welcome to the programme. it was budget day here in britain today. a big set piece annual event in which the chancellor stairs into the crystal ball, and tries to predict the future and how best to steer the uk economy through it. the obstacles in his way are common to europe and the united states. high inflation, higher interest rates, and since the pandemic, an intractably acute labour shortage. this graph trackjob vacancies across europe since august 2022, historically high after the pandemic, but you will see the uk, the red line at the very top, is struggling more than most. with 1.1 million vacancies. if more people are employed, more people are paying tax. the good news for the chancellor is that the uk will swerve recession this year thanks to growth returning by the summer. but the economy will still contract by 0.2%. and any brighter news, is tempered by slower growth over the long term. mr hunt said the uk would only grow by 1.8% next year and byjust 2.5% in 2025
is a sentiment issue now that also comes into play. filtrate is a sentiment issue now that also comes into play- is a sentiment issue now that also comes into play. we will see if the statement from comes into play. we will see if the statement from the comes into play. we will see if the statement from the swiss - comes into play. we will see if the statement from the swiss centrall statement from the swiss central bank has eased nerves. the financial times has reported today that the british government is planning to do away with tariffs it imposes on the imports of palm oilfrom malaysia. the paper says that is the price britain may have to pay, to gain entry to the comprehensive and progressive trans pacific partnership, a trade they agreement they are hoping to sign with 11 asia pacific countries. one of which is malaysia, which contributes 26% of the global palm oil trade, second only to indonesia. and its an important product. you will find palm oil in 50% of the packaged pr