Browse content similar to 28/05/2014. Check below for episodes and series from the same categories and more!
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the Charlie Mulgrew put them in front? And Serena Williams has vowed | :00:00. | :00:00. | |
to bounce back after lacklustre exit today at the French Open. That is in | :00:00. | :00:00. | |
15 minutes after the Papers. Hello there, welcome to our look | :00:00. | :00:20. | |
ahead to what the papers will be bringing us tomorrow. With me our | :00:21. | :00:29. | |
columnist Gerry Russell of the times `` with me our columnist Jenni | :00:30. | :00:33. | |
Russell of the Times and Neil Midgley. A member of the Bank of | :00:34. | :00:38. | |
England committee that sets interest rates has told the Financial Times | :00:39. | :00:42. | |
that the bank needs to start raising rates sooner rather than later. The | :00:43. | :00:46. | |
Telegraph has more on the row engulfing the Liberal Democrats. The | :00:47. | :00:52. | |
paper says Vince Cable is implicated in a shambolic coup attempt against | :00:53. | :00:56. | |
the leader, Nick Clegg. The Guardian is carrying the same story alongside | :00:57. | :00:59. | |
a photograph of Maya Angelou. The paper describes as a woman of | :01:00. | :01:07. | |
passion and daring. The Metro says that the British EU tax burden may | :01:08. | :01:12. | |
rise by ?500 million because of the crisis in Ukraine. Lib Dems in | :01:13. | :01:16. | |
meltdown on the front of the Daily Mail, it also has a selfie taken by | :01:17. | :01:19. | |
Susanna Reid of herself and Tom Cruise. | :01:20. | :01:25. | |
What is on your front page? Susanna Reid and Tom Cruise! You want to | :01:26. | :01:34. | |
look at Tom Cruise as well! I do, you got that one wrong! Absolutely! | :01:35. | :01:43. | |
The Daily Telegraph, Lib Dems, Vince Cable in Lib Dem leadership bid, he | :01:44. | :01:49. | |
says that was not the case. This is a very murky story, because he said | :01:50. | :01:53. | |
that he didn't know anything about these polls, and Oakeshott said he | :01:54. | :01:57. | |
knew perfectly well they were being commissioned in Nick Clegg's | :01:58. | :02:00. | |
constituency and in Danny Alexander's. He didn't say that, | :02:01. | :02:06. | |
actually. Oakeshott said that Vince Cable did not commission the polls | :02:07. | :02:08. | |
but he knew they were being carried out in both the Sheffield | :02:09. | :02:14. | |
constituency and in Alexander's, and he knew the result weeks ago. Cable | :02:15. | :02:20. | |
says, I had absolutely no knowledge of and was not involved in any | :02:21. | :02:23. | |
commissioning in surveys involved in Sheffield Hallam and Inverness. So a | :02:24. | :02:30. | |
murky story, two incompatible perspectives. I do not think he is | :02:31. | :02:35. | |
contesting that he knew what the polls showed. Well, except oak sod | :02:36. | :02:40. | |
is saying that he had the results some weeks ago. `` Oakeshott. It is | :02:41. | :02:49. | |
the British version of Clinton saying, I did not inhale. When he | :02:50. | :02:55. | |
says, I had no knowledge of the surveys that were done in Sheffield | :02:56. | :03:00. | |
Hallam and Inverness, did he mean, I did not know beforehand or | :03:01. | :03:03. | |
afterwards? I am not involved in any | :03:04. | :03:06. | |
commissioning of the surveys. So he knew the results. The bottom line is | :03:07. | :03:13. | |
you are saying the front page is right, Table in leadership bid. I am | :03:14. | :03:20. | |
not making that assumption, but it is a murky story, and Vince Cable | :03:21. | :03:29. | |
has traded on being a straight talking kind of guy, and it will be | :03:30. | :03:32. | |
very damaging for him and the Lib Dems as a whole if it turns out | :03:33. | :03:35. | |
there is anything more to this than he is claiming now. I thought the | :03:36. | :03:37. | |
Lib Dems couldn't be in more trouble than they were two days ago, but | :03:38. | :03:44. | |
