Original Broadcaster Captioning (Enhanced). Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:02MUSIC
00:00:12Live from London. This is BBC News.
00:00:18News. King Charles urges Silicon Silicon Valley bosses to develop
00:00:20develop sufficient controls for AI
00:00:22AI amid fresh calls for safeguards safeguards from another senior tech
00:00:27tech figure. Those in our world who
00:00:30who value deeply our humanity and
00:00:32and its vital moral component are
00:00:35are anxiously seeking your reassurance
00:00:38reassurance that we will not lose lose control of our destiny or our
00:00:42our souls. We're essentially seeding
00:00:45seeding a new silicon species which which will no doubt compete with
00:00:49with us for resources. Buckingham Buckingham Palace is in a war of
00:00:53of words with Princess Diana's brother brother over his controversial memoir
00:00:57memoir about her life and death.
00:00:59death. South African police say they they found a ninth woman killed near
00:01:04near Johannesburg in a spate of murders, murders, causing fear and outrage
00:01:07outrage in the country. The Bank
00:01:09Bank of England holds interest rates
00:01:12rates at 3.75%. We'll assess the
00:01:14the state of the global economy as as the Iran war pushes continues
00:01:18continues to push up energy costs.
00:01:21costs. And the boss of the social social media company Snapchat tells
00:01:24tells the BBC the firm would be willing willing to implement time limits
00:01:28limits for teenagers.
00:01:40Hello and welcome to BBC News. King Charles has urged tech bosses
00:01:44bosses to develop a sufficient means
00:01:46means of controlling artificial intelligence intelligence before, in his words,
00:01:50words, it's all too late. His warning warning while hosting a gathering
00:01:53gathering of AI executives in Scotland, Scotland, follows the latest alert
00:01:57alert about the rapidly developing developing technology. Microsoft's
00:02:00Microsoft's AI chief has told the the BBC he believes the world is
00:02:03is seeing the development of a new
00:02:05new silicon species that could compete compete with humans. We'll bring
00:02:08bring you more of that interview interview here in just a moment.
00:02:12moment. But addressing representatives representatives from some of the the world's biggest AI developers,
00:02:16developers, including Nvidia, Google, Google, DeepMind, OpenAI, Anthropic
00:02:19Anthropic and others, the King said said he believed in ensuring humanity
00:02:23humanity remains sacred. The substantive substantive discussions are taking
00:02:26taking place privately, but here's here's what some of the King was
00:02:29was saying as he opened today's meeting.
00:02:33meeting. AI is already showing its
00:02:35its immense capacity to improve and
00:02:38and save life. For example, in the
00:02:41the field of life sciences and medicine.
00:02:44medicine. Yet those who have created
00:02:47created these technologies are now now increasingly warning that AI
00:02:51AI risks developing darker capacities,
00:02:54capacities, perhaps even to take
00:02:57take life. And in this regard, if
00:02:59if I may say so, there seems urgency
00:03:03urgency in adequately considering
00:03:05considering the existential dangers dangers of such technologies falling
00:03:08falling into the wrong hands. Well,
00:03:11Well, the CEO of Microsoft AI has
00:03:15has told BBC Radio 4 this is a warning warning shot moment in the development
00:03:18development of AI, and there's every every risk that we might lose control
00:03:22control of it unless it's regulated,
00:03:25regulated, resulting in Silicon Valley Valley species competing with humans.
00:03:28humans. I think that if we all create
00:03:31create AI's that are able to act
00:03:34act autonomously, that can define define their own objectives, that
00:03:37that can earn money, that can own
00:03:40own assets, that could run businesses,
00:03:42businesses, we're essentially seeding seeding a new silicon species, which
00:03:46which will no doubt compete with with us for resources no matter how
00:03:50how much it cares about humanity
00:03:51humanity and loves us, which is,
00:03:54is, I think, Anthropic's intention.
00:03:56intention. I think that is a mistaken mistaken and misguided, but we have
00:04:00have to empirically test it. And And so if they believe that this
00:04:03this is a safer route to developing developing AI's, then they have to
00:04:06to share the data to prove that.
00:04:08that. We've just witnessed a watershed
00:04:10watershed moment in the development development of AI and a model that
00:04:14that was being trained by OpenAI
00:04:18OpenAI inadvertently hacked into
00:04:20into Hugging Face, which is a public
00:04:22public website that runs evaluations
00:04:25evaluations and benchmarks for testing
00:04:27testing these agents. The swarm of
00:04:30of agents co-ordinated together.
