welcome to business today, i'm ben thompson. we start here in the uk, where the bank of england has kept the cost of borrowing on hold at 5.25%, but is inching towards a cut. the bank has revealed that two out of nine committee members are now voting to cut interest rates — it needs needs a majority decision of five. that's caused the pound to continue its slide against the dollar. and it has helped the ftse 100 close at a record high for the third day in a row. bank of england governor andrew bailey says they need to see "more evidence" that inflation has eased further, but is "optimistic" things are moving in the right direction. and he said he didn't rule out a rate cut as early as next month. i certainly want to be clear. before our next meeting injune we will have two full sets of data for inflation activity and the labour markets and that will help us making a fresh decision. but saying that, let me clue clear. the rate in

tokmak june is not a fait accompli, or ruled out. well, a cut in interest rates this summer would be welcomed by the government here in the uk — which will have to call a general election by the end of the year. but the uk's finance minister, chancellor of the exchequerjeremy hunt, says the decision is for the bank of england to make and must be independent. these are really finely balanced decisions, but i welcome the fact the bank of england has obviously thought about this very hard. they take this decision independently. and i would much rather that they waited until they were absolutely sure inflation is on a downward trajectory than rushed into a decision that they had to reverse at a later stage. what we want is sustainably low interest rates. and i think what is encouraging is that the bank of england governor, for the first time, has expressed real optimism that we are on that path. jeremy hunt fair. joining us now is jane foley, head of foreign exchange strategy at rabobank. jane, no rate cut, as expected, but some hints there as to when they might be coming? we are inching closer to two members of that nine member committee voting for a cut.

of that nine member committee voting fora cut. . v of that nine member committee voting fora cut. . �*, .,, for a cut. that's right, there was definitely a _ for a cut. that's right, there was definitely a tone _ for a cut. that's right, there was definitely a tone of— for a cut. that's right, there was definitely a tone of optimism - for a cut. that's right, there was definitely a tone of optimism in | definitely a tone of optimism in this meeting that we perhaps haven't seen before, at least not for some years, so we are inching closer, but the very fact that the governor said that next month was not a fait accompli was actually quite encouraging, but it is really not... next month. he said it will be data —dependent. it is quite likely that we might have to wait until august, thatis we might have to wait until august, that is our preferred month for a rate change, particularly as we still have some sticky inflationary pressures in the uk, but certainly due in august, it seems that we don't have to wait to loach longer before interest rates start to come down. , , ., down. yes, but for those impatient and starting _ down. yes, but for those impatient and starting to _ down. yes, but for those impatient and starting to wonder _ down. yes, but for those impatient and starting to wonder when - down. yes, but for those impatient and starting to wonder when that i and starting to wonder when that rate cut will come and the implications, we have really seen the impact on the pound, so what happens next as far as speculation and expectation is concerned? weill.

and expectation is concerned? well, sterlin: and expectation is concerned? well, sterling was — and expectation is concerned? well, sterling was hit _ and expectation is concerned? well, sterling was hit initially _ and expectation is concerned? -ii sterling was hit initially because this was considered to be what we call a... this was considered to be what we calla... meeting this was considered to be what we call a... meeting where the governor was optimistic perhaps about interest cuts, but sterling actually regained quite quickly because we had some softer labour market in the us, so the dollar sold off against just about all other currencies, allowing sterling to find its footing. of course, as we move forward, it isn'tjust about footing. of course, as we move forward, it isn't just about when the bank of england is going to be cutting interest rates, it is really about the other central banks as well, so for instance the market fully expects the european central bank could be cutting interest rates injune bank could be cutting interest rates in june and bank could be cutting interest rates injune and with the labour data beginning to soften in the us, they may be to cut interest rates in the us perhaps in september. so market rates are going to be moved around by the differences really between the timing of all of the central bank policy moves.— the timing of all of the central bank policy moves. the timing of all of the central bank oli moves. , bank policy moves. yes, the thing we alwa s bank policy moves. yes, the thing we always have — bank policy moves. yes, the thing we always have to _ bank policy moves. yes, the thing we always have to remember— bank policy moves. yes, the thing we always have to remember is - bank policy moves. yes, the thing we always have to remember is any - always have to remember is any decision made by the bank of england now will not be felt in the real economy buys for six or eight months, but at the same time they

