tv World Business Report BBC News April 8, 2021 5:30am-6:01am BST
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this is bbc news with the latest headlines for viewers in the uk and around the world. give the recovery our best shot. the head of the imf warns that vaccine inequality could cost the world economy trillions world will be $9 trillion richer between now and 2025 if we vaccinate everybody, everywhere, very fast. taxing questions. should the world agree on a minimum companies should pay? and if so, how much? you're hired. the uk sees the biggest rise in permanentjobs in six years. plus, next stop, normality? britain's public transport
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system gears up with 1,000 more trains from monday. but will people want to take them? the head of the international monetary fund has warned that trillions of dollars in economic growth are at stake, if people around the world do not have equal access to covid—19 vaccines. imf managing director, kristalina georgieva, has been speaking to the bbc�*s katty kay, as the fund and the world bank hold their spring meetings in washington. she said it's in the interest of richer countries to make sure vaccines are shared out fairly, if the world economy is to recover as strongly as it can. this recovery is very uneven. it is a multi speed recovery,
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and a big driver of accelerating the recovery everywhere is access to vaccines. we populated that our world will be nine trillion dollars richer between now and 2025 if we vaccinate everybody, everywhere, very fast. what does it mean? it means that today, the best use of public money is vaccinations around the world. it means that advanced economies can get1 trillion more impact revenues if more countries catch up with vaccinations.— vaccinations. the key there seems to — vaccinations. the key there seems to be _ vaccinations. the key there seems to be very _ vaccinations. the key there seems to be very fast - vaccinations. the key there i seems to be very fast because there's talk that some african countries might not have people vaccinated until 2023, that too slow. what is it specifically
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that richer countries can do today because in some cases those countries don't want money, they want vaccines and some rich countries have extra supplies of vaccines, are you asking them to hand over those vaccine supplies? we asking them to hand over those vaccine supplies?— asking them to hand over those vaccine supplies? we are asking them to reallocate _ vaccine supplies? we are asking them to reallocate access - them to reallocate access supplies to poorer countries, yes stopping our. we understand that now they are already making projections as to when their vaccination will be advanced enough for this to be done. why? because producers need to be assured that they are not going to end up with excess capacity and lose money on something that benefits the world. so advanced purchase commitment is the technical term at. at means, put the money in front of the producer and say please produce as much as you can. if you have too much, that's fine. but if you
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have too little, the whole world would suffer. so how to pay for the vast cost of the pandemic? higher taxes on companies looks like a certainty, and the idea of agreeing a global minimum tax rate, to make sure multinationals pay theirfair share, is one that has been gaining traction among g20 countries. the head of the world bank, david malpass, has been speaking to the bbc�*s michelle fleury. he has warned about setting it too high. the critical thing is to have growth for countries around the world, developing countries need growth so tax rates matter for everyone and there also needs to be a legal environment that attract new investment into the poorer countries, the new entrants into the global economy. new entrants into the global economy-— new entrants into the global economy. going back to that ulobal economy. going back to that global minimum _ economy. going back to that global minimum tax - economy. going back to that global minimum tax rate, i economy. going back to that global minimum tax rate, is| economy. going back to that. global minimum tax rate, is 2196 global minimum tax rate, is 21% about right with yellow that strikes me as a high corporate rate but this is not my call
