week by the 05cm),— by the oecd, which forecasted the british economy _ by the oecd, which forecasted the british economy would _ by the oecd, which forecasted the british economy would not - by the oecd, which forecasted the british economy would not be - by the oecd, which forecasted the | british economy would not be great all next year, the worst growth out of the 620 apart from russia. so i do unfortunately think things are set to get worse. there's a big argument going on in government about what kind of conservative government this conservative party is. is it a low tax party, or a party of higher spending? what's interesting within the 0ecd report last week, one thing rishi sunak got criticised for is that even with the package of support that was announced just a few weeks ago to try and help houses, particularly low income households with rising food bills, even taking into that —— that package into account, the government's package is contractionary, which means actually the government is taking money out of the economy. the 0ecd was very critical about that with sunak.

we've had a terrible economic forecast and the last week by the oecd,— by the oecd, which forecasted the british economy _ by the oecd, which forecasted the british economy would _ by the oecd, which forecasted the british economy would not - by the oecd, which forecasted the british economy would not be - by the oecd, which forecasted the | british economy would not be great all next year, the worst growth out of the g20 apart from russia. so i do unfortunately think things are set to get worse. there's a big argument going on in government about what

tom: the oec is part of the alphabet soup of the oecd. are the people that actually prosecuted the marshall plan, how do you respond when we hear so many people in a flippant way say, what we need is a new marshall plan, on ukraine and the rest as well? how do you feel we will affect a modern marshall plan? laurence: i think there are two things. one is what is happening in ukraine, where, as we can see, everything is being destroyed, all of the infrastructure, and so a large part of the infrastructure and the capacities, the predictive capacity of the economy. this will need to be revealed. the marshall plan, good and in hand, as you well know, money on the one side, but also reforms, policy reform, on the other hand to ensure the money is there. that is one thing. the other thing up -- i think people have in mind immediately, that we have in mind at least, is globally to avoid a food crisis. for this we are saying a couple of things. one is, ensure the transport and logistics of the cereals around the world so it reaches middle east and

vonnie: oecd assessors: but look . at the organization says the world economy will pay a hefty price of the were in ukraine with weaker growth, stronger inflation, and potentially long-lasting damage to supply chains. a chief economist said: it is must take immediate steps to avoid a food crisis. lng says investigation is underway after the fire broke out in its export terminal indexes. a company spokesperson says the place has been brought under control under no injuries were risk to this running committee. divisively is one of seven terminals that export natural gas by sea and you could have an impact on global supplies of the field. i'm interested outside of your supreme court justice's brett kavanaugh some will allegedly armed with a pistol a knife is facing federal attempted murder charges. a court finding says the 26 you're from california told detectives he wanted to kill brett kavanaugh and believed the justice would vote to losing gun control is independent decision. global news 24 hours a day, on air and on q

the oecd cutting their outlook to 3% for global growth. that is confirming what we have heard from other places including the world bank yesterday looking for 2.9%. easy to spot the difference here. which one is the odd one out? looking at the u.s. 10 year, the german 10-year, japanese 10-year. yields higher in germany. almost totally unchanged in japan. why? the boj is trying to cap it th ere. if they cap bond yields at 25 basis points, while the latter two central banks make a continued move through the rest of the year, this is what happens in the fx markets. the japanese yen has to take all the pain. dollar-yen breaking out again. tom: a lot of dynamics there that we will be looking at. coverage of the ecb tomorrow. all of a sudden, and ever huger deal. jonathan: basically said, are you serious? i cannot believe that they are not hiking tomorrow. laying the groundwork for future meetings? let's go. lisa: why not just raise 25 basis points. if you are going to talk about doing something, what is holding them back? you point out it was t

it comes as fuel prices hit a new record, rail workers threaten strike action over pay, and the oecd think tank warns the uk will be the worst performing economy in the developed world. our business editor simonjack reports. it's a shocking site but maybe not for long. fuel prices continued their relentless march upwards with the average price of unleaded seeing its biggestjump to one pound 78 but many are paying more. i pen; but many are paying more. i pay £2 a litre- _ but many are paying more. i pay £2 a litre- i _ but many are paying more. i pay £2 a litre. i do _ but many are paying more. i pay £2 a litre. i do deliveries, - £2 a litre. i do deliveries, deliveries _ £2 a litre. i do deliveries, deliveries part-time - £2 a litre. i do deliveries, deliveries part-time and l £2 a litre. i do deliveries, i deliveries part-time and it's deliveries part—time and it's just. — deliveries part—time and it's just. it's _ deliveries part—time and it's just, it's not worth it anymore. just, it's not worth it anymore-— just, it's not worth it an more. ~ ., ., . . anymore. w

