:00:00. > :00:00.ban them from their Olympics. Adam Johnson has been sacked by
:00:00. > :00:00.Sunderland after pleading guilty to child sex offenders. And we will let
:00:07. > :00:09.you know who is in and who is out from the weekend's Six Nations
:00:10. > :00:14.clashes. Hello and welcome to
:00:15. > :00:17.our look ahead to what the papers With me are the broadcaster Penny
:00:18. > :00:21.Smith, and the Telegraph's economics Junior doctors are poised to leave
:00:22. > :00:34.England to practise abroad rather than sign up to new contracts,
:00:35. > :00:37.that's the Daily Mail's lead. The Guardian says junior doctors
:00:38. > :00:39.will fight on in their dispute with the Health
:00:40. > :00:44.Secretary Jeremy Hunt, despite the The Metro has a helpful suggestion
:00:45. > :00:53.for Google executive Matt Brittin, who told a parliamentary committee
:00:54. > :00:56.he didn't know how much he earned, The Financial Times leads with what
:00:57. > :01:00.it describes as turmoil The migrant crisis is
:01:01. > :01:06.on the front page of the Times. The paper says Turkey has warned
:01:07. > :01:09.it will open the gates and let The Telegraph warns David Cameron
:01:10. > :01:13.that he could risk a Tory split if he ignores party members over
:01:14. > :01:15.Europe. And galaxies far, far away are
:01:16. > :01:18.on the front of the Independent. It's the news that Einstein's
:01:19. > :01:36.theory of gravitational waves Let's begin with the Guardian and
:01:37. > :01:40.the Mail, and how they are reporting the decision by Jeremy Hunt to
:01:41. > :01:45.oppose this new contract. Doctors vow to fight on, the BMA says all
:01:46. > :01:50.options are still open, including further strikes a pillow the news is
:01:51. > :01:55.that Jeremy Hunt has decided to impose a new contract on 45,000
:01:56. > :02:06.junior doctors in England that will make Saturday part of their core
:02:07. > :02:09.roster. This is a Tory manifesto. The doctors are calling it
:02:10. > :02:17.horrific, we have seen two months of negotiation, to strikes, several
:02:18. > :02:23.cancelled. Now, the doctors' union are talking about a further stroke,
:02:24. > :02:27.an all-out strike, including emergency care. The Guardian reports
:02:28. > :02:36.it quite sympathetically, as you would imagine. The Mail focuses on
:02:37. > :02:39.the fact that it cost the NHS ?350,000 to train a junior doctor
:02:40. > :02:49.and if they threaten to go elsewhere maybe they should pay some of that
:02:50. > :02:53.money back. As you mentioned, they are saying that they don't know what
:02:54. > :02:56.they are going to be doing next. But there are suggestions that there
:02:57. > :03:01.could be an all-out strike. But that would also mean that there would no
:03:02. > :03:07.doubt be a lessening of public support. That is something that I
:03:08. > :03:13.think would definitely be something of a last resort. You do wonder. I
:03:14. > :03:17.know they were saying it was a pledge, it was in the manifesto.
