�* growth growth plan has delivered all our growth plan has delivered all those _ our growth plan has delivered all those promises and more, mr speaker. and i commend it to the house. gr and i commend it to the house. (gae die. and i commend it to the house. or die. therefore i called the shadow chancellor, — die. therefore i called the shadow chancellor, i— die. therefore i called the shadow chancellor, i informed _ die. therefore i called the shadow chancellor, i informed the - chancellor, i informed the honourable _ chancellor, i informed the honourable and... - chancellor, i informed the honourable and... i- chancellor, i informed the honourable and... i will. chancellor, i informed the. honourable and... i will call chancellor, i informed the - honourable and... i will call the chancellor_ honourable and... i will call the chancellor to— honourable and... i will call the chancellor to exchequer- honourable and... i will call the chancellor to exchequer to - honourable and... i will call the i chancellor to exchequer to move a prevention — chancellor to exchequer to move a prevention of. _ chancellor to exchequer to move a prevention of, copies _ chancellor to exchequer to move a prevention of, copies of— chancellor to exchequer to move a prevention of, copies of the - chancellor to exchequer to move ai prevention of, copies of the motion are being _ prevention of, copies of the motion are being made _ prevention of, copies of the motion are being made available _ prevention of, copies of the motion are being made available in- prevention of, copies of the motion are being made available in the - prevention of, copies of the motionl are being made available in the vote office _ are being made available in the vote office i_ are being made available in the vote office. i called _ are being made available in the vote office. i called the _ are being made available in the vote office. i called the shadow— office. i called the shadow chancellor— office. i called the shadow chancellor of— office. i called the shadow chancellor of the - office. i called the shadow. chancellor of the exchequer office. i called the shadow- chancellor of the exchequer rachel reeves _ chancellor of the exchequer rachel reeves thank— chancellor of the exchequer rachel reeves. thank you, _ chancellor of the exchequer rachel reeves. thank you, i— chancellor of the exchequer rachel reeves. thank you, i would - chancellor of the exchequer rachel reeves. thank you, i would like i chancellor of the exchequer rachel reeves. thank you, i would like to| reeves. thank you, i would like to welcome _ reeves. thank you, i would like to welcome the — reeves. thank you, i would like to welcome the right _ reeves. thank you, i would like to welcome the right honourable - welcome the right honourable gentleman _ welcome the right honourable gentleman. can— welcome the right honourable gentleman. can i— welcome the right honourable gentleman. can i thank- welcome the right honourable gentleman. can i thank to - welcome the right honourable - gentleman. can i thank to demolition of the _ gentleman. can i thank to demolition of the record — gentleman. can i thank to demolition of the record of— gentleman. can i thank to demolition of the record of the _ gentleman. can i thank to demolition of the record of the last _ gentleman. can i thank to demolition of the record of the last 12 _ gentleman. can i thank to demolition of the record of the last 12 years. - of the record of the last 12 years. their— of the record of the last 12 years. their record. _ of the record of the last 12 years. their record, their— of the record of the last 12 years. their record, their failure, - of the record of the last 12 years. their record, their failure, they. their record, theirfailure, they are vicious circle of stagnation.

the chancellor has confirmed that the costs of the energy price cap will be funded by borrowing. leaving the eye watering windfall profits of the eye watering windfall profits of the energy giants untaxed. the oil and gas producers will be toasting the chancellor in the boardrooms as we speak while working people are left to pick up the bill. borrowing higher than it needs to be, just as interest rates rise. and yet the chancellor refuses to allow independent economic forecast to be published which will show the impact of this borrowing on our public finances, on growth and on inflation. it is a budget without figures, and menu without prices, speaker, what has the chance i got to hide? this statement is an admission of 12 years of economic failure. and now here we are, one

last throw of the dice. one last claim that these ministers will be different. forall the claim that these ministers will be different. for all the chopping and changing, all the chaos and confusion, there has been one person there throughout, the prime minister stop she has been a ministerfor a decade and defended every single economic decision so when the prime minister says she wants to break free from the past, what she really means to say is that she wants to break free from her own failed records. because we have the last 12 years left us? lower growth, lower investment, lower productivity and today we learn that we have the lowest consumer confidence since records began. the only things that are going up our inflation, interest rates and bankers bonuses. and borrowing. as the tories become more

and more detached from reality, millions of people, millions of our constituents are lying awake at night, worried about how they are going to make ends meet. labour won the argument that action on energy bills was necessary, but the question is who pays? the energy producers who have profited so much from the rises in prices should make a contribution, but when the country asked who should foot the bill for their neg rescue package, the rest —— like the conservatives responded, you, the british people. instead of standing up for working people, the conservatives decided to shield the profits of the energy giants leaving tens of billions of pounds on the table and pushing all the costs on onto government borrowing. to be paid for work by current and future

taxpayers. the prime minister and chancellor have no regard for taxpayers and guests or for the concerns of working people. it is notjust concerns of working people. it is not just the conservative concerns of working people. it is notjust the conservative party, is notjust the conservative party, is not working for working families, it is working against them. we have six so—called plans for growth from the conservative since 2010. here they are, mr speaker, a litany of failure —— like failure, every single one of them. i commend the chancellor and having the ambition of achieving 2.5% growth a year. the last labour government's rate of economic growth... back to achieve that sort of growth and for that sort of growth to be sustainable, you need a credible plan and the truth is that this government does not have one. the prime minister and chancellor

are like to desperate gamblers in a casino, chasing a losing run. the argument peddled by the chancellor to date isn't a great new idea, or a game changer is a minister said, as much as he would like us to think so. what this plan adds up to is to keep corporation tax where it is today and take national insurance contributions black to where they were in march. some new plan. and it's all based on an outdated ideology that says if we simply reward those who are already wealthy, the whole of society will benefit. they have decided to replace levelling up with trickle down. as president biden said, he is sick and tired of trickle down economics and he his right to be. it

is discredited, it is inadequate and it will not unleash a wave of investment that we need. mr speaker, it is notjust those on the side of the house you have concerns. the right honourable member for surrey heath described the prime minister's economic plans is taking a holiday from reality. the right honourable memberfor richmond, that from reality. the right honourable member for richmond, that was two chancellors ago, was perhaps too honest with his party. he said, we have tried having a low corporation tax as a means of getting business to invest but it has not worked. the new chancellor and the new prime minister used to agree with that, indeed, they voted for it. labour supported it. members opposite may have changed their minds but we have not. because the evidence shows that low rates of corporation tax are not the best way to boost investment and

productivity. and the tories on record shows that. britain has the lowest headline rate of... we also have the lowest rate of business investments in the g7. that is why labour will do what businesses are asking for, using targeted investment allowances to boost productivity and growth and scrapping outdated and unfair business rates that harm our high streets and small businesses, replacing them with a system that is fit for the 21st century. and what about their other policies? let's take the so—called investment zones. again, these are nothing new. every time they were tried, all they have achieved was moving growth around the country, not creating it. the best way out of the high tax, low growth spiral that the conservatives have created is to get the economy firing on all cylinders, in all parts of the country. it is going to

take much more, much more than a stamp duty cut to get our country back on track and home ownership back on track and home ownership back to the levels last seen under the labour government. now this stamp duty change has been tried before. last time the government did it, a third of the people who benefited to buy a second home, they could bias third home or a buy to let property. is that really the best use of taxpayers money when borrowing and debt are already so high as two and can the chancellor confirmed today how much of this stamp duty cut will go to those purchasing multiple properties? instead of stamp duty is going up and down like a yo—yo, we need to get building. we need to target support at first—time buyers and tackle the issue of some —— like homes being sold to overseas investors. the chancellor has made clear who his priorities are today. not a plan for growth, a plan to do

what they already wealthy. a return to the past, back to the future, not a brave new era. the chancellor and prime minister proclaimed in britannia unchained that the british are amongst the worst idlers in the world. and to prove that the munich, instead of supporting working people, this government is cutting their rights at work. working people are the backbone of britain and they should be respected, not sneered at and labour would stand up for their rights. mr speakerthe and labour would stand up for their rights. mr speaker the chancellor has in effect today admitted that he has in effect today admitted that he has broken its own fiscal rules. this is now the tenth time that the tories have broken their own fiscal rules. something i am sure that the office for budget responsibility would have confirmed if they had been allowed to publish their full

task today. mr speaker, it is unprecedented to have a fiscal statement of this scale with no independent forecasts from the office for budget responsibility. never has a government borrowed so much and explain so little. economic institutions matter. yet this government has undermined the bank of england, sacked the respected permanent secretary at the treasury and silenced the office for budget responsibility. this is no way to build confidence, this is no way to build confidence, this is no way to build economic growth. mr speaker, labour believes in wealth creation. we will always support enterprise, creativity and hard work. we want british business to grow, to be successful and to contribute to our country's posterity —— prosperity. what we don't believe is that

british workers are idlers. we understand that it is the workers who turn up every day to make a great product at a factory or deliver great service in the store, who generate growth. it is the teachers giving the young people the skills they need, the doctors and nurses keeping people well, the entrepreneur taking a personal risk to start a new business, these are the people who generate growth and they all deserve to share in it, too. mr speaker, this statement is more than a clash of policies. it is a clash of ideas. two different ideas about how our country prospers. if you are a pensioner worried about the cost of living, a working family seeing your mortgage rates go up, a small business whose costs are spiralling, the government and its steady do little to reassure them. bigger bonuses for bankers,

huge profits for energy giants, shamelessly shielded by downing street and all the while ministers piled the crushing weight of all of these costs onto the backs of taxpayers. the value of sterling has fallen. we can see it, half his colleagues suspected and financial markets know it. the verdict is clear, when it comes to the economy, this tory leadership do not know what they are doing. the conservatives cannot solve the cost of living crisis, the conservatives are the cost of living crisis and are the cost of living crisis and are country cannot afford them any more. chancellor of the exchequer. i was very interested to hear the right honourable lady's defence and i said when she said... right honourable lady's defence and i said when she said. . ._ i said when she said... when she said that labour _ i said when she said... when she

said that labour believes - i said when she said... when she said that labour believes in... i said that labour believes in... kwasi — said that labour believes in... kwasi kwarteng has stood up again. the chancellor to respond to the shadow chancellor that brings us to the end of that fiscal event. many budget. not so many budget. you are watching a politics life special and we would like to welcome viewers watching on the bbc news channel. with me are the bbc political editor vicky young, faisal islam. we are joined by pauljohnson of the institute for fiscal studies, welcome. let'sjust institute for fiscal studies, welcome. let's just start with a few of quite jaw—dropping announcements that were made, some of them expected, others were not. the ones not expected certainly know where the rabbits being pulled out of the hat towards the end of the statement to abolish the top 45% rate of tax and also a cut to the basic rate of income tank from 19% to the start of

next year. but not absolutely no. kwasi kwarteng spent a lot of his statement reversing and cancelling policies that had been put in place by the previous conservative administration. what did you make of it all? it administration. what did you make of it all? . , . ., . , administration. what did you make of it all? ., . ., . , ~ it all? it was extraordinary, like havin: it all? it was extraordinary, like having an _ it all? it was extraordinary, like having an entirely _ it all? it was extraordinary, like having an entirely new - it all? it was extraordinary, like - having an entirely new government, not only did we see the corporation tax rises reversed, we saw whole series of technical changes reversed, including the ir five, to make sure that people are working further own company rather than employees brought in by this government or perhaps we should think of it as the last government. this was the biggest tax—cutting event since 1972. it is not very many, it is half a century since we have seen tax cuts announced on this

scale. �* . . h, �*, scale. bigger than nigel lawson's 1988 budget- _ scale. bigger than nigel lawson's 1988 budget. bigger _ scale. bigger than nigel lawson's 1988 budget. bigger than - scale. bigger than nigel lawson's 1988 budget. bigger than that. if| scale. bigger than nigel lawson's. 1988 budget. bigger than that. if it had done what _ 1988 budget. bigger than that. if it had done what we _ 1988 budget. bigger than that. if it had done what we expected, - 1988 budget. bigger than that. if it had done what we expected, whichj 1988 budget. bigger than that. if it - had done what we expected, which was the corporation and national insurance tax. 50% bigger in terms of tax cuts then perhaps what we were expecting yesterday. that cou - led were expecting yesterday. that counted with — were expecting yesterday. that coupled with what _ were expecting yesterday. that coupled with what you called the biggest government intervention in your lifetime, that is the package to help households and businesses pay the soaring energy costs. again, you said it was unsustainable. you thought it would unsustainable, why? two separate things here. the energy cost support is hopefully, it is one of. within two years it will go because energy prices are back down. i do worry that we do not have an exit strategy here if energy prices do not go back down then this becomes an expensive long—term

thing. in terms of that 45 billion, there is no energy costs in there. that is gone within a couple of years, we assume. with 45 billion of tax cuts and a slowing economy, which means we will be borrowing more than we were expecting since the obr did their last forecast, we will be expecting to borrow £120 billion in three years' time. if we do that the debt will rise year on year on year. just do that the debt will rise year on year on year-— year on year. just sort of sitting back and going _ year on year. just sort of sitting back and going over— year on year. just sort of sitting back and going over those - year on year. just sort of sitting i back and going over those figures, we have just heard from paul johnson. it is the biggest tax—cutting budget in about half a century. tax-cutting budget in about half a centu . ~ . , ., ., tax-cutting budget in about half a centu . ~ . ., ~ , century. what were your thoughts? as we were saying _ century. what were your thoughts? as we were saying before, _ century. what were your thoughts? as we were saying before, we _ century. what were your thoughts? as we were saying before, we do - century. what were your thoughts? as we were saying before, we do know i we were saying before, we do know that li2— we were saying before, we do know that liz truss and kwasi kwarteng, that liz truss and kwasi kwarteng, that is— that liz truss and kwasi kwarteng, that is what they have wanted to do, which _ that is what they have wanted to do, which is _ that is what they have wanted to do, which is residues taxes. you can say they are _ which is residues taxes. you can say they are inconsistent with the views they are inconsistent with the views they have _ they are inconsistent with the views they have held for a very long time.

-- they— they have held for a very long time. -- they are — they have held for a very long time. —— they are consistent. you could say it— —— they are consistent. you could say it ism — —— they are consistent. you could say it ism it— —— they are consistent. you could say it ism it is— —— they are consistent. you could say it is... it is the point here. if say it is... it is the point here. if it _ say it is... it is the point here. if it brings— say it is... it is the point here. if it brings growth, it is a great growth — if it brings growth, it is a great growth gamble. they have got a couple _ growth gamble. they have got a couple of — growth gamble. they have got a couple of years before the next general — couple of years before the next general election stop they know that the time _ general election stop they know that the time they have this potential short, _ the time they have this potential short, 14 — the time they have this potential short, 14 years of tory rule. they may— short, 14 years of tory rule. they may he _ short, 14 years of tory rule. they may be looking at the politics of this might be, we need to do something. a friend of liz truss's said to _ something. a friend of liz truss's said to me. — something. a friend of liz truss's said to me, you will know what she stands _ said to me, you will know what she stands for — said to me, you will know what she stands for. ,, , said to me, you will know what she stands for-— stands for. she is clear and candid. is there a sense _ stands for. she is clear and candid. is there a sense they _ stands for. she is clear and candid. is there a sense they are _ stands for. she is clear and candid. is there a sense they are going - stands for. she is clear and candid. is there a sense they are going for| is there a sense they are going for broke in the way that that... in the way that that, it is brilliant bonkers. way that that, it is brilliant bonkers-— way that that, it is brilliant bonkers. . , ~ , way that that, it is brilliant bonkers. . , ,, , . bonkers. kitchen sink. they have chucked it _ bonkers. kitchen sink. they have chucked it in _ bonkers. kitchen sink. they have chucked it in right _ bonkers. kitchen sink. they have chucked it in right at _ bonkers. kitchen sink. they have chucked it in right at the - chucked it in right at the beginning _ chucked it in right at the beginning. let's - chucked it in right at the beginning. let's be - chucked it in right at the i beginning. let's be clear, chucked it in right at the - beginning. let's be clear, this is a budget— beginning. let's be clear, this is a budget that — beginning. let's be clear, this is a budget that had... _ beginning. let's be clear, this is a budget that had... it _ beginning. let's be clear, this is a budget that had... it doesn't-

budget that had... it doesn't crucially— budget that had... it doesn't crucially have _ budget that had... it doesn't crucially have independent i budget that had... it doesn't- crucially have independent scrutiny and you _ crucially have independent scrutiny and you would _ crucially have independent scrutiny and you would want _ crucially have independent scrutiny and you would want independent i and you would want independent scrutiny— and you would want independent scrutinv with _ and you would want independent scrutiny with a _ and you would want independent scrutiny with a sort _ and you would want independent scrutiny with a sort of _ and you would want independent scrutiny with a sort of scale. - and you would want independent| scrutiny with a sort of scale. paul johnson — scrutiny with a sort of scale. paul johnson was _ scrutiny with a sort of scale. paul johnson was being _ scrutiny with a sort of scale. paul johnson was being shy _ scrutiny with a sort of scale. paul johnson was being shy about - scrutiny with a sort of scale. paull johnson was being shy about 1972, scrutiny with a sort of scale. paul. johnson was being shy about 1972, it was the _ johnson was being shy about 1972, it was the barher— johnson was being shy about 1972, it was the barber budget. _ johnson was being shy about 1972, it was the barber budget. it _ johnson was being shy about 1972, it was the barber budget. it did - johnson was being shy about 1972, it was the barber budget. it did not - was the barber budget. it did not end well — was the barber budget. it did not end well that _ was the barber budget. it did not end well. that was _ was the barber budget. it did not end well. that was before - was the barber budget. it did not end well. that was before the - end well. that was before the inflation, _ end well. that was before the inflation, energy— end well. that was before the inflation, energy shot, - end well. that was before the inflation, energy shot, that i end well. that was before the i inflation, energy shot, that time in the 1970s — inflation, energy shot, that time in the 1970s we _ inflation, energy shot, that time in the 1970s. we have _ inflation, energy shot, that time in the 1970s. we have had _ inflation, energy shot, that time in the 1970s. we have had an - inflation, energy shot, that time in the 1970s. we have had an energy| the 1970s. we have had an energy shock— the 1970s. we have had an energy shock in— the 1970s. we have had an energy shock in this — the 1970s. we have had an energy shock in this case. _ the 1970s. we have had an energy shock in this case. it _ the1970s. we have had an energy shock in this case. it has- the 1970s. we have had an energy shock in this case. it has to - the 1970s. we have had an energy shock in this case. it has to be i shock in this case. it has to be said _ shock in this case. it has to be said what— shock in this case. it has to be said what the _ shock in this case. it has to be said what the government i shock in this case. it has to be said what the government will| shock in this case. it has to be i said what the government will be seen, _ said what the government will be seen. through— said what the government will be seen, through whatever- said what the government will be seen, through whatever method, said what the government will be i seen, through whatever method, we will get _ seen, through whatever method, we will get tens — seen, through whatever method, we will get tens of— seen, through whatever method, we will get tens of billions _ seen, through whatever method, we will get tens of billions of— seen, through whatever method, we will get tens of billions of pounds i will get tens of billions of pounds in the _ will get tens of billions of pounds in the economy— will get tens of billions of pounds in the economy at _ will get tens of billions of pounds in the economy at a _ will get tens of billions of pounds in the economy at a time - will get tens of billions of pounds in the economy at a time when i will get tens of billions of pounds in the economy at a time when it| will get tens of billions of pounds l in the economy at a time when it is proving _ in the economy at a time when it is proving slow — in the economy at a time when it is proving slow to— in the economy at a time when it is proving slow to go— in the economy at a time when it is proving slow. to go through - in the economy at a time when it is proving slow. to go through somei in the economy at a time when it is. proving slow. to go through some of the numbers— proving slow. to go through some of the numbers quickly, _ proving slow. to go through some of the numbers quickly, £17— proving slow. to go through some of the numbers quickly, £17 billion i proving slow. to go through some of the numbers quickly, £17 billion in i the numbers quickly, £17 billion in a foreign — the numbers quickly, £17 billion in a foreign national— the numbers quickly, £17 billion in a foreign national insurance, i the numbers quickly, £17 billion in a foreign national insurance, 12. a foreign national insurance, 12 trillion— a foreign national insurance, 12 billion rising _ a foreign national insurance, 12 billion rising to _ a foreign national insurance, 12 billion rising to 18 _ a foreign national insurance, 12 billion rising to 18 billion- a foreign national insurance, 12 billion rising to 18 billion for. billion rising to 18 billion for corporation _ billion rising to 18 billion for corporation tax. _ billion rising to 18 billion for corporation tax. 5 _ billion rising to 18 billion for corporation tax. 5 billion i billion rising to 18 billion for corporation tax. 5 billion for billion rising to 18 billion for- corporation tax. 5 billion for the income — corporation tax. 5 billion for the income tax. _ corporation tax. 5 billion for the income tax, 31— corporation tax. 5 billion for the income tax, 31 billion _ corporation tax. 5 billion for the income tax, 31 billion for- corporation tax. 5 billion for the income tax, 31 billion for the i income tax, 31 billion for the household _ income tax, 31 billion for the household energy— income tax, 31 billion for the household energy plan, i income tax, 31 billion for the household energy plan, 29 l income tax, 31 billion for the i household energy plan, 29 billion for business — household energy plan, 29 billion for business energy, _ household energy plan, 29 billion for business energy, those - household energy plan, 29 billion for business energy, those over. household energy plan, 29 billion i for business energy, those over six months _ for business energy, those over six months in — for business energy, those over six months. , ., , , months. in terms of the enterprise zones, investment _ months. in terms of the enterprise zones, investment zones, - months. in terms of the enterprise zones, investment zones, this i months. in terms of the enterprise zones, investment zones, this was j zones, investment zones, this was

part of what kwasi kwarteng culled a new era. he repeated that throughout his statement. again, they are wanting to try and stimulate growth. we heard from rachel reeves saying they don't work, they have never worked in the past. again there were quite dramatic measures within these investment zones. 38 quite dramatic measures within these investment zones.— investment zones. 38 to 40 local authorities _ investment zones. 38 to 40 local authorities are _ investment zones. 38 to 40 local authorities are areas _ investment zones. 38 to 40 local authorities are areas are - investment zones. 38 to 40 local authorities are areas are in i authorities are areas are in discussion with the treasury to apply for this status. a couple of things you will get, 100% tax relief on investments and plan missionary, no stamp duty on purchase of land or property and no business rates for new occupancy in those places. this is enterprise loads with bells on, quite a few bells. those are quite bold moves. one question remained unanswered, does this create more new investment or move it from one part of the country or another? if it do that, that would be a pretty

good thing because it would fit in with the levelling up agenda. does it add to the pile of growth that you've actually got? that will be the question here. as i said, businesses were universally appreciative of rolling back the national insurance one point quarter percent on employers national insurance, that will get a thumbs up. insurance, that will get a thumbs u -. insurance, that will get a thumbs u . _ , ., insurance, that will get a thumbs u, , ., ., insurance, that will get a thumbs u . _ , ., ., , ., ., up. there is an argument put forward b the up. there is an argument put forward by the government _ up. there is an argument put forward by the government and _ up. there is an argument put forward by the government and supportive i by the government and supportive economist at this extra borrowing is affordable, it is big but is affordable, it is big but is affordable, the uk debt is lower than some of our major competitors and we are part of the herd to stop we are not an outlier in that particular case and that the markets will not lose any more confidence in the uk, do you buy that argument? if the uk, do you buy that argument? if growth really picks up, then this is manageable. if it doesn't, then it isn't _ manageable. if it doesn't, then it isn't we — manageable. if it doesn't, then it isn't. we are not part of the heart

in the _ isn't. we are not part of the heart in the sense — isn't. we are not part of the heart in the sense of having thatcher huge fiscal stimulus at the moment when most _ fiscal stimulus at the moment when most other— fiscal stimulus at the moment when most other countries, the us is slightly— most other countries, the us is slightly different, are very worried about _ slightly different, are very worried about inflation as she had —— such a huge _ about inflation as she had —— such a huge it— about inflation as she had —— such a huge it is— about inflation as she had —— such a huge it is a — about inflation as she had —— such a huge. it is a big gamble. there is a chance _ huge. it is a big gamble. there is a chance that — huge. it is a big gamble. there is a chance that it will pay off doing that. _ chance that it will pay off doing that. it — chance that it will pay off doing that, it worries me more in the sense — that, it worries me more in the sense that _ that, it worries me more in the sense that the government is putting tens of— sense that the government is putting tens of billions into the economy now at— tens of billions into the economy now at a — tens of billions into the economy now at a point when inflation is very— now at a point when inflation is very high. _ now at a point when inflation is very high, when it might be slowing down _ very high, when it might be slowing down in _ very high, when it might be slowing down in growth but prices are rising high _ down in growth but prices are rising high that _ down in growth but prices are rising high. that worries me more than the fiscal— high. that worries me more than the fiscal situation. you can always undo _ fiscal situation. you can always undo the — fiscal situation. you can always undo the fiscal situation, raise taxes — undo the fiscal situation, raise taxes later on. if inflation takes off it _ taxes later on. if inflation takes off it is — taxes later on. if inflation takes off it is much harder to keep under control _ off it is much harder to keep under control. . . off it is much harder to keep under control. , , . ~ off it is much harder to keep under control. , , . ,, , control. this sterling market is down and _ control. this sterling market is down and you _ control. this sterling market is down and you level. _ control. this sterling market is down and you level. 1.11- control. this sterling market is down and you level. 1.11 and i control. this sterling market is i down and you level. 1.11 and debate.

