12/06/2014 The Papers


No need to wait until tomorrow morning to see what's in the papers. A lively and informed conversation about the next day's headlines.

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And with news of the first test at Lord's and Raymond Dowell's start,


that is all in Sportsday after The Papers `` Graeme McDowell.


Hello, welcome to our look ahead out what the newspapers will bring you


tomorrow. With me is Penny Smith and Liam Halligan. We will be testing


your World Cup knowledge soon. The Telegraph leads with the speech by


Mark Carney where he warned interest rates could rise sooner than


expected. And Jennifer Lopez kicks off the World Cup party in Brazil.


The Guardian says President Obama could lead the US back into Iraq.


Mark Carney's speech is also the lead for the Financial Times and


Jennifer Lopez also makes the front page of the Metro as she performed


at the opening ceremony in Sao Paulo.


We have Liam here tonight to talk about all matters about interest


rates and Penny as well. You are an economics expert. I did do A`level


economics, did you believe? I did not want to. You are the non`dismal


scientist. Bank chief hints at an early rise in interest rates. There


has been a lot of guesswork about when exactly interest rates are


going to rise. A lot of guesswork and soothsaying.


tonight is the first hawkish words from this governor of the


England, Mark Carney. The city, features markets and so on have


tended to prise an interest rate rise from the current historic low


of 0.5% where there have been since March 2009, they are prising that in


Q1 or Q2 next year. What do you mean? Quarter one or call to two. I


was thinking question one or question two. Please turn over your


papers now! Are we on Dave now? The Governor of the Bank of England is


now saying this could happen sooner than the markets expect. So it could


be Q3 or Q4 this year? It is not far in `` far`away. It could be welcomed


by older people who have been hammered by no interest rates and


quantitative easing. But there are many households across the country


who will be concerned about the prospects of a rise in interest


rates. They keep saying they will not put them up the huge amount.


Some people are mortgaged to the hilt so even a small amount could


send them over. One hopes that with it being eased in, people can maybe


make arrangements to sort things out. One would hope. What tends to


happen is once interest rate cycle start to rise, if the situation


deteriorates in financial markets, then the rate rises can come quite


fast is the financial system comes under pressure. I do not understand


that. The whole point is presumably, they are talking about the housing


market is now the greatest risk, so if you try and rain that back,


surely you rein back a little bit. You do not want to rein back so far.


Of course, but it is not always in the hands of the Governor of the


Bank of England. If the currency becomes weak, they have to raise


interest rates. The second thing is, as many viewers will attest, even


though the Bank of England is charging not .5%, the banks are


charging a lot more. The wedge between the base rate and the rate


people pay can easily open up. Let's not focus only on interest rates.


Those awful lot else in this speech. We had the first indications


of the regulation of the mortgage market, releases the early 80s, with


the Chancellor who also spoke at Mansion House tonight, George


Osborne, saying the bank will have powers, if it so chooses, to cap new


mortgages at 3.5 times annual income. That will be a problem for


people in parts of the country. The south. There is a north`south


divide. The South is getting more and more expensive. It does seem


ridiculous to me that we can have places in the south`east which are


so expensive to buy that nobody can afford to live in them any more. If


you are in them, you are essentially probably thinking of selling up and


moving somewhere else and then of course the worry about if I ever


want to get back in again, it will have escaped. The Guardian has got


this as well. Its headline referring to these new powers that the Bank of


England will have, bank gets new powers to curb mortgages to prevent


bubble, sweeping new powers to control the size of mortgages.


George Osborne did not want to sound too panicky in his speech saying, no


need to be alarmed, but we had better act now. I still do not


understand how we have been able to borrow more than three times your


salary. I remember buying my first house and they were even if he about


borrowing twice my annual salary. In must have been you! We were up to


four or five times up until the Liman Brothers collapse. I have not


seen the editorial but it would not surprise me that the editorial


pointed out that the Chancellor really risks being accused of having


an incoherent policy with one foot on the accelerator with one foot on


the break. He has got his Help to Buy which has raised `` revved up


many parts of the country. Now he's saying you can slow down the policy


I have implemented. Ed Balls is coming out and saying what we need


to do is increase supply, build more houses and that will take the heat


out. I remember that from economics, the laws of supply and demand. Apart


from in purfume it works the other way! He called the housing market


the greater risk to the economy and talked about building more homes but


the coalition have been talking about building more homes every year


since they have been in office and last year we completed only 115,000


homes which is almost the lowest peacetime number since the General


strike. We need 250,000 just to accommodate the natural increase in


household numbers. Can I move you on? Staying with the


Guardian but looking at the situation in Iraq. Obama acts to


stop jihadis getting footholds. You might argue they have already got a


foothold. The White House say they do not mean troops on the ground.


