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where they are, let s keep them high to show financial markets that we are serious about fighting inflation and wait until it comes down before we loosen. of course the criticism here is that, and the bank s own analysis shows that, that it takes 1.5 years for the full effect of interest rate increases to ripple through the economy, so we might well be in a situation where we have kept rates very high for quite a while and that is really pummelling the economy, we are getting low or even negative growth and inflation is even below target. so it s understandable why the bank of england is risk averse and wants to make sure inflation is squeezed out for sure, make sure inflation is squeezed out forsure, but make sure inflation is squeezed out for sure, but there is a real risk of them are leaving rates too high for too long. of them are leaving rates too high fortoo long- of them are leaving rates too high fortoo lonu. . ~ ,, . ., for too long. thank you so much for our for t ....
applause many said this could not be done. but when i spoke to you at the very start of this cop, i promised a different sort of cop, a cop that brought everyone together. private and public sectors, civilsociety, ngos, faith leaders, youth, and indigenous peoples. everyone came together from day one. everyone united, everyone acted, and everyone delivered. we operationalised the loss and damage and started to fill the fund. we mobilised more than $83 billion us in new financial commitments. we launched alterra, the world s largest catalytic private investor that is 100% focused on solutions to climate change. and we delivered world first after world first. a global goal to triple renewable energy and double energy efficiency. declarations on agriculture, declarations on food, declarations on health. many more oil and gas companies stepping up for the first time. stepping up to deliver against a very ambitious goals and objectives. and, for the first time, to deliver on ....
but on paper, the deal secured in dubai this morning is hugely significant. for the first time ever, there is language and a commitment to move away from fossil fuels. its impact, of course, will depend in large part on whether the signatories actually take steps to implement what they have agreed in the coming decade. after all, some of those countries included the united states, australia, canada, norway, who right now are expanding their already significant oil and gas production. there are many who had wanted a strongerform of words particularly the smaller island states, who are already facing the consequences of a warming planet. from dubai, our climate editor justin rowlatt sent this report. we waited and we waited, and then. hearing no objection, it is so decided. ..with the bang of a gavel, the deal was done. applause and it got a standing ovation. so the hammer has just gone down here in dubai, and that is the fastest that an agreement text has ever been agr ....
our correspondent, graham satchell reports. a long night of last minute wrangling in dubai as delegates embarked on golf buggy diplomacy to reach an agreement. and finally a new draft text with slightly tougher language. the sticking point has always been the future of fossil fuels. the hope from many here was that this cop would agree to phase out the use of fossil fuels by 2050. the first draft agreement listed measures that countries could use to reach net zero. that was described as grossly insufficient. the new draft being scrutinised now calls on countries to transition away from fossil fuels to enable the world to reach net zero by 2050. chanting: fossil fuels phase out! for climate change activists, that won t be enough. it doesn t compel countries to act. scientists agree that without significant global action to dramatically reduce the use of fossil fuels, the consequences will be catastrophic. but the difficulty with cop is that all countries need to agree the te ....
seekers to the east african country has proven controversial and a revolt ofjust 29 of the prime minister s mps would be enough to defeat the bill, as our political correspondent iain watson reports. is rishi sunak in danger of losing control of his policy to stop the boats? there s a crucial vote in parliament today on his new plan to send some asylum seekers to rwanda. but mps on the right of his party are worried that this won t stop the courts from getting clogged up with legal challenges. and some have called for his legislation to be scrapped altogether. i don t think that the bill is easily amendable. and really i think that the government needs to review it and maybe consider a completely new piece of legislation because this leaves so many gaps in the legislation. so this morning, the prime minister is trying to butter up some of his critics over breakfast in downing street. it s maybe not what you normally talk about over coffee, but he ll try to convince them ....