a warning for other unregulated and privatized energy industries across the new world, all of them all coming up and today's going underground. but 1st is morris johnson flew to new york for today's un general assembly meetings, questions were being raised even in washington about the energy crisis back in britain, arguably even more than the ever grant the property crash that hit the dow jones. so will that really be no turkey for christmas? joining me now from newcastle is steven redman, the ceo of the u. k. energy supply green. thank you so much. steve stevens, coming on the show quasi quad thing used to come on this job or johns, who's government minister. we know it's a british problem because even though the white house, the question was specifically and peculiarly a british energy crisis. i know that there have been some calls in some talks with the government. how do you see the energy crisis as we approach christmas? ultimately, i think, you know, every single day the enterprise is getting was the whole market is increasing day by day. as much as they are approaches in the car says, you know, this crisis is the entire due to the common facts and it's been marked out in the u . k. i mean quality quoting bar ministry is talk about one genario capitalism on this program. and i'm sure you've been listening to the british government's position, which is that it's the fault of electricity providers like yourself, presumably who haven't hedged properly and therefore haven't planned properly. and your entire business model is a full, not british strategic energy security planning. yes, the rhetoric over the last few days being very much that every small supplier is bobby brown and he says, deny whereas, you know, quite a context protein was on the new thing, you know, around 5 to 8 suppliers. this needs unusual. but the latest ball can mean, but, you know, from assembly spice has started yet your, it could be between 5 and 10, actually make it through your isn't a crisis. you know, it's, that was it, it's such a dramatic change in entire industry. so it's not a problem of gas supply, there's enough gas supply in the market. there is more demand from asia. but in britain, the small companies, green companies like yourselves just can't make money with the regulation involving a price cap for poor families. and the rise in the wholesale gas prices is that the situation? yeah, that's correct. with the credit card in place and the current markets. you know, we asked us how power loss, you know, if the chief executive of off jam we see an asset that it's bad for them to ask supplies just now. and she has a lot of, are you doing nothing about it? you know, the supply of gas, you know, you pay us. the country has much less gas storage and a lot of the countries in europe, it's lea, jeremy, of much more gas storage we, which means they can better, you know, write out the spice and demography u. k. we are very much at the whim. all you know, global demand. ok, successive british governments have failed on gas storage. off the gym, the british energy regulator, it's surely less harsh on the company is then their equivalent regulators in europe . i mean, the big 6 energy companies that far as terms of government seems to be favoring are under the, under the caution they buy, say german regulators who tell you what you can invest in what you can do. whereas green, you have a lot of freedom. i mean, you know, it's different regulation and in place of different things, you know, over the last 18 months and you, spite of all sizes to report to off and on a monthly basis about our financial stability series. if anything was happening is not the price of the regulation government because we just buy the insurance with them. inaction of the german government, it's called this crisis. it's not directly final thoughts. and i mean, you're a young company, maybe you didn't read your call. marks. did you don't think that supermarkets in this country, like so many other different industries in this company, they eventually coagulating the big monopoly companies? no matter how the initial theory is, there's going to be a free market of lots of entrepreneurial capitalists. fighting for efficiency. the retreat from oscar mac. um and it's always been switch. angie's pi a, that's the best way to save money and not driven a lot more likely. and a lot of people in the market can with innovation, new ideas that really helped improve customer service, improve the choice for customers out there. and, you know, ultimately save them money with, you know, i think what we found is that the government is using this opportunity as a market consolidation, where there is going to return back to the costello, the big 6 where the big you know, they will just charge the maximum they are allowed to charge and also not going to effect customers in the you k with less choice, you know, high costs and, you know, it's only going to affect all my, i know there's a petition out for one ministers resignation, but do you think therefore, given what you just said, that could be legal avenues in terms of compensation given as you say, for years we've been told shop online for the best provide. it's up to you, the customers work out the best deal. yes, we lost application calling for quality content to resign and in less than a day we've had over 5000 signatures and we've been growing every minute of all the down. i get more attraction at ultimate, you know, the not to buy common is, you know, it's dummy, you know, it's the biggest factory actually looking to stifle competition. and ultimately this may end up in the