:00:00. > :00:00.the Charlie Mulgrew put them in front? And Serena Williams has vowed
:00:00. > :00:00.to bounce back after lacklustre exit today at the French Open. That is in
:00:00. > :00:20.15 minutes after the Papers. Hello there, welcome to our look
:00:21. > :00:29.ahead to what the papers will be bringing us tomorrow. With me our
:00:30. > :00:33.columnist Gerry Russell of the times `` with me our columnist Jenni
:00:34. > :00:38.Russell of the Times and Neil Midgley. A member of the Bank of
:00:39. > :00:42.England committee that sets interest rates has told the Financial Times
:00:43. > :00:46.that the bank needs to start raising rates sooner rather than later. The
:00:47. > :00:52.Telegraph has more on the row engulfing the Liberal Democrats. The
:00:53. > :00:56.paper says Vince Cable is implicated in a shambolic coup attempt against
:00:57. > :00:59.the leader, Nick Clegg. The Guardian is carrying the same story alongside
:01:00. > :01:07.a photograph of Maya Angelou. The paper describes as a woman of
:01:08. > :01:12.passion and daring. The Metro says that the British EU tax burden may
:01:13. > :01:16.rise by ?500 million because of the crisis in Ukraine. Lib Dems in
:01:17. > :01:19.meltdown on the front of the Daily Mail, it also has a selfie taken by
:01:20. > :01:25.Susanna Reid of herself and Tom Cruise.
:01:26. > :01:34.What is on your front page? Susanna Reid and Tom Cruise! You want to
:01:35. > :01:43.look at Tom Cruise as well! I do, you got that one wrong! Absolutely!
:01:44. > :01:49.The Daily Telegraph, Lib Dems, Vince Cable in Lib Dem leadership bid, he
:01:50. > :01:53.says that was not the case. This is a very murky story, because he said
:01:54. > :01:57.that he didn't know anything about these polls, and Oakeshott said he
:01:58. > :02:00.knew perfectly well they were being commissioned in Nick Clegg's
:02:01. > :02:06.constituency and in Danny Alexander's. He didn't say that,
:02:07. > :02:08.actually. Oakeshott said that Vince Cable did not commission the polls
:02:09. > :02:14.but he knew they were being carried out in both the Sheffield
:02:15. > :02:20.constituency and in Alexander's, and he knew the result weeks ago. Cable
:02:21. > :02:23.says, I had absolutely no knowledge of and was not involved in any
:02:24. > :02:30.commissioning in surveys involved in Sheffield Hallam and Inverness. So a
:02:31. > :02:35.murky story, two incompatible perspectives. I do not think he is
:02:36. > :02:40.contesting that he knew what the polls showed. Well, except oak sod
:02:41. > :02:49.is saying that he had the results some weeks ago. `` Oakeshott. It is
:02:50. > :02:55.the British version of Clinton saying, I did not inhale. When he
:02:56. > :03:00.says, I had no knowledge of the surveys that were done in Sheffield
:03:01. > :03:03.Hallam and Inverness, did he mean, I did not know beforehand or
:03:04. > :03:06.afterwards? I am not involved in any
:03:07. > :03:13.commissioning of the surveys. So he knew the results. The bottom line is
:03:14. > :03:20.you are saying the front page is right, Table in leadership bid. I am
:03:21. > :03:29.not making that assumption, but it is a murky story, and Vince Cable
:03:30. > :03:32.has traded on being a straight talking kind of guy, and it will be
:03:33. > :03:35.very damaging for him and the Lib Dems as a whole if it turns out
:03:36. > :03:37.there is anything more to this than he is claiming now. I thought the
:03:38. > :03:44.Lib Dems couldn't be in more trouble than they were two days ago, but
:03:45. > :03:49.this is another level. This is a good story for Ed Miliband and David
:03:50. > :03:53.Cameron. And Nigel Farage, he may need some help. Nigel Farage is
:03:54. > :03:58.riding the crest of a wave, and I do not think Mr Cameron or Mr Miliband
:03:59. > :04:03.could say that they are. To my mind, the more tectonic story out of the
:04:04. > :04:07.European elections was that Labour was just one point ahead of the
:04:08. > :04:11.Tories. At the same stage in the last cycle, the Tories were 12
:04:12. > :04:15.points ahead of Labour. If I was at Miliband HQ, I would be worrying
:04:16. > :04:19.about connecting with the electorate, because he has failed to
:04:20. > :04:24.do it. Going back to the Liberal Democrats, all the polls are
:04:25. > :04:29.suggesting they will not have a very good time at the next election. That
:04:30. > :04:35.potentially will probably mean, possibly, that Nick Clegg would
:04:36. > :04:41.stand down. If, as you suggested, Vince Cable's reputation has been
:04:42. > :04:48.tarnished... If it is. Who would lead a party that could hold the
:04:49. > :04:52.balance of power? Tim Farron is waiting in the wings, ambitious,
:04:53. > :04:56.articulate, loyal. Very straight talking. The thing that puzzles me
:04:57. > :05:00.about this is the leadership bid, the whole plot was so badly done,
