also coming up... bankrolling climate change — does global finance need a rethink in the drive for net—zero? plus — football, formula 1 or...fishing? we look at the rise of "niche" sports on tv. hello, i'm sally bundock with the top business stories. and we start with the cost of borrowing here in the uk — because after 12 increases in the last 18 months, the bank of england is poised to raise its main interest rate yet again today to try and bring soaring prices under control. early on wednesday we learnt that the bank's moves so far have made little impact. the headline rate of inflation was unchanged at 8.7% in may.

and the rate of "core inflation" — which strips out volatile items like food and fuel — is actually going up. rising interest rates are piling the pressure on millions of mortgage borrowers here in the uk — who are facing steep rises in monthly bills. the bbc has been hearing from some of them. rebecca from greater manchester, craig in cambridgeshire, and rose who lives in hampshire. just three homeowners out of hundreds of thousands of people facing a huge rise in their mortgage costs over the coming months. at this moment in time, at the end ofjune, i will make my final payment of £434 when my current deal ends, and thereafter i have been told to expect my payments will be over £1,800. i'm currently paying £560 a month. at the end ofjuly,

it will go on to variable and it will go up to £1,200 a month. 0ur mortgage has gone up by over £2,200 a year. - it's a huge impact on our- expenditure and has an impact on the family as a whole. rose has already been cutting costs on day—to—day activities and even some essentials to try and cope. the impacts are huge. so we are having to cut down on how much i spend a week on food. i'm having to plan my meals that i cook for the children. i'm trying to cut down on day trips because of the cost of fuel going up, as well. i'm trying to... i'm also currently looking at getting another part—timejob alongside my currentjob in order to bring in more money to pay for the bills. rebecca, too, has already had to cut back on her outgoings after her husband — who was the main

breadwinner — passed away. i've been doing that for the last two years because i've obviously had to adapt to a new life that has to happen on the income i get. i'd struggle to make more cutbacks than i do, to be honest. but i will have to look again. want a bit more? yeah! craig and his family are trying to be creative to save money. i work nights and my wife works days so that it reduces childcare costs. we are cutting down- on things such as takeaways. we've looked at all the tv providers to reduce - those fees as well. these increasing costs are also taking their toll on people's well—being. it's having an effect on my mental wellbeing because i am stressed with everything going on and the cost of everything. that's obviously... that's having a knock on effect on my

children's wellbeing as well. i'd just like some consideration to people who just cannot afford what they are now expecting them to pay. i can't literally print money. ideally, what i would like is a proposal to manage what i can do for certain in the next few months. if i cannot resolve matters anyway, the house will have to be sold. time is really important because, you know, - they want time with mum and dad together and to not be able - to do things that we used to do as often as we used to do, - and that having that carpet. swept from under your feet, you know, it's a really disheartening thing i especially for the children, - because they don't understand what's going on in the world. with yet another rise in interest rates looming, there will be difficult decisions forfamilies across the uk. mark ashdown, bbc news.

the soaring cost of borrowing is fast becoming a political problem for the uk government — with a general election due within 18 months. it is coming under pressure to help people facing steep rises in mortgage repayments. here's our political editor chris mason. you have voices here — including some conservatives — saying, well, hang on a minute, what are you as a government going to do to help people with the soaring cost of borrowing? and they can point to recent huge state interventions back during covid — also with the energy price spike recently. and when you speak to ministers privately, they're exasperated by those demands — firstly because of the potential cost of them, given those bills associated with those big interventions recently, but also because of that sense that it could be counterproductive — that if they were to help too much, if you like, it would help fuel inflation rather, than dampening it down. so that is the very definition, isn't it, of one heck of a political bind. the government's finance

chief — chancellor of the exchequerjeremy hunt — says bailing out struggling borrowers only risks stoking inflation further. no matter what the pressure from left, right or centre, we won't be pushed off course. because if we're going to help families, if we're going to relieve the pressure on people with mortgages, on businesses, we need to squeeze every last drop of high inflation out of the economy. and if you look at what's happening in other countries, we know there is enormous pressure for families with mortgages. and it's a really big deal forfamily finances. but the one thing that would not help those families is to step in with short—term support that meant that inflation stayed higher for longer, and those mortgage rates stayed higher for longer. let's speak to melanie baker, senior economist at royal london asset management. how far do you think the bank of england will go, a quarter

