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Now it's time for World Business Report. | :00:00. | :00:18. | |
As the UK Prime Minister ups the security personnel | :00:19. | :00:22. | |
across the country, we assess the cost of keeping Britain safe. | :00:23. | :00:28. | |
And balancing the books within a decade - that's the promise | :00:29. | :00:31. | |
from the Trump administration as it reveals its spending plans | :00:32. | :00:34. | |
Hello and a very warm welcome to World Business Report. I'm Sally | :00:35. | :00:47. | |
Bundock. Also in the programme the credit | :00:48. | :00:47. | |
rating agency Moody's downgrades China - we'll have the | :00:48. | :00:55. | |
details in a moment. As we've been hearing, | :00:56. | :00:58. | |
Britain is now on a critical terror alert - with the military set | :00:59. | :01:04. | |
to bolster the police amid fears the Manchester bomber, | :01:05. | :01:08. | |
Salman Abedi, did not act alone. Earlier, Prime Minister Theresa May | :01:09. | :01:10. | |
raised the threat level to the highest possible, | :01:11. | :01:12. | |
meaning that another attack So how well funded is Britain's | :01:13. | :01:15. | |
security operation? Well, the UK has seen an increase | :01:16. | :01:19. | |
in anti-terror spending Here's how things looked | :01:20. | :01:21. | |
in the last financial year - the UK's annual terrorism policing | :01:22. | :01:28. | |
budget was ? 594 million, In the past year that's gone up | :01:29. | :01:33. | |
to its current level of ?670 million - | :01:34. | :01:41. | |
roughly $869 million. The main priority for | :01:42. | :01:43. | |
the boosted security budget is to increase the capacity | :01:44. | :01:48. | |
for counter-terrorism investigation, including monitoring online | :01:49. | :01:51. | |
activity, and gathering digital This led to last years | :01:52. | :01:53. | |
announcement of a 15% increase in officers | :01:54. | :02:03. | |
at the UK spy agencies, including, of course, M15, M16, | :02:04. | :02:08. | |
and GCHQ, and the security round the clock to establish | :02:09. | :02:11. | |
whether the Manchester bombing is part of a wider | :02:12. | :02:15. | |
pattern of attacks. Chris Phillips is the former Head | :02:16. | :02:17. | |
of the National Counter Terrorism Security Office explains | :02:18. | :02:20. | |
what the intelligence services This attack was planned. | :02:21. | :02:26. | |
Premeditated. And they're almost certainly will be other people | :02:27. | :02:29. | |
involved in this attack. The most important thing is to catch them, to | :02:30. | :02:33. | |
identify them, and to bring them into custody. And until we have done | :02:34. | :02:36. | |
that, then this attack is not really over. Such planning has gone into | :02:37. | :02:41. | |
this that it would be surprising that there may be other similar | :02:42. | :02:44. | |
devices out there, ready to be used. Police will be working hard to stop | :02:45. | :02:46. | |
that from happening. With me is the defence | :02:47. | :02:52. | |
consultant, Anthony Leather Thank you for being on the | :02:53. | :02:59. | |
programme. Clearly extremely sensitive and difficult times for | :03:00. | :03:04. | |
those affected, those in Manchester, who are having to grapple with this | :03:05. | :03:12. | |
horrible than 24 hours ago. Some are now describing the security | :03:13. | :03:15. | |
operation as unprecedented. I would like to get your view on that, and | :03:16. | :03:19. | |
also talk us through some of the logistics. Yes, well with the recent | :03:20. | :03:23. | |
announcement of the increase in the threat level, that seems to be the | :03:24. | :03:28. | |
next logical step, really. Theresa May has come out and said there is | :03:29. | :03:33. | |
no credible threat that there is an imminent attack, but it releases | :03:34. | :03:37. | |
resources, so we talked about resources that can help police, it | :03:38. | :03:41. | |
can help protect public areas, and allows a bit more public | :03:42. | :03:44. | |
reassurance. If they can't fully rule out how this attack has | :03:45. | :03:48. | |
happened, and who has been behind it, in totality, then it really | :03:49. | :03:54. | |
makes us to raise it. It is worth noting that ten years ago when it | :03:55. | :03:59. | |
was last raised to critical, it was reduced a couple of days later after | :04:00. | :04:06. | |
investigation. The next few days will really matter. We are watching | :04:07. | :04:10. | |
footage of some of the event in Greater Manchester yesterday as the | :04:11. | :04:13. | |
city can't have grappled with what was going on there. I talked about | :04:14. | :04:17. | |
the numbers in terms of how much spending has increased. How | :04:18. | :04:22. | |
effectively it used, the increasing spend? Obviously it is difficult. -- | :04:23. | :04:30. | |
increase in. Police and security will always want more. But it is | :04:31. | :04:34. | |
important to remember that so far, this band has been very effective. | :04:35. | :04:41. | |
People have come out in some of -- this spend has been very effective. | :04:42. | :04:47. | |
-- people have come out and said so. We have seen investment in | :04:48. | :04:52. | |
intelligence and response. A response to an attack like this, | :04:53. | :04:56. | |
which leaders often say is not if, but when, and unfortunate that has | :04:57. | :05:01. | |
happened, but obviously, responders have responded well. The money that | :05:02. | :05:06. | |
has gone into that plan has been well spent. With pressure on | :05:07. | :05:16. | |
resources, where is it best spend? Is it about intelligence services | :05:17. | :05:19. | |
and bolstering the likes of MI5 and MI6, do we need more obvious on the | :05:20. | :05:25. | |
beat? That is a difficult question, again, because the threat we face is | :05:26. | :05:31. | |
incredibly compact, from the Lone gunmen and unsophisticated attacks | :05:32. | :05:36. | |
