:00:19. > :00:23.Good afternoon. Governments around Europe are
:00:23. > :00:27.assessing another bleak prediction about the state of the eurozone.
:00:27. > :00:31.The credit ratings agency Fitch says it believes a solution to the
:00:31. > :00:34.crisis is now beyond reach. It's warned that it may downgrade the
:00:34. > :00:40.credit-worthiness of six eurozone members, including Spain and Italy.
:00:40. > :00:44.Our Business Correspondent Joe Lynam has the details.
:00:44. > :00:48.Few of the comments on this eurozone crisis have been as
:00:48. > :00:51.pessimistic as those from the credit ratings agency Fitch, which
:00:51. > :00:56.says that a comprehensive deal to save the single currency is now
:00:56. > :01:01.beyond reach. More pressingly, 6 eurozone countries face an
:01:01. > :01:05.immediate downgrade. That meet Italy, Spain, Ireland, Belgium,
:01:05. > :01:09.Slovenia and Cyprus may soon have to pay even more on the markets for
:01:09. > :01:13.their government to borrow money. What Fitch had done his state the
:01:13. > :01:16.number of conditions they would like to see before considering the
:01:16. > :01:20.eurozone crisis as being properly resolved, and what strikes them at
:01:20. > :01:24.the moment is they don't find the kind of co-ordination in the
:01:24. > :01:27.eurozone they would like to see. Although firms like Fitch and
:01:27. > :01:31.Standard & Poor's played a huge role in causing the financial
:01:31. > :01:35.crisis for that great years ago, they once again find themselves at
:01:35. > :01:39.the centre of the current eurozone crisis, which could affect us all.
:01:39. > :01:43.Even though they are seemingly far removed from our daily lives,
:01:43. > :01:47.credit rating agencies that the because banks listen closely to
:01:47. > :01:50.their opinions. If the agency low as their rating, the cost of
:01:50. > :01:55.borrowing for the country off company goes up and governments
:01:55. > :01:59.have less money to spend on governments, schools or even wages.
:01:59. > :02:03.Norman Lamont knows a thing or two about recession and currency blocs.
:02:03. > :02:07.He was Chancellor when Britain was forced out of the European
:02:07. > :02:12.exchange-rate mechanism in 1992. Almost 20 years later, he is very
:02:12. > :02:16.concerned. This has to be taken very seriously by the eurozone. So
:02:16. > :02:22.far, they have been in a state of denial about the nature of the
:02:22. > :02:26.crisis and the extent of the crisis. The treaty designed to save the
:02:26. > :02:30.euro and controversially agreed at last week's summit may already be
:02:30. > :02:33.unravelling, with the detrimental impact on all European citizens.
:02:33. > :02:37.More than 400 people have been killed in a tropical storm in the
:02:37. > :02:40.Philippines. Tens of thousands of people on the island of Mindanao
:02:41. > :02:49.have moved to evacuation centres. Soldiers have been mobilised to
:02:49. > :02:53.help with the rescue effort. Gabriel Gatehouse has more details.
:02:53. > :02:57.The people of the Philippines are no strangers to flooding. But
:02:57. > :03:01.tropical storm Washi caught the island of Mindanao by surprise.
:03:01. > :03:10.Most people were asleep when the flash floods struck on Friday night
:03:10. > :03:14.in the towns of County Down -- Cagayan de Oro and Ilie Dam.
:03:14. > :03:19.Residents searched desperately for higher ground, some were stranded
:03:19. > :03:23.on rooftops waiting to be rescued. TRANSLATION: All we could see were
:03:23. > :03:28.lights flashing while we made a hole through the roof to climb out.
:03:28. > :03:31.We stayed on the roof the whole time. The Filipino military says
:03:31. > :03:38.thousands of its soldiers are involved to the rescue effort, but
:03:38. > :03:41.for many, if they help has come too late. -- they help. This they're
:03:41. > :03:44.just as they found two bodies over there and three more over there and
:03:44. > :03:48.now they are looking for bodies in the neighbouring village. The
:03:48. > :03:53.islands in the Philippines are battered by around 20 major storms
:03:53. > :03:56.each year, but most to take a more northerly route. Rescue workers say
:03:57. > :04:02.it is possible the number of dead may be so high this town -- this
:04:02. > :04:06.time because the people of Mindanao are not used to the full brunt of
:04:06. > :04:09.50 mph winds like those of tropical storm Washi.
:04:09. > :04:12.There's controversy this evening over calls by the Prime Minister
:04:12. > :04:17.for a revival of traditional Christian values. David Cameron the
:04:17. > :04:19.values of the bible "go the heart" of what it meant to be British. But
:04:19. > :04:23.the National Secular Society has urged him to be cautious about
:04:23. > :04:29.endorsing specific religions. Our Religious Affairs Correspondent
:04:29. > :04:35.Robert Pigott is with me here. Robert, why do you think he has
:04:35. > :04:39.made this intervention? It is curious. For years, senior
:04:39. > :04:44.politicians have been very reluctant to do God, Sir David
:04:44. > :04:48.Cameron's assertion that Britain is a Christian company is quite
:04:48. > :04:52.surprising -- country. It comes for two reasons. One is that he is
:04:52. > :04:56.quite worried about what he calls the slow-motion moral collapse of
:04:56. > :05:00.Britain, he is thinking about the expenses, at the banking industry
:05:00. > :05:04.collapse and the August riots and he is aware that people are quite
:05:04. > :05:09.tired of the moral free way of life and even those who go to church,
:05:09. > :05:13.they associate themselves with a moral Christian code. It is
:05:13. > :05:17.interesting that he delivered the speech about being too tolerant,
:05:17. > :05:21.passivity in the face of bad behaviour, to the crowd of church
:05:21. > :05:25.people at Christ Church Cathedral in Oxford. He said by extension
:05:25. > :05:28.that Rowan Williams at the church weren't doing enough to stick up
:05:28. > :05:32.for these Christian values. The Archbishop of Canterbury has often
:05:32. > :05:36.exercised Christian leadership but pence to emphasise the social
:05:36. > :05:41.justice elements, like caring for the poor and the marginalised.
