Lays out her plans for the uk economy. We take a look at how they stack up. Take over or turn around . Rumours mount over the future of struggling Chip Maker Intel. And still there for us. Friends after all these years. How the Hit Show is doing after 30 years since monica, ross, rachel, chandler, Joey And Phoebe met in that new York Coffee bar and made a fortune. Welcome to business today. Im mark lobel. We start here in the uk where the chancellor, Rachel Reeves, has been laying out her plans for the economy ahead of the new governments first budget next month. The first ever female Uk Finance chief struck a positive tone. She is pledging a new era of stability after years of economic uncertainty. Saying his is a pro business, pro Worker Government that will deliver a New Industrial Strategy to unlock Growth And Draw in investment. Im joined by chief Uk Economist at pantheon macroeconomics, rob wood. Thanks forjoining us. What is your big takeaway from this speech ahead of next Month
Change. Clearly it is a popular policy by the public and heading up to the next election it would be a strange decision for the government to row back on anything with public support. Can the government have it both ways, say yes to granting licences for oil and gasp projects but at the same time it commitments to net zero . New licences for the north sea is not a change in Government Policy, we were expecting to see more. The oil and industrys estimates show production will continue to decline in the north sea no matter what the Government Policy is it simply because there is not as much gas and oil as 50 years ago when we started extracting. What is left in the north sea is mostly oil. This is mostly exported, so there is little benefit to our bills from more extraction and in a cost of living crisis bills are a strong priority for the public. It is a strange decision to approve more when it wont help with our bills because they cant move the dial on internationally set prices and it
and months of negotiation. and in fact, the deal was meant to expire today. they ve now got an entirely new deal which will carry them through for another nine months. and as you say, it s going to be about three billion usd, which is more than they were expecting if they d managed to negotiate the end of the last deal. so that is a relief. but at the same time, lots of analysts that i ve been speaking to have also emphasised the fact that this is reallyjust patching up just for now, it s a sticking plaster to be able to get pakistan through to the end of the year and the beginning of the next year. really crucially, at the moment, pakistan is expecting to have a general election here. now, this deal will mean that the current government can finish its term. a caretaker government can can take over. then there s an election. and then the new government, which in that election is expected to happen in october, can then start the whole process of negotiating the next deal. and
to pay our bills would be the american people would have a real kick in the economic vein, as a matter of fact the rest of world would, too. president biden and house speaker mccarthy in the oval office yesterday after what both sides called a productive meeting. we ll look at the issues that are still holding up a deal on the debt ceiling. plus, e. jean carroll wants a judge to update her defamation lawsuit against donald trump following his comments about her during a recent town hall. and also ahead the field for the 2024 republican presidential domination adds a new name. we ll show you senator tim scott s first pitch to voters. good morning, and welcome to way too early on this tuesday, may 23rd. i m jonathan lemire. thanks interest starting your day with us. we ll begin this morning with the ongoing debt ceiling negotiations in washington. president joe biden and house speaker kevin mccarthy met at the white house yesterday afternoon. they emerged without a deal
analysis from moscow, warsaw, kyiv, and beijing, on china s potential role in the war. and the other main stories on tonight s programme. nurses in england suspend next week s 48 hour strike action to restart pay talks with the government. supply problems with fruit and veg now some supermarkets are limiting the amount you can buy. and liverpool are trounced by real madrid in the champions league. and coming up on the bbc news channel. leeds united have their man at last. former watford boss javi gracia takes charge, following the sacking ofjesse marsch with the club currently in the relegation zone. good evening, live from kharkiv in north east ukraine just 20 miles from the russian border, just over there. air raid sirens have been going off, and we are within the range of long range missiles from russia. behind me is the city but you cannot see it because we are in curfew and also people are trying to conserve energy in the middle of this war. this is the day that pr