the government— down and you level. 1.11 and debate. the government borrowing - down and you level. 1.11 and debate. the government borrowing market. down and you level. 1.11 and debate. i the government borrowing market over the years. _ the government borrowing market over the years. normally— the government borrowing market over the years, normally you _ the government borrowing market over the years, normally you borrow- the government borrowing market over the years, normally you borrow moneyi the years, normally you borrow money over the _ the years, normally you borrow money over the years. — the years, normally you borrow money over the years, normally— the years, normally you borrow money over the years, normally quite - over the years, normally quite stable — over the years, normally quite stable it _ over the years, normally quite stable. it was _ over the years, normally quite stable. it was already- over the years, normally quite stable. it was already high i over the years, normally quite stable. it was already high at. over the years, normally quite i stable. it was already high at 3.3% this morning — stable. it was already high at 3.3% this morning and _ stable. it was already high at 3.3% this morning and it— stable. it was already high at 3.3% this morning and it is— stable. it was already high at 3.3% this morning and it is now- stable. it was already high at 3.3% this morning and it is now 3.9% i stable. it was already high at 3.3% this morning and it is now 3.9% to| this morning and it is now 3.9% to trorrow— this morning and it is now 3.9% to borrow money— this morning and it is now 3.9% to borrow money over— this morning and it is now 3.9% to borrow money over the _ this morning and it is now 3.9% to borrow money over the years. i this morning and it is now 3.9% to. borrow money over the years. 2.9%. it borrow money over the years. 2.9%. it was _ borrow money over the years. 2.9%. it was half— borrow money over the years. 2.9%. it was half a — borrow money over the years. 2.9%. it was half a percent _ borrow money over the years. 2.9%. it was half a percent a _ borrow money over the years. 2.9%. it was half a percent a few— borrow money over the years. 2.9%. it was half a percent a few years i it was half a percent a few years ago. _ it was half a percent a few years ago. this— it was half a percent a few years ago. this is— it was half a percent a few years ago. this is a _ it was half a percent a few years ago, this is a significant- it was half a percent a few years| ago, this is a significant amount. this is— ago, this is a significant amount. this is a — ago, this is a significant amount. this is a huge _ ago, this is a significant amount. this is a huge rise. _ ago, this is a significant amount. this is a huge rise. these - ago, this is a significant amount. this is a huge rise. these things| this is a huge rise. these things move _ this is a huge rise. these things move about _ this is a huge rise. these things move about 0.5%. _ this is a huge rise. these things move about 0.5%. because i this is a huge rise. these things move about 0.5%. because thati this is a huge rise. these things - move about 0.5%. because that list of figures _ move about 0.5%. because that list of figures i — move about 0.5%. because that list of figures i read _ move about 0.5%. because that list of figures i read out, _ move about 0.5%. because that list of figures i read out, it— move about 0.5%. because that list of figures i read out, it is— move about 0.5%. because that list of figures i read out, it is a - of figures i read out, it is a massive _ of figures i read out, it is a massive psalm. _ of figures i read out, it is a massive psalm. of- of figures i read out, it is a massive psalm. of course, of figures i read out, it is a - massive psalm. of course, what we have _ massive psalm. of course, what we have irr— massive psalm. of course, what we have in lieu — massive psalm. of course, what we have in lieu of— massive psalm. of course, what we have in lieu of funding _ massive psalm. of course, what we have in lieu of funding or— massive psalm. of course, what we have in lieu of funding or br - have in lieu of funding or br forecast _ have in lieu of funding or br forecast is _ have in lieu of funding or br forecast is a _ have in lieu of funding or br forecast is a chart _ have in lieu of funding or br forecast is a chart saying - have in lieu of funding or br forecast is a chart saying if. have in lieu of funding or br i forecast is a chart saying if we have in lieu of funding or br - forecast is a chart saying if we get growth _ forecast is a chart saying if we get growth at — forecast is a chart saying if we get growth at i%. _ forecast is a chart saying if we get growth at 1%, then _ forecast is a chart saying if we get growth at 1%, then that _ forecast is a chart saying if we get growth at 1%, then that will - forecast is a chart saying if we get growth at 1%, then that will raisei growth at 1%, then that will raise 47 biitioh — growth at 1%, then that will raise 47 billion. that _ growth at 1%, then that will raise 47 billion. that is _ growth at 1%, then that will raise 47 billion. that is what _ growth at 1%, then that will raise 47 billion. that is what is - growth at 1%, then that will raise 47 billion. that is what is in - 47 billion. that is what is in place — 47 billion. that is what is in place. what— 47 billion. that is what is in place. what would - 47 billion. that is what is ini place. what would ordinarily 47 billion. that is what is in - place. what would ordinarily be as balanced _ place. what would ordinarily be as balanced funding. _ place. what would ordinarily be as balanced funding. if— place. what would ordinarily be as balanced funding. if we _ place. what would ordinarily be as balanced funding. if we get- place. what would ordinarily be as| balanced funding. if we get growth at 1%, _ balanced funding. if we get growth at i%. which — balanced funding. if we get growth at i%. which is _ balanced funding. if we get growth at 1%, which is a _

balanced funding. if we get growth at 1%, which is a big _ balanced funding. if we get growth at 1%, which is a big f, _ balanced funding. if we get growth at 1%, which is a big f, every- at 1%, which is a big f, every single — at 1%, which is a big f, every single government _ at 1%, which is a big f, every single government want - at 1%, which is a big f, every single government want to l at 1%, which is a big f, everyl single government want to do at 1%, which is a big f, every- single government want to do that. the tast— single government want to do that. the last move _ single government want to do that. the last move we _ single government want to do that. the last move we have _ single government want to do that. the last move we have at _ single government want to do that. the last move we have at on - single government want to do that. the last move we have at on trend i the last move we have at on trend growth _ the last move we have at on trend growth is — the last move we have at on trend growth is down _ the last move we have at on trend growth is down because _ the last move we have at on trend growth is down because the - growth is down because the workforces _ growth is down because the workforces down. _ growth is down because the workforces down. that - growth is down because the workforces down. that is i growth is down because the . workforces down. that is obr growth is down because the - workforces down. that is obr said in july, hot _ workforces down. that is obr said in july, not up. — workforces down. that is obr said in july, not up. this— workforces down. that is obr said in july, not up. this will— workforces down. that is obr said in july, not up. this will have _ workforces down. that is obr said in july, not up. this will have to - workforces down. that is obr said in july, not up. this will have to do - workforces down. that is obr said in july, not up. this will have to do a i july, not up. this will have to do a lot july, not up. this will have to do a tot of— july, not up. this will have to do a tot of work— july, not up. this will have to do a lot of work and _ july, not up. this will have to do a lot of work and what _ july, not up. this will have to do a lot of work and what we _ july, not up. this will have to do a lot of work and what we got - july, not up. this will have to do a lot of work and what we got was . july, not up. this will have to do a lot of work and what we got was a| lot of work and what we got was a tax cut _ lot of work and what we got was a tax cut ptah _ lot of work and what we got was a tax cut plan. others _ lot of work and what we got was a tax cut plan. others would - lot of work and what we got was a tax cut plan. others would arguei tax cut plan. others would argue what _ tax cut plan. others would argue what is _ tax cut plan. others would argue what is the — tax cut plan. others would argue what is the growth _ tax cut plan. others would argue what is the growth plan, - tax cut plan. others would argue what is the growth plan, where i tax cut plan. others would argue . what is the growth plan, where are the skills— what is the growth plan, where are the skills and — what is the growth plan, where are the skills and investment - what is the growth plan, where are the skills and investment and - the skills and investment and everything _ the skills and investment and everything else? _ the skills and investment and everything else? the- the skills and investment and everything else? the skills and investment and eve hinu else? ., everything else? the government will sa that the everything else? the government will say that the tax-cutting _ everything else? the government will say that the tax-cutting measures - say that the tax—cutting measures they have taken will lead to that growth of at least 1% to take it to 2.5% which is what liz truss has been talking about. the main measures, the basic rate of income tax to be cut to 90p from april, have been intimated by his predecessor rishi sunak stop higher income tax rate to be abolished. the national insurance rise of one point two five percentage points, we knew this was going

two five percentage points, we knew this m on joing two five percentage points, we knew this m on the g two five percentage points, we knew this m on the flip side who gains? pays. on the flip side who gains? if you look at this, those tax changes, the very wealthy, there is no getting away from this, the very wealthy will be thousands of pounds better off. you will be wondering whether you constituents, does that bother them, whether you constituents, does that botherthem, do whether you constituents, does that bother them, do they care that the wealthy are going to be wealthier or do theyjust care about their own taxes? the basic rate of income tax is also coming down. 31 billion p is in the energy package which is helping those who are worse off as well as everybody else. that would

be the counterargument and if you are a tory mp you will be hoping that your voters see it that way, we are all being helped so that is a positive sign here.— are all being helped so that is a positive sign here. before i get a reaction from — positive sign here. before i get a reaction from the _ positive sign here. before i get a reaction from the rest _ positive sign here. before i get a reaction from the rest of - positive sign here. before i get a reaction from the rest of you. . positive sign here. before i get a | reaction from the rest of you. let me take you through the other measures, the energy price guarantee to help with bells. two point five -- 2000 £500, for to help with bells. two point five —— 2000 £500, for your typical household. help for businesses. no stamp duty for properties under £250,000. forfirst—time buyers, and a £420,000. the cap on bankers bonuses to be scrapped. politically, very difficult you would think and the planned increase in alcohol duty cancelled. picking up on that cap on bankers bonuses, that had been trailed. what is the government

hoping for here? it trailed. what is the government hoping for here?— trailed. what is the government hoping for here? it was clear from the chancellor, _ hoping for here? it was clear from the chancellor, he _ hoping for here? it was clear from the chancellor, he wants - hoping for here? it was clear from the chancellor, he wants to - hoping for here? it was clear from the chancellor, he wants to put i hoping for here? it was clear from the chancellor, he wants to put a | the chancellor, he wants to put a bil the chancellor, he wants to put a trig fiag, — the chancellor, he wants to put a trig flag, a — the chancellor, he wants to put a big flag, a standard _ the chancellor, he wants to put a big flag, a standard up— the chancellor, he wants to put a big flag, a standard up at- the chancellor, he wants to put a big flag, a standard up at the - the chancellor, he wants to put a big flag, a standard up at the city and tell— big flag, a standard up at the city and tell the — big flag, a standard up at the city and tell the world, _ big flag, a standard up at the city and tell the world, top _ big flag, a standard up at the cityi and tell the world, top investment bankers _ and tell the world, top investment bankers and — and tell the world, top investment bankers and other, _ and tell the world, top investment bankers and other, britain - and tell the world, top investment bankers and other, britain is- and tell the world, top investment bankers and other, britain is open| bankers and other, britain is open for business. _ bankers and other, britain is open for business, you _ bankers and other, britain is open for business, you can _ bankers and other, britain is open for business, you can locate - bankers and other, britain is open for business, you can locate here. there _ for business, you can locate here. there is— for business, you can locate here. there is an — for business, you can locate here. there is an implicit _ for business, you can locate here. - there is an implicit acknowledgement there have _ there is an implicit acknowledgement there have been — there is an implicit acknowledgement there have been pressured _ there is an implicit acknowledgement there have been pressured there - there is an implicit acknowledgement| there have been pressured there from brexit— there have been pressured there from brexit because — there have been pressured there from brexit because we _ there have been pressured there from brexit because we were _ there have been pressured there from brexit because we were integrated - brexit because we were integrated into european— brexit because we were integrated into european markets. _ brexit because we were integrated into european markets. the - brexit because we were integrated i into european markets. the number brexit because we were integrated - into european markets. the number of 'obs into european markets. the number of jobs iost _ into european markets. the number of jobs iost was _ into european markets. the number of jobs lost was fewer _ into european markets. the number of jobs lost was fewer than _ jobs lost was fewer than some predictions _ jobs lost was fewer than some predictions but _ jobs lost was fewer than some predictions but there - jobs lost was fewer than some predictions but there were - jobs lost was fewer than somei predictions but there were jobs iost~ _ predictions but there were jobs iost~ this — predictions but there were jobs iost~ this is _ predictions but there were jobs lost. this is meant _ predictions but there were jobs lost. this is meant to- predictions but there were jobs lost. this is meant to be - predictions but there were jobs lost. this is meant to be the i lost. this is meant to be the countervailing _ lost. this is meant to be the countervailing magnetic- lost. this is meant to be thei countervailing magnetic force lost. this is meant to be the - countervailing magnetic force to get global— countervailing magnetic force to get giobai bankers — countervailing magnetic force to get global bankers back _ countervailing magnetic force to get global bankers back into _ countervailing magnetic force to get global bankers back into the - countervailing magnetic force to get global bankers back into the uk- global bankers back into the uk because — global bankers back into the uk because they _ global bankers back into the uk because they then _ global bankers back into the uk because they then give - global bankers back into the uk because they then give you, - global bankers back into the uk because they then give you, filli global bankers back into the uk. because they then give you, fill up office _ because they then give you, fill up office space — because they then give you, fill up office space and _ because they then give you, fill up office space and help— because they then give you, fill up office space and help other- because they then give you, fill up . office space and help other economic growth _ office space and help other economic growth that — office space and help other economic growth that is — office space and help other economic growth. that is the _ office space and help other economic growth. that is the plan. _ office space and help other economic growth. that is the plan. at - office space and help other economic growth. that is the plan. at the - office space and help other economic growth. that is the plan. at the endi growth. that is the plan. at the end result— growth. that is the plan. at the end result is— growth. that is the plan. at the end result is that — growth. that is the plan. at the end result is that helps _ growth. that is the plan. at the end result is that helps both— growth. that is the plan. at the end result is that helps both the - growth. that is the plan. at the end result is that helps both the same l result is that helps both the same people _ result is that helps both the same people who — result is that helps both the same people who have _ result is that helps both the same people who have now _ result is that helps both the same people who have now got - result is that helps both the same people who have now got free - result is that helps both the same - people who have now got free bonuses who took— people who have now got free bonuses who took at _ people who have now got free bonuses who took at the — people who have now got free bonuses who look at the national— people who have now got free bonuses who look at the national insurance - who look at the national insurance cat, they— who look at the national insurance cat, they witt— who look at the national insurance cat, they will get _ who look at the national insurance cat, they will get the _ who look at the national insurance cat, they will get the 45p - who look at the national insurance cat, they will get the 45p cut, - who look at the national insurance cat, they will get the 45p cut, it. cat, they will get the 45p cut, it is a good — cat, they will get the 45p cut, it is a good day— cat, they will get the 45p cut, it is a good day for _ cat, they will get the 45p cut, it is a good day for those - cat, they will get the 45p cut, it is a good day for those sites. i cat, they will get the 45p cut, it i is a good day for those sites. let’s is a good day for those sites. let's have a look _

is a good day for those sites. let's have a look at _ is a good day for those sites. let's have a look at the _ is a good day for those sites. let's have a look at the other _ is a good day for those sites.- have a look at the other measures. simon jack have a look at the other measures. simonjack talk have a look at the other measures. simon jack talk us have a look at the other measures. simonjack talk us through those. we often hear about plans to do exactly that but they don't follow through. tightened restrictions on strike action and rules on universal credit to be tightened. he briefly mentioned those before the statement, penalising people who are working and on universal credit if they don't increase their errors. pauljohnson, this issue of growth. —— their errors. we do not know if it'll lead to growth, that is what the government wants. are you confident that it well, these policies, these selection of policies, these selection of policies will stimulate growth to the extent the government once it too? ., ., ., , too? confident would not be the word, too? confident would not be the word. n0- _ too? confident would not be the word, no. this _ too? confident would not be the word, no. this is _ too? confident would not be the word, no. this is putting - too? confident would not be the word, no. this is putting a i too? confident would not be the word, no. this is putting a lot i too? confident would not be the word, no. this is putting a lot of money into the economy in the short term and that means we may do better in the next year or two than we otherwise would have done but that

is not necessarily sustainable. simply putting money into the economy is not a way to sustain growth. what i hope is sustainable growth, more people in the labour market, more entrepreneurialism, or high—payingjobs market, more entrepreneurialism, or high—paying jobs and so on and that requires so much more than what is here, particularly in investment in skills and education, which has not happened over the last decade and more. particularly actually as integrated and close as we can to our biggest, richest trading partner, the european union, state stability and in political stability absolutely you do not get growth without that. we have already seen the markets are worrying about the macroeconomics stability here. on the rates they are requiring on government debt, all these things you need as well. you can have high growth with low taxes, but we can

see in many european countries you can have high growth with high taxes as well so taxes can be part of the story but not the whole story. [30 story but not the whole story. do ou story but not the whole story. do you agree... story but not the whole story. do you agree--- i— story but not the whole story. do you agree... i am _ story but not the whole story. do you agree... i am not— story but not the whole story. do you agree... i am not going i story but not the whole story. do you agree... i am not going to i story but not the whole story. do| you agree... i am not going to go auainst you agree... i am not going to go against them- — you agree... i am not going to go against them. i— you agree... i am not going to go against them. i agree _ you agree... i am not going to go against them. i agree with i you agree... i am not going to go against them. i agree with paul l against them. i agree with paul here. a against them. i agree with paul here- a lot _ against them. i agree with paul here. a lot of _ against them. i agree with paul here. a lot of this _ against them. i agree with paul here. a lot of this gamble i against them. i agree with paul here. a lot of this gamble if i against them. i agree with paul| here. a lot of this gamble if you like witt— here. a lot of this gamble if you like will pay off only if they can -et like will pay off only if they can get businesses to invest in things like new— get businesses to invest in things like new missionary, training their staff and _ like new missionary, training their staff and new skills. we have seen in the _ staff and new skills. we have seen in the past, — staff and new skills. we have seen in the past, we cut to business corporation tax for ten years and it did not— corporation tax for ten years and it did not make a difference to business _ did not make a difference to business investment. these investments owned, interesting incentives they are. however, we have _ incentives they are. however, we have heard — incentives they are. however, we have heard from karen list chancers about _ have heard from karen list chancers about relaxing rules, listening government controls, that is where you might — government controls, that is where you might run into problems in the shires— you might run into problems in the shires and — you might run into problems in the shires and grassroot tory voters if

he witt— shires and grassroot tory voters if he will accelerate planning rules. and it _ he will accelerate planning rules. and it failed before it got on the ground — and it failed before it got on the ground. they have founded on those rocks _ ground. they have founded on those rocks before with these measures which _ rocks before with these measures which are — rocks before with these measures which are more aggressive. thank you for 'oinin: which are more aggressive. thank you forjoining us- — which are more aggressive. thank you forjoining us. let's _ which are more aggressive. thank you forjoining us. let's go _ which are more aggressive. thank you forjoining us. let's go to _ which are more aggressive. thank you forjoining us. let's go to bolton i forjoining us. let's go to bolton and speak to mark ashdown who is there with some guests. over to you. this community grocers and what they do here is peoplejoin up and pay a fee of £5 per year and when they do their shopping like this year they paid £4 but get a lot more for their money, about £25 worth of shopping and it really helps to make ends meet. we can bring injohn and john is a volunteer and also a pensioner, if you don't mind me saying. what was in that for you? not much for pensioners but you're still paying tax. , . , . ~ tax. yes, which is unfair, i think after paying _ tax. yes, which is unfair, i think after paying at _ tax. yes, which is unfair, i think after paying at all— tax. yes, which is unfair, i think after paying at all these - tax. yes, which is unfair, i think after paying at all these years. i tax. yes, which is unfair, i think| after paying at all these years. a bit more money in your pocket. after paying at all these years. a i bit more money in your pocket. yes, but not as much _

bit more money in your pocket. yes, but not as much as _ bit more money in your pocket. yes, but not as much as we _ bit more money in your pocket. yes, but not as much as we like, - but not as much as we like, naturally. but not as much as we like, naturally-— but not as much as we like, naturall . ., ., . ,, ., . ., ., naturally. you do talk to a lot of eo - le naturally. you do talk to a lot of peeple here _ naturally. you do talk to a lot of people here and _ naturally. you do talk to a lot of people here and what _ naturally. you do talk to a lot ofi people here and what difference naturally. you do talk to a lot of i people here and what difference will that make to them and cutting national insurance? the that make to them and cutting national insurance?— that make to them and cutting national insurance? the light of this lace national insurance? the light of this place here _ national insurance? the light of this place here now, _ national insurance? the light of this place here now, they i national insurance? the light of this place here now, they can . national insurance? the light of. this place here now, they can buy more stuff with the increase that we all are hoping to get.— all are hoping to get. thank you very much _ all are hoping to get. thank you very much for— all are hoping to get. thank you very much forjoining _ all are hoping to get. thank you very much forjoining us. - all are hoping to get. thank you very much forjoining us. let's l very much forjoining us. let's bring in fay and we spoke to you earlier and you are worried about universal credit. they have made an announcement on that but we will... what your reaction? i have children so i what your reaction? i have children so i can— what your reaction? i have children so i can only— what your reaction? i have children so i can only work during the times when _ so i can only work during the times when they— so i can only work during the times when they are actually a school so i can't _ when they are actually a school so i can't actually work full time because _ can't actually work full time because i have no one to look after them _ because i have no one to look after them during the school holidays. it is something that have to look at now _ is something that have to look at now. obviously, iam is something that have to look at now. obviously, i am an universal credit, _ now. obviously, i am an universal credit, i_ now. obviously, i am an universal credit, i want to find a job, i am looking— credit, i want to find a job, i am looking for— credit, i want to find a job, i am looking for a job credit, i want to find a job, i am looking forajob in credit, i want to find a job, i am looking for a job in applying for them _ looking for a job in applying for them and — looking for a job in applying for them and ijust hoping i can get something to give me that extra money— something to give me that extra money to— something to give me that extra money to be able to survive through this winter — money to be able to survive through this winter. , ., money to be able to survive through this winter. , . , money to be able to survive through this winter. , ., , ., money to be able to survive through this winter-— this winter. they are trying to do something _ this winter. they are trying to do something to — this winter. they are trying to do something to help, _ this winter. they are trying to do something to help, but - this winter. they are trying to do something to help, but prices i this winter. they are trying to do i something to help, but prices going up something to help, but prices going up and up and much is out of their

control. ., . , ., control. how are you finding it? i don't think— control. how are you finding it? i don't think it — control. how are you finding it? i don't think it is _ control. how are you finding it? i don't think it is out _ control. how are you finding it? i don't think it is out of _ control. how are you finding it? i don't think it is out of their i don't think it is out of their control, _ don't think it is out of their control, think that they could do a lot control, think that they could do a tot more _ control, think that they could do a tot more to — control, think that they could do a lot more to help families like me that are — lot more to help families like me that are struggling at this time and worried _ that are struggling at this time and worried about the future. i think they— worried about the future. i think they should have done more in the budget, _ they should have done more in the budget, i_ they should have done more in the budget, i have to say, especially with the — budget, i have to say, especially with the rising energy prices. i think— with the rising energy prices. i think you _ with the rising energy prices. i think you should have been more of a cap think you should have been more of a cab that _ think you should have been more of a cab that or— think you should have been more of a cap that or something to help us here _ cap that or something to help us here. , , , , . , here. this help in energy prices, will not make _ here. this help in energy prices, will not make a _ here. this help in energy prices, will not make a difference? i i here. this help in energy prices, l will not make a difference? i don't think so. will not make a difference? i don't think so- i — will not make a difference? i don't think so. i was _ will not make a difference? i don't think so. i was hoping _ will not make a difference? i don't think so. i was hoping for - will not make a difference? i don't think so. i was hoping for a - will not make a difference? i don't think so. i was hoping for a bit i think so. i was hoping for a bit more — think so. i was hoping for a bit more i— think so. i was hoping for a bit more. i worry about putting the heating — more. i worry about putting the heating on— more. i worry about putting the heating on so i think about bringing duvets— heating on so i think about bringing duvets down so we can sit on the front— duvets down so we can sit on the front room — duvets down so we can sit on the front room and huddled together because — front room and huddled together because i— front room and huddled together because i don't have the heating on but i because i don't have the heating on but i think— because i don't have the heating on but i think a — because i don't have the heating on but i think a lot more could have been _ but i think a lot more could have been done — but i think a lot more could have been done if i'm honest. i but i think a lot more could have been done if i'm honest.- been done if i'm honest. i love cominu been done if i'm honest. i love coming soon — been done if i'm honest. i love coming soon and _ been done if i'm honest. i love coming soon and then - been done if i'm honest. i love i coming soon and then christmas is coming soon and then christmas is coming in cold weather. haifa coming soon and then christmas is coming in cold weather.— coming soon and then christmas is coming in cold weather. how are you feelin: ? coming in cold weather. how are you feeling? i'm — coming in cold weather. how are you feeling? i'm worried, _ coming in cold weather. how are you feeling? i'm worried, i— coming in cold weather. how are you feeling? i'm worried, i really - feeling? i'm worried, i really worried _ feeling? i'm worried, i really worried. the bits of money that i used _ worried. the bits of money that i used to— worried. the bits of money that i used to be — worried. the bits of money that i used to be able to save i cannot save _ used to be able to save i cannot save now — used to be able to save i cannot save now i'm spending it on food and 'ust save now i'm spending it on food and just generat— save now i'm spending it on food and just general things. i am worried as it comes _ just general things. i am worried as it comes to— just general things. i am worried as it comes to christmas what i'm going to do _ it comes to christmas what i'm going to do for— it comes to christmas what i'm going to do. for christmas presents when it gets _

