24/05/2017 World Business Report


24/05/2017

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Now it's time for World Business Report.

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As the UK Prime Minister ups the security personnel

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across the country, we assess the cost of keeping Britain safe.

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And balancing the books within a decade - that's the promise

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from the Trump administration as it reveals its spending plans

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Hello and a very warm welcome to World Business Report. I'm Sally

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Bundock. Also in the programme the credit

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rating agency Moody's downgrades China - we'll have the

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details in a moment. As we've been hearing,

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Britain is now on a critical terror alert - with the military set

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to bolster the police amid fears the Manchester bomber,

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Salman Abedi, did not act alone. Earlier, Prime Minister Theresa May

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raised the threat level to the highest possible,

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meaning that another attack So how well funded is Britain's

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security operation? Well, the UK has seen an increase

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in anti-terror spending Here's how things looked

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in the last financial year - the UK's annual terrorism policing

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budget was ? 594 million, In the past year that's gone up

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to its current level of ?670 million -

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roughly $869 million. The main priority for

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the boosted security budget is to increase the capacity

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for counter-terrorism investigation, including monitoring online

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activity, and gathering digital This led to last years

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announcement of a 15% increase in officers

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at the UK spy agencies, including, of course, M15, M16,

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and GCHQ, and the security round the clock to establish

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whether the Manchester bombing is part of a wider

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pattern of attacks. Chris Phillips is the former Head

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of the National Counter Terrorism Security Office explains

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what the intelligence services This attack was planned.

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Premeditated. And they're almost certainly will be other people

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involved in this attack. The most important thing is to catch them, to

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identify them, and to bring them into custody. And until we have done

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that, then this attack is not really over. Such planning has gone into

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this that it would be surprising that there may be other similar

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devices out there, ready to be used. Police will be working hard to stop

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that from happening. With me is the defence

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consultant, Anthony Leather Thank you for being on the

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programme. Clearly extremely sensitive and difficult times for

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those affected, those in Manchester, who are having to grapple with this

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horrible than 24 hours ago. Some are now describing the security

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operation as unprecedented. I would like to get your view on that, and

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also talk us through some of the logistics. Yes, well with the recent

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announcement of the increase in the threat level, that seems to be the

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next logical step, really. Theresa May has come out and said there is

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no credible threat that there is an imminent attack, but it releases

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resources, so we talked about resources that can help police, it

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can help protect public areas, and allows a bit more public

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reassurance. If they can't fully rule out how this attack has

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happened, and who has been behind it, in totality, then it really

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makes us to raise it. It is worth noting that ten years ago when it

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was last raised to critical, it was reduced a couple of days later after

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investigation. The next few days will really matter. We are watching

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footage of some of the event in Greater Manchester yesterday as the

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city can't have grappled with what was going on there. I talked about

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the numbers in terms of how much spending has increased. How

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effectively it used, the increasing spend? Obviously it is difficult. --

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increase in. Police and security will always want more. But it is

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important to remember that so far, this band has been very effective.

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People have come out in some of -- this spend has been very effective.

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-- people have come out and said so. We have seen investment in

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intelligence and response. A response to an attack like this,

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which leaders often say is not if, but when, and unfortunate that has

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happened, but obviously, responders have responded well. The money that

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has gone into that plan has been well spent. With pressure on

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resources, where is it best spend? Is it about intelligence services

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and bolstering the likes of MI5 and MI6, do we need more obvious on the

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beat? That is a difficult question, again, because the threat we face is

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incredibly compact, from the Lone gunmen and unsophisticated attacks

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like those with knives, through to ones that are more sophisticated

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Lake Manchester. There has to be a way Bell way up -- way up of how

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that money is spent. -- weigh. But more money needs to go to police on

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the street so that they can respond to events. As we know, there will be

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a review following this event as to how the resources are spent. With a

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general election coming up, expect to see a review of the

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counterterrorism policy in the UK. Thank you for your time this morning

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Anthony. As you are aware, there is lots of information and a live page

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updating all the time on what is going on in Manchester today and

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beyond. Let's look at some other business stories, now.

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The Trump administration has unveiled its

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It proposes deep cuts to dozens of programmes providing assistance

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to the poor such as medical help and disability benefits.

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The plan would sharply slash food stamps, healthcare for low-income

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patients, disability benefits and eliminate

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However, the budget does feature an Ivanka Trump plan

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From New York, Michelle Fleury has this report.

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Donald Trump's first budget is an attempt at welfare reform, including

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big cuts for the poor. Millions of Americans would lose access to

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Medicaid, the healthcare programme for the impoverished. But the

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military would get a spending boost, including funds to build a wall

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along the border with Mexico. The goal, according to Mick Mulvaney,

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the Director of the Office of Management and Budget, is to cut

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back on public assistance, and put people back to work. We are no

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longer going to measure compassion by the number of programmes or the

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number of people on those programmes, but by the number of

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people we help get off those programmes. We will not measure

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compassion by the amount of money we spend or -- but by the number of

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people yell. That is how you've badgered the budget within ten

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years. This is the budget book. It may not be worth the paper it is

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printed on. That is because nobody thinks the President's plan will

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pass in its current form. It is the job of congress to approve the

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budget, and while hardline republicans might be happy,

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moderates and Democrats will be concerned about the social impacts.

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That is because up to a fit of Americans benefit from Medicaid. --

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can get republican. Chuck Schumer gave his response. It takes a

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sledgehammer to the middle-class and working-class Americans. It tax

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breaks on the Welty, a wealthy, and imagines problems away with fantasy

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mass. -- brakes on the wealthy, and imagines. Donald Trump plans to

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balance the books within a decade. This depends on a steady growth of

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3%. But it has not grown by so much since 2005. -- breaks. Several years

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before the GST. It has left some wondering if the mathematics is

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faulty. -- -- before the Global Financial Cricis.

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The credit ratings agency Moody's has downgraded China's credit score.

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It warns that levels of debt across the economy are expected

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to rise as economic growth slows down in the coming years.

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What are they worried about, Rico Hizon? They are worried about a lot

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of things, Sally. The Chinese economy is facing some difficult

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challenges, and this is another wake-up call for Beijing to

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institute more economic reforms. It is like we are seeing the ratings

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agency downgrading the local currency by one notch, and also

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changing its outlook to stable from negative. But this could really make

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things more expensive for the Chinese economy, because it will

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mean a rise in the cost of borrowing for the government, and for state

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owned enterprises. Moody 's said this reflected expectations that

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outcomes would erode over the next two years, with debt levels rising

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as growth slows. The trainees economy expanded by 6.7% in 2016,

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compared to 6.9% of the year before. -- the Chinese. This is because

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Beijing is trying to rebalance the economy towards the domestic

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consumption, which has led to challenges for large manufacturing

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companies. This downgrade comes as Beijing has been making efforts to

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clean up its lending practices, which have been viewed as a threat

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to financial stability. We'll have to wait and see if indeed the

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Chinese government will expedite these changes before they are too

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late. Sally? Thank you for that, Rico Hizon. That brings World

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Business Report to the end. Donald Trump is in Italy -

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where he is due to hold talks

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