11/11/2015

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:00:07. > :00:10.Tonight, a year from the US elections, we are live in New

:00:11. > :00:13.Hampshire - the first primary state to cast its ballot for president,

:00:14. > :00:21.to ask if the anti-politics movement could change the vote.

:00:22. > :00:24.We've got momentum because people want to see our country be great

:00:25. > :00:29.What would you do on the first day in the White House?

:00:30. > :00:31.We'd do many things, so many things you wouldn't believe it.

:00:32. > :00:37.The Bank of England governor declares good things are happening

:00:38. > :00:50.The financial services employs many people across the UK, it is our

:00:51. > :00:53.largest export industry, about 8% of GDP, it is incredibly important that

:00:54. > :00:57.we get this right, we think we've made a lot of progress.

:00:58. > :01:01.We'll hear if it's time to get over the crash, and learn

:01:02. > :01:05.And science has found a new secret route to happiness.

:01:06. > :01:14.You just have to give up looking at Facebook.

:01:15. > :01:20.Exactly a year from today, this country will have

:01:21. > :01:26.The race for the White House is a long, protracted

:01:27. > :01:28.and often baffling affair for those watching it outside America.

:01:29. > :01:31.But this time around, there's a sense

:01:32. > :01:36.those in this country feel just as confused by what they're seeing.

:01:37. > :01:39.The Republican Party, which controls both Houses of Congress,

:01:40. > :01:43.is in the midst of an identity crisis which is tearing it apart.

:01:44. > :01:46.What's emerging from the rubble is an anti-politics voice - the likes

:01:47. > :01:50.of which we are already familiar with in Europe and at home.

:01:51. > :01:53.But could this anger at the establishment ultimately decide

:01:54. > :01:58.It's a question we'll be asking politicians in just a moment.

:01:59. > :02:03.But first, we caught up with some of the candidates in this key electoral

:02:04. > :02:09.Veterans' Day in America is a colourful affair.

:02:10. > :02:12.The soldiers and their families, the living embodiment of America's

:02:13. > :02:20.history, the legacy of her battles lost and won.

:02:21. > :02:24.And here, in New Hampshire, a key target state

:02:25. > :02:29.for presidential candidates, many have come to pay homage, not

:02:30. > :02:31.just to fallen friends, but to a rising star,

:02:32. > :02:36.a would-be commander-in-chief who looks like this.

:02:37. > :02:39.Donald Trump, businessman, or should that be showbusinessman,

:02:40. > :02:42.who I first met a few years back, wants to be president.

:02:43. > :02:45.I asked him how he explains the momentum.

:02:46. > :02:48.We're doing so well in all the polls and we're leading

:02:49. > :02:51.as you saw last night - we were number one in the polls.

:02:52. > :02:54.We had seven polls today on the debate, as to who won,

:02:55. > :03:00.We have a great momentum going, because people want to see

:03:01. > :03:05.our country be great again, it is as simple as that.

:03:06. > :03:08.What would you do on your first day in the White House?

:03:09. > :03:10.So many things you would not believe me.

:03:11. > :03:15."The Donald", exposed to the US public through reality TV.

:03:16. > :03:18.I think everything we do is better than Hillary.

:03:19. > :03:20.Viewing figures remain his favourite metric.

:03:21. > :03:23.I can tell you also the ratings were much greater.

:03:24. > :03:30.Is it all about ratings, or politics?

:03:31. > :03:35.And for over 100 days here, he's led the polls as the Republican

:03:36. > :03:39.Donald Trump lives in a world of winners and losers

:03:40. > :03:42.and he understands what it means for America to be second place

:03:43. > :03:45.and that means he will bring his A game to the office.

:03:46. > :03:52.People are rallying around what he is standing for and what he is

:03:53. > :04:00.standing for are those good, solid values that I think we've lost.

:04:01. > :04:02.Ask about Trump's political qualifications

:04:03. > :04:09.This is the anti-politics politician,

:04:10. > :04:15.and the Republicans are lapping it up.

:04:16. > :04:18.Donald Trump has both emerged into and defined something you might

:04:19. > :04:22.No one expects him to back up his claims with proof.

:04:23. > :04:25.Evidence, data, that is for wimps, unless you are talking about TV

:04:26. > :04:28.No, Donald Trump defines himself as the man who understands

:04:29. > :04:31.the American dream, and just as importantly, the American fear.

:04:32. > :04:35.If there's something you don't agree with, well, you're wrong,

:04:36. > :04:37.that's the world according to Donald Trump.

:04:38. > :04:40.I think he's a vehicle for anger for a lot of people.