percent or half a percent? fix, percent or half a percent? quarter of a percent, but there is absolutely a very good case for them going to half a percentage point. that is especially the case after the inflation data yesterday, when there was already quite a strong case given how strong are inflation has been in the uk. , are inflation has been in the uk. y are inflation has been in the uk. , are inflation has been in the uk. sorry, could you repeat that answer? _ uk. sorry, could you repeat that answer? didn't - uk. sorry, could you repeat that answer? didn't have i uk. sorry, could you repeat. that answer? didn't have your own deal at the beginning of your response —— look at your audio. if you move your microphone away from your mouth slightly and tell us whether you believe the bank will go as far as half a percent stock and i think it could, yes, absolutely. consensus has been unanimous that it will be 25 basis points at the start of the week but after that inflation data in particular there is an even stronger case that they go 50 basis points, giving out strong underlying inflation pressure looks in the uk. y ., ~ ,

uk. do you think... hindsight is wonderful— uk. do you think... hindsight is wonderful but _ uk. do you think... hindsight is wonderful but do _ uk. do you think... hindsight is wonderful but do you - uk. do you think... hindsight is wonderful but do you think| is wonderful but do you think this is where we went wrong in the uk in the early stages of this fight against inflation? the fed was moving faster and harder. should we have done the same? i5 harder. should we have done the same? , a ~ harder. should we have done the same? , 1, ~ ., ., same? is the bank of england actually started _ same? is the bank of england actually started relatively - actually started relatively early compared to some of the central banks but, yes, absolutely. in hindsight there is a case now for them that they should have perhaps gone a bit faster, perhaps a bit earlier but it is very easy to say in hindsight. at the time it certainly wasn't clear that that was necessary. the government, _ that was necessary. the government, the - that was necessary. the government, the prime| that was necessary. the government, the prime minister rishi sunak, has almost made a promise that we will get inflation down by half by the end of this year. will they achieve that, and if so how will that be achieved, given the news yesterday about inflation?— the news yesterday about inflation? . ., , , inflation? the central cases it will be achieved. _ inflation? the central cases it will be achieved. the - inflation? the central cases it| will be achieved. the headline inflation will be closer to 4% by the end of the year so a substantial reduction, more

than halving, and that is partly about expecting things like energy price inflation to fall further. but it does require some further slack in the economy, some further slowing and a bit more cooling. an assumption that monetary policy stance working in the more visible way.— policy stance working in the more visible way. how high will rates no, more visible way. how high will rates go. do — more visible way. how high will rates go. do you _ more visible way. how high will rates go, do you think, - more visible way. how high will rates go, do you think, in - more visible way. how high will rates go, do you think, in the l rates go, do you think, in the uk? , ,., ., rates go, do you think, in the uk? , ., uk? given some of the pain you are hearing _ uk? given some of the pain you are hearing about _ uk? given some of the pain you are hearing about from - are hearing about from households, that we will see that effectiveness coming through, we will see more slack in the labour markets due to emerge. a bit of cooling in things like core inflation, meaning they can start hiking rates. i am assuming they will do another three quarters of a percentage point of interest rate increases and stop there. so 6%, then?— rate increases and stop there. so 6%, then? no. that would be includin: so 6%, then? no. that would be including what _ so 6%, then? no. that would be including what i _ so 6%, then? no. that would be including what i am _ so 6%, then? no. that would be including what i am expecting i including what i am expecting from today. including what i am expecting from today-— including what i am expecting from today. 0k. and when will they start _ from today. 0k. and when will

they start to — from today. 0k. and when will they start to come _ from today. 0k. and when will they start to come down, - from today. 0k. and when will they start to come down, do . from today. 0k. and when will. they start to come down, do you think, when you think the central bank will start to reduce the cost of borrowing? my reduce the cost of borrowing? my assumption is that they are not comfortable doing that until 2024 and it will be more of in late 2024 story. as they feel comfortable and inflation is coming back to target sustainably, they will start being able to reduce interest rates back. but inflationary pressure is strong at the moment. pressure is strong at the moment-— pressure is strong at the moment. ~ . «an pressure is strong at the moment. ~ . ., moment. melanie baker, good to net our moment. melanie baker, good to get your analysis _ moment. melanie baker, good to get your analysis on _ moment. melanie baker, good to get your analysis on that, - get your analysis on that, thank you so much. senior economist at royal london asset management. more interest rate rises look to be on the way in the us, even though the federal reserve opted to leave the cost of borrowing unchanged at its meeting last week. fed chairjerome powell has been giving his twice—yearly testimony before congress. he told lawmakers the fight against inflation "has a long way to go". samira hussain reports. america's central bank has two main objectives — maximum employment and price stability. and it's that latter objective that remains elusive. the federal reserve likes to keep inflation hovering around 2%.