to do. for christmas presents when it gets really cold, if we get snow. i it gets really cold, if we get snow. i don't _ it gets really cold, if we get snow. i don't know — it gets really cold, if we get snow. i don't know what were going to do. thank you very much indeed for joining us. let's bring injohn and john is a businessman from here. there was a lot in their businesses. corporation tax firstly not going to 25%. how much will that make? they're not giving back, is not going — they're not giving back, is not going to — they're not giving back, is not going to happen— they're not giving back, is not going to happen but— they're not giving back, is not going to happen but we - they're not giving back, is not going to happen but we have. they're not giving back, is not - going to happen but we have budgeted for it so— going to happen but we have budgeted for it so potentially— going to happen but we have budgeted for it so potentially it _ going to happen but we have budgeted for it so potentially it saves _ going to happen but we have budgeted for it so potentially it saves a - for it so potentially it saves a £60,000 _ for it so potentially it saves a £60,000 per— for it so potentially it saves a £60,000 per year. _ for it so potentially it saves a £60,000 per year. that i for it so potentially it saves a £60,000 per year. that is i for it so potentially it saves a i £60,000 per year. that is too fuit-time — £60,000 per year. that is too full—time basic— £60,000 per year. that is too full—time basic salaries - £60,000 per year. that is too full—time basic salaries so i £60,000 per year. that is tooj full—time basic salaries so that will help— full—time basic salaries so that will help with _ full—time basic salaries so that will help with recruitment. i full-time basic salaries so that will help with recruitment. that's . uite will help with recruitment. that's uuite a bi will help with recruitment. that's quite a big difference. _ will help with recruitment. that's quite a big difference. two i will help with recruitment. that's quite a big difference. two more| quite a big difference. two more --eole. quite a big difference. two more people. absolutely. _ quite a big difference. two more people. absolutely. the - quite a big difference. two more people. absolutely. the reality. quite a big difference. two more| people. absolutely. the reality is what _ people. absolutely. the reality is what we — people. absolutely. the reality is what we have _ people. absolutely. the reality is what we have hire _ people. absolutely. the reality is what we have hire them - people. absolutely. the reality is what we have hire them anyway? people. absolutely. the reality is- what we have hire them anyway? yes, but every _ what we have hire them anyway? yes, but every little — what we have hire them anyway? yes, but every little helps _ what we have hire them anyway? yes, but every little helps with _ what we have hire them anyway? yes, but every little helps with the - what we have hire them anyway? yes, but every little helps with the rest i but every little helps with the rest of the _ but every little helps with the rest of the costs — but every little helps with the rest of the costs going _ but every little helps with the rest of the costs going up. _ but every little helps with the rest of the costs going up. what- but every little helps with the rest of the costs going up.— but every little helps with the rest of the costs going up. what with the hi . her rate of the costs going up. what with the higher rate tax? _ of the costs going up. what with the higher rate tax? the _ of the costs going up. what with the higher rate tax? the higher- of the costs going up. what with the higher rate tax? the higher rate - of the costs going up. what with the higher rate tax? the higher rate of l higher rate tax? the higher rate of tax and a few people in your organisation who pay that. will it make a difference then? yes. organisation who pay that. will it make a difference then? yes, some of our employees — make a difference then? yes, some of our employees will— make a difference then? yes, some of our employees will benefit. _ make a difference then? yes, some of our employees will benefit. i - make a difference then? yes, some of our employees will benefit. i was - our employees will benefit. i was genuinely— our employees will benefit. i was genuinely surprised _ our employees will benefit. i was genuinely surprised that - our employees will benefit. i was genuinely surprised that and - our employees will benefit. i was genuinely surprised that and i - genuinely surprised that and i thought— genuinely surprised that and i thought they _ genuinely surprised that and i thought they would _ genuinely surprised that and i thought they would do - genuinely surprised that and i - thought they would do something of the tower— thought they would do something of the tower right — thought they would do something of the lower right which _ thought they would do something of the lower right which will _ thought they would do something of the lower right which will affect - the lower right which will affect more _ the lower right which will affect more peortte _ the lower right which will affect more people but— the lower right which will affect

more people but i— the lower right which will affect more people but i guess - the lower right which will affect - more people but i guess rewarding success— more people but i guess rewarding success and — more people but i guess rewarding success and hard _ more people but i guess rewarding success and hard work, _ more people but i guess rewarding success and hard work, he - more people but i guess rewarding success and hard work, he wanted| more people but i guess rewarding . success and hard work, he wanted to drive _ success and hard work, he wanted to drive growth — success and hard work, he wanted to drive growth and _ success and hard work, he wanted to drive growth and drive _ success and hard work, he wanted to drive growth and drive individual- drive growth and drive individual responsibility— drive growth and drive individual responsibility to _ drive growth and drive individual responsibility to go _ drive growth and drive individual responsibility to go out - drive growth and drive individual responsibility to go out there - drive growth and drive individuall responsibility to go out there and do more — responsibility to go out there and do more for— responsibility to go out there and do more for yourself. _ responsibility to go out there and do more for yourself. i— responsibility to go out there and. do more for yourself. i understand it but— do more for yourself. i understand it but i_ do more for yourself. i understand it but i was— do more for yourself. i understand it but i was surprised _ do more for yourself. i understand it but i was surprised there - do more for yourself. i understand it but i was surprised there was . it but i was surprised there was hothihg — it but i was surprised there was hothihg dohe _ it but i was surprised there was nothing done with _ it but i was surprised there was nothing done with a _ it but i was surprised there was nothing done with a lower- it but i was surprised there was - nothing done with a lower threshold. will nothing done with a lower threshold. witt it— nothing done with a lower threshold. witt it help _ nothing done with a lower threshold. will it help them? _ nothing done with a lower threshold. will it help them? the _ nothing done with a lower threshold. will it help them? the tongue - nothing done with a lower threshold. will it help them? the tongue will. will it help them? the tongue will trickle down a pre—more minaret money on higher earners pockets benefits everyone. morale, will abuse everyone? i benefits everyone. morale, will abuse everyone?— benefits everyone. morale, will abuse everyone? i would hope so. i would suggest _ abuse everyone? i would hope so. i would suggest as _ abuse everyone? i would hope so. i would suggest as well— abuse everyone? i would hope so. i would suggest as well that - abuse everyone? i would hope so. i would suggest as well that the - abuse everyone? i would hope so. i i would suggest as well that the stamp duty, would suggest as well that the stamp duty. the _ would suggest as well that the stamp duty, the increase _ would suggest as well that the stamp duty, the increase to— would suggest as well that the stamp duty, the increase to 250, _ would suggest as well that the stamp duty, the increase to 250, that- would suggest as well that the stamp duty, the increase to 250, that will. duty, the increase to 250, that will help people — duty, the increase to 250, that will help people. we _ duty, the increase to 250, that will help people. we have _ duty, the increase to 250, that will help people. we have college - duty, the increase to 250, that will help people. we have college now| duty, the increase to 250, that will. help people. we have college now the removing _ help people. we have college now the removing house — help people. we have college now the removing house and _ help people. we have college now the removing house and i— help people. we have college now the removing house and i know— help people. we have college now the removing house and i know stamp - help people. we have college now thel removing house and i know stamp duty is a chattehge _ removing house and i know stamp duty is a challenge because _ removing house and i know stamp duty is a challenge because we _ removing house and i know stamp duty is a challenge because we cannot- is a challenge because we cannot trorrow— is a challenge because we cannot borrow that— is a challenge because we cannot borrow that on _ is a challenge because we cannot borrow that on your _ is a challenge because we cannot borrow that on your mortgage. . is a challenge because we cannot. borrow that on your mortgage. you have _ borrow that on your mortgage. you have to _ borrow that on your mortgage. you have to say — borrow that on your mortgage. you have to say that _ borrow that on your mortgage. you have to say that up _ borrow that on your mortgage. you have to say that up a _ borrow that on your mortgage. you have to say that up a user - borrow that on your mortgage. you have to say that up a user from - have to say that up a user from equities— have to say that up a user from equities firrat— have to say that up a user from equities final that— have to say that up a user from equities final that will- have to say that up a user from equities final that will benefit l have to say that up a user from | equities final that will benefit at least _ equities final that will benefit at least four— equities final that will benefit at least four of _ equities final that will benefit at least four of our— equities final that will benefit at least four of our staff _ equities final that will benefit at least four of our staff who - equities final that will benefit at least four of our staff who are l equities final that will benefit at| least four of our staff who are in the middle — least four of our staff who are in the middle of— least four of our staff who are in the middle of the _ least four of our staff who are in the middle of the house - least four of our staff who are in the middle of the house movesi least four of our staff who are in i the middle of the house moves and they have _ the middle of the house moves and they have had — the middle of the house moves and they have had a _ the middle of the house moves and they have had a challenging - the middle of the house moves and they have had a challenging time i the middle of the house moves and i they have had a challenging time and those _ they have had a challenging time and those because — they have had a challenging time and those because of— they have had a challenging time and those because of the _ they have had a challenging time and those because of the interest - they have had a challenging time and those because of the interest rate . those because of the interest rate rises _ those because of the interest rate rises and — those because of the interest rate rises and they— those because of the interest rate rises and they have _ those because of the interest rate rises and they have had _ those because of the interest rate rises and they have had to - those because of the interest rate rises and they have had to get - those because of the interest ratel rises and they have had to get new mortgage — rises and they have had to get new mortgage rate _ rises and they have had to get new mortgage rate offers, _ rises and they have had to get new mortgage rate offers, get - mortgage rate offers, get documentation _ mortgage rate offers, get documentation to- mortgage rate offers, get documentation to prove l mortgage rate offers, get i documentation to prove that mortgage rate offers, get - documentation to prove that they mortgage rate offers, get _ documentation to prove that they can pay the _ documentation to prove that they can

pay the mortgage _ documentation to prove that they can pay the mortgage. that _ documentation to prove that they can pay the mortgage. that will - documentation to prove that they can pay the mortgage. that will help, - documentation to prove that they can pay the mortgage. that will help, in i pay the mortgage. that will help, in the tatter— pay the mortgage. that will help, in the latter fact. _ pay the mortgage. that will help, in the latter fact. find _ pay the mortgage. that will help, in the latter fact-— the latter fact. and these investment _ the latter fact. and these investment hubs - the latter fact. and these investment hubs that - the latter fact. and these | investment hubs that they the latter fact. and these - investment hubs that they are pushing now. will that help boost growth as well? for pushing now. will that help boost growth as well?— pushing now. will that help boost growth as well? for us, absolutely. we are opening _ growth as well? for us, absolutely. we are opening an _ growth as well? for us, absolutely. we are opening an office _ growth as well? for us, absolutely. we are opening an office in - growth as well? for us, absolutely. | we are opening an office in swansea next year— we are opening an office in swansea next year and — we are opening an office in swansea next year and hopefully— we are opening an office in swansea next year and hopefully swansea - we are opening an office in swansea next year and hopefully swansea isi next year and hopefully swansea is one of— next year and hopefully swansea is one of the — next year and hopefully swansea is one of the areas _ next year and hopefully swansea is one of the areas that _ next year and hopefully swansea is one of the areas that will _ next year and hopefully swansea is one of the areas that will be - next year and hopefully swansea is one of the areas that will be going| one of the areas that will be going for this— one of the areas that will be going for this and — one of the areas that will be going for this and potentially— one of the areas that will be going for this and potentially that - one of the areas that will be going for this and potentially that can i for this and potentially that can move _ for this and potentially that can move it — for this and potentially that can move it forward _ for this and potentially that can move it forward and _ for this and potentially that can move it forward and that - for this and potentially that can move it forward and that is - for this and potentially that can - move it forward and that is exciting and that— move it forward and that is exciting and that is— move it forward and that is exciting and that is for— move it forward and that is exciting and that is for us _ move it forward and that is exciting and that is for us in— move it forward and that is exciting and that is for us in our— and that is for us in our organisation. _ and that is for us in our organisation.— and that is for us in our organisation. and that is for us in our oruanisation. ., ,, , ., , and that is for us in our oruanisation. ., ,, i. , . organisation. thank you very much for 'oinin: organisation. thank you very much forjoining us- _ organisation. thank you very much forjoining us. we _ organisation. thank you very much forjoining us. we were _ organisation. thank you very much forjoining us. we were all- organisation. thank you very much l forjoining us. we were all crammed around phones watching the chancellor's statement here. a lot of early details and reaction and you will hear more to come and back to you. thank you, mark ashdown in the grocery store in bolton. you are watching a special politics live programme following the statement or fiscal event by kwasi kwarteng, the new chancellor and response by the shadow chancellor to everything here to announce, including a raft of

tax—cutting measures as well as figures on the amount the government is going to be borrowing for that very significant intervention to help people with their energy bills and businesses as well. i think we can talk to julian and businesses as well. i think we can talk tojulianjessop, an economist who advised liz truss from the institute of economic affairs, the institute of economic affairs, the right of centre think tank. hello to you, julian. is this what you are hoping for?— you are hoping for? yes, it is. i wasn't privy _ you are hoping for? yes, it is. i wasn't privy to _ you are hoping for? yes, it is. i wasn't privy to all— you are hoping for? yes, it is. i wasn't privy to all the _ you are hoping for? yes, it is. i wasn't privy to all the details i you are hoping for? yes, it is. i wasn't privy to all the details of the announcement today so i still have to wade through the details and there are a few i am not then surely happy with such a stamp duty for first—time buyers. of the overall thrust of the package i think is great, i think it's absolutely right to emphasise going for growth. the package does that primarily through the supply side of the economy, is not seem to be what people are talking with such as trickle down economics. i'm not really sure what that means but it's not an accurate way of describing what is announced

today. and it's a culmination of tax cuts but also hints of meaningful reform and supply strip side and structure which will make an even bigger difference. you structure which will make an even bigger difference.— bigger difference. you have heard rachel reeves _ bigger difference. you have heard rachel reeves from _ bigger difference. you have heard rachel reeves from the _ bigger difference. you have heard rachel reeves from the labour i bigger difference. you have heard i rachel reeves from the labour party think this is a plan to reward the wealthy. she called it trickle down economics, echoing what the american president had said, not in relation to liz truss, but in general that it doesn't work and i think most people would understand trickle—down economics is giving tax cuts in benefits to the well off, who perhaps don't need them whereas the less well off do not benefit quite so much. is less well off do not benefit quite so much. , ., ., , ., less well off do not benefit quite i so much-— no. so much. is that now is doing? no, it isn't. trickle-down _ so much. is that now is doing? no, it isn't. trickle-down economics i so much. is that now is doing? no, it isn't. trickle-down economics is| it isn't. trickle—down economics is about giving money to rich people in the hope that they will spend it and boost the economy through the demand side. if the only thing you wanted to do was to boost demand then yes, you would not do that and you will give money to poor people because they are more likely to spend and save it. this not his policies are

about. they are about improving the supply side of the economy and improving incentives and encouraging investment, bringingjobs improving incentives and encouraging investment, bringing jobs to the country. in other words to use the metaphor about growing the size of the cake or creating wealth and then there are other things to redistribute that wealth and make sure everybody benefits. what redistribute that wealth and make sure everybody benefits.- redistribute that wealth and make sure everybody benefits. what is the evidence that _ sure everybody benefits. what is the evidence that grout _ sure everybody benefits. what is the evidence that grout is _ sure everybody benefits. what is the evidence that grout is actually - evidence that grout is actually going to flow from these measures announced today? there isn't any strong evidence to say that, it is, as pauljohnson from the institute for fiscal studies has gambled. it is a very big gamble with the british economy.— is a very big gamble with the british economy. first of all, is acce ted british economy. first of all, is accepted as — british economy. first of all, is accepted as a _ british economy. first of all, is accepted as a gamble - british economy. first of all, is accepted as a gamble because| british economy. first of all, is. accepted as a gamble because it british economy. first of all, is - accepted as a gamble because it is a radical change in policy and i think it's a small gamble because the existing policies are simply not working and i think if we stop with the status quo then as kwasi kwarteng signed or said will be stuck in a loop of economic growth and tax increases to cover the budget deficit and even weaker

economic growth so it is a gamble but i think the one that was taking. there are already signs in some ways thatis there are already signs in some ways that is going to pay off. for example, the regiments of money the government is having to commit to cap energy prices. that will at least provide a significant boost to the economy and prevent a deep recession in the coming months and thatis recession in the coming months and that is probably good for the long—term public finances as well. yes, it is a gamble, but if anyone were taking. yes, it is a gamble, but if anyone were taking-— were taking. you say it's worth takin: were taking. you say it's worth taking but _ were taking. you say it's worth taking but it — were taking. you say it's worth taking but it comes _ were taking. you say it's worth taking but it comes against - were taking. you say it's worth taking but it comes against a l taking but it comes against a backdrop of soaring inflation rates. the bank of england having put up the base rate to the highest level in ii; the base rate to the highest level in 11; years and people are still going to be struggling to pay those household bills. there are still going to be very significant household pressures and cost of living pressures. are you sure against that backdrop that it is a gamble worth taking?— against that backdrop that it is a gamble worth taking? because it miaht not gamble worth taking? because it might not work. _ gamble worth taking? because it might not work. of _ gamble worth taking? because it might not work. of course, - gamble worth taking? because it might not work. of course, all i might not work. of course, all gambles might not pay off but if you

look at the big announcement is made, by far the biggest and immediate is the energy price cap and that is the game changer over the next few months. the tax cuts or cancellation of tax increases that have been announced, most will not kick in until april next year and will be spread over the next few years and so the idea that there is a need to have a surge in inflation is wrong. as for the bank of england, i agree with pauljohnson says earlier that this probably mean higher interest rates. i don't think that's necessarily a bad thing. it's about rebalancing the policy mix. fiscal policy has been tightened too soon, monetary policy has been to looser the sooner we get back to more normal unsustainable levels of interest rates i don't think it's necessarily a bad thing. except more exensive necessarily a bad thing. except more expensive houses _ necessarily a bad thing. except more expensive houses have _ necessarily a bad thing. except more expensive houses have mortgages i expensive houses have mortgages potentially. you could say what the point of putting people because my taxes everjust leads point of putting people because my taxes ever just leads to point of putting people because my taxes everjust leads to the bank of england hiking interest rates and making people's more expensive? i don't see an inconsistency there

because if you want strong long—term economic growth, you also need to have low inflation and low inflation is an important way of boosting households as well. if you look at any increase in mortgage interest rates, that will be more than offset iry rates, that will be more than offset by the fact that inflation will be lower than otherwise it would be in the medium to long term because of what the bank of england is likely to be doing in the next few months in terms of getting right back to more normal levels. there are trade—offs here all the time. of course, we could have situation with the economy is still mired a deep recession but that's not what we want. ., , recession but that's not what we want. . , �* , recession but that's not what we want. . , 2 ., ., recession but that's not what we want. 2 ., ., want. clearly, it's not what you want. clearly, it's not what you want but it _ want. clearly, it's not what you want but it comes _ want. clearly, it's not what you want but it comes back- want. clearly, it's not what you want but it comes back to - want. clearly, it's not what you want but it comes back to thisl want but it comes back to this question at the heart of trust and mix which is a word we could use for that and how big a gamble it is. i have here in the studio my colleagues are, faisal islam is here and would like to put a question to

you. and would like to put a question to ou. �* ., ., and would like to put a question to ou. �* . ., ., you. i'm intrigued, we have had a market reaction _ you. i'm intrigued, we have had a market reaction to _ you. i'm intrigued, we have had a market reaction to your— you. i'm intrigued, we have had a| market reaction to your borrowing you. i'm intrigued, we have had a i market reaction to your borrowing is approaching 4% now. in your view, is 'ust approaching 4% now. in your view, is just ok? _ approaching 4% now. in your view, is just ok? is— approaching 4% now. in your view, is just ok? is that the sort of predictable consequence of borrowing this amount of money and the economy isjust_ this amount of money and the economy is just goihg _ this amount of money and the economy isjust going to get used to it? because — isjust going to get used to it? because as you know it's going to form _ because as you know it's going to form the — because as you know it's going to form the base line for mortgage borrowing and for corporate borrowing and for corporate borrowing as well and thus can be paim�*ut _ borrowing as well and thus can be ainful. , , , ., painful. yes, it is. there is no easy answer _ painful. yes, it is. there is no easy answer to _ painful. yes, it is. there is no easy answer to any _ painful. yes, it is. there is no easy answer to any economic| painful. yes, it is. there is no - easy answer to any economic problem as you know. i personally think getting interest rates back to something like 1r% is perfectly reasonable. i suspect the new normal for interest rates would probably be somewhere between four and 5% if the inflation target remains a 2% to get real growth at two and half on top of that then we are looking for— five interest rates. in practice, we will not actually get quite that far and i think rates will peak next year between somewhere between three and 1r% and is partly because of the

large amounts of debt in the economy making it a bit more sensitive to have interest rates and i would normally be. but interest rates of three and 1r% are still historically low, including in real terms allowing for a slightly higher inflation. i don't see that as a reason to panic about the economy and as i said, as if you look around economies that have much lower interest rates and is, thus not a sign of strength, it's a sign of economic weakness because their economies are struggling and stagnating. economies are struggling and stagnating— economies are struggling and stauanatin. ,, ., stagnating. simon jack. the holy grail is more _ stagnating. simon jack. the holy grail is more productive - stagnating. simon jack. the holy grail is more productive growth i stagnating. simon jack. the holy i grail is more productive growth and if you _ grail is more productive growth and if you grow— grail is more productive growth and if you grow without _ grail is more productive growth and if you grow without productivity- if you grow without productivity growth — if you grow without productivity growth to — if you grow without productivity growth to get _ if you grow without productivity growth to get more _ if you grow without productivity growth to get more inflation i if you grow without productivity growth to get more inflation soj growth to get more inflation so there _ growth to get more inflation so there has— growth to get more inflation so there has been— growth to get more inflation so there has been destroyed - growth to get more inflation so there has been destroyed to. growth to get more inflation so| there has been destroyed to try growth to get more inflation so - there has been destroyed to try and -et there has been destroyed to try and get to— there has been destroyed to try and get to invest — there has been destroyed to try and get to invest. the _ there has been destroyed to try and get to invest. the previous - get to invest. the previous conservative _ get to invest. the previous conservative government i get to invest. the previousl conservative government of get to invest. the previous - conservative government of the last 12 years _ conservative government of the last 12 years and — conservative government of the last 12 years and lower— conservative government of the last 12 years and lower corporation - conservative government of the last 12 years and lower corporation tax i 12 years and lower corporation tax from _ 12 years and lower corporation tax from 28 _ 12 years and lower corporation tax from 28 to — 12 years and lower corporation tax from 28 to 19% _ 12 years and lower corporation tax from 28 to 19% and _ 12 years and lower corporation tax from 28 to 19% and didn't - 12 years and lower corporation tax from 28 to 19% and didn't make i 12 years and lower corporation tax i from 28 to 19% and didn't make any appreciable — from 28 to 19% and didn't make any appreciable difference _ from 28 to 19% and didn't make any appreciable difference to _ from 28 to 19% and didn't make any appreciable difference to business. appreciable difference to business investment— appreciable difference to business investment and _ appreciable difference to business investment and we _ appreciable difference to business investment and we have - appreciable difference to businessl investment and we have enterprise appreciable difference to business- investment and we have enterprise as before _ investment and we have enterprise as before. ~ ., , ' , before. what is different this time? first of all. — before. what is different this time? first of all. if _ before. what is different this time? first of all, if you _ before. what is different this time? first of all, if you look _ before. what is different this time? first of all, if you look at _ before. what is different this time? first of all, if you look at the - first of all, if you look at the overall corporate tax burden, it

didn't fall that much so headline rates of corporation tax were cut was that was often offset by filling round with investment allowances and such and such. in fact, it's very hard to look at the evidence and say decisively whether the cuts in corporation tax have any effect either way on investment. i think what we do know from economics ioi what we do know from economics 101 is that if you raise taxes, then it makes investment less worthwhile because those tax returns on investment are lower the basic economics will tell you that cutting tax on any economic activity will mean that there is more of it and i think that principled position to take and i fully expect that to happen. the culmination of lower corporate taxes and just as importantly all the structural reforms talked about, i think that will make a significant difference between investment of the next two years. it between investment of the next two ears. , ., between investment of the next two ears, , ., ., , " between investment of the next two ears. , ., ., ., ., years. it is not asking a lot of businesses _ years. it is not asking a lot of businesses to _ years. it is not asking a lot of businesses to invest - years. it is not asking a lot of businesses to invest now - years. it is not asking a lot of. businesses to invest now when years. it is not asking a lot of- businesses to invest now when the energy— businesses to invest now when the energy support _ businesses to invest now when the energy support is _ businesses to invest now when the energy support is going _ businesses to invest now when the energy support is going to - businesses to invest now when the energy support is going to be - businesses to invest now when the energy support is going to be cut. energy support is going to be cut off irr— energy support is going to be cut off in potentially— energy support is going to be cut off in potentially six _ energy support is going to be cut off in potentially six months - energy support is going to be cut off in potentially six months and| energy support is going to be cut. off in potentially six months and to plan for— off in potentially six months and to plan for a _ off in potentially six months and to ptan for a tohger_ off in potentially six months and to plan for a longer period _ off in potentially six months and to plan for a longer period than - off in potentially six months and to plan for a longer period than that? j plan for a longer period than that? they're _ plan for a longer period than that? they're looking _ plan for a longer period than that?

