25/07/2016 The Papers


25/07/2016

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at this particular facility. I am reading the last wire copy I saw a

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moment ago, that the attacker would appear to have turned himself in.

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That's according to police. But reports on that are still coming in

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and we will bring you more on it at 11 o'clock.

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Hello and welcome to our look ahead to what the The Papers will be

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With me are Bronwyn Curtis from the Society of Business Economists

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and the Evening Standard columnist, Rosamund Urwin.

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Tomorrow's front pages, starting with:

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The Guardian, which carries a warning from the Natwest Bank,

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that low global interest rates mean they may have to introduce

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The main story on the Times is an investigation by the paper,

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which has found millions of customers are being over charged

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for train fares because firms have been using techniques to hide

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The Telegraph leads with a story about a parliamentary report into BT

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saying millions of people will be left with slow internet speeds

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because the regulator will not force the firm to be broken up.

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It also carries a picture from the opening night

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The Mail focuses on the collapse of BHS - saying some of Britain's

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top City firms are being urged to return millions of pounds

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they made from dealings with the troubled retailer.

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The Mirror has the same story - saying Sir Philip Green has been

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complaining that he has been unfairly blamed

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The fatal shooting at a party in Surrey features

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The Express carries the results of a phone survey carried out

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for the paper which claims 98% of those asked would like the UK

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to leave the EU immediately rather than become embroiled

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And the Financial Times examines US telecoms group Verizon's

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Let's start with the front of the times. This is the NatWest negative

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interest rate warning? Yes, because interest rates are really, really

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low and they are probably going to go lower at the next Bank of England

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meeting of the monetary policy committee, down 20.5% from half

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percent. The problem is, what they usually do is they take in your

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deposit, give you some money for it, but invest it in longer term bonds

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and that sort of thing, which gives a higher interest rate. But we're

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not getting higher interest rates from those longer term bonds any

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more. It is flat, not making any money. It is costing the banks money

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to keep these deposits and that is what the NatWest is saying. We are

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encouraged to save and be sensible with our money, this doesn't seem to

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be encouraging us to do that? There hasn't been that much encouragement

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to save for a while. We have had interest rates at a low level when

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they drop 20.25%, if they do in August as the many predictions say

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they will do that, there will be less incentive and if this happens,

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we have non-whatsoever. People will stick it under the bed. It is good

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for burglars and people who sell safes. But not much good for you as

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a customer, if you want to save money. There aren't that many assets

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that look more attractive in terms of places to put your money either.

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It is a tricky situation. The other thing here is, there isn't an

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expectation if interest rates to fall, that will be passed on in full

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or anywhere near in foal to people who have mortgages. It isn't even

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that good for us. It's not a great situation. You are right about

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savers, National savings actually, they will probably pay a little bit

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more. But it does encourage people to spend. So it instead of keeping

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cash in the bank, and we need people to spend, we don't want them to be

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frightened, we want them to be confident to spend, because that is

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what keeps the economy going. Except we have a lot of debt already and I

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am not sure we want to be adding to it. This is just one bank, but will

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others follow suit? Others will be looking to make a name for

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themselves and some of the newer banks, some of the Challenger banks

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may not follow. You mention spending, takers to this story on

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the front of the times. If people want to spend money, they might want

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to rail fares, but they might be spending more than they need to?

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This workshop customers on the railways, who have long been

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complaining. But this investigation is looking at the way you are

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overcharged for a specific journey. One of the naughty ways it happens

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is if you go a long way and get your ticket broken down into three, you

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get the LI macro pay less money. There are almost 50 different fares

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for a single journey between two cities in the UK. And the cherry on

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the top of this, is bosses pay has almost tripled in five years, they

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point out. Not a happy situation for commuters. 50 different fares for a

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single journey in Britain is not a surprise, but it does seem bizarre.

