Browse content similar to 06/01/2012. Check below for episodes and series from the same categories and more!
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Germany joins France in recommending the removal those | :00:08. | :00:13. | |
breast implants, why is the NHS still refusing to do the same? | :00:14. | :00:17. | |
The least five countries have decided to recommend removal, | :00:17. | :00:21. | |
Britain finds itself in a minority in refusing to follow suit. Our | :00:21. | :00:25. | |
science editor is here. The Department of Health is fudging | :00:25. | :00:28. | |
its position, it won't recommend removal, but now wants to see them | :00:28. | :00:32. | |
taken out if the patient really wants it. | :00:32. | :00:35. | |
The NHS Medical Director will be here to explain himself. | :00:35. | :00:39. | |
Has Labour u-turned on the cuts they have, up until now, condemned. | :00:40. | :00:43. | |
While these two keep quiet, it it is left to the Shadow Defence | :00:43. | :00:48. | |
Secretary, to declare that spending plans must be credible, no populist. | :00:48. | :00:53. | |
Ed Balls's point man, Chris Leslie, is here to clarify. | :00:53. | :00:58. | |
Also tonight. Music is about to stop, and we are going to be left | :00:58. | :01:06. | |
holding the biggest bag of odour ous excrement ever assembled in the | :01:06. | :01:10. | |
history of capitalism. Inside a Wall Street bank the night | :01:10. | :01:14. | |
before the great crash of 2008, we speak to the director of Margin | :01:14. | :01:17. | |
Call. I didn't want to make charicatures | :01:17. | :01:23. | |
of these people. I wanted to actually try to represent the | :01:23. | :01:33. | |
:01:33. | :01:42. | ||
decision-making process. The Government tried to quell the | :01:42. | :01:46. | |
outcry against the breast implant scandal. The German authorities did | :01:46. | :01:50. | |
the opposite to Britain, Germany now says in the light of new | :01:50. | :01:53. | |
evidence, it is joining, France, Israel, Venezuela and the Czech | :01:53. | :01:56. | |
Republic, in recommending that women with these kind of implants | :01:56. | :02:01. | |
should have them removed. Today's report by the NHS Medical Director, | :02:01. | :02:06. | |
Sir Bruce Keogh, admits the data in the UK is wanting, seriously | :02:06. | :02:09. | |
underreported he describes as information about the French | :02:09. | :02:16. | |
implants. What of the 40,000 or so women with PIP implants to do. In a | :02:16. | :02:18. | |
moment we will hear from Sir Bruce, but first this. | :02:18. | :02:21. | |
We are at the end of the week when politicians across the globe had | :02:21. | :02:25. | |
had hoped to have reassured the hundreds of thousands of women who | :02:25. | :02:31. | |
have had breast implants from French company, PIP. But | :02:31. | :02:36. | |
Governments differ markedly in their response and decidinging who | :02:36. | :02:42. | |
will pay. -- deciding who will pay? | :02:42. | :02:46. | |
Germans will remove the PIP implants, alongside Germany, Israel, | :02:47. | :02:51. | |
Venezuela, in deciding to do that. I'm not sure how the health service | :02:51. | :02:56. | |
works in ermgr, I understand there may be an assurance scheme that | :02:56. | :03:01. | |
agree to do that, as in Israel. German authorities say they are | :03:01. | :03:06. | |
changing their risk assessment due to the rising number of notices | :03:06. | :03:10. | |
from doctors, trade organisations and hospitals in recent days. They | :03:10. | :03:15. | |
go on to say that these notices, silicone from such implants, | :03:15. | :03:20. | |
increasingly and over time can leak. The fact that so many Governments | :03:20. | :03:25. | |
have have such different public positions raises the question about | :03:25. | :03:28. | |
if they are sharing safety data as they might. | :03:28. | :03:32. | |
It seems the quality of safety data from British clinics poor. Members | :03:32. | :03:37. | |
of a panel intervened to advise the Government, and concedes the | :03:37. | :03:40. | |
picture on rupture rates is uncertain, and the nature of the | :03:40. | :03:45. | |
gel in the implants is unclear, as is the picture of how toxic the gel | :03:45. | :03:50. | |
is. The group says it has no evidence to suggest it is dangerous. | :03:50. | :03:53. | |
The expert group has made clear there is no link to Cannes, there | :03:53. | :03:56. | |
are no specific safety concerns that require these implants to be | :03:56. | :03:59. | |
removed. If women are understandably worried, we in the | :03:59. | :04:03. | |
NHS are going to make it very clear they can get access to advice, | :04:03. | :04:07. | |
