28/07/2014 The Papers


28/07/2014

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.


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

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

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

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With me other columnist and pensions analyst and government new appointed

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older workers Champion Ros Altmann and Mihir Bose from the London

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

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

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

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

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

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

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

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

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

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

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Duke and Duchess of Cambridge watching the action at the

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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terrible thing for families together. Both of you finding the

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

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

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

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

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

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been a big difference between the US sanctions and the European

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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irresponsible statements. The sanctions have to be bite and be

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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businesses have been badly affected. The other story on the

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

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

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

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

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

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

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

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

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

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

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

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statistics as to whether EU migrants are really coming to claim

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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the endless cricket team was seen today wearing a wristband saying

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

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

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

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

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

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

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World Cup talked about Russia and the 2018

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

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

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

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

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

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

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violence continues but, the sport news.

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