:04:41. > :04:43.There's a sense in which some people want a strongman, someone to come

:04:44. > :04:50.There is a way in which this is a kind of post-modern

:04:51. > :04:53.period for many Republican voters, where there are not objective truths

:04:54. > :05:04.I think Trump is the avatar of anti-reason.

:05:05. > :05:07.Trump says he wants to deport illegal Mexican immigrants

:05:08. > :05:10.and build a wall across the border to stop them coming back.

:05:11. > :05:13.They bring in drugs, they bring in crime.

:05:14. > :05:19.An accusation that has sealed his popularity on the right

:05:20. > :05:27.of the party, and left Hispanics in America reeling.

:05:28. > :05:30.Alfredo opened up this diner in Chicago's south side four years ago.

:05:31. > :05:34."If he came into my restaurant", he tells me, "I would show him

:05:35. > :05:36.how hard we work and remind him of his own Latino employees that

:05:37. > :05:52.Now every year more than 800,000 Hispanics turn 18, in other words

:05:53. > :05:55.one every 30 seconds reaches the voting age in this country, the

:05:56. > :06:04.When Bush won the presidency, he did so on 40% of the Latino vote,

:06:05. > :06:06.but that growth in the population means that any future Republican

:06:07. > :06:10.It makes you wonder why some of them aren't trying

:06:11. > :06:18.When all of you guys pile on, that is actually going to help me.

:06:19. > :06:24.Ben Carson, retired neurosurgeon, and creationist, believes you

:06:25. > :06:28.fight illegal immigration with armed drones on the Mexican border.

:06:29. > :06:31.He's another candidate with no executive experience and is fending

:06:32. > :06:33.off one of the strangest accusations of any electoral cycle.

:06:34. > :06:36.Claims he invented a violent past in which he threatened his own

:06:37. > :06:42.mother with a hammer, to give himself an interesting back story.

:06:43. > :06:45.The Republican party is going through a very odd period right now.

:06:46. > :06:55.The question is whether the fever will break or the virus will end.

:06:56. > :07:00.I hope it does, but I'm not certain that it does.

:07:01. > :07:03.But you're quite right, usually the Republican party is a very orderly

:07:04. > :07:07.party and it is about the next in line and they nominate people with

:07:08. > :07:11.governing experience, people who are safe and who can be counted on.

:07:12. > :07:17.Ohio Governor and presidential candidate.

:07:18. > :07:20.He is seen as solid, part of the establishment, and he's struggling

:07:21. > :07:32.I think that people look at the problems and they look at the

:07:33. > :07:35.dysfunction and they think, "Maybe we better have a whole new

:07:36. > :07:38."Maybe this football team doesn't work any more".

:07:39. > :07:41."Maybe we should pick some people out of the stands and see

:07:42. > :07:49.But I think at the end, that's not the way we operate.

:07:50. > :07:52.Come on, folks, we all know you can't pick them up and ship

:07:53. > :07:57.Kasich and Trump clashed at last night's TV debate over

:07:58. > :08:05.Republican commentators declared Kasich the loser.

:08:06. > :08:08.But those close to the centre, like the Cuban-American Marco Rubio,

:08:09. > :08:12.may ultimately have the last laugh in this race.

:08:13. > :08:16.Because for all the feel this has of a beauty contest, what it really

:08:17. > :08:20.First in the changing demographics of the country as a whole,

:08:21. > :08:22.and secondly, just as importantly, in what they call delegate maths.

:08:23. > :08:25.It is the Republican party delegates who ultimately choose

:08:26. > :08:28.their candidate when they meet for the convention next summer.

:08:29. > :08:30.And this party tends to have a bias towards centrism,

:08:31. > :08:46.Once the sound bite and the fury of the noisy ones dies down,

:08:47. > :08:49.But don't underestimate the anger of America right now or

:08:50. > :08:56.the disarray of the party these candidates want to lead.

:08:57. > :09:09.What to make of this race and the questions this is throwing up? I'm

:09:10. > :09:14.joined by Frank Guinta and David Boutin. David, listening to the

:09:15. > :09:18.analogy that Kasich was using, he said it is like we have football

:09:19. > :09:23.players that don't work and we are trying to bring in new players to

:09:24. > :09:30.see if anyone scores goals. Does that sum up the Republican party?