scans, and to the removal of the implant, if necessary. We expect | :04:07. | :04:11. | |
the private sector to offer the same service to the women whose | :04:11. | :04:16. | |
implants they provide. Many plastic surgeries, both here in the UK, and | :04:16. | :04:19. | |
internationally, are sticking to their position, that these implants | :04:19. | :04:23. | |
should be reof moved. The Government seems to be relying -- | :04:23. | :04:26. | |
removed, the Government seems to be relying on the private clinics to | :04:26. | :04:32. | |
follow aed model it set out for NHS -- follow a model it set out for | :04:32. | :04:36. | |
the NHS clinics. There are a number coming out that they are going to | :04:36. | :04:41. | |
pay for, obviously the patients to be seen and any scans they might | :04:41. | :04:47. | |
need. If there is a clinical reason for the implant to come out then | :04:47. | :04:51. | |
they will pay for it. There are others who have done much larger | :04:51. | :04:55. | |
amounts, and there is a concern there about the financial | :04:55. | :04:59. | |
arrangements. There is a plan ined today's report | :04:59. | :05:03. | |
for continued monitoring, -- plan in today's report for continued | :05:03. | :05:06. | |
monitoring and surveillance. A lot hangs on private clinics doing the | :05:06. | :05:09. | |
right thing. So long as the independent sector play ball the | :05:09. | :05:14. | |
way that the Government have told them to, then I think the women out | :05:14. | :05:17. | |
there can be assured they will be looked after. It very clearly | :05:17. | :05:20. | |
states that. The Government expects the private providers to look after | :05:20. | :05:24. | |
their patients, as the Government are looking after their patients. | :05:24. | :05:28. | |
The focus may now shift to the medicines and healthcare products | :05:28. | :05:33. | |
regulatory agency, the MHRA, and how well it is overseeing this | :05:33. | :05:38. | |
sector. Today the new head Europe's drug watchdog said there is an | :05:38. | :05:42. | |
acute need to tighten regulations on medical devices. We need to take | :05:42. | :05:45. | |
into consideration that this implant came in from a French of | :05:45. | :05:51. | |
manufacturer, and was given a quality mark by the regulator in | :05:51. | :05:54. | |
this country, and that needs to be taken into consideration. There | :05:54. | :06:00. | |
needs to be some accountable for what happened. That the Protestant | :06:00. | :06:05. | |
vieders did not purchase -- the providers did notp purchase these | :06:05. | :06:08. | |
implants thinking they were substandard ones. What seems to be | :06:08. | :06:12. | |
driving the Government is a determination to see the private | :06:12. | :06:17. | |
clinics to cover the cost for having opted for these cheap French | :06:17. | :06:20. | |
implants, but by gentle persuasion, whether they succeed remains to be | :06:20. | :06:24. | |
seen. Earlier I asked the author of | :06:24. | :06:28. | |
today's report, Sir Bruce Keogh, why the UK was at odds with other | :06:28. | :06:32. | |
countries in had its advice on implant removal. What we have done | :06:32. | :06:35. | |
is conduct a review that has looked at two things. First of all, the | :06:36. | :06:39. | |
hard evidence around safety of these implants, and the second | :06:39. | :06:42. | |
aspect was how to offer compassionate treatment to women | :06:42. | :06:46. | |
who will be undoubtedly worried. In terms of the hard evidence that we | :06:46. | :06:52. | |
have on safety, we know there isn't an increased Canneser risk we are | :06:52. | :06:56. | |
uncertain about whether -- cancer risk. We are uncertain about | :06:56. | :06:59. | |
whether there is an elevated risk, there is no evidence to suggest one | :06:59. | :07:03. | |
way or another, we are looking at that. The hard scientific evidence | :07:03. | :07:07. | |
as to whether or not this gel is more irritant suggests that it | :07:07. | :07:11. | |
probably isn't. Having said that, we know it is more liquid, finally | :07:11. | :07:15. | |
we have looked at what are the risks of redoing the surgery. So we | :07:15. | :07:20. | |
have come to the view that when you add all of those up, we don't have | :07:20. | :07:24. | |
hard evidence that it is unsafe, which is of course not the same as | :07:24. | :07:28. | |
evidence of safety. You don't have evidence of safety, why not operate | :07:28. | :07:32. | |
on the precautionary principle. The reason I say that, is because | :07:32. | :07:39. | |
Germany, as it were, hard bd up its advice over evidence taken - | :07:39. | :07:42. | |
