Browse content similar to 28/07/2014. Check below for episodes and series from the same categories and more!
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the third test against India. Details on the day's play in | :00:00. | :00:00. | |
Southampton. That is on sports day in 15 minutes after the papers. | :00:00. | :00:17. | |
Welcome to our look ahead at what the papers will bring us tomorrow. | :00:18. | :00:23. | |
With me other columnist and pensions analyst and government new appointed | :00:24. | :00:28. | |
older workers Champion Ros Altmann and Mihir Bose from the London | :00:29. | :00:31. | |
Evening Standard. Welcome to you both. We will get their views on the | :00:32. | :00:35. | |
front pages in a few moments time but let's see what we have in. | :00:36. | :00:39. | |
Property prices grab a headline on the Metro. The paper once almost a | :00:40. | :00:43. | |
quarter of young adults in London are now priced out of the market and | :00:44. | :00:47. | |
are forced to live at home. The express front page reveals that | :00:48. | :00:52. | |
benefits for migrants are to be cut under new government proposals. The | :00:53. | :00:56. | |
paper also has a picture of some of this morning's flash floods. The | :00:57. | :01:01. | |
Guardian has more on the Ukraine crisis with the US and Europe lining | :01:02. | :01:06. | |
up further sanctions against Russia. Tomorrow's Telegraph has the same | :01:07. | :01:11. | |
benefits story as the express, but also features a large photo of the | :01:12. | :01:14. | |
Duke and Duchess of Cambridge watching the action at the | :01:15. | :01:17. | |
Commonwealth Games in Glasgow. The Commonwealth Games in Glasgow. 's | :01:18. | :01:21. | |
fines for Lloyds Banking Group in bank rates, as does the Daily Mail | :01:22. | :01:25. | |
with the headline "throw crooked bankers in jail." Let's begin. Do | :01:26. | :01:32. | |
you want to kick off, Roz, because we are kicking off with the Metro's | :01:33. | :01:37. | |
front page. The headline says younger people are finding it hard | :01:38. | :01:43. | |
to buy a property and in London as well as prices have gone up so much | :01:44. | :01:46. | |
and rents have gone up they end up living at home rather than spending | :01:47. | :01:51. | |
money on rent. And about a quarter of those aged 25 and 34 living at | :01:52. | :01:58. | |
home. It's not such a terrible thing for some and some parents would | :01:59. | :02:04. | |
quite welcome it. It is not what these young people would have | :02:05. | :02:06. | |
expected, though, and that's the problem. The expectation would be | :02:07. | :02:12. | |
that you would leave university, get a job, start earning money, get a | :02:13. | :02:17. | |
mortgage and buy a house or a flat and that's simply not possible. In | :02:18. | :02:21. | |
London property prices have gone crazy, the rents have been dragged | :02:22. | :02:26. | |
up. It is a particularly London problem. It is worse in London, I | :02:27. | :02:33. | |
suppose. Property prices are really expensive. 34 is quite an age, do | :02:34. | :02:39. | |
you think, Mihir Bose? In a way you could say it is bringing back family | :02:40. | :02:43. | |
values. But seriously I think this might be the occasion to look at why | :02:44. | :02:47. | |
does everybody need to own a house or a home? They don't in other | :02:48. | :02:53. | |
countries. They don't in Germany and they don't in France. In Spain | :02:54. | :02:57. | |
people stayed together a lot longer before they leave home. We need to | :02:58. | :03:05. | |
look at whether we all need to own homes. This idea to a certain extent | :03:06. | :03:10. | |
in the past people have treated their property as a tradable asset | :03:11. | :03:14. | |
which they should not do. This finds they cannot even afford the rent | :03:15. | :03:19. | |
either. In London if you can get on the housing ladder you are actually | :03:20. | :03:23. | |
paying less with a mortgage than you are with rent and that is a most | :03:24. | :03:29. | |
unusual situation. So, I think there are a lot of things going on here. | :03:30. | :03:35. | |
But certainly the low interest rate environment and the changes going on | :03:36. | :03:38. | |
in the property price bubble that I think we have got in the South is | :03:39. | :03:43. | |
causing some social issues as well. Like you say, maybe it's not a | :03:44. | :03:46. | |
terrible thing for families together. Both of you finding the | :03:47. | :03:52. | |
positives in keeping the family units together for a little longer. | :03:53. | :03:55. | |
Let's move on because we will talk about that later. This is the front | :03:56. | :04:00. | |
page of the Guardian, Mihir Bose. More sanctions against Russia as we | :04:01. | :04:05. | |
have been hearing about throughout the day and they should be announced | :04:06. | :04:09. | |
tomorrow. We have to see whether the sanctions actually bite. There has | :04:10. | :04:13. | |
been a big difference between the US sanctions and the European | :04:14. | :04:17. | |
sanctions. The Germans have not been very keen before this latest crisis | :04:18. | :04:22. | |