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and i think very importantly for the world, is to think about the tax structure as a whole. 0ne about the tax structure as a whole. one of the things coming out of the g20 is, there are a lot of skilled voices, interested voices, and working towards solutions that really work for the people. i think that —— work for the people. i think that -- i work for the people. i think that —— i hope that will be the focus. the world bank has been providing money to help poorer countries by vaccines but it strikes me that the real issue right now is the availability? that right. the advanced economies, it looks like we'll begin to have access or at least adequate supplies soon, so the earlier that they can develop a system to share those with the world, the better, because every week, every month counts in getting started with the vaccination programmes and the vaccination programmes and the poorer countries. the the vaccination programmes and the poorer countries.— the poorer countries. the us looks like — the poorer countries. the us looks like it's _ the poorer countries. the us looks like it's going - the poorer countries. the us looks like it's going to - the poorer countries. the us looks like it's going to be - the poorer countries. the us| looks like it's going to be one of those countries in a
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position where it is ahead on vaccinations and it is going to have a surplus. are you talking to the us about how they can help? to the us about how they can hel ? �* . ., , help? i'm con in the us will beain help? i'm con in the us will begin to — help? i'm con in the us will begin to sort _ help? i'm con in the us will begin to sort that _ help? i'm con in the us will begin to sort that out - help? i'm con in the us will begin to sort that out and l begin to sort that out and begin to sort that out and begin to sort that out and begin to make deliveries available. they may use covax, thatis available. they may use covax, that is fine. 0urfunding can go through covax to make the copayment so the critical thing is to decide how much access is available and then began freeing up. jane sydenham is investment director at rathbone investment management. lets pull apart these ideas, equitable vaccine distribution to create maximum economic value for all, how realistic are those ambitions? well, i think at the moment we are clearly struggling because wealthier countries are clearly moving ahead substantially, but ultimately, it does seem to me
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that we are going to have two push harderfor more distribution or more transport and distribution of vaccines, excuse me, to all countries at varying economic levels, otherwise we are not going to come out of this pandemic. we know that the disease travels easily, so we do need to make sure that everyone is vaccinated. the moment effective vaccines were announced, we saw global politics descend into vaccine nationalism. what chance is there that countries will pull together and not undercut eachother with their tax regimes to attract investment? yes. as you say, it is, so far we have not done that well and it is very interesting, janet yellen talked about mutually beneficial tax increases earlier this week, and we are now beginning to hear corporate
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leaders like jamie diamond at jp morgan talking about paying more tax, evenjeff bezos has mentioned at so we do need much more of a consensus, you are absolutely right. we haven't started off very well so let's hope that some of that change of tone starts to have a practical effect. i of tone starts to have a practical effect. i wonder if there is a _ practical effect. iwonder if there is a bit _ practical effect. i wonder if there is a bit of— practical effect. i wonder if there is a bit of a - practical effect. i wonder if there is a bit of a third - practical effect. i wonder if there is a bit of a third way here. so far, a lot of things like the furlough schemes in the uk have been funded really via debt. is there a third way we could find public global health programmes through debt or does it have to be through raising taxes? i or does it have to be through raising taxes?— raising taxes? i think to a lane raising taxes? i think to a large extent, _ raising taxes? i think to a large extent, taxes - raising taxes? i think to a large extent, taxes is - raising taxes? i think to a| large extent, taxes is one raising taxes? i think to a i large extent, taxes is one of the easiest and quickest ways to do it. obviously, we have had tax increases or corporation tax increases being announced in the uk at our last budget. the united states is now talking about the same
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thing. we know if we go back into history, actually, that germany paid, increased taxes at the time of german reunification, so there are precedents in history for this to happen and there is a will to happen and there is a will to make this happen. we are starting to see tax policy changing, so my sense is that things are beginning to change. 0k, really interesting, thank you so much. 6.4% — that's how much the us economy will grow this year. if that's true, and that number comes from the imf, that would be the strongest growth for the world's biggest economy since the mid—80s. its also been upgraded twice since october. so what's underpinning these high hopes? a two trillion dollar infrastructure plan. it's proving controversial though. here's president biden trying to drum up support for it on wednesday. do we think the rest of the
