28/05/2014 The Papers


No need to wait to see what's in the papers - tune in for a lively and informed conversation about the next day's headlines. Presented by Clive Myrie.

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the Charlie Mulgrew put them in front? And Serena Williams has vowed


to bounce back after lacklustre exit today at the French Open. That is in


15 minutes after the Papers. Hello there, welcome to our look


ahead to what the papers will be bringing us tomorrow. With me our


columnist Gerry Russell of the times `` with me our columnist Jenni


Russell of the Times and Neil Midgley. A member of the Bank of


England committee that sets interest rates has told the Financial Times


that the bank needs to start raising rates sooner rather than later. The


Telegraph has more on the row engulfing the Liberal Democrats. The


paper says Vince Cable is implicated in a shambolic coup attempt against


the leader, Nick Clegg. The Guardian is carrying the same story alongside


a photograph of Maya Angelou. The paper describes as a woman of


passion and daring. The Metro says that the British EU tax burden may


rise by ?500 million because of the crisis in Ukraine. Lib Dems in


meltdown on the front of the Daily Mail, it also has a selfie taken by


Susanna Reid of herself and Tom Cruise.


What is on your front page? Susanna Reid and Tom Cruise! You want to


look at Tom Cruise as well! I do, you got that one wrong! Absolutely!


The Daily Telegraph, Lib Dems, Vince Cable in Lib Dem leadership bid, he


says that was not the case. This is a very murky story, because he said


that he didn't know anything about these polls, and Oakeshott said he


knew perfectly well they were being commissioned in Nick Clegg's


constituency and in Danny Alexander's. He didn't say that,


actually. Oakeshott said that Vince Cable did not commission the polls


but he knew they were being carried out in both the Sheffield


constituency and in Alexander's, and he knew the result weeks ago. Cable


says, I had absolutely no knowledge of and was not involved in any


commissioning in surveys involved in Sheffield Hallam and Inverness. So a


murky story, two incompatible perspectives. I do not think he is


contesting that he knew what the polls showed. Well, except oak sod


is saying that he had the results some weeks ago. `` Oakeshott. It is


the British version of Clinton saying, I did not inhale. When he


says, I had no knowledge of the surveys that were done in Sheffield


Hallam and Inverness, did he mean, I did not know beforehand or


afterwards? I am not involved in any


commissioning of the surveys. So he knew the results. The bottom line is


you are saying the front page is right, Table in leadership bid. I am


not making that assumption, but it is a murky story, and Vince Cable


has traded on being a straight talking kind of guy, and it will be


very damaging for him and the Lib Dems as a whole if it turns out


there is anything more to this than he is claiming now. I thought the


Lib Dems couldn't be in more trouble than they were two days ago, but


this is another level. This is a good story for Ed Miliband and David


Cameron. And Nigel Farage, he may need some help. Nigel Farage is


riding the crest of a wave, and I do not think Mr Cameron or Mr Miliband


could say that they are. To my mind, the more tectonic story out of the


European elections was that Labour was just one point ahead of the


Tories. At the same stage in the last cycle, the Tories were 12


points ahead of Labour. If I was at Miliband HQ, I would be worrying


about connecting with the electorate, because he has failed to


do it. Going back to the Liberal Democrats, all the polls are


suggesting they will not have a very good time at the next election. That


potentially will probably mean, possibly, that Nick Clegg would


stand down. If, as you suggested, Vince Cable's reputation has been


tarnished... If it is. Who would lead a party that could hold the


balance of power? Tim Farron is waiting in the wings, ambitious,


articulate, loyal. Very straight talking. The thing that puzzles me


about this is the leadership bid, the whole plot was so badly done,


because the person who commissioned the poll does not seem to have


realised that the association rules say you have to admit to the poll


was commissioned by. Initially, they were just said to have come from a


Liberal Democrat, but actually the commission has to be publicly known,


so I don't know why you wouldn't check the facts of how your plot is


going to work before you pull the smoking gun. OK, yeah... Lib Dems,


not very confident and anything, not even plotting. Not even stabbing


people in the back! Staying with the Daily Telegraph, mortgage chief


predicts cooling of house prices. Yes, this is the chief executive of


Nationwide, predicting that the London housing market, which those


of us in the capital know has been spiralling very rapidly upwards, he


says it is cooling off, it has been frenetic and now it is just a very


busy. Of course, this really does point to, well, a number of things,


but possibly a two speed recovery between London and the south`east on


the one hand and the rest of the country on the other. It also shows


how much London property now is an internationally traded asset, just


like gold or US dollars. It is a reserve asset now, and people


from... I think 60% of London house sales are now in cash. In cash?