:05:01. > :05:05.because the person who commissioned the poll does not seem to have
:05:06. > :05:09.realised that the association rules say you have to admit to the poll
:05:10. > :05:13.was commissioned by. Initially, they were just said to have come from a
:05:14. > :05:17.Liberal Democrat, but actually the commission has to be publicly known,
:05:18. > :05:21.so I don't know why you wouldn't check the facts of how your plot is
:05:22. > :05:30.going to work before you pull the smoking gun. OK, yeah... Lib Dems,
:05:31. > :05:38.not very confident and anything, not even plotting. Not even stabbing
:05:39. > :05:41.people in the back! Staying with the Daily Telegraph, mortgage chief
:05:42. > :05:49.predicts cooling of house prices. Yes, this is the chief executive of
:05:50. > :05:56.Nationwide, predicting that the London housing market, which those
:05:57. > :05:58.of us in the capital know has been spiralling very rapidly upwards, he
:05:59. > :06:05.says it is cooling off, it has been frenetic and now it is just a very
:06:06. > :06:11.busy. Of course, this really does point to, well, a number of things,
:06:12. > :06:14.but possibly a two speed recovery between London and the south`east on
:06:15. > :06:19.the one hand and the rest of the country on the other. It also shows
:06:20. > :06:23.how much London property now is an internationally traded asset, just
:06:24. > :06:29.like gold or US dollars. It is a reserve asset now, and people
:06:30. > :06:37.from... I think 60% of London house sales are now in cash. In cash?
:06:38. > :06:43.Yeah, without a mortgage. He says these house prices are cooling. What
:06:44. > :06:47.is his sort of... What is his evidence? When you read the article,
:06:48. > :06:51.it is not quite that he is predicting cooling prices, he is
:06:52. > :06:54.asserting it, and he's pleading for the Bank of England not to start
:06:55. > :06:59.cooling the market themselves. He says it is important you have growth
:07:00. > :07:04.because it is good for the rest of the UK. I do not know what his logic
:07:05. > :07:09.is, that here he is saying that the housing market must be left to make
:07:10. > :07:12.a natural correction. The housing market is nothing if not an
:07:13. > :07:15.unnatural thing, it is for ever being rigged, and it has risen
:07:16. > :07:22.because the Government brought in help to buy. It went up in the 1980s
:07:23. > :07:27.when Hanks allowed lending to soar and said people could borrow more of
:07:28. > :07:31.their income. `` banks. When he says that we must allow the market to
:07:32. > :07:35.find a natural base, he is saying, our building society is doing very
:07:36. > :07:41.well, don't hold us back. When you read the story, there is less to it
:07:42. > :07:44.than meets the eye. And what could affect the housing market, of
:07:45. > :07:49.course, is interest rates, and the front page of the Financial Times, a
:07:50. > :07:54.warning to the Bank of England on baby steps rate rises. This is
:07:55. > :08:02.exactly what Greg Beale did not want to read, a member of the MPC saying
:08:03. > :08:04.that if we are not to cause a shock in the housing market by raising
:08:05. > :08:07.rates so rapidly that people cannot afford them, they have to start
:08:08. > :08:13.rising very slowly soon, and they have to start going up sooner rather
:08:14. > :08:16.than later, otherwise people will find their payments doubling or
:08:17. > :08:20.tripling, and they are not expecting that. Most people are so accustomed
:08:21. > :08:27.to very low rates that they have no idea what it will mean for them if
:08:28. > :08:32.interest rates go up to 2.5%. It means they could double or travel
:08:33. > :08:38.their actual payments. Like the man from Nationwide, the man from the
:08:39. > :08:44.military policy committee, he is not saying we should be doing it now. ``
:08:45. > :08:48.Monetary Policy Committee. These are both very tentative, speculative
:08:49. > :08:53.stories about things that might happen in the autumn, even if then.
:08:54. > :09:00.What I wonder is when the Bank of England will unwind its ?375 billion
:09:01. > :09:03.quantitative easing programme, which presumably should at least be
:09:04. > :09:08.starting on the way, given that it restricts the amount of cash that is
:09:09. > :09:17.sloshing around to address the same economic issue, how that is going to
:09:18. > :09:22.play into any interest rate rises, because that could be a double shock
:09:23. > :09:26.on the economy. The point that everyone is pushing towards, and
:09:27. > :09:30.what seems to be indicated, is that interest rates will be rising a lot
:09:31. > :09:35.faster than a lot of people predicted just six months ago. We
:09:36. > :09:38.are talking potentially 2015, 2016, according to the Bank of England.