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world is waiting around? we are not going to make those kind of investments, the rest of the world is saying. take a look. do you think china is waiting around to invest in this digital infrastructure? 0r research and development? a promise you, they are not waiting. but they are counting on american democracy to be too slow, too limited, and too divided to keep pace. president biden they _ divided to keep pace. president biden they are. _ lets get the view of aaron dessen, from payne capital management in philadelphia for us. thanks very much forjoining me. this isn'tjust a matter of pretty airports and filling in potholes, is it? isee pretty airports and filling in potholes, is it? i see $400 billion on care for the elderly and people with disabilities, $100 billion to go onjob training for disadvantaged groups. just how big is this reform plan?— groups. just how big is this reform plan? good morning, victoria- _ reform plan? good morning, victoria. thanks _ reform plan? good morning, victoria. thanks for - reform plan? good morning, victoria. thanks for having . reform plan? good morning, i victoria. thanks for having me stopping the plan massive. as
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you say, over a $2 trillion pricetag, but i think it is really a matter of, 0k, pricetag, but i think it is reallya matter of, ok, if pricetag, but i think it is really a matter of, ok, if we are incurring debt then let invest in our country. let's invest in our country. let's invest in our infrastructure for the future. and i think there is a lot of big booms, a lot of areas are going to get a boost from this. if you look at electric vehicle makers for example there's a lot of incentives there. home builders have really been behind and not being able to keep up with demand since the great financial crisis and there's a lot of money being thrown in there as well to booster these areas of the economy.- areas of the economy. clearly some big _ areas of the economy. clearly some big beneficiaries - areas of the economy. clearly some big beneficiaries there i areas of the economy. clearly| some big beneficiaries there if indeed it gets past the republicans who seem dead set against at. but we are just one month on from a massive fiscal aid bill. almost $2 trillion of our. a lot of money and the wrong hands is a dangerous thing. there are some serious risks with this, do you think president biden could be in danger of effectively
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overcooking the turkey, if you will? i overcooking the turkey, if you will? ~' overcooking the turkey, if you will? ~ , ., , will? i think there is always risk but i — will? i think there is always risk but i admire _ will? i think there is always risk but i admire his - will? i think there is always l risk but i admire his ambition and i think that they were probably, the government was a little too slow to act as we saw in the great financial crisis. there was no hesitation this time around. they have thrown trillions of dollars, literally, into consumerist to pop—up businesses, states and municipality and i think that is what is economic recovery and what is allowing us to have the greatest growth as we mentioned earlier, since the 80s. so i am all for it and i think as long as it is invested properly, and the money is spent well that it is really going to pay dividends in the future. i don't know if you heard my previous interview, was talking to james and about taxes and how it will fund the future. biden is having to face up to some economic truths about money management, how successful do you think he will be about present corporations and rich individuals to fund his ambitions? i and rich individuals to fund his ambitions?— and rich individuals to fund
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his ambitions? i think it is a very thin — his ambitions? i think it is a very thin majority _ his ambitions? i think it is a very thin majority and - his ambitions? i think it is a very thin majority and there j his ambitions? i think it is a l very thin majority and there is going to have to be some bipartisan support, like to think there is going to be a compromise and he may want to go as high as 28 but maybe he will have to come back to 25%, so i think with all of the debt we are incurring we absolutely have to increase taxes and get portion of the income from there as well but maybe he is not going to get as high as a tax rate as he wants to in the end. . , tax rate as he wants to in the end. ., , . ., end. ok, thanks very much for our end. ok, thanks very much for your time- _ let's go to the uk now, where there are signs the job market is starting to rebound as the government eases the lockdown, and companies, from retailers to theme parks , prepare to re—open. a new report from kpmg and the recruitment & employment confederation points to the sharpest rise in permanentjobs for nearly six years, and a jump in temporary positions available. it's the fastest rise in overall vacancies since august 2018.