this is another level. This is a good story for Ed Miliband and David | :03:45. | :03:49. | |
Cameron. And Nigel Farage, he may need some help. Nigel Farage is | :03:50. | :03:53. | |
riding the crest of a wave, and I do not think Mr Cameron or Mr Miliband | :03:54. | :03:58. | |
could say that they are. To my mind, the more tectonic story out of the | :03:59. | :04:03. | |
European elections was that Labour was just one point ahead of the | :04:04. | :04:07. | |
Tories. At the same stage in the last cycle, the Tories were 12 | :04:08. | :04:11. | |
points ahead of Labour. If I was at Miliband HQ, I would be worrying | :04:12. | :04:15. | |
about connecting with the electorate, because he has failed to | :04:16. | :04:19. | |
do it. Going back to the Liberal Democrats, all the polls are | :04:20. | :04:24. | |
suggesting they will not have a very good time at the next election. That | :04:25. | :04:29. | |
potentially will probably mean, possibly, that Nick Clegg would | :04:30. | :04:35. | |
stand down. If, as you suggested, Vince Cable's reputation has been | :04:36. | :04:41. | |
tarnished... If it is. Who would lead a party that could hold the | :04:42. | :04:48. | |
balance of power? Tim Farron is waiting in the wings, ambitious, | :04:49. | :04:52. | |
articulate, loyal. Very straight talking. The thing that puzzles me | :04:53. | :04:56. | |
about this is the leadership bid, the whole plot was so badly done, | :04:57. | :05:00. | |
because the person who commissioned the poll does not seem to have | :05:01. | :05:05. | |
realised that the association rules say you have to admit to the poll | :05:06. | :05:09. | |
was commissioned by. Initially, they were just said to have come from a | :05:10. | :05:13. | |
Liberal Democrat, but actually the commission has to be publicly known, | :05:14. | :05:17. | |
so I don't know why you wouldn't check the facts of how your plot is | :05:18. | :05:21. | |
going to work before you pull the smoking gun. OK, yeah... Lib Dems, | :05:22. | :05:30. | |
not very confident and anything, not even plotting. Not even stabbing | :05:31. | :05:38. | |
people in the back! Staying with the Daily Telegraph, mortgage chief | :05:39. | :05:41. | |
predicts cooling of house prices. Yes, this is the chief executive of | :05:42. | :05:49. | |
Nationwide, predicting that the London housing market, which those | :05:50. | :05:56. | |
of us in the capital know has been spiralling very rapidly upwards, he | :05:57. | :05:58. | |
says it is cooling off, it has been frenetic and now it is just a very | :05:59. | :06:05. | |
busy. Of course, this really does point to, well, a number of things, | :06:06. | :06:11. | |
but possibly a two speed recovery between London and the south`east on | :06:12. | :06:14. | |
the one hand and the rest of the country on the other. It also shows | :06:15. | :06:19. | |
how much London property now is an internationally traded asset, just | :06:20. | :06:23. | |
like gold or US dollars. It is a reserve asset now, and people | :06:24. | :06:29. | |
from... I think 60% of London house sales are now in cash. In cash? | :06:30. | :06:37. | |
Yeah, without a mortgage. He says these house prices are cooling. What | :06:38. | :06:43. | |
is his sort of... What is his evidence? When you read the article, | :06:44. | :06:47. | |
it is not quite that he is predicting cooling prices, he is | :06:48. | :06:51. | |
asserting it, and he's pleading for the Bank of England not to start | :06:52. | :06:54. | |
cooling the market themselves. He says it is important you have growth | :06:55. | :06:59. | |
because it is good for the rest of the UK. I do not know what his logic | :07:00. | :07:04. | |
is, that here he is saying that the housing market must be left to make | :07:05. | :07:09. | |
a natural correction. The housing market is nothing if not an | :07:10. | :07:12. | |
unnatural thing, it is for ever being rigged, and it has risen | :07:13. | :07:15. | |