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Apparently it is two thirds of cross-country routes where we are

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paying more than we should. Up to ?85 more. We're not talking about

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small numbers here. I don't know about you, but I do go by rail

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cross-country quite a lot for various reasons. There is Pete,

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off-peak, and then there is super, super off-peak. And you don't know

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what you are getting. It is very hard to work it out. They really do

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need to sort this out. Since last year, rail operators have been

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obliged to label ticket machines you can use, so passengers sell only a

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limited range of tickets and cheaper fares might be at Mand offices,

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where there might be a very long queue? Exactly, extraordinarily long

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queue. The Daily Mail, a photograph of Sir Philip Green on the front,

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but this is a wider look at some of the big city firms? I believe he is

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partying in St Tropez. I believe he is. What I believe, on his ?100

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million yacht. But the story is about Payback dirty money and that

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is the city firms, the lawyers and advisers like Grant Thornton, who

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have made a lot of money out of this transaction, where he sold British

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home stores for a pound. We have got to be a bit careful here. They made

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up to ?10 million. I agree it is a lot of money, but it depends what

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they were asked to do. What were they asked to do in terms of the way

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they were asked to advise? It might have been very limited. Legally, I

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don't think there is anything that you can do. It may make a great

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headline in the Daily Mail, but I don't think there is anything you

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can do to get that money back. It is probably not illegal, but it does

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say something about the government's structures. These firms make huge

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amounts of money out of the private equity deals, where companies by a

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company, private equity company buys a company, fill it with debt and

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sell it on and take huge fees out of them. It is just the tip of the

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iceberg. It is in the context of what Theresa May has been saying how

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she wants to make capitalism produced different things. It hasn't

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worked for employees or the public good. It has worked for finances and

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directors. One of the things I was wondering, if the Daily Mail is

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putting pressure on parties to say it is putting reputational damage

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done to you and saying, you cannot do this and get away with it. We are

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putting it on the front page to tell you we don't think it is acceptable.

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It might be perfectly legal, but it isn't simply about legality. The

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same would go with business leaders, as well as the advisers. Let's go to

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the Telegraph. A number of stories we have just picked out. A reference

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to what Amber Rudd is saying as to what parents and teachers have a

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duty to do? The new Home Secretary is saying they should be reporting

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racist and homophobic bullying if it goes on and they get to know about

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it. One of the issues here is, we have seen a massive increase in

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racist abuse in the wake of the Brexit vote, which the Telegraph has

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picked out. And hate crimes. She is getting a survey done into the

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levels of bullying in schools. Giving instructions to teachers as

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to what they can do to convey to children of thing is not acceptable.

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To report it, you have got to know it is happening. Sometimes you don't

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know when you are an authority figure? They are asking parents to

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do it. Children don't always get these things right. It is a

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difficult thing to do. It is difficult because one in ten

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religious crimes are against young children. I want to squeeze two more

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in. A quick word about Harry Potter. The photograph on the front of the

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Guardian features Jenny Parker as the adult Harry Potter. Great bit of

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casting. It is now on stage, and has been for a few weeks in terms of

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getting to the stage where people are talking about it and now it has

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had the press night and people are confused. It is described as a

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thrilling spectacle and has four stars. I am a Harry Potter fan, I

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will find some young child to go with! The reviewer took his

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11-year-old son. It was his grandson. Oh yes, it was his

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grandson. It is interesting, it is the child of Harry who is not very

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popular at school and under shadow his father's greatness and his best

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friend is the son of Harry's arch enemy. So the makings of a wonderful

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stage spectacular. It does say it is better if you enjoyed the books. It

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is quite predict the ball. It does look fantastic. One minute to

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discuss height, with a reference on the front of the FT, two Dutch men

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and Latvian women? Used to be the Scandinavians for the tallest people

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but that has changed. Now it is Dutch men and Latvian women. One of

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the things it has touched on is height is influenced by nutrition.

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They are saying the American diet, perhaps relative to others, but in

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general may be getting worse, and that might be having a depressing

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effect on people's height. The other statistic is raining men are 16

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centimetres taller than they were 100 years ago and South Korean

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women, 20 centimetres tall, that is a big difference. The diet is a big

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difference, but also their genes is a big difference. South Korea has

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leapt massively economically in years. That is all we have time for.

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All the papers are on our website. Thank you very much to my guests.

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No need to wait until tomorrow morning 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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