are looking back at what inflation has already done and it is this huge balancing act, basing a decision that will affect the future outlook based on what has gone on already in the months passed?— the months passed? that's right, monetary policy _ the months passed? that's right, monetary policy is _ the months passed? that's right, monetary policy is a _ the months passed? that's right, monetary policy is a very - the months passed? that's right, monetary policy is a very blunt i the months passed? that's right, i monetary policy is a very blunt tool and actually the rule of thumb is you can really see an impact in 6—18 months' time, even if there was a change right now and to give you some context, even if... the quarter of this year there will be 300,000 households rolling off one fixed mortgage deal onto another and of course until we get to a september deal, which is a two year anniversary from september 2022 and the liz truss government, just about all those households will be rolling over onto higher mortgage deals and the ones that are expiring and that means that even though we are talking about interest rates coming down, for an awful lot of households, actually they will still be feeling the pinch this year from this past interest rate hikes on the bank of england.— this past interest rate hikes on the

bank of england. yes, certainly not a return to — bank of england. yes, certainly not a return to those _ bank of england. yes, certainly not a return to those record _ bank of england. yes, certainly not a return to those record low- bank of england. yes, certainly not a return to those record low rates l a return to those record low rates we saw in recent years. jane foley, always good to talk to you, thank you, jane foley at rabobank. a former employee of boeing's biggest supplier has claimed that sections of 737 max aircraft regularly left its factory with serious defects. spirit aerosystems builds the fuselage for the 737 max. they are then shipped to boeing's own plant for final assembly. speaking publicly for the first time, the former quality inspector told the bbc that some managers actively tried to discourage him from flagging up flaws in half—finished planes. 0ur reporter theo leggett asked him just how many problems he would typically find on aircraft reaching the end of the production line. anywhere from 50 to 100, 200. you were regularly finding more than 100 faults on a plane that was being shipped? yeah. and that's because ijust inspect certain areas. so in totality, with all the inspectors, the total amount, yeah, you'll be over 100. now, you were picking up on these faults. you were highlighting them. you were flagging them up to be repaired.

what kind of response did you get from your managers? did they support you? my managers weren't always there. the production managers always made a fuss about why i was finding it, why i was looking at it. and they made a big fuss about everything that i ever found. and it was because of the stage of where the plane was. if i'm looking at a plane that's supposed to be getting shipped and i'm the last person to see it, i shouldn't be finding missing fasteners, missing parts and things like that. so why were they not thanking you for picking up on these things? theyjust wanted the product out. they weren't focused on on the consequences of shipping bad fuselages. they were just focused on meeting the quotas, meeting the schedule, meeting the budget, meeting the numbers. if the numbers looked good, the state of the fuselages didn't really matter. and that's how i think the culture was driven in spirit.

throughout all this, you're picking up problems on fuselages that are being sent to boeing. are fuselages getting through to boeing that still have flaws that have not been fixed? the whole time we were there, boeing knowingly knew that spirit was sending fuselages with many defects — many of them bad. they knew that, they were aware of it. and spirit was wrong for sending defective fuselages, but at the same time, boeing was also wrong for accepting them. boeing has been criticised a lot for allegedly having a culture of putting profits and speed of production over passenger safety. would you say that the same mentality, then, applied at spirit, which is boeing's number one contractor? well, spirit was part of boeing at one point, and i think the culture wasn't something thatjust they became a new factory and the culture over time became bad. i think when they deviated from boeing, a lot of the leadership was still there and a lot of the culture was still prolonged

after they became their own company. and it wasn't something that the culture all of a sudden just became bad. i think the culture was bad already, that over time just became worse. more on that story and that interview there from theo leggett on the bbc news website. to china now, as the head of public relations at the search engine giant baidu has been caught up in a social media storm over work—life comments made online. qu jing apologised after her comments glorifying a work—till—you—drop culture sparked a public outcry. the bbc�*s china media analyst, kerry allen, has been following the story. qujing, as she is known in china, she posted a series of videos on douyin, which is china's version of tiktok. and i suspect they were meant to be a bit edgy, they were talking about work culture, being a woman in the workplace, general work ethics. but yes, she was advocating the idea of work until you drop, so saying things like, "keep your phone on 2a hours a day" and "try not to show your emotions at work."