hardened up its advice over evidence taken from hospitals. They | :07:42. | :07:45. | |
have changed their advice and saying as a precautionary principle | :07:45. | :07:49. | |
women should have them refd moved. Surely you should be trying to do | :07:49. | :07:56. | |
the best for women. Naturally I will invited Germans to share their | :07:56. | :07:59. | |
information with me. Should that not have happened up until now, the | :07:59. | :08:04. | |
Germans, the Israelis, the Venezuelans and the Czech Republic? | :08:04. | :08:09. | |
Yes, mew early indications is their evidence is -- my early indications | :08:09. | :08:13. | |
their evidence is no harder than our's. Talk about two things there, | :08:13. | :08:17. | |
first of all, what the Germans are saying is the evidence of | :08:17. | :08:21. | |
degradation of these implants over time is significant. So, therefore, | :08:21. | :08:25. | |
for a start, would it not be better to recommend women who have had | :08:25. | :08:29. | |
them implanted for more than three years, they should be having them | :08:29. | :08:33. | |
removed? We have considered that. Bear in mind that all breast | :08:33. | :08:36. | |
implants degrade, and at continue years, about one in ten them will | :08:36. | :08:40. | |
have failed any way. What we are doing, I think we are offering | :08:40. | :08:44. | |
something that is a much better solution. It it is easy to offer | :08:44. | :08:48. | |
the solution that everybody should just have them out. What we're | :08:48. | :08:52. | |
doing...Is It, do it then? In the NHS we are doing something better. | :08:52. | :08:56. | |
What we are doing is we are going to inform all patients who have had | :08:56. | :09:00. | |
a PIP implant. We are going to write to them and offer them an | :09:00. | :09:03. | |
opportunity of an informed consultation, with either their GP | :09:03. | :09:07. | |
or a specialist breast surgeon. And on the basis that, we are offering | :09:07. | :09:11. | |
them some personalised decision making which will take into account | :09:11. | :09:14. | |
emerging evidence, and take into account their personal | :09:14. | :09:17. | |
circumstances and wishes, and if they want the implants out, | :09:17. | :09:22. | |
following that, we will take them out and we will replace them. | :09:22. | :09:26. | |
be clear, we are talking with with implants put in on the NHS, we are | :09:26. | :09:33. | |
not talking about private, of which that is the vast majority? Let me | :09:33. | :09:39. | |
be clear, it is the expectation of this expert group that the NHS, we | :09:39. | :09:44. | |
think, hax set a gold standard of - - has set a gold standard of duty | :09:44. | :09:47. | |
of care. We expect the private sector to step up to the plate and | :09:47. | :09:52. | |
offer the same level. The gold standard should exist across | :09:52. | :09:58. | |
private and NHS? Clearly it should. You by your own admission. Can I | :09:58. | :10:03. | |
read a disturbing part of the report which says, "we believe | :10:03. | :10:07. | |
underreporting seriously affects the validity of PIP data and some | :10:07. | :10:12. | |
comparative data about similar implants", on that very basis, and | :10:12. | :10:19. | |
some ruptures, as many as two or three do not show in clinical | :10:19. | :10:23. | |
symptom, and can only be shown by removal. You have made a decision | :10:23. | :10:27. | |
baseded on information which you yourself say is -- based on | :10:27. | :10:32. | |
information which you yourself say is underreported seriously. That is | :10:33. | :10:38. | |
no reassurance for women, you don't have the data? The extent of | :10:38. | :10:42. | |
underreporting is haveous. We have asked for data from those | :10:42. | :10:44. | |
organisations that implant the breast implants. They are showing | :10:44. | :10:50. | |
the PIP implant, that the risk of rupture on this data is five-hold | :10:50. | :10:54. | |
less than other data. We are -- five-fold less than other data. We | :10:54. | :10:59. | |
are discarding that data. We are looking at compassionate treatment | :10:59. | :11:03. | |
for worried women. We are expecting the private sector to step up to | :11:03. | :11:05. | |
the plate and offer these consultations and personalised | :11:05. | :11:10. | |
decision making with women in the same way that the NHS is. They will | :11:10. | :11:14. | |
have to pay to have them removed? We don't expect the private sector | :11:14. | :11:20. | |
to charge people to have them reof moved. And, where women feel they | :11:20. | :11:22. | |
have been failed by the private sector, because either the | :11:22. | :11:25. | |