they're looking at _ plan for a longer period than that? they're looking at the _ plan for a longer period than that? they're looking at the cliff- plan for a longer period than that? they're looking at the cliff edge i plan for a longer period than that? they're looking at the cliff edge of| they're looking at the cliff edge of the end _ they're looking at the cliff edge of the end of— they're looking at the cliff edge of the end of march. _ they're looking at the cliff edge of the end of march. that— they're looking at the cliff edge of the end of march. that is- they're looking at the cliff edge of the end of march. that is not- they're looking at the cliff edge of the end of march. that is not a - the end of march. that is not a conducive _ the end of march. that is not a conducive environment- the end of march. that is not a conducive environment to - the end of march. that is not a i conducive environment to invest. the end of march. that is not a - conducive environment to invest. i conducive environment to invest. understand the concerns there conducive environment to invest.“ understand the concerns there but two points. first of all, the six—month period may well be long enough. there's already plenty of sun wholesale gas prices in particularfor sun wholesale gas prices in particular for our crumbling and getting business through the winter may well be enough. but even if it isn't, the government has said that it will then look at more targeted support in 3—6 months' time for a particular business there are more vulnerable. rob them of committing to a two—year freeze for businesses is that you end up paying energy bills and lots of very large companies that frankly do not need the money. they should be able to look after themselves and they should be able to borrow in the markets if necessary to tide them over. i think it makes sense that the support for businesses is more time—limited than that for households who are clearly more vulnerable. the government has said it will probably support after that period. it will probably support after that eriod. , .,

it will probably support after that eriod., ., ., ~ it will probably support after that eriod., . ., ,, i. , . period. julian, thank you very much for 'oinin: period. julian, thank you very much forjoining us- _ period. julian, thank you very much forjoining us. you're _ period. julian, thank you very much forjoining us. you're watching - period. julian, thank you very much forjoining us. you're watching a i forjoining us. you're watching a politics live special following a statement from kwasi kwarteng. we are going to be speaking to chris philp who was the chief secretary to the treasury who was the deputy to the treasury who was the deputy to the chancellor. and we will do that as soon as we can get to him who will be in central lobby in the houses of parliament palace of westminster. i am told he is going to be coming to the studio. even better he will be here. let's look at this headline in the financial times that faisal was talking about. we just heard there, faisal, times that faisal was talking about. wejust heard there, faisal, do not panic. but the government should not panic. but the government should not panic about market reaction that comes quickly off the back of what we have just heard from kwasi kwarteng. are you panicking or not? no, but for a certain tonne of concerted these are the sort of rights that gordon brown enjoyed, it is probably the wrong word, 1r% borrowing rights that we are seeing.

it has shot up to the industry as well and it may notjust be because there is extra borrowing but also because there is a perception that the bank of england will have to raise weights higher in order to counteract for the billion pounds worth of borrowed stimulus. this is also a prediction that rates will go up also a prediction that rates will go up and i should say that sterling was stable below and that has started to form now and fall understand i/2% started to form now and fall understand 1/2% and below 1.11 so thatis understand 1/2% and below 1.11 so that is the lowest. it's the lowest again since 1985. the dollar is generally quite strong and that's doing badly as well but we only got these levels in early 1985 when i ten miss briefed a briefing about the pound and i think was bernard ingham in 1985 and it was a mistake. the sterling has been hit notably but the bond yield, the interest rates to go and pay up and that affects everybody. bud rates to go and pay up and that affects everybody.— rates to go and pay up and that

affects everybody. and the bank of en . land affects everybody. and the bank of england recently _ affects everybody. and the bank of england recently said _ affects everybody. and the bank of england recently said it's _ affects everybody. and the bank of england recently said it's not - affects everybody. and the bank of england recently said it's not going to be _ england recently said it's not going to be the _ england recently said it's not going to be the buyer of last resorts of government debt and i have started selling _ government debt and i have started selling off— government debt and i have started selling off their massive inventory of bonds — selling off their massive inventory of bonds so the biggest buyer in town— of bonds so the biggest buyer in town for— of bonds so the biggest buyer in town for government bonds is gone on strike _ town for government bonds is gone on strike because they are tightening military— strike because they are tightening military policy —— monetary policy so they— military policy —— monetary policy so they will— military policy —— monetary policy so they will not be scooping them up like before — so they will not be scooping them up like before. , ., like before. every time we have tried to bar— like before. every time we have tried to bar this _ like before. every time we have tried to bar this matter- like before. every time we have tried to bar this matter moneyl like before. every time we have i tried to bar this matter money the bank and it has been there understand they are not. that's an interesting set of circumstances we haven't seen before.— haven't seen before. they're trying to do these — haven't seen before. they're trying to do these different _ haven't seen before. they're trying to do these different things - haven't seen before. they're trying to do these different things and i to do these different things and circumstances _ to do these different things and circumstances which _ to do these different things and circumstances which may- to do these different things and circumstances which may not i to do these different things and i circumstances which may not have existed _ circumstances which may not have existed before _ circumstances which may not have existed before and _ circumstances which may not have existed before and we _ circumstances which may not have existed before and we were - circumstances which may not have | existed before and we were talking about _ existed before and we were talking about under— existed before and we were talking about under ted _ existed before and we were talking about under ted heath. _ existed before and we were talking about under ted heath. this- about under ted heath. this experiment _ about under ted heath. this experiment and _ about under ted heath. this experiment and i— about under ted heath. this experiment and i think- about under ted heath. this- experiment and i think everyone ism _ experiment and i think everyone is... , , ., ., is... this experiment would have been easier _ is... this experiment would have been easier to _ is. .. this experiment would have been easier to pull— is... this experiment would have been easier to pull off _ is... this experiment would have been easier to pull off a - is... this experiment would have been easier to pull off a year - is... this experiment would have j been easier to pull off a year ago when interest rates were half a percent and are significantly more risky considering the market now and the world. you risky considering the market now and the world. ., ., ., , ., ., ., risky considering the market now and the world. ., . . , . . .,

the world. you have a stagflation so the world. you have a stagflation so the treasury — the world. you have a stagflation so the treasury is _ the world. you have a stagflation so the treasury is dealing _ the world. you have a stagflation so the treasury is dealing with - the world. you have a stagflation so the treasury is dealing with the - the treasury is dealing with the sta- the treasury is dealing with the stag and — the treasury is dealing with the stag and then the bank of england with inflation but it does create an unusual— with inflation but it does create an unusual outcome. and with inflation but it does create an unusual outcome.— with inflation but it does create an unusual outcome. and perhaps we should mention _ unusual outcome. and perhaps we should mention that _ unusual outcome. and perhaps we should mention that kwasi - unusual outcome. and perhaps we l should mention that kwasi kwarteng was at pains to spell out that the independence of the bank of england brought in by gordon brown back in 1990 is sacrosanct because there has been some fears and worries and he wanted to spell that out and comfortingly, i'm sure for andrew bailey, they are meeting twice a week, even if they are slightly pulling in different directions. and vicky says whether it is unprecedented. this is a shock therapy, isn't it? to the economy. that is what they want to deliver they do not want that they have called the stagnation under previous conservative government since 2010 or since the financial crash and that's what they're going for. you could argue _ that's what they're going for. you could argue under previous governments _ could argue under previous governments and - could argue under previous governments and only- could argue under previous - governments and only conservative governments — governments and only conservative governments because _ governments and only conservative governments because we _ governments and only conservative governments because we have - governments and only conservative governments because we have two| governments because we have two remember— governments because we have two remember that— governments because we have two remember that this _ governments because we have two remember that this does _ governments because we have two remember that this does feel- governments because we have two remember that this does feel like. governments because we have two|

remember that this does feel like a different— remember that this does feel like a different administration _ remember that this does feel like a different administration coming - remember that this does feel like a different administration coming in i different administration coming in to report — different administration coming in to report what _ different administration coming in to report what happened - different administration coming in to report what happened and - different administration coming in to report what happened and i- different administration coming in l to report what happened and i think that's— to report what happened and i think that's a _ to report what happened and i think that's a very — to report what happened and i think that's a very interesting _ to report what happened and i think that's a very interesting part - to report what happened and i think that's a very interesting part of- that's a very interesting part of this _ that's a very interesting part of this these _ that's a very interesting part of this. these are _ that's a very interesting part of this. these are people - that's a very interesting part of this. these are people who- that's a very interesting part of. this. these are people who have supper— this. these are people who have supper in— this. these are people who have supper in the _ this. these are people who have supper in the cabinet— this. these are people who have supper in the cabinet table - this. these are people who have i supper in the cabinet table before and have — supper in the cabinet table before and have gone _ supper in the cabinet table before and have gone along _ supper in the cabinet table before and have gone along with - supper in the cabinet table before and have gone along with a - supper in the cabinet table before i and have gone along with a previous manifesto _ and have gone along with a previous manifesto but — and have gone along with a previous manifesto but of _ and have gone along with a previous manifesto but of course _ and have gone along with a previous manifesto but of course they- and have gone along with a previous manifesto but of course they are - manifesto but of course they are doing _ manifesto but of course they are doing this — manifesto but of course they are doing this without _ manifesto but of course they are doing this without a _ manifesto but of course they are doing this without a manifesto i manifesto but of course they are | doing this without a manifesto or general— doing this without a manifesto or general election— doing this without a manifesto or general election and _ doing this without a manifesto or general election and our- doing this without a manifesto or general election and our systemi doing this without a manifesto or - general election and our system does allow that— general election and our system does allow that in— general election and our system does allow that in the _ general election and our system does allow that in the interesting - general election and our system does allow that in the interesting thing - allow that in the interesting thing will be _ allow that in the interesting thing will be to— allow that in the interesting thing will be to see _ allow that in the interesting thing will be to see how— allow that in the interesting thing will be to see how conservative i allow that in the interesting thing i will be to see how conservative mps react to _ will be to see how conservative mps react to that — will be to see how conservative mps react to that. this _ will be to see how conservative mps react to that. this is _ will be to see how conservative mps react to that. this is not _ will be to see how conservative mps react to that. this is not a _ will be to see how conservative mps react to that. this is not a budget i react to that. this is not a budget and at _ react to that. this is not a budget and at the — react to that. this is not a budget and at the moment _ react to that. this is not a budget and at the moment there - react to that. this is not a budget and at the moment there is - react to that. this is not a budget and at the moment there is no i and at the moment there is no finance — and at the moment there is no finance bill— and at the moment there is no finance bill so— and at the moment there is no finance bill so no— and at the moment there is no finance bill so no immediate i and at the moment there is no - finance bill so no immediate votes. the national— finance bill so no immediate votes. the national insurance _ finance bill so no immediate votes. the national insurance one - finance bill so no immediate votes. the national insurance one will- finance bill so no immediate votes. the national insurance one will get| the national insurance one will get its own _ the national insurance one will get its own vote — the national insurance one will get its own vote and _ the national insurance one will get its own vote and that _ the national insurance one will get its own vote and that can - the national insurance one will get its own vote and that can happen i the national insurance one will get i its own vote and that can happen and the rest _ its own vote and that can happen and the rest could — its own vote and that can happen and the rest could have _ its own vote and that can happen and the rest could have to _ its own vote and that can happen and the rest could have to wait _ its own vote and that can happen and the rest could have to wait till - the rest could have to wait till budget— the rest could have to wait till budget assuming _ the rest could have to wait till budget assuming that - the rest could have to wait till i budget assuming that comes... the rest could have to wait till - budget assuming that comes... we assume budget assuming that comes... assume before the end of this budget assuming that comes...“ assume before the end of this year. but that is a moment to hear what conservative — but that is a moment to hear what conservative mps _ but that is a moment to hear what conservative mps and _ but that is a moment to hear what conservative mps and what - but that is a moment to hear what i conservative mps and what they will make _ conservative mps and what they will make of— conservative mps and what they will make of all— conservative mps and what they will make of all of— conservative mps and what they will make of all of this _ conservative mps and what they will make of all of this and _ conservative mps and what they will make of all of this and i _ conservative mps and what they will make of all of this and i think- make of all of this and i think there — make of all of this and i think there is— make of all of this and i think there is another— make of all of this and i think there is another interesting l make of all of this and i think- there is another interesting point which _ there is another interesting point which we — there is another interesting point which we haven't _ there is another interesting point which we haven't got _ there is another interesting point which we haven't got to - there is another interesting point which we haven't got to yet. - there is another interesting pointi which we haven't got to yet. what will this— which we haven't got to yet. what will this mean— which we haven't got to yet. what will this mean for— which we haven't got to yet. what will this mean for public— which we haven't got to yet. whatl will this mean for public spending? when _ will this mean for public spending? when it— will this mean for public spending? when it comes _ will this mean for public spending? when it comes to _ will this mean for public spending? when it comes to public— will this mean for public spending? when it comes to public services, i when it comes to public services, the view— when it comes to public services, the view of— when it comes to public services, the view of the _ when it comes to public services, the view of the government - when it comes to public services, the view of the government as i when it comes to public services, | the view of the government as you -et the view of the government as you get growth, — the view of the government as you get growth, bigger— the view of the government as you get growth, bigger pie, _ the view of the government as you get growth, bigger pie, more - the view of the government as you i get growth, bigger pie, more money to spend _ get growth, bigger pie, more money to spend on — get growth, bigger pie, more money to spend on public— get growth, bigger pie, more money to spend on public services. - get growth, bigger pie, more money to spend on public services. find - to spend on public services. and also on that. _ to spend on public services. and also on that, vicky, _ to spend on public services. also on that, vicky, we to spend on public services. 2in also on that, vicky, we did to spend on public services.- also on that, vicky, we did hear from kwasi kwarteng quite clearly that although they are reversing the

rise in national insurance contributions, which was going to become the health and social care levy, that money is still going to be going into the national health service. �* be going into the national health service. . _ ., service. and so funded by borrowing in a shorter — service. and so funded by borrowing in a shorter term _ service. and so funded by borrowing in a shorter term and _ service. and so funded by borrowing in a shorter term and by _ service. and so funded by borrowing in a shorter term and by growth - in a shorter term and by growth bringing — in a shorter term and by growth bringing greater— in a shorter term and by growth bringing greater revenue - in a shorter term and by growth bringing greater revenue lateri in a shorter term and by growth i bringing greater revenue later and i'm bringing greater revenue later and i'm sure _ bringing greater revenue later and i'm sure our— bringing greater revenue later and i'm sure our next— bringing greater revenue later and i'm sure our next guest _ bringing greater revenue later and i'm sure our next guest can- bringing greater revenue later and i'm sure our next guest can tell. bringing greater revenue later andl i'm sure our next guest can tell us. welcome _ i'm sure our next guest can tell us. welcome to— i'm sure our next guest can tell us. welcome to you. _ i'm sure our next guest can tell us. welcome to you, chris, _ i'm sure our next guest can tell us. welcome to you, chris, the - i'm sure our next guest can tell us. welcome to you, chris, the chief. welcome to you, chris, the chief secretary to the treasury who i said was working with kwasi kwarteng. because i come to you, i hope you don't mind to go through the main measures for our audience. the basic rate of income tax to become by 19p to april and a higher income tax to be abolished and national insurance rise as we just said to be reversed in november and corporation tax increase is going to be cancelled. i think we have some more measures. energy price guaranteed to limit bills to 2005 pass for the average household no stamp duty. no stamp duty for properties under £250,000. the cap on bankers bonuses is to be scrapped and the planned increase in alcohol duty is to be cancelled.

chris, a big rabbit out of a hat and the term were used for budgets from the term were used for budgets from the chancellor abolishing the top or additional rate of income tax. this is the tax rate which means that people earning over £150,000 per year so very high earners they currently pay 45p income tax and under the chancellor but my planned at high earners will now pay less. 40 at high earners will now pay less. a0 p. is it fairto at high earners will now pay less. a0 p. is it fair to give that tax cut to a tiny fraction of the population who are fortunate enough to earn over 100 feet as bass player? to earn over 100 feet as bass -la er? ., ., to earn over 100 feet as bass .la er? ., ., , to earn over 100 feet as bass -la er? ., ., , ., to earn over 100 feet as bass .la er? ., ., , ., ., player? you have picked on one element of _ player? you have picked on one element of the _ player? you have picked on one element of the package - player? you have picked on one element of the package and - player? you have picked on one element of the package and its| element of the package and its growth plan is designed to benefit everybody. there are tax cuts... is it not the most? let me finish. disc benefit everybody and our task is to everybody in the economy which is whether individuals or the national insurance because, whether it's companies with a lower corporation tax across the entire economy everybody is benefiting from lower tax and that's important because

lower taxes will stimulate growth of this country needs is growth that will help increase wages and prosperity in most importantly of all it will in the fullness of time produce more tax revenue to fund our public services and that is why this growth plan is so important. taste public services and that is why this growth plan is so important. we will come onto what _ growth plan is so important. we will come onto what it _ growth plan is so important. we will come onto what it will _ growth plan is so important. we will come onto what it will work - growth plan is so important. we will come onto what it will work and - growth plan is so important. we willj come onto what it will work and that is certainly the ambition of the statement and you're going for growth. but if we recap as we have done over the government's tax policies. you scrapped that top rate of income tax and brought for the planned cut of the increase of income tax and cut national insurance by 1.25 percentage points. again, that will mean the somebody on the average salary of £30,000 per year will get around £200 per year and somebody say on an np�*s salary of over £80,000 you will get £900 back per year is that fair?— back per year is that fair? people who earn more _ back per year is that fair? people who earn more on _ back per year is that fair? people who earn more on the _ back per year is that fair? people who earn more on the sleeping i back per year is that fair? people who earn more on the sleeping a | back per year is that fair? people i who earn more on the sleeping a lot more tax already and historically the top 1% of earners have earned about 12% of income and paid about

28% of all the taxation. they are already paying a very, very high share in what this is designed to do is to cut tax for everybody and that most certainly is a step. this politics of... is most certainly is a step. this politics of. . ._ most certainly is a step. this politics of... is not politics of envy but _ politics of... is not politics of envy but redistribution. - politics of... is not politics of envy but redistribution. i'm i politics of... is not politics of - envy but redistribution. i'm asking you if it is fair and whether or not it is. br; you if it is fair and whether or not it is. �* , , ., ., it is. by stimulating growth in the whole economy _ it is. by stimulating growth in the whole economy and _ it is. by stimulating growth in the whole economy and reducing - it is. by stimulating growth in the l whole economy and reducing taxes it is. by stimulating growth in the - whole economy and reducing taxes to everybody of the benefits will be felt by everybody and that's the purpose of this.— purpose of this. when will it be found? what's _ purpose of this. when will it be found? what's the _ purpose of this. when will it be found? what's the timescale i purpose of this. when will it bej found? what's the timescale or metric for success for those lower earners? i metric for success for those lower earners? ~ . , metric for success for those lower earners? ~' . , ., earners? i think the metrics of success for— earners? i think the metrics of success for everybody - earners? i think the metrics of success for everybody is - earners? i think the metrics of success for everybody is to - earners? i think the metrics of| success for everybody is to see earners? i think the metrics of l success for everybody is to see a higher rate of growth. we have been growing since labour public financial crisis of 1.5% and the chancellor has set a target of getting it up to 2%. that will benefit everybody and is a table in a blue book and page 27 sets out that if we are able to elevate growth by 1% per year above what they would otherwise be and that's our objective in doing this, then by

the fifth year it will yield an extra £a7 billion in tax revenue. that is obviously going to help pay for public services, schools, hospitals and so on.- for public services, schools, hospitals and so on. does the conservative _ hospitals and so on. does the conservative party _ hospitals and so on. does the conservative party no - hospitals and so on. does the conservative party no longerl hospitals and so on. does the - conservative party no longer care about borrowing or how much? {lit about borrowing or how much? of course we about borrowing or how much? (ijf course we do. about borrowing or how much? of course we do. the chancellor said very clearly that his objective is to get debt or gdp falling. hoof very clearly that his objective is to get debt or gdp falling. how do we know it's _ to get debt or gdp falling. how do we know it's going _ to get debt or gdp falling. how do we know it's going to _ to get debt or gdp falling. how do we know it's going to happen - to get debt or gdp falling. how do i we know it's going to happen because we know it's going to happen because we don't have any forecasts? you are saying these things but we cannot judge them. the saying these things but we cannot judge them-— saying these things but we cannot 'udue them. ., . ., ., ., judge them. the chancellor without a full medium-term _ judge them. the chancellor without a full medium-term fiscal— judge them. the chancellor without a full medium-term fiscal plan - judge them. the chancellor without a full medium-term fiscal plan which i full medium—term fiscal plan which will include expending how this will be achieved and it will get schooled the obr. we have only been in office for two weeks in. it has been along to and one half weeks. the priority was to get growth going, hence the growth plan and the longer term measures to be fiscally responsible and to get gdp of a debt falling

will be fiscally responsible and to get gdp over debt falling will become a long two and half weeks. the priority was to get growth going, hence the growth plan and the longer term measures to be fiscally responsible and to get gdp over debt falling will be cut night out. how much money overall has your boss kwasi kwarteng spent today? you have seen the scoring _ kwasi kwarteng spent today? you have seen the scoring on _ kwasi kwarteng spent today? you have seen the scoring on page _ kwasi kwarteng spent today? you have seen the scoring on page 26 and - kwasi kwarteng spent today? you have seen the scoring on page 26 and you i seen the scoring on page 26 and you have seen what growth will do... how many billions? it ranges between 26 and aa billion but if successfully generate the growth on the following page and that tax revenue will come back in. , z: :: page and that tax revenue will come back in. , g; :: , ., page and that tax revenue will come back in. , ;;:: , ., ., page and that tax revenue will come backin. , ;;:: , ., ., ., back in. plus £30 billion a year on tax cuts. that _ back in. plus £30 billion a year on tax cuts. that was _ back in. plus £30 billion a year on tax cuts. that was the _ back in. plus £30 billion a year on tax cuts. that was the scoring - back in. plus £30 billion a year on tax cuts. that was the scoring of i tax cuts. that was the scoring of said first of _ tax cuts. that was the scoring of said first of all. _ tax cuts. that was the scoring of said first of all. in _ tax cuts. that was the scoring of said first of all. in the _ tax cuts. that was the scoring of said first of all. in the first - tax cuts. that was the scoring of said first of all. in the first yearl said first of all. in the first year is 26 and lingers up to aa but if you look at the next page that sets out, if we are successful, as we intend to be, in elevating growth level by at least 1% compared to what would otherwise happen that that money comes back again in additional revenue. you that money comes back again in additional revenue.— additional revenue. you will appreciate _ additional revenue. you will appreciate that _ additional revenue. you will appreciate that cutting - additional revenue. you will appreciate that cutting backj additional revenue. you will. appreciate that cutting back on borrowing was the defining mission, if you like, of conservative governments, consists executive conservative governments. i want to

remind people and show them this, david cameron and his pitch to the electorate in 2015 election campaign. j electorate in 2015 election campaign-— electorate in 2015 election campaign. electorate in 2015 election cam-rain. , ~ , electorate in 2015 election camaiun. ~ , ., campaign. i became prime minister at a time when — campaign. i became prime minister at a time when there _ campaign. i became prime minister at a time when there was _ campaign. i became prime minister at a time when there was no _ campaign. i became prime minister at a time when there was no money - campaign. i became prime minister at a time when there was no money left| a time when there was no money left and i a time when there was no money left and i bring _ a time when there was no money left and i bring this with me everywhere, the note _ and i bring this with me everywhere, the note of— and i bring this with me everywhere, the note of the treasury ministry left and — the note of the treasury ministry left and there it is. dear chief secretary, i'm afraid there is no money — secretary, i'm afraid there is no money do— secretary, i'm afraid there is no money. do we go right back to the start— money. do we go right back to the start with — money. do we go right back to the start with ed miliband potentially propped up by the snp who want even more borrowing and even more spending — more borrowing and even more spending and more debt and all the things— spending and more debt and all the things that landed us in that mess in the _ things that landed us in that mess in the first— things that landed us in that mess in the first place? i never want us to go— in the first place? i never want us to go back— in the first place? i never want us to go back there again.— in the first place? i never want us to go back there again. chris, david cameron in — to go back there again. chris, david cameron in 2015 _ to go back there again. chris, david cameron in 2015 saying _ to go back there again. chris, david cameron in 2015 saying that - to go back there again. chris, david cameron in 2015 saying that in - to go back there again. chris, david cameron in 2015 saying that in his i cameron in 2015 saying that in his view increasing borrowing is what labour and snp politicians do come and conservatives and yet that is what you are announcing today. i don't accept that. he was right what you are announcing today. j don't accept that. he was right to refer to the appalling car crash of a mess from labour. that refer to the appalling car crash of a mess from labour.— a mess from labour. that was a rlobal a mess from labour. that was a global crash _ a mess from labour. that was a global crash from _ a mess from labour. that was a global crash from the _ a mess from labour. that was a global crash from the financial i global crash from the financial market. j global crash from the financial market. ., , ., .,