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kate shoesmith is deputy ceo of the recruitment & employment confederation. clearly demand, but as there supply? can people get the people they want for these jobs? i5 people they want for these “obs? , . , people they want for these “obs? , ., , , jobs? is really good news, ou're jobs? is really good news, you're absolutely - jobs? is really good news, you're absolutely right. i jobs? is really good news, | you're absolutely right. we jobs? is really good news, - you're absolutely right. we saw in january the quite slow start to the year we have differently had a bounce back in march in terms of thejobs had a bounce back in march in terms of the jobs market. candidate availability has or has been a problem however, especially in some of the sectors where the demand is the highest. we have seen a real boost for roles needed in health and social care for obvious reasons, but also in it. and it is where recruiters are saying they really finding it difficult to find suitably qualified candidates with people with the right skills, so that is something that needs to be focused on, particularly in terms of thinking about up skilling and retraining programs as we get people out of this pandemic and on to recovery. irate people out of this pandemic and on to recovery.— on to recovery. we have not 'ust on to recovery. we have not just had — on to recovery. we have not just had a — on to recovery. we have not just had a pandemic, - on to recovery. we have not just had a pandemic, have l on to recovery. we have not i just had a pandemic, have we? we have also had the british
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jobs market radically altered because of brexit. what role do you see foreign workers having in written�*s labour force in the future? in written's labour force in the future?— in written's labour force in the future? , �* ., the future? given -- britain, what we _ the future? given -- britain, what we were _ the future? given -- britain, what we were saying - the future? given -- britain, what we were saying in - the future? given -- britain, what we were saying in thatl what we were saying in that there are not enough people to do thejob is now, we have a situation where we need to encourage young people to know whatjobs encourage young people to know what jobs are encourage young people to know whatjobs are out there right now so they can have the best possible start if they are leaving college and university. but we also need to think about what do we need to do to encourage people to come and work in the uk. when i talk to recruiters, they are saying that many people did leave after brexit and as soon as coronavirus hit, that was definitely their 02 move from the uk back to their eu home country. so we just haven't had the same people coming through for roles, in particular when you think about driving and the logistics act. thinking about horticulture and those roles, thatis horticulture and those roles, that is something where we definitely need a plan from the
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government that helps with short—term, low skilled jobs vacancies and a visa system and an immigration system that brings people in on a needs most basis, so we can get people out into these roles and make sure the services are provided. make sure the services are provided-— make sure the services are rovided. ., , , ., provided. ok, on paper, your reporter— provided. ok, on paper, your reporter suggest _ provided. ok, on paper, your reporter suggest that - provided. ok, on paper, your reporter suggest that the - provided. ok, on paper, your| reporter suggest that the jobs market is looking up if you're looking for employment at the moment, how sustainable do you think that boost is going to be? ~ . think that boost is going to be? . ., , ., be? what we saw is that the pandemic — be? what we saw is that the pandemic had _ be? what we saw is that the pandemic had an _ be? what we saw is that the pandemic had an immediatej be? what we saw is that the - pandemic had an immediate knock on effect. as soon as we went into lockdown in the uk in march 2020, we saw the impact on the jobs market. march 2020, we saw the impact on thejobs market. it march 2020, we saw the impact on the jobs market. it is one of those areas that reacts really quickly to changes in the economic forecasts, and so you can see what is happening from looking atjobs market data, quite particularly. this recovery is getting us back to beyond where we were before the eu referendum which also had an impact on thejobs eu referendum which also had an impact on the jobs market and in terms of that hiring confidence that employers need to have to be able to offer
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positions. so this should be allowing us to start to think about longer term growth plans and workforce planning strategies rather than just dealing with the minute by minute needs. and in that we should be thinking about inclusive recruitment practices, what we do to bring young people into these roles, and really develop the jobs market into something that is sustainable for all.— sustainable for all. kate shoesmith, _ sustainable for all. kate shoesmith, thank - sustainable for all. kate shoesmith, thank you. | fast retailing stock, the parent of clothing company uniqlo, doing well this morning, despite the nikkei's lacklustre open. investors are watching for its sales and earnings numbers today. the company has done extremely well during the pandemic but it's also facing some controversy. mariko 0i is watching the results, what are we expecting? well, victoria, we are expecting really strong results. of course, fast retailing owns a number of brands but of course as you said, the most famous is uniqlo