00:04:33together. They organised themselves themselves into hierarchies. They
00:04:36They created a division of labour, labour, and so they've developed
00:04:39developed very, very complex behaviour.
00:04:41behaviour. Now the good news is this
00:04:44this was OpenAI developing a model
00:04:47model deliberately with the guardrails guardrails turned off. Well, with
00:04:50with me is our AI correspondent Marc
00:04:52Marc Cieslak. And Mark, this summit summit couldn't be more timely with
00:04:56with an avalanche of warnings that that we've had. Yeah. AI has been been making headlines all summer
00:05:00summer for all the wrong reasons. reasons. AI agents going rogue and
00:05:03and breaking out of their training training environments. And just days
00:05:06days before the King's Summit, Anthropic's Anthropic's own CEO Dario Amodei,
00:05:09Amodei, alongside Sam Altman of OpenAI OpenAI and Elon Musk, called for
00:05:12for a slowdown in the development development of AI. We've had safety
00:05:16safety researchers at these companies companies posting publicly that they they believe there's more than a
00:05:19a 10% chance AI could kill all humans
00:05:23humans within a decade. Some industry
00:05:25industry observers, though, say that that this apocalyptic AI talk is
00:05:29is actually marketing intended to to increase the valuation of these
00:05:32these companies as they prepare for
00:05:34for mega IPOs. Hype or not? These
00:05:37These warnings seem to have struck struck a real chord across the globe.
00:05:41globe. And massive questions now
00:05:43now about how you can slow progress. progress. Can you slow progress?
00:05:47progress? How you regulate? Yeah. Yeah. Regulation now regulation is
00:05:50is an incredibly controversial subject
00:05:53subject in AI circles. President President Trump recently said the
00:05:56the US already has enough regulatory
00:05:58regulatory and criminal powers to to hold AI companies accountable,
00:06:02accountable, and that more guardrails guardrails would undermine American
00:06:05American competitiveness. The reality
00:06:06reality is that the US doesn't have
00:06:09have one comprehensive rule or law law like the EU does. Regulations
00:06:13Regulations spread across existing existing laws, different federal federal agencies and different states.
00:06:16states. That's why we're seeing a a bit of a split at the moment. Some
00:06:19Some of the biggest AI companies companies are calling for more safety
00:06:22safety measures for a variety of
00:06:23of reasons. Some of them no doubt doubt commercial, but also we've
00:06:27we've got the White House saying saying that this there's a bigger
00:06:30bigger risk that if they have greater,
00:06:33greater, greater regulation, they'll they'll fall behind China. And exactly
00:06:36exactly on that point, you have an an American President who says, basically
00:06:39basically we just have to win AI.
00:06:41AI. And where are the Chinese, the the massive competitor in this race
00:06:45race in all of this conversation? conversation? Well. China has a massive
00:06:48massive amount of capability that that perhaps the West doesn't have
00:06:51have in certain arenas. And when when it comes to AI for a very, very
00:06:55very long time, it was thought that that the Chinese was a considerable
00:06:58considerable distance behind in terms terms of technology. That now isn't isn't the case. A lot of industry
00:07:02industry observers say that there's there's more or less parity between
00:07:05between Western technology and Chinese Chinese technology. They've caught caught up very, very fast and they
00:07:09they are incredibly capable. And And it's being framed in Western
00:07:13Western circles as a new Cold War, War, if you like, or a new arms race.
