28/05/2014 The Papers


28/05/2014

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

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

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

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

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

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

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England committee that sets interest rates has told the Financial Times

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

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

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

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

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

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

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

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

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Susanna Reid of herself and Tom Cruise.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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afterwards? I am not involved in any

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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about connecting with the electorate, because he has failed to

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

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

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potentially will probably mean, possibly, that Nick Clegg would

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Nationwide, predicting that the London housing market, which those

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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than later, otherwise people will find their payments doubling or

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

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

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

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

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

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Monetary Policy Committee. These are both very tentative, speculative

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

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

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quantitative easing programme, which presumably should at least be

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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the British education system at the moment is not selective education

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

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

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

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

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taught basic things at a comprehensive school that you needed

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

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

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

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

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rich and the poor or whether there is something more sophisticated

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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for Sportsday. Hello and welcome to Sportsday. Our

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

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

:14:30.:14:35.

England's cricketers inflict a crushing ten`wicket

:14:36.:14:36.

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