we have one more signal coming from the oecd. they see the war in ukraine taking a heavy toll on the global economy, causing slower growth, higher for longer inflation, and possibly lasting damage to supply chains. kathleen hays is here in new york with me. what is going to be the price for the global economy? kathleen: recession? no. that is the good news. a slower economy. but inflation. and that is one of the reasons the world slows down. oecd represents 38 countries around the world, mostly developed nations, but from europe, the u.s., north america, from asia. here is what they said in a statement on their website. the world is paying a heavy price for russia's war on ukraine. a humanitarian disaster killing thousands and forcing millions from their homes. when coupled with china's zero covid policy, the war has set the global economy on a course of slower growth and rising inflation, a situation not seen since the 1970's. so let's look at just how much they have slashed growth. no recession but a pretty substantial slowdown

little sign of an immediate upturn in the uk's prospects, according to the economic think—tank the oecd. it predicts 0% growth next year — meaning the uk will become the slowest growing country in the g7 group of industrial nations. our business editor simonjack reports. it's a shocking sight, but maybe not for long. fuel prices continued their relentless march upwards, with the average price of unleaded seeing its biggest one—dayjump in 17 years to £1.78. but many are paying more. i paid, liked £2 per litre. iwas like... big surprise, yeah. i do deliveries, deliveries part time. and it'sjust, it's not worth it any more. yeah, we've gone electric. and that's the reason, because the prices — l you can see, £2 for diesel. it was impossible. global forces being felt in our pockets and particularly in the uk according to the international economic think tank, the oecd, which is forecasting a toxic mix of rocketing prices and economic stagnation. the forecast, a mix of good, bad and ugly. first, the good. at 3.6% the uk is forecast to be the fastest growing major economy in the worl

anc the oecd is predicting no growth next year. no growth at all, strikes - repetitive, a commercial war with europe looming, if not already there . because of brexit, and the only thing he has to provide is going back. to imperial measure? shaun chuckles. this delusion of grandeur, - of nostalgia, while the economy is going nowhere is quite typical of boris johnson. | very pessimistic- about the economy — that could - bring him down. i agree with you. i think you've summed it up very well. i think the economy is in a terrible state and the difficulty forjohnson, he is not really — and i think the conservative party is beginning to realise he is not really a conservative, he is a johnsonian. that is one of the reasons for this degree of great distrust of what he is up to. there is no trust for him and he is confronted by some incredibly difficult decisions. the conservatives are traditionally a tax—cutting party. they cannot cut taxes at this moment, unless they started borrowing huge sums of money — which, in itself, would

pandemic after two years plus, thank you for the latest, good morning >>> breaking news moments ago, oecd slashes global growth outlook on ukraine, china. this comes after the world bank yesterday also turned more negative on global growth p prospects. down from a 4.1% forecast back in january let's bring in lee baker, president of apex financial for much more, thank you for being here >> good morning, glad to be with you, frank we are seeing more and more things perceive as a possible recession. despite that announcement from a retailer, really that magnitude we saw the etfs closed in the dp green about half a percent higher does that mean maybe some of thn >> i am going to say winter is coming but far off in the distance i don't see all the ingredient necessary for recession to be near term. i would not say it is overblown. >> wow, great for pointing it out. we'll find if winter is coming after all. i love the analogy if company reports strong reserve news and ability to raise prices with the ability to pass some of their costs on to consumers, does that mean consumers may be stronger t

oecd predicts us having the lowest growth _ oecd predicts us having the lowest growth in _ oecd predicts us having the lowest growth in the — oecd predicts us having the lowest growth in the 620 _ oecd predicts us having the lowest growth in the 620 apart _ oecd predicts us having the lowest growth in the 620 apart from - oecd predicts us having the lowesti growth in the 620 apart from russia and i growth in the 620 apart from russia and i think— growth in the 620 apart from russia and i thinkwe— growth in the 620 apart from russia and i think we can _ growth in the 620 apart from russia and i think we can diagnose - growth in the 620 apart from russiaj and i think we can diagnose russia's problem. _ and i think we can diagnose russia's problem. and — and i think we can diagnose russia's problem. and you _ and i think we can diagnose russia's problem, and you talked _ and i think we can diagnose russia's problem, and you talked in- and i think we can diagnose russia's problem, and you talked in the - problem, and you talked in the beginning _ problem, and you talked in the beginn

