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breakthrough in washington: the us senate passes a funding bill, paving the way to end the longest government shutdown in us history. tough choices.

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chancellor rachel reeves gives the strongest indication yet that tax rises are coming in the budget later this month in an exclusive interview with the bbc. i have to be chancellor in the world as it is, and not necessarily in the world as i would like it to be. but i have to respond to those challenges, and that is the responsible thing to do. and running out of time - the cop climate summit in brazil faces an uphill struggle as the leaders of major emitters china, india and the us - stay away. welcome to business today. markets around the world have been rising today after a breakthrough in washington on ending the longest government shutdown in history. the senate has been voting on a deal to extend government funding until the end of january after a marathon weekend on capitol hill. the reconcilliation - which had been stalled over health care subsidies - will now have to go through congress before going to the president to sign into law.

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for 41 days, hundreds of thousands of federal workers have been left without pay, services have been closed and the distribution of food stamps hampered. one sector particularly hit are airports, with increasing numbers of unpaid air traffic controllers not showing up for work - leading to widespread disruption. with almost 3,000 flights cancelled on sunday according to the flight tracking website flightaware - and so far today a further over 1,500 flights have been cancelled. in the last hour, president trump has forcefully demanded that all air traffic controllers return to work - despite not being paid during the ongoing shutdown - and threatened punishment for those who do not. all of this - the congressional budget office estimates - could cause a permanent us economic loss of between seven to $14 billion. let’s go live to new york now and speak to michelle fleury. that is the issue here, there

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would be relief if the deal is on on the cards because it is costing costing the us economy. if you look look at the s&p 500, again, the news news that the end might be inside. inside. obviously, we had that the the senate vote, that sort of clears clears the path towards the reopening reopening of the government. speaker speaker mike johnson in the house house of representatives have called called back members so that they they can vote on that plan before before it can make its way to the the president’s desk for approval. approval. once that happens, you you can hopefully expect to see relief relief in sight for the millions millions of federal workers who have have been going without pay, for for those air traffic controllers controllers that have also been without without pay and under incredible incredible strain, we have seen the the results of that, the knock on on effect on airports. as you mentioned, mentioned, those who rely on food food stamps have been struggling struggling to get by without. there there has been a considerable amount amount of pain, so the idea that that there might be relief in sight sight is obviously hugely welcome. welcome. what about the mechanics

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mechanics for reopening? that was was a question i put to henry attack, attack, the co-founder of a group group that advised investors on political political events. here’s what she she had to say. here’s what she had to say. i’m optimistic that we’re going to be moving really quickly now. the senate will hopefully finish their votes today. the house will be called back and ready to vote tomorrow, which is veterans day. they could be reopened by wednesday, so money will start flowing very quickly. data from september that wasn’t released should start to flow by the end of this week. we should be up and running with flights getting back on schedule by this weekend. a timeline there of what might happen next. but it is not the first first time we have talked about a a shutdown of this nature. this is is the longest in us history. but but i wonder whether any mechanisms mechanisms are in place to learn learn the lessons from this and prevent prevent it happening again in the the future? in some ways, unfortunately, unfortunately, not. if you think think about how we got to the resolution

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resolution here, it has echoes to to the last time, and that is, when when you started to see that travel travel chaos, that was when it started started to create additional pain. pain. and talking to experts in washington, washington, they have always said said to me, look, it is about the the level of difficulties and challenges challenges and when that pressure pressure becomes too much for lawmakers, lawmakers, that is the point at which which they will come to a deal. and and that is what we are starting starting to see. remember the timeline timeline here, we are just two weeks weeks away from the thanksgiving thanksgiving holiday. you started started to see the kind of level level of asherah and the temperature temperature beginning to rise and and i think that is ultimately what what brought lawmakers to a deal deal very much like last time. but but again, it took more than 40 days days to get here. keep us posted posted on any further developments. developments. thank you very much, much, michelle in new york. that that is the state of finances in in the us right now. that is the state of finances in the us right now. now to the uk economy, because the chancellor of the exchequer, rachel reeves, has given perhaps the

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strongest hint so far that tax rises are coming in her budget in just over two weeks’ time. she has told the bbc that the government could only keep a promise not to raise taxes on working people by taking damaging measures, like steep cuts to spending or investment. according to the uk’s official spending watchdog - the office for budget responsibility - the chancellor faces a budget shortfall of as much as £40 billion. ms reeves has been talking to bbc radio five live’s matt chorley, who pressed her repeatedly on whether she is going to break that manifesto promise not to raise taxes. i will set out the choices in the budget. it would of course be possible to stick with the manifesto commitments, but that would require things like deep cuts in capital spending. and the reason why our productivity and our growth has been so poor these last few years is because governments have always taken the easy option to cut investment in rail and road projects, in energy projects, in digital infrastructure, and as a result, we’ve never managed to get our productivity back to where it was before the financial crisis.