organisation has gone out of business, or the surgeries have | :11:25. | :11:29. | |
retired, or, for some reason or another, the organisation which put | :11:29. | :11:35. | |
in their implant take as rekals trant approach to this, then the | :11:35. | :11:37. | |
NHS will step into the breach to help. | :11:37. | :11:43. | |
Here is a confession, I am the shad he dough Defence Secretary and I | :11:43. | :11:48. | |
accept -- Shadow Defence Secretary, and I accept �5 billion of defence | :11:48. | :11:54. | |
cuts. He rejects shadow and temporary populisim, can we expect | :11:54. | :11:58. | |
a long line of Labour front benchers to come out and support | :11:58. | :12:03. | |
George Osborne's Plan A, in an attempt to try to I a chief what | :12:03. | :12:06. | |
the Shadow Defence Secretary called genuine credibility. And there is | :12:06. | :12:11. | |
no suggestion that Ed Milliband is in denial about the plans. | :12:11. | :12:15. | |
In the first days of 2012, Labour has seemed a little bit like a ship | :12:15. | :12:21. | |
without a destination. Its compass wonky, its crew, uppity. | :12:21. | :12:25. | |
There seems to be no strategy, no narrative and little energy. Old | :12:26. | :12:30. | |
faces from the Brown era seem stuck in defending Labour's record in all | :12:30. | :12:34. | |
the wrong ways. We didn't spend too much money, we will cut less fast | :12:34. | :12:43. | |
and less far, but we can't tell you how. Thus spaik Lord Glasman, Ed | :12:43. | :12:47. | |
Milliband's hand-picked shipmate. Cue an outbreak of dismay in the | :12:47. | :12:54. | |
Labour ranks. There is a sense drift, there is no clear direction | :12:54. | :12:57. | |
set upon the party and we are 18 months into Ed Milliband's | :12:57. | :13:01. | |
leadership. A lot of people like him, and think he's the right man | :13:01. | :13:05. | |
with the right value, but they worry where he's going and taking | :13:05. | :13:12. | |
the party, it is not clear.Ed one had shadow minister did try to | :13:12. | :13:16. | |
make -- today one shadow minister did try to make things clear. He | :13:16. | :13:20. | |
accepted the defence cuts in an attempt to gain, as he put it, | :13:20. | :13:23. | |
genuine credibility. They started to map out the he detail of how | :13:23. | :13:28. | |
Labour would go about restoring the UK and fiscal deficit to some sort | :13:28. | :13:32. | |
of balance. And this is hard for Labour, because there are a lot | :13:32. | :13:35. | |
things in there that challenge the Labour Party's core instincts. What | :13:35. | :13:39. | |
they have done is start to get into the specifics, this is a different | :13:39. | :13:43. | |
environment to one in which the opposition may have face in 2008. | :13:43. | :13:47. | |
People want to hear are you credible in what you are going to | :13:47. | :13:50. | |
do. Originally Ed Milliband wanted economic policy to be about the new, | :13:50. | :13:54. | |
a new more caring kind of capitalism, and new things Labour | :13:54. | :13:58. | |
could deliver to its voting base. What he did not want it to be about | :13:58. | :14:08. | |
:14:08. | :14:09. | ||
was fistle Calpol sis. He didn't originally - fiscal policy, but it | :14:09. | :14:14. | |
has become about fiscal policy. Ed Balls has two problems, he was | :14:14. | :14:19. | |
closely associate with the fiscal policy that went wrong, and he's | :14:19. | :14:23. | |
the strong advocate of a centre stand today. Centre ground. | :14:23. | :14:27. | |
chart sums up the shifting terrain for Labour. This was Alistair | :14:27. | :14:31. | |
Darling's deficit reduction plan, to more than half the deficit over | :14:31. | :14:36. | |
four years. Not fast enough, said the coalition in June 2010, they | :14:37. | :14:42. | |
would cut �40 billion more and get the deficit down to just 2% of GDP. | :14:42. | :14:46. | |
Six weeks ago that plan was scrapped. The coalition's new | :14:46. | :14:49. | |
borrowing targets are now higher than those Alistair Darling lost | :14:49. | :14:54. | |
the election on. In every remaining year of the parliament. It should | :14:54. | :14:59. | |
have been a propoganda coup for Labour, but it wasn't. I think the | :14:59. | :15:02. | |
Labour message isn't getting through for two reasons, one, they | :15:02. | :15:10. | |
are up against a press which is 80% right-wing, backing the Tory talk | :15:11. | :15:13. | |
about cuts, which doesn't want it to hear about growth and invest | :15:13. | :15:17. | |
anything the economy. Secondly, the Labour Party is not united, the | :15:17. | :15:20. | |
leader hasn't come down strongly enough on the side of growth, | :15:20. | :15:24. | |