right now, it sits somewhere around 4%. and that's certainly better than where it was last year — somewhere above 8.5% — but it's still not good enough. and it's why the fed chair, jerome powell, has said more interest rate hikes seem pretty likely. in may, the i2—month change in the cpi came in at 4.0%, and the change in the core cpi was 5.3%. inflation has moderated somewhat since the middle of last year. nonetheless, inflation pressures continue to run high, and the process of getting inflation back down to 2% has a long way to go. the theory is, by making it more expensive to borrow money, it should cool off the economy. and ten rate hikes later, that tactic seems to be working. of course, the danger is too many rate hikes too fast, and the us economy could fall

into a recession. samira hussain. a really big day for that story in the uk. we will be across it for you on bbc news, updating you on the news from the bank of england when it happens. to paris now — where president macron has invited world political and financial leaders for a summit to try and reshape globalfinance to tackle climate change. critics have argued that lenders such as the world bank have not given developing nations the financing they need to cope with global warming. and that by investing in fossil fuels they have been part of the problem we have to be very clear that when we're talking about financing, we cannot keep investing in fossil fuels because that is the cause of the climate crisis. we have to be very clear that the debt is not from the global south to the global north, because why should we owe money to the people who cause the climate crisis, to deal with the climate crisis? the global north, multinational companies, fossilfuel

industries and the richest in the global north are the ones who have a debt to the global south, to the people of the world for destroying the planet with their profit and their greed. danny alexander is vice president of the asian infrastructure investment bank — aiib — and former chief secretary to the uk treasury. good to see you. you are in paris for this event. what is your response to that criticism, that the world bank and others are actually not doing enough by any means, which is what the argument is being made by barbados with yellow well, i think that the multilateral development banks like the world bank and indeed the aiib that i work for image the aiib that i work for have been doing _ the aiib that i work for have been doing a _ the aiib that i work for have been doing a lot _ the aiib that i work for have been doing a lot to - the aiib that i work for have been doing a lot to supportl been doing a lot to support climate finance, to support the energy transition to finance renewable energy and indeed also climate adaptation, a critical issue particularly in vulnerable states. i think the message we are getting richer

think is correct as we have to do a lot more. in the case of aiib we set a goal that at least half of our financing should for climate projects by 2025 and actually we already exceeded that goal last year, and so the purpose of this meeting in paris is to develop a consensus about where new resources can come from to enable organisations like the world bank, the aiib and others, to further increase the climate finance. if we don't achieve the trillions of dollars of financing that i needed by the end of this decade, then the chance to keep global climate increases to below 1.5 degrees, which is the goal of the paris agreement, will be lost. that is why this summit is important and why we need a further step up the already very good work we are doing to support developing countries in this transition. do you really have all the key players at this summit to make it significant? because of

course we have regular gatherings. we have copd at the end of the year again. the message seems to be the same every time —— we have cop at the end of the year. people are grappling with the effects of climate crisis and not getting the help they need from developed nations. i think there are _ developed nations. i think there are leaders - developed nations. i think there are leaders of - developed nations. i think there are leaders of manyj there are leaders of many countries here at this summit. president macron and the prime minister of barbados are to be commended for showing leadership in this space. and i think this summit will, by bringing those leaders together with the multilateral development banks and multinational agencies, will help to build a consensus towards c0 p28 later help to build a consensus towards cop28 later this year and to ensure that everyone recognises the importance of providing the finance necessary. multinational banks cannot conjure resources out of thin air, we can stretch our

existing balance sheets further than we have. that is important but what is also important is working with the private sector to mobilise more private sector finance, working with development aid to blend finance for projects especially in low income countries and to ensure that all the resources that i there work together as well as possible so that the impact overall is maximised. and i think that requires a lot of thoughts but it also requires bringing people together, as is happening in paris today, to really ensure there is a consensus around what is the right way to go forward. ., ~ what is the right way to go forward. . ~ ., forward. talking of the right wa to forward. talking of the right way to go — forward. talking of the right way to go forward, - forward. talking of the right way to go forward, and - forward. talking of the right way to go forward, and i - forward. talking of the right| way to go forward, and i will change the subject now, i'm sure you heard our output early when we were discussing the situation in the uk. you were in the treasury and i just wanted your thoughts on what the chancellor should be doing right now, given the challenges facing households and the rising cost of borrowing. well, i'm not in _ rising cost of borrowing. well, i'm not in uk _ rising cost of borrowing. well, i'm not in uk politics - rising cost of borrowing. well,

i'm not in uk politics any - rising cost of borrowing. well, | i'm not in uk politics any more so i am not going to comment on those detailed discussions, but it is clear that inflation is a major issue for the uk that has to be dealt with and increasingly the uk it looks like it is experiencing a more severe inflation problem than perhaps other countries and so unfortunately, whatever the reasons for that, and the policies that led us there, unfortunately that means more hardship for households in future in order to get inflation under control. that is a matter for the treasury and the bank of england in their different ways to work on. as to the detailed policy recommendations, i am sure that will come out of the debate in the coming weeks and months. danny alexander, thank you. thank you very much.- danny alexander, thank you. thank you very much. around the world and across the uk, this is bbc news. bbc news, bringing| you different stories from across the uk.