kevin, if we can, let's begin with the ft any rather ominous warning from the oecd that our growth is going to be pretty pathetic next year.— our growth is going to be pretty pathetic next year. yeah, that's a re fair pathetic next year. yeah, that's a pretty fair summary, _ pathetic next year. yeah, that's a pretty fair summary, i _ pathetic next year. yeah, that's a pretty fair summary, i think. - pathetic next year. yeah, that's a i pretty fair summary, i think. yeah, out of the 620 countries, the only one worse than the uk on growth is russia, and i think it is safe to say there are some extenuating circumstances there, the sanctions the rest of the world has imposed on russia which might explain their economic troubles, but the oecd will see zero economic growth in the uk, complete stagnation, inflation of around 7.5%. so you get the combination of no net growth and you have stagflation, which is the worst of all worlds. the blame also tax raises in the book by the government now. the government has been very keen to stress the economic problems that the country is faced during

and when we had the dire warnings from the oecd i the dire warnings from the oecd about how britain's economy will perform relative to other major world economies next year, what can be done to restore investor confidence in the uk and make people see the uk as a place to invest in a place to spend their money in a place to spend their money in a place where they can make money? place where they can make mone ? , ., ., . money? there is no magic bullet. as _ money? there is no magic bullet. as | _ money? there is no magic bullet. as i said, - money? there is no magic bullet. as i said, much - money? there is no magic bullet. as i said, much of| money? there is no magic- bullet. as i said, much of what is happening in much of the reason why we have a rather unpalatable forecast for growth is a result of global crisis and the price pressures we are facing as a result of a energy import economy. that is the reality. there are things that can be done. they, some of them the government is doing such as transport payments, windfall taxes etc, keeping a bit more money into the people of the

this is the oecd's little or no growth. this is the oecd�*s forecast, we came bottom of that league, the us and france, two examples there. still not exactly roaring ahead, but better than zero. looking ahead to the rest of this week, we are just on monday, thinking what other announcements could come this week that might change our perceptions? jabs could come this week that might change our perceptions? jobs data tomorrow, that has _ change our perceptions? jobs data tomorrow, that has been a - change our perceptions? jobs data tomorrow, that has been a rare i tomorrow, that has been a rare bright spot, but inflation is the key thing on people's mines. 9%, a four decade high, heading up to io%. the bank of england will make a further interest rate decision on thursday, looking likely to be a further rise. so you have this really high inflation, you also have the stagnation i was talking about. stagnation and inflation, the term is stagflation, and that makes it quite difficult to then rein in inflation, the same time as

the oecd saying inflation projections now stand at nearly 9% in 2022, twice what they were previously reporting and expecting. part of this support, a big part of it, the war in ukraine and its impact on commodities like oil, but also china covid lockdowns, who is to say what the next variant, what we might see in china, more lockdowns and the impact that will have on supply chains around the world. >> that warning for the world bank seemed particularly bleak to me. >> yeah, i think certainly more bleak than the oecd. we're hearing words of stagflation, and we were just talking about this before. the only thing more scary than recession is when folks start to talk about stagflation. that has three components, high inflation, which we know, we're already with, it also has very high unemployment, which we don't have, and it has slowing growth. so some are questioning because we have two of those three components, might we start to see high unemployment. we're so far from it. at 3.6%, that's pretty much a 50-year historic low. we're very far from that, it does have people starting to sou

we had the oecd report this week saying that the british economy will perform next year the worst of the g7 countries. except russia. and you could argue that russia has extenuating circumstances. the economy is effectively being frozen out of the world economy by sanctions and so on. that is not the uk's problem, but what is the uk's problem? what do you think? you have been studying the british economy, its strengths and weaknesses, for many years. i wrote a piece of this week saying that britain is again _ the sick man of europe. this was the ottoman empire before world war i and - was also the situation before thatcher took over in the 19705. _ stagflation, inflation 10%, growth. down 5% in the last quarter of 2021. they are predicting no growth next year. no growth at all, i strikes repetitive, a commercial war with europe looming, if not already. there because of brexit. and the only thing he has to provide | is going back to imperial measures. | this delusion of grandeur, - of nostalgia, while the economy is going nowhere is quite typical of borisjohnson. _ very pessimistic ab