Yeah, without a mortgage. He says these house prices are cooling. What


is his sort of... What is his evidence? When you read the article,


it is not quite that he is predicting cooling prices, he is


asserting it, and he's pleading for the Bank of England not to start


cooling the market themselves. He says it is important you have growth


because it is good for the rest of the UK. I do not know what his logic


is, that here he is saying that the housing market must be left to make


a natural correction. The housing market is nothing if not an


unnatural thing, it is for ever being rigged, and it has risen


because the Government brought in help to buy. It went up in the 1980s


when Hanks allowed lending to soar and said people could borrow more of


their income. `` banks. When he says that we must allow the market to


find a natural base, he is saying, our building society is doing very


well, don't hold us back. When you read the story, there is less to it


than meets the eye. And what could affect the housing market, of


course, is interest rates, and the front page of the Financial Times, a


warning to the Bank of England on baby steps rate rises. This is


exactly what Greg Beale did not want to read, a member of the MPC saying


that if we are not to cause a shock in the housing market by raising


rates so rapidly that people cannot afford them, they have to start


rising very slowly soon, and they have to start going up sooner rather


than later, otherwise people will find their payments doubling or


tripling, and they are not expecting that. Most people are so accustomed


to very low rates that they have no idea what it will mean for them if


interest rates go up to 2.5%. It means they could double or travel


their actual payments. Like the man from Nationwide, the man from the


military policy committee, he is not saying we should be doing it now. ``


Monetary Policy Committee. These are both very tentative, speculative


stories about things that might happen in the autumn, even if then.


What I wonder is when the Bank of England will unwind its ?375 billion


quantitative easing programme, which presumably should at least be


starting on the way, given that it restricts the amount of cash that is


sloshing around to address the same economic issue, how that is going to


play into any interest rate rises, because that could be a double shock


on the economy. The point that everyone is pushing towards, and


what seems to be indicated, is that interest rates will be rising a lot


faster than a lot of people predicted just six months ago. We


are talking potentially 2015, 2016, according to the Bank of England.


Now we are talking potentially after the election, now we talking before


the election, and even before the end of the year. On the one hand is


a question of whether the housing markets are frothy and should be


taken down. On the other hand the Bank of England Governor said he


didn't want to raise interest rates until wages were higher than


inflation. We know that for one month wages were ahead of inflation


and then fell back. Most people's income tax haven't gone up. If you


raise interest rates before most people's wages rose, you tip a lot


of people into unpayable debt. people's wages rose, you tip a lot


of people into unpayable They don't want repossessions before the


election. And the widening gap between the rich and poor. A new


study shows long`term harm to those who miss out on University places.


Kent, where my family live, where there is selective education, the 11


plus. This such says that long`term earning potential is much greater


for people who went to grammar schools than it is for people who


went to the best comprehensive schools in non`selective areas. In


other words the gap between top and low earners in selective areas is


much greater, according to this. We are talking about people who were


born between 1961 and 1973, so these are people already 31 years old at


least. Not the most recent people who went to grammar schools. To my


mind, as a comprehensive schoolboy, from the North, greatest crime in


the British education system at the moment is not selective education


but the devaluation of comprehensive education. Did you feel in your


experience it worked? Yes. And it worked for lots of your


contemporaries? Yes. They didn't stay in the same blocks they started


off in school? I can't speak for everybody but in my day you were


taught basic things at a comprehensive school that you needed


to learn, like how to spell and how to punctuate. My job as a recruiter


at the Daily Telegraph, a lot of people don't know those skills. I


find this survey and the reporting of it completely baffling, because I


couldn't tell whether grammar schools widen the gap between the


rich and the poor or whether there is something more sophisticated


going on. It says if you go to a grammar school you earn a lot more


than if you were the highest performer in a comprehensive area.


It may be that the grammar schools are teaching to a higher standard.


It could be a reflection of the fact that the comprehensives, as you are


implying, aren't good enough. Or not teaching the right stuff. I'm not


clear that the story bears out the headline. I think one of the things


it is also saying is that the lowest earners in selective areas also earn


higher than the lowest earners in comprehensive areas. No, the other


way around. Yes, they are saying if you are in a grammar school area the


lowest earners eastern even less, which may imline that the grammar


schools are pretty good. What a terrible set of choices. Do you want


a mediocre school, where nobody is well educated, or due wants some


very good and some very poor ones? We want neither It is a balance


no`one seems to have been able to sort out for some time. Is that the


music? Oh, crumbs! We've missed out the best story. They are being


subtle trying to tell me to shut up. We'll be talking about cynicism at


11. 30pm, a staple of this programme. We'll see you in an hour.


At the top of the hour we'll have much more on the situation concern


concerning the Liberal Democrats and the problem the party is having. We


were told that Nick Clegg isn't under pressure but the party that's


under pressure, that is from Lib Dem Central Office. But now it's time


for Sportsday. Hello and welcome to Sportsday. Our


main stories. Malcolm Glazer, man who led the credential take`over of


Manchester United nearly a decade ago, has died at the age of 86.


England's cricketers inflict a crushing ten`wicket


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