What else is there? Drones, I suppose. It seems like such a mess.


We went in there, allegedly, for the best motives, and unfortunately, all


we have done is make it more of a mess than it was before. I just feel


so sorry for all those poor people who, people in cities like Mosul and


Tikrit who are having to face up to the decision and that awful decision


about whether they should up sticks and just leave with what they can


cram in. Half a million have been displaced. When you say half a


million, it is just a number. It is me, you, and going, I'm going to


leave my job, my house, my garden which I have lovingly tended, all


those beautiful roses, and I'm going to up sticks with my children, my


wife, husband, whoever else, and who knows when I am going to be able to


stop? The UN security council saying the humanitarian situation around


Mosul is dire and worsening each minute. That is a pretty damning


indictment, if you like. Of course, you do sense, with the best will in


the world, without wishing to denigrate what our Armed Forces have


been doing over many years, it does really bring back into focus the


lack of planning, post the invasion. But some commentators


would say these problems go back way beyond 2004. Would you have wanted


to live under Saddam Hussein's regime with oppression and torture


and the rest of it? It is the devil and the deep blue sea. It is an


awful situation and it is not going to get any better soon. A lot of the


insurgents seem to have come from Syria, which shows you the link


between the civil war in Syria... It also begs the question, had


Parliament not acted to stop military action by the West in


Syria, could the situation have been inflamed even more? The Financial


Times, and a little feature on the front page here, passport backlog,


Theresa May appears not to have prepared sufficiently for a surge in


passport applications, thousands of Britons unable to travel despite a


report in July saying there would be an extra 350,000 applications.


Everyone is going on holiday, or trying to! It is a 12 year high, and


I do not know if you have been reading this morning's papers, so


many sad stories, grandparents who cannot go and see grandchildren in


other countries who might not be able to get there, various other sad


stories about people being told to put their holidays back, then back


again, then losing their deposit. Can you imagine? They are trying to


improve... Theresa May is trying to take some remediable action today,


she said that families with children would be given emergency documents,


a emergency travel documents. She said that if holidays are imminent,


your application will be fast tracked without you having to pay


fees of up to ?128 in order to make that happen. The Prime Minister has


been saying that the extra 350,000 passports, it is around 30%, in his


words, less than 10% that have had a problem. Of course, many people will


point to not just the public sector unions, they will say this is


because of staffing cuts and budget savings in the Passport Office. The


Financial Times as it is about overseas embassies shutting down


their passport services. We have got to talk about... There is something


going on in Brazil, I believe. We were talking before this, Martina


and I, saying that you know more about shuttlecocks and badminton and


football. I do! The best ones are made from the left wing of a goose,


don't ask me why, but I carry this information with me! Let's shoyu


Jennifer Lopez, jumping up and down with glee. Bless her. Terrible sound


quality, but what a fantastic spectacle. I didn't watch it, but I


love her, I think she is great. That looks like a kind of dish cloth that


has gone through the wash a couple of times. You thought it looked like


she had taken her arm off and went, oh no, my under bits are shredded! I


wish I looked that good in a dish cloth. We will be back in the next


hour, they will be here, similarly dressed! Back for another look at


the papers. BBC News, because President Obama is


considering all the options available to help the Iraqi


government deal with Lee is a missed insurgency threatening the country.


Coming up next, it is time for Sportsday. `` the Islamist


Hello and welcome to Sportsday, I'm Damian Johnson on the day Brazil


No ordinary Joe, Yorkshire's Root hits his third test


century to rescue England after a rocky start on the opening day


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