she was saying that, she used the phrase, "i'm not your mother" to talk about hearing colleagues' work problems and such, and very much promoted an idea that many people in china have been critical about, the idea of working excessive overtime. in china there is a phrase a lot of people use online to describe this, which is 996, which is basically working from 9am to 9pm six days a week, so she seemed to be advocating this 996 culture, and it's had fierce criticism in china. carrie alan there. —— kerry allen fair. apple is facing a backlash online over an advert in which objects including musical instruments and books are crushed into oblivion by a hydraulic press. the video is meant to demonstrate how their creativity has been compressed into the latest ipad.

but there has been concern from customers, commentators and celebrities all criticising the ad that shows the wilful destruction of culturally important inventions and discoveries. apple boss tim cook has been called tone deaf. michelle fleury in new york is following this for us. we know apple are trying to push more hardware sales as people stop upgrading, but this ad has got them in a lot of trouble? yes. upgrading, but this ad has got them in a lot of trouble?— in a lot of trouble? yes, if you think of the — in a lot of trouble? yes, if you think of the history _ in a lot of trouble? yes, if you think of the history of - in a lot of trouble? yes, if you think of the history of the - in a lot of trouble? yes, if you | think of the history of the app, what a change. they famously put out that the ad for the app in called 1984 in which you saw a dystopian world in which conformity rained and there was an individual who was fighting against it and bring their own creativity to the table. people are looking at this ad as sending exactly the opposite message, where you are seeing all of these objects

that are symbols of creativity, whether it is the trumpet that we saw there, video games, sculpted busts, the piano, the turntable or getting crushed and people are saying, that isn't a message about individuality and creativity, that is a message about creativity being stifled. so i think it is a pretty rare misstep for the company from the west coast.— the west coast. yes, and apple, of course, the west coast. yes, and apple, of course. known _ the west coast. yes, and apple, of course, known for _ the west coast. yes, and apple, of course, known for occasionally - the west coast. yes, and apple, of i course, known for occasionally being controversial, trying to get us to part with a lot of money for these devices. but it is all part of that strategy of lackey is apple trying to get us to buy more hardware because it is increasingly reliant on software and subscriptions. weill. on software and subscriptions. well, subscription — on software and subscriptions. well, subscription is _ on software and subscriptions. well, subscription is a _ on software and subscriptions. well, subscription is a huge _ on software and subscriptions. well, subscription is a huge part _ on software and subscriptions. -ii subscription is a huge part of it and i think people are saying there is a missed opportunity, that actually they could have highlighted how these devices make you more creative. but that doesn't seem to be the case and this criticism is particularly pointed because many

creative industries are worried about artificial intelligence and about artificial intelligence and about people losing theirjobs. michelle, thank you for talking to us, you are up to date with business today. that's it, see you soon.

you are watching bbc news. russia's president vladimir putin has confirmed that russian and belarusian forces have started joint preparations for tactical nuclear weapons drills, which were announced earlier this week. the announcement came as moscow celebrated victory day — held each year to mark the defeat of nazi germany during the second world war. a huge military parade was held in red square. mr putin warned his forces were always ready for combat, and that he would not allow anyone to threaten his country. he also praised the russian soldiers fighting in ukraine. translation: we are commemorating - this victory day in the difficult - circumstances of the special military operation. its participants, those fighting on the front line, those who are on the contact line, these are our heroes.

we bow to their steadfastness and self—sacrifice. the whole of russia is with you. russia believes in you and is concerned by you and your veterans and feels spiritual compassion for you and your exploits. 0ur russia editor, steve rosenberg, was at the parade in red sqaure. well, as you can see, the big victory day parade has got under way here in the centre of moscow. thousands of military personnel, more than 9,000 people, marching across red square in the snow. i say big parade, but this parade is actually not quite as big as it has been in previous years, before russia's invasion of ukraine. now, in russia, under vladimir putin, victory day has become pretty much the main secular national holiday. a day to remember the soviet defeat of nazi germany, but also the enormous cost of victory, the 27 million soviet citizens who were killed in what's referred to here as the great patriotic war.

so, here comes the hardware.