:09:31. > :09:33.That is a good analogy. It is not in soccer, you call it a striker, we

:09:34. > :09:41.are trying to find a quarterback for our team in this country and that is

:09:42. > :09:47.the conversation that is going on at the family table. When you look at

:09:48. > :09:51.these extreme candidates, the insurgents by Donald Trump, Ben

:09:52. > :09:53.Carson, do you think they are speaking to an America that will

:09:54. > :10:06.stay with them for the next 12 months? Honestly, they are speaking

:10:07. > :10:10.to a sliver of the Republican Party that is with some justification very

:10:11. > :10:17.angry with Washington. But I believe at the end of the day, when we vote

:10:18. > :10:23.here in New Hampshire, we will see someone other than Donald Trump or

:10:24. > :10:27.Ben Carson, who will win the New Hampshire primary. You have not made

:10:28. > :10:37.up your mind. You watched the debate last night, presumably, who did you

:10:38. > :10:40.like? I did watch the debate, and like everyone here in New Hampshire,

:10:41. > :10:45.I like to see the candidates upfront, in the living rooms of my

:10:46. > :10:50.friends and colleagues throughout New Hampshire. I'm looking for

:10:51. > :10:53.someone who is a leader and has a vision and who can win the general

:10:54. > :11:01.election. I have not figured out that person yet. We have a great

:11:02. > :11:05.group of candidates who are speaking to the anger and frustration of

:11:06. > :11:10.Washington, DC, and you get a lot of energy and excitement as a result of

:11:11. > :11:13.that, but today in November, three months from the New Hampshire

:11:14. > :11:18.primary and there is a lot left to play in this game. It is to be

:11:19. > :11:21.determined. I will say, as we continue, the campaigning, and the

:11:22. > :11:27.debates, in terms of who I will support. I was with Donald Trump

:11:28. > :11:31.this morning, his book speaks of the real anger that many people in the

:11:32. > :11:37.room were feeling at the moment, whether that is about wages or

:11:38. > :11:42.immigration or about a past time of America that felt better. Where is

:11:43. > :11:49.the anger coming from? The anger is that we have high unemployment, we

:11:50. > :11:52.have under employment, the lowest Labour participation rate in modern

:11:53. > :12:01.history, and economically people are not doing as well as they were

:12:02. > :12:05.before 2008, and there's a level of frustration at our president, at

:12:06. > :12:09.least among people in our party and also independent voters. This

:12:10. > :12:15.antiestablishment wave, do you think this is what... I assume Jeb Bush

:12:16. > :12:21.will be part of this and also Kasich, maybe Marco Rubio, they can

:12:22. > :12:27.reject those voices, and say, we don't like anyone who has worked in

:12:28. > :12:36.government or politics before? This all began in 2007, that is when it

:12:37. > :12:40.started to bubble, and it came to the top around 2008 and the

:12:41. > :12:48.beginning of the year after that, when we had to bail out the banks

:12:49. > :12:51.and the auto industry. The president put up the programme for homeowners

:12:52. > :12:57.who were experiencing bankruptcy, and people back home simply said

:12:58. > :13:01.they had had enough of government interfering with their lives and

:13:02. > :13:08.with the marketplace, and that has continued in the last few years. We

:13:09. > :13:13.had Obama K, which has had an impact on our economy and employers and

:13:14. > :13:22.they have not hired more people because they are frayed of going

:13:23. > :13:28.over that threshold -- Obama Care. You are talking about this as if the

:13:29. > :13:32.publican party did not control the Senate and Congress, there must be

:13:33. > :13:38.an anger with the party itself, is on deck was not -- the Republican

:13:39. > :13:47.Party. It is twofold, the majority of the time under Obama, has been

:13:48. > :13:57.with a majority of Democrats, the Republicans only took over the house

:13:58. > :14:00.recently. As a result of that, we are not over what the President's

:14:01. > :14:06.proposals are cover but there is frustration within the party that we

:14:07. > :14:11.cannot get things done. As a result, the voters are looking at candidates

:14:12. > :14:17.other than the traditional US Senator candidates. I will be very

:14:18. > :14:23.unfair, who would you put money on right now? It will determine who

:14:24. > :14:30.will win the New Hampshire primary, and I think it is too early to tell.

:14:31. > :14:35.Although I have a candidate that I'm supporting, it is too early, and

:14:36. > :14:43.there's a lot which will happen in the next few months. Frank Guinta,

:14:44. > :14:46.David Boutin, thanks very much. We will be catching up with a

:14:47. > :14:54.Democratic strategist as Wheeler at the Hillary Clinton campaign in a

:14:55. > :14:57.York. -- as we look at the Hillary Clinton campaign in New York.

:14:58. > :15:00.It's the best of our industries, it's the worst of our industries -

:15:01. > :15:05.It's the best, because we are world leaders in international banking,

:15:06. > :15:07.and it earns a remarkable amount for the country.

:15:08. > :15:11.Well, you don't need me to remind you of why.

