Business UK
UK Economy Shrinks | ‘Interest rate rises NEVER SHOULD HAVE HAPPENED’ Dr Roger Gerlwolb’s analysis
‘A lot of the problems we have could be resolved in an afternoon or a week and for some reason, they never seem to be.’
Former adviser to the BoE Dr. Roger Gewolb says the interest rate rises are the ‘biggest problem for the economy’ which he argues ‘never should have happened.’
#GDP #interestrate #interestraterise #ukeconomy
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What a week in Washington! GB News is joined by political commentator Mally Smith to break down three major stories with consequences for America, Britain and the wider world.
First, we examine the U-turn over plans to livestream the execution of Fort Hood shooter Nidal Hasan. Why did the proposal face such strong opposition, and could turning an execution into a public spectacle create propaganda opportunities for terrorist groups?
Next, we look at the growing tensions over Ukraine. Donald Trump’s reported diesel deal with Russia, the future of US intelligence sharing with Kyiv, Starlink and Starshield access, and the debate over pressure on Volodymyr Zelensky all raise questions about Washington’s approach to the war.
We also discuss the wider conflict with Iran, the challenge of negotiating with Tehran, and the strategic consequences of rising energy prices and relations with Vladimir Putin.
Finally, with the US midterm elections approaching, we assess whether Democrats are on course to take control of the House — and whether they could also make gains in the Senate. With voters increasingly focused on the cost of living, fuel prices and healthcare, could the economy prove decisive for Trump and the Republicans?
#DonaldTrump #Ukraine #Russia #IranWar #USPolitics
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Labour MP Dame Emily Thornberry has told Andy Burnham to rejoin the EU without a second referendum.
Mrs Thornberry, who chairs the Foreign Committee, insisted the EU was not a “sacred cow” and those wishing not to talk about striking a deal should “get over it”.
“Why shouldn’t we talk about it when the majority of people agree with me that Brexit was a disaster, and we ought to get back into the European Union,” she told Sky News.
Labour MP for Halesowen, Alex Ballinger, responds to Mrs Thornberry’s comments.
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Business UK
SHOCKING: Rioters BURN DOWN government buildings as anti-Trump protests spiral out of control
Student rioters have looted banks and trashed shops in protest against the Trump family’s alleged invovement in a luxury resort development in Albania.
On Wednesday rioters stormed government buildings and set fire to the Ministry of Education, Ministry of FInance and Ministry of Justice. Police used water cannons to disperse protesters.
Student riots flared after a summer of largely peaceful protest demanding the resignation of Tony Blair’s protege – Edi Rama. Those demonstrating claim the government is corrupt and has allowed the sale of protected land to Donald Trump’s son-in-law, Jared Kushner.
#donaldtrump #freespeech #riots #eu #protest #albania
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Business UK
Energy CRISIS: BROKE Labour warned NOT to help Brits at Budget as fuel prices SOAR and markets panic
Justin Urquhart Stewart backs IMF calls for Labour to restrain public spending ahead of an energy price crunch, with gas prices set to rise by up to 25% and an ongoing global diesel supply crisis due to the Iran war and Houthi rebels.
While the British economy defied expectations and grew by 0.1% in August, Urquhart Stewart says the media must stop congratulating Labour on what is effectively a growth rate of zero.
Urquhart Stewart believes a brewing bond market crisis in France could spread to Britain, though a competent Chancellor may use a French crisis to position a more fiscally restrained Britain as a safehaven for investors.
#economy #energy #iran #donaldtrump #labour #Budget
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Nigel Farage doesn’t hold back in his GB News prime-time show. Hear his views and give your own in an action-packed hour of discussion and debate. Join Nigel as he takes on the big stories other media don’t want to touch.
Keep up to date with the latest news at https://www.gbnews.com
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Download the GB News app! You can watch GB News on all of your favourite devices and keep up to date with the latest news, analysis, opinion and more.
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@ncooper8438
January 7, 2024 at 6:20 am
Interest rates should never have been reduced to near zero, that's where the problem is!! It was a desperate move by the boe which failed to boost the uk economy and was done for idealogical and political reasons by Carney.
@colinraines395
January 7, 2024 at 6:20 am
Get rid of Sunak and Hunt AND DO IT NOW
@stephenfaulder1747
January 7, 2024 at 6:20 am
Does the Bank of England not distinguish between:
(1) Inflation on essential products (eg fuel & food)
. . . and . . .
(2) Inflation on non-essential products?
In the late 1980s, the economy was 'overheating', with many people earning vast sums of money and borrowing even more to buy 'everything in sight'.
As people had a choice about buying such 'non-essential' products, the raising of interest rates did, in fact, discourage borrowing and spending.
This, in turn, reduced the demand on the 'non-essential' products and prices fell, as a result.
The current situation is very different!!
The driver of the current inflation is higher prices of fuel and food (essential products).
By definition, people have no choice but to pay the extra for these 'essential' products.
