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tv   World Business Report  BBC News  March 13, 2024 5:30am-6:01am GMT

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last time showed a recession. euro mps vote on the artifical intelligence act today — will innovation be stifled by new regulation? we'll weigh up the arguments. is gaming the key to getting young girls excited about science and technology? we check out a scheme in copenhagen. and i'll bejoined by the chief executive of capri sun as his business launches fully recyclable drinks pouches in the uk. good to have you with us if you have justjoined good to have you with us if you havejustjoined us. you are in time for the top business stories. we begin in the uk.
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in about 90 minutes�* time we'll get the latest health check on the economy and everyone is asking the question — will the numbers reveal we are officially out of recession? well, most experts predict yes, and say we will see a smidgen of growth injanuary of 0.2%. this would confirm the bank of england's suggestion that the downturn is behind us. during the final three months of last year, the data showed the uk slipped into recession and inflation injanuary was at 4% — so it's still twice the bank of england's target. let's discuss all of this with azad zangana, senior european economist at schroders. good morning to you. are you with the majority believing today will give us a growth number?— today will give us a growth number? ~ . ~ ~ number? we are. we think it could be _ number? we are. we think it could be even _ number? we are. we think it could be even a _ number? we are. we think it could be even a little - number? we are. we think it could be even a little higherl could be even a little higher than the 0.2%. but that is really because we have already got retail sales data showing a 3.4% rise for the month of january, which should help lift some of the service numbers within the gdp figures. but it
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is 'ust a within the gdp figures. but it isjust a small _ within the gdp figures. but it isjust a small amount, - within the gdp figures. but it isjust a small amount, and l within the gdp figures. but it l isjust a small amount, and the is just a small amount, and the office for budget responsibility was saying that it would be for the whole of this year? it it would be for the whole of this year?— this year? it will be a difficult _ this year? it will be a difficult year - this year? it will be a difficult year and - this year? it will be a difficult year and it i this year? it will be a difficult year and it is j this year? it will be a - difficult year and it is worth remembering that one month of growth doesn't mean the recession is over. that is to be sustained over the first three months of the year, over a quarter, essentially, and our expectation is that probably won't happen and we think the recession will probably last until the second quarter of the year. but the challenges are very much alive for the uk economy and we highly doubt it is going to be a particularly strong year at all.— is going to be a particularly strong year at all. what do you think of the — strong year at all. what do you think of the recent _ strong year at all. what do you think of the recent data - strong year at all. what do you think of the recent data is - think of the recent data is going to do do the thinking of andrew bailey and his team at the bank of england and when we might see interest rates coming down? ~ . ., might see interest rates coming down? ~ �* might see interest rates coming down? ~ ,~ down? welcome andrew bailey and the bank of england _ down? welcome andrew bailey and the bank of england have _ down? welcome andrew bailey and the bank of england have really - the bank of england have really been mostly focused on inflation coming down. the weakness in growth suggests some of the underlying inflation pressures might start
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to fall away. —— well, andrew. it is important because those are been elevated. if we get a strong rebound in the next months, it might suggest rates need to say higher for longer. but we think the bank and start easing interest rates from about may onwards. this easing interest rates from about may onwards. as far as the spring — about may onwards. as far as the spring budget _ about may onwards. as far as the spring budget is - about may onwards. as far as i the spring budget is concerned, next month, the two peak cut our national insurance comes into effect. how will that was growth, and some of the other measures introduced?- growth, and some of the other measures introduced? --2p. the ho -e is measures introduced? --2p. the hepe is the _ measures introduced? --2p. the hope is the government - measures introduced? --2p. the hope is the government can - hope is the government can raise disposable incomes for households leaving them with more money in a pocket after payday. and with that they could decide to hopefully go out and spend some of the money and stimulate more of the economy. but i think one of the big issues for the uk is it hasn't been a demand problem over the last year or so, but a supply problem. we haven't had enough workers filling those job vacancies that we have had and as a result companies have