:15:12. > :15:14.And today the Bank of England held an open forum to

:15:15. > :15:17.take soundings on how to better ensure we get more wisdom and less

:15:18. > :15:20.Most striking was the bank governor's declaration that

:15:21. > :15:25.the industry is increasingly "part of the solution rather than

:15:26. > :15:29.the problem", notwithstanding some bad apples, hinting it's time

:15:30. > :15:40.We'll discuss that shortly, but some first thoughts from Duncan Weldon.

:15:41. > :15:45.Today, the great and the good of the financial sector gathered at

:15:46. > :15:48.London's Guild Hall to discuss the city.

:15:49. > :15:49.Before 2008, financial services were the UK's

:15:50. > :15:52.golden goose, but then that golden goose fell the nest and Britain had

:15:53. > :16:00.Seven years on, policy towards bankers is changing direction.

:16:01. > :16:05.A survey carried out by the Bank of England found that only one in three

:16:06. > :16:08.members of the public think that what happens in financial markets

:16:09. > :16:14.It is to try and allay those sort of fears that the Bank of England

:16:15. > :16:18.is today hosting what it calls its open forum.

:16:19. > :16:23.It is public meetings in London, Birmingham and Edinburgh.

:16:24. > :16:25.It is even encouraging people to take to social media

:16:26. > :16:29.In fact, earlier today, BOE Open Forum briefly trended on Twitter.

:16:30. > :16:32.Although to be fair, it did not get as much attention

:16:33. > :16:35.But the people inside the hall were more interested

:16:36. > :16:41.We want to profile today not only the progress made

:16:42. > :16:45.in reforming markets but to spur this continual process of review.

:16:46. > :16:48.This isn't just about fixing the fault lines of the last crisis.

:16:49. > :16:52.It's also about seizing new opportunities from

:16:53. > :16:59.And it's about building truly global markets in the UK and elsewhere.

:17:00. > :17:06.With cross-border governance and co-operation structures

:17:07. > :17:22.Britain has two financial systems, including the city in Canary Wharf.

:17:23. > :17:27.The international firms have driven much of the sector's growth. The

:17:28. > :17:32.combined balance sheet is, the value of their liabilities, have soared

:17:33. > :17:36.over the last few decades. In the 1960s, the banking system balance

:17:37. > :17:42.sheet was slightly smaller than the UK economic output. By 2010, it was

:17:43. > :17:47.almost six times as big, doubling in size in just 15 years. Today, Mark

:17:48. > :17:52.Carney said that by 2050, it could have grown to 15 times GDP, but is

:17:53. > :17:56.this something to celebrate or something to fret about? One person

:17:57. > :18:01.not fretting was on his way to dinner when we spoke to him and

:18:02. > :18:04.doesn't always dressed like this. Over 1 million people are employed

:18:05. > :18:10.in financial services, not just in London but across the country, and

:18:11. > :18:13.the associated support services that go with core financial employment.

:18:14. > :18:18.It is undoubtedly a great asset, we are very good at it in this country

:18:19. > :18:23.and it contributes about 8% of GDP, about the same as the creative

:18:24. > :18:28.industries as a whole. Recent IMF research suggested that in general a

:18:29. > :18:32.bigger and more developed financial sector is good for growth. But, and

:18:33. > :18:37.this is important, they also found it is possible to have too much of a

:18:38. > :18:43.good thing. That beyond a certain point, a large financial system,

:18:44. > :18:45.rather than adding to economic growth, added to economic

:18:46. > :18:49.volatility. In Japan, the US and Ireland, they found that tipping

:18:50. > :18:53.point had been passed, and while they did not specifically look at

:18:54. > :18:57.the UK, given how large our financial system is, you could guess

:18:58. > :19:01.which side of the line we would be on. It is not so much the size of

:19:02. > :19:08.the system that is a worry but what it does. If it is just financing, it

:19:09. > :19:14.is a problem that is too big. In the last 30 years we have had gross

:19:15. > :19:18.value added compared to the rest of the economy... If the financial

:19:19. > :19:25.sector was nurturing capital development of the economy, if it is

:19:26. > :19:28.too big or too small... When you have a useless financial sector just

:19:29. > :19:33.focused on itself, that is a problem. The forum today asked the

:19:34. > :19:38.questions but did not get to the answers. Is the financial sector

:19:39. > :19:42.fixed? Did we overdo it with the post-recession clamp-down? Are we

:19:43. > :19:45.just being too quick to forget the lessons of the recent past? Some