to do anything, and how far even the UK will go. There has been talk that | :04:23. | :04:28. | |
oligarchs close to Putin might be shackled and things like that but | :04:29. | :04:31. | |
whether the UK would want to go as far as to affect the city and things | :04:32. | :04:36. | |
like that, will Chelsea be affected for instance? How far will they go? | :04:37. | :04:43. | |
Will it be hurting us or them? Putin says it will hurt them much more | :04:44. | :04:47. | |
than it will hurt us. There are Foreign Minister apparently is | :04:48. | :04:50. | |
saying it would be quite good for Russia just to stand firm on its own | :04:51. | :04:54. | |
two feet, we don't need to be too concerned about it. I guess they | :04:55. | :04:59. | |
would say that, wouldn't they? But certainly George Osborne last week | :05:00. | :05:03. | |
was talking about preparing us for bearing the cost, if we do have | :05:04. | :05:09. | |
sanctions against Russia, because it could come back and affect us | :05:10. | :05:13. | |
economic to ourselves. It doesn't help when the Deputy Prime Minister | :05:14. | :05:17. | |
says Russia should lose the 2018 World Cup. In some ways those are | :05:18. | :05:22. | |
irresponsible statements. The sanctions have to be bite and be | :05:23. | :05:26. | |
real sanctions, not about World Cups and things like that. They have the | :05:27. | :05:31. | |
hurt Russia. So that Putin's behaviour changes. Not make | :05:32. | :05:33. | |
statements that have no impact whatsoever. We will talk later about | :05:34. | :05:39. | |
a mix of sport and politics is another story making tomorrow's | :05:40. | :05:44. | |
front pages along that vein as well. Let's move along because we will | :05:45. | :05:47. | |
have a quick look at the front page of the Financial Times. Rosol the | :05:48. | :05:53. | |
man, this is something we were discussing outside. Really? | :05:54. | :05:58. | |
Bankers? Will it ever end? Lots of papers are covering this story `` | :05:59. | :06:04. | |
Ros Altmann. They got into this because of all of these financial | :06:05. | :06:07. | |
things that people didn't understand and bankers behaving badly. In order | :06:08. | :06:12. | |
to get us out of the mess we have had to put billions out of this `` | :06:13. | :06:17. | |
into this mess and it seems like many of the people working in the | :06:18. | :06:21. | |
banks have decided it is business as usual. If we want to read some rates | :06:22. | :06:26. | |
we will do it. Just to be clear this is the rate they were paying us back | :06:27. | :06:35. | |
for our help. That was one of them. There were a series of interest | :06:36. | :06:38. | |
rates that seem to have been manipulated from within our banks. | :06:39. | :06:45. | |
The finds that have been levied have been done so in order to punish the | :06:46. | :06:51. | |
bankers but also to reimburse the Bank of England for having lent too | :06:52. | :06:58. | |
much. The banks have actually short`changed the Bank of England. | :06:59. | :07:03. | |
Now, the concept of that is just so fundamental. Now complete the | :07:04. | :07:08. | |
circle, they have short`changed the Bank of England and the regulators | :07:09. | :07:12. | |
have find Lloyds bank which is still owned by the taxpayer so we get hit | :07:13. | :07:17. | |
again by the finds. It also raises the question that when this happened | :07:18. | :07:20. | |
there was a lot of talk that the banks had not been properly | :07:21. | :07:23. | |
regulated and had to be saved in order to save the wider economy but | :07:24. | :07:26. | |
what was done about the regulation at the time? We put the money into | :07:27. | :07:30. | |
the banks and the regulators did not do enough at that stage to check | :07:31. | :07:33. | |
that the banks were working properly. The bankers thought we are | :07:34. | :07:37. | |
owned by somebody else but we will carry on by our own practices. The | :07:38. | :07:41. | |
rates were set on the basis of trust. The trust should not have | :07:42. | :07:46. | |
applied given the way the banks had behaved before that. That seems to | :07:47. | :07:50. | |
be absolutely the case but it is a sad indictment of the banking | :07:51. | :07:55. | |
industry if the official rates that everybody's money depends on ` let's | :07:56. | :08:01. | |
face it you and I, who might have an interest account or trade in the | :08:02. | :08:05. | |
markets, we depend on these interest rates for our own money. There is a | :08:06. | :08:11. | |
lovely e`mail here that one of the traders said, every little helps is, | :08:12. | :08:16. | |
it is like Tesco. The casualness of it all. It is amazing. We are | :08:17. | :08:21. | |
talking about huge sums of money. In terms of what was meant by that, not | :08:22. | :08:25. | |
comparing Tesco to any of the bankers, but any little helps. Let's | :08:26. | :08:32. | |
be clear, that was a slogan of Tesco to sell their products but it is the | :08:33. | :08:37. | |
casualness of their conversation, no sense of responsibility. These tiny | :08:38. | :08:40. | |
