28/07/2014 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.

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the third test against India. Details on the day's play in


Southampton. That is on sports day in 15 minutes after the papers.


Welcome to our look ahead at what the papers will bring us tomorrow.


With me other columnist and pensions analyst and government new appointed


older workers Champion Ros Altmann and Mihir Bose from the London


Evening Standard. Welcome to you both. We will get their views on the


front pages in a few moments time but let's see what we have in.


Property prices grab a headline on the Metro. The paper once almost a


quarter of young adults in London are now priced out of the market and


are forced to live at home. The express front page reveals that


benefits for migrants are to be cut under new government proposals. The


paper also has a picture of some of this morning's flash floods. The


Guardian has more on the Ukraine crisis with the US and Europe lining


up further sanctions against Russia. Tomorrow's Telegraph has the same


benefits story as the express, but also features a large photo of the


Duke and Duchess of Cambridge watching the action at the


Commonwealth Games in Glasgow. The Commonwealth Games in Glasgow. 's


fines for Lloyds Banking Group in bank rates, as does the Daily Mail


with the headline "throw crooked bankers in jail." Let's begin. Do


you want to kick off, Roz, because we are kicking off with the Metro's


front page. The headline says younger people are finding it hard


to buy a property and in London as well as prices have gone up so much


and rents have gone up they end up living at home rather than spending


money on rent. And about a quarter of those aged 25 and 34 living at


home. It's not such a terrible thing for some and some parents would


quite welcome it. It is not what these young people would have


expected, though, and that's the problem. The expectation would be


that you would leave university, get a job, start earning money, get a


mortgage and buy a house or a flat and that's simply not possible. In


London property prices have gone crazy, the rents have been dragged


up. It is a particularly London problem. It is worse in London, I


suppose. Property prices are really expensive. 34 is quite an age, do


you think, Mihir Bose? In a way you could say it is bringing back family


values. But seriously I think this might be the occasion to look at why


does everybody need to own a house or a home? They don't in other


countries. They don't in Germany and they don't in France. In Spain


people stayed together a lot longer before they leave home. We need to


look at whether we all need to own homes. This idea to a certain extent


in the past people have treated their property as a tradable asset


which they should not do. This finds they cannot even afford the rent


either. In London if you can get on the housing ladder you are actually


paying less with a mortgage than you are with rent and that is a most


unusual situation. So, I think there are a lot of things going on here.


But certainly the low interest rate environment and the changes going on


in the property price bubble that I think we have got in the South is


causing some social issues as well. Like you say, maybe it's not a


terrible thing for families together. Both of you finding the


positives in keeping the family units together for a little longer.


Let's move on because we will talk about that later. This is the front


page of the Guardian, Mihir Bose. More sanctions against Russia as we


have been hearing about throughout the day and they should be announced


tomorrow. We have to see whether the sanctions actually bite. There has


been a big difference between the US sanctions and the European


sanctions. The Germans have not been very keen before this latest crisis


to do anything, and how far even the UK will go. There has been talk that


oligarchs close to Putin might be shackled and things like that but


whether the UK would want to go as far as to affect the city and things


like that, will Chelsea be affected for instance? How far will they go?


Will it be hurting us or them? Putin says it will hurt them much more


than it will hurt us. There are Foreign Minister apparently is


saying it would be quite good for Russia just to stand firm on its own


two feet, we don't need to be too concerned about it. I guess they


would say that, wouldn't they? But certainly George Osborne last week


was talking about preparing us for bearing the cost, if we do have


sanctions against Russia, because it could come back and affect us


economic to ourselves. It doesn't help when the Deputy Prime Minister


says Russia should lose the 2018 World Cup. In some ways those are


irresponsible statements. The sanctions have to be bite and be


real sanctions, not about World Cups and things like that. They have the


hurt Russia. So that Putin's behaviour changes. Not make


statements that have no impact whatsoever. We will talk later about


a mix of sport and politics is another story making tomorrow's


front pages along that vein as well. Let's move along because we will


have a quick look at the front page of the Financial Times. Rosol the


man, this is something we were discussing outside. Really?


Bankers? Will it ever end? Lots of papers are covering this story ``


Ros Altmann. They got into this because of all of these financial


things that people didn't understand and bankers behaving badly. In order


to get us out of the mess we have had to put billions out of this ``


into this mess and it seems like many of the people working in the


banks have decided it is business as usual. If we want to read some rates


we will do it. Just to be clear this is the rate they were paying us back


for our help. That was one of them. There were a series of interest


rates that seem to have been manipulated from within our banks.


