Browse content similar to 14/04/2016. Check below for episodes and series from the same categories and more!
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This is Business Live from the BBC with Ben Thompson and Sally Bundock. | :00:00. | :00:11. | |
BP's boss faces backlash over his giant pay package - | :00:12. | :00:13. | |
in the same year the company made record losses. | :00:14. | :00:17. | |
Live from London, that's our top story on Thursday 14th April. | :00:18. | :00:37. | |
Why is BP boss Bob Dudley getting a 20% pay rise when the company | :00:38. | :00:40. | |
Shareholders are demanding answers at the company's AGM in London. | :00:41. | :00:44. | |
Nestle sales get a boost, as the popular noodles return | :00:45. | :00:52. | |
to shelves in India, after last year's health scare | :00:53. | :00:56. | |
And where oil goes, equity markets follow. | :00:57. | :01:02. | |
But all eyes will be on China for its latest growth | :01:03. | :01:04. | |
And with the rise of cards and contactless payments, | :01:05. | :01:08. | |
What does the future look like for the humble cash machine? | :01:09. | :01:15. | |
We'll be speaking to the woman running one of the leading | :01:16. | :01:18. | |
independent cash machine networks in Europe. | :01:19. | :01:20. | |
Today we want to know, is cash still king? | :01:21. | :01:22. | |
Or do you use credit cards or contactless to pay for things? | :01:23. | :01:25. | |
A big response to that question so keep your comments coming in. | :01:26. | :01:47. | |
We start here in London where in a few hours, | :01:48. | :01:50. | |
oil giant BP's bosses will face shareholders at its annual meeting. | :01:51. | :01:53. | |
In fact, it could turn into a full-on revolt. | :01:54. | :01:57. | |
It's because of growing anger over how much the boss is being paid. | :01:58. | :02:01. | |
And here's why many say the numbers just don't add up. | :02:02. | :02:05. | |
Last year, BP reported the company's biggest ever loss. | :02:06. | :02:07. | |
As it struggled with the plunge in oil prices. | :02:08. | :02:14. | |
That's forced it to make massive job cuts - over 7 thousand workers - | :02:15. | :02:19. | |
or 9% of its workforce, will go by the end of next year. | :02:20. | :02:22. | |
But this is what's really got shareholders angry. | :02:23. | :02:29. | |
Last year, BP boss Bob Dudley saw his pay rise by 20 percent | :02:30. | :02:32. | |
At the same time, BP investors have seen their shares slump over | :02:33. | :02:37. | |
the past twelve months, losing almost a quarter | :02:38. | :02:41. | |
of their value, over 23 per cent, since this time last year. | :02:42. | :02:57. | |
And if BP needed any more awkward numbers, how about this one? | :02:58. | :03:00. | |
The boss of arch rival Shell, Ben van Beurden - | :03:01. | :03:09. | |
saw a massive cut in his pay package last year, down 77 percent - | :03:10. | :03:12. | |
That's about a quarter of what Mr Dudley made. | :03:13. | :03:16. | |
Ashley Hamilton Claxton, Corporate government manager | :03:17. | :03:17. | |
at Royal London Asset Management is with me. | :03:18. | :03:19. | |
So this is very important to you. Tell us where you stand on this | :03:20. | :03:24. | |
issues likely. We invest more about issues likely. We invest more about | :03:25. | :03:31. | |
half of up to 5 million members and we have a duty to be responsible | :03:32. | :03:34. | |
with what we do with their money. Our concern is that in a year when | :03:35. | :03:40. | |
the company has made a massive loss, the CEO has received the maximum | :03:41. | :03:44. | |
possible bonus he could receive. But he has hit its targets and many have | :03:45. | :03:48. | |
argued he performed well, dealing with the crisis in the Gulf of | :03:49. | :03:53. | |
Mexico extremely well, and responding to the collapsing oil | :03:54. | :03:55. | |
prices. He has been running the company in a very difficult time, so | :03:56. | :04:00. | |
should he not get the reward for hitting those targets? We do not | :04:01. | :04:04. | |