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struggled to provide services and output and that is why we have had so much inflation. fik. have had so much inflation. 0k. azad zangana, _ have had so much inflation. 0k. azad zangana, thank you for your time and expertise on this. just as say when we get the growth numbers for the uk, we will make sure you know. now let's focus on technology and the challenge of policing ai. in europe, following a heated debate on tuesday, meps are expected to approve the artificial intelligence act later today. they'll vote on new rules to ensure the technology is trustworthy — safe and respects eu fundamental rights, while supporting innovation. in december last year, eu officials reached a provisional deal on the world's first comprehensive laws to regulate the use of artificial intelligence. negotiators agreed rules around ai in systems like chatgpt and facial recognition. well, let's talk this through with kirsten rulf, partnered
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associate director at boston consulting group. good to see you this morning. it sounds the holy grail that they have come up holy grail that they have come up with laws that will enable safety, respect, that it will be trustworthy, but also innovation will continue. your thoughts? i innovation will continue. your thoughts?— innovation will continue. your thou~hts? ., thoughts? i would say this is a true watershed _ thoughts? i would say this is a true watershed moment - thoughts? i would say this is a true watershed moment for i thoughts? i would say this is a i true watershed moment for both consumers and businesses in the european union, in the uk, and stop the artificial intelligence act is the first conference of law on artificial intelligence and policing it and making it trustworthy, so the hope is here that businesses will get the legal certainty that they need to actually innovate as the other technology. what we have seen in recent months, especially with the clients i've spoken to, is they have been hesitant to, is they have been hesitant to adopt the technology because there are some legal uncertainties, because quality control isn't actually that easy, when you work with large language models, and artificial
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intelligence act, i believe, will strongly contribute to the scaling of the technology and to innovation, overall, for businesses.— to innovation, overall, for businesses. �* ., businesses. but will deliver on the promise — businesses. but will deliver on the promise that _ businesses. but will deliver on the promise that it _ businesses. but will deliver on the promise that it will- businesses. but will deliver on the promise that it will enable | the promise that it will enable this technology, which is notoriously complicated, and hard to keep up with, constantly changing, keep it safe, and enable it to be trustworthy, etc, but also not stifle innovation? will do that job or not?— job or not? that is the exact question- — job or not? that is the exact question. today's _ job or not? that is the exact question. today's road - job or not? that is the exact question. today's road is i job or not? that is the exact l question. today's road is not the end of the journey but the beginning. there is a lot to do to implement the artificial intelligence act. there are at least 20 delegated acts that the european commission will have to implement the provisions of the ai act, then there is the ai pickup offers that the eu wants to start with about 200 new hires until the end of the year, as far as i hear, that will set standards and give out ten templates to
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work on. —— the ai 0ffice. —— give out templates. within six months of the ai act come into provision, but then everything else will take longer, up to 36 months for the high risk systems to come fully into being in the european ai act. there is a lot to do and implementation is clearly key here. if that becomes as complicated as with gdpr, not much as one. but over businesses is they will get some legal certainty and the ai act will provide that. just briefl , act will provide that. just briefly, kirsten, - act will provide that. just briefly, kirsten, from - act will provide that. just briefly, kirsten, from your perspective, most of the tech industry are welcoming this, are they? in industry are welcoming this, are they?— industry are welcoming this, are the ? . , , are they? in the tech industry es. but are they? in the tech industry yes. but what _ are they? in the tech industry yes. but what i _ are they? in the tech industry yes. but what i see _ are they? in the tech industry yes. but what i see with - yes. but what i see with traditional companies, manufacturing companies, and small and medium enterprises, is there is a lot of anxiety. many of them have already moved
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to try to become complied with the ai act. but it is much harderfor them before traditional harder for them before traditional businesses, especially small and medium enterprises, to become compliant, and there isn't a lot of time to build up the kind of risk management systems and actually... bill kind of risk management systems and actually. . ._ kind of risk management systems and actually. . .- and - and actually... all right. and to hire the — and actually... all right. and to hire the talent _ and actually... all right. and to hire the talent you - and actually... all right. and to hire the talent you need l and actually... all right. and | to hire the talent you need to become compliant. there is the tech industry and then there is a real industry, and we will see a lot of differences between those two in implementing artificial intelligence and the ai act. kirsten rulf from the boston consulting group, thank you. let's stay with technology. tiktok faces the most serious threat yet to its existence in america. us lawmakers in the house of representatives are set to vote on a new bill which could result in a ban of the of the world's most popular apps in the us, with more than 170 million users there. 0ur north america business correspondent michelle fleury has more from new york. time may be running out for tiktok in its largest market — the united states.