Raising interest rates can, therefore, have no significant impact on spending on 'essential' products!
It will only serve to take even more money out of people's pockets, leaving them with less to spend on non-essential products . . . the consequences of which will be:
(1) Businesses based on non-essential products will have less trade, causing them to . . .
(2) Require fewer staff, causing . . .
(3) An increase in the unemployment rate, which will . . .
(4) Reduce productivity and . . .
(5) Increase the Government's benefits bill
The cost of many non-essential items will come down, due to a lack of demand (people struggling to afford them due to their 'forced' higher spending on 'essential' food and fuel), compounding the above consequences.
Surely, raising interest rates in this economic climate is counter-productive and will simply drive the economy into the ground!
This is my perspective.
If I'm wrong, maybe someone would be good enough to explain why.
I thought this may be a good place to ask the question.
So far, I've found no meaningful rationale to support the raising of interest rates in the current economic climate. 😕
@jacobfield4848
January 7, 2024 at 6:20 am
Inflation is caused by high energy prices and will be lowered when and only when energy prices come down.
@twenty3_co_uk
January 7, 2024 at 6:20 am
4 minutes in. Yes we have food inflation and yes we have energy inflation but it doesn't stop there. Wake up mister is inflation cost of materials? Cost of services Please tell me what was cheaper last year than this year..
@dangermann7460
January 7, 2024 at 6:20 am
This guy is clueless, inflation is caused by money printing.
@Avidcomp
January 7, 2024 at 6:20 am
The guy doesn't know what he's talking about. How is someone like this in the position he's in ?
@chrishart8548
January 7, 2024 at 6:20 am
I want interest rates to just keep going up. Im hoping we get to 18% the would definitely sort the inflation out.
@traintomorrow
January 7, 2024 at 6:20 am
I disagree inflation is going to go down itself there are high oil prices, we import all our goods , shopping bills are through the roof !
@traintomorrow
January 7, 2024 at 6:20 am
What we need is the war to end quickly haven't they killed enough people they need to settle this amicably and for good and oil prices which are also firing inflation to stiop affecting prices
@traintomorrow
January 7, 2024 at 6:20 am
The problem with the Economy is this if you don't put up interest rates , you will get soaring inflation we are an island state now more than ever we import. To crush inflation completely you nred to higher the pound , however, that would in turn crush mortgages and business investment, and you cant borrow now as we areone hundred % of GDP . So its a balancing act
@billybunter5575
January 7, 2024 at 6:20 am
why is it no one talks about the trillions the pharmacautical companys get from the tax payers and charge the nhs extortianate prices for there drugs and yet hardly pay any tax towards the economy whats going on with these big coporate crooks especially when they test there drugs out on poor african familys .
@radicaljohn1
January 7, 2024 at 6:20 am
This guy is a proper economist.
@radicaljohn1
January 7, 2024 at 6:20 am
No amount of interest rate rises will combat sunak’s Inflation program.
@filkey762
January 7, 2024 at 6:20 am
Where is he looking!?😅
@monkeyboy8424
January 7, 2024 at 6:20 am
Wasn't billionaire fishy Rishi Sunak in charge of UK finances prior to his current position? – Not my PM.
@alanpotter3146
January 7, 2024 at 6:20 am
Brains of rocking horses.
@carlcollins6659
January 7, 2024 at 6:20 am
Useless, incompetent, WEF, BOE. It's all about wrecking the £ to wheel in Global Banks and digital currency.
@rockinghorsepooh
January 7, 2024 at 6:20 am
Trying to bring us into the cbdc by crashing the economy
@TheCyclist19
January 7, 2024 at 6:20 am
This is nothing compared to what is coming down the track, unfortunalty our economic model us unsustainable. Our economy is built on debt with most people buying on the never never. Everything is so expensive now, adding in the interest rate rises, costs of renting, mortgages and stagnant wages the economy hanging by a thread. It is just a matter of time until it all comes crashing down!!
@Lsnh6299
January 7, 2024 at 6:20 am
Feedback: please don’t start this conversation assuming that the viewer doesn’t understand this or have an interest in these ‘statistics’. The uk media perpetually underestimates its audience, its preposterous
@lizm4580
January 7, 2024 at 6:20 am
Watching the UK crumble….
@stevenaustin8274
January 7, 2024 at 6:20 am
So it didn’t shrink overall it very slightly grew ! Therefore the headline is misleading
@paulb1034
January 7, 2024 at 6:20 am
What a joker, we have energy and food inflation because the pound has been devalued with ultra interest rates and BoE QE over many years, reversing both of those will put some value back into the pound and lower the cost of imported commodities.
@iguiste23
January 7, 2024 at 6:20 am
The Banks are being run by self important lunatics!.
@DJLalr
January 7, 2024 at 6:20 am
Whats wrong with Dr Roger ? Why is he not looking at the presenters ? He seems to be reading a script. Is he like an AI version of Dr Roger ?