dispute that he had his targets, which we think are very important. | :04:05. | :04:10. | |
The risks we sort can be very real for a company, so we do not dispute | :04:11. | :04:15. | |
he has had those targets. Our concern is for the message that the | :04:16. | :04:20. | |
company is sending to shareholders at a time when they had made a | :04:21. | :04:26. | |
massive loss. We think the board should have exercised discretion. | :04:27. | :04:29. | |
What is likely to happen at the AGM? Will beget a revolt -- will they get | :04:30. | :04:40. | |
a revolt? They need 25% of votes against this remuneration package, | :04:41. | :04:43. | |
as I understand. The vote is actually retrospective because the | :04:44. | :04:46. | |
package has already been awarded. It will not change the pay-out. This is | :04:47. | :04:53. | |
what they agreed to pay him. If we had a high vote, 20 or 25%, the | :04:54. | :04:57. | |
board would need to ask tough questions about whether they made | :04:58. | :05:00. | |
the right decision and hopefully consider that next year when they | :05:01. | :05:06. | |
come to make a decision. Many have said that the board is out of touch | :05:07. | :05:12. | |
with shareholders and also those who work with BP, many of whom will lose | :05:13. | :05:17. | |
their jobs by the end of next year. Do we know with the board or those | :05:18. | :05:21. | |
who do this kind of work within BP consulted with any of the bigger | :05:22. | :05:27. | |
shareholders before they went forward with this remuneration | :05:28. | :05:31. | |
package? Most companies discuss changes in pay with their | :05:32. | :05:33. | |
shareholders. They might not discuss specific numbers in advance but they | :05:34. | :05:39. | |
will often discuss the structure of the page. Thank you so much for | :05:40. | :05:41. | |
coming in and sharing your thoughts. We will be right across the story. | :05:42. | :05:48. | |
Simon Jack is going to the AGM so follow him on Twitter and he will | :05:49. | :05:52. | |
keep you up-to-date. Full coverage across the BBC. | :05:53. | :05:57. | |
In other news, 40,000 workers at US telecoms giant Verizon have gone | :05:58. | :05:59. | |
on strike after negotiations over contracts failed to reach agreement. | :06:00. | :06:02. | |
The unions represent customer service and network technicians | :06:03. | :06:04. | |
who have been without a contracts since August. | :06:05. | :06:07. | |
Talks have stalled over Verizon's plan to cut healthcare | :06:08. | :06:09. | |
Presidential candidate Bernie Sanders spoke | :06:10. | :06:12. | |
at a protest in New York in praise of the workers. | :06:13. | :06:19. | |
British fashion brand Burberry has warned that profit for next year | :06:20. | :06:22. | |
will come in at the lower end of expectations. | :06:23. | :06:26. | |
Sales were down 2% in the six months to March and chief executive | :06:27. | :06:29. | |
Christopher Bailey says the luxury market remains "challenging". | :06:30. | :06:31. | |
Burberry shares are down 25% in the past 12 months. | :06:32. | :06:41. | |
The families of those killed when one of the pilots | :06:42. | :06:44. | |
of a Germanwings passenger plane crashed it into the French Alps | :06:45. | :06:46. | |
are suing the US flight school where he was trained. | :06:47. | :06:49. | |
The lawsuit claims that the Airline Training Centre of Arizona failed | :06:50. | :06:51. | |
to properly screen the medical history of Andreas Lubitz. | :06:52. | :06:58. | |
Lots more on all of these stories online, including Burberry which we | :06:59. | :07:04. | |
just mentioned. Warning of a challenging year. Today, on the FTSE | :07:05. | :07:09. | |
100, the shares are lower, they have really been hit extremely hard over | :07:10. | :07:14. | |
the last 12 months. Not true of all makers of luxury goods. Some are | :07:15. | :07:17. | |
faring better than others. Burberry is interesting, going through a | :07:18. | :07:22. | |