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if successful, new legislation would force tiktok�*s chinese owner, bytedance, to find a new non—chinese owner or face removal from us app stores. ahead of a house vote on the bill on wednesday, lawmakers received a classified briefing from intelligence officials on the administration's worries about the video app and how it could potentially use data it collects from americans. democrats said the stakes couldn't be higher. my concerns are they will try to influence the election and elect donald �*tiktok�* trump. among those opposing the ban, presidential hopeful donald trump. still, republicans backing the bill largely dismissed concerns about trump's backlash weighing the party from getting the legislation done. trump's comments actually, you can square them with what the bill does, to put differently, to put a finer point on it, the bill doesn't shut down tiktok and force all of tiktok�*s users onto facebook. what we are after is a separation from tiktok from its parent company, bytedance, and by extension, the ccp, and in that world, tiktok users can continue to use the platform.
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there are reports of those inside tiktok were caught off guard by the level of support for the proposed law. the bill is expected to pass by huge margins in the house, but could have problems in the senate. michelle fleury there. let's get some of the day's other news now. a new law will be introduced later to clear the names of the hundreds of sub—postmasters wrongly convicted in britain's post office scandal. the legislation is expected to clear the majority of victims in england and wales by the end ofjuly. prime minister rishi sunak said it's "an important step forward" in clearing hundreds of sub—postmasters. people who were not convicted but made up shortfalls from their own pockets will get £75,000. lawyers for the boeing employee—turned—whistleblower found dead by apparent suicide have hailed him as "a brave, honest man of the highest integrity".
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mr barnett retired after working more than 30 years at boeing in 2017. he was giving evidence in a lawsuit against the company before his death. two of his attorneys called on police to fully investigate how he had died. robert turkewitz and brian knowles told the bbc that mr barnett was "in very good spirits and really looking forward to putting this phase of his life behind him." in the us, the central bank received the news it didn't want to hear — inflation has edged up in february, as prices for petrol and housing pushed higher. so the annual rate, which measures the pace of price increases, was at 3.2%, up from 3.1% injanuary. airfares, car insurance and clothing were among the items driving the increase. grocery prices, which have been a big contributor to inflation in recent years, were unchanged. so what does this mean for the federal reserve as it considers when to start
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cutting interest rates? wall street wasn't phased by the news with the s&p 500 index closing ata record high, up over i% on the day. you can see this is the broadest market were closed. it closed up over i% on the day. let's talk to marc 0stwald about this. he's chief economist and global strategist ar adm isi. hello to you. it is a tiny move upwards on inflation. how significant do you think? it is significant — significant do you think? it is significant from _ significant do you think? it is significant from the - significant do you think? it 3 significant from the fact that it basically says us inflation is going to prove a little bit more sticky and slow in coming down. in terms of whether we get an interest rate cut, it really basically pushes a first rate cut further out, but doesn't actually say they won't cut. i think that is where wall street got its comfort from.