investment and job creation over deficit reduction, cuts, cuts, cuts. | :15:24. | :15:29. | |
That is the problem, it leaves Balls relatively isolate. That is | :15:29. | :15:32. | |
byer Tsar, because Ed Balls has been vindicate by the facts and the | :15:33. | :15:38. | |
data. Labour's five-point plan for recovery includes only one fiscal | :15:38. | :15:45. | |
policy move, proposing a cut of VAT of �12 billion a year. That leaves | :15:45. | :15:49. | |
Shadow Cabinet ministers having to write a fiscal policy in detail, | :15:49. | :15:52. | |
department by department. If November left the coalition's | :15:52. | :15:56. | |
deficit plan in ruins, it left Labour without one full stop, | :15:56. | :16:00. | |
because Darling's old plan is history now. That leaves Ed Balls | :16:00. | :16:03. | |
reliant on the single argument that austerity is hurting, but not | :16:03. | :16:07. | |
working. And Labour's all too well aware that many people do not yet | :16:08. | :16:12. | |
accept that argument. People are anxious, you see, when | :16:12. | :16:15. | |
people are anxious they get scared. They cling to what seems most solid | :16:15. | :16:19. | |
and stable. Whether it is right or not. It is debatable. Therefore, | :16:19. | :16:23. | |
they have stuck with the coalition on economic policy, because they | :16:23. | :16:27. | |
see that as the safest option, whether it is or not. Tonight the | :16:27. | :16:31. | |
Labour leader, in an interview with the Guardian, warned his supporters | :16:32. | :16:36. | |
that the era of tax and transfer social democracy was over. New | :16:36. | :16:41. | |
schools, he said, new hospitals, tax credit, that is not going to be | :16:41. | :16:45. | |
available to the next Labour Government. Labour's economic | :16:45. | :16:51. | |
skpwrouorny, may, in truth, -- journey, may, in truth, have hardly | :16:51. | :16:56. | |
started. I'm joined by Chris Leslie. The latest poll of polls, Labour is | :16:56. | :17:02. | |
trailing the Tories, despite the economic crisis. A former adviser | :17:02. | :17:05. | |
say you lack environment. The Shadow Defence Secretary is saying | :17:05. | :17:09. | |
you can't sustain popularity without genuine credibility. Do you | :17:09. | :17:13. | |
accept you have a credibility problem? Credibility ultimately | :17:13. | :17:16. | |
depends on whether it will work or not. The credibility of the | :17:16. | :17:20. | |
Government's economic plan will depend on whether it works or not. | :17:20. | :17:25. | |
Let me just fin urb. I think he's talking about your credibility? | :17:25. | :17:28. | |
important thing for bus credibility is whether we can demonstrate that | :17:28. | :17:31. | |
-- for us about credibility is whether we can demonstrate a | :17:32. | :17:35. | |
healthy economy. A healthy economy leads to healthy public finances. | :17:35. | :17:38. | |
We have always acknowledged some cuts would beness radio. These are | :17:38. | :17:42. | |
going to be very difficult choices -- would be necessary, these are | :17:42. | :17:45. | |
going to be very difficult choices. We want a fair and balanced | :17:45. | :17:50. | |
approach to the cuts that would be necessary. They are taking a very | :17:50. | :17:54. | |
dogmatic approach, too far and too fast. You haven't actually got a | :17:54. | :17:57. | |
credible plan, at the moment you have a situation where Ed Balls | :17:57. | :18:01. | |
believes you have to spend your way out of of the recession, and yet | :18:01. | :18:06. | |
you have certificate and series of ministers being told they have -- a | :18:06. | :18:10. | |
series of ministers being told they have to line up and make a series | :18:10. | :18:14. | |
of cuts. You don't really actually v you don't have a deficit | :18:14. | :18:19. | |
reduction plan at all now? We do. What is it, is it still Alistair | :18:19. | :18:23. | |
Darling's? If I can get a word in edgeway, depends on the strength of | :18:23. | :18:27. | |
the economy. If you end up cutting so far in such a way that you strip | :18:27. | :18:32. | |
away the economic growth that we have, that you end up piling more | :18:32. | :18:35. | |
expenditure on welfare, unemployment benefit. What you will | :18:35. | :18:40. | |
do is worsen the economy and the deficit. See borrowing going up. In | :18:40. | :18:43. | |
terms of cred bltd, that, I think, will be the central -- credibility, | :18:43. | :18:47. | |
that, I think will be the central debate over the coming years. We | :18:47. | :18:51. | |
have a credible plan. Even before the election you talked p the | :18:51. | :18:55. | |
Alistair Darling plan, we accept some cuts are necessary this | :18:55. | :18:59. | |