difficult time. China is one of the big reasons it has been suffering, | :07:23. | :07:26. | |
as the slowdown has affected demand. Full details | :07:27. | :07:28. | |
of what we have been told this morning and that warning about | :07:29. | :07:31. | |
profits coming in. Nestle, the world's biggest food | :07:32. | :07:40. | |
company, has reported first-quarter sales that beat analysts' estimates, | :07:41. | :07:42. | |
boosted in part by a by a faster-than-expected recovery | :07:43. | :07:44. | |
of Maggi noodles in India. Yogita Limaye is in | :07:45. | :07:46. | |
Mumbai and can explain. The issue has been that big recall | :07:47. | :07:55. | |
we saw last year. That hit the performance of the firm but they are | :07:56. | :07:58. | |
back on the shelves and they are doing well. | :07:59. | :08:00. | |
They did get back on the shelves in November, but after five months of | :08:01. | :08:06. | |
not being in production or being sold anywhere in India. And | :08:07. | :08:08. | |
while you are seeing a fast recovery, Maggi has once again | :08:09. | :08:11. | |
become the market leader here about a 50% market share. Let me | :08:12. | :08:17. | |
tell you that last year, at this time the market | :08:18. | :08:18. | |
share was anything between 75 and 80%. Rivals have taken over part of | :08:19. | :08:25. | |
that market share and those rivals include foreign brands like Unilever | :08:26. | :08:33. | |
and brands like IDC. Maggi still having to fight a bit, although it | :08:34. | :08:34. | |
is the market leader, to regain the position they had last year. Still | :08:35. | :08:43. | |
having a few challenges. Nestle have said that they will introduce | :08:44. | :08:46. | |
variance of the most popular flavour and hopefully then they will be able | :08:47. | :08:50. | |
to narrow the gap. Thank you, as always. I want to show you the | :08:51. | :08:56. | |
numbers on the markets as they stand. This is what happened | :08:57. | :09:00. | |
overnight in Asia. The story is China, where we have growth figures. | :09:01. | :09:03. | |
Overnight, we will have full coverage. But also oil. I spoke | :09:04. | :09:11. | |
about it at the start of the programme, whale oil goes, equity | :09:12. | :09:18. | |
markets follow. -- where oil goes. This is what | :09:19. | :09:19. | |
Europe is doing. Some optimism because oil hit a new high | :09:20. | :09:24. | |
yesterday. Still significantly down on what we have seen of late. The | :09:25. | :09:29. | |
issue is that we got better-than-expected Chinese export | :09:30. | :09:31. | |
figures, suggesting that the worst could be over, to an extent. | :09:32. | :09:37. | |
Certainly, investors were buoyed by what they have heard and that has | :09:38. | :09:40. | |
translated to a higher start for Europe. We will talk about that in | :09:41. | :09:46. | |
more detail shortly but we have the details in what -- on what is ahead | :09:47. | :09:52. | |
in Wall Street. On Thursday, we will hear from the biggest US mortgage | :09:53. | :09:57. | |
lender, Wells Fargo, as well as Bank of America. The mood is slightly | :09:58. | :10:00. | |
better now after JP Morgan surprise the market with a | :10:01. | :10:06. | |
better-than-expected results. But there will probably be more | :10:07. | :10:08. | |
pessimistic news from the International Monetary Fund. We will | :10:09. | :10:13. | |
hear from Christine Lagarde about the fund's updated global policy | :10:14. | :10:17. | |
agenda. At home, we will also find out the latest inflation figures. | :10:18. | :10:23. | |
Economists expect it to have increased impact as Americans pay | :10:24. | :10:27. | |
more for gasoline. Underlying inflation is still expected to be | :10:28. | :10:31. | |
slow, which would back the Federal Reserve's cautious approach to | :10:32. | :10:32. | |
raising interest rates. Joining us is Colin McLean, | :10:33. | :10:35. | |
MD of SVM Asset Management. Good morning. I hope you are well. | :10:36. | :10:45. | |