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and you think it kind of gives jerome powell at the federal reserve some sort of credit to say, no, we need to wait and see. there was pressure to start cutting rates in march, at the beginning of the year. she make itjustifies the federal reserve's resistance to calls for a rate cut in march oras calls for a rate cut in march or as soon as possible. == or as soon as possible. -- absolutely _ or as soon as possible. -- absolutely it _ or as soon as possible. » absolutely itjustifies or as soon as possible. » absolutely it justifies the federal reserve's. they said it won't come down as quickly as possible and we need to be cautious and to be really sure because we don't want to start inflation again, so absolutely justifying the fed's stands. they shrugs off and it didn't speak markets. is that because what is really feeling markets at the moment is companies like nvidia add anything to do with al and technology and not about ai and technology and not about the overall health of the us economy?— the overall health of the us econom ? . ., , ., ., economy? -- and anything to do. to a certain _ economy? -- and anything to do. to a certain extent, _ economy? -- and anything to do. to a certain extent, yes, - economy? -- and anything to do. to a certain extent, yes, that - to a certain extent, yes, that is what is driving markets at the moment. there is a lot of
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that there. and there is, surprisingly, a group of four central banks are actually adding liquidity, despite being in the process of withdrawing their liquidity. and that in —— and that inflates it. their liquidity. and that in -- and that inflates it.— and that inflates it. marc 0stwald, _ and that inflates it. marc 0stwald, thank - and that inflates it. marc 0stwald, thank you. - around the world and across the uk. this is bbc news bbc news, bringing you different stories from across the uk. lea ky, leaky, rusty, and deteriorated. it is deteriorated over the years and now it is in a state where there are major repairs needed. where there are ma'or repairs needed. a , where there are ma'or repairs needed. , ., ,, , needed. many tourists visiting whitby will — needed. many tourists visiting whitby will arrive _ needed. many tourists visiting whitby will arrive here - needed. many tourists visiting whitby will arrive here in - needed. many tourists visiting whitby will arrive here in one | whitby will arrive here in one of the harbour car parks, 1905 act says that also present come from harbour lad must be
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ring—fenced for other use, and the fight for whitby group said car parking revenue should be given to repairs. there are concerns the seed offences and seaside areas are becoming vulnerable to climate —related flooding. the group started legal action against scarborough council which has now been amalgamated into north yorkshire council. in a statement it said it was committed to a thriving harbour in whitby. for committed to a thriving harbour in whitb . ., ., , ., , in whitby. for more stories from across _ in whitby. for more stories from across the _ in whitby. for more stories from across the uk - in whitby. for more stories l from across the uk go-ahead in whitby. for more stories - from across the uk go-ahead to from across the uk go—ahead to the bbc website. —— for more stories from across the uk, head to the bbc news website. you're live with bbc news. i'm sally bundock. to china, next, where xiaomi is typically associated with mobile phones — but the company's announced it's making inroads with electric cars. it's announced it will start deliveries of its first electric vehicle model — the su7 this month, sending shares soaring. here's our asia business reporter katie silver.
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if you are getting into the electric vehicle space, now is not the time you'd choose. apple's reportedlyjust pulled out of it after spending billions. tesla has dropped prices to try and recoup market share, and there's chinese giant byd, which has accelerated into the fast lane with sales last quarter overtaking tesla, showing how competitive the market has become. that is the traffic that xiaomi has entered into, but china is a place with a big market. the country's electric vehicle sales jumped 18% january to february. that's not far off the entire growth it had for all of last year. the tech giant has big ambitions. it's pledged to invest $10 billion in autos over a decade, trying to diversify away from its smartphone business, a market or a sector that's been stagnating. it was to become one of the world's top five auto—makers. now, in xiaomi's favour, it's one of the few lucky ones that has beijing's backing. the cars are going to be produced by the state—owned auto—maker baic and users might be able to pair their cars with their phones and other electronic devices —
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another sales point. for its first model, the chief executive says the speed ultra 7 has electric motor technology that is capable of accelerating faster than a tesla or a porsche electric vehicle. buyers will be able to order it from the company's 59 stores across the country. but as for the price tag, well, you'll have to wait until the end of the month to find out. always we have to wait, don't we? katie silver there. when it comes to the fields of science, technology, engineering and maths, there's a persistent gender gap from education right through to the workforce. research has long shown girls are less likely to produce studies in stem subjects than boys — that's science, technology, engineering, and maths. in response to this inequality,
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tech firms in denmark have come together to develop and roll out a new computer game intended to spark curiosity and engage seven to 12—year—olds in science and technology outside of the classroom. from copenhagen, here's adrienne murray. there's a problem. after going through their teens, girls are less likely than boys to study subjects like science, technology and maths. to tackle this issue, tech bosses here in denmark are now turning to gaming. we've been talking about the lack of women in stem for so many years, and the numbers are just not moving. instead of trying to reach the girls when they are in high school or university, which is too late, we want to try to find them on the platforms they choose to be on in this age before they lose the confidence in math and science subjects in school. secrets await on a campus full of glam. called glampus high, a new game has been launched on roblox, an online gaming platform where just under half of its 70 million daily
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users are female. the idea here is to tap into girls�* love of gaming and to introduce fun activities that keep up their interest in areas like technology and science. so, this is the campus area... players run around a virtual campus, taking part in so—called mini games to win rewards for their avatar. we tried to make the games really fun and hard to do. but still have some teaching part in it, but without making it a school game. so tell me about some of the activities that the girls can do. here, you can start a mini game. so, you have tojump on this ice and feed the animals before the ice is melting. but what do the girls playing it think? i've been playing the mini games and it's been really fun, actually. playing with friends and stuff. it was really fun.