because the Government brought in help to buy. It went up in the 1980s | :07:16. | :07:22. | |
when Hanks allowed lending to soar and said people could borrow more of | :07:23. | :07:27. | |
their income. `` banks. When he says that we must allow the market to | :07:28. | :07:31. | |
find a natural base, he is saying, our building society is doing very | :07:32. | :07:35. | |
well, don't hold us back. When you read the story, there is less to it | :07:36. | :07:41. | |
than meets the eye. And what could affect the housing market, of | :07:42. | :07:44. | |
course, is interest rates, and the front page of the Financial Times, a | :07:45. | :07:49. | |
warning to the Bank of England on baby steps rate rises. This is | :07:50. | :07:54. | |
exactly what Greg Beale did not want to read, a member of the MPC saying | :07:55. | :08:02. | |
that if we are not to cause a shock in the housing market by raising | :08:03. | :08:04. | |
rates so rapidly that people cannot afford them, they have to start | :08:05. | :08:07. | |
rising very slowly soon, and they have to start going up sooner rather | :08:08. | :08:13. | |
than later, otherwise people will find their payments doubling or | :08:14. | :08:16. | |
tripling, and they are not expecting that. Most people are so accustomed | :08:17. | :08:20. | |
to very low rates that they have no idea what it will mean for them if | :08:21. | :08:27. | |
interest rates go up to 2.5%. It means they could double or travel | :08:28. | :08:32. | |
their actual payments. Like the man from Nationwide, the man from the | :08:33. | :08:38. | |
military policy committee, he is not saying we should be doing it now. `` | :08:39. | :08:44. | |
Monetary Policy Committee. These are both very tentative, speculative | :08:45. | :08:48. | |
stories about things that might happen in the autumn, even if then. | :08:49. | :08:53. | |
What I wonder is when the Bank of England will unwind its ?375 billion | :08:54. | :09:00. | |
quantitative easing programme, which presumably should at least be | :09:01. | :09:03. | |
starting on the way, given that it restricts the amount of cash that is | :09:04. | :09:08. | |
sloshing around to address the same economic issue, how that is going to | :09:09. | :09:17. | |
play into any interest rate rises, because that could be a double shock | :09:18. | :09:22. | |
on the economy. The point that everyone is pushing towards, and | :09:23. | :09:26. | |
what seems to be indicated, is that interest rates will be rising a lot | :09:27. | :09:30. | |
faster than a lot of people predicted just six months ago. We | :09:31. | :09:35. | |
are talking potentially 2015, 2016, according to the Bank of England. | :09:36. | :09:38. | |
Now we are talking potentially after the election, now we talking before | :09:39. | :09:43. | |
the election, and even before the end of the year. On the one hand is | :09:44. | :09:52. | |
a question of whether the housing markets are frothy and should be | :09:53. | :09:56. | |
taken down. On the other hand the Bank of England Governor said he | :09:57. | :10:00. | |
didn't want to raise interest rates until wages were higher than | :10:01. | :10:05. | |
inflation. We know that for one month wages were ahead of inflation | :10:06. | :10:10. | |
and then fell back. Most people's income tax haven't gone up. If you | :10:11. | :10:17. | |
raise interest rates before most people's wages rose, you tip a lot | :10:18. | :10:20. | |
of people into unpayable debt. people's wages rose, you tip a lot | :10:21. | :10:24. | |
of people into unpayable They don't want repossessions before the | :10:25. | :10:28. | |
election. And the widening gap between the rich and poor. A new | :10:29. | :10:34. | |
study shows long`term harm to those who miss out on University places. | :10:35. | :10:40. | |
Kent, where my family live, where there is selective education, the 11 | :10:41. | :10:46. | |
plus. This such says that long`term earning potential is much greater | :10:47. | :10:50. | |