00:07:16race. The country that controls AI
00:07:18AI will have a leading position in in the world moving forward. Mark,
00:07:21Mark, thanks for taking us through through all of that. Much more on
00:07:25on that summit a little later. Now Now Buckingham Palace is in a war
00:07:28war of words with Earl Spencer, the the brother of the late Diana, Princess
00:07:32Princess of Wales, over his controversial controversial memoir about her life
00:07:35life and death. In the book, Earl Earl Spencer claims that soon after
00:07:38after Diana died, Charles told him
00:07:40him that she would be soon forgotten. forgotten. In an unusually strong
00:07:44strong response, the palace has hit hit back, saying the pain of fraternal
00:07:48fraternal grief can cloud reason reason and colour memory. Here's
00:07:50Here's our senior royal correspondent
00:07:53correspondent Daniela Relph. It is is the content of Earl Spencer's
00:07:56Spencer's book about his sister that that has driven Buckingham Palace
00:07:59Palace to issue an unusually robust
00:08:01robust response. Earl Spencer writes
00:08:03writes of a row with the King back back in 1997, when the King was Prince
00:08:07Prince of Wales after he challenged challenged him on the decision to
00:08:10to allow Princes William and Harry Harry to walk behind their mother's
00:08:14mother's coffin at her funeral, something something he said his sister would
00:08:17would not have wanted. Earl Spencer
00:08:19Spencer claims the King replied angrily
00:08:21angrily saying that Diana would be
00:08:23be forgotten soon enough. The response
00:08:25response from Buckingham Palace a a sign of the fury behind palace
00:08:29palace walls. An official spokesman
00:08:31spokesman said while we do not comment
00:08:33comment on books as a matter of principle,
00:08:37principle, His Majesty is mindful mindful that the pain of fraternal
00:08:40fraternal grief can cloud reason, reason, affect judgement and colour
00:08:44colour memory in ways others do not
00:08:46not recognise. Even many years after
00:08:49after such a loss. Not since the
00:08:51the late Queen's statement that recollections recollections may vary after the
00:08:54the Duke and Duchess of Sussex's Sussex's interview with Oprah Winfrey
00:08:58Winfrey has a royal statement packed
00:09:00packed so much punch. With King Charles, Charles, we are seeing a monarch
00:09:03monarch doing things differently. differently. I think we are seeing seeing an age of greater transparency
00:09:07transparency with the monarchy in in many ways, with a King who has
00:09:10has disclosed that he has cancer cancer and is undergoing treatment
00:09:14treatment and a King who we know
00:09:16know feels things. His great empathy, empathy, great compassion. And I
00:09:19I would imagine this is incredibly incredibly upsetting for him. And
00:09:22And he has decided that he wants wants to respond. We are hearing
00:09:25hearing more from the palace, I think, think, than we ever have done. The
00:09:29The relationship between the Royal Royal family and the Spencers has
00:09:32has never really recovered since since the funeral of Princess Diana.
00:09:36Diana. In his eulogy to his sister,
00:09:38sister, Earl, Spencer was openly openly critical of the royals. It
00:09:41It caused lasting damage. It's been
00:09:46been a challenging few weeks for for the royal family, many of whom
00:09:49whom will be out on official duty
00:09:53duty today. As will Prince Harry.
00:09:55Harry. He'll be in London for an an awards dinner for the Invictus
00:09:59Invictus Games for wounded military
00:10:00military personnel. His first public
00:10:03public charity engagement since moving moving back to the UK with his wife
00:10:06wife and children. Come on you. Come
00:10:09Come on. The return of Harry and and Meghan has brought with it a
00:10:13a degree of drama over their security, security, the safety of their children
00:10:16children on the school run and speculation
00:10:19speculation over why they have come
00:10:21come back to the UK. The return of
00:10:24of Sussexes really is shows just
00:10:27just how much they run out of road
00:10:30road in Montecito. And they had run run out of road, do you think? Totally
00:10:33Totally run out of road. They seem
00:10:35seem to be unable to just simply
00:10:39simply quietly and with composure composure examine their options and
00:10:42and follow a route. You know, they
00:10:44they they crash into things, you
00:10:47you know, all the time. My husband
00:10:48husband loves bagpipes. All of these
00:10:52these engagements have been planned planned well in advance. But with with Harry and Meghan now back in
00:10:56in the UK, the days where we see see the working royals out on the
00:11:00the same day as the non-working ones
00:11:02ones will become more common. Daniela
00:11:06Daniela Relph, BBC News. Well, let's let's speak live to the historian
00:11:09historian and broadcaster Doctor Doctor Tessa Dunlop. Tessa, welcome welcome here to the programme. What
00:11:13What do you make of this? There's
00:11:17There's a tragic predictability to
00:11:18to it. It is pitiful that a woman
00:11:22woman beloved by so many somebody
00:11:26somebody ephemeral, volatile, a seeker seeker of pain, someone who personified
00:11:30personified love and loss and above
00:11:33above all was a woman, a woman's
00:11:37woman's woman is being fought over over her legacy, which will be 30
00:11:3930 years her death next year. Of
00:11:41Of course, the anniversary by two
00:11:44two establishment men, both of whom
00:11:47whom I think should carry their burden
00:11:48burden of guilt for much of the or
00:11:51or latterly in the latter days of of Diana. The pain in her life. And
00:11:55And in fact you could add to that that list of men who are sort of
00:11:59of besmirching or fighting over her her legacy. Even Piers Morgan to
00:12:01to throw in a third one who was recently recently talking about how his Diana's
00:12:05Diana's mother used to ring him up up when she was drunk and then, of
00:12:08of course, her two sons. Well, William William doesn't say anything because
00:12:11because of his position within the the Constitution, but I'm sure we
00:12:15we will hear more from Harry over over the next year and it. There
00:12:19There is something. Yeah, grimly grimly predictable about it, I'm
00:12:21I'm afraid. What did you make of
00:12:23of the wording of the response? In
00:12:27In effect, regulations may vary. vary. I mean, Earl Spencer is an
00:12:31an assiduous writer and note taker. taker. Your assessment of the basic
00:12:35basic defence put out by the Palace? Palace? Well, as an oral historian,
00:12:37historian, I spend most of my time
00:12:41time talking to individuals and their their recollections predominantly predominantly but not only of World
00:12:45World War II. And I can assure you you that recollections always vary.
