Latest / Best of Business / Gavin Grey: UK correspondent on UK inflation hitting 2 percent for the first time in almost 3 years

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Gavin Grey: UK correspondent on UK inflation hitting 2 percent for the first time in almost 3 years · Best of Business

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  Speaker 1: You're listening to a podcast from News Talks. It'd be
• 0:12
  Speaker 1: follow this and our wide range of podcasts now on iHeartRadio.
• 0:16
  Speaker 2: Kevin Gray UK corresponds with us now even in Gavin,
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  Speaker 2: Hi there, Heather, brilliant news for you guys. Your inflation's
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  Speaker 2: back down to the two percent mark.
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  Speaker 3: Yes, it's been some time getting there. Two percent is
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  Speaker 3: the target that the Bank of England has been set
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  Speaker 3: the ones that control the interest rates, and that decision
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  Speaker 3: as well is now going to be an interesting one
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  Speaker 3: after these figures came out. So it marks a fall
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  Speaker 3: from two point three percent, and it's the month ago
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  Speaker 3: the Prime Minister had called a general election on the
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  Speaker 3: day April's inflation figures showed a continued decline. This will
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  Speaker 3: really add to the debate about the economy and whose
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  Speaker 3: hands it is safest in as we rattle towards our
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  Speaker 3: general election in less than two weeks now. So the
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  Speaker 3: set of figures for may Do, however, show a headline
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  Speaker 3: rate of inflation at two percent, and that is below
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  Speaker 3: most of the rest of the G seven the advanced
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  Speaker 3: economies apart from Italy and food prices though are still
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  Speaker 3: twenty five percent higher than at the beginning of twenty
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  Speaker 3: twenty two, petrol prices are on the way up again.
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  Speaker 3: So underlying figures for services inflation and core inflation are
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  Speaker 3: what lots of people look at, and they are a
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  Speaker 3: lot higher three point five percent for core inflation and
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  Speaker 3: five point seven for services. So you know, inflation is
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  Speaker 3: a difficult topic, but it's one that will give this
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  Speaker 3: government a shot in the arm, though the opinion polls
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  Speaker 3: suggests they are going to be wiped out at the
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  Speaker 3: general election on the fourth of July.
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  Speaker 2: Totally. Hey, these allegations against the UK's richest family in
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  Speaker 2: Switzerland sound pretty serious.
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  Speaker 3: Yes, so, I mean you might think that the Royal
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  Speaker 3: family is perhaps the richest family in the UK. You
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  Speaker 3: would be wrong. It is the Hinduja family. They are
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  Speaker 3: a family of business people and they have an estimated
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  Speaker 3: wealth of roughly seventy eight billion New Zealand dollars. However,
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  Speaker 3: they're in Switzerland and in court accused of exploitation and
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  Speaker 3: human trafficking. Basically this relates to the fact that they
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  Speaker 3: have imported servants from India to look after their children
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  Speaker 3: and household and it's alleged that Prakash and Camal Hinduja
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  Speaker 3: together with their son. Aj and his wife have confiscated
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  Speaker 3: their passports and paid them as little as roughly sixteen
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  Speaker 3: New Zealand dollars for an eighteen hour day and allowed
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  Speaker 3: them little freedom to leave the house. Now they've reached
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  Speaker 3: a financial settlement over the exploitation bit, but it's the
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  Speaker 3: trafficking charges, which are very serious in Switzerland, which are
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  Speaker 3: what is now up for grabs and being debated in court.
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  Speaker 3: They deny any wrongdoing, but the court has heard that
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  Speaker 3: they are hardly the servants are hardly allowed to leave
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  Speaker 3: the house and only with the permission of the Indujas,
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  Speaker 3: and that some would say is effectively human trafficking. And
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  Speaker 3: so this case likely to go on for a few
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  Speaker 3: more days.
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  Speaker 2: And speaking of rich people, how is this Arius's fortune
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  Speaker 2: being divided up?
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  Speaker 3: Well, this is an amazing story. So a lady called
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  Speaker 3: Marlene Engelhorn, who's thirty two years old, made headlines in
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  Speaker 3: January because she's being inheriting some forty five million New
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  Speaker 3: Zealand dollars worth. And she's turned around and said, actually,
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  Speaker 3: do you know what I don't want it. It's money
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  Speaker 3: from my grandmother. I haven't worked for it. I don't
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  Speaker 3: think that we should have such inheritance laws in the
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  Speaker 3: UK where you can inherit so much money, and so
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  Speaker 3: she set up a Momentum Institute which effectively looked at
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  Speaker 3: a group of fifty people to work out how to
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  Speaker 3: distribute the millions that she's inherited. And now we know
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  Speaker 3: where it's going to go. And it's a fascinating list
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  Speaker 3: of different organizations seventy seven in total, as you would
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  Speaker 3: can imagine charities but also think tanks dealing with a
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  Speaker 3: range of environmental protection, education, integration, health and social issues,
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  Speaker 3: as well as poverty and homelessness. In Austria, the smallest
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  Speaker 3: donation is roughly for eighty thousand New Zealand dollars for
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  Speaker 3: an initiative to support databased reporting on climate change, but
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  Speaker 3: as I said, the total amount being given way is
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  Speaker 3: over roughly the forty five million New Zealand dollar mark,
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  Speaker 3: quite amazing.
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