the county durham community of stanhope — replete with pubs, cafes, shops. but what this town no longer has is a bank. barclays was the last branch open here until it closed in april — and that's made local people and businesses very angry. there's a lot of people still don't have online banking. like myself — i don't. barclays says the closure was a response to changed customer behaviour, with fewer people relying on the branch, more banking online. so with many other banks closed or closing, is this part of the answer? a banking hub. if you can't use online banking, that service is really important — particularly in communities like newton aycliffe, where there's lots of people that we know use cash and don't use internet banking. but with so many branches shutting up shop, many are still left feeling short—changed. for more stories . from across the uk, head to the bbc news website.

you're live with bbc news. let's return to paris now, where aviation bosses are gathered for the annual air show. the past few years have been far from easy for the industry — the covid pandemic forced airlines to ground planes and manufacturers cut production right back. now, though, optimism is returning. airlines are placing orders once again — but manufacturers are facing new challenges, as boeing s chief strategy officer explained to our reporter theo leggett. boy, yeah, it has been a great year and we've done about 1,000 orders since the last air show, which reallyjust shows oui’ momentum. now it's about delivering those airplanes one at a time. so execution is the big focus. we're doing it at a moment in time when the whole industry is having to really recreate itself on the back side of that covid moment, where demand for air travel plummeted — down by 92% at the worst moment — factories came to a standstill, and a lot of employees and factory workers

were rolled over, turned over into different roles and positions. so now it's all coming back online. it's starting to come together. but it is one thing, isn't it, for airlines to order planes — it's going to take you quite a long time to fulfil those orders because your production levels aren't back to where they were in 2019. that's correct, that's correct. and it'll take several years. the levels are coming up. you know, we are in the middle, of course, of moving up rates on the 737 narrowbody. we'll be chasing right up on the same kind of pacing on the widebodies for things like the 787 that we sell. but these are... these are products that take years to build and to increase rate on. and so it'll take a while for the whole industry to come together on it. you mentioned the 787 and the 737 programmes. well, the 787 programme has been hamstrung for years now by quality—control problems. some of those seem to have affected the 737 max programme, as well. with all of this coming together and lasting so long, does that suggest there's some kind of fundamental issue, either with boeing or its suppliers? oh, i don't think so, theo.

i think there are two things here. the first is that you have seen, you know, a very strong embrace by the boeing company and by industry on transparency, and the way that we address things like non—conformance in the manufacturing process. and so every non—conformance we're talking about, we're talking about with our suppliers who are in the middle of them, we're talking about with customers who are affected by deliveries, we're talking about with the regulator, as we all are striving for that very first principle — safety first. that embrace of transparency just means we're having this conversation more out in public as opposed to inside the walls of industry. but let's look to the future a little bit. you and airbus — you're now talking about a next generation of planes. in your case, it's a plane with a super—long wing that has to have special bracing. what's the end game with that? what are you trying to achieve with that? you know, so in our strategic conversation at the company is really around a capability mindset. and so there are a number of capabilities that will be necessary to deliver the next airplane. and so whether that capability

is a material system, whether that capability is around a new structural design like a truss—braced wing, like you mentioned, whether it's around bringing additional autonomy into the air environment like we're doing through urban air mobility with with our wisk aero joint venture — all of these are steps forward and capability. and so the demonstrators are, for us, the way that we bring these capabilities through and make them real technologies before they meet the next new airplane. we will have more from the paris airshow later. to the business of sport now. like billions of fans around the world you may be used to tuning in to football, or formula one — but what about fishing? it's just one of dozens of "niche" sports — from poker, to pool, to bowling — finding new tv audiences. emily frazer is managing director of matchroom multi sport, which is one of the world's largest suppliers of sports programming. she is in spain, where they are televising a major