market. i now sit at the desk for that miss _ market. i now sit at the desk for that miss was _ market. i now sit at the desk for that miss was created _ market. i now sit at the desk for that miss was created and - market. i now sit at the desk for that miss was created and i - market. i now sit at the desk for| that miss was created and i don't accept i do anything like labour because the chancellor has been clear today that we will get debt over gdp falling in the medium term and secondly the growth plan will ultimately yield more tax revenue as i have said already. i would remind viewers that today we have the second lowest debt over gdp of any g7 country. second lowest debt over gdp of any g7 count . ., second lowest debt over gdp of any g7 country-— g7 country. you were talking about and ou g7 country. you were talking about and you have _ g7 country. you were talking about and you have been _ g7 country. you were talking about and you have been in _ g7 country. you were talking about and you have been in power- g7 country. you were talking about and you have been in power for - g7 country. you were talking about| and you have been in power for two weeks _ and you have been in power for two weeks but — and you have been in power for two weeks but actually _ and you have been in power for two weeks but actually is _ and you have been in power for two weeks but actually is 12 _ and you have been in power for two weeks but actually is 12 years. - and you have been in power for two weeks but actually is 12 years. for i weeks but actually is 12 years. for me two— weeks but actually is 12 years. for me two weeks _ weeks but actually is 12 years. for me two weeks. but _ weeks but actually is 12 years. for me two weeks. but conservative i me two weeks. but conservative governments _ me two weeks. but conservative governments have _ me two weeks. but conservative governments have been- me two weeks. but conservative governments have been there i me two weeks. but conservative i governments have been there and enough _ governments have been there and enough circumstances _ governments have been there and enough circumstances have - governments have been there and i enough circumstances have changed borisjohnson — enough circumstances have changed borisjohnson only— enough circumstances have changed borisjohnson only left— enough circumstances have changed borisjohnson only left recently. - boris johnson only left recently. it's boris johnson only left recently. it's a _ boris johnson only left recently. it's a completely— boris johnson only left recently. it's a completely different - borisjohnson only left recently. . it's a completely different approach you are _ it's a completely different approach you are taking — it's a completely different approach you are taking now _ it's a completely different approach you are taking now than _ it's a completely different approach you are taking now than one - it's a completely different approach you are taking now than one that i it's a completely different approach i you are taking now than one that we have had _ you are taking now than one that we have had before. _ you are taking now than one that we have had before. for— you are taking now than one that we have had before. for voters - you are taking now than one that we have had before. for voters lookingl have had before. for voters looking up have had before. for voters looking up at _ have had before. for voters looking up at a _ have had before. for voters looking up at a conservative _ have had before. for voters looking up at a conservative government i up at a conservative government stands _ up at a conservative government stands for, — up at a conservative government stands for, and _ up at a conservative government stands for, and are _ up at a conservative government stands for, and are not- up at a conservative government stands for, and are not going i up at a conservative government stands for, and are not going to| up at a conservative government i stands for, and are not going to be slightly— stands for, and are not going to be slightly perplexed _ stands for, and are not going to be slightly perplexed that _ stands for, and are not going to be slightly perplexed that this - stands for, and are not going to be slightly perplexed that this is i stands for, and are not going to be slightly perplexed that this is a i slightly perplexed that this is a complete — slightly perplexed that this is a complete change _ slightly perplexed that this is a complete change in _ slightly perplexed that this is a complete change in direction i slightly perplexed that this is a i complete change in direction from what boris — complete change in direction from what borisjohnson _ complete change in direction from what boris johnson was _ complete change in direction from what boris johnson was telling i complete change in direction from what boris johnson was telling usi what boris johnson was telling us and people — what boris johnson was telling us and people sit— what boris johnson was telling us and people sit around _ what boris johnson was telling us and people sit around a _ what boris johnson was telling us and people sit around a cabinet. and people sit around a cabinet table _ and people sit around a cabinet table including _ and people sit around a cabinet table including liz— and people sit around a cabinet table including liz truss - and people sit around a cabinet table including liz truss and i and people sit around a cabinet. table including liz truss and kwasi kwarteng — table including liz truss and kwasi

kwarteng only— table including liz truss and kwasi kwarteng only a _ table including liz truss and kwasi kwarteng only a few _ table including liz truss and kwasi kwarteng only a few months - table including liz truss and kwasi kwarteng only a few months ago? | table including liz truss and kwasi i kwarteng only a few months ago? and we have kwarteng only a few months ago? we have come through covid kwarteng only a few months ago? 2in we have come through covid such as an enormous destructive period and the war in ukraine and now we have a new prime minister and a new administration in kwasi kwarteng who is new to the treasury and i'm new new as chief secretary and the prime minister is well and we want to sit out and we have set out a new plan for uk growth that will drive our economy forward through the rest of the 20 205. and we will meet the challenges of our age and i have mentioned ukraine and covid and these are two challenges to overcome in a response to those challenges... are mp5 going to along with this? are mps going to along with this? there _ are mps going to along with this? there is— are mps going to along with this? there is no— are mps going to along with this? there is no manifesto— are mps going to along with this? there is no manifesto to - are mps going to along with this? there is no manifesto to base i are mps going to along with this? j there is no manifesto to base this on. there is no manifesto to base this on, ., , ., �* , there is no manifesto to base this on. ., , ., ~ , ., ~ on. conservative mps and i think the vast majority — on. conservative mps and i think the vast majority of _ on. conservative mps and i think the vast majority of the _ on. conservative mps and i think the vast majority of the public _ on. conservative mps and i think the vast majority of the public as - on. conservative mps and i think the vast majority of the public as well i vast majority of the public as well instinctively understand that you cannot have tax levels that are too high, high to the point that it 5tifle5 investment and innovation and growth and potentially drive people overseas, interesting mobile companies and people have a choice

where they locate and i5 companies and people have a choice where they locate and is about making sure that the whole united kingdom is the best place to invest and at best place to locate. united kingdom is the best place to invest and locate.— invest and locate. but do you acknowledge _ invest and locate. but do you acknowledge that _ invest and locate. but do you acknowledge that if - invest and locate. but do you acknowledge that if there i invest and locate. but do you | acknowledge that if there had invest and locate. but do you - acknowledge that if there had been an obr _ acknowledge that if there had been an obr forecast, you would be borrowing hundreds of billions of pounds _ borrowing hundreds of billions of pounds more? that is reflected in the markets, ready two your borrowing rate isjust a 3.99%. it was 3~1%— borrowing rate isjust a 3.99%. it was 3~1% on_ borrowing rate isjust a 3.99%. it was 3.1% on tuesday. —— where the two year— was 3.1% on tuesday. —— where the two year borrowing rate has just was 3.1% on tuesday. —— where the two year borrowing rate hasjust hit 3~99%~ _ two year borrowing rate hasjust hit 3~99%~ it _ two year borrowing rate hasjust hit 3~99%~ it is— two year borrowing rate hasjust hit 3.99%. it is the permanent tax cuts you have _ 3.99%. it is the permanent tax cuts you have chosen to do, this would not have _ you have chosen to do, this would not have been done had you stuck to the previous— not have been done had you stuck to the previous conservative a sort of approach. — the previous conservative a sort of approach, you wouldn't have done £45 billion— approach, you wouldn't have done £45 billion of— approach, you wouldn't have done £45 billion of tax _ approach, you wouldn't have done £45 billion of tax cuts every year. our expectation and plan is that this 0ur expectation and plan is that this will— 0ur expectation and plan is that this will deliver— 0ur expectation and plan is that this will deliver higher- our expectation and plan is that this will deliver higher growth . our expectation and plan is that i this will deliver higher growth than would _ this will deliver higher growth than would be _ this will deliver higher growth than would be the — this will deliver higher growth than would be the case. _ this will deliver higher growth than would be the case. buil— this will deliver higher growth than would be the case.— this will deliver higher growth than would be the case. but you 'ust have to table that. — would be the case. but you 'ust have to table that. that * would be the case. but you 'ust have to table that. that will _ would be the case. but you just have to table that. that will generate - to table that. that will generate more revenues. _ to table that. that will generate more revenues. but _ to table that. that will generate more revenues. but it— to table that. that will generate more revenues. but it is- to table that. that will generate more revenues. but it is not - to table that. that will generate more revenues. but it is not a l to table that. that will generate - more revenues. but it is not a plan, it is a table. —

more revenues. but it is not a plan, it is a table, saying _ more revenues. but it is not a plan, it is a table, saying if... _ more revenues. but it is not a plan, it is a table, saying if... the - more revenues. but it is not a plan, it is a table, saying if... the plan i it is a table, saying if... the plan is the it is a table, saying if. .. the plan is the other— it is a table, saying if... the plan is the other 40 _ it is a table, saying if... the plan is the other 40 pages, _ it is a table, saying if... the plan is the other 40 pages, the - it is a table, saying if... the plan is the other 40 pages, the steps| is the other 40 pages, the steps were _ is the other 40 pages, the steps were taking _ is the other 40 pages, the steps were taking to _ is the other 40 pages, the steps we're taking to achieve - is the other 40 pages, the steps we're taking to achieve higher. we're taking to achieve higher growth — we're taking to achieve higher growth 0ur— we're taking to achieve higher growth. our target— we're taking to achieve higher growth. our target and - we're taking to achieve higher. growth. our target and objective we're taking to achieve higher- growth. our target and objective is to make _ growth. our target and objective is to make the — growth. our target and objective is to make the extra _ growth. 0ur target and objective is to make the extra growth- growth. our target and objective isl to make the extra growth compared growth. our target and objective is - to make the extra growth compared to what would _ to make the extra growth compared to what would otherwise _ to make the extra growth compared to what would otherwise happen, - to make the extra growth compared to what would otherwise happen, an- what would otherwise happen, an extra _ what would otherwise happen, an extra l%~ — what would otherwise happen, an extra l%~ that _ what would otherwise happen, an extra 1%. that is— what would otherwise happen, an extra 1%. that is our— what would otherwise happen, an extra 1%. that is our intention. i what would otherwise happen, anl extra 1%. that is our intention. we have _ extra 1%. that is our intention. we have set— extra 1%. that is our intention. we have set up— extra 1%. that is our intention. we have set up the _ extra 1%. that is our intention. we have set up the steps _ extra 1%. that is our intention. we have set up the steps we - extra 1%. that is our intention. we have set up the steps we believe l have set up the steps we believe will deliver _ have set up the steps we believe will deliver. the _ have set up the steps we believe will deliver. the obr— have set up the steps we believe will deliver. the obr cut - have set up the steps we believe will deliver. the obr cut the - will deliver. the obr cut the long-term _ will deliver. the obr cut the long—term growth— will deliver. the obr cut the long—term growth forecast, i will deliver. the obr cut the - long—term growth forecast, partly because _ long—term growth forecast, partly because of— long—term growth forecast, partly because of your— long—term growth forecast, partly because of your government - long—term growth forecast, partly. because of your government policy, cutting _ because of your government policy, cutting back— because of your government policy, cutting back on _ because of your government policy, cutting back on the _ because of your government policy, cutting back on the workforce - cutting back on the workforce question— cutting back on the workforce guestion did _ cutting back on the workforce question did it— cutting back on the workforce question did it in— cutting back on the workforce question did it in march... i cutting back on the workforce question did it in march... [ill cutting back on the workforce question did it in march... it did in jul . question did it in march... it did in july- partly — question did it in march... it did in july. partly because _ question did it in march... it did in july. partly because of- injuly. partly because of government policy, the workforce is shrinking so long—term growth is going down. are you going to do anything about that?— going down. are you going to do anything about that? there are other measures that _ anything about that? there are other measures that will _ anything about that? there are other measures that will unfold. _ anything about that? there are other measures that will unfold. this - anything about that? there are other measures that will unfold. this is - measures that will unfold. this is the first— measures that will unfold. this is the first instalment _ measures that will unfold. this is the first instalment in _ measures that will unfold. this is the first instalment in the - measures that will unfold. this is the first instalment in the growth plan _ the first instalment in the growth plan there — the first instalment in the growth plan. there are _ the first instalment in the growth plan. there are further— the first instalment in the growth i plan. there are further statements in october— plan. there are further statements in october through— plan. there are further statements in october through november. - plan. there are further statements in october through november. asl plan. there are further statements i in october through november. as the chancellor— in october through november. as the chancellor said, _ in october through november. as the chancellor said, statements - in october through november. as the chancellor said, statements on - chancellor said, statements on immigration _ chancellor said, statements on immigration and _ chancellor said, statements on immigration and all— chancellor said, statements on immigration and all kinds - chancellor said, statements on immigration and all kinds of. chancellor said, statements on i immigration and all kinds of other things. _ immigration and all kinds of other things. farm — immigration and all kinds of other things, farm productivity, - immigration and all kinds of otherl things, farm productivity, business regulation, — things, farm productivity, business regulation, the _ things, farm productivity, business regulation, the city— things, farm productivity, business regulation, the city of _ things, farm productivity, business regulation, the city of london - things, farm productivity, business regulation, the city of london and i regulation, the city of london and the financial— regulation, the city of london and the financial service _ regulation, the city of london and the financial service sector. - regulation, the city of london and the financial service sector. we i regulation, the city of london and l the financial service sector. we are going _ the financial service sector. we are going to _ the financial service sector. we are going to see — the financial service sector. we are going to see five _ the financial service sector. we are going to see five or— the financial service sector. we are going to see five or six _ the financial service sector. we are going to see five or six more - going to see five or six more statements— going to see five or six more statements going _ going to see five or six more statements going into - going to see five or six more statements going into more|

going to see five or six more - statements going into more detail in different— statements going into more detail in different sectors. _ statements going into more detail in different sectors. this _ statements going into more detail in different sectors. this is— statements going into more detail in different sectors. this isjust - statements going into more detail in different sectors. this is just the - different sectors. this isjust the start— different sectors. this isjust the start of— different sectors. this isjust the start of the — different sectors. this isjust the start of the growth _ different sectors. this isjust the start of the growth plan. - different sectors. this isjust the start of the growth plan. we - different sectors. this is just the - start of the growth plan. we believe it would _ start of the growth plan. we believe it would have — start of the growth plan. we believe it would have those _ start of the growth plan. we believe it would have those effects. - start of the growth plan. we believe it would have those effects. you - it would have those effects. you mentioned — it would have those effects. you mentioned the _ it would have those effects. you mentioned the obr _ it would have those effects. you mentioned the obr forecast. i mentioned the obr forecast. obviously— mentioned the obr forecast. obviously thev _ mentioned the obr forecast. obviously they publish - mentioned the obr forecast. obviously they publish the i mentioned the obr forecast. - obviously they publish the forecasts under— obviously they publish the forecasts under the _ obviously they publish the forecasts under the long — obviously they publish the forecasts under the long and _ obviously they publish the forecasts under the long and dark— obviously they publish the forecasts under the long and dark shadow- obviously they publish the forecasts under the long and dark shadow of. under the long and dark shadow of russia's_ under the long and dark shadow of russia's illegal— under the long and dark shadow of russia's illegal invasion _ under the long and dark shadow of russia's illegal invasion of- russia's illegal invasion of ukraine _ russia's illegal invasion of ukraine it _ russia's illegal invasion of ukraine. it created - russia's illegal invasion of. ukraine. it created economic russia's illegal invasion of- ukraine. it created economic havoc in many— ukraine. it created economic havoc in many countries, _ ukraine. it created economic havoc in many countries, including - ukraine. it created economic havoc in many countries, including this i in many countries, including this one _ in many countries, including this one. just — in many countries, including this one. just because _ in many countries, including this one. just because that _ in many countries, including this one. just because that has - in many countries, including this - one. just because that has happened, we can't _ one. just because that has happened, we can't postpone _ one. just because that has happened, we can't postpone or— one. just because that has happened, we can't postpone or defer— one. just because that has happened, we can't postpone or defer plans- one. just because that has happened, we can't postpone or defer plans for. we can't postpone or defer plans for growth, _ we can't postpone or defer plans for growth, because— we can't postpone or defer plans for growth, because it _ we can't postpone or defer plans for growth, because it will— we can't postpone or defer plans for growth, because it will deliver- we can't postpone or defer plans for growth, because it will deliver for. growth, because it will deliver for the whole — growth, because it will deliver for the whole country. _ growth, because it will deliver for the whole country. if— growth, because it will deliver for the whole country.— the whole country. if the key to urowth is the whole country. if the key to growth is businesses _ the whole country. if the key to growth is businesses growing, l growth is businesses growing, bringing down corporation tax rates over the last decade did not make businesses invest more, if you are a businesses invest more, if you are a business and you are sitting on... you got help with energy bills, they will only double rather than triple or quadruple, that support comes away at the end of march, very likely. i have higher bills and all of my commodity costs are going up, and you want me to invest to help you grow. how am i going to do that? what makes you think that businesses

in survival mode are in a position to be able to invest the kind of economic growth you say you need for this gamble to pay off? i economic growth you say you need for this gamble to pay off?— this gamble to pay off? i don't describe it _ this gamble to pay off? i don't describe it as _ this gamble to pay off? i don't describe it as a _ this gamble to pay off? i don't describe it as a gamble, - this gamble to pay off? i don't describe it as a gamble, it - this gamble to pay off? i don't describe it as a gamble, it is l this gamble to pay off? i don't describe it as a gamble, it is a j describe it as a gamble, it is a plan, — describe it as a gamble, it is a plan, to— describe it as a gamble, it is a plan, to be _ describe it as a gamble, it is a plan, to be clear. _ describe it as a gamble, it is a plan, to be clear. i— describe it as a gamble, it is a plan, to be clear. i challenge. describe it as a gamble, it is a i plan, to be clear. i challenge you to find _ plan, to be clear. i challenge you to find a — plan, to be clear. i challenge you to find a business _ plan, to be clear. i challenge you to find a business that _ plan, to be clear. i challenge you to find a business that would - plan, to be clear. i challenge you i to find a business that would come here and _ to find a business that would come here and say, _ to find a business that would come here and say, in— to find a business that would come here and say, in response - to find a business that would come here and say, in response to- to find a business that would come | here and say, in response to global challenges — here and say, in response to global challenges you _ here and say, in response to global challenges you have _ here and say, in response to global challenges you have just _ here and say, in response to global challenges you have just outlined, i challenges you have just outlined, they think— challenges you have just outlined, they think putting _ challenges you have just outlined, they think putting corporation - challenges you have just outlined, they think putting corporation taxi they think putting corporation tax up they think putting corporation tax up from _ they think putting corporation tax up from 19% _ they think putting corporation tax up from 19% to _ they think putting corporation tax up from 19% to 25%— they think putting corporation tax up from 19% to 25% would - they think putting corporation tax up from 19% to 25% would help . they think putting corporation tax - up from 19% to 25% would help them in the _ up from 19% to 25% would help them in the context— up from 19% to 25% would help them in the context of— up from 19% to 25% would help them in the context of those _ up from 19% to 25% would help them in the context of those challenges i in the context of those challenges you set _ in the context of those challenges you set out — in the context of those challenges you set out not _ in the context of those challenges you set out. not a _ in the context of those challenges you set out. not a single - in the context of those challengesj you set out. not a single business in the context of those challenges. you set out. not a single business i could _ you set out. not a single business i could imagine — you set out. not a single business i could imagine would _ you set out. not a single business i could imagine would say— you set out. not a single business i could imagine would say they- you set out. not a single business i| could imagine would say they would welcome _ could imagine would say they would welcome the — could imagine would say they would welcome the tax _ could imagine would say they would welcome the tax increase. - could imagine would say they would welcome the tax increase. of - could imagine would say they would i welcome the tax increase. of course, the competitive — welcome the tax increase. of course, the competitive tax _ welcome the tax increase. of course, the competitive tax rate _ welcome the tax increase. of course, the competitive tax rate is _ welcome the tax increase. of course, the competitive tax rate is designed i the competitive tax rate is designed notjust— the competitive tax rate is designed notiust to _ the competitive tax rate is designed not just to stimulus _ the competitive tax rate is designed notjust to stimulus investment, - the competitive tax rate is designedl notjust to stimulus investment, and i will notjust to stimulus investment, and i will come _ notjust to stimulus investment, and i will come onto— notjust to stimulus investment, and i will come onto that _ notjust to stimulus investment, and i will come onto that in _ notjust to stimulus investment, and i will come onto that in a _ notjust to stimulus investment, and i will come onto that in a minute, i i will come onto that in a minute, it is also— i will come onto that in a minute, it is also designed _ i will come onto that in a minute, it is also designed to _ i will come onto that in a minute, it is also designed to help- i will come onto that in a minute, it is also designed to help get- it is also designed to help get companies _ it is also designed to help get companies to— it is also designed to help get companies to choose - it is also designed to help get companies to choose to - it is also designed to help get| companies to choose to locate it is also designed to help get- companies to choose to locate here. it's companies to choose to locate here. it's not _ companies to choose to locate here. it's not a _ companies to choose to locate here. it's not a coincidence _ companies to choose to locate here. it's not a coincidence that _ companies to choose to locate here. it's not a coincidence that google i it's not a coincidence that google europe _ it's not a coincidence that google europe is— it's not a coincidence that google europe is located _ it's not a coincidence that google europe is located in _ it's not a coincidence that google europe is located in ireland, - it's not a coincidence that google i europe is located in ireland, which has a _ europe is located in ireland, which has a very— europe is located in ireland, which has a very low, _ europe is located in ireland, which has a very low, 12.5%, _ europe is located in ireland, which has a very low, 12.5%, rate - europe is located in ireland, which has a very low, 12.5%, rate of- europe is located in ireland, which has a very low, 12.5%, rate of tax. j has a very low, 12.5%, rate of tax. they— has a very low, 12.5%, rate of tax. they are _ has a very low, 12.5%, rate of tax. they are not — has a very low, 12.5%, rate of tax. they are not there _ has a very low, 12.5%, rate of tax. they are not there because - has a very low, 12.5%, rate of tax. they are not there because they. has a very low, 12.5%, rate of tax. . they are not there because they like the taste _ they are not there because they like the taste of — they are not there because they like the taste of guinness, _ they are not there because they like the taste of guinness, it— they are not there because they like the taste of guinness, it is- they are not there because they like the taste of guinness, it is because| the taste of guinness, it is because there _ the taste of guinness, it is because there is— the taste of guinness, it is because there is a _ the taste of guinness, it is because there is a competitive _ the taste of guinness, it is because there is a competitive tax - the taste of guinness, it is because there is a competitive tax rate. - the taste of guinness, it is because there is a competitive tax rate. asi there is a competitive tax rate. as we competed _ there is a competitive tax rate. as we competed to _ there is a competitive tax rate. as we competed to attract _ there is a competitive tax rate. as i we competed to attract businesses, there is a competitive tax rate. as . we competed to attract businesses, a competitive _ we competed to attract businesses, a competitive tax — we competed to attract businesses, a competitive tax rate _ we competed to attract businesses, a competitive tax rate is _ we competed to attract businesses, a competitive tax rate is important. -