costs. now, of course, newcastle, a long history of trade unionism, you must have family and friends and people, you know, surely telling you when there was icy i nationalized, chemical company producing the fertilizers, helping our food supply industry in this country for turkeys and chicken. when there was a british gas nationalized by this owned by the taxpayer, we never seem to have these problems. we had labor problems, maybe with unions and pay, but we didn't have problems like this isn't the time to just nationalize all these industries and have a strategic energy security plan. i think that's been the, the plan late labor governments for a number of years. not like a national, and she's via in that regard. you know, it was before my time, i think you're wiggled enough before the regulation. you know, they were power clips and, you know, you know, they're talking 3 or 4 day working weeks, etc. you know, you know, more supply and more choice for customers, but without security or spy being at frontier, it's, you know, if we go down the road, it may and don't, you know, we back in the sixty's or seventy's. yeah, i mean all the squad tanks that we wouldn't be going back there and in fact as that was actually the work is flexing their industrial might for more pay. but as they seem to be talking about bigger companies, swallowing up smaller, entrepreneurial ones. why do you think so little focus has been on the geopolitical nature of the companies that are going to succeed. e d, f is one of the big 6 their own by the french government. and some of the other companies involved with foreign governments owning british energy security. this would be an obvious question for yes, ever since the point say was announced. and it's been built by the french government, but with chinese packing. you know, the great company seen, you know, help and on with your superior call supply. and actually, you know, from our end here you can hobby, but all the comments to take, take a lead on this, which puts us our wrist. now of course, a media very quick to talk about russia and china, strategic enemies as far as the secret. so his ear and written the talking about how sensible is it? do you think, to send our war ship to china and be talking the way we are about countries that are so into connected with our energy security here in britain? yes, i think you know, the, the main thing to europe in the news you got from the russian statement that ne, to pipeline ya see, got so much and billions of pounds on your broad and gas to europe and your old me, your needs gas off. no way to use or not he was coughing announced that we've got a new agreement with no way to increase production book the whole year and a need thought were can got european quarter holding. that's what he's coughing. satisfied in the practice. yeah. but i mean, do you think it's a price we're paying if i don't know, maybe there are people thinking russia and china one to invade britain? well, how do you see the violence here when it comes to britain's strategic goals? yeah, i mean, i think the rhetoric of, you know, you know, we're trying to, trying to take over the whole concrete ransoms off actually, you know, what, he has been supplying gas to europe in the u. k for a number again. and you know, it's, if we have to be agreed to build a pipeline with them in best buy, it's only was being built and they're looking to switch on that, that, you know, this record starts to be started to come out. well, we've often had a lot of criticism currently in the united states and learn for some british politicians that it should never, we should never be depended on it in the 1st place. do you think russia and china laughing about all of this? obviously, demand is well up in se, asia for gas. there are lots of lots of demand. yeah, i think, you know, i think the probably laughing at no situation from all the, you know, the national government across europe and in the u. k. of the premium payments out with a high cost of a well, you know, that could be in your, in the well, or i could take an action with all this, but it seems pretty common. it's got a head stuck in the stand on it. and what you expected to hedge with given you don't have the french government resources and billions of dollars worth of bonds hug. usually. i mean, you want, you had john, bitcoin, what, what, what you, the company had john, and do you think you're going to go bust? yes. so, you know, small supplies out there, you know, without the log on, cheat the big stakes or people back by lock investment stands with billions of pounds. you're in between forward hedging for your customers and how about risk of shorter term and market market price. if you have to pay for it and we take a balanced approach where you know and make sure, because ms. we can guarantee the price on the customers with us back because the $3.00 to leave and moments notice, so would be included as opposed to, you know, part of angie 6 months or you could just leave amongst notice. but do you think some of the companies are to blame for public relations problems? i mean, we have one in for children in poverty and the moaning about a price caps of the poorest in this country can have energy, may not be the best strategy for getting the people on your side. i think the depart a quarter the see if i don't think it just come on increasing price. got the solution . you know, that's why we are called me for the helps and help try and regulate the prices trying support for support for entry spice during this time. you know, the last thing we want and any interest by, wanted to increase the price