here in singapore and 1am in the swiss alps where the world s rich and powerful are gathering in davos to set their financial priorities for the year ahead. but uncertainty plagues this year s world economic forum because of news out of china. the world s second largest economy has grown at its slowest rate since 1990 and the imf is now warning of a fall in global economic growth. our business editor simon jack reports from davos. china s rapid economic growth, its expanding role in global trade, and the increased spending power of its consumers, have helped create jobs around the world. it picked up a lot of slack after the financial crisis. but that is changing. it is now the world s second biggest economy but in the last decade, its growth rate has slowed from a high of 14% to less than half that rate now. and today, there was a warning that rising trade tensions between china and the us could see another dent in global growth. the risks remain. it is going to depend a lot
we aren t. we haven t spoken for quite a while. um, no, not recently. health, teaching and rail unions are to hold talks with ministers today, to try to head off another wave of industrial action. businesses will find out later, exactly how much support they ll get with their energy bills. the amount of government help available is expected to more than halve from the spring, with firms facing rapidly rising costs. thousands of supporters of the far right former brazilian president, jair bolsonaro, have attacked government buildings in the capital. drama in the fa cup in what was one of the upsets of the weekend. how stevenage of league 2 knocked out aston villa in two madcap minutes in yesterday s third round tie. good morning. if you are just stepping out is a chilly start in the east. then we are in for a day of sunshine and showers. some will be heavy and thundery. it will be breezy. the outlook for the rest of the week remains unsettled. details later in the programme. g
in the next hour: held under five star hotel arrest we get exclusive access to riyadh‘s ritz carlton holding 200 of saudi arabia s most powerful people. as far as detention centres go, this is beyond compare. luxury swimming pool is beyond compare. luxury swimming pool, restaurants, a gym, everything is glittering. and a bitter blow to britain after brussels ruled it can t now host the 2023 european capital of culture. good evening and welcome to bbc news. the uk is in danger of losing almost 20 years of growth in earnings that s the stark warning from the institute of fiscal studies after yesterday s budget. the independent think tank says the squeeze on living standards in the past ten years is unprecedented and warns that the economic outlook is grim . it says there s no imminent end to austerity and government borrowing is now expected to rise for decades. the chancellor, philip hammond, said he hoped to prove the forecasts wrong and insisted his budget was a p
the pain of having bad public services, seeing people struggle on welfare, universal credit not working. as this says, the endless misery of stagnant wages. you cannot spend all that money and have top class services and pay off the deficit? no, people s expectations are realistic. if taxes rise, not going to have a stimulating effect on the economy if the tax burden is set to be pretty high as it is anyway. that will not make britain competitive. the only way is for us to grow our way out of it. which is difficult when we have the worst productivity since napoleonic times. the abi figures are predicated on that essentially continuing. britain has underperformed on productivity. certainly true. sometimes things surprise you on the upside. in the eurozone things are booming. jobs growth, factory orders reaching 17 year highs. to rub it in. as we were told yesterday by the chancellor, rattling through growth figures so bad he did not want to say them slowly. we now have a brexi