competitive tax rate is important. you mentioned _ competitive tax rate is important. you mentioned investment. - competitive tax rate is important. you mentioned investment. i- competitive tax rate is important. i you mentioned investment. i believe lower— you mentioned investment. i believe lower corporation _ you mentioned investment. i believe lower corporation tax— you mentioned investment. i believe lower corporation tax rates _ you mentioned investment. i believe lower corporation tax rates will- lower corporation tax rates will help _ lower corporation tax rates will help ultimately— lower corporation tax rates will help ultimately stimulus - lower corporation tax rates will- help ultimately stimulus investment. it's help ultimately stimulus investment. it's very— help ultimately stimulus investment. it's very interesting _ help ultimately stimulus investment. it's very interesting that _ help ultimately stimulus investment. it's very interesting that as _ it's very interesting that as corporation _ it's very interesting that as corporation tax _ it's very interesting that as corporation tax rates - it's very interesting that as corporation tax rates werel corporation tax rates were previously _ corporation tax rates were previously cut _ corporation tax rates were previously cut by- corporation tax rates were previously cut by george i corporation tax rates were - previously cut by george osborne, from _ previously cut by george osborne, from 28%— previously cut by george osborne, from 28% in— previously cut by george osborne, from 28% in 2011, _ previously cut by george osborne, from 28% in 2011, down _ previously cut by george osborne, from 28% in 2011, down to - previously cut by george osborne, from 28% in 2011, down to 19% - from 28% in 2011, down to 19% in 2017. _ from 28% in 2011, down to 19% in 2017, the — from 28% in 2011, down to 19% in 2017, the amount— from 28% in 2011, down to 19% in 2017, the amount of— from 28% in 2011, down to 19% in 2017, the amount of money- from 28% in 2011, down to 19% in | 2017, the amount of money raised, the profits— 2017, the amount of money raised, the profits raised _ 2017, the amount of money raised, the profits raised by— 2017, the amount of money raised, the profits raised by companies- 2017, the amount of money raised, | the profits raised by companies and the profits raised by companies and the amount— the profits raised by companies and the amount of— the profits raised by companies and the amount of corporation - the profits raised by companies and the amount of corporation tax - the profits raised by companies andl the amount of corporation tax raised in pound _ the amount of corporation tax raised in pound terms. _ the amount of corporation tax raised in pound terms, actually— the amount of corporation tax raised in pound terms, actually went - the amount of corporation tax raised in pound terms, actually went up - in pound terms, actually went up from _ in pound terms, actually went up from 35— in pound terms, actually went up from 35 billion. _ in pound terms, actually went up from 35 billion. there _ in pound terms, actually went up from 35 billion. there are - in pound terms, actually went up from 35 billion. there are tax - from 35 billion. there are tax credits — from 35 billion. there are tax credits designed _ from 35 billion. there are tax credits designed to _ from 35 billion. there are taxi credits designed to incentivise investment, _ credits designed to incentivise investment, nothing _ credits designed to incentivise investment, nothing in- credits designed to incentivise investment, nothing in this i credits designed to incentivise - investment, nothing in this budget, but we _ investment, nothing in this budget, but we are — investment, nothing in this budget, but we are looking _ investment, nothing in this budget, but we are looking to _ investment, nothing in this budget, but we are looking to improve - investment, nothing in this budget, j but we are looking to improve them as well _ but we are looking to improve them as well as — but we are looking to improve them as well as i — but we are looking to improve them as well. as i said, _ but we are looking to improve them as well. as i said, it _ but we are looking to improve them as well. as i said, it is _ but we are looking to improve them as well. as i said, it isjust- but we are looking to improve them as well. as i said, it isjust the - as well. as i said, it isjust the start— as well. as i said, it isjust the start of— as well. as i said, it isjust the start of the _ as well. as i said, it isjust the start of the growth _ as well. as i said, it isjust the start of the growth plan, - as well. as i said, it isjust the start of the growth plan, not. as well. as i said, it isjust the l start of the growth plan, not the end _ start of the growth plan, not the end. ., , ., , start of the growth plan, not the end. .,y ., , ., start of the growth plan, not the end. .,, ., , ., ., end. tory voters, if you have a mandate _ end. tory voters, if you have a mandate for— end. tory voters, if you have a mandate for accelerating - end. tory voters, if you have a . mandate for accelerating planning rules, relaxing environmental standards, you have floundered on these rocks before, when you have these rocks before, when you have these enterprise plans, they don't get past tory associations in the shower shires? the get past tory associations in the shower shires?— shower shires? the thing about investment _ shower shires? the thing about investment zones _ shower shires? the thing about investment zones is _ shower shires? the thing about investment zones is that -

shower shires? the thing about investment zones is that they l shower shires? the thing about l investment zones is that they are limited _ investment zones is that they are limited to— investment zones is that they are limited to a — investment zones is that they are limited to a specific— investment zones is that they are limited to a specific site, - investment zones is that they are limited to a specific site, done i limited to a specific site, done with— limited to a specific site, done with agreement _ limited to a specific site, done with agreement by _ limited to a specific site, done with agreement by the - limited to a specific site, done with agreement by the local. with agreement by the local authority _ with agreement by the local authority. my— with agreement by the local authority. my colleague - with agreement by the local. authority. my colleague simon with agreement by the local- authority. my colleague simon clarke has been _ authority. my colleague simon clarke has been speaking _ authority. my colleague simon clarke has been speaking to— authority. my colleague simon clarke has been speaking to local _ has been speaking to local authorities— has been speaking to local authorities around - has been speaking to local authorities around the - has been speaking to local - authorities around the country. 38 of them, — authorities around the country. 38 of them, listed on _ authorities around the country. 38 of them, listed on the _ authorities around the country. 38 of them, listed on the back- authorities around the country. 38 of them, listed on the back of- authorities around the country. 38| of them, listed on the back of that book, _ of them, listed on the back of that book. have — of them, listed on the back of that book, have expressed _ of them, listed on the back of that book, have expressed strong - book, have expressed strong interest _ book, have expressed strong interest. there _ book, have expressed strong interest. there are _ book, have expressed strong interest. there are ten - book, have expressed strong interest. there are ten or- book, have expressed strong interest. there are ten or 15| interest. there are ten or 15 specific— interest. there are ten or 15 specific sites _ interest. there are ten or 15 specific sites they— interest. there are ten or 15 specific sites they have - interest. there are ten or 15. specific sites they have already suggested _ specific sites they have already suggested. because _ specific sites they have already suggested. because it- specific sites they have already suggested. because it is- specific sites they have already suggested. because it is donel specific sites they have already- suggested. because it is done with consent, _ suggested. because it is done with consent, that — suggested. because it is done with consent, that will— suggested. because it is done with consent, that will make _ suggested. because it is done with consent, that will make it - consent, that will make it politically— consent, that will make it politically deliverable. - consent, that will make it| politically deliverable. the consent, that will make it - politically deliverable. the deal is basically— politically deliverable. the deal is basically that— politically deliverable. the deal is basically that you _ politically deliverable. the deal is basically that you get _ politically deliverable. the deal is basically that you get planning i basically that you get planning conditions _ basically that you get planning conditions relaxed _ basically that you get planning conditions relaxed in- basically that you get planning conditions relaxed in the - basically that you get planning i conditions relaxed in the zones, basically that you get planning - conditions relaxed in the zones, not the same _ conditions relaxed in the zones, not the same time, _ conditions relaxed in the zones, not the same time, taxes _ conditions relaxed in the zones, not the same time, taxes for— conditions relaxed in the zones, not the same time, taxes for an- conditions relaxed in the zones, not the same time, taxes for an initial. the same time, taxes for an initial ten year— the same time, taxes for an initial ten year period _ the same time, taxes for an initial ten year period get _ the same time, taxes for an initial ten year period get cut _ the same time, taxes for an initial ten year period get cut as - the same time, taxes for an initial ten year period get cut as well. i ten year period get cut as well. that's— ten year period get cut as well. that's quite _ ten year period get cut as well. that's quite a _ ten year period get cut as well. that's quite a good _ ten year period get cut as well. that's quite a good deal- ten year period get cut as well. that's quite a good deal to - ten year period get cut as well. | that's quite a good deal to help regenerate _ that's quite a good deal to help regenerate areas _ that's quite a good deal to help regenerate areas that _ that's quite a good deal to help- regenerate areas that regeneration. we were _ regenerate areas that regeneration. we were discussing _ regenerate areas that regeneration. we were discussing this— regenerate areas that regeneration. we were discussing this in- regenerate areas that regeneration. we were discussing this in a - regenerate areas that regeneration. we were discussing this in a group. we were discussing this in a group ofm _ we were discussing this in a group ofm the _ we were discussing this in a group ofm the pm. _ we were discussing this in a group ofm the pm. the _ we were discussing this in a group of... the pm, the chancel- we were discussing this in a group of... the pm, the chancel and - we were discussing this in a group of... the pm, the chanceland i, l of... the pm, the chanceland i, yesterday. — of... the pm, the chanceland i, yesterday, there _ of... the pm, the chanceland i, yesterday, there is— of... the pm, the chanceland i, yesterday, there is a _ of... the pm, the chanceland i, yesterday, there is a good - of... the pm, the chanceland i, yesterday, there is a good casel yesterday, there is a good case study— yesterday, there is a good case study of— yesterday, there is a good case study of canary _ yesterday, there is a good case study of canary wharf. - yesterday, there is a good case study of canary wharf. think. yesterday, there is a good case i study of canary wharf. think back yesterday, there is a good case - study of canary wharf. think back to the 1980s. _ study of canary wharf. think back to the 1980s, when _ study of canary wharf. think back to the 1980s, when canary— study of canary wharf. think back to the 1980s, when canary wharf- study of canary wharf. think back to the 1980s, when canary wharf was i study of canary wharf. think back toj the 1980s, when canary wharf was a desolate _ the 1980s, when canary wharf was a desolate wasteland. _ the 1980s, when canary wharf was a desolate wasteland. it _ the 1980s, when canary wharf was a desolate wasteland. it was - the 1980s, when canary wharf was a. desolate wasteland. it was something a bit like _ desolate wasteland. it was something a bit like this — desolate wasteland. it was something a bit like this. it — desolate wasteland. it was something a bit like this. it wasn't _ desolate wasteland. it was something a bit like this. it wasn't quite - desolate wasteland. it was something

a bit like this. it wasn't quite the - a bit like this. it wasn't quite the same' _ a bit like this. it wasn't quite the same. but — a bit like this. it wasn't quite the same, but similar, _ a bit like this. it wasn't quite the same, but similar, that - a bit like this. it wasn't quite the same, but similar, that because| a bit like this. it wasn't quite the i same, but similar, that because the regeneration — same, but similar, that because the regeneration canary— same, but similar, that because the regeneration canary wharf- same, but similar, that because the regeneration canary wharf we - same, but similar, that because the regeneration canary wharf we see l regeneration canary wharf we see today _ regeneration canary wharf we see today that — regeneration canary wharf we see today. that was _ regeneration canary wharf we see today. that was not _ regeneration canary wharf we see today. that was not displaced - regeneration canary wharf we see l today. that was not displaced from somewhere — today. that was not displaced from somewhere else, _ today. that was not displaced from somewhere else, that— today. that was not displaced from somewhere else, that was - today. that was not displaced from somewhere else, that was new- today. that was not displaced from - somewhere else, that was new growth. we believe _ somewhere else, that was new growth. we believe that— somewhere else, that was new growth. we believe that investment _ somewhere else, that was new growth. we believe that investment zones - somewhere else, that was new growth. we believe that investment zones can i we believe that investment zones can do the _ we believe that investment zones can do the same. — we believe that investment zones can do the same. not _ we believe that investment zones can do the same, not just _ we believe that investment zones can do the same, notjust in— we believe that investment zones can do the same, notjust in canary- do the same, notjust in canary wharf. — do the same, notjust in canary wharf. where _ do the same, notjust in canary wharf, where it _ do the same, notjust in canary wharf, where it has _ do the same, notjust in canary wharf, where it has happened. wharf, where it has happened already. — wharf, where it has happened already. but— wharf, where it has happened already, but around _ wharf, where it has happened already, but around the - wharf, where it has happenedj already, but around the entire country — already, but around the entire count . . ~ already, but around the entire count . . ,, already, but around the entire count . . ~' , already, but around the entire count . . ,, , . | country. thank you very much. i could say _ country. thank you very much. i could say so _ country. thank you very much. i could say so much _ country. thank you very much. i could say so much more. - country. thank you very much. i could say so much more. and i country. thank you very much. i i could say so much more. and you country. thank you very much. i - could say so much more. and you have said ruite could say so much more. and you have said quite a — could say so much more. and you have said quite a lot. _ could say so much more. and you have said quite a lot, so _ could say so much more. and you have said quite a lot, so thank _ could say so much more. and you have said quite a lot, so thank you - could say so much more. and you have said quite a lot, so thank you for- said quite a lot, so thank you for coming in. when are we expecting more details? could you give us a date for a budget? the more details? could you give us a date for a budget?— more details? could you give us a date for a budget? the obr forecast, the full forecast, _ date for a budget? the obr forecast, the full forecast, will _ date for a budget? the obr forecast, the full forecast, will happen - the full forecast, will happen before — the full forecast, will happen before the _ the full forecast, will happen before the end _ the full forecast, will happen before the end of— the full forecast, will happen before the end of the - the full forecast, will happen. before the end of the calendar the full forecast, will happen - before the end of the calendar year, most _ before the end of the calendar year, most likely— before the end of the calendar year, most likely around _ before the end of the calendar year, most likely around about _ before the end of the calendar year, | most likely around about december. in most likely around about december. in terms— most likely around about december. in terms of— most likely around about december. in terms of budget, _ most likely around about december. in terms of budget, that _ most likely around about december. in terms of budget, that is— most likely around about december. in terms of budget, that is a - most likely around about december. in terms of budget, that is a matter| in terms of budget, that is a matter for the _ in terms of budget, that is a matter for the chancellor. _ in terms of budget, that is a matter for the chancellor. you _ in terms of budget, that is a matter for the chancellor. you might - in terms of budget, that is a matter for the chancellor. you might do . in terms of budget, that is a matterl for the chancellor. you might do one before _ for the chancellor. you might do one before the _ for the chancellor. you might do one before the end — for the chancellor. you might do one before the end of— for the chancellor. you might do one before the end of the _ for the chancellor. you might do one before the end of the financial- before the end of the financial year. — before the end of the financial year. but _ before the end of the financial year. but i _ before the end of the financial year. but i am _ before the end of the financial year, but i am not _ before the end of the financial year, but i am not announcing before the end of the financial- year, but i am not announcing that, that it _ year, but i am not announcing that, that it is _ year, but i am not announcing that, that it is up — year, but i am not announcing that, that it is up to— year, but i am not announcing that, that it is up to him. _ year, but i am not announcing that, that it is up to him. pi.— year, but i am not announcing that, that it is up to him.— that it is up to him. a spending review? for— that it is up to him. a spending review? for example? - that it is up to him. a spending review? for example? we - that it is up to him. a spending| review? for example? we have that it is up to him. a spending - review? for example? we have our sendin: review? for example? we have our spending envelope _ review? for example? we have our spending envelope set _ review? for example? we have our spending envelope set out, - review? for example? we have our spending envelope set out, and - review? for example? we have our| spending envelope set out, and that is staying _ spending envelope set out, and that is staying as — spending envelope set out, and that is staying as it— spending envelope set out, and that is staying as it is _ spending envelope set out, and that is staying as it is.— is staying as it is. thank you very much, is staying as it is. thank you very much. the _ is staying as it is. thank you very much, the chief _ is staying as it is. thank you very much, the chief secretary - is staying as it is. thank you very much, the chief secretary to - is staying as it is. thank you very much, the chief secretary to the | much, the chief secretary to the treasury. let's talk to pat mcfadden, who has been waiting patiently in central lobby for the

shadow chief secretary to the treasury. do you welcome the tax cuts that are going to be coming down the line shortly? it all cuts that are going to be coming down the line shortly?— cuts that are going to be coming down the line shortly? it all felt a bit back to _ down the line shortly? it all felt a bit back to the _ down the line shortly? it all felt a bit back to the future, _ down the line shortly? it all felt a bit back to the future, rather - down the line shortly? it all felt a| bit back to the future, rather than hit back to the future, rather than brave new world today. we have seen this series of policies before. what is different this time is the risk that the government is running in the current inflation and interest rates environment. i thought it was highly significant that the very respected former city ministerjohn glenn chose to ask the chancellor about the risks that he was running, at a time when interest rates and mortgage rates are already rising. finish your sentence, sorry. this is a hue finish your sentence, sorry. this is a huge borrowing, _ finish your sentence, sorry. this is a huge borrowing, not— finish your sentence, sorry. this is a huge borrowing, not for- finish your sentence, sorry. this is a huge borrowing, not for a - finish your sentence, sorry. this is a huge borrowing, not for a plan i finish your sentence, sorry. this is| a huge borrowing, not for a plan for growth, as such, but through a series of unfunded tax cuts. that does run big risks. you series of unfunded tax cuts. that does run big risks.— does run big risks. you will have heard kwasi _ does run big risks. you will have

heard kwasi kwarteng _ does run big risks. you will have heard kwasi kwarteng say - does run big risks. you will have heard kwasi kwarteng say that l does run big risks. you will have l heard kwasi kwarteng say that the energy intervention, they think, is going to reduce inflation by about 5%. do you accept that? yes. going to reduce inflation by about 5%. do you accept that?— 5%. do you accept that? yes, the eneri 5%. do you accept that? yes, the energy intervention _ 5%. do you accept that? yes, the energy intervention will - 5%. do you accept that? yes, the energy intervention will reduce i energy intervention will reduce inflation. what they are doing today makes it more likely that interest rates will be higher for longer, because what you've got at the moment is a tug of war between the government and the bank of england, with the government announcing the measures that we have seen in the commons and the bank of england is trying to take demand out of the economy stop this is like a push me pull you in different directions. it is sending out very conflicting signals about the uk economy as a whole. , , ., signals about the uk economy as a whole. , i. ._ signals about the uk economy as a whole. , , , whole. the thing is, you say this is a borrowing _ whole. the thing is, you say this is a borrowing spree, _ whole. the thing is, you say this is a borrowing spree, we _ whole. the thing is, you say this is a borrowing spree, we are - whole. the thing is, you say this is a borrowing spree, we are talkingl a borrowing spree, we are talking about very large levels of borrowing. and you would have done exactly the same, if labour had been in power, to help people and businesses and households with the cost of living. you said so yourself. you have repeatedly stated

yourself. you have repeatedly stated you would pay for it differently by another windfall tax on oil and gas producers. we can argue about how much it would raise, you wanted to raise something in the region of £20 billion, but we are talking about tens of billions of pounds more. so you admit that you would have also gone on a borrowing spree in order to help families this winter? weill. to help families this winter? well, let's separate _ to help families this winter? well, let's separate out _ to help families this winter? well, let's separate out the _ to help families this winter? well, let's separate out the energy - to help families this winter? in let's separate out the energy price intervention from the mini budget, effectively a budget, that we have had today. on the energy price intervention, you are right, we would have funded some of this through an expanded windfall tax. some borrowing would have had to have taken place. but every pound you leave on the table in terms of revenue that you can raise now is a pound that you have to add to your borrowing in the future. when it comes to the tax measures that have just been announced, there is a number we may talk about, one of the

things they have done today is ask everybody in the country to borrow £2 billion ’ vistbztfjriethe to , , ’ vistbzteieiet'nft will , , ’ vztbeteienlefnbe will get, �* most people, that �* most people, of that taxs,” fl. ' most people, | ofl that l the - benefit, of - as i was biggest benefit, of course, as i was about to say, will go to those who are earning the most. when you look at the measures right across the piece. there are two questions about this. one is the level of borrowing. we will be discussing that. the other is, what are you buying? are you actually buying a plan for growth or are you buying a sugar rush through what has just been announced before? there are historic parallels, they have been referred to in the commons chamber over the

past hour or two. we saw anthony barber do this many, many years ago. borrowing for tax cuts in this kind of inflationary environment does run the risk ofjust adding fuel to the inflationary fire, putting pressure on the bank to raise interest rates more, but not actually putting the building blocks in place for the kind of investment in infrastructure, technology, education and energy transition that should be the building blocks of a sustainable growth. i’m should be the building blocks of a sustainable growth.— sustainable growth. i'm going to 0 en this sustainable growth. i'm going to open this over _ sustainable growth. i'm going to open this over to _ sustainable growth. i'm going to open this over to my _ sustainable growth. i'm going to open this over to my colleagues | sustainable growth. i'm going to - open this over to my colleagues here in the studio, you know them all, pat mcfadden. before i do, are you going to pledge to reverse the tax cuts to the top rate of tax which is now 40%? will you put back the 45p rate and will you put it above the basic rate by a penny if you win the next election? i’m basic rate by a penny if you win the next election?— next election? i'm not going to go throurh a next election? i'm not going to go through a list _ next election? i'm not going to go through a list of— next election? i'm not going to go through a list of what _ next election? i'm not going to go through a list of what we - next election? i'm not going to go through a list of what we will- through a list of what we will accept or reverse in the interview right now. it makes sense on a

budget with a lot of measures to take it away and look at it. what i would say is, in response to the measures as a whole, this looks like both a highly risky set of measures and also a divisive one when many people are struggling to make ends meet. we'll go through the individual measures in the next few days and we will come to a view on that. this looks both risky and divisive in the way it is being done. . ~' .. divisive in the way it is being done. . ,, ., , divisive in the way it is being done. .~ .. . divisive in the way it is being done. w' ., , i'm done. vicki young is here? i'm wondering _ done. vicki young is here? i'm wondering if — done. vicki young is here? i'm wondering if you _ done. vicki young is here? i'm wondering if you think - done. vicki young is here? i'm wondering if you think that - done. vicki young is here? i'm| wondering if you think that your constituents in wolverhampton care about _ constituents in wolverhampton care about banker bonuses, the cap being lifted? _ about banker bonuses, the cap being lifted? do— about banker bonuses, the cap being lifted? do you think it bothers people. — lifted? do you think it bothers people, or do you think they are 'ust people, or do you think they are just looking at their own tax rate and thinking, actually, it is good that the — and thinking, actually, it is good that the actual rate is going down to 19p. _ that the actual rate is going down to 19p. in— that the actual rate is going down to 19p, in the basic rate of income tax, _ to 19p, in the basic rate of income tax, everybody benefiting from those cuts? _ tax, everybody benefiting from those cuts? no _ tax, everybody benefiting from those cuts? ., ., , .,. cuts? no doubt you can go and ask them. cuts? no doubt you can go and ask them- what _ cuts? no doubt you can go and ask them- what i _ cuts? no doubt you can go and ask them. what | think _ cuts? no doubt you can go and ask them. what i think my _ cuts? no doubt you can go and ask| them. what i think my constituents are really focused on is the cost of living right now. the announcement from ofgem last month, that energy

bills were going to reach may be £5,000 per year sent a chill through the communities i represent. that is why we called for the energy price freeze. the government mac said they would not do that, they said they were against hand—outs. but faced with the reality of what those price rises were due to people's household incomes on their ability to pay their bills, they had to do a u—turn on that. their bills, they had to do a u-turn on that. , . ., . . on that. they have done that, and it's a huge — on that. they have done that, and it's a huge intervention? - on that. they have done that, and it's a huge intervention? the - it's a huge intervention? the roblem it's a huge intervention? the problem is — it's a huge intervention? the problem is not _ it's a huge intervention? the problem is not the _ it's a huge intervention? tue: problem is not the price it's a huge intervention? tte: problem is not the price freeze, thatis problem is not the price freeze, that is what we called for, but they chose to fund it in a way that left a lot of funds on the table that would have helped to fund this in a fairer way, would have helped to fund this in a fairerway, had would have helped to fund this in a fairer way, had they done the windfall tax, or expanded the windfall tax, or expanded the windfall tax, or expanded the windfall tax, but the energy companies are making the most out of this. the cost of living is the principal concern for my constituents right now. remember, even with the price freeze, energy this winter is going to be a lot more expensive than it was last year. we are not out of the woods in

terms of people's ability to pay their bills and make ends meet. faisal islam here, you mentioned that essentially the energy package doesn't go far enough. but you also said the borrowing is hundreds of billions of pounds. surely, though, any plans that you make, you are going to have to bang all of that borrowing, and in order to do any more you will have to borrow more than the government, so you can't really criticise the government for excessive borrowing?— excessive borrowing? well, the . uestion excessive borrowing? well, the question of— excessive borrowing? well, the question of how _ excessive borrowing? well, the question of how you _ excessive borrowing? well, the question of how you pay - excessive borrowing? well, the question of how you pay for - excessive borrowing? well, the - question of how you pay for things, and also the question of what you are buying. and today, the question is also what are you borrowing for? they are borrowing for a series of unfunded tax cuts. this does not look like a sustainable growth plan, it looks like an abandonment of levelling up and a switch instead to trickle down. we saw levelling up and a switch instead to trickle down. we sanoe biden's verdict on trickle down this week, we agree with him. his policies were tried in the 1980s, and it is based

on the outdated idea that the wealth of a country comes from taking the already wealthy and rewarding them even more. i don't believe in class war, envy or anything like that. my party exists to overcome class divisions, not reinforce them. i do believe in fairness. i think what has been announced today will be viewed as deeply unfair when people look at who is benefiting. the government has set install a series— the government has set install a series of— the government has set install a series of policies to offer a shock therapy— series of policies to offer a shock therapy to— series of policies to offer a shock therapy to constituencies that your party _ therapy to constituencies that your party represents, and some of your mayors— party represents, and some of your mayors have shown interest in these enterprise _ mayors have shown interest in these enterprise zones, just the sort of things— enterprise zones, just the sort of things that could change the fate of regions _ things that could change the fate of regions that have been left behind. along _ regions that have been left behind. along. enterprise zones have been around since i had a full head of red hair, faisal! they were tried in

the 1990s, they were tried under david cameron. my colleague rachel reeves, in her response today, said that this was the seventh growth plan in, i think, that this was the seventh growth plan in, ithink, the that this was the seventh growth plan in, i think, the last ten years, and she held up the previous six. so they have announced enterprise zones, or investment zones, again. i enterprise zones, or investment zones, again. lam sure enterprise zones, or investment zones, again. i am sure you are right that mayors and local authorities will try to make the most of anything that is announced for their areas, most of anything that is announced fortheirareas, it most of anything that is announced for their areas, it is quite right that they do that, but please forgive me if i don't, you know, do a lap of honour and a great excited cheer when i hear another announcement of enterprise zones, which we have heard many times before. t which we have heard many times before. . , , ., . which we have heard many times before. . , . ., . before. i am sure you are not that old, before. i am sure you are not that old. really! _ before. i am sure you are not that old. really! we — before. i am sure you are not that old, really! we will— before. i am sure you are not that old, really! we will leave - before. i am sure you are not that old, really! we will leave you - before. i am sure you are not that old, really! we will leave you not| old, really! we will leave you not to do a lap of honour, but perhaps step away from central lobby, pat mcfadden, the shadow chief secretary to the treasury for the labour party. we will be speaking to the snp very shortly. more reaction, this is from bloomberg, the pound is