:03:18. > :03:23.Nevertheless, if there is not enough stretch already then where is it
:03:24. > :03:30.going to come from? How can you make... If there aren't enough
:03:31. > :03:34.people in the first place you can't cover their shifts. If you talk
:03:35. > :03:37.about the number of operations that have been cancelled, and each one of
:03:38. > :03:46.those wobbly somebody who is in pain. 6000, they say. There are
:03:47. > :03:49.doctors who have been on social media saying, look at all the
:03:50. > :03:59.thousands who were cancelled last year because there weren't enough
:04:00. > :04:03.people to in the first place. Eventually, the people who don't
:04:04. > :04:07.want to work in the system will go elsewhere, and the new people coming
:04:08. > :04:10.through will never have known any different and they will be prepared
:04:11. > :04:17.to sign up to this it they want to be a doctor. I think that is what
:04:18. > :04:22.ministers hope, but if he BMA feels it has no choice, that they have
:04:23. > :04:30.been back into a corner, which many people think circumvents the
:04:31. > :04:34.Hippocratic oath... Yes, eventually that is what happens, but that takes
:04:35. > :04:41.time. In the meantime you have people using the NHS will find it
:04:42. > :04:49.difficult. We have mentioned the Daily Mail. Doctors might not choose
:04:50. > :04:57.to train here any more. They might go somewhere else. Yes, they could
:04:58. > :05:07.go anywhere, they don't have to. Look at the Independent. One of
:05:08. > :05:14.these beautiful pictures stories. . That looks like a brown plughole. In
:05:15. > :05:24.a pretty way. Can we just say what it is? Two black holes are crashing
:05:25. > :05:32.together and creating so much energy that it eclipses all the energy of
:05:33. > :05:39.all the stars elsewhere. 1.5 billion light years away. It is like the
:05:40. > :05:44.warp factor ten in the USS enterprise. These gravitational
:05:45. > :05:54.waves were felt in America, where in the US they have these huge
:05:55. > :06:04.great... They have these whopping great hoses with four kilometres of
:06:05. > :06:09.it. They were able to hear this chirp, chirp, from deep space. Don't
:06:10. > :06:19.you find this exciting? They are saying it is completely new and it
:06:20. > :06:23.gives a whole new... 100 years ago Einstein was saying this. I just
:06:24. > :06:27.don't really understand this story. I have read many versions of it and
:06:28. > :06:31.I wonder if anybody writing about it in the papers actually understands
:06:32. > :06:42.it. I think Penny has done an excellent job explaining it. There
:06:43. > :06:48.is a bit here that I have been... These instruments confirm the effect
:06:49. > :06:54.of real gravitational waves, rather than a local disturbance. I like the
:06:55. > :07:06.idea that it is ripples in the fabric of space-time. That is when I
:07:07. > :07:09.start to not really understand it. We don't really need to, but we can
:07:10. > :07:21.say it is brilliant and understanding. I am not a tax
:07:22. > :07:24.expert, says the tax chief. There was a hearing today of the Commons
:07:25. > :07:31.Public Accounts Committee chaired by Meg Hillier, and there was some
:07:32. > :07:39.beating up of the head of Google when he didn't know precisely what
:07:40. > :07:49.he made, and Dame Lin Homer was also there, defending the ?130 million
:07:50. > :07:54.tax deal with Google, saying she was confident that all the tax had been
:07:55. > :07:56.paid. But she did say that she didn't sit on a lot of the
:07:57. > :08:02.committees when the deals were struck. She said she wasn't a tax
:08:03. > :08:11.expert. You don't have to be a tax expert to run a department, do you?
:08:12. > :08:15.The person who runs a newspaper might not be an expert. You would
:08:16. > :08:19.hope they would be a journalist. As you go further up the chain of
:08:20. > :08:27.command you might be in the trenches less, so your knowledge would become
:08:28. > :08:34.out of date, but if you are ahead running a school you would hope that
:08:35. > :08:38.the headmaster or headmistress had a lot of experience of teaching and
:08:39. > :08:43.had been a good teacher in their time. Why don't they just set the
:08:44. > :08:53.tax level at 10%, and make everybody Payet? If everybody said 10%. All of
:08:54. > :09:00.us? Everybody pay 10%. George Osborne was a big fan of flat taxes.
:09:01. > :09:05.You have a bar that is set at a certain number of thousands per
:09:06. > :09:10.year... There is a lot of economic literature that stands up that
:09:11. > :09:18.theory. The flat tax brings in more revenue. Why are you denigrating the
:09:19. > :09:29.BBC News channel? I'm not, I love it, that is why I am here. When you
:09:30. > :09:35.think about Google having paid 0.5%, if it paid 10%, think about that.
:09:36. > :09:41.Surely they are always going to try... If you say flat tax... If you
:09:42. > :09:47.are not evading tax you are not necessarily breaking any laws. You
:09:48. > :09:54.are not, demonstrably you are not breaking the law. In Google's
:09:55. > :09:59.defence, shoot me down if you want, but if you are the CEO of a company
:10:00. > :10:03.it is illegal obligation to minimise your tax bill for your shareholders.