00:12:48vary. Often people contradict themselves.
00:12:52themselves. So I heard this morning morning a correspondent from the
00:12:55the times saying only the two charleses charleses know who's telling the
00:12:57the truth. Actually, no. Both will will be firmly entrenched in his
00:13:01his idea that his truth is the correct
00:13:03correct one. So I'm not questioning questioning their integrity in that
00:13:06that respect, but I did find it unprecedented
00:13:10unprecedented and surprising the the lengths to which the King went
00:13:13went to. He didn't just say recollections
00:13:15recollections may vary. He cited cited fraternal grief. He could have
00:13:18have been talking, of course, about about his own two sons. Forgive me me for spotting the irony there.
00:13:22there. He also referred to clouding
00:13:24clouding reason, affecting judgement,
00:13:26judgement, colouring memory. So this
00:13:29this is a monarchy in the brace position position for more to come, because because of course the serialisation
00:13:33serialisation will go over a few few days and the book's going to
00:13:37to land next week. But for what?
00:13:39what? Cause what? What is the end end game of this? And of course there's
00:13:42there's a long, very long history. history. Arguably the Spencers are
00:13:46are a far finer English aristocratic aristocratic family way back when
00:13:50when the Tudor times making their their fortune in wool, have often often crossed swords with the royal
00:13:54royal family. Of course, what makes makes our royal family so anomalous
00:13:58anomalous today is we have consistently consistently since the end of the
00:14:01the Second World War, removed the the edifice of aristocracy taken
00:14:05taken from them, their privileges privileges basically forced them them to open up their homes, which
00:14:09which of course Charles Spencer has has done, etc so the level there
00:14:12there is no level playing field. field. You've got this extraordinary extraordinary well protected, very
00:14:15very rich royal family and you've you've got the likes bizarrely of
00:14:18of Charles Spencer feeling like the
00:14:21the underprivileged one weaponising weaponising and monetising his sister's
00:14:24sister's legacy and casting himself
00:14:26himself very much against the House
00:14:28House of Windsor. Just a final thought thought because as you said, the the book is being serialised. We
00:14:32We are probably going to have days
00:14:35days of stories that the Palace may may or may not respond to, but what
00:14:39what do you make of the timing of of this? More broadly, you have Harry
00:14:42Harry and Meghan back in the UK that
00:14:45that controversy around the letter letter that was circulated. I mean,
00:14:48mean, the Palace is having to navigate navigate on, on several fronts, isn't
00:14:50isn't it? Yeah. Again, much of this
00:14:53this I think was unavoidable. Some Some people, I think would be fair
00:14:56fair to point out that, well, Charles
00:14:59Charles remained or retained his his never complain, never explain
00:15:03explain line when it came to Harry Harry and his explosions, but has
00:15:06has rewritten the rules for his one one time brother in law. But yeah,
00:15:09yeah, Harry is out and about. He's He's a loose cannon. I think much
00:15:12much of that could have been cleared cleared up if there'd been some kind
00:15:16kind of olive branch offered, but but there hasn't been, and I suspect
00:15:20suspect word on the ground suggests suggests and even from Meghan's photo
00:15:23photo dump suggests that Harry, while while perhaps not closely aligned
00:15:27aligned to his uncle, I'm sure he he won't relish the fact that the the serialisation has taken place
00:15:30place in the Daily Mail. I think think they are perhaps working more
00:15:34more closely together than the Palace Palace would like. Perhaps the publication
00:15:37publication this year, one year ahead ahead of Diana's anniversary, is
00:15:41is because there is talk of a Harry Harry documentary or something a
00:15:45a larger form of memorialisation memorialisation from her youngest
00:15:48youngest son this time next year. year. Tessa Dunlop. We have to leave
00:15:51leave it there. But thank you for for joining us on today's programme. programme. Thanks for your time.