of people in the u. k. where, you know, universal credit or political remove the lo and you know, it's a very short time for people in the u. k. you know, i don't think many spiker out that you know, well the actual big stick to it now on the call they were calling to increase in my ad. actually we want our action from to come and help support the market itself. so there's no shortage of gas. you one to green electricity. what power do you think the big 6? which way become the only 6 electricity providers of this country? what power are they going to have against policies aimed at curbing climate change? and civilizational collapse. i think is what he's looking to have and he does happen and you know, the market, does we back back to that, you know, cost hell of that? they say so maybe a couple of whole that they're going to hold the power with. often they're going to hold the power with government to despise. such a large extent should give the customer base but in the u. k. and they'll be able to go talk to and go to come in and you know, in that policies in their best interest, not in the best interests of climate change. all consumers government off. jim, the regulator obviously would deny that, but not a, not a good look for cop 26 in glasgow. and if you extend no, no off stopping in november. it's you know, the situation that you paid by then could be drastically working is now when we are in a crisis now. so by then you're able almost to be apocalyptic. steven redman, thank you. thank you very much for having me after the break. as global capitalism, weights on the chinese communist party is response to the ever granted crisis. we talk to a man who help sets british interest rates for the bank of england by the perfect storm of lobby leaders and death. all of them all coming up and bought 2 of going underground the. i don't know, i mean there are some steps in there were rescuing the food that they were not scabbing or were rescuing resources that are still good. this is best buy march 21st which is in 2 days. all these potatoes, paula daniels, onions. all of these came from waste brown sources. this is great for me because i'm always looking for a way to give things away. dr. because the tax laws, you know, definitely do benefit the wealthier people and our society. so it makes sense for them to throw it out right off, rather than give it to somebody who could use it. and then that person is not going to buy it. the welcome back. and when we spoke to a small u. k. energy supplier about the possibility of wholesale re nationalization of britain's energy security. but now to the economic fall as of the crisis and what it means rather privatizing unregulated sectors across the liberal nations. i've joined now by david blanch flower economist and form a member of the bank of england interest rate setting monetary policy committee from 26 to 29. thanks so much for coming back on a course that year. those years, including the 28th crisis. i mean, before we get to your favorite prime minister of recent times where it's johnson, who's in new york, addressing the un, is the whole world about to collapse because of ever granted. or do we even know whether a property firm into connected and into linked to so much of global capitalism poses that risk? well, i think it probably poses the risk that you're quite right. we don't exactly know. i mean, what, what, what exactly is going on and whether the chinese government is going to let this happen. but when you see headlines like china's layman brothers, you have to be concerned. i mean, that, that has the potential of a major impact. i mean, the question is, are people going to make an error? i mean that, in a sense, you can't allow something that large to fail. the world is waiting and watching. i think it's pretty concerning. and obviously is it's have an impact around the world where it's going to go. we will see that the, the danger is that the chinese government makes an error just by united states. deed and allowed layman brothers to fail. i mean, the story layman brothers actually was on the day that i think bailed it was basically insolvent, but the central bank in the united states had 6 months or so where it could've stepped into the folk. so that's really the story when they get a long time to thought about. now where at a crisis probably should have done something a while ago, but i think the world has to wait and watch. and the risks are overstate to the downside or it could be g, o strategic, you're right. i mean, the financial press in the west is talking about this. we know the chinese communist party is saying they need to rein in the excesses of, well, some people call it late capitalism. could this be some form of engineered crisis? well, i don't know, it's going to call them it's the last thing really one should do is speculate this thing. we should wait and walk and beacon this is a downside risk, the global g d p. i mean, if it's strategic and presumably everybody in such a situation, everybody lives in the chinese. so that would be consistent with my view. that would be a major error. i mean, when we see the headlines about the energy security crisis focused on britain, and we know that there's a reliance on russian gas for supply. when we know that china is so into linked to the global economy and bar as jones, the sort of an aircraft carrier to the maritime borders is economics and geo politics as it become de linked. no, i don't think it has. i mean, i think if you go back, i remember golden brown and cook said the, well, what we all tried to do is simulate what would happen if a single bank