:10:04. > :10:08.The problem is that tax law is so complex, there are so many
:10:09. > :10:14.loopholes, that companies will always do that. Is 10% level... I
:10:15. > :10:23.just made that up. You think that is a flat rate to generate the same
:10:24. > :10:29.amount of tax? Somewhere between 15 and 20%. With fewer allowances. But
:10:30. > :10:34.want people still try to be below that? If you put tax on things like
:10:35. > :10:38.land and things that can't be hidden offshore, it is easier to get a
:10:39. > :10:42.higher level of compliance. If anyone wants to ring me up and talk
:10:43. > :10:51.to me about it, I am available. I'm all over it. Space exploration, tax
:10:52. > :10:58.returns... Turkey threatens Europe with millions of migrants, tensions
:10:59. > :11:05.mount, we are not idiots, says Recep Tayyip Erdogan. You can criticise
:11:06. > :11:11.him, the firebrand President of Turkey, but what is going on in
:11:12. > :11:14.Turkey is really quite astonishing. It is now holding 3 million
:11:15. > :11:25.refugees, 2.5 million from Syria, more fleeing President Assad in
:11:26. > :11:31.Syria all the time. He's complaining that Turkey is being taken are
:11:32. > :11:34.granted. They were supposed to get 3 billion euros, weren't they? We can
:11:35. > :11:41.say goodbye to refugees on our soil, threatening to let them leave. What
:11:42. > :11:48.more does he want? I think he wants money and geopolitical recognition.
:11:49. > :11:54.Fast tracking into the EU? Public opinion in Turkey is quite split on
:11:55. > :11:59.whether they want to be part of the EU. Consider how many people visa. 3
:12:00. > :12:04.million refugees, including 2.5 million from Syria. That is a lot of
:12:05. > :12:13.people, and people who will want to go back to Syria. He is really
:12:14. > :12:18.picking his moment, because this upcoming summit is coming. A lot of
:12:19. > :12:24.people will be frightened about whether we can still have the
:12:25. > :12:36.Schengen agreement if all these people are coming into Turkey. VFT,
:12:37. > :12:45.a day of turmoil as global markets are struck -- the Financial Times. I
:12:46. > :12:51.know all about that yellow line, I did A-level economics. For a lot of
:12:52. > :12:59.people this is about pensions. It is about their pension pots. Of course,
:13:00. > :13:02.a lot of us have indirect holdings in stock markets through pensions
:13:03. > :13:08.and insurance policies, but at the moment there is so much pressure,
:13:09. > :13:11.with the first week in January being the worst opening of the year since
:13:12. > :13:21.before the First World War. There is so much turmoil that the markets are
:13:22. > :13:26.in danger of creating the economic slowdown that they are trying to...
:13:27. > :13:33.Bears could wander in from the woods. It is now officially a bear
:13:34. > :13:41.market. The FTSE is down 20% from its peak. That is the definition of
:13:42. > :13:50.a bear market. What also happened today is the interest rates went
:13:51. > :13:58.further into negative territory. Central banks are trying to force
:13:59. > :14:07.commercial banks to take their money out of the central bank and lending
:14:08. > :14:11.it out by penalising them to keeping them in the central bank. I think
:14:12. > :14:15.Black holes are easier to understand. I think so too. With the
:14:16. > :14:20.idea of our interest rates going up any time soon, that has gone? Yes,
:14:21. > :14:26.that is worth saying. Mark Carney with his forward guidance, Janet
:14:27. > :14:29.Yellen from the US central bank, they are saying they are going to
:14:30. > :14:33.put interest rates up because they want to convey the idea that we are
:14:34. > :14:38.in normal economic territory and interest rates can start getting
:14:39. > :14:44.back to what we were used to. But the moment central bankers start
:14:45. > :14:48.talking about putting up interest rates the markets have a tantrum.
:14:49. > :14:57.Janet Yellen can now not put interest rates up. What would you
:14:58. > :15:01.do? What ... I would not have printed money to the extent we have
:15:02. > :15:04.and I would have started raising interest rates a long time ago. I
:15:05. > :15:12.would bring in a flat tax rate, all sorted. Yes, it is all sorted. Tom,
:15:13. > :15:24.what are you saying in my ear? You would have caused a depression. No!
:15:25. > :15:44.This cartoon, your pension fund felt so dramatically that scientists were
:15:45. > :15:58.able to detect gravitational waves. Peter hall says Penny Smith is...
:15:59. > :16:03.The moon was very nice on the way in this morning. It is all over,
:16:04. > :16:05.hallelujah. Coming up next, Sportsday.