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waving flags and chanting slogans. the palestinian red cross said more than 70 people were injured in clashes. now on bbc news, dateline london, with sean ley. hello and welcome to the programme which brings together columnists from uk newspapers with the foreign correspondents who write, blog and broadcast to audiences in their home country from the dateline london. this was the week when sue gray delivered her report into whether there were downing street parties during the covid lockdown. did the report itself deliver? we learnt the likely impact of surging energy prices and a doubling of the numbers in fuel poverty in the uk. the government s answer to it? throw money at the problem. is it proportionate or inflationary? and what about those other sharply rising bills? is inflation stalking the globe? to discuss all that, we have the american journalist stephanie baker, a senior writer with bloomberg markets, steve richards, a political commentator who presents the p ....
You know, nearly 20 years ago, and we lived in that period with the end of inflation, which is something that had been banished. you know, a method had been found where the economy was never too hot, never too cold and that was just the reality. that is now over. i will do one sentence only, i promise you. no, we have time. trade, a bit closer to home? crosstalk. i know it s not and ian diagrees. brexit is another factor that the british economy it was going to be a seismic shift. everybody acknowledges that it was good to be a big, bit shift. and that is another factor. we have opted not to maintain trade with people closer at home in the same way. so and i think that is another factor that you might disagree with the shortages in the labour market. and to be fair, some brexiteers were quite candid about this at the time, saying, look, there would be changes and it will be a period of transition. ....
In ukraine and how central- banks respond will have, - you know, a bearing on that. but one of the hallmarks of stagflation in the 70s| was high unemployment, - which we don t have right now. so that s a positive. we don t have it in the uk and they don t have it in the united states. exactly. the federal reserve in the us is basically saying we want to hit that sweet spot where we up interest rates to curb inflation but we don t drive out businesses, and therefore start to see joblessness go up. right, and so, i think some economists are looking - at saying, you know, - inflation is already having a cooling effect on the economy in some respects and so, - maybe inflation has peaked. but it s a very it s. very hard to tell how it is going to play- out, and i think globally the big question mark- is what happens with china. the chinese economy is slowing down in a way that we haven t l seen for years. bloomberg has actually - ....
But that moment is here is fascinating, i think. can we talk about the economics of it? because stephanie, where you sit at the bloomberg market picture of these things, rather than from a domestic political perspective, what are the what are the markets making of thejudgement the chancellor s made? what are other policymakers faced with similar problems, how are they react into exactly the same not the same problems, similar problems inflation seems to be stalking the globe. right, so i mean, ithink. that there is a feeling that if he hadn-t acted, the risk of a recession would have been higher- because you re taking so much money out of the economy- because those people wouldn t be able to spend money on other things. - anything else. so, broadly speaking, . we re in this, you know, big debate right now are we for stagflationl a la the 1970s? you know. which is where you get high inflation, little growth. high inflation, low- growth, orare we heading for a recession? and, y ....