Monday, 17 March, 2008
- 17 Mar 08, 05:15 PM
Tonight's programme is presented by Jeremy Paxman
Markets from New York to Tokyo have recorded heavy losses in reaction to the emergency bailout of US investment bank Bear Stearns over the weekend. In New York the Dow Jones Industrials tumbled 194 points, more than 1.5%, in early trading before recovering. London's FTSE 100 index was down 2.7%. The Bank of England today made an extra £5bn available for UK banks to borrow to ease credit fears. The money was five times over-subscribed.
Meanwhile, on the markets, US, UK and European banks were hammered; Lehman Brothers fell 30%, UBS lost 13%, HBOS 10% and Commerzbank fell 7.9%. Investors are worried that the collapse of Bear Stearns, one of Wall Street's biggest names, is a sign that the credit crunch is getting worse and lending might seize up.
The BBC's Economic Correspondent Hugh Pym will assess how big the problem is and what the potential market solutions are. We'll also be looking at the impact on the UK economy. And Stephanie Flanders will join us live from New York to give us the latest on the fallout in the US.
We'll also be reconvening Newsnight's Shadow Monetary Policy Committee to cast their expert eyes over events.
The deadline for Tibetan protesters to surrender to the police has passed, after a quiet day in the city of Lhasa. China had given demonstrators in the city until midnight to give themselves up or face punishment. Exiled Tibetans said security forces had been rounding up political dissidents and witnesses said there was a heavy police presence on the streets. Dozens are feared dead after days of rioting in Lhasa, with each side accusing the other of excessive force. Other parts of China also saw rallies on the weekend, while Tibetans in Nepal and India are continuing to protest. Mark Urban will analyse what's been happening and examines whether the Chinese Government will crack down hard on protestors just months before the Olympics.
Iraq: 10 Days to War
Five years on from the war in Iraq we speak to former Cabinet Secretary, Lord Butler about the use of intelligence on WMD.
And from the web team
The countdown continues with 3 Days to War. In You Are Welcome Here, with UN diplomacy dead, the weapons inspectors continue their fruitless search in Iraq. Watch a preview of tonight’s episode here.
Our Diplomatic Editor Mark Urban has written up his recollections of reporting on the preparations for war back in 2003, and shares his thoughts on how – with hindsight – he might have reported things differently.
And Michael Crick has added to the Big Fat Politics Blog with a few words about how Shadow Education Secretary Michael Gove has been “cracking the whip” with the leader of the Tory party; plus some thoughts about the many novelists Parliament and British politics have produced over the years…