Let's talk about the financial markets, which had a really hyper 48 | :10:46. | :10:56. | |
hours. A lot of people just did not own very | :10:57. | :10:58. | |
much mining stock any more. They have been scrambling with these | :10:59. | :11:05. | |
positions. I touched on it there, where oil goes, equity markets | :11:06. | :11:09. | |
follow. But is it not a knee jerk reaction? Better-than-expected | :11:10. | :11:11. | |
export figures from China, and everyone says that the worst is over | :11:12. | :11:13. | |
and everything is back on track. Is it that simple? It does help a | :11:14. | :11:19. | |
lot of things but I don't think anyone really knows where the oil | :11:20. | :11:21. | |
price is going. whether there is going to be any | :11:22. | :11:23. | |
restraint in the oil producers, with Iran pumping more | :11:24. | :11:32. | |
and determines to get a share back in the market. We will not get | :11:33. | :11:35. | |
figures on China's mining until we get some of the mining updates | :11:36. | :11:37. | |
next week. So we do not really know what the | :11:38. | :11:46. | |
numbers are, there has just been a scramble. And banking stock back | :11:47. | :11:48. | |
in fashion thanks to JP Morgan, coming out with better-than-expected | :11:49. | :11:52. | |
results. One of our guests this week was | :11:53. | :11:56. | |
saying that expectations were so low about earnings | :11:57. | :11:57. | |
that the news was better and that would buoy the markets. It was not | :11:58. | :12:07. | |
great, the earnings. And there were problems in the investment | :12:08. | :12:09. | |
stock. But still better-than-expected. | :12:10. | :12:11. | |
The key was to cut costs and manage expectations. Overall, it will not | :12:12. | :12:19. | |
necessarily translate with the other banks, but it was a decent result on | :12:20. | :12:24. | |
bad expectations. Thank you for being here. He is not going away | :12:25. | :12:25. | |
yet. As record numbers of us opt | :12:26. | :12:33. | |
for contactless technology to pay for goods and services, | :12:34. | :12:37. | |
is there still a future for humble We speak to the boss of cash | :12:38. | :12:40. | |
machine network Your Cash. You're with Business | :12:41. | :12:46. | |
Live from BBC News. More retail results | :12:47. | :13:05. | |
in the UK this week - today it's the turn of high street | :13:06. | :13:07. | |
mainstay - JD Sports. It's just posted full year results, | :13:08. | :13:10. | |
with pre-tax profits up 45 per cent. The retailer says is sales were up | :13:11. | :13:13. | |
20 per cent to Nick Carroll is a retail analyst | :13:14. | :13:15. | |
at the market research firm, What did you make of these results? | :13:16. | :13:24. | |
These were excellent results. It is a multifaceted | :13:25. | :13:26. | |
business, JD. But they are firing on all soldiers. It does not matter | :13:27. | :13:34. | |
which way you cut it, these were excellent results. Let's talk about | :13:35. | :13:37. | |
Burberry. We have heard figures from them this morning and we have | :13:38. | :13:40. | |
touched on it already this morning but the challenge has always been | :13:41. | :13:44. | |
for Christopher Bailey to try to come up with an answer to the China | :13:45. | :13:49. | |
problem. Yes. And many people have tried to do that. There is no doubt | :13:50. | :13:54. | |
that the slowdown in China has affected business. But there has | :13:55. | :13:57. | |
also been a slowdown in the European and American markets. As a whole, | :13:58. | :14:01. | |
the business is obviously suffering. The positives, the retail | :14:02. | :14:07. | |
like-for-likes was broadly flat. I know that is hard to believe but in | :14:08. | :14:11. | |
a market that has been struggling, Europe and America have suffered | :14:12. | :14:15. | |
when the Asia-Pacific regions suffer. Less people are travelling | :14:16. | :14:19. | |
and travelling consumers make up a big part of the business in the | :14:20. | :14:24. | |
Americas and Europe. And talking of travelling consumers, many of those | :14:25. | :14:28. | |