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i like finding food for animals and taking pictures of animals. research shows that girls embrace stem subjects around the age of 11, but towards 15, that interest tapers off. roughly a third or less of higher education places in stem go to women and that leads to a wide gender gap when it comes to jobs. worldwide, only a quarter of those employed in stem—related careers are female. and for computer science, it's just 20%. it's a huge issue in the technology industry in general. we want that diverse workforce, it's super important so that we actually create products that are user—friendly for everybody in society, so we absolutely need more girls and women in tech. it's too soon to know if this new approach can help bridge the inequality, but its backers are hoping it will be game on. well, i guess it's time for me to try it myself. 0oh!
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adrian murray, bbc news. she isn't bad, is she? i wonder how many young people featured in that story have been drinking capri sun for years. likely quite a few of them have. that's because capri sun is the number one children's trust brand in the world, and the fourth largestjuice brand globally. —— children'sjuice. the firm has over 2a global production sites and offices based in across europem along with dubai and china. the firm has been moving towards a more sustainable model having already introduced paper straws in its packaging. now capri sun is launching its first fully recyclable pouch in the uk. it's got the lowest carbon footprint of any drinks packaging in the world, the firstjuice drink pouch to be certified as recyclable. let's talk to the man in charge, group chief
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executive of capri sun, roland weening. welcome to the programme. this is a big moment and i'm sure many in the world of climate change, campaigning for this, will be pleased to hear the news today. why did you choose the uk is the first place to do this?— you choose the uk is the first place to do this? well, i think the uk has — place to do this? well, i think the uk has certainly - place to do this? well, i think the uk has certainly been - place to do this? well, i think the uk has certainly been at l the uk has certainly been at the uk has certainly been at the forefront of introducing new legislation, but also a lot of consumers in the uk reach out to us regarding our packaging and listening to consumers and responding to increasing legislation, we have chosen the uk to roll out the parts. we will roll it out, 2 billion patches across europe in the near future. billion patches across europe in the nearfuture. that billion patches across europe in the near future. that will be a big step for us, and obviously also for the environment.- obviously also for the environment. , . , , environment. yes, a huge step. at 6 billion _ environment. yes, a huge step. at 6 billion patches _ environment. yes, a huge step. at 6 billion patches are - at 6 billion patches are produced every year, if not more, by capri sun. that is a lot of ways. small patches with
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not a lot of weight within? the aood not a lot of weight within? the good thing _ not a lot of weight within? the good thing is _ not a lot of weight within? the good thing is it _ not a lot of weight within? tue: good thing is it is not a lot of weight within? tte: good thing is it is the lightest package, so five times less material and weight as the equivalent pet bottle, so it is the most advantaged packaging in the world. now we have made it recyclable, it is the best possible way to drink a drink, particularly to enjoy that capri sun drink. particularly to en'oy that capri sun drink._ particularly to en'oy that capri sun drink. particularly to en'oy that cari sun drink. ., . ., capri sun drink. how much more is this costing _ capri sun drink. how much more is this costing you _ capri sun drink. how much more is this costing you to _ capri sun drink. how much more is this costing you to do - capri sun drink. how much more is this costing you to do this? i is this costing you to do this? and willoughby passed on in terms of price?— terms of price? yes, it has a significant — terms of price? yes, it has a significant investment. - terms of price? yes, it has a significant investment. it - terms of price? yes, it has a l significant investment. it took a lot of years, to be honest, to actually produce a recyclable foil and ultimately recyclable foil and ultimately recyclable patches. we don't use, let's say, artificial preservatives, so we needed a packaging that is still robust and convenient and can actually be fully natural without artificial preservatives. we put millions into the r&d side of things, and the equivalent,
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the, investment for new equipment, the advertising that will go with it, and also to help people educate, so in total we spent about £40 million and euros equivalent, if you like, in the coming year, and obviously that amount will further increase as we sell more patches globally. this sell more patches globally. as ou can sell more patches globally. as you can afford that being the world's biggest brand when it comes to children's drinks. a huge investment on your part. will you share the research with others in the industry to increase awareness elsewhere? yes, we are. i think the actual patches and materials etc, i think, obviously, now we're lodging this, it help others. we operate in other organisations, and will work with other organisations like you nestor, and i think every body in the industry has the