down i.4%, which is what you were, faisal, talking about earlier, against the dollar, you can see it there, a pretty major drop, that is there, a pretty major drop, that is the latest in terms of the currency market, and i think we can go into the chamber, into the house of commons, because that debate following kwasi kwarteng's statement, not as full as before, as you would expect, but the debate is ongoing, even though this isn't officially a budget with a vote specifically on the whole package of measures that have been announced. rachel reeves, the shadow chancellor, gave her response to the measures, many of which, of course, we already knew about, but there were some surprises, particularly in terms of cutting the basic rate of income tax and also reducing the top rate to 40p, rather than 45 p. you are watching a special programme, a

special politics live programme to take in the fiscal event, and an awful lot of content to go through with my colleagues in the studio, vicki young, faisal islam and simon jack. let's go back into central lobby and speak to stephen flynn, who is the snp spokesperson on business and energy in westminster. welcome to you. stephen, you will appreciate that this is a huge intervention from the government, when it comes to helping people with energy bills. d0 when it comes to helping people with enerr bills. ,. when it comes to helping people with enerr bills. i. ... energy bills. do you welcome it? what we need — energy bills. do you welcome it? what we need to _ energy bills. do you welcome it? what we need to look _ energy bills. do you welcome it? what we need to look at - energy bills. do you welcome it? what we need to look at and - energy bills. do you welcome it? | what we need to look at and tally here is— what we need to look at and tally here is that — what we need to look at and tally here is that what _ what we need to look at and tally here is that what the _ what we need to look at and tally here is that what the chancellor l what we need to look at and tally i here is that what the chancellor has announced — here is that what the chancellor has announced today _ here is that what the chancellor has announced today is _ here is that what the chancellor has announced today is the _ here is that what the chancellor has announced today is the biggest - here is that what the chancellor has announced today is the biggest taxi announced today is the biggest tax giveaway. — announced today is the biggest tax giveaway. tax _ announced today is the biggest tax giveaway, tax cuts _ announced today is the biggest tax giveaway, tax cuts since _ announced today is the biggest tax giveaway, tax cuts since 1972, - announced today is the biggest taxi giveaway, tax cuts since 1972, which went down _ giveaway, tax cuts since 1972, which went down in — giveaway, tax cuts since 1972, which went down in history— giveaway, tax cuts since 1972, which went down in history as— giveaway, tax cuts since 1972, which went down in history as the - giveaway, tax cuts since 1972, which went down in history as the worst i went down in history as the worst budget— went down in history as the worst budget ever. _ went down in history as the worst budget ever, and _ went down in history as the worst budget ever, and what _ went down in history as the worst budget ever, and what we - went down in history as the worst budget ever, and what we are - went down in history as the worst i budget ever, and what we are going to see _ budget ever, and what we are going to see is _ budget ever, and what we are going to see is the — budget ever, and what we are going to see is the same _ budget ever, and what we are going to see is the same with— budget ever, and what we are going to see is the same with this - budget ever, and what we are going to see is the same with this here - to see is the same with this here today. _ to see is the same with this here today. because _ to see is the same with this here today, because the _ to see is the same with this here today, because the chancellor. to see is the same with this here. today, because the chancellor has essentially— today, because the chancellor has essentially done _ today, because the chancellor has essentially done a _ today, because the chancellor has essentially done a massive - today, because the chancellor has i essentially done a massive giveaway to the _ essentially done a massive giveaway to the richest — essentially done a massive giveaway to the richest in _

essentially done a massive giveaway to the richest in society, _ essentially done a massive giveaway to the richest in society, on - essentially done a massive giveaway to the richest in society, on incomel to the richest in society, on income tax, to the richest in society, on income tax. national— to the richest in society, on income tax, national insurance, _ to the richest in society, on income tax, national insurance, and - to the richest in society, on income tax, national insurance, and of- tax, national insurance, and of course — tax, national insurance, and of course on _ tax, national insurance, and of course on bankers' _ tax, national insurance, and of course on bankers' bonuses, i tax, national insurance, and of course on bankers' bonuses, itj tax, national insurance, and of. course on bankers' bonuses, it is the richest — course on bankers' bonuses, it is the richest he _ course on bankers' bonuses, it is the richest he would _ course on bankers' bonuses, it is the richest he would benefit - course on bankers' bonuses, it is the richest he would benefit the i the richest he would benefit the most _ the richest he would benefit the most that _ the richest he would benefit the most that is _ the richest he would benefit the most. that is an _ the richest he would benefit the most. that is an ideological- the richest he would benefit the i most. that is an ideological driven gamble. _ most. that is an ideological driven gamble. not— most. that is an ideological driven gamble, not something _ most. that is an ideological driven gamble, not something i- most. that is an ideological driven gamble, not something i support, | most. that is an ideological driven- gamble, not something i support, no. in gamble, not something i support, no. in terms— gamble, not something i support, no. in terms of— gamble, not something i support, no. in terms of a — gamble, not something i support, no. in terms of a windfall _ gamble, not something i support, no. in terms of a windfall tax, _ gamble, not something i support, no. in terms of a windfall tax, which - in terms of a windfall tax, which eventually you were not in favour of, but now in fact the snp is in favour of, you originally said, stephen flynn, that it would be a tax on your constituents' jobs, so you were not in favour of that, but now you are, what has changed your mind? ~ .. now you are, what has changed your mind? ~ ., . ., , now you are, what has changed your mind? ~ ., .., , . ., . mind? well, of course, that was at the start of — mind? well, of course, that was at the start of the _ mind? well, of course, that was at the start of the year, _ mind? well, of course, that was at the start of the year, i _ mind? well, of course, that was at the start of the year, i did - mind? well, of course, that was at the start of the year, i did indeed l the start of the year, i did indeed have _ the start of the year, i did indeed have concerns _ the start of the year, i did indeed have concerns about _ the start of the year, i did indeed have concerns about the - the start of the year, i did indeed have concerns about the impact l the start of the year, i did indeedl have concerns about the impact of the start of the year, i did indeed i have concerns about the impact of a windfall— have concerns about the impact of a windfall tax — have concerns about the impact of a windfall tax on — have concerns about the impact of a windfall tax on investments - have concerns about the impact of a windfall tax on investments locally. windfall tax on investments locally within _ windfall tax on investments locally within aberdeen... _ windfall tax on investments locally within aberdeen... you _ windfall tax on investments locally within aberdeen. . ._ windfall tax on investments locally within aberdeen... you did not want to tax the profits _ within aberdeen... you did not want to tax the profits of _ within aberdeen... you did not want to tax the profits of the _ within aberdeen... you did not want to tax the profits of the oil - within aberdeen... you did not want to tax the profits of the oil and i to tax the profits of the oil and gas producers then, you didn't think that would be fair? what gas producers then, you didn't think that would be fair?— that would be fair? what i said at the time, that would be fair? what i said at the time. i _ that would be fair? what i said at the time, i didn't _ that would be fair? what i said at the time, i didn't vote _ that would be fair? what i said at the time, i didn't vote against i that would be fair? what i said at| the time, i didn't vote against the the time, ididn't vote against the windfall— the time, i didn't vote against the windfall tax. — the time, i didn't vote against the windfall tax, i— the time, i didn't vote against the windfall tax, i abstained, - the time, i didn't vote against the windfall tax, i abstained, is- the time, i didn't vote against the windfall tax, i abstained, is told l windfall tax, i abstained, is told to get— windfall tax, i abstained, is told to get clarity— windfall tax, i abstained, is told to get clarity on _ windfall tax, i abstained, is told to get clarity on what _ windfall tax, i abstained, is told to get clarity on what the - windfall tax, i abstained, is told| to get clarity on what the impact would _ to get clarity on what the impact would be — to get clarity on what the impact would be locally. _ to get clarity on what the impact would be locally. what- to get clarity on what the impact would be locally. what we - to get clarity on what the impact would be locally. what we havel to get clarity on what the impact i would be locally. what we have seen subsequently— would be locally. what we have seen subsequently to _ would be locally. what we have seen subsequently to that _ would be locally. what we have seen subsequently to that is _ would be locally. what we have seen subsequently to that is the _ would be locally. what we have seen subsequently to that is the price i would be locally. what we have seen subsequently to that is the price of. subsequently to that is the price of

energy— subsequently to that is the price of energy skyrocketing. _ subsequently to that is the price of energy skyrocketing. i— subsequently to that is the price of energy skyrocketing. i fully - subsequently to that is the price of| energy skyrocketing. i fully support a energy skyrocketing. ! fully support a windfall— energy skyrocketing. i fully support a windfall tax. _ energy skyrocketing. i fully support a windfall tax, and _ energy skyrocketing. i fully support a windfall tax, and i— energy skyrocketing. i fully support a windfall tax, and i support - a windfall tax, and i support increasing _ a windfall tax, and i support increasing the _ a windfall tax, and i support increasing the scope - a windfall tax, and i support increasing the scope and i a windfall tax, and i support i increasing the scope and scale of it, increasing the scope and scale of it. do— increasing the scope and scale of it. do not— increasing the scope and scale of it. do notiust _ increasing the scope and scale of it, do notjust include _ increasing the scope and scale of it, do notjust include energy- it, do notjust include energy companies _ it, do notjust include energy companies but _ it, do notjust include energy companies but the _ it, do notjust include energy companies but the likes i it, do notjust include energy companies but the likes of. it, do notjust include energy- companies but the likes of amazon, circle, _ companies but the likes of amazon, circle, and _ companies but the likes of amazon, circle, and astrazeneca, _ companies but the likes of amazon, circle, and astrazeneca, who - circle, and astrazeneca, who benefited _ circle, and astrazeneca, who benefited massively - circle, and astrazeneca, who benefited massively from - circle, and astrazeneca, who| benefited massively from the pandemic— benefited massively from the pandemic as _ benefited massively from the pandemic as well. _ benefited massively from the pandemic as well.— benefited massively from the pandemic as well. your leader at westminster. — pandemic as well. your leader at westminster, ian _ pandemic as well. your leader at westminster, ian blackford, - pandemic as well. your leader at westminster, ian blackford, has| pandemic as well. your leader at - westminster, ian blackford, has said the government's energy plan will fall far short of the help we need. is that really still the position of the snp, given that this is one of the snp, given that this is one of the biggest government interventions to help people, and it will bring down the typical household energy bill to £2500 a year? still big, i grant you, but help for businesses too. . , grant you, but help for businesses too. , , , , , too. yes, i fully support his remarks — too. yes, i fully support his remarks in _ too. yes, i fully support his remarks in that _ too. yes, i fully support his remarks in that regard. - too. yes, i fully support his - remarks in that regard. looking at energy— remarks in that regard. looking at energy prices, _ remarks in that regard. looking at energy prices, we _ remarks in that regard. looking at energy prices, we need _ remarks in that regard. looking at energy prices, we need to - remarks in that regard. looking at energy prices, we need to reflectl remarks in that regard. looking at. energy prices, we need to reflect on the £2500 _ energy prices, we need to reflect on the £2500 cap — energy prices, we need to reflect on the £2500 cap which _ energy prices, we need to reflect on the £2500 cap which has _ energy prices, we need to reflect on the £2500 cap which has doubled i the £2500 cap which has doubled since _ the £2500 cap which has doubled since last— the £2500 cap which has doubled since last summer, _ the £2500 cap which has doubled since last summer, which - the £2500 cap which has doubled since last summer, which for- the £2500 cap which has doubled i since last summer, which for many famities— since last summer, which for many families is— since last summer, which for many families is far— since last summer, which for many families is far too _ since last summer, which for many families is far too much, _ since last summer, which for many families is far too much, and - since last summer, which for many families is far too much, and that. families is far too much, and that cap. _ families is far too much, and that cap, whitst— families is far too much, and that cap. whilst we _ families is far too much, and that cap, whilst we call— families is far too much, and that cap, whilst we call it _ families is far too much, and that cap, whilst we call it a _ families is far too much, and that cap, whilst we call it a cap, - families is far too much, and that cap, whilst we call it a cap, is- families is far too much, and that cap, whilst we call it a cap, is not a cap. _ cap, whilst we call it a cap, is not a cap, and— cap, whilst we call it a cap, is not a cap. and many— cap, whilst we call it a cap, is not a cap, and many families - cap, whilst we call it a cap, is not a cap, and many families will- a cap, and many families will exrrerience _ a cap, and many families will experience cost— a cap, and many families will experience cost far— a cap, and many families will experience cost far in - a cap, and many families will experience cost far in excess| a cap, and many families will. experience cost far in excess of that, _ experience cost far in excess of

that, because _ experience cost far in excess of that, because it— experience cost far in excess of that, because it is— experience cost far in excess of that, because it is based - experience cost far in excess of that, because it is based on- experience cost far in excess ofi that, because it is based on the unit right, — that, because it is based on the unit right, and _ that, because it is based on the unit right, and it— that, because it is based on the unit right, and it is— that, because it is based on the unit right, and it is the - that, because it is based on the unit right, and it is the same i that, because it is based on the| unit right, and it is the same for businesses. _ unit right, and it is the same for businesses, who— unit right, and it is the same for businesses, who have _ unit right, and it is the same for businesses, who have been - unit right, and it is the same for businesses, who have been left| businesses, who have been left behind — businesses, who have been left behind through— businesses, who have been left behind through out _ businesses, who have been left behind through out the - businesses, who have been left behind through out the crisis. l businesses, who have been left. behind through out the crisis. 0nly behind through out the crisis. only recently— behind through out the crisis. only recently we — behind through out the crisis. only recently we have _ behind through out the crisis. only recently we have seen _ behind through out the crisis. only recently we have seen support - recently we have seen support announced. _ recently we have seen support announced, but _ recently we have seen support announced, butjust _ recently we have seen support announced, but just today- recently we have seen support announced, but just today in l announced, but just today in aberdeen— announced, but just today in aberdeen a _ announced, but just today in aberdeen a huge _ announced, but just today in aberdeen a huge paper- announced, but just today in aberdeen a huge paper mill| announced, but just today in - aberdeen a huge paper mill closed, 400 jobs _ aberdeen a huge paper mill closed, 400 jobs going _ aberdeen a huge paper mill closed, 400 jobs going because _ aberdeen a huge paper mill closed, 400 jobs going because quite - aberdeen a huge paper mill closed, i 400 jobs going because quite simply they cannot — 400 jobs going because quite simply they cannot afford _ 400 jobs going because quite simply they cannot afford the _ 400 jobs going because quite simply they cannot afford the energy- 400 jobs going because quite simply they cannot afford the energy prices| they cannot afford the energy prices and what _ they cannot afford the energy prices and what the — they cannot afford the energy prices and what the chancellor _ they cannot afford the energy prices and what the chancellor has - and what the chancellor has announced _ and what the chancellor has announced is— and what the chancellor has announced is not— and what the chancellor has announced is not good - and what the chancellor has . announced is not good enough. and what the chancellor has - announced is not good enough. fitter announced is not good enough. after toda 's announced is not good enough. today's announcement by announced is not good enough. epijilizi today's announcement by kwasi kwarteng to cut the top rate of income tax to 40%, that will leave scotland with a top rate of 46% and the rest of the uk on 40%, what are you going to do about that? the the rest of the uk on 4096, what are you going to do about that?- you going to do about that? the big difference between _ you going to do about that? the big difference between the _ you going to do about that? the big difference between the uk - you going to do about that? the big difference between the uk and - difference between the uk and scottish— difference between the uk and scottish governments, - difference between the uk and scottish governments, as - difference between the uk and scottish governments, as you| difference between the uk and i scottish governments, as you will difference between the uk and - scottish governments, as you will be fully aware. — scottish governments, as you will be futtyaware, is— scottish governments, as you will be fully aware, is the _ scottish governments, as you will be fully aware, is the fact _ scottish governments, as you will be fully aware, is the fact that - scottish governments, as you will be fully aware, is the fact that the - scottish governments, as you will be fully aware, is the fact that the uk i fully aware, is the fact that the uk government— fully aware, is the fact that the uk government can _ fully aware, is the fact that the uk government can borrow, - fully aware, is the fact that the uk government can borrow, £2 - fully aware, is the fact that the uk| government can borrow, £2 trillion worth— government can borrow, £2 trillion worth of— government can borrow, £2 trillion worth of debt, _ government can borrow, £2 trillion worth of debt, so _ government can borrow, £2 trillion worth of debt, so when _ government can borrow, £2 trillion worth of debt, so when the - government can borrow, £2 trillion worth of debt, so when the uk - worth of debt, so when the uk government— worth of debt, so when the uk government is— worth of debt, so when the uk government is putting - worth of debt, so when the uk government is putting in - worth of debt, so when the uk government is putting in playsj worth of debt, so when the uk - government is putting in plays these tax cuts, _ government is putting in plays these tax cuts, they— government is putting in plays these tax cuts, they know _ government is putting in plays these tax cuts, they know they— government is putting in plays these tax cuts, they know they can - government is putting in plays these| tax cuts, they know they can borrow. the scottish — tax cuts, they know they can borrow. the scottish government _ tax cuts, they know they can borrow. the scottish government needs- tax cuts, they know they can borrow. the scottish government needs to i tax cuts, they know they can borrow. | the scottish government needs to do that without — the scottish government needs to do that without being _ the scottish government needs to do that without being able _ the scottish government needs to do that without being able to _ the scottish government needs to do that without being able to borrow, i that without being able to borrow, so it witt— that without being able to borrow, so it will lead _ that without being able to borrow, so it will lead to _ that without being able to borrow, so it will lead to implications - that without being able to borrow, so it will lead to implications for. so it will lead to implications for the public— so it will lead to implications for the public sector. _ so it will lead to implications for the public sector. i— so it will lead to implications for the public sector. i expect- so it will lead to implications for the public sector. i expect the l the public sector. i expect the finance — the public sector. i expect the finance secretary _

the public sector. i expect the finance secretary to - the public sector. i expect the finance secretary to take - the public sector. i expect the finance secretary to take a i the public sector. i expect the - finance secretary to take a sensible and pragmatic— finance secretary to take a sensible and pragmatic approach, _ finance secretary to take a sensible and pragmatic approach, as - finance secretary to take a sensible and pragmatic approach, as is - finance secretary to take a sensible. and pragmatic approach, as is always the case, _ and pragmatic approach, as is always the case, and — and pragmatic approach, as is always the case, and respond _ and pragmatic approach, as is always the case, and respond to— and pragmatic approach, as is always the case, and respond to what- and pragmatic approach, as is always the case, and respond to what the i the case, and respond to what the chancettor— the case, and respond to what the chancellor has _ the case, and respond to what the chancellor has announced - the case, and respond to what the chancellor has announced today. i chancellor has announced today. stephen — chancellor has announced today. stephen flynn, _ chancellor has announced today. stephen flynn, thank— chancellor has announced today. stephen flynn, thank you - chancellor has announced today. stephen flynn, thank you very. chancellor has announced today. - stephen flynn, thank you very much. more reaction from the city, from the markets, with jane foley from rabobank, joins us now. hello to you. give us the reaction of the markets, please, to what has been announced by kwasi kwarteng. hater? announced by kwasi kwarteng. very ne . ative announced by kwasi kwarteng. very negative reaction _ announced by kwasi kwarteng. very negative reaction in _ announced by kwasi kwarteng. very negative reaction in the markets, sterling _ negative reaction in the markets, sterling very much under pressure, notjust— sterling very much under pressure, notjust against the sterling very much under pressure, not just against the us dollar, but also against the euro, and of course the bond _ also against the euro, and of course the bond market is perhaps where most _ the bond market is perhaps where most of _ the bond market is perhaps where most of the action and reaction has been _ most of the action and reaction has been seen. — most of the action and reaction has been seen, and we are seeing a huge sell off— been seen, and we are seeing a huge settoff in— been seen, and we are seeing a huge sell off in the delta markets and short— sell off in the delta markets and short duration bonds, two year, five year yields. — short duration bonds, two year, five year yields, and we have to remember that the _ year yields, and we have to remember that the uk_ year yields, and we have to remember that the uk has a current account deficit, _ that the uk has a current account deficit, and — that the uk has a current account deficit, and what that really means is that _ deficit, and what that really means is that we — deficit, and what that really means is that we are reliant on overseas investors— is that we are reliant on overseas investors to — is that we are reliant on overseas investors to fund that gap, and if overseas — investors to fund that gap, and if overseas investors looking at the

uk, overseas investors looking at the uk. they— overseas investors looking at the uk, they don't like the fundamentals they say. _ uk, they don't like the fundamentals they say, well, quite simply they don't _ they say, well, quite simply they don't want — they say, well, quite simply they don't want to purchase part of our debt and — don't want to purchase part of our debt and sterling are just lower. that is— debt and sterling are just lower. that is the — debt and sterling are just lower. that is the process we are seeing, that has— that is the process we are seeing, that has been the reaction today, and if— that has been the reaction today, and if you — that has been the reaction today, and if you think about why investors are doing _ and if you think about why investors are doing that, they don't really believe — are doing that, they don't really believe in — are doing that, they don't really believe in the fiscal position of the new— believe in the fiscal position of the new government. they are worried that some _ the new government. they are worried that some of— the new government. they are worried that some of these tax cuts that have _ that some of these tax cuts that have been— that some of these tax cuts that have been announced are not going to be futty— have been announced are not going to be fully funded and will result in a large _ be fully funded and will result in a large amount of debt at a time of the bank— large amount of debt at a time of the bank of england is also selling some of— the bank of england is also selling some of its holdings of uk government debt. we some of its holdings of uk government debt. ~ , ., . government debt. we spoke to an economist who _ government debt. we spoke to an economist who supports _ government debt. we spoke to an economist who supports liz - government debt. we spoke to an economist who supports liz truss | government debt. we spoke to an - economist who supports liz truss and her plans, who advised her, who said we should not panic about these

things. admittedly, that was before we saw the market reaction you have just outlined. bloomberg havejust got a headline, truss economic plan sends uk markets into meltdown. are you panicking, or should they government be holding its nerve? i government be holding its nerve? i know some of our clients are certainty _ know some of our clients are certainly panicking, if you look at the value. — certainly panicking, if you look at the value, it has reached values

that we — the value, it has reached values that we last saw in 1985. that is reatty _ that we last saw in 1985. that is really very— that we last saw in 1985. that is really very weak now, that is the sterling — really very weak now, that is the sterling us dollar exchange rate. some _ sterling us dollar exchange rate. some analysts are talking about parity— some analysts are talking about parity on — some analysts are talking about parity on that rate, which is not something _ parity on that rate, which is not something which is going to be beneficial to many incorporates, and if we think— beneficial to many incorporates, and if we think about what is going to happen, — if we think about what is going to happen, if— if we think about what is going to happen, if sterling does adjust tower. — happen, if sterling does adjust tower. if— happen, if sterling does adjust

lower, if the market does sell off, that is— lower, if the market does sell off, that is not— lower, if the market does sell off, that is not the great investment environment, and reallyi that is not the great investment environment, and really i think this government does need to provide a lot government does need to provide a tot more _ government does need to provide a lot more reassurance that it does have _ lot more reassurance that it does have a _ lot more reassurance that it does have a fiscal sensibility in order. this is— have a fiscal sensibility in order. this is not— have a fiscal sensibility in order. this is not the message that has come _ this is not the message that has come across this morning. that is very clear. _ come across this morning. that is very clear, thank _ come across this morning. that is very clear, thank you _ come across this morning. that is very clear, thank you very - come across this morning. that is very clear, thank you very much l come across this morning. that is i very clear, thank you very much for joining us today. faisal, your

response to that?— joining us today. faisal, your response to that? well, you don't want an esteem _ response to that? well, you don't want an esteem market _ response to that? well, you don't want an esteem market analyst i response to that? well, you don'tj want an esteem market analyst at saying things like my clients are panicking about sterling, that is what she said. we did not get the official forecast, what she said. we did not get the officialforecast, but what she said. we did not get the official forecast, but the treasury must have focused how much extra borrowing is required, because they have told the debt management office, which borrows the money for them, to borrow an extra £72 billion this financial year. that is until

april. that has probably sparked in that notice came out, that is probably what sparked the reaction with the borrowing rates, the yields, shooting up, sterling falling bit too. and the question is this, why didn't they prepare the ground for this? it is a rabbit politically, hurray. but forthe markets, if you're going to do a £45 billion tax cut, you want to prepare the ground politically, because it

has come as a shock.— has come as a shock. before everybody- -- _ tax changes, people on middle incomes are going to say higher income tax, people earning £1 million are going to get a massive income tax cut of tens of thousands of pounds, so i am afraid this government is completely out of touch, and it is misleading people. this isn't going to help our economy grow, this isn't a plan. as you heard from your market analyst, we are going to see investment go down, i fear growth will go down. this is a disaster for our country, and it is a switch to the right by the conservatives. ed davey of the liberal democrats, thank you very much forjoining us on this special programme. only one minute late, finalthought, vicki. i would say tory mps are sitting and saying hold on tight. it is going to be a bumpy ride. i think it will reduce the i length of the recession, but the question is whether the lack of certainty in the markets, whether that is a countervailing factor, whether it counteracts entirely the benefit from the pumping of money into the economy, we don't know yet. market reaction is really severe. we have seen a rise in the borrowing cost equivalent to the entire borrowing cost this time last year. will businesses invest the amount they have still got higher energy bills, it is a very unfavourable global economic environment, tough for them to take the plunge and invest to make this work. how long will tory mps gave this government, or is this it until the next election? , ~' election? they sounded like they would give liz truss the benefit of the doubt, even those who have been sacked. this might change some of their minds. that is all we have time for today and i was special programme covering the mini budget, more politics live on monday at our usual time of 12:15 on bbc two and the bbc iplayer. continued coverage of what is going on inside the chamber on bbc parliament. from all