>> the oecd claimed the premature consolidation in the u.k.. there speculation that johnson's press secretary insists a reshuffle isn't on the cards. for me, this harkens back to the bank of england predicated on the assumption there will be no more physical support this year. -- physical support this year. dani: thank you, lizzie borden, our government correspondent. -- lizzie burden, our government correspondent. that conversation is run 9:30. shaun white, ceo of virgin atlantic had harsh words for his london counterpart. he calls them more doom over a suggestion that recovery in u.k. travel won't be until the end of next year. he calls it ridiculous and a significant -- elsewhere in the travel spaces, the ceo of expedia is inclined to agree. he sees consumers enjoying a strong travel season is the pandemic wanes. >> everyone is going to trouble somehow. i think there will be disruptions, we are seeing in europe, u.s.. shortages of staff created a problem. we love to see hotels open to full capacity. in the meantime, people are funding option

in terms of the economic options, the oecd _ coming. in terms of the economic options, the oecd effectively - coming. in terms of the economic| options, the oecd effectively have given the british government cover, haven't they? if you wanted to back away from some of his policy choices already, likely increases in taxation planned for the next few months, he could do it. but one wonders whether he has, whether his party would tolerate that, given the divisions on display in the last few months. , ., , , ., ., months. the problem is the governor ofthe months. the problem is the governor of the ltank — months. the problem is the governor of the ltank of _ months. the problem is the governor of the bank of england _ months. the problem is the governor of the bank of england said _ months. the problem is the governor of the bank of england said 8096 - months. the problem is the governor of the bank of england said 8096 of. of the bank of england said 80% of the factors— of the bank of england said 80% of the factors of— of the bank o

the oecd realizes that they got there output call wrong. they are calling for positive growth in france. they all look overly optimistic. france just had their fourth quarter gdp reduced. are you going to argue that it will just be fine? the answer is we really don't know. it is a wing and a prayer. there are counter arguments that the labor market is much looser than you think. i think they have completely gotten the labor market wrong, as i have set for a decade. lisa: do you think the reason why the fed is taking the approach they have is because it is politically infeasible for them not to come out with a much harder line? as you say, there could be a more material slowdown, that is not the main problem right now facing the u.s.? david: you may be right, but the reason you have an independent fed, just to cut through that political push. i would have liked to see a more balanced discussion. that is the reason you have an independent central bank. hang on, folks. we are going to cut through the political rhetoric, what politicians want u

a little more than an hour from now, the uk will release its latest gdp figures, the week after the oecd said the uk will go from the second—fastest growing economy in the g7 group of industrial nations to the slowest growing next year. joining me now is russ mould, investment director, aj bell. good morning. first of all the gdp figures due out will tell us how things have been in the month of april, what are we expecting? month of april, what are we meeting?— expecting? economists are lookinu expecting? economists are looking for _ expecting? economists are looking for small _ expecting? economists are l looking for small bounceback there was a dip and march an unexpected dip in march and was revised down to beef, economists looking for small improvement in april, month on month in the year—on—year growth numbers should still not quite decent because we were still in partial lockdowns in england through tojuly last year. england through to july last ear. ., ., , year. so that would be the statistics _ year. so that would be the statistics coming - year. so that would be the sta

the new zealand tenure and the oecd warning about the ukraine conflict and how the west may pay a heavy price. david: all of that news. risk assets on offer when you look at the asian pacific. i was looking at my charts right here, we're sitting right on top , moving average takes us below that. we are off equity market rise. the dollar is strong as rishaad was pointing out. we are at one or one half of 1% of that 135.15. the yen here, no we don't have it, but we will get that up later of course appeared we will assume in on this and change things up and have a look at the 10-year gilts right now. percent on the u.s. ten-year, seven-year high on the new zealand tenure, eight year high in terms of australia and that takes us well into of course later today, the big one, the ecb. yvonne: right, and this is potentially going to be the game changer, right? what that lagarde is going to say, the signaling that she will have when it comes to her willingness to be hawkish, when the rest of the world seems to be kind of catching up rba, rbis yesterday with those superjumbo hikes as well. it's g

you will be aware of those imf and oecd - aware of those imf and oecd predictions on growth for the uk which sees the uk amongst g7 oecd countries at the bottom of the table, only above russia which is obviously under heavy sanctions, what room for manoeuvre does the government realistically have when it is trying to support people with the cost of living crisis, when it is dealing with global factors as well as domestic factors and the ongoing impact of brexit, possibly, some trade sanctions from the eu if it goes ahead with unilateral action on the northern ireland protocol? there are a lot of factors at play here. : , ,:, , there are a lot of factors at play here. , , ., , there are a lot of factors at play here. , , ., i. , here. absolutely, many of these thin . s here. absolutely, many of these things that _ here. absolutely, many of these things that are _ here. absolutely, many of these things that are happening - here. absolutely, many of these things that are happening our. here. absolutely, many of these - things that are happening our global factors, we are seeing energy pri