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intention to work together to solve a world problem. fik. solve a world problem. 0k. interesting _ solve a world problem. 0k. interesting to _ solve a world problem. 0k. interesting to hear - solve a world problem. 0k. interesting to hear all - solve a world problem. 0k. interesting to hear all about it. roland weening from capri sun, thank you very much indeed. ., ~ sun, thank you very much indeed. ., ,, , ., sun, thank you very much indeed. ., ~' , ., , sun, thank you very much indeed. ., ,, , . indeed. thank you very much, sall . before we before we say before we say goodbye, before we say goodbye, we before we say goodbye, we will ta ke take you to the financial markets so you get a sense of how the trading session is going currently in asia. as you can see, japan is donejust lately, hong kong is going in the opposite direction, and the price of oil is seeking higher. 0n the us board, we 500 ended the day at a record high. you can see that, up over 1%. increases across the board on wall street, fuelled by nvidia, one of the big winners, and the so—called magnificent seven stocks, as they are known, listed on the s&p and the nasdaq. you are up—to—date. i will see you soon. hello there. after a very wet february,
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the rain has continued to fall during march, particularly across southeast england. here, it's been much wetter than average. we've seen two inches of rain, 50mm in some places, and that's more than the average march rainfall, and we're not even halfway through yet. it is looking a bit drier for the southeast in the next few days, but there is rain elsewhere. and we're going to see a spell of milder conditions in the next few days. that's because the air is coming all the way from a long way south, up across the uk, in between these two weather fronts here, and it's this second one here that's focusing the rain as we head into wednesday. now, that is stumbling its way across scotland and northern ireland, heading into northern england and north wales. there's going to be some sunshine following to the north, but the winds picking up, bringing some gales in northern scotland and some showers. and for england and wales, there's going to be a lot of cloud again. still some damp, drizzly, low cloud across western coasts and hills. but further east,
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with the brighter skies, temperatures could reach 15 degrees and we're going to be double figures in scotland and northern ireland. now, that area of low pressure bringing that windy weather in northern scotland will pull away overnight, so things do calm down. and those weather fronts start to move northwards, back into scotland and northern ireland. here, it will be a little bit chilly first thing on thursday morning, but, again, a very mild start for the rest of the uk. we've got that rain moving northwards into scotland and northern ireland. some sunshine for the north of the country, but we will see further showers coming in to wales, western parts of england, some eastern areas of england, and particularly southeast england and east anglia may well be dry. and we should get a bit of sunshine here, so 16, 17 degrees not out of the question. things are a little cooler still across scotland and northern ireland. that weather front, then, does move northwards, taking rain across more of scotland. the low pressure then driving that system sits across the uk. that weather front will be out of the way for friday. things will be turning a little bit cooler.
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windy weather actually through the english channel, and we'll see showers coming into england and wales — some of these could be heavy and thundery. bit of snow over the scottish mountains, otherwise it's rain sinking southwards here, a northerly wind pushing down — that's going to introduce cooler air. but we still could see 13 degrees across some southeastern areas to end the week.
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good morning, welcome to breakfast withjon kay and sally nugent. 0ur headlines today. racist and wrong — the prime minister condemns comments allegedly made by a tory donor, aimed at mp diane abbot. a law aimed at quashing the wrongful convictions of subpostmasters caught up in the post office scandal is being introduced by the government today. joe biden and donald trump are set for an election rematch after both men win their parties�* us presidential nominations. how happy are you with your local bus service? waiting times and frequency vary a lot depending on where you are, giving a mixed picture when it comes to passenger satisfaction. i'll have the results of the latest survey on that. in sport, arsenal make it to the champions league quarter—finals. goalkeeper david raya makes two penalty saves as they beat porto on a dramatic night in north london.
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good morning. it is

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