welcome to the programme. there are tentative signs that inflation is coming under control, and the recession forecast last year will be shallower and shorter than expected. butjust to make sure, the central banks are raising the interest rates again. yesterday it was the fed, today the bank of england increased the base rate, half a point, to 4% the highest it has been in m years. we think inflation will come down rapidly, and a lot of that is down to energy prices, which have fallen rapidly. but i m afraid there are big risks out there which mean that it may not happen in that way. yet we re still seeing stronger pressure from price and wage setting in the economy in the question is, will that start to ease off? coinciding with the bank s decision came a profit announcement from shell and a rather blunt illustration of why we re all getting poorer. the oil and gas giant has reaped profits of £40 billion last year. the taxman has reaped far less. shell said it paid $1
would be possible possible, it s within grasp. that would be possible were not if the fact that shell keeps shifting where they have their headquarters. 90% of their profit comes from outside the uk which is why the tax take for the uk tax collector is so small.- uk tax collector is so small. that s riaht, i uk tax collector is so small. that s right. i think uk tax collector is so small. that s right, i think that s uk tax collector is so small. that s right, i think that s exactly - uk tax collector is so small. that s right, i think that s exactly why, i right, i think that s exactly why, as the right, i think that s exactly why, as the opposition right, i think that s exactly why, as the opposition have - right, i think that s exactly why, as the opposition have said, - right, i think that s exactly why, as the opposition have said, we| right, i think that s exactly why, - as the opposition have said, we need to increase as the opposition have said, we need to increase