failed. we hadn't really realized what would the consequences of a global collapse a collapse in the global banking system. so i think the reality we learned from 2008 the, everything's kinda linked together. hard to believe that, you know, these global force is a separate. so, you know, even before and 2 and a half before then surely you know what i look, it sounds crazy. i tell my dog students, i don't. the 2nd biggest dartmouth club is actually in the city of london. and they used to come and talk to me, and i realized that all of the students that i've had over the years working in the same banks as the other dartmouth students will work in any wall street. literally, i literally went to evelyn, how can this be gotten? government came and the u. s. is irrelevant though, i thought to myself, it was a global financial financial crisis in the united states and all the same banks for the city of london and in frank. but how can it possibly be confined to the u. k. so that was probably one of the probably the most stupid thing. he ever sort of a very many stupid things. he said, i mean the bag and the old aim, your old cali being promoted now for this country. a country we won in for children in poverty, according to some statistics. leveling up local government has been abolished from a department here in white will ever be terribly happy about that. that's very exciting when the government in a sense by 2010 by doing it. so stereotype and pushing monetary policy to the bank of england, essentially, van band regional policy. right? because if you say the bank of what's driving, driving economics, you 7 interest rate and that's the same for everybody. so now you set up a leveling up deposit, which i think is laughable joke. and let's just think about what the world bank has been trying to do since 950. it's been trying to level up african countries and poor countries around the world and has achieved it, but never fear. and the how they going to achieve this in 6 months. they have no agenda, they know told us what they go. and it's unclear if there's any budget to do that. so, fluff more, love, really the nothing here. i have no idea how you intended to level of the 50 constituency that you've told the voted. tory had been labor conspicuous. want to go to breakfast and now you said it's going to be great. well, i suspect what you're going to see not going to be great. they probably can't do anything. i mean go flop and mirror. so i'm to singly unimpressed leveling up. what are your, the department of the loop l, you mean come all this is really, really pathetic while we invite and the whole day and on your former bank of england colleague, i guess he was, i mean, obviously the she said that the chancellor here and others pointing to the fact that we're seeing inflationary pressure in the economy on, on pay and inflation statistics. but i know you've been costing down on the peculiarity of inflation in i know you work on site me. right. i mean, the reality is, i like to use the analogy a hurricane gets an island. i mean, i have a house and i'm going to twist is what happens. and the answer is, well, community cut off the price if the price is the price of a plumber to come into the house. i thought the roof out right, the, the temporary shocks apart and part of it and also of an adjustment to a kind of damage shock. the central bank should sit back and watch and wait and work out. you know what the virus is going to be. what the fac things are going to do, what long changes in behavior, all it's kind of uncomfortable for people. one of the things that we've learned is that the price of certain goods goes up. the traffic example of timber the price of timber rose like mad and then people realize, well ok, i'll put off by him. i don't have to do to be, i way put, i don't have to build this. and basically the price, it kinda went up by bought it back where it was before. similarly in the late the day, the price of 2nd home calls in the u. k. 19 percent. so how do you avoid this inflation shot? you don't buy it, put off buying your 2nd call until prices have come down. so i think the answer is these are temporary shocks, but obviously this is the people are being hurt. and this is a company, a spend increases in natural insurance, which isn't a tax on people we're seeing removal of some of the benefits that were placed that during the pandemic. so basically just like in 2010 here, the tory government goes again pulling in, i'll spare to with the soak up the trying to her for people with going to do. and then it says we're going to level you up the worry in doncaster, and then darlington and other places. well, you go, this is an attempt, once again to low the living standard, the core and the low paid. why would i mean, you know, the re road to hell, maybe paved with good intentions? why would they be doing that? i mean, for international view is we'll have to tell them that they, there was a plan here much loaded by some of these for jobs. and it's trying to address the aging population, but wants to pay for if using national insurance, which is type of tax, which is free and is cutting universal credit on the payment over the words. so this is to think of taxes generally. you specify them as being regressive . a program is the question is, who pays for the burden of the tax? so you look back in 2010, and you say it was clearly the 4 people but, but caused the great recession. so we have to impose asperity and cut back spending on swimming pools in libraries and single mothers with that. so now what you're doing here is just saying we need to now go back. we did