:05:41. > :05:44.David Cameron has chosen a strict moral code of behaving in a right
:05:44. > :05:47.or wrong way from the Bible and nothing but they could advocate
:05:47. > :05:51.Christian principles but come to very different conclusions about
:05:51. > :05:54.how government policy will put it into operation. Robert, thank you.
:05:54. > :05:57.New fishing quotas have been announced for the UK after all-
:05:57. > :06:00.night talks in Brussels. The deal includes increases in quotas for
:06:00. > :06:05.catching cod and haddock. In Scotland, the Fisheries Minister
:06:05. > :06:07.said the result was the best that could be achieved. But some
:06:07. > :06:14.Scottish fishing communities are still unhappy about limits to the
:06:14. > :06:18.number of days they can spend at sea. James Shaw reports.
:06:18. > :06:23.This is a strenuous job for the crew, particularly when a fishing
:06:23. > :06:27.in rough weather... Not so long ago, fish stocks around the coast of
:06:27. > :06:32.Britain were plentiful. That was before dramatic reductions were
:06:32. > :06:35.caused by other fishing. Now, what species can be caught and when are
:06:35. > :06:41.matters for closely argued negotiation and amongst the fishing
:06:41. > :06:45.nations of Europe. The UK government says this year's bill is
:06:45. > :06:49.the best possible. Scottish ministers are less convinced and
:06:49. > :06:55.industry leaders in Scotland say it is not a good deal at all. We are
:06:55. > :07:01.now facing fortified % of the time to catch the fish that we had three
:07:01. > :07:06.years ago -- 45%. It is not good enough. We have already been hit by
:07:06. > :07:10.a tsunami is, if you like, but we have ended up half drowning. It is
:07:10. > :07:13.not what we expected and it is not what we thought would be delivered.
:07:13. > :07:18.Under this new deal, Age UK fisherman will be allowed to catch
:07:18. > :07:24.more of some species -- UK. There have been increases in the amount
:07:24. > :07:28.of cod and haddock that cannot be caught. Generally, we are appalled
:07:28. > :07:32.that political incentive is being used to manage fish stocks. It
:07:33. > :07:41.should be based on science and nothing else. Recent figures
:07:41. > :07:45.suggest there is growing demand for fish from sustainable sources.
:07:45. > :07:49.The British appetite for fresh fish will not change as a result of this
:07:49. > :07:53.deal, but it could mean us paying more for some of our favourite
:07:53. > :07:56.dishes. The Labour Party in scotland has
:07:56. > :07:59.elected a new leader. Johann Lamont said her priorities are tackling
:07:59. > :08:07.youth unemployment, getting the economy to grow and providing more
:08:07. > :08:10.support for carers. What's expected to be the busiest
:08:10. > :08:15.shopping day of the year is drawing to a close, with around 11 million
:08:15. > :08:19.people having hit the shops. One estimate puts today's Christmas
:08:20. > :08:26.spending at more than �1 million a minute. Fiona Trott joined the
:08:26. > :08:31.shoppers in Gateshead. Only a week ago, and here in
:08:31. > :08:37.Gateshead, the bravest of the brave are hitting the shops. But which
:08:37. > :08:41.shops are luring them in? Some are offering 40 and even 50% off. It is
:08:41. > :08:45.tempting, but is it tempting enough to bring out the credit card and
:08:45. > :08:52.throw caution to the wind? haven't got the money and we can't
:08:52. > :08:55.haddock. I used to have a credit card but I lost it because I paid
:08:56. > :09:01.more interest. It adds a band you don't realise how much you are
:09:01. > :09:06.spending. On a credit card, I try not to get overdrawn too much and
:09:06. > :09:11.have been careful. The next few days are vital. Some retailers tell
:09:11. > :09:14.us they rely on Christmas for up to 30% of their annual turnover and
:09:15. > :09:19.that they use those discount incentives. Customers Mallett and
:09:19. > :09:23.that is why they wait until the last minute. -- customers know it.
:09:23. > :09:28.It is a game and it seems to work. I think we have been pleasantly
:09:28. > :09:32.surprised. The year has been a picture of doom and gloom and they
:09:32. > :09:36.have now they have to work harder to actually drive sales, but they
:09:36. > :09:41.are seeing some really positive results, so they are all smiling at
:09:41. > :09:46.the moment. And retailers are happy on London's Oxford Street, which is
:09:46. > :09:51.as busy as ever for this time of year. The British Retail Consortium
:09:51. > :09:57.estimates that shoppers across the UK will spend �2.5 billion today. A
:09:57. > :10:00.welcome boost following poor sales in November. And with Christmas Eve
:10:00. > :10:06.falling on a Saturday this year, panic buyers will be putting even