:19:46. > :19:47.good questions. Of course, there are two

:19:48. > :19:49.financial service industries. The one designed to serve us,

:19:50. > :19:52.and the global one that sees We need both domestic

:19:53. > :19:57.and international finance to work. With me are fund manager

:19:58. > :20:01.Nicola Horlick and economist John Kay, author of

:20:02. > :20:13.Other People's Money, about the John was at the open forum this

:20:14. > :20:17.morning. As I understand it, the book effectively says the banks are

:20:18. > :20:22.solving each other's problems in complicated ways rather than dealing

:20:23. > :20:26.with ordinary... Yes, we had figures about bank assets and liabilities

:20:27. > :20:29.having grown to six times GDP, but what is behind that is the assets of

:20:30. > :20:36.banks are mostly the liabilities of other banks, and... From each other?

:20:37. > :20:46.Overwhelmingly trading with each other. The complexity was created by

:20:47. > :20:50.bankers? Some of it is created by bankers, let's not say to milk the

:20:51. > :20:54.rest of us but to bemuse the rest of us. Quite a lot comes from the

:20:55. > :20:59.complexity of the regulatory system. We need to see regulation as being

:21:00. > :21:04.as much a part of the problem as of the solution. That has generated a

:21:05. > :21:09.lot of this activity and the complexity of it. That is the basic

:21:10. > :21:14.critique, in a nutshell. I think back to the 70s and the early 80s,

:21:15. > :21:18.and how dire the economy was. What would we have done if we had not had

:21:19. > :21:23.financial services? It is very important to our economy, as

:21:24. > :21:26.everyone keeps saying 1 million people are employed in financial

:21:27. > :21:32.services in the UK, or relatively highly paid. The money they spend

:21:33. > :21:36.promotes lots of other businesses in our country. -- all relatively

:21:37. > :21:42.highly paid. Estimates vary, but it is between 8-10% of GDP produced by

:21:43. > :21:46.the sector. You are talking about the international industry and what

:21:47. > :21:50.it sells to the world, the tens of billions of pounds of exports,

:21:51. > :21:54.correct? Well, some of it is domestic banking but that is the

:21:55. > :21:59.boring bit. The useful bits for the economy in a balance of payments

:22:00. > :22:03.sense? Yes. We were lucky, we spoke English and that is why London was

:22:04. > :22:08.chosen as the financial centre of the world. They sit in the middle of

:22:09. > :22:14.the time zones. So we have lots of global heads of banks who sit

:22:15. > :22:17.here... Do you think any distinction should be drawn, John, between the

:22:18. > :22:23.failures of the British banking system to serve industry in

:22:24. > :22:27.Middlesbrough or an average saver, and the international banks which we

:22:28. > :22:31.are hosting? German banks selling services to Singapore... The

:22:32. > :22:36.distinction you are making is quite important. Most of the 1 million

:22:37. > :22:41.people Mark Carney was talking about are doing rather mundane clerical

:22:42. > :22:45.jobs in branch banks, call centres, insurance offices. A number of

:22:46. > :22:52.people work in what we might call the city, that is perhaps 150,000.

:22:53. > :22:58.The remuneration there of course is dramatic. The exports they generate

:22:59. > :23:02.is tens of billions. I don't think we know what the exports they

:23:03. > :23:07.generate are, just as we don't know what the contribution to GDP is.

:23:08. > :23:11.When you start burrowing down on the statistics, I am afraid you discover

:23:12. > :23:16.it is a bit of a mess. The truth is that the ordinary ways of measuring

:23:17. > :23:22.economic output don't work very well when you apply them to financial

:23:23. > :23:26.services. Is one of the reasons the public are frankly a bit sceptical

:23:27. > :23:30.when they hear people saying, is it time to draw closure on the crash,

:23:31. > :23:36.is it still feels as though the culprits got away with it. Not

:23:37. > :23:41.enough people went to jail. Hmm. It is difficult to know whether people

:23:42. > :23:45.should have gone to jail. You have to demonstrate they actually

:23:46. > :23:49.committed a crime. I'm not sure they were crimes as such. What happened

:23:50. > :23:54.was, there was a excess liquidity in the system. All sorts of very bad

:23:55. > :23:58.decisions were made. Whether that is a criminal offence, I'm not sure.

:23:59. > :24:04.Decisions they benefited from and then ultimately did not serve the

:24:05. > :24:08.shareholders or tax-payers... That is a slightly different argument.

:24:09. > :24:12.One thing I find a little odd is the shareholders did not play a bigger

:24:13. > :24:18.role. There were lots of warning signs and not many shareholders

:24:19. > :24:21.stood up and said, what are you doing, the people running the banks?