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which has done extremely well during the pandemic. i'm not sure whether you have ever tried them before but i guess, they close are seen to be stay—at—home close, if you like. so even during their last earnings, profit was already higher than pre— pandemic levels —— clothes. some markets like the us and south korea were hit by the pandemic but japan and china markets are doing really well and china is its second—biggest market. speaking of china, this is where the controversy you mentioned is taking place. the company has been caught up in that controversy surrounding cotton produced in china's the region where the uighur muslims are being abused in terms of human rights. so they are boycotting china and uniqlo hasn't been spared over. uniqlo released a statement in august about it and as also told us again yesterday that none of
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their production partners are located in that region and no fabric or spinning mill used in the production of uniqlo products is located in the area. but, nevertheless, as a result of that they are facing some boycotts and really a tricky situation that the company has found itself in. 0k, thank you very much mariko. stay with us on bbc news, still to come: 0verachieving, and under30. forbes honours the year's most influential young people now for some news here in the uk: the government has again suspended funding for the aid agency, 0xfam, afterfresh allegations of misconduct involving staff working in the democratic republic of congo. two members of staff were suspended following allegations of bullying and sexual exploitation. 0xfam says it has launched an investigation. a body found in a pond in essex has been confirmed as london
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student richard 0korogheye. the 19—year—old, who had sickle cell disease, was last seen by his family on the 22nd of march. police said his death was being treated as unexplained, and that they don't believe anyone else is involved. scientists tracking coronavirus in england say the vaccination programme is beginning to break the link between covid—19 cases and deaths. the latest react study by imperial college london, which involved analysing more than 140,000 people's swab tests between the 11th and 30th of march, found infections had fallen by roughly two—thirds since february. those stories and more coming up on breakfast at 6am with naga munchetty and charlie stayt. this is bbc world news, the latest headlines: myanmar�*s ambassador to london is locked out of his embassy, after voicing his opposition to february's military coup. european regulators confirm there's mounting evidence the astrazeneca vaccine
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is linked to �*extremely rare,�* blood clots. people in the uk under 30 will now be offered a differentjab. from monday, there will be 1,000 more train services operating around britain than there were in february. but are passengers ready to return to public transport? here's our transport correspondent, caroline davies. empty arrival halls in birmingham, deserted carriages in manchester, and quiet top decks on london buses. this pandemic has meant that many of us have spent months hardly using this network but as the world begins to bench outside, public transport is once again getting ready to take us there. at this depo in whole, they began fogging their buses 14 months ago. they are planning extra services in the summer to help with social distancing but there is still some uncertainty from potential passengers. i
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would like to use the bus. it could be so busy i wouldn't want to be that close to people, especially if i have to sit next to a random person. i5 sit next to a random person. is a must people wear the mask, i think— a must people wear the mask, i think you — a must people wear the mask, i think you can get as many peorrie _ think you can get as many people honestly want. changes are happening _ people honestly want. changes are happening around - people honestly want. changes are happening around the - are happening around the country. by monday, there will be 18,000 train services each weekday across britain, that is a thousand more than february. but how many passengers will take rail trips over the next few months is still guesswork. we want people to travel with confidence so we are making their be as much space is available to people, whether that means extra daily services or longer trains. we're also making sure that those trains are spotlessly clean but also we are giving better information so that people can out which services are busy so they can plan theirjourneys better. footballer and social activist marcus rashford has been named one of the 30 most influential people under 30 in europe. also making the forbes 30 under 30 list, entrepreneurs including social media marketing guru timothy armoo.