for people who went to grammar schools than it is for people who | :10:51. | :10:56. | |
went to the best comprehensive schools in non`selective areas. In | :10:57. | :10:59. | |
other words the gap between top and low earners in selective areas is | :11:00. | :11:03. | |
much greater, according to this. We are talking about people who were | :11:04. | :11:12. | |
born between 1961 and 1973, so these are people already 31 years old at | :11:13. | :11:19. | |
least. Not the most recent people who went to grammar schools. To my | :11:20. | :11:25. | |
mind, as a comprehensive schoolboy, from the North, greatest crime in | :11:26. | :11:29. | |
the British education system at the moment is not selective education | :11:30. | :11:33. | |
but the devaluation of comprehensive education. Did you feel in your | :11:34. | :11:38. | |
experience it worked? Yes. And it worked for lots of your | :11:39. | :11:43. | |
contemporaries? Yes. They didn't stay in the same blocks they started | :11:44. | :11:48. | |
off in school? I can't speak for everybody but in my day you were | :11:49. | :11:53. | |
taught basic things at a comprehensive school that you needed | :11:54. | :11:57. | |
to learn, like how to spell and how to punctuate. My job as a recruiter | :11:58. | :12:02. | |
at the Daily Telegraph, a lot of people don't know those skills. I | :12:03. | :12:06. | |
find this survey and the reporting of it completely baffling, because I | :12:07. | :12:10. | |
couldn't tell whether grammar schools widen the gap between the | :12:11. | :12:15. | |
rich and the poor or whether there is something more sophisticated | :12:16. | :12:19. | |
going on. It says if you go to a grammar school you earn a lot more | :12:20. | :12:22. | |
than if you were the highest performer in a comprehensive area. | :12:23. | :12:26. | |
It may be that the grammar schools are teaching to a higher standard. | :12:27. | :12:30. | |
It could be a reflection of the fact that the comprehensives, as you are | :12:31. | :12:35. | |
implying, aren't good enough. Or not teaching the right stuff. I'm not | :12:36. | :12:40. | |
clear that the story bears out the headline. I think one of the things | :12:41. | :12:45. | |
it is also saying is that the lowest earners in selective areas also earn | :12:46. | :12:50. | |
higher than the lowest earners in comprehensive areas. No, the other | :12:51. | :12:56. | |
way around. Yes, they are saying if you are in a grammar school area the | :12:57. | :13:03. | |
lowest earners eastern even less, which may imline that the grammar | :13:04. | :13:08. | |
schools are pretty good. What a terrible set of choices. Do you want | :13:09. | :13:14. | |
a mediocre school, where nobody is well educated, or due wants some | :13:15. | :13:20. | |
very good and some very poor ones? We want neither It is a balance | :13:21. | :13:24. | |
no`one seems to have been able to sort out for some time. Is that the | :13:25. | :13:33. | |
music? Oh, crumbs! We've missed out the best story. They are being | :13:34. | :13:39. | |
subtle trying to tell me to shut up. We'll be talking about cynicism at | :13:40. | :13:44. | |
11. 30pm, a staple of this programme. We'll see you in an hour. | :13:45. | :13:48. | |
At the top of the hour we'll have much more on the situation concern | :13:49. | :13:53. | |
concerning the Liberal Democrats and the problem the party is having. We | :13:54. | :13:57. | |
were told that Nick Clegg isn't under pressure but the party that's | :13:58. | :14:02. | |
under pressure, that is from Lib Dem Central Office. But now it's time | :14:03. | :14:04. | |
for Sportsday. Hello and welcome to Sportsday. Our | :14:05. | :14:26. | |
main stories. Malcolm Glazer, man who led the credential take`over of | :14:27. | :14:29. | |
Manchester United nearly a decade ago, has died at the age of 86. | :14:30. | :14:35. | |
England's cricketers inflict a crushing ten`wicket | :14:36. | :14:36. |