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on brazil s streets. russia says it will veto any un security council resolution condemning its self styled referendums in occupied regions of ukraine. the us intends to bring a draft resolution to a vote in the coming days. earlier, the us secretary of state antony blinken said the west would never acknowledge what he called bogus referendums. moscow claims almost total support in the vote onjoining russia. our russia editor, steve rosenberg, considers what these votes will mean and how that will affect (tx next) the russia ukraine conflict. first, i want to stress the key point here that these so called referendums were not real referendums, they were hastily arranged, kremlin created, kremlin controlled events designed to pave the way to russian annexation of huge swathes of ukrainian territory. we may well see this happen later this week. i expect at some point this week, russia will come out and say, right, this land is now ours, even in the absence of internat ....
the value of the pound has dropped again today by nearly a percent against the dollar as investors digest the warning from the international monetary fund about the uk government s fiscal plans. the imf has openly criticised the plan for widespread tax cuts, warning the measures are likely to fuel the cost of living crisis and increase inequality. here s michelle fleury with more details in new york. one of the roles of the international monetary fund is to act as an early economic warning system, and it has just sounded the alarm over the uk s new tax and spending plans. in a statement, the fund warned, given elevated inflation pressures in many countries, including the uk, we do not recommend large and untargeted fiscal packages. even more pointedly, it suggested that the november 23rd budget presented an opportunity for the government to re evaluate tax measures, especially those that benefit high income earners. remember, as part of the uk treasury s policy to ....
we begin with the turmoil on financial markets today, the pound sterling continues to languish against the us dollar and several other currencies. the slide in its value was triggered by last week s mini budget, with its controversial package of tax cuts. let s get historical for a moment. we have records for sterling against the dollar going back through history, and in the early hours of monday morning it reached an all time low that is since the creation of the us currency in 1792. let s take a closer look at the past few days the dollar has been strong but this further drop down is about sterling weakness, with a bit of a recovery and then falling back again. you can see this dramatic few days, sterling weakness with a little bit of recovery before it fell back again. on friday and monday there were massive moves within a day, which for a currency like sterling is rare. and one of the impacts of a low pound means that we import inflation, oil and gas is more e ....
we start with the latest market action and as the trading day began in asia the pound started to slide down nearly 5% at one point against the us dollar that s on top of the 3.6% dive on friday. investors are running for the exits as fears mount the new government s shock and awe tax plans for the uk economy are too big a gamble. on friday the chancellor, kwasi kwarteng, announced historic tax cuts, and the biggest increase in borrowing since 1972 to pay for them. there is now calls for the bank of england to take emergency action to calm rattled markets and bolster sterling. so let s look at how the pound is trading now. it has been hovering around just over $1.05 but one hour ago we were looking at the pound buying $1.03 so it has recovered a tiny bit but not much and you can see that the markets in asia are fairly mixed and we have the price of oil edging lower as well. joining me now is simon french, chief economist at panmure gordon. is at panmure gordon. thi ....
at least £22.5 billion has already been spent building the london to birmingham section, while over £2 billion has gone towards the second phase on things such as buying up land and property. labour manchester mayor andy burnham said ditching the manchester link would be a permanent statement to people in the north that they were second class citizens when it came to transport. let s discuss the pros and cons. joining me now is alexandra hall chen, who s the principal policy advisor for sustainability, skills, and employment at the institute of directors. good morning to you. this has been such a contentious story. ever since the leaks came out weeks ago about the future for hsz. what weeks ago about the future for hs2. what do you make of this decision on the part of the government? decision on the part of the government? the key here is about stability government? the key here is about stability and about stability and policy making. any instability in the bu ....