:24:22. > :24:25.That mystifies me, because the fund managers who control large holdings

:24:26. > :24:29.in these banks should have been saying something. There were plenty

:24:30. > :24:34.of warning signs. It mystifies me very much when I asked asset

:24:35. > :24:39.managers, why didn't you do something about RBS, which went bust

:24:40. > :24:44.in 2008, the answer I kept getting was, it was more important for us to

:24:45. > :24:49.be more underweight in the Royal Bank of Scotland than it was to

:24:50. > :24:53.answer back... So the shareholders were saying, rather than do

:24:54. > :25:01.something about a bank about to go bust, we just get out quicker than

:25:02. > :25:05.the next guy? Until we change that kind of structure, we are not going

:25:06. > :25:10.to change much about shareholders and banks. Duncan showed a graft

:25:11. > :25:19.that showed how big the British banking sector has become. -- a

:25:20. > :25:27.graft. -- a graph. Lastly bigger than GDP. Should it worry us? --

:25:28. > :25:32.lastly bigger than GDP. If the banks want to settle here, we should let

:25:33. > :25:37.them. Overall it is good news for us that the banking sector is as big as

:25:38. > :25:41.it is. And by the way, when we say, banking sector, there are lots of

:25:42. > :25:45.things within banks that are not strictly banking. I have worked for

:25:46. > :25:50.three banks but I am not a banker, I am a fund manager. Lots of things

:25:51. > :25:55.that sit within banks are not strictly banking, it can be managing

:25:56. > :25:59.assets. In terms of whether we should be concerned, the problem is

:26:00. > :26:03.watching over them and regulating them is a very difficult task. It is

:26:04. > :26:07.very hard for the regulators to keep track when you have lots of super

:26:08. > :26:13.clever people doing whizzy things with computers. Does it worry you,

:26:14. > :26:17.John? It worries me a lot. A couple of points in what Nicola said. One,

:26:18. > :26:23.she pointed out that she has worked for several banks and she is not a

:26:24. > :26:26.banker. Most people who for banks are not bankers. We have created

:26:27. > :26:31.huge financial conglomerates which have clashes of culture and conflict

:26:32. > :26:35.of interest, not capable of being managed by anyone, far less

:26:36. > :26:39.regulated by anyone. So instead of saying we need better regulators,

:26:40. > :26:42.which is a hopeless task, we should create a structure in the industry

:26:43. > :26:48.which people can manage, which serves customers better and which is

:26:49. > :26:50.actually possible to regulate I hope in a fairly minimalist way. Thank

:26:51. > :26:55.you both very much. A pretty important social experiment

:26:56. > :26:57.has been carried out in Denmark, with what looks

:26:58. > :27:00.like a very clear result. 1,000 regular users of Facebook

:27:01. > :27:03.were divided into two samples - one lot told to stop using Facebook

:27:04. > :27:06.for a week, the others told to carry on using it

:27:07. > :27:09.as normal, reading about their Both groups were interviewed

:27:10. > :27:15.about happiness and well-being at Yes, on multiple dimensions,

:27:16. > :27:23.the half who had stopped using Fewer of them felt depressed,

:27:24. > :27:28.sad, angry, lonely or worried. More of them were happy,

:27:29. > :27:31.enthusiastic and decisive. Let's talk to Meik Wiking, CEO of

:27:32. > :27:36.the Happiness Research Institute in Denmark, and Charlotte Reed, author

:27:37. > :27:53.of May The Thoughts Be With You. Meik, how strong were these

:27:54. > :27:58.results? How robust were they when you did this test? How accurate do

:27:59. > :28:03.you think the test was? Quite accurate for the short-term effect.

:28:04. > :28:09.We don't know what the long-term effect would be. What we found was,

:28:10. > :28:14.especially within life satisfaction, we saw an increase of 0.5 an hour

:28:15. > :28:20.scale, which doesn't mean a lot to people who don't look at these

:28:21. > :28:25.numbers every day. -- 0.5 an hour scale. If we compared the 10% in

:28:26. > :28:31.Denmark with the richest 10%, the difference between those two groups

:28:32. > :28:35.is one point. And the difference in life satisfaction was halfway

:28:36. > :28:39.point, quite strong in just one week of experiment. The difference

:28:40. > :28:43.between the poorest 10% in the richest 10% in Denmark is not as big

:28:44. > :28:50.as in some other countries. That is true. Let's go into the theory. You

:28:51. > :28:54.ask them all what they posted on Facebook and a large number said

:28:55. > :28:58.that what they put on Facebook is the good news in their lives, the

:28:59. > :29:04.upbeat stuff. This is crucial to your theory about why sometimes