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so we’ve always got choices to make. and what i promised during the election campaign was to bring stability back to our economy. and what i can promise now is i will always do what i think is right for our country, not the politically easy choice, but the thing that i think is necessary, or the things that i think are necessary to put our country on the right path. now, we’re still going through the process at the moment of preparing the budget measures. so those final decisions haven’t been taken yet. but as i take those measures, i will do what i believe is right for our country. and sometimes that means not always making the easy decisions, but the decisions that i think are in our national interest. it wasn’t just a small policy. this was a central plank of you establishing your credibility as a chancellor in waiting to not put up national insurance or income tax or vat. there is a question of trust, if that promise doesn’t last

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barely a year. i will say a couple of things in response to that, matt. first of all, this conversation will be a lot clearer after the budget. we haven’t made final decisions yet about the measures in that budget, and we’ll set those out on the 26th of november, and then we’ll have plenty of time to discuss the individual measures. but at the moment it is a lot of hypotheticals. but on this bigger issue that you speak of, of trust, i absolutely get that. but what people are, i believe are sick and tired of by the last election is politicians putting their party and putting their narrow interests ahead of the national interest. aren’t they sick and tired of politicians saying one thing and doing another as well? well, look, let me set out my budget on the 26th of november. but what i did last week, in the speech i gave in downing street was to set the context for that budget, and i think that

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all of your listeners, all of your viewers have seen over the last year, whether it’s putting on the news in the evening or the radio in the morning or picking up a newspaper, they’ve seen the impact of some of these global issues that are having an effect here at home, whether that’s conflict or trade or tariffs. and however hard we work as a country and as a government, we’re never going to be immune to those, especially as a small open trading economy. we need to spend more on defence. that’s becoming increasingly clear, especially since the nato conference, back in june or july. and, the tariffs, i don’t think anyone could have foreseen when this government was elected last year that we were going to see these big increases in global tariffs and barriers to trade, and i have to be chancellor in the world as it is, not necessarily in the world as i would like it to be, but i have to respond to those challenges, and that’s the responsible thing to do. to brazil now, where president

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luiz inacio lula da silva has opened the un climate summit in belem with a call for delegates to inflict defeat on climate change deniers. president lula described the meeting as the “cop of truth”, saying deniers were controlling algorithms to sow hatred and fear. he said global warming was pushing millions into hunger and poverty and while the world was moving in the right direction, action needed to be accelerated. the leaders of the world’s three largest contributors to climate change, china, the us and india, are not attending. and with the trump administration pulling out of the 2015 paris climate agreement, saying it would not sabotage american industry, the chances of meaningful progress may be slim. we’ve been speaking to peter bakker, president and ceo of the world business council for sustainable development, which represents more than 250 top multinational firms. i asked him whether there is any point to the current meetings without china, the us and india. well, clearly the political fragmentation and tensions in the world aren’t particularly helping. i was in the world leaders summit last thursday and friday, and i can tell you, i see a strong alignment between the heads of states that were there.

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so the goal is now clear, we need a cop of action. the cop presidency has actually called this the cop where we do not need to negotiate more. we need to talk about implementation. and that’s where you need business. a lot of people that will wonder, you know, that this is a problem that needs a global solution. it involves cross-border cooperation. and once again, not only are they the three largest emitters, they are the biggest economies. they are therefore not party to these discussions and these agreements. and therefore, if they are not, what is the point of everybody else trying to change things if they are doing their own thing? well, i would say two things to that. the fact whether or not those leaders show up doesn’t mean that their economies are not particularly changing. if you go to china, india, southeast asia, you see the businesses, they are massively focussed on sustainability, on climate action. but then again, like i said, this is the cop of implementation.

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on saturday we had 2,000 businesses gathered in the implementation summit. those are all large companies running global supply chains. so when they’re involved in these conversations, then actually you’ll see that global business will make these actions stick. what does that implementation then look like? well, it’s a couple of things. the first one is, of course, making sure that we encourage policy makers in particularly to work on demand stimulation. there are plenty of solutions, but the uptake in markets is not always that fast. so what can governments do through procurement, through buyer incentives, through mandating certain solutions to really get those markets to flow faster? the second thing is really how do we bring value chains together? because in the past, companies have been working individually on solutions. now we really need to focus on how do we change from raw materials to end products to transformations. and then i think the third component, and that’s a big

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conversation in belem these weeks, is what about the physical risk in supply chains. insurance costs will be going up. investors are getting more and more concerned about those. corporations need to work on resilience. that’s going to be a big global conversation on how do we keep the world safe and supply chains up and running. there is more on all those stories on the bbc news website and and app. but that is your business business today, see you very soon.

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hello. let’s bring you more of the day’s news now. the first official official day of the un climate change change summit, cop30, it’s getting getting under way in the brazilian brazilian city of belem. it is the first official day of

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negotiations

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