00:15:55time. Thank you. We're going to take take a short break around the world
00:16:58high for Republicans and Democrats and for the American people. people. For the latest, follow us
00:17:01us on The President's Path here on
00:17:02on BBC. News. Welcome back. Now the
00:17:11the Bank of England has held interest
00:17:14interest rates at 3.75%. Despite Despite this week's announcement announcement of rising inflation.
00:17:18inflation. Six members of the bank's bank's Monetary Policy committee
00:17:21committee voted to hold rates, while while the other three voted to increase
00:17:25increase to 4%. Here's our economics
00:17:27economics editor Faisal Islam. They
00:17:30They have not followed. Other major major central banks which have raised
00:17:33raised rates. They've held it at
00:17:36at 3.75% on the same split of the the nine member committee that we
00:17:39we had before, 6 to 3. And the essential essential reason is that they recognise
00:17:42recognise rising pressures from energy. energy. But they say that for now,
00:17:45now, the rest of the economy hasn't hasn't sort of percolated out into
00:17:48into the rest of the economy and
00:17:51and effectively that they're going going to wait until they can see
00:17:55see that it might feed into wages wages before they act. Now, three
00:18:03Now, three members of the committee thought actually we've we've seen enough rates should go
00:18:06go up. This is an inevitability that that it will percolate through the the rest of the economy. Six didn't.
00:18:09didn't. So we got a similar decision decision to what we got in July, July, despite the fact that energy
00:18:13energy prices have gone up considerably considerably since then. But I should should say and it gets a bit complicated
00:18:16complicated this. But it is important. important. There was also another
00:18:19another move made today on how the
00:18:21the Bank of England deals with its
00:18:25its huge stock of government debt. debt. It essentially acquired lots
00:18:28lots of government debt during crises,
00:18:31crises, and it's been trying to sell
00:18:33sell that down quite calmly at a
00:18:35a time when the government, governments governments around the world have
00:18:38have also been trying to sell debt. debt. And we've seen and we've talked
00:18:41talked a lot about how we've seen seen high interest rates effective
00:18:45effective for governments, what they they have done today, the bottom bottom line and there are lots of
00:18:49of complexities. But let me just just you'll be hearing a lot about about this today. The bottom line
00:18:53line is they have paused the auctions.
00:18:55auctions. The Bank of England does
00:18:57does of its stock of government debt. debt. They still say that they will
00:19:01will sell it, but effectively they're
00:19:03they're going to keep like a significant significant portion back to cover
00:19:07cover their issuance of bank notes. notes. That's new news. We didn't
00:19:10didn't know that they were going going to do that. They're going to
00:19:13to sell them at a slightly slower
00:19:15slower rate. And then when they do
00:19:17do sell them, they have asked the
00:19:19the government essentially to swallow
00:19:21swallow that up. Now they say that
00:19:24that this is entirely their decision.
00:19:27decision. But the net effect of all
00:19:29all of this is that right now, when
00:19:31when we had expected the bank to
00:19:33to announce a programme of selling
00:19:37selling its government debts, it it won't be doing so at least for
00:19:40for a few months. And I think that that comes as a bit of a surprise
00:19:43surprise to the markets. It is complicated. complicated. Now they say this is
00:19:47is not because we have seen stressed stressed government markets, but but like I think there'll be a few
00:19:50few questions about this. They say say there's also questions about
00:19:53about how this may or may not help
00:19:56help the government finances to some some degree. It gets quite complicated
00:19:59complicated in terms of the accounting, accounting, but that is the news news that markets will be responding responding to. Obviously everyone
00:20:03everyone back home is thinking what's what's going to happen to interest interest rates? What's going to happen happen to mortgage rate, what's going
00:20:07going to happen to growth? The other other detail that I thought was quite quite interesting in here was that
00:20:10that the Bank of England is now projecting
00:20:14projecting that growth in this quarter, quarter, which it thought would basically
00:20:17basically be flat 0.1% will be 0.4%.