Government can't even match the pace of the Alistair Darling plan. | :18:59. | :19:04. | |
As your research showed. couldn't make any propoganda out of | :19:04. | :19:08. | |
it either. You say, you have a deficit reduction plan, you have | :19:08. | :19:12. | |
one, but of course it will depend what happens with the economy. What | :19:12. | :19:16. | |
is the deficit reduction plan today, you don't have one, do you? | :19:16. | :19:20. | |
Murphy has outlined the cuts we think would be acceptable. He | :19:20. | :19:24. | |
talked about �5 billion in certain defence elements in the next five | :19:24. | :19:29. | |
years. Policing is a good example. The Government want to cut 20%, the | :19:29. | :19:33. | |
independent inspectorate say that would be very harmful. We have said | :19:33. | :19:37. | |
12% of police cuts is a level of reduction that is would be | :19:37. | :19:39. | |
sustainable, without hurting the frontline. There are differences | :19:39. | :19:44. | |
between us and the Government. much, just give us a figure then, a | :19:44. | :19:47. | |
straight forward figure, how much are you going to cut the deficit | :19:47. | :19:51. | |
by? We have said, and I think it is important to acknowledge we want to | :19:51. | :19:55. | |
cut the df sit, but not the pace the Government wanted -- deficit, | :19:55. | :19:58. | |
but not the pace the Government want. Roughly half over the four- | :19:58. | :20:01. | |
year period, that is the Alistair Darling plan. The problem is the | :20:01. | :20:05. | |
economy and the Government finances are not static but dynamic. When we | :20:05. | :20:08. | |
get to the next election we will have an opportunity to write a | :20:08. | :20:12. | |
manifesto and set out more details. By then the credibility might be | :20:12. | :20:16. | |
less than the poll of polls said today. As straight forward question, | :20:16. | :20:20. | |
is the deficit plan to reduce the deficit by a half by the end of the | :20:20. | :20:23. | |
parliament, what is it? That is the plan put before the public. There | :20:23. | :20:28. | |
are and today? Bear in mind that the public, we were rejected from | :20:28. | :20:31. | |
office, we lost the last general election, the public wanted to give | :20:31. | :20:35. | |
the benefit of the doubt to the Government. The key thing about | :20:35. | :20:38. | |
credibility, if they are not succeeding in delivering on the | :20:38. | :20:41. | |
expectations and the promises they made, the Government's credibility | :20:41. | :20:45. | |
will be shot to pieces. That is the alternative we have. That is the | :20:45. | :20:50. | |
challenge we have. If we can prove that actually building the economy | :20:50. | :20:55. | |
rather than stripping it out and cutting it into shreds will be | :20:55. | :20:58. | |
harmful, we have an opportunity to do that. Tomorrow morning's | :20:58. | :21:04. | |
Guardian, Ed Milliband talks p about the Tony Crossland era being | :21:04. | :21:08. | |
over, the proceeds of tax and growth going on schools and | :21:08. | :21:12. | |
hospitals and tax credits is gone. It will not be there. It will never | :21:12. | :21:19. | |
happen again. What is the point haeb? We are always going to -- | :21:19. | :21:25. | |
Labour? We will always believe in improving public services. There is | :21:25. | :21:29. | |
no option to do this any more? difference is this, we believe in | :21:29. | :21:32. | |
investing in public service, but in a fair and balance way. We will | :21:32. | :21:36. | |
have to make some tough choice, but this is a Government not thinking | :21:36. | :21:40. | |
through properly, the implication for the economy for public services | :21:40. | :21:43. | |
of the cuts agenda they are pursuing. Not just too far and too | :21:43. | :21:46. | |
fast, but failing to tackle the very deficit that theyp promised | :21:46. | :21:51. | |
they would sort out. In a cop of words, how would you characterise | :21:51. | :21:56. | |
the first week -- in a couple of words, how would you characterise | :21:56. | :22:01. | |
the first week for Ed Milliband? The media will characterise it in a | :22:01. | :22:04. | |
different way, he has shown strong leadership on Rupert Murdoch. | :22:04. | :22:09. | |
was last year? On rewriting the rules of capitalism, he has a | :22:09. | :22:13. | |
strong agenda, and this is a crucial year for us. The prevailing | :22:13. | :22:18. | |
orthodoxy in real life and in the movies is that bankers are bad, | :22:18. | :22:22. | |
sometimes mad, and definitely dangerous. But a new film paipbts a | :22:22. | :22:28. | |
more complex picture of Wall Street in 2008, when the caefpl hit like a | :22:28. | :22:34. | |