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alexandra wilson is editor of the forbes under 30 list, she's in san diego california. how do you choose the power players when their spheres when thing that strikes me about this list is the social activism of gen z, entrepreneurs. you've got adam adelman who is an advocate against bullying and lgbt presentation sport. is this the defining characteristic of letters in the future? i think it is and i — letters in the future? i think it is and i think _ letters in the future? i think it is and i think the - letters in the future? i think| it is and i think the pandemic has also played a role with the public really insisting that both their celebrities and their companies have a bit of social impact built into their missions. social impact built into their missions-— social impact built into their missions. ., ., ., missions. young people have had their freedoms _ missions. young people have had their freedoms curtailed - missions. young people have had their freedoms curtailed like - their freedoms curtailed like never before over the last year. how is that experience shaping the businesses and leaders of the future? it is really interesting - leaders of the future? it is really interesting that - leaders of the future? it 3 really interesting that these under 30 individuals are digital first under 30 individuals are digitalfirst people. under 30 individuals are digital first people. they have grown up with technology so
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they were actually best poised when stuck at home to really bring online to life and pivot their companies and quickly adapt to the new normal, as it became. ., ,., adapt to the new normal, as it became. ., .,, ., , became. there are some obvious ve hiuh became. there are some obvious very high profile _ became. there are some obvious very high profile people - became. there are some obvious very high profile people in - very high profile people in there. sport will also always be a high—profile arena. but where else is young talent emerging as a force positive change? i emerging as a force positive chance? . , emerging as a force positive chance? ., , ., change? i actually saw earlier in this program _ change? i actually saw earlier in this program you're - change? i actually saw earlier in this program you're talking j in this program you're talking about up skilling talent and became a large during this year, and one of those individuals isjoel heller mark individuals is joel heller mark coming individuals isjoel heller mark coming out of stockholm, he is the founder of a lab there and actually started a company that uses ai actually started a company that uses al to make profiles unique to them and make it super personalised so they can fill those jobs of the future and be extremely adaptable. williams, thank ou extremely adaptable. williams, thank you so — extremely adaptable. williams, thank you so much, _ extremely adaptable. williams, thank you so much, alexandra. thank you so much, alexandra wilson in san diego for us. thank you very much for your
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time. thank you for your time on the program. more coming up on the program, sport, news, weather, the whole lot. i will see you very soon, goodbye. hello there. it was a cold, frosty start on wednesday with some early sunshine but the cloud arrived as we went through the day and we closed out wednesday with quite a lot of cloud around, acting like a blanket through the night, so temperatures not falling quite as far. and in actual fact, the wind direction changing for thursday to more of a westerly, and that's going to drive something a little less cold across the country with the darker blues, the colder air, just being pushed out of the way — for one day at least. also got some rain arriving with this area of low pressure, the wettest and windiest of the weather always going to be the far north—west for thursday. so, quite a lot of rain around, the wind strengthening here. and thicker cloud along west—facing coasts of wales and south—west england will always bring the risk of the odd spot or two of light rain. sheltered eastern areas, the very best in terms of drier, brighter weather.
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but not that much in the way of sunshine. a breezy day, the strongest of the winds always going to be where the heaviest of the rain is. 6—8 degrees generally under the rain, but we will see temperatures widely into double digits, slightly less cold for thursday afternoon. now, our weatherfront continues to push its way steadily south, that's where we'll see the cloud across england and wales, so temperatures to start off on friday holding up above freezing, but behind the cold front, the wind direction changing once again and those temperatures falling away. we will see a frost returning in sheltered, rural areas, and, yes, with that northerly wind continuing to drive in more wintry showers across the far north of scotland. the frontal system sinks its way into central and southern england and wales, here we mightjust see double figures but behind it, drier, coldersunny spells and scattered wintry showers are set to continue. now, as the cold front eases away and we move into saturday, this little fellow causing one or two problems with the potential across southern england, maybe as far north as east anglia, seeing some rain.
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still subject to question, there, so you'll need to keep watching the forecast. further north and west, it's a case of sunny spells and scattered wintry showers once again. it's going to be a cold day, whether you're in the sunshine and wintry showers, or whether you're under the cloud and rain. and that theme is set to continue for sunday as well. no signs of any significant warmth arriving over the next few days to come. take care.
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good morning, welcome to breakfast with naga munchetty and charlie stayt. 0ur headlines today. reassuring the public that the oxford astrazeneca vaccine is safe — government ministers urge people to come forward to get theirjabs, after it was linked to extremely rare blood clots it comes as scientists say a new study shows the vaccination roll—out in england is "breaking the link" between coronavirus infections and deaths. a bus is hijacked and set on fire in another night of unrest in northern ireland — prime minister boris johnson says he's deeply concerned by the violence. will online shopping stay in fashion when the high street reopens? i'll speak to the boss of the website asos later
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