view from oecd was dropping. the spread market to me is more important in europe because it is so politically not homogenous. we are not talking enough about the politics of lagarde. jonathan: the difference between the federal reserve and europe, you are looking at different markets. chairman powell doesn't have to juggle the italian debt market. spreads have bought into outcome inside 100 basis points. lisa: they are clearly aware of this. christine lagarde said she was not there to close the gap and then she said that she was there to close the gap. how much can they target a program? there has to be a more nuanced approach. jonathan: what do they do with the balance sheet? let's find out later, the decision 13 minutes away. jonathan: let's say good morning to romaine. >> tesla shares are one of the more notable gainers of the day, up 3.5% on the back of that data out of china showing the shanghai factory pumped out 30,000 cars in the most recent month. that was a huge draw down from what this factory was used

this week we saw the oecd say 2.5% growth is their estimate, which of course was revised down. taylor: you really think about earlier this week with the world bank, talking about stagflation reentering the narrative. you heard joe davis talk about bringing some of the price pressures back under control. i think it is so interesting when within about these high inflation environments, the slowing growth environment, and that sort of dirty word of stagflation further reentering some of the narratives from these economists as well. jon: and joe davis addressing those ecb comments today, really putting forward a rate plan. we will ultimately see what happened. if you look at the mood of the markets today, some of the challenges we have seen in north american equities today are based on that new messaging from the ecb. so we will certainly be watching that story very closely. another big story this week, apple was some big announcements at the developers conference. they also came out with a big plan for your car with their car play system. we will hear from a former apple executive

daines: i want to talk about oecd. we seen china's recent history of noncompliance on international agreements. i'm concerned they won't play by the rules of this agreement. whether they will ever play by the rules when it just becomes a question. here is a question, what makes you confident china won't similarly stonewall efforts in the oecd agreement. in this case backing the sec issues and so forth. sec. yellen: china agreed with 137 countries agreed to comply with these rules. and we expected to do so. but if it fails to do so, this agreement contains an enforcement mechanism that will allow the united states or any other country that is adopted the global minimum to impose taxes on chinese companies that would be the same as if china had lied. so there is a tough enforcement mechanism in this deal and if china does not comply, within the u.s. and other countries where chinese firms do business will be allowed to collect taxes on those chinese firms, on their business outside china that china hypothetically refuses

. >> i'll tell you mister speaker.actually going to have a party to the imf and oecd last year were going to have the second-fastest this year. we will return to the top of the table mister speaker but the reason mister speaker other countries are temporarily moving is because we came out of the pandemic faster than they did. because we the right decisions to come lockdown which he opposed mister speaker and that's why right now mister speaker we have the highest number of people on payroll employment on record. >> mister speaker always likes to blame global forces but global horses are just that,global . everybody facesthat . britain is facing economic sanctions like russia. no wonder he doesn't want fox to question why is the uk having lower growth than any other majoreconomy ? >> mister speaker i think everybody can spring to life after the question. once again he's guilty of what's my legal friends called ignoracio electi. what would be useful right now is if the labour party ended his silence about the rmp coming up in the course of the next couple of weeks. will he now break with hi

i have been speaking to the oecd's deputy general and chief economist and the eu's economic exposure to the war. >> europe is relying heavily on russian energy both coal oil and gas. there has been reduction in oil and coal. we take into account in this outlook and for the gas, it is quite specific for the european union. all i would look to say is that for a world as a whole, oil prices do matter, so the world as a whole is paying a price for russia's aggression in ukraine. kate: we got the interview at four: 40 5 p.m. paris time on thursday. we will be giving a close eye on thursday's meeting of european central bank, policymakers are under pressure to rein in record high inflation, which hit 8.1% in may across the 19 member eurozone. ecb chief christine big al has indicated she will raise interest rates but not until july. she could however give indications of how aggressively the bank will move on normalizing interest rates and ending its emergency bond buying program. let's check in on the day's trading action. wall street accelerated downward trends as the session wore on. the

actually going to have a party to the imf and oecd last year we are going to have the second-fastest this year. and we will return to the top of the table but the reason other countries -- because we came out of the pandemic faster than others. and that is why right now we have the highest number of people on payroll employment on record. >> mr. speaker, he always likes to blame global forces but global forces are just that, global. everybody faces that. britain is facing economic sanctions -- -- like russia. no wonder he does not want to answer the question, why is the u.k. [indiscernible] then every other economy? prime minister johnson: mr. speaker i think everybody can , spring to life after the question. once again he's guilty of what's my legal friends call ignoracio electi. what -- what will be useful is if members of the labour party ended their sphinx like silence. will he now break with his shadow? >> just to remind the prime minister, he's in government. he can do something to stop the strike. but he hasn't lifted a finger. i don't want the strike to go ahead but he does.