freight train. Now some of the best actors in town, Stanley Tucci, | :22:34. | :22:38. | |
Jeremy Irons and Demi Moore, have waved their usual fees to appear in | :22:38. | :22:42. | |
Margin Call. A low of-budget film about an investment bank in the | :22:43. | :22:48. | |
middle of huge lay of-offs and discovers huge discrepencies on the | :22:48. | :22:51. | |
books. JS Chandor, the son of an investment banker wrote and | :22:51. | :22:55. | |
directeded the film, I spoke him earlier todayment I should warn you | :22:55. | :22:59. | |
there is some strong language that follows. Hello. I need you guys to | :22:59. | :23:03. | |
come back up here. Just trust me, I need you guys back here, now. | :23:03. | :23:09. | |
a minute, what am I looking at. This figure here? Is that figure | :23:09. | :23:17. | |
right. So, what you are telling me is, that the music is about to stop, | :23:17. | :23:25. | |
and we are going to be left holding the biggest bag of oderous | :23:25. | :23:29. | |
excrement ever assembled in the history of capitalism. You don't | :23:29. | :23:32. | |
moralise about the people who are there, do you, you kind of let them | :23:32. | :23:37. | |
tell their own story? In the US the films come out a month or two ago, | :23:37. | :23:43. | |
in the US on the left people have been a little upset that I wasn't | :23:43. | :23:48. | |
quite citle kal enough, that -- critical enough, that I wasn't | :23:48. | :23:52. | |
demonising these people. I think their actions speak for themselves, | :23:52. | :23:59. | |
I didn't want charicatures of these people, I wanted to actually try to | :23:59. | :24:02. | |
look at the decision making process. One of the most affecting scenes is | :24:02. | :24:07. | |
the opening scene,s almost like a zombie movey, people are getting up | :24:07. | :24:12. | |
are from desks, putting their boxes down, going to the lift, evacuating | :24:12. | :24:17. | |
the buildings. A friend of mine who works in the city, called me from a | :24:17. | :24:21. | |
Citibank trading floor. He said get down here, you should see what is | :24:21. | :24:26. | |
about top happen. A team had HR, human resources people, came in and | :24:26. | :24:33. | |
set up camp in every room, and your phone would ring. I am obviously | :24:33. | :24:38. | |
sorry that we are here today, but these are extraordinary times, as | :24:38. | :24:43. | |
you very well must know. Look I run risk management, I don'tle really | :24:43. | :24:47. | |
see how that is a natural place to start cutting jobs. We understand | :24:47. | :24:57. | |
this is in no way personal, the majority of this floor is going | :24:57. | :25:00. | |
today. The hiring and firing situation may shed more light on | :25:00. | :25:04. | |
how we got to where we were than the technicalties of what the | :25:04. | :25:12. | |
trading was going on. Studying the way friction ratios underlines use | :25:12. | :25:18. | |
under reduces gravity loads. So you are a rocket scientist. I was. | :25:18. | :25:23. | |
Interesting. How did you end up here? It is all just numbers, | :25:23. | :25:27. | |
changing what you are adding up, and to speak freely, the m money | :25:28. | :25:33. | |
here is more attractive. There certainly is a disconnect between | :25:33. | :25:38. | |
this new generation of brilliant qants, the mostcateded people on | :25:38. | :25:44. | |
the plan the. And you know, a fundamental guy who came up through, | :25:44. | :25:50. | |
most educated people on the planet, and who a fundamental Kay who came | :25:50. | :25:56. | |
up there you the ranks. Of the two banks one or two went under, and | :25:56. | :26:00. | |
the issue was the CEO not comprehending what is going on. | :26:00. | :26:05. | |
Speak as you like to a young child or golden retrieve, it wasn't | :26:05. | :26:11. | |
brains that got me here, I can assure you of that. In visiting the | :26:11. | :26:16. | |
floors, you ran into MIT rocket scientists. And I think one of the | :26:16. | :26:22. | |
things, the film, although it is structured as a thriller, and | :26:22. | :26:27. | |
hopefully keeps the audiences on the edge their seat. At its core it | :26:27. | :26:32. | |
is also a tragedy. Because it is really lost potential, making money | :26:32. | :26:40. | |
from money, instead of making money from making things. Is that the | :26:40. | :26:45. | |
best use for our best and brightest. I know my answer for that. | :26:45. | :26:48. | |
Ironically you are a product of the boom years in investment banking, | :26:48. | :26:52. | |
your father worked for Merrill Lynch for more than 30 years. That | :26:52. | :26:55. | |