:29:05. > :29:07.Facebook makes us less happy. Right. We have known for some time through

:29:08. > :29:13.other studies, data across the world, that people care about

:29:14. > :29:18.relative terms. They care about how much money they are making compared

:29:19. > :29:26.to the neighbour, to Mark in the marketing department. We wanted to

:29:27. > :29:29.test the fact that people are really good at making these social

:29:30. > :29:33.comparisons and that social media such as Facebook enable is asked to

:29:34. > :29:37.make even more social comparisons. So the fact that people mainly post

:29:38. > :29:43.all of the great news that happens in their lives, the amazing job they

:29:44. > :29:47.got in the city as you mentioned in the previous story, the wedding

:29:48. > :29:51.pictures, the trip to Bali, we are constantly bombarded with great news

:29:52. > :29:58.from our peers and our networks. We think that the background makes us

:29:59. > :30:03.evaluate our lives less. Charlotte, your experience bears out the fact

:30:04. > :30:12.that Facebook can impact on your mood. Tell us your story. You were

:30:13. > :30:16.depressed, basically. I had depression in 2008, when I got over

:30:17. > :30:20.this horrific state, I decided to post a positive thought that I'd

:30:21. > :30:24.written myself, and put it on Facebook every morning, to try and

:30:25. > :30:27.inspire other people, and those thoughts were to help myself

:30:28. > :30:32.initially, but they helped other people, and I did that because I

:30:33. > :30:35.wanted my friends to get on board. I wanted them to help me get better.

:30:36. > :30:41.Your positive thoughts, they are like thought for the day, you are

:30:42. > :30:49.not saying, I'm packing the Paris. No. It is more motivational. You

:30:50. > :30:55.found being positive good uplift you a little bit? It really helped me.

:30:56. > :30:58.This was a small part of getting over depression, but it really

:30:59. > :31:02.helped my friends, as well, and they would get on board and look forward

:31:03. > :31:08.to my thought each morning. What you think of the result coming out of

:31:09. > :31:15.Denmark which says we basically look at Facebook and we get in -- envious

:31:16. > :31:20.of other people? It depends what you are posting, if you are posting

:31:21. > :31:24.inspiring content which is adding value to people, rather than making

:31:25. > :31:29.them feel insignificant compared to your life, that is not what Facebook

:31:30. > :31:33.should be about. You have a responsibility to not just project

:31:34. > :31:37.this image of a perfect personal but actually tell the truth and be

:31:38. > :31:44.realistic and honest. You have down days, as well. Meik, there are

:31:45. > :31:47.adverts, magazine covers with pretty people, pornography, where you can

:31:48. > :31:54.be a consumer of those things, and be made to feel less satisfied with

:31:55. > :31:59.yourself? You are perfectly right. Social comparisons, conspicuous

:32:00. > :32:02.consumption, this is an old phenomenal, but the new thing is

:32:03. > :32:09.that social media is a fantastic broadcasting system for that kind of

:32:10. > :32:15.behaviour. Charlotte's story is interesting, and there is evidence

:32:16. > :32:22.to support what she experienced. We find that people that keep journals,

:32:23. > :32:25.which is what she has done, they also find their life satisfaction to

:32:26. > :32:28.increase over time, that you simply train your brain to focus on the

:32:29. > :32:33.positive elements in your everyday life. In a word, if there's one

:32:34. > :32:36.thing we could do to consumer Facebook in a way which was

:32:37. > :32:46.constructive and did not make us angry and jealous, what would be

:32:47. > :32:51.your one sentence tip? I would ask people to present a more nuanced and

:32:52. > :32:53.coherent picture of their lives, the good side, but also the bad side.

:32:54. > :32:58.Thanks for joining us. In the history of all the Nobel

:32:59. > :33:01.Prizes ever handed out, eight have been awarded to people

:33:02. > :33:05.who originally come from India. And one of those went to Amartya

:33:06. > :33:08.Sen, 82 years old, he's one of the His Nobel was for economics -

:33:09. > :33:13.he's noted for insights But he's also a philosopher,

:33:14. > :33:17.a writer, Sometimes, frankly, his work has

:33:18. > :33:21.been technical and rather tough going, but he's just published

:33:22. > :33:24.a book of very readable essays on some of the themes

:33:25. > :33:26.that preoccupy him. I met Professor Sen to talk

:33:27. > :33:31.about poverty and about the Indian Prime Minister Narendra Modi, who