:09:39. > :09:43.Now we are talking potentially after the election, now we talking before
:09:44. > :09:52.the election, and even before the end of the year. On the one hand is
:09:53. > :09:56.a question of whether the housing markets are frothy and should be
:09:57. > :10:00.taken down. On the other hand the Bank of England Governor said he
:10:01. > :10:05.didn't want to raise interest rates until wages were higher than
:10:06. > :10:10.inflation. We know that for one month wages were ahead of inflation
:10:11. > :10:17.and then fell back. Most people's income tax haven't gone up. If you
:10:18. > :10:20.raise interest rates before most people's wages rose, you tip a lot
:10:21. > :10:24.of people into unpayable debt. people's wages rose, you tip a lot
:10:25. > :10:28.of people into unpayable They don't want repossessions before the
:10:29. > :10:34.election. And the widening gap between the rich and poor. A new
:10:35. > :10:40.study shows long`term harm to those who miss out on University places.
:10:41. > :10:46.Kent, where my family live, where there is selective education, the 11
:10:47. > :10:50.plus. This such says that long`term earning potential is much greater
:10:51. > :10:56.for people who went to grammar schools than it is for people who
:10:57. > :10:59.went to the best comprehensive schools in non`selective areas. In
:11:00. > :11:03.other words the gap between top and low earners in selective areas is
:11:04. > :11:12.much greater, according to this. We are talking about people who were
:11:13. > :11:19.born between 1961 and 1973, so these are people already 31 years old at
:11:20. > :11:25.least. Not the most recent people who went to grammar schools. To my
:11:26. > :11:29.mind, as a comprehensive schoolboy, from the North, greatest crime in
:11:30. > :11:33.the British education system at the moment is not selective education
:11:34. > :11:38.but the devaluation of comprehensive education. Did you feel in your
:11:39. > :11:43.experience it worked? Yes. And it worked for lots of your
:11:44. > :11:48.contemporaries? Yes. They didn't stay in the same blocks they started
:11:49. > :11:53.off in school? I can't speak for everybody but in my day you were
:11:54. > :11:57.taught basic things at a comprehensive school that you needed
:11:58. > :12:02.to learn, like how to spell and how to punctuate. My job as a recruiter
:12:03. > :12:06.at the Daily Telegraph, a lot of people don't know those skills. I
:12:07. > :12:10.find this survey and the reporting of it completely baffling, because I
:12:11. > :12:15.couldn't tell whether grammar schools widen the gap between the
:12:16. > :12:19.rich and the poor or whether there is something more sophisticated
:12:20. > :12:22.going on. It says if you go to a grammar school you earn a lot more
:12:23. > :12:26.than if you were the highest performer in a comprehensive area.
:12:27. > :12:30.It may be that the grammar schools are teaching to a higher standard.
:12:31. > :12:35.It could be a reflection of the fact that the comprehensives, as you are
:12:36. > :12:40.implying, aren't good enough. Or not teaching the right stuff. I'm not
:12:41. > :12:45.clear that the story bears out the headline. I think one of the things
:12:46. > :12:50.it is also saying is that the lowest earners in selective areas also earn
:12:51. > :12:56.higher than the lowest earners in comprehensive areas. No, the other
:12:57. > :13:03.way around. Yes, they are saying if you are in a grammar school area the
:13:04. > :13:08.lowest earners eastern even less, which may imline that the grammar
:13:09. > :13:14.schools are pretty good. What a terrible set of choices. Do you want
:13:15. > :13:20.a mediocre school, where nobody is well educated, or due wants some
:13:21. > :13:24.very good and some very poor ones? We want neither It is a balance
:13:25. > :13:33.no`one seems to have been able to sort out for some time. Is that the
:13:34. > :13:39.music? Oh, crumbs! We've missed out the best story. They are being
:13:40. > :13:44.subtle trying to tell me to shut up. We'll be talking about cynicism at
:13:45. > :13:48.11. 30pm, a staple of this programme. We'll see you in an hour.
:13:49. > :13:53.At the top of the hour we'll have much more on the situation concern
:13:54. > :13:57.concerning the Liberal Democrats and the problem the party is having. We
:13:58. > :14:02.were told that Nick Clegg isn't under pressure but the party that's
:14:03. > :14:04.under pressure, that is from Lib Dem Central Office. But now it's time
:14:05. > :14:26.for Sportsday. Hello and welcome to Sportsday. Our
:14:27. > :14:29.main stories. Malcolm Glazer, man who led the credential take`over of
:14:30. > :14:35.Manchester United nearly a decade ago, has died at the age of 86.
:14:36. > :14:36.England's cricketers inflict a crushing ten`wicket