in China are travelling close by, to Japan or other countries in Asia. | :14:29. | :14:32. | |
Many argue that Burberry's lack of presence in those countries is part | :14:33. | :14:36. | |
of the problem. Yes. That is an issue. We found that they are | :14:37. | :14:41. | |
actually pulling back on licensing deals in the Japanese market. We do | :14:42. | :14:46. | |
not know if that will relegate them moving into that market more on | :14:47. | :14:49. | |
their own terms. If they did, they would see a benefit from that. | :14:50. | :14:51. | |
It is reported that the company that makes Peppa Pig has been snapped up | :14:52. | :15:14. | |
by ITV. Just speculation but shares are not by 11%. It shows the power | :15:15. | :15:21. | |
of advertising around children's television. Peppa Pig could have a | :15:22. | :15:25. | |
new owner! You're watching Business Live - | :15:26. | :15:28. | |
our top story... BP's boss, Bob Dudley, | :15:29. | :15:30. | |
faces a backlash over his giant pay package in the same year the company | :15:31. | :15:33. | |
made record losses. The AGM getting under way in London. | :15:34. | :15:46. | |
Simon Jack is there. You can keep in touch with us. | :15:47. | :15:49. | |
When's the last time you paid for something using cash? | :15:50. | :15:52. | |
Chances are you're using it less and less, with a rise in credit | :15:53. | :15:55. | |
According to Visa Europe, the number of contactless payments | :15:56. | :16:05. | |
And one in seven payments were conducted using contactless | :16:06. | :16:09. | |
So what does this mean for bank notes and the cash | :16:10. | :16:15. | |
Well, one former banker still thinks that cash is king. | :16:16. | :16:21. | |
Jenny Campbell began working at the age of 16, | :16:22. | :16:24. | |
counting cash on bank counters and filling up cash machines | :16:25. | :16:27. | |
She owns YourCash, an independent provider of cash machines | :16:28. | :16:35. | |
across Europe after leading a management buyout | :16:36. | :16:38. | |
The company handles around 78 million transactions across three | :16:39. | :16:53. | |
countries with around 5,000 ATMs, dispensing $4 billion | :16:54. | :16:55. | |
But as cards take over from cash, what impact does it have | :16:56. | :17:01. | |
Jenny Campbell, Chief Executive of YourCash Europe, joins us now. | :17:02. | :17:06. | |
We have got so many questions for you from viewers about this. Quite | :17:07. | :17:14. | |
an emotional subject. We are attached to cash but we're using | :17:15. | :17:24. | |
less. I love the digital revolution. I will buy train tickets online and | :17:25. | :17:28. | |
do my shopping online and I think it is about keeping options for the | :17:29. | :17:32. | |
consumer. You might be surprised to 50% of all payments in the UK are | :17:33. | :17:37. | |
still made with cash. The other payments make up the rest and they | :17:38. | :17:42. | |
are growing through the likes of us and cash is beginning to decline | :17:43. | :17:47. | |
slightly. However, we come into play with our business by providing | :17:48. | :17:53. | |
probably the only access to cash as other avenues closed down, by | :17:54. | :17:57. | |
closing branches, removing cash machines in villages, others might | :17:58. | :18:02. | |
call business so I will put machines in the local convenience store, free | :18:03. | :18:08. | |
to use, the banks pay me for that service and that gives access to | :18:09. | :18:11. | |
cash and a still believe there is a strong place for cash to tip people, | :18:12. | :18:16. | |
to give young people the sense of money management in their lives and | :18:17. | :18:22. | |
even the Chief Executive of the Bank of England last said cash will be | :18:23. | :18:26. | |
here for a long time come. He would say that! He is also moving to | :18:27. | :18:33. | |
another company this year and we would not be doing those notes if we | :18:34. | :18:40. | |