was a big influence on you? father was not a trader like the | :26:55. | :26:59. | |
characters in the film. Mid-level banker for many years. We also | :26:59. | :27:05. | |
lived in communities of bankers. So how that influenceded me was that I | :27:05. | :27:10. | |
learned what these people cared about. Presumably you don't think | :27:10. | :27:16. | |
youred dad was a bad guy? Sometimes! I'm kidding. He is | :27:16. | :27:20. | |
certainly not out to save the world, so he made selfish choices to take | :27:20. | :27:26. | |
care of had his family n way. Anyone that goes into that -- In a | :27:26. | :27:30. | |
way. Anyone going into that industry make as choice when they | :27:30. | :27:34. | |
enter it. They are making choices a teacher is not. My father is not an | :27:34. | :27:39. | |
evil or a charicature, he is a person who went to work every day, | :27:39. | :27:43. | |
and you know, at times was investing money for a teachers' | :27:43. | :27:48. | |
union, so he felt that banking could serve a purpose. | :27:48. | :27:57. | |
I just don't know how we locked this up quite so much. When did you | :27:57. | :28:01. | |
start feeling so sorry for yourself, it is unbearable. What, so you | :28:01. | :28:04. | |
think we might have put a few people out of business today, it is | :28:04. | :28:09. | |
all for nougt, but you have been doing that every day for almost 40 | :28:09. | :28:14. | |
years, Sam. If this is all for nougt, then so is everything out | :28:14. | :28:23. | |
there. It is just money, it is made up. Pieces of paper with pictures | :28:23. | :28:28. | |
on it so we don't have to kill each other just to get something to eat. | :28:28. | :28:32. | |
It is not wrong. It is certainly no different today than it has ever | :28:32. | :28:35. | |
been. It seems to me that you are saying this will happen again, we | :28:35. | :28:39. | |
will go there again, is the film a warning? I guess the answer would | :28:39. | :28:46. | |
be, being left to their own devices, of course this will happen again. | :28:46. | :28:52. | |
So the point is to expect Jeremy Irons character to make massive | :28:52. | :28:57. | |
changes of his own way doing business is a fool's errand. We | :28:57. | :29:05. | |
need toen gauge, and the banking sis -- to engage, and the banking | :29:05. | :29:10. | |
system is there for us, not the system is there for us, not the | :29:10. | :29:16. | |
other way around. The papers now. Alert over dangers of cosmetic | :29:16. | :29:26. | |
:29:26. | :29:35. | ||
That's all from Newsnight tonight. Bob Holness died today at the age | :29:35. | :29:45. | |
of 83. He will be remembered as the presenter of BlockBusters, the | :29:45. | :29:51. | |
children's programme. A P please, bob. Yes, if that's how you feel. | :29:51. | :29:55. | |
A new contestant to play the game. Join us, we look forward to your | :29:55. | :29:58. | |
company. Goodbye. | :29:58. | :30:08. | |
:30:08. | :30:09. | ||
Here is the host of BlockBusters, Bob Holness. | :30:09. | :30:13. | |
Hello there. If p you have been affect by the recent storms. You | :30:13. | :30:17. | |
will be pleased to know this week's weather will be run of the mill. | :30:17. | :30:20. | |
Bright and breezy sums it up for much of the UK on Saturday. A few | :30:20. | :30:24. | |
showers, but they will be fleeting, and they won't amount to much. Some | :30:24. | :30:28. | |
getting into parts of north-east England in the Pennines. Many | :30:28. | :30:33. | |
places will stay dry and avoid the showersen tierl. A lot sunshine | :30:33. | :30:37. | |
across -- showers entire, a lot of sunshine across East Anglia, a bit | :30:37. | :30:42. | |
of a broz, a layer or two if you are -- a breeze, a layer or two if | :30:42. | :30:49. | |
you are out and about. Across Devon and Cornwall the odd scud of rain. | :30:49. | :30:52. | |
Showers possible. Dry, bright and breezy afternoon in the offing. | :30:52. | :30:55. | |
That is the case for Northern Ireland. A bit more cloud in the | :30:55. | :30:59. | |
west, and for Scotland as well. That cloud will be thicker and | :30:59. | :31:03. | |
producing sharp showers across the northern half Scotland. Dryer and | :31:03. | :31:06. | |
brighter further south and east. That is the picture as we end the | :31:06. | :31:11. | |
day. It stays dry into nightimement increasingly cloudy from the west. | :31:11. | :31:14. | |
An unsettled scene across northern and western parts of Europe. | :31:14. | :31:19. | |
Western fronts will bring further outbreaks of rain. A God dop lol, | :31:19. | :31:25. | |
recently. Further south into the Mediterranean, showers across the | :31:25. | :31:29. |