happy, the education standards here are not as good as other global standards in 2018 a study by the oecd standards in 2018 a study by the 0ecd said people here are susceptible to positive messaging, they don't often look beneath the surface of what politicians are promising so there was an idea on facebook on youtube of what some people believe toxic positivity, it was so good that it couldn't be true, they were offering an idea of gold being handed out, the country would return to happy times economically. all of the things that happen to the corruption, the killings, the political violence, all of that was whitewashed stop critics say potentially marcos as president will now continue that strategy and begin to remove statues in honour of the people who stood up honour of the people who stood up against his father's regime that was put in place in 1972 when the country went under martial law and billions of pounds, billions of dollars of money was spirited away to bank accounts in switzerland and in properties over in manhattan in the usa. ., ., properties over in manhattan in theusa. .

look at the dynamics of the _ the dynamics of the philippines, this is a country that in 2018, the oecd did study of education and the philippines came bottom of the list. it's education standards are not the same as others in the world and people are susceptible to the messages of politicians, politicians have impunity and can get away with inks that others in other country can't get away with so i've seen in this country the sense that really politicians will say anything to the public to win their votes. but really when it comes down to it, ethics are still, would be improved, still issues of transparency, corruption is right in this country all the way from the top to the bottom, lower—level politicians also involved in corruption and vote buying was seen during these elections, although the country did say that they were free and fair although international observers beg to differ. on friday hong kong will mark the 25th anniversary of its return to china. when the city was handed back from the british in 1997, it was given an arrangement known as �*one country, two systems'. th

will focus on, i don't know, maybe offering minor concessions for things that many other comparable oecd nations are taking for granted like mental evaluations and character... character... any kind of control that allows you to basically speak for your character and allows you to demonstrate competence with a weapon is impossible to push for here in this country. you broadcast — for here in this country. you broadcast to _ for here in this country. you broadcast to hundreds - for here in this country. you broadcast to hundreds of thousands of people every day, interact with your fans and your audience. what have they been saying on this issue? fix, been saying on this issue? lot of people on the ground, like real people, of course traumatised by the senses violence they say almost on a daily basis here. but what the people want in america and what the politicians are going to end up doing are two very different things. for the past, i would say decade, if not longer, there has been almost a complete consensus on expanding background checks in this country, to universal background che

that is a higher core inflation rate in almost every body in the oecd countries. in the studies have shown one reason for that is because we had significantly more fiscal spending stimulus and these other countries did. so we spent more. the federal reserve earned and more our inflation rate is higher. look at the core again. it's about 5%. i think that is the key point. by the way, can i just -- just one point. look, briefly, i don't want to go nuts about this. i'm having a problem with the president of the united states and the attorney general of the united states constantly overtly criticizing the supreme court. which is a valued institution in our country. the justice department -- i mean, the ink is barely dry on the supremes decision on roe. in the justice department puts out this scathing broadside attack on the supreme court. i have never seen anything like this. you may disagree. okay. about the job of the attorney general is to uphold the laws. he hasn't done a great job in my opinion. but whatever. this public blasting of the supreme court is unseemly,

tom: the best case is outlined by oecd, the united kingdom. i believe they have a banking meeting this week. lisa, moments ago, 1.2 200, we get a 121 handle on sterling. 14% drawdown, 14% sterling depreciation. off the peak of another time inflation. lisa: it highlights the angst of the moment for central banks, hiking rates into weakness. at what point does weakness make them think again? tom: -15 on gold, euro swiss seeing 103 handle. stay with us, futures -84. this is bloomberg on radio and television. ♪ as a business owner, your bottom line is always top of mind. so start saving by switching to the mobile service designed for small business: comcast business mobile. flexible data plans mean you can get unlimited data or pay by the gig. all on the most reliable 5g network. with no line activation fees or term contracts... saving you up to $500 a year. and it's only available to comcast business internet customers. so boost your bottom line by switching today. comcast business. powering possibilities.™ psst. girl. you can do better. ok.

the oecd outlook report is released. at 5 p.m. we are due russian cpi, the russian foreign minister sergey lavrov will visit turkey for talks on unblocking ukraine's grain exports. the u.k. chancellor of the exchequer rishi sunak has promised to cut taxes at his next budget. some members of boris johnson's conservative party almost oppose the prime minister earlier this week. johnson plans to present head with legislation to override parts of the brexit deal. joining us now is lizzy burden, our emea correspondent, is this an attempt by boris to cynically change the agenda and move away from the scandal and pressure within his party? >> you could argue it is boris johnson coming out guns blazing. some of the tory press called it a hollow victory, so why wouldn't he want to move on from that? the foreign secretary liz truss has been trying to show that she is not afraid to stand up to bo ris, even though once upon a time she was a remainder. at the same time this is a massive gamble for boris johnson, it risks stoking anger among pr