00:20:210.4%. Again, nothing to write home home about and hardly a triumph,
00:20:24triumph, but considerably more resilient resilient than had been expected.
00:20:27expected. Faisal Islam at the Bank Bank of England. Well, yesterday yesterday of course, we had that
00:20:31that increase to us interest rates. rates. It comes as rising fuel costs
00:20:35costs a result of renewed hostilities hostilities in Iran and Saudi Arabia
00:20:38Arabia now are pushing up rates of of inflation right around the world.
00:20:42world. Well, those rising energy energy costs are fuelling anger and
00:20:46and fears of shortages globally, globally, putting strains on transport
00:20:49transport systems, haulage companies, companies, shipping and everyday
00:20:52everyday people facing rocketing
00:20:53rocketing energy costs from Syria
00:20:56Syria to Guatemala, Portugal to France. France. People have in the last week
00:20:59week taken to the streets to protest
00:21:02protest against the rising fuel costs. costs. Well, let's speak now to Nick
00:21:05Nick Butler, former head of strategy strategy at BP. He was also a former
00:21:08former political adviser to Gordon Gordon Brown, is now a visiting professor
00:21:11professor at King's College London.
00:21:13London. Nick Butler, welcome here
00:21:15here to BBC News. So that is the
00:21:18the backdrop. Unless the conflict conflict in the Middle East cools
00:21:22cools is the price of just about about everything going to go up.
00:21:25up. Well good afternoon. I'm afraid afraid that is right. And you see
00:21:29see the prices rising already because
00:21:32because these costs have been increasing increasing already through the last
00:21:35last month or so. Now they've gone
00:21:39gone up a level more. I think that
00:21:42that will just push on inflation. inflation. And I was surprised by
00:21:45by the bank decision on interest interest rates. I think it's noticeable
00:21:48noticeable that nobody on the MPC MPC has a background in the energy
00:21:52energy industry or actually know
00:21:54know what's happening. This is both
00:21:57both oil and gas and then oil products, products, which are short because
00:22:01because the refineries in, in the the Gulf are blocked in can't produce
00:22:05produce or have been damaged. And And that feeds through to fertilisers
00:22:07fertilisers and food supply and through
00:22:11through naphtha and petrochemicals. petrochemicals. Yes, we're in for
00:22:13for a surge of inflation. And I think
00:22:16think we unfortunately have to be be ready for that. You've described
00:22:20described what is happening now as as an oil shock. We're seeing it
00:22:23it now. But this conflict has been
00:22:25been going on since February. Why Why haven't we felt all of this a
00:22:29a little earlier in the cycles? I I think it's very clear that the
00:22:33the reason is there have been cushions.
00:22:35cushions. The cushion is that the the International Energy Agency released
00:22:38released a very large amount of stocks stocks onto the market over the last
00:22:42last six months. And the Chinese,
00:22:45Chinese, who had heavy stocks, high
00:22:46high stocks built up over the previous
00:22:49previous year, decided to cut their
00:22:51their imports. So demand was new.
00:22:54new. Demand was much lower than it it could have been. But that's come
00:22:58come to an end now because you can't
00:23:00can't use stocks twice. The stock stock levels around the world are
00:23:04are now at pretty low levels, and
00:23:07and the Chinese have started importing
00:23:09importing again. And so it's just
00:23:12just a simple balance of supply and
00:23:14and demand. Demand is is now going going up. The stocks are not there
00:23:18there to cover it. And the supply
00:23:22supply particularly because of this this attack on the pipeline across
00:23:25across Saudi Arabia, it looks to to be down for at least the next
00:23:28next few weeks. So we're seeing the
00:23:32the impacts on inflation that translating
00:23:34translating into interest rates for for everyone sitting at home when
00:23:38when it comes to energy prices through
00:23:41through the winter. If there's no no sort of resolution pause in this
00:23:45this Middle East conflict, what is is the likely impact given already already what we've seen with oil
00:23:49oil prices, gas prices? Well, there
00:23:51there was one fairly authoritative
00:23:54authoritative forecast put out, I
00:23:56I think yesterday of the energy price
00:23:58price cap going up by £400. That
00:24:01That would be in January. And that
00:24:04that was, I think, prepared before before these latest events. So I
00:24:06I think that that is a minimum of
00:24:09of what the price increase will be. be. And I imagine now the government
00:24:13government is having to look very very carefully at how they're going