thought they were going. You touched on some of the practical uses, other | :18:41. | :18:44. | |
comments coming in, somebody suggesting the charity collectors | :18:45. | :18:49. | |
are unable to use cards, you need coins for the box. Supermarket | :18:50. | :18:56. | |
trolleys, you need car parks to catch up. Alison says it comes down | :18:57. | :19:02. | |
to safety, the worst thing that banks ever did and it is not safe, | :19:03. | :19:06. | |
do people still feel that carrying cash in your pocket is safer than | :19:07. | :19:12. | |
using contactless cards? The battery will not run out, when I talk to | :19:13. | :19:17. | |
large audiences I say, how many people don't have any cash in their | :19:18. | :19:21. | |
pocket and you will get a handful and I say, I bet you're thinking, I | :19:22. | :19:28. | |
need to get some today? It is a choice and the market continues to | :19:29. | :19:32. | |
evolve and it will do, we are seeing Waitrose, the digital store that | :19:33. | :19:36. | |
recently opened and that is relevant, you have a captive | :19:37. | :19:40. | |
audience of employees but you will still need the options of older | :19:41. | :19:45. | |
people, less well off, cash is hugely important. The fact we're | :19:46. | :19:51. | |
having this debate and with huge interest, it shows this is an issue | :19:52. | :19:55. | |
for your business going forward because when you started this, they | :19:56. | :20:03. | |
needed the management buyout, at RBS, we're using cash less and it | :20:04. | :20:07. | |
will become less as time goes by so how are you thinking about your | :20:08. | :20:10. | |
business in the future? Were in different markets, we are in the | :20:11. | :20:15. | |
Netherlands and are half the number of cash machines there and no banks | :20:16. | :20:21. | |
doing new cash machines so we provide access through supermarkets | :20:22. | :20:24. | |
and opening up in Ireland later this month, that is a big cash economy | :20:25. | :20:28. | |
and in other parts of the world which have gone down a very steep | :20:29. | :20:33. | |
cash decline, such as Sweden, we are seeing, stop, he still made this | :20:34. | :20:40. | |
access to cash. It comes back to consumer choice. And I would align | :20:41. | :20:46. | |
this two books going digital. But book shops would close but we still | :20:47. | :20:52. | |
like to touch and feel books. And on cost, people do point out that money | :20:53. | :20:58. | |
costs, printing, you touched on polymer banknotes, but the cash | :20:59. | :21:02. | |
machine network and printing and coins, that costs money but digital, | :21:03. | :21:08. | |
after the technology, it looks after itself. You must have a lot of | :21:09. | :21:15. | |
overheads? It is a low-cost model that we can pass on to the shop | :21:16. | :21:19. | |
owners because before they have the ATM they take cash to the bank, | :21:20. | :21:24. | |
going around the circulation route and costing money and with my model, | :21:25. | :21:28. | |
shopkeepers put their own money into the ATM which is recirculated back | :21:29. | :21:33. | |
to the consumer so that reduces costs and we can share some of the | :21:34. | :21:36. | |
revenue with them will be received with the banks. Cards, there are | :21:37. | :21:43. | |
fees to be paid, so the British Retail Consortium will tell you that | :21:44. | :21:47. | |
cash is cheaper to process them cards. We have run out of time, but | :21:48. | :21:54. | |
other portion -- passion is breeding dogs and you'll become a judge? I am | :21:55. | :22:00. | |
climbing the ranks with my flat coated retriever. But they are a | :22:01. | :22:06. | |
very important part of my business. Breeder, trainer and a judge yet to | :22:07. | :22:11. | |
come? Absolutely! Thank you for coming in! | :22:12. | :22:14. | |
We've been focussing on the energy market this morning with BP | :22:15. | :22:16. | |
and the impact of lower oil prices on the company. | :22:17. | :22:20. | |