:33:32. > :33:34.starts an official visit tomorrow. Why the title,

:33:35. > :33:43.The Country Of First Boys? The Country Of First Boys,

:33:44. > :33:48.there are two points there, But also the preference for the

:33:49. > :33:54.first boys, like the monitor-type And the teacher says, "Oh,

:33:55. > :34:08.you're the first boy". So it is so focus

:34:09. > :34:16.on the success story. Then they come out of India,

:34:17. > :34:18.they run Microsoft, They run all kinds of things

:34:19. > :34:22.across the world. On the other hand,

:34:23. > :34:24.those who are left behind, boys or Some of them don't manage

:34:25. > :34:30.to get into school either. That inequality, as well

:34:31. > :34:32.as the gender inequality, that I The Indian Prime Minister is

:34:33. > :34:38.on an official visit to the UK We've had a lot of discussions with

:34:39. > :34:48.previous leaders about how much How much of a welcome should we

:34:49. > :34:54.extend to Prime Minister Modi? I think you should offer

:34:55. > :34:57.a very good welcome to a prime The question is,

:34:58. > :35:09.what are the things to discuss? Have they been better than what I

:35:10. > :35:18.expected? They have been somewhat

:35:19. > :35:22.worse than expected. Looking back over

:35:23. > :35:25.the last 20-25 years in India, and Indian history, it has loosened up

:35:26. > :35:27.quite a bit economically, correct? And are you really

:35:28. > :35:30.dissatisfied with that drift? I know you have been

:35:31. > :35:32.very ambivalent. I've been dissatisfied with

:35:33. > :35:40.the slowness of the drift. The oddity of what happened is that

:35:41. > :35:43.when Indian planning began it had a peculiar model of state interference

:35:44. > :35:45.which was entirely wrong. It wanted to do those things

:35:46. > :35:53.which it could not do well. Like controlling industrials or even

:35:54. > :35:55.running industrials And it has neglected those things

:35:56. > :36:05.which the state could do well if they had put the effort into it,

:36:06. > :36:08.namely education and health care. So neglected to do the good things,

:36:09. > :36:11.did all the bad things, You've thought more about what

:36:12. > :36:27.it is and what comprises it. The UK Government had

:36:28. > :36:29.a target to get child poverty more Many people have felt we are

:36:30. > :36:35.not going to hit that target. Poverty was defined

:36:36. > :36:39.in a very obvious way, your income was below 60% of the median income

:36:40. > :36:46.for the equivalent family. The British government has said it

:36:47. > :36:50.thinks that is too simplistic a notion of poverty,

:36:51. > :36:52.just looking at income. It wants to take more measures

:36:53. > :36:54.into account. It wants to look at whether their

:36:55. > :36:58.parents have work, maybe bring in What do you think about how a

:36:59. > :37:13.state should target child poverty? You see sometimes very good

:37:14. > :37:15.arguments could aid bad policy. And this is one of those cases,

:37:16. > :37:17.I think. You have to recognise that

:37:18. > :37:20.the real achievement of Britain, of course, is the period after the war,

:37:21. > :37:26.when the welfare state came in. Gordon Brown lost his job as

:37:27. > :37:32.a likely Prime Minister on grounds that, among other criticisms, the

:37:33. > :37:35.big one made is that 70% was the That was 225% when the National

:37:36. > :37:48.Health Service was introduced. When Harold Macmillan told

:37:49. > :37:51.the British that they had never had A great deal more than anywhere

:37:52. > :38:01.Gordon Brown had reached. Why is it that the debt was not

:38:02. > :38:03.a problem? Because it was steadily

:38:04. > :38:06.falling down. Not

:38:07. > :38:09.because they were doing austerity. But because they were

:38:10. > :38:11.having economic growth And also providing a level

:38:12. > :38:18.of health service which the British I think that Britain is very hard to

:38:19. > :38:24.see in anything which is going And tomorrow morning, British Indian

:38:25. > :38:47.relations will be to the fore The Times has led on a story that

:38:48. > :38:56.George Osborne is issuing an ultimatum over Trident. The Guardian

:38:57. > :39:00.leads with a funding catastrophe warning from universities over

:39:01. > :39:08.exiting the European Union. There is a selective photograph from the

:39:09. > :39:11.daily Telegraph of Jeremy Corbyn. John Kerry warns the climate deal

:39:12. > :39:16.will not be legally binding, that is in the Financial Times.

:39:17. > :39:18.That's just about it for tonight, Kirsty is here tomorrow.

:39:19. > :39:21.But we didn't want to go without making our contribution to

:39:22. > :39:23.a debate provoked by Conservative MP Oliver Colville,

:39:24. > :39:25.who used the hallowed ground of the House of Commons, no less,

:39:26. > :39:29.to propose replacing the lion as a national symbol with