like those with knives, through to ones that are more sophisticated | :05:37. | :05:40. | |
Lake Manchester. There has to be a way Bell way up -- way up of how | :05:41. | :05:49. | |
that money is spent. -- weigh. But more money needs to go to police on | :05:50. | :05:54. | |
the street so that they can respond to events. As we know, there will be | :05:55. | :05:58. | |
a review following this event as to how the resources are spent. With a | :05:59. | :06:04. | |
general election coming up, expect to see a review of the | :06:05. | :06:07. | |
counterterrorism policy in the UK. Thank you for your time this morning | :06:08. | :06:12. | |
Anthony. As you are aware, there is lots of information and a live page | :06:13. | :06:16. | |
updating all the time on what is going on in Manchester today and | :06:17. | :06:20. | |
beyond. Let's look at some other business stories, now. | :06:21. | :06:22. | |
The Trump administration has unveiled its | :06:23. | :06:27. | |
It proposes deep cuts to dozens of programmes providing assistance | :06:28. | :06:32. | |
to the poor such as medical help and disability benefits. | :06:33. | :06:34. | |
The plan would sharply slash food stamps, healthcare for low-income | :06:35. | :06:37. | |
patients, disability benefits and eliminate | :06:38. | :06:38. | |
However, the budget does feature an Ivanka Trump plan | :06:39. | :06:43. | |
From New York, Michelle Fleury has this report. | :06:44. | :06:54. | |
Donald Trump's first budget is an attempt at welfare reform, including | :06:55. | :07:01. | |
big cuts for the poor. Millions of Americans would lose access to | :07:02. | :07:06. | |
Medicaid, the healthcare programme for the impoverished. But the | :07:07. | :07:10. | |
military would get a spending boost, including funds to build a wall | :07:11. | :07:15. | |
along the border with Mexico. The goal, according to Mick Mulvaney, | :07:16. | :07:20. | |
the Director of the Office of Management and Budget, is to cut | :07:21. | :07:24. | |
back on public assistance, and put people back to work. We are no | :07:25. | :07:27. | |
longer going to measure compassion by the number of programmes or the | :07:28. | :07:31. | |
number of people on those programmes, but by the number of | :07:32. | :07:34. | |
people we help get off those programmes. We will not measure | :07:35. | :07:38. | |
compassion by the amount of money we spend or -- but by the number of | :07:39. | :07:47. | |
people yell. That is how you've badgered the budget within ten | :07:48. | :07:51. | |
years. This is the budget book. It may not be worth the paper it is | :07:52. | :07:55. | |
printed on. That is because nobody thinks the President's plan will | :07:56. | :07:59. | |
pass in its current form. It is the job of congress to approve the | :08:00. | :08:03. | |
budget, and while hardline republicans might be happy, | :08:04. | :08:07. | |
moderates and Democrats will be concerned about the social impacts. | :08:08. | :08:14. | |
That is because up to a fit of Americans benefit from Medicaid. -- | :08:15. | :08:20. | |
can get republican. Chuck Schumer gave his response. It takes a | :08:21. | :08:25. | |
sledgehammer to the middle-class and working-class Americans. It tax | :08:26. | :08:31. | |
breaks on the Welty, a wealthy, and imagines problems away with fantasy | :08:32. | :08:37. | |
mass. -- brakes on the wealthy, and imagines. Donald Trump plans to | :08:38. | :08:42. | |
balance the books within a decade. This depends on a steady growth of | :08:43. | :08:52. | |
3%. But it has not grown by so much since 2005. -- breaks. Several years | :08:53. | :08:58. | |
before the GST. It has left some wondering if the mathematics is | :08:59. | :09:11. | |
faulty. -- -- before the Global Financial Cricis. | :09:12. | :09:12. | |
The credit ratings agency Moody's has downgraded China's credit score. | :09:13. | :09:14. | |
It warns that levels of debt across the economy are expected | :09:15. | :09:18. | |
to rise as economic growth slows down in the coming years. | :09:19. | :09:21. | |
What are they worried about, Rico Hizon? They are worried about a lot | :09:22. | :09:25. | |
of things, Sally. The Chinese economy is facing some difficult | :09:26. | :09:29. | |
challenges, and this is another wake-up call for Beijing to | :09:30. | :09:33. | |
institute more economic reforms. It is like we are seeing the ratings | :09:34. | :09:39. | |
agency downgrading the local currency by one notch, and also | :09:40. | :09:43. | |
changing its outlook to stable from negative. But this could really make | :09:44. | :09:48. | |
things more expensive for the Chinese economy, because it will | :09:49. | :09:52. | |
mean a rise in the cost of borrowing for the government, and for state | :09:53. | :09:57. | |
owned enterprises. Moody 's said this reflected expectations that | :09:58. | :10:05. | |
outcomes would erode over the next two years, with debt levels rising | :10:06. | :10:10. | |
as growth slows. The trainees economy expanded by 6.7% in 2016, | :10:11. | :10:16. | |
compared to 6.9% of the year before. -- the Chinese. This is because | :10:17. | :10:21. | |
Beijing is trying to rebalance the economy towards the domestic | :10:22. | :10:25. | |
consumption, which has led to challenges for large manufacturing | :10:26. | :10:30. | |
companies. This downgrade comes as Beijing has been making efforts to | :10:31. | :10:34. | |
clean up its lending practices, which have been viewed as a threat | :10:35. | :10:38. | |
to financial stability. We'll have to wait and see if indeed the | :10:39. | :10:42. | |
Chinese government will expedite these changes before they are too | :10:43. | :10:50. | |
late. Sally? Thank you for that, Rico Hizon. That brings World | :10:51. | :10:51. | |
Business Report to the end. Donald Trump is in Italy - | :10:52. | :11:10. | |
where he is due to hold talks | :11:11. | :11:14. |