your problem? freedom of speech as we understand it is defined by the law, and any particular case, the way we will test if something is a violation of the duty of universities is if that is within the law or not. the point is within the law or not. the point is interpreting _ is within the law or not. the point is interpreting the _ is within the law or not. the point is interpreting the law, _ is within the law or not. the point is interpreting the law, that - is within the law or not. the point is interpreting the law, that is - is interpreting the law, that is where the grey area is. are you sure that you are going to be as arbiters?— that you are going to be as arbiters? ~ , ., ., ., ~ arbiters? we will be having to make finely balanced _ arbiters? we will be having to make finely balanced judgments. - arbiters? we will be having to make finely balanced judgments. the - arbiters? we will be having to make| finely balanced judgments. the thing i want to emphasise, i can't stress this enough, we will be approaching this enough, we will be approaching this an impartial and neutral way, there is no political side being taken, we are trying to protect free speech for everyone. you taken, we are trying to protect free speech for everyone.— taken, we are trying to protect free speech for everyone. you don't want to talk about — speech for everyone. you don't want to talk about specifics _ speech for everyone. you don't want to talk about specifics but _ speech for everyone. you don't want to talk about specifics but is - speech for everyone. you don't want to talk about specifics but is it - to talk about specifics but is it fair to say that tensions are much heightened at university campuses right across the country. we have seen it right across the world, many cases in the us with this war between hamas and israel. brute cases in the us with this war between hamas and israel. we have seen freedom _ between hamas and israel. we have seen freedom of— between hamas and israel. we have seen freedom of speech _ between hamas and israel. we have seen freedom of speech is _ between hamas and israel. we have seen freedom of speech is there - seen freedom of speech is there important issue all over the world, as you would expect, freedom of speech becomes an issue when there are matters of political controversy, things that really matter to people, those are the areas where freedom of speech can seem to be under threat. we think thatis seem to be under threat. we think that is where it is especially important to foster tolerant and open dialogue. important to foster tolerant and open dialogue-— important to foster tolerant and open dialogue. how do you protect ourself open dialogue. how do you protect yourself from _ open dialogue. how do you protect yourself from this _ open dialogue. how do you protect yourself from this being _ open dialogue. how do you protect yourself from this being used - open dialogue. how do you protect yourself from this being used as i open dialogue. how do you protect yourself from this being used as a| yourself from this being used as a political football in such strained conditions? it political football in such strained conditions?— conditions? it is vital, we are determined _ conditions? it is vital, we are determined to _ conditions? it is vital, we are determined to approach - conditions? it is vital, we are| determined to approach every conditions? it is vital, we are - determined to approach every case in impartial and neutral way. as a regulator we're used to approaching things in impartial way, we are independent from government and that will be central to our approach, we will be central to our approach, we will approach it on the basis of facts. it won't be relevant the political views as long as their speech is within the law. abs, political views as long as their speech is within the law. a final thou . ht, speech is within the law. a final thought. we _ speech is within the law. a final thought, we mentioned - speech is within the law. a final thought, we mentioned fines i speech is within the law. a final. thought, we mentioned fines and complainants potentially being paid by an academic institution, what sort of sums are you talking about? with regard to the regulation i wouldn't want to speculate, our relational student unions, the right levels of finds will be laid down by the secretary of state. still levels of finds will be laid down by the secretary of state.— the secretary of state. still to be decided? yes, _ the secretary of state. still to be decided? yes, these _ the secretary of state. still to be decided? yes, these are - the secretary of state. still to be i decided? yes, these are proposals the secretary of state. still to be - decided? yes, these are proposals we are consulting. _ decided? yes, these are proposals we are consulting, we _ decided? yes, these are proposals we are consulting, we would _ decided? yes, these are proposals we are consulting, we would encourage i are consulting, we would encourage everyone who has an interest in freedom of speech and higher education to take part in the consultation because we want to hear your views. consultation because we want to hear our views. . ~ consultation because we want to hear our views. ., ~ , ., ., consultation because we want to hear our views. ., ~ i. ., _, alex batty from 0ldham, near manchester, disappeared along with his mother and grandfather while on holiday. alex's grandmother told police that she believed the three had gone to live with "a spiritual community in morocco". police in a town near toulouse, said a boy answering to the name �*alex batty�* and matching his description was brought to them on wednesday morning. gre