changes in rates mean millions of pounds to individual trainers. In | :08:41. | :08:44. | |
terms of what Mark Carney said he said it is highly reprehensible. | :08:45. | :08:48. | |
Other paper said it might have been unlawful. `` traders will stop this | :08:49. | :08:54. | |
is theft. You have the ability to rig the rate for your own personal | :08:55. | :08:58. | |
gain. That is illegal, it is immoral, and yet it has been going | :08:59. | :09:03. | |
on inside our biggest banks. As you said, we own a quarter of Lloyds and | :09:04. | :09:07. | |
the distal happening. Let's move on because we have spoken enough about | :09:08. | :09:13. | |
those bankers for this evening. The front page of the express tomorrow. | :09:14. | :09:18. | |
The picture there of today's floods, it is amazing the weather we have | :09:19. | :09:22. | |
had, hot and dry and then suddenly if you live in the south`east of | :09:23. | :09:25. | |
England if not you might not have seen any of this. It is Hove and it | :09:26. | :09:33. | |
feels like there has been some snow. It is hail. It looks like it is a | :09:34. | :09:39. | |
picture that has come from North America somewhere. Or November! Left | :09:40. | :09:46. | |
July and when the November. Pretty rotten day. It was quite scary. Some | :09:47. | :09:56. | |
businesses have been badly affected. The other story on the | :09:57. | :10:00. | |
front page of the express is the benefit cuts for migrants. This has | :10:01. | :10:04. | |
been an ongoing story for some time, how are we going to stop people | :10:05. | :10:07. | |
coming here to claim benefits? That is going to be cut back, slashed in | :10:08. | :10:13. | |
half. At the moment they can claim up to six months, but they will only | :10:14. | :10:19. | |
be able to claim up to three months the Prime Minister will announce. | :10:20. | :10:23. | |
These are people coming from the EU, job`seekers, child benefit and | :10:24. | :10:33. | |
housing benefit will be restricted. David Cameron says he wants the open | :10:34. | :10:37. | |
door policy that was introduced to be dissipated now and Britain will | :10:38. | :10:39. | |
become one of the toughest countries to migrate to. We will see what | :10:40. | :10:44. | |
happens actually at the end of the day. I think a lot of the papers are | :10:45. | :10:51. | |
supporting this move. We've had a lot of contradictory analysis and | :10:52. | :10:54. | |
statistics as to whether EU migrants are really coming to claim | :10:55. | :11:01. | |
benefits. How serious do you think this is as a proposal bearing in | :11:02. | :11:05. | |
mind we have a general election around the corner? It is a political | :11:06. | :11:10. | |
gambit as you say in the sense that if the Conservatives win we will | :11:11. | :11:14. | |
have a renegotiation of Britain's status in the EU. This is a starting | :11:15. | :11:19. | |
point if you like. We are going to redraw the map again, and make sure | :11:20. | :11:23. | |
that we claim some rights back. And obviously Cameron wants to be in the | :11:24. | :11:27. | |
position where he says he is not soft on what is happening with | :11:28. | :11:31. | |
Europe. They have the Ukip threat they want to deal with. I think most | :11:32. | :11:37. | |
migrants or immigrants who want to come into this country actually come | :11:38. | :11:42. | |
to work. It is the minority that come and claim benefits. But of | :11:43. | :11:47. | |
course, announcing the policy, whether or not it affects that many | :11:48. | :11:51. | |
people, is the political side. We have more on that later because I | :11:52. | :11:55. | |
just want to move on to the final story the front page of the Daily | :11:56. | :12:02. | |
Telegraph. Talk us through this one. Moeen Ali, who is the only Muslim in | :12:03. | :12:08. | |
the endless cricket team was seen today wearing a wristband saying | :12:09. | :12:14. | |
save Gaza and free Palestine. The ICC, which is the controlling body, | :12:15. | :12:18. | |
has said that these are political slogans that should not be used. | :12:19. | :12:22. | |
This is the thing that all sporting authority says poor should not be | :12:23. | :12:26. | |
used like this. ECB which controls cricket in this country has defended | :12:27. | :12:30. | |
him and said this is nothing. What is your view because you said it was | :12:31. | :12:34. | |
helpful Nick Clegg came out and talked about Russia and the 2018 | :12:35. | :12:35. | |
World Cup talked about Russia and the 2018 | :12:36. | :13:00. | |
exposure. You have to be careful. `` These events get exposure. I do not | :13:01. | :13:07. | |
know why he has done this part of the people could be reading these | :13:08. | :13:13. | |
things. You are opening the door to the death situation. The current | :13:14. | :13:25. | |
system, where we elite and politics, it is the correct one. We want to | :13:26. | :13:34. | |
have sport as sport. No outside issues. Also, it can damage | :13:35. | :13:53. | |
relationships. Thank you. Stay with us on BBC News. At 11 o'clock, the | :13:54. | :14:08. | |
violence continues but, the sport news. | :14:09. | :14:14. |