nineball pool tournament. good to have you on the programme. we have new audiences, what is going on? good morning. yes, here in spain, it is the third day of the spanish 0pen, so 256 players from across the world competing in our one venue set up. we have 26 tables in play. all coming down to the final, which obviously will be live. this is our new setup for our nineball pool.— this is our new setup for our nineball pool. when it comes to these niche _ nineball pool. when it comes to these niche exports, _ nineball pool. when it comes to these niche exports, are - nineball pool. when it comes to these niche exports, are at - nineball pool. when it comes to these niche exports, are at big i these niche exports, are at big audience numbers, say fishing, for example?— for example? fishing! definitely _ for example? fishing! definitely the - for example? fishing! definitely the most i for example? fishing! - definitely the most interesting event i have ever worked on. it is one of the longest—running sports events we have with our broadcaster and it is a very interesting event. we have 24 anglers around the lake, all

fishing forfive hours. it's actually one of the interesting ones where you do get life attendance and life viewers for four or five hours of the show. but these niche sports, it is a struggle to begin with. when we are working in netball, gymnastics, fishing or nineball pool gymnastics, fishing or nineball pool, they either niche sports that don't drive the big audiences like football or like rugby. i audiences like football or like ru~b. , , , ., rugby. i presume... sorry to interrupt— rugby. i presume... sorry to interrupt you _ rugby. i presume... sorry to interrupt you but _ rugby. i presume... sorry to interrupt you but time i rugby. i presume... sorry to interrupt you but time is i interrupt you but time is tight, as ever. i presume it is all driven by advertising revenue to pay for this? at}! revenue to pay for this? of course. — revenue to pay for this? of course. it _ revenue to pay for this? of course, it is an investment into these events. for nineball pool we were only staging three events per year, three to four years ago, 16 months ago we launched a world nineball tour and the world nineball rankings. we have 40 events on our calendar in one year but those i staged in 18 different

countries and we have over 16 different countries and our top 64 of the ranking. it is showing how much of a global sport nineball pool is. we have made the launch and seen the demand in global nineball pool and it is about us making investment of doing these different open tournaments in different open tournaments in different places like lugo in spain where we are drawing in 200 players to play in the event for $200,000 a. i think ou event for $200,000 a. i think you have _ event for $200,000 a. i think you have the _ event for $200,000 a. i think you have the dream _ event for $200,000 a. i think you have the dream job! i event for $200,000 a. |think| you have the dream job! apart from the fact we drag you out of bed at the crack of dawn in spain but i hope it all goes well, thank you for talking to us, it is fascinating. niche sports on tv, what are you watching on tv? lets us know, i am @sallybundockbbc on twitter. you soon. hello. wednesday brought plenty of summer warmth and sunshine. but there were some showers too, not least in the north of scotland. take a look at what happened in wick.

these thunderstorms really lined up and delivered 58 millimetres of rain. that is more rain than wick would normally expect to see in the whole of a typicaljune. now for thursday — high pressure is going to be building its way in across the uk. you might think that that would mean completely dry weather. well, actually, in spite of that building area of high pressure, there will still be some scattered showers, but this time mostly across england and wales. and in between the showers, some very warm sunshine. many places will spend the day dry and certainly most will start the day dry. there'll be some early mist which will clear away, some spells of sunshine, but we will see showers developing, particularly across england and wales. and with light winds, those showers are likely to be quite slow moving — not as many showers for northern ireland and the bulk of scotland will stay completely dry. temperatures north to south, 15 to maybe 28 degrees celsius. and then through thursday night, we'll see increasing humidity, more cloud and some rain splashing its way and particularly to northern

ireland, perhaps western parts of scotland as well by the end of the night. those higher temperatures, 10 to 15 degrees, an increasingly muggy feel, which certainly will continue to be the case into friday. more cloud across the north and the west of the uk with some outbreaks of rain even down towards the south—east, a bit more cloud in the mix. still some spells of sunshine, but with that extra cloud, temperatures a little bit lower, 20 to 25 degrees, a very warm and muggy night on friday night. and on saturday, we will start the day with a fair amount of cloud, perhaps some mist and murk here and there, some spots of drizzle. things should brighten up as the day wears on, some spells of sunshine. and if you get enough sunshine, it will feel very warm indeed, perhaps up to 28 or 29 degrees in the south east, but glasgow, belfast, still up to 24. that wedge, a very warm and humid air between these weather fronts here. but as this cold front swings its way eastwards as we get into sunday, well, that will change things. the timing is a little bit uncertain, but it looks

like that cold front will bring some quite heavy and perhaps thundery rain eastwards across the uk. so that wet weather sweeping its way eastwards and with it some cooler, fresher conditions.

good morning, welcome

to breakfast with charlie stayt and naga munchetty. 0ur headlines today.