an easier time than others, because our inflation is significantly lower than pretty much all other oecd countries. yousef: that is the big debate on a policy today, how you bring down inflation without derailing growth. how convinced are you that in israel will let off -- you can pull that off? amir: our estimate for growth is 5.5% for 2022, and 4.5% in 2023. the background, there is the looming, notwithstanding the horrific issues going on in ukraine and russia we have very little exposure in terms of exports to that area. this euro covered policy in china. all those are impacting both upticking pressures for inflation, as well as impacting slowdown in the global economy. and that balance obviously, will impact where rates are going, in terms of our intensity of the process for addressing inflation. and i think you already are seeing some estimates for basically 1% impact on europe, maybe a third to a half percent impact in the u.s. and for us, that is already internalizing these growth rates that have mentioned. but there is one aspect to recognize, there is huge uncertainty right now

forecasters are now saying the uk won't grow next year, including the bank of england, and here are the oecd numbers. zero growth for the uk, unlike the other major world economies, though these numbers for the us and france are not exactly roaring either. all of this happens at the same time as a four decade high rising inflation. having to deal with stagnation of the economy and very high inflation at the same time is something known as stagflation. that requires a tricky balancing act for both the bank of england and the government, trying to avoid recession and rein in inflation at the same time, and it seems to be here. sophie. the high court has ruled that a 12—year—old boy who is in a coma after suffering brain damage is officially dead and should no longer receive life support, despite his family's wishes. archie battersbee was found unconscious at his home in april and has been at the centre of a legal dispute for weeks. his parents say his heart is still beating and treatment should continue. but doctors at the royal london hospital believe he is brain—stem dead. our correspo

is out of step with the oecd and g7 piepieeers we are still having arguments that were settled 100 years ago among the countries closest to that makes the u.s. an outlier and not in a good way. when it comes to statements with the gatherings that are about shared values, many people are saying how can the u.s. talk about a commitment to democratic values and civil rights and human rights if it is prepared to roll back the rights of half of the population. >> tina, very good speech. let me roll back to the g7 and something you have been writing about for as long as ukraine has been at war with russia. that is not 2022, but 2014 you wrote about public opinion being the new political risk i have been talking about it with you ever since. it is a fascinating concept. you mentioned the key message here at the g7 is unity. no daylight between the west, of course,is echoed at the nato meeting as well it is not just for the international audience, but the dmomestic audience you are right. no daylight is the mantra here in terms of inflicting more pain on russia, that will inflict more pain on th

important to me, i want to do a compare and contrast of the glide path of inflation that ecb sees versus oecd, imf saw a few weeks ago. it's a pretty when i feel moving from 6.8%. we welcome all of you this morning worldwide across europe and america to two days of critical economics, finance, investment. with the ecb, we go right away to the press conference and then to the inflation reported america. jonathan: looking ahead to that tomorrow morning. what this speaks to is the rate guidance. that seems to be the driving force behind some of this. lisa: it is not the offsets that come with purchases which raises the question of what political incentive there will be to actually engage in a bigger bond purchasing program as they raise rates or whether they will be able to. i go back to the japan market. when you push the grain where traders want to push prices, how successful can you be? that might be the issue facing the parochial region. jonathan: the ecb forecast, 6.8%. coming into this it was 5.81. tom: let's stop here. we have a wonderful guest to drive this forward. 6.8% is culturally un

the oecd realize they got their output all wrong. alix: that was a professor of economics earlier on bloomberg television, which takes us to the question of the day paired will central rates have -- will central banks have to cut rates in 2024? paul christopher is joining us here at ray dalio saying yes they will have to cut rates paired router -- robert schiller talking about fears of a recession could be a self-fulfilling prophecy. paul: 2024 is a little far away. if you are a long-term investor, player time advantage here. i'll are cost averaging in this market in 2022, 2023, and 2024. the essence of the answer is, just too soon to call rate cuts in 2024. we do not know what might happen yet in 2023. plan your long-term advantage if you are a long-term investor, use your cost averages irrespective of what the data looks like. alix: the only currency a central bank has his credibility, and the ecb tested that. if the hike i too much and then have to cut in 2024, what does it mean for global markets? do they need to start thinking a

how did they deal with the oecd 2.8% global growth next year? is it a forced recession? is it a forced global slowdown? jonathan: what did scott minerd say yesterday? we saw it there in the opening part of this program, fantasyland again. he is not believing those forecasts and believe they could be worse. tom: mr. minerd has an opinion, but more importantly we need to redux what bill said yesterday. the answer is the president of the new york fed, the esteemed william dudley, was scathing how this is a rose-colored view. jonathan: rates are going up. lisa, the market is doing the talking this morning. equities down, yields higher. lisa: the ecb is going to have to act, and that is the clear message we got. also the swiss national bank raised rates for the first time in 15 years. and not by 25 basis points, by 50 points. how much does this put pressure on the ecb saying, it is your turn. everybody except for the bank of japan is responding to this inflationary wave, youtube -- you do too. jonathan: we see a rally on friday, then i selloff the day after. it doesn't really