The finds that have been levied have been done so in order to punish the


bankers but also to reimburse the Bank of England for having lent too


much. The banks have actually short`changed the Bank of England.


Now, the concept of that is just so fundamental. Now complete the


circle, they have short`changed the Bank of England and the regulators


have find Lloyds bank which is still owned by the taxpayer so we get hit


again by the finds. It also raises the question that when this happened


there was a lot of talk that the banks had not been properly


regulated and had to be saved in order to save the wider economy but


what was done about the regulation at the time? We put the money into


the banks and the regulators did not do enough at that stage to check


that the banks were working properly. The bankers thought we are


owned by somebody else but we will carry on by our own practices. The


rates were set on the basis of trust. The trust should not have


applied given the way the banks had behaved before that. That seems to


be absolutely the case but it is a sad indictment of the banking


industry if the official rates that everybody's money depends on ` let's


face it you and I, who might have an interest account or trade in the


markets, we depend on these interest rates for our own money. There is a


lovely e`mail here that one of the traders said, every little helps is,


it is like Tesco. The casualness of it all. It is amazing. We are


talking about huge sums of money. In terms of what was meant by that, not


comparing Tesco to any of the bankers, but any little helps. Let's


be clear, that was a slogan of Tesco to sell their products but it is the


casualness of their conversation, no sense of responsibility. These tiny


changes in rates mean millions of pounds to individual trainers. In


terms of what Mark Carney said he said it is highly reprehensible.


Other paper said it might have been unlawful. `` traders will stop this


is theft. You have the ability to rig the rate for your own personal


gain. That is illegal, it is immoral, and yet it has been going


on inside our biggest banks. As you said, we own a quarter of Lloyds and


the distal happening. Let's move on because we have spoken enough about


those bankers for this evening. The front page of the express tomorrow.


The picture there of today's floods, it is amazing the weather we have


had, hot and dry and then suddenly if you live in the south`east of


England if not you might not have seen any of this. It is Hove and it


feels like there has been some snow. It is hail. It looks like it is a


picture that has come from North America somewhere. Or November! Left


July and when the November. Pretty rotten day. It was quite scary. Some


businesses have been badly affected. The other story on the


front page of the express is the benefit cuts for migrants. This has


been an ongoing story for some time, how are we going to stop people


coming here to claim benefits? That is going to be cut back, slashed in


half. At the moment they can claim up to six months, but they will only


be able to claim up to three months the Prime Minister will announce.


These are people coming from the EU, job`seekers, child benefit and


housing benefit will be restricted. David Cameron says he wants the open


door policy that was introduced to be dissipated now and Britain will


become one of the toughest countries to migrate to. We will see what


happens actually at the end of the day. I think a lot of the papers are


supporting this move. We've had a lot of contradictory analysis and


statistics as to whether EU migrants are really coming to claim


benefits. How serious do you think this is as a proposal bearing in


mind we have a general election around the corner? It is a political


gambit as you say in the sense that if the Conservatives win we will


have a renegotiation of Britain's status in the EU. This is a starting


point if you like. We are going to redraw the map again, and make sure


that we claim some rights back. And obviously Cameron wants to be in the


position where he says he is not soft on what is happening with


Europe. They have the Ukip threat they want to deal with. I think most


migrants or immigrants who want to come into this country actually come


to work. It is the minority that come and claim benefits. But of


course, announcing the policy, whether or not it affects that many


people, is the political side. We have more on that later because I


just want to move on to the final story the front page of the Daily


Telegraph. Talk us through this one. Moeen Ali, who is the only Muslim in


the endless cricket team was seen today wearing a wristband saying


save Gaza and free Palestine. The ICC, which is the controlling body,


has said that these are political slogans that should not be used.


This is the thing that all sporting authority says poor should not be


used like this. ECB which controls cricket in this country has defended


him and said this is nothing. What is your view because you said it was


helpful Nick Clegg came out and talked about Russia and the 2018


World Cup talked about Russia and the 2018


exposure. You have to be careful. `` These events get exposure. I do not


know why he has done this part of the people could be reading these


things. You are opening the door to the death situation. The current


system, where we elite and politics, it is the correct one. We want to


have sport as sport. No outside issues. Also, it can damage


relationships. Thank you. Stay with us on BBC News. At 11 o'clock, the


violence continues but, the sport news.


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