00:24:15going to protect particular sectors
00:24:17sectors health service, food supply
00:24:20supply and also how they're going going to protect businesses that
00:24:22that are heavily dependent on, on
00:24:25on energy costs. So it you can see
00:24:29see these price increases coming coming and it's not going to be very
00:24:32very comfortable, I'm afraid. You've You've got all the pressures of the
00:24:35the bond markets and debt to throw
00:24:39throw into a growing equation. What
00:24:41What are we talking about in terms
00:24:43terms of the timeline here? When When does this crunch really kick
00:24:47kick in for global economies unless unless there's progress in stopping
00:24:50stopping what we're seeing in the the Middle East? Well, it is kicking
00:24:53kicking in already. As you mentioned, mentioned, the people around the
00:24:57the world noticing the sudden increase
00:24:59increase in prices that have in their
00:25:02their in countries where it is really
00:25:05really very difficult to cover those
00:25:08those costs. These are not rich people
00:25:10people at all. And now we've got
00:25:13got petrol up over 170. We've got
00:25:16got diesel up over 190. We've got
00:25:18got the oil price well over 100 now
00:25:21now for several days. It will feed
00:25:23feed through gradually over the next
00:25:26next few weeks, but each time people people go to the garage they will
00:25:29will find prices are higher than
00:25:32than they were last week. Well, I I hope you're wrong, but I guess
00:25:35guess I hope I'm wrong too. But it it looks unlikely. But Nick Butler,
00:25:39Butler, great to have you on the the programme. Thank you so much
00:25:41much for providing that
00:25:46analysis. Thank you. Now in Russia, Russia, tomorrow is the start of of three days of voting in the country's country's parliamentary election,
00:25:49election, the first since Russia's Russia's full-scale invasion of Ukraine.
00:25:53Ukraine. Critics dismissed the vote vote as neither free nor transparent.
00:25:56transparent. But the Kremlin is expected expected to use it to claim that
00:25:58that the country is united behind behind the policies of President
00:26:02President Putin from Moscow. Here's Here's our Russia editor, Steve Rosenberg.
00:26:05Rosenberg. Ultimate power in Russia
00:26:07Russia lies right here in the Kremlin. Kremlin. But just across the road
00:26:11road there is a parliament, the Duma,
00:26:14Duma, and it's election time. So So what is a parliamentary election
00:26:17election like now in Russia? Well,
00:26:20Well, on TV we've seen election debates
00:26:24debates sort of none of the candidates
00:26:25candidates turned up for this one.
00:26:28one. And there has been some campaigning. campaigning. We caught up with the
00:26:32the Communist Party chief at a bakery. bakery. At times, though, it's been
00:26:36been hard to tell the difference difference between the ten parties
00:26:39parties that have been allowed onto onto the ballot. None of them criticise
00:26:42criticise President Putin or the
00:26:44the war in Ukraine. And if the political
00:26:47political process feels rather orchestrated, orchestrated, keep in mind that the
00:26:50the political system in Russia is
00:26:51is often referred to as managed democracy,
00:26:54democracy, where the Kremlin does does the managing and I think the
00:26:57the Kremlin will try to use this this election to claim that the country
00:27:01country is united behind the President
00:27:03President and behind the war. There
00:27:07There are some individual candidates candidates in some seats calling
00:27:09calling for a ceasefire in Ukraine. Ukraine. But their party, which is
00:27:13is called Yabloko and which is anti-war, anti-war, isn't allowed to take part
00:27:17part in this election as a party party in its own right. It was struck
00:27:20struck off the ballot by the Supreme
00:27:24Supreme Court, 50 miles from Moscow. Moscow. We didn't see much sign of
00:27:27of an election. There were few banners, banners, few election posters. But
00:27:30But from chatting to people, there there was every sign that the war
00:27:34war is front and centre of people's
00:27:37people's minds. I want a peaceful
00:27:40peaceful life, Yulia told. Me. I'd
00:27:44I'd like to live in a peaceful country, country, says Polina, so that you
00:27:47you don't have to worry that a drone drone will fall down in front of
00:27:50of you. But expectations are low
00:27:53low that this election will bring
00:27:55bring peace any closer. Steve Rosenberg
00:27:59Rosenberg with that report, we're we're going to. Take a short break. break. When we're back, we'll have
00:28:02have more on the A summit with King King Charles. Also the
00:29:35temperatures peaking into the mid
00:29:36mid 40s. Take care.