the oecd, 38 countries has average inflation of 9.2%. average core inflation of 6.2%. do we think the actions of any individual country is responsible for this entire global phenomenon of 9.2% inflation? no. it's been caused by things that you were unforeseeable to professor summers or others, the effect omicron had on the semiconductor supply correction, the unthinkable war in russia. this is important, i think that what people need to appreciate, i receive call after call from reporters when ohm control hit, when delta hit, saying, is this going to derail the economy? we have led to record job growth and record drops in unemployment and i think put us in a better position than knit other country to make that transition to stable growth, even with higher prices, and even with the tough medicine that we noticed fed will deliver. >> does the administration need a different media strategy? surrounded with senior positions in the same late '90s diet. he writes an op-ed. who really reads the op-said? do you think there needs to be a different media strategy? >> he also met

we remain one of the slowest, lee's prolific home—building countries amongst the 28 members of the oecd. since 1970, francis bought 16.7 million homes —— france has built 16.7 million homes, whereas we have built only around 9 million. it is not true there are no sites where we can build these homes. then a fantastic brownfield site up and down the country where we can build. that's why michael gove has been developing plans there were plans to work hand—in—hand with local communities across england to build more of the right homes in the right places. we are going to put more publicly owned brownfield land to use to seek to unlock the small sites that are ideal for the kind use to seek to unlock the small sites that are idealfor the kind of unobtrusive development that community is welcome, with a priority for first—time buyers and key workers. we are supporting self build and custom—built homes, as has long been proposed by my colleague richard bacon, and we pull sensitively make use of existing planning rights for example by making it easier to turn disused agricultural b

>> you literally, there are graphs comparing inflation in the united states, to inflation in the oecd countries, european countries and canada. you literally can see it surge the very month they passed this american rescue plan. it put care seen on the fire of inflation -- kerosene. larry summers, jason furman, steve rattner, all obama era economists that don't do this, inflation will surge. they did it anyway. it surged, what she is say something ridiculous. she knows, she knows that the american rescue plan really drove inflation. saying anything to the contrary is just ridiculous at this point. elizabeth: andy, you bring up europe. your point is well-taken, europe is not seeing white hot inflation the u.s. is. yellen today is defending biden's policies, you know, basically she is saying that this was the price, inflation is the price you had to pay for you know, temporary downturn in the first quarter of 2021 t was down around 1%. but then, she basically saying, that we needed to do this spending and possibly quote, risk inflation after the democrat lockdowns destroyed 22 million j

reddy: in oecd countries, it is 44 per 100,000 medical graduates graduating. fred: this is in generally rich countries? dr. reddy: rich countries. whereas in india, it's nine per 100,000. fred: it's sort of ironic, is it not, that india is such a major exporter of doctors, isn't it? dr. reddy: unfortunately, that's true. fred: one 2017 study showed that 69,000 indian medical school graduates now practice medicine in the u.s., canada, the u.k and australia, pursuing superior facilities and pay compared to what's available in india when they graduate. the question for students like garima today is graduate from where? and when? garima: we are goingack in september, according to them. fred: and according to you? garima: i don't know. because security, or maybe other reasons. i don't think it is possible right now to go back. fred: for her part, pharmacology professor drapak reflects a resolve heard frequently from ukraine's leaders. dr. drapak: i have a great belief in our army, which will overcome this problem. and students may come back. i hope, yes, that in se

the detail on what the oecd has been saying, let me remind you. the uk is now forecast ljy remind you. the uk is now forecast by the oecd to have the lowest growth and the g7 nations, apart from russia. spokesperson for the government. joining me now. let�*s speak to henry zeffman — who�*s chief political correspondent at the times. so if he not cutting taxes what else can the prime minister do here to try and unify the party after that confidence vote? it is try and unify the party after that confidence vote?— try and unify the party after that confidence vote? it is really hard to know. confidence vote? it is really hard to know- l _ confidence vote? it is really hard to know. ithink— confidence vote? it is really hard to know. i think that _ confidence vote? it is really hard to know. i think that is _ confidence vote? it is really hard to know. i think that is a - confidence vote? it is really hard| to know. i think that is a problem facing borisjohnson and his advisors today. there wasn�*t some unifying reason why148 of his mps vo