Well, this weekend, 15 major oil producers will meet in the Qatari | :22:21. | :22:23. | |
capital Doha to try to decide whether to freeze oil production, | :22:24. | :22:25. | |
Europe's biggest oil producer - Norway - has been hit badly | :22:26. | :22:31. | |
Our Asia Business Correspondent Karishma Vaswani spoke | :22:32. | :22:34. | |
to the Prime Minister of Norway, Erna Solberg. | :22:35. | :22:37. | |
She started by asking her what she expected | :22:38. | :22:39. | |
I hope that they will find an agreement but they do not expect | :22:40. | :22:51. | |
that, in a way. Norway is lauding oil production, we have had that for | :22:52. | :22:57. | |
ten years so as a producer at the impact is becoming lower on the | :22:58. | :23:02. | |
markets but gas production is higher, which is more direct to the | :23:03. | :23:08. | |
European market. Tax transparency has become a key issue in the world | :23:09. | :23:14. | |
as a result of the Panama Papers, in Norway, everybody publishes their | :23:15. | :23:18. | |
taxes. Is this a model other countries could use? What we have | :23:19. | :23:23. | |
done is we have a totally open system but you have to give up your | :23:24. | :23:29. | |
identity when checking. Our model, when you are both open on how much | :23:30. | :23:34. | |
tax you are paying and their income, and open on who is looking at your | :23:35. | :23:41. | |
numbers. That is a good balance. The Prime Minister of Norway. | :23:42. | :23:45. | |
Interesting, that interview is online in full. Colin has returned. | :23:46. | :23:57. | |
Over to you. Abu Dhabi, it is known for being tax-free, but it is | :23:58. | :24:03. | |
introducing another fee, 3% been visible fee, but only applying to | :24:04. | :24:07. | |
expats. We know these countries have to bring in more money by the oil | :24:08. | :24:11. | |
price is falling but this is only applicable to foreigners. For some | :24:12. | :24:17. | |
other countries in the Gulf, they would like to rebalance the working | :24:18. | :24:20. | |
population and try to maintain full employment amongst nationals, they | :24:21. | :24:27. | |
want to scale back. Economies are not growing but these oil prices and | :24:28. | :24:34. | |
they need to readjust. But if you economies in that region have to | :24:35. | :24:38. | |
think of ways, there is a sales tax coming in in Saudi Arabia? There is | :24:39. | :24:43. | |
a great quote, the government said, one of the worries is that it could | :24:44. | :24:48. | |
affect the population but there is a quote from one minister who says the | :24:49. | :24:51. | |
job of the government is to make people happy. Many people would | :24:52. | :25:03. | |
disagree! 3% tax? It will not! The Times, car buyers drive Britain into | :25:04. | :25:07. | |
debt. Are we borrowing too much to buy cars? Not just cars, student | :25:08. | :25:13. | |
loans, the consumer credit is booming. Isn't that part of the | :25:14. | :25:20. | |
response to lower interest rates? Borrowing has become cheaper over | :25:21. | :25:23. | |
the last year so that is part of the response, it is easier to borrow and | :25:24. | :25:29. | |
it is probably quite good for the economy to see consumer demand so it | :25:30. | :25:32. | |
has got some good results but it will take the credit back-up to uni | :25:33. | :25:39. | |
before the crisis levels. We are addicted to debt in the UK? One of | :25:40. | :25:46. | |
our problems? Culturally? But a lot of other countries are struggling to | :25:47. | :25:50. | |
create consumer demand so I think we are maybe not so badly placed! Nice | :25:51. | :25:54. | |
to see you. That is it from us. Goodbye. | :25:55. | :26:09. | |
For many of us were looking at a cloudy start to the day and we have | :26:10. | :26:15. | |
a few patches of morning rain around, notably for the north of | :26:16. | :26:19. | |
Wales, through Shropshire and spots of rain across the Midlands. The | :26:20. | :26:24. | |
computer model is struggling to get the details right with this area | :26:25. | :26:25. |