pretty well. we put money out to help people to help unemployed people to help people. now what we're going to do is we're going to raise the tax on work and it's disproportionate impact both on low income and then you take away universal credit that impacts poor people. so what you've done, if you say ok, so now we're going to pay for it. we're going to pay for it by tracking the pool so that we can subsidize the rich you've done pretty well. and so that looks regressive again, it's once again back to everyone, 2010, and what it did in 2010, let's put this in context. and i, for any of us, the people about this, basically what 2010 did with it, produced the slowest recovery in the u. k. and 300 years, seconds of the south, the bubble, and then the worst one. looking back with the black death. so this, this is why we expect thoroughly, but this will lower output rate on employment, lower living standards, and will precisely level down the places that are most vulnerable. so you have a leveling up department is going to be doubling down through all the parts of the government. this is, this is politically, looks to me to be a dangerous course of action. so is this brutal cruelty if it's also going to damage the economy at large and enrich the wealthiest people in this country using birth. thompson is aware of this, or is aware of this new lobby either by the conscious to do that and raise the taxes on the floor or lower living standards of the pool. or, or, you know, in the living stand to the point. you don't realize that, i mean that's what they're doing. taken away, you have as a credit, taking people at the low end, giving them a higher tax on lug, making rich sounds lower. so how, how we started out the conversation with leveling up. but your wife being widened, inequality leveling out to me, suggest we're going to narrow inequality. we're going to narrow inequality between rich places and poor places. so if you, on the one hand you, you set up with a leveling up with no budget, whether money goes you level down on the net, this is a leveling down. i don't know any other way. well, the government deny brutality and cruelty the 6000000 universal credit people. obviously they're facing up to this cut coming up. i mean, it's not only britain, though, the 1st to scale back quantitative easing during the crisis, appears to be the central bank. worried about inflation. what do you make? it's amazing. let's look back to 2011. they were the 1st 2 banks that actually decided to raise rate in 2000, i think sweet, sweet and on the set the european center back together. we look back now and realize that in the last decade, back with probably the biggest macro mistake that we've seen. i mean, we'll see that the fed meeting today and tomorrow, and various talk there about whether they will start to scale things back. if the right answer all of this is that we don't know the right thing to do is to wait and watch and be prepared for risk. but the downside, i'm shocked to inflation a temporary going to disappear. but to actually think you know, enough to say we can pull back on quantitative, easy, and reduce stimulus. seems to me to be again a mistake. and very briefly, you don't think the meeting this week with the bank of england that then are going to decide on a rate rise. they're not going to 11. no, no, there's no chance they'll do the maybe some discussion about what to do about q a and the maybe one vote or so. but we've got new people coming on the committee and a new consensus. i mean, i think the thing you should it sit and wait and what, what, what i did, i think i would now i would not be voted for any change, but i'd be prepared to have my handful bring on. but on a buzzer, trying to actually think about what happens if the economy slows, especially when the fiscal folks, we've talked about going to stop to remain stimulants. so what happened in 2000 a white while the bank of england was unable to raise rates for a decade, was because you pull back physically. so that meant the monetary forces had to do more. so as the central, as chancellor is raising taxes on the pool, that might mean actually the next move in the other direction. you have to do more . maybe you take rates negative, but these 2, these things are coordinated together. i think again, the risk continued to because of m thought than a bunch of thank you. that's it for the show will be back on the eve of german elections, where debates around the russian want stream to pipeline and climate catastrophe made it a flash point for europe's energy future until then keep in touch about social media and let us know if you think energy security is a matter of national security. ah ah, ah right now there are 2000000000 people who are overweight or obese. it's profitable to sell food that is fatty and sugary and faulty and addicted. not at the individual level. it's not individual willpower. and if we go on believing that will never change as obesity epidemic, that industry has been influencing very deeply the medical and if it gets damaged, i was driving the reason its corporate me. ah, the french defense ministry says nato partners will revise the strategic concept to the alliance following a route wherever. recently signed security deal between the us to do k and australia, the left france out ahead spite reco t u energy prices. in a few short 40 supplies blocking, slapping fines on poland for using coal, and also blaming russia for the gas crisis. and rubber bullets, tear gas, and hundreds of arrests follow chaos. that melbourne's war memorial protest

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