hello. i'm joanna gosling, live in westminster, where the chancellor kwasi kwarteng has just announced what's been described as the biggest tax cutting budget in half a century. the basic rate of income tax will be cut to 19p next april — and the rate of income tax for the very highest earners will be abolished. the planned increase in national insurance has been reversed. the chancellor announced a cut to stamp duty on property purchases in england and northern ireland. and an end to the cap on bankers' bonuses. it was introduced in 2014 after the global financial crisis. we promise to prioritise growth and promised a new approach for a new era and promised to release the

enormous potential of this country. our growth plan has delivered all of 0ur growth plan has delivered all of those promises, and more. the oil and gas producers will be toasting — the oil and gas producers will be toasting the chancel in the boardrooms as we speak while the working _ boardrooms as we speak while the working people are left to pick up the bitt— working people are left to pick up the bill -- — working people are left to pick up the bill —— the chancellor. and author hilary mantel, best known for her wolf hall trilogy, has died aged 70. as we've just heard, the chancellor has outlined major tax cuts and an end to the cap on bankers' bonuses. i'm joined now by treasury minister, andrew griffith. thank you forjoining us. that is a tiny flavour of what was there, so many measures. this is not a mini budget or a fiscal statement, this is the budget. this budget or a fiscal statement, this is the budget-— is the budget. this is an overarching _ is the budget. this is an overarching growth - is the budget. this is an overarching growth planj is the budget. this is an l overarching growth plan is is the budget. this is an - overarching growth plan is what it is and it has three components at heart. the first is protecting

business and consumer confidence with a package of measures on energy that will protect everybody this winter and lower the overall cost of living. it will cut taxes for many people, for those in work, for those seeking to buy their first home, and it will cut stamp duty for everybody. and the third thing it will do is unleash investment. it will do is unleash investment. it will cure the issue of it taking so long to build the homes we need or the infrastructure or some of the new energy projects we need, so it will unleash what we call the supply side so we can get things done faster and that will benefit all parts of the uk.— faster and that will benefit all parts of the uk. lets on pick each asect. parts of the uk. lets on pick each aspect. business _ parts of the uk. lets on pick each aspect. business confidence, - parts of the uk. lets on pick each aspect. business confidence, you| aspect. business confidence, you mentioned the energy prices. the energy support plan that has been announced will not mean energy prices do not go up and there's not consider extra outlay and multiple bills to potentially doubling that, that comes on the back of a lot of businesses having a low balance

sheets because they have come through the pandemic, and what you are talking about with your plan is are talking about with your plan is a six month plan that is not going to give long—term certainty to businesses who are unsure where they go from here. so what do you believe will make businesses suddenly feel confident at a time of rising inflation and rising interest rates and we see what has happened on the markets in response to what has been announced, so what will make them want to expand?— announced, so what will make them want to expand? that's exactly right which is why — want to expand? that's exactly right which is why we _ want to expand? that's exactly right which is why we put _ want to expand? that's exactly right which is why we put in _ want to expand? that's exactly right which is why we put in place - which is why we put in place certainty for businesses in the next six months. no government can give certainty against the unknown —— uncertainties of global problems with putin's war in ukraine but every business in the country will have certainty about energy costs. but they don't have certainty because they don't know what happens after that. brute because they don't know what happens after that. ~ . . ,., . after that. we are also cutting taxes for businesses, - after that. we are also cutting taxes for businesses, so - after that. we are also cutting taxes for businesses, so we . after that. we are also cutting. taxes for businesses, so we are increasing the annual investment allowance for small businesses from 200,000 up to i

allowance for small businesses from 200,000 up toi million but we allowance for small businesses from 200,000 up to 1 million but we are also holding the rate of corporation tax, so rather than taxes being allowed to increase at a time when businesses face lots of headwind, we are freezing the rate of corporation tax. all of those are measures that will give businesses confidence. i understand the difficulty of businesses. you are operating in a very challenging world and there are lots of headwinds moving around so thing is that the government can do to give people certainty and confidence, as we are today as part of the growth of plan can only help. how does abolishing the top rate of income tax at 45% for the highest earning people in this country, how does that stimulate economic growth for everybody? brute does that stimulate economic growth for everybody?— for everybody? we want to grow the size of the pie _ for everybody? we want to grow the size of the pie for _ for everybody? we want to grow the size of the pie for everybody. - for everybody? we want to grow the size of the pie for everybody. that i size of the pie for everybody. that is how ultimately you can afford the energy measures we have announced today and how you can afford high quality public services. serra; today and how you can afford high quality public services.— quality public services. sorry to interru -t quality public services. sorry to interrupt you. _ quality public services. sorry to interrupt you, that _ quality public services. sorry to interrupt you, that is _ quality public services. sorry to interrupt you, that is the - quality public services. sorry to | interrupt you, that is the overall plan, but how does that specific measure help that? it plan, but how does that specific measure help that?— plan, but how does that specific measure help that? it grows the economy because _ measure help that? it grows the economy because it _ measure help that? it grows the economy because it makes - measure help that? it grows the economy because it makes the l measure help that? it grows the i economy because it makes the uk measure help that? it grows the - economy because it makes the uk a competitive place for businesses to locate, start up and take risks and

keep more of what they are. but that's not about businesses, that's individuals keeping more of their salary. individuals keeping more of their sala . ., ., �* , individuals keeping more of their sala. ., ., �*, . individuals keeping more of their sala. ., ., �*, , salary. no, no, it's about people ou have salary. no, no, it's about people you have a _ salary. no, no, it's about people you have a choice _ salary. no, no, it's about people you have a choice about - salary. no, no, it's about people you have a choice about where l salary. no, no, it's about peoplej you have a choice about where in salary. no, no, it's about people l you have a choice about where in a global, competitive world where they could be locating in paris or frankfurt or new york that they choose to locate or stay in the united kingdom and bring their business and their tax revenues, because they will be paying 40p in every pound they earn, into the uk exchequer to fund those public services. so we are unashamedly on the side growth and those that are creating prosperity, because that is how we grow the economy and fund public services.— public services. duty. you want eo - le, public services. duty. you want peeple. to _ public services. duty. you want peeple. to help _ public services. duty. you want people, to help first-time - public services. duty. you want i people, to help first-time buyers. people, to help first—time buyers. what first—time buyers are looking at though our interest rates and the prospect of them going up further because the bank of england have made clear its remit is to look out inflation and with so much government money being pumped into the economy, that will increase inflationary pressures and it's highly likely that interest rates will go up, so why would somebody

take out a mortgage with that uncertainty, even when they understand that stamp duty is effectively an offset, but a short—term one? brute effectively an offset, but a short-term one?— effectively an offset, but a short-term one? ~ . ., , short-term one? we are on the side of consumers _ short-term one? we are on the side of consumers and _ short-term one? we are on the side of consumers and those _ short-term one? we are on the side of consumers and those trying - short-term one? we are on the side of consumers and those trying to - short-term one? we are on the side| of consumers and those trying to buy their first home. of consumers and those trying to buy theirfirst home. the of consumers and those trying to buy their first home. the energy measures we have announced, by capping the increase that people would have otherwise paid for their energy, that is a big cost if you are buying your first home, energy, that is a big cost if you are buying yourfirst home, we are reducing the headline rate of inflation by about 5%, which is what people estimated to be and that means that whatever the independent bank of england, and it's important they have independent conduct of monetary policy, whatever they have to decide should be against a lower rate of headline inflation so we see in the developed world interest rates are gradually rising but we have been able to reduce that with the energy measures we have announced. and of course, by allowing people to keep more of what they earn with the reductions in national insurance on the reduction in tax that will benefit every taxpayer, we are on the side of

people who are trying to aspire and own their own home. what people who are trying to aspire and own their own home.— people who are trying to aspire and own their own home. what unwell will the measure — own their own home. what unwell will the measure of _ own their own home. what unwell will the measure of success _ own their own home. what unwell will the measure of success be _ own their own home. what unwell will the measure of success be for- own their own home. what unwell will the measure of success be for the - the measure of success be for the growth strategy —— what and when? the treasury tasked with growth of 2.5%, but when?— the treasury tasked with growth of 2.5%, but when? that is a long-term trend rate of — 2.5%, but when? that is a long-term trend rate of growth, _ 2.5%, but when? that is a long-term trend rate of growth, exactly - 2.5%, but when? that is a long-term trend rate of growth, exactly the - trend rate of growth, exactly the same of the rate of growth in the 20 years leading up to that financial crisis in 2008 so it is achievable. we can do it as a country. the supply side measures, the reforms to infrastructure and planning and things that will get the country moving will take time to come through but the chancellor committed today that over the course of the next few weeks and months individual circus or state will be coming back and talking about their plans in their particular areas, so you are quite right, we don't have much time to wait and that's why we've moved to wait and that's why we've moved to date with this ambitious plan for growth. to date with this ambitious plan for urowth. �* . ' . ~ to date with this ambitious plan for urowth. �* , ' . ,, growth. andrew griffith, thank you very much- — growth. andrew griffith, thank you very much- in _ growth. andrew griffith, thank you very much. in terms _ growth. andrew griffith, thank you very much. in terms of— growth. andrew griffith, thank you very much. in terms of this - growth. andrew griffith, thank you very much. in terms of this being i very much. in terms of this being called a mini budget, we heard earlierfrom the chief called a mini budget, we heard

earlier from the chief secretary to the treasury saying it is expected, or possible there will be a budget before the end of the financial year, so that's a different picture from where we thought previously with a budget likely in november that would imply there will not be one until april. the labour shadow chancellor of the exchequer rachel reeves described it as a budget without figures. cani can i thank the chancellor on his comprehensive demolition of the record of the last 12 years. their record, theirfailure, their vicious circle of stagnation. the chancellor has confirmed that the costs of the energy price cap will be funded by borrowing. leaving the eye watering windfall profits of the energy giants untaxed. the oil and gas producers will be toasting at the chancellor in the boardrooms as we speak while working people are left to pick up the bill. borrowing higher than it needs to be, just as

interest rates rise. and yet the chancellor refuses to allow independent economic forecasts to be published which would show the impact of this borrowing on our public finances, on growth and on inflation. it is a budget without figures, a menu without prices. speaker, what has the chancellor got to hide? let's take a look at the announcement in detail. the government had already confirmed that the national insurance rise would be reversed from november — it comes alongside a number of other new measures that will attempt to boost economic growth. the basic rate of income tax will be cut by ipence to 19pence — and the 45% tax rate for top earners over £150,000 will be also abolished from april next year. a planned rise in corporation tax from 19% to 25% has been cancelled — that's the tax businesses pay on their profits. there will be

a cut to stamp duty in england and northern ireland — that's the tax you pay when buying a property. the threshold will be raised to £425,000 for first time buyers and £250,000 for everyone else. the rules which cap bankers' bonuses to twice their annual salary have been scrapped. more than 40 new 'investment zones' will be set up in england — these zones will be allowed to relax planning rules and reduce business taxes to encourage investment. and planned increases in the duty rates for beer, for cider, for wine, and for spirits will all be cancelled. the government described today's announcement as a mini—budget — but this chart from the institute for fiscal studies shows todays statement represents the biggest tax cut of any budget since 1972. let's speak to our chief political correspondent, nick eardley.

we get stuck in the semantics of what we call this.— we get stuck in the semantics of what we call this. they are saying it is not a budget. _ what we call this. they are saying it is not a budget. certainly - what we call this. they are saying it is not a budget. certainly not i it is not a budget. certainly not hard what you would have on a which is how to pay for what has been announced, but in terms of the spending, the financial commitment, it is huge. spending, the financial commitment, it is hue. ~ . spending, the financial commitment, itishu~e. . it is huge. whatever you call it, there was _ it is huge. whatever you call it, there was nothing _ it is huge. whatever you call it, there was nothing mini - it is huge. whatever you call it, there was nothing mini about i it is huge. whatever you call it, | there was nothing mini about it. this was a massive decision making process by the government and it has just committed to cutting a lot of tax, so income tax is going to be slashed for the highest earners, the cut to the basic rate of income tax which will be less welcome in a year earlier and there won't be national insurance arises and there won't be corporation tax rises and stamp duty is being cut as well. all of this could cost about £45 billion per year by 2026. that is a lot of money and a radical change of course by the new chancellor. add into the mix

all of the money being given to subsidise energy bills, you are looking at a lot of extra borrowing from this government. the calculation that the chancellor is making is that this will work and that by cutting tax and cutting regulation, you will help stimulate economic growth and bring more money in by having a bigger economy to take money out of. however, there are some risks in this. there are economic and some that are political. economically there are many who think itjust won't political. economically there are many who think it just won't work and the priorities are wrong and that at best it's a bit of a gamble. and politically it's pretty controversial too, because the people who are going to benefit most from the tax cuts that were just announced by the chancellor are those on the highest salaries. that is not normally what governments like to do. they like to say they are cutting tax for the people who can least afford to pay it, but as i say, the calculation is being made

are that you can make a big economic growth changes and that will make a big difference to the economy as a whole. the big question is, will it work? �* . , work? and what is the political reaction from _ work? and what is the political reaction from the _ work? and what is the political| reaction from the government's work? and what is the political- reaction from the government's own benches? i reaction from the government's own benches? ~ . reaction from the government's own benches? ~' , . , benches? i think there will be many conservatives _ benches? i think there will be many conservatives who _ benches? i think there will be many conservatives who feel _ benches? i think there will be many conservatives who feel a _ benches? i think there will be many conservatives who feel a bit - benches? i think there will be many conservatives who feel a bit queasy | conservatives who feel a bit queasy about some of this. we saw over the summer people like rishi sunak lining up to say that the idea of borrowing money and putting it on the country's credit card was immoral and there are some, i'm sure, who will be nervous about the idea of giving tax cuts to those on the highest salaries, and as you would expect, opposition parties are accusing the government of getting its priorities wrong in having the wrong strategy and i do think this is the big political divide now between the labour party and the conservative party, not whether they should be economic growth, everybody agrees it's a good thing, but it's how you do it and who benefits from

it. the labour party are going to spend the next few days when their conference gets under way in liverpool tomorrow arguing that the government has the strategy completely wrong here. that instead of adding to borrowing you should be taxing the companies making record profits from record energy prices. the government doesn't want to do that and says it would stifle growth. as you can see, it's going hell for leather on trying to encourage and could —— economic growth today that there is a big political debate going about whether thatis political debate going about whether that is going to work, and that is the test that the government will face in the next election.- face in the next election. thank ou, face in the next election. thank you. nick. _ the director of the institute for fiscal studies, pauljohnson, told the bbc�*s jo coburn that the measures represented the uk's biggest tax cuts in five decades. as you say, it was quite extraordinary. it was like having an entirely new government. not only did we see the corporation tax rises reversed and the national insurance arises reverse we saw a series of other technical changes reverse, including the so—called ir35 which

is designed to make sure people are working for their own company rather than as employees brought in by this government, or perhaps we should say the last government. this was the biggest tax event since 1972, so it's not very many. it is half a century since we've seen tax cuts announced on this scale. 50 century since we've seen tax cuts announced on this scale. so bigger than the bill _ announced on this scale. so bigger than the bill of _ announced on this scale. so bigger than the bill of nigel _ announced on this scale. so bigger than the bill of nigel lawson's - announced on this scale. so bigger| than the bill of nigel lawson's1988 than the bill of nigel lawson's 1988 budget. than the bill of nigel lawson's1988 budaet. ., , . . budget. now bigger than that. if we'd only saw— budget. now bigger than that. if we'd only saw what _ budget. now bigger than that. if we'd only saw what we - budget. now bigger than that. if we'd only saw what we expected budget. now bigger than that. if- we'd only saw what we expected which was corporation tax and national insurance, that would have been 30 billion so we had about 45 billion, so 50% bigger in tax cuts than perhaps we were expecting yesterday. that coupled with what you call the biggest government intervention in your lifetime, that is the package to help households and businesses pay the soaring energy costs. again, said it was unsustainable and you

thought it would be unsustainable. why? thought it would be unsustainable. wh ? ., ., , ., , why? there are two separate things here. the why? there are two separate things here- the energy — why? there are two separate things here. the energy cost _ why? there are two separate things here. the energy cost support, - here. the energy cost support, hopefully as a one—off. it is enormous, but hopefully it's a one—off and within two years it will go because energy prices are back down. i do worry that we don't have an exit strategy here that if energy prices don't go back down this becomes a very, very expensive long—term thing. but in terms of the 45 billion, there are no energy costs and we assume that is gone within a couple of years but 45 billion of tax cuts and a slowing economy which means we will be borrowing more when the 0 br did its last forecast, adding this to our most recent forecast, we can expect to be borrowing close to £120 billion in three years' time and if we are doing that, then the debt will rise year on year. i'm joined now by torsten bell from the resolution foundation, which focuses on the standard of living for low and middle—income families.

what is your reaction to what you heard? ~ ., what is your reaction to what you heard? . . , . . heard? well we have 'ust heard an enormous heard? well we have 'ust heard an enemeus set h heard? well we have 'ust heard an enormous set of _ heard? well we have 'ust heard an enormous set of tax — heard? well we have just heard an enormous set of tax cuts - heard? well we have just heard an enormous set of tax cuts being - enormous set of tax cuts being announced, the biggest since the early 19705 and it's happening at a time when borrowing is already going up time when borrowing is already going up because of rising energy prices and rising interest rates, so the combination is the chancellor deciding to permanently loosen fiscal policy, increase borrowing for the greatest number on record and that is a big change in economic policy. and that is a big change in economic oli . �* ., ., policy. and with the goal of growing the economy _ policy. and with the goal of growing the economy for _ policy. and with the goal of growing the economy for the _ policy. and with the goal of growing the economy for the benefit - policy. and with the goal of growing the economy for the benefit of - policy. and with the goal of growing the economy for the benefit of all. | the economy for the benefit of all. well, what we know is that the tax cuts will disproportionately benefit those on the highest incomes. 45% of the tax cuts next year will go to the tax cuts next year will go to the top 5% of the population. someone earning £1 million will receive a tax cut of £55,000 next year, if we managed to get growth going, then history says it will lead to benefits for the whole population, but what is certain is that next year very large tax cuts

for income households. fin that next year very large tax cuts for income households.— that next year very large tax cuts for income households. on that the government — for income households. on that the government says _ for income households. on that the government says that _ for income households. on that the government says that the _ for income households. on that the government says that the people i for income households. on that thej government says that the people at the top will benefit more proportionally because they pay more tax, but overall everyone across the entire economy, they say, will benefit from lower taxes and obviously they are saying about the bigger picture. obviously they are saying about the bigger picture-— bigger picture. tories out! what is certain is we _ bigger picture. tories out! what is certain is we will _ bigger picture. tories out! what is certain is we will see _ bigger picture. tories out! what is certain is we will see some - bigger picture. tories out! what is certain is we will see some tax - certain is we will see some tax benefits. but it's a regressive package and its high top 25% income. bystander: tories 0ut!. you might see wider— bystander: tories 0ut!. you might see wider benefits, but there are wider— see wider benefits, but there are wider benefits.— see wider benefits, but there are wider benefits. ., . , . . , wider benefits. someone has already made their mind _ wider benefits. someone has already made their mind up. _ wider benefits. someone has already made their mind up. whenever - wider benefits. someone has already made their mind up. whenever we i wider benefits. someone has already. made their mind up. whenever we are at westminster _ made their mind up. whenever we are at westminster there _ made their mind up. whenever we are at westminster there are _ made their mind up. whenever we are at westminster there are voices - made their mind up. whenever we are at westminster there are voices out i at westminster there are voices out in protest, but hopefully you can hear us over that. in terms of the financial support for people at the

bottom of the scale... financial support for people at the bottom of the scale. . ._ bottom of the scale... there is significant _ bottom of the scale... there is significant support _ bottom of the scale... there is significant support for - bottom of the scale... there is significant support for energy i significant support for energy bills. the government has announced a big measure of energy bills. those will make a big difference to those people and their incomes and living standards. it will still be a tough winter but much easier than the government if they hadn't stepped in van that will mean a higher level of gdp are more growth of this winter that it might have been, but the bank of england is looking at that i'm saying, if the garment is providing more support to the economy in the short term, we will have to raise interest rates —— the government is providing. we assume it will have a long—term effect on growth, but that is slightly wishful thinking. growth, but that is slightly wishful thinkina. ., ~ growth, but that is slightly wishful thinkina. . ,, i. , growth, but that is slightly wishful thinkina. ., ~' , . we'll have reaction from westminster throughout the day. and later at half past three — we'll be putting some of your questions to experts on what the mini—budget means for you.

send them in using the hashtag #bbcyourquestions or email yourquestions@bbc. co. uk. but for now — we'll hand back to chris rogers in the studio. can you tell the difference? i'm sure you can. it is ten minutes to 12. some breaking news now that we brought you a little earlier. let's retun to that breaking news the award winning british author, dame hilary mantel has died at the age of 70. dame hilary won the booker prize twice for her novels wolf hall, about the rise of the tudor politician, thomas cromwell, and its sequel bring up the bodies. in a statement, her publisher, harper collins, said she had died "suddenly yet peacefully yesterday" surrounded by close family and friends. 0f of course, we will be looking at the work of hilary mantel throughout the day with many tributes being paid to

you. in delivering his mini budget, the chancellor said he was promising a new growth for a new era. mr a new growth for a new era. iji speaker, for a new growth for a new era. m speaker, for too long in this country we have indulged in a fight over redistribution. now we need to focus on growth, notjust how we tax and spend. we won't apologise for managing the economy in a way that increases prosperity and living standards. 0ur increases prosperity and living standards. our entire focus is on making britain more globally competitors are not losing out to competitors are not losing out to competitors abroad. the prime minister promised we would be a tax—cutting government. today, we have cut stamp duty, allowed businesses to keep more of their own money to invest, to innovate and grow and cut income tax and national insurance for millions of workers. we are securing our place in a fiercely competitive global economy with lower rates of corporation tax and lower rates of personal tax. we promise to prioritise growth and we promised a new approach for a new

error and we promise to release the enormous potential of this country. our growth plan has delivered all of 0ur growth plan has delivered all of those promises, and more, mr speaker. and i commend it to the house. the united states has announced sanctions on iran's morality police over the death in custody of a young woman accused of breaking the country's strict dress code. the case has sparked nationwide protests in iran — there are reports that more than 30 people have been killed. 0ur correspondent, rana rahimpour has this report. women across iran are setting their hijabs on fire. they are tired of being beaten up by the morality police for not observing strict islamic dress code. their anger was sparked by the death of this woman, mahsa amini. she wasjust 22. she was arrested by the morality police in tehran earlier this month. they said she wasn't wearing the mandatory hijab properly.

they say she died of a heart condition, but eyewitnesses say she was beaten up in the police van. her father told me she was a healthy young woman with no medical condition. translation: i still cannot believe she's dead. - i don't want to believe she's not alive. the iranian state media are saying she had health conditions before, but that's a lie. the medical report was full of lies. protests are quickly spreading across the country and they are no longer just about clothing. it's about regime change. now, men next to women are standing together, chanting "death to the dictator". but for iran, change comes slowly. the iranian president, who's at the un, insists that hijab is a personal choice. but even in new york, he demanded that the world—renowned broadcaster christiane amanpour

wears a headscarf for an interview. this was refused. but the same refusal in iran is costing lives. rana rahimpour, bbc news. many russian citizens are trying to flee their country to escape the military mobilisation announced by vladimir putin. tickets for direct flights between russia and serbia have sold out, and there are long queues at a number of border crossings. as russians are leaving the country, moscow is holding self—styled referendums in four contested areas of ukraine on whether residents want to join the russian federation. the west has described them as a sham. here's the us pentagon press secretary, john kirby. we believe that these will be sharma referenda, they won't be legitimate. they certainly won't be free or fair. they will be preordained to allow mr putin to say, look, this is russian territory and now ukrainian

attacks are are on the motherland, not on ukrainian territory, which is of course not true. as you heard jake sullivan said yesterday, we are not going to recognise that, and so many other nations around the world are not going to recognise that. this is nothing more than a ploy by vladimir putin to try to gain, through some legitimacy, through politics and electoral issues, that which he cannot gain militarily, but it's not going to work and no one is going to recognise it, and what needs to happen is mr putin needs to leave ukraine and stop this war. let's just remind you that we are bringing you the news that one of the bestselling authors of historical figures the bestselling authors of historicalfigures —— of historical fiction has died aged 73. hilary mantel won the booker prize for her thomas cromwell series first in 2000

and 94 wolf hall and then the sequel. her publisher said we are heartbroken at the death of our beloved author, hilary mantel, our thoughts are with her friends and family, especially her husband, gerald. this is a devastating loss and we can only be grateful she left us with such a magnificent body of work. the conclusion of the cromwell trilogy was published in 2020, again, to critical acclaim and it became a number one fiction bestseller and was again long listed for the booker prize. a great many tributes to a wonderful author. now it's time for a look at the weather with matt taylor. hello. with the autumn equinox taken place in the early hours we had to the period where knights will become longer than days and we will also notice in the next few days that things are turning cooler. cool air is pushing south behind this weather front through last night and into the morning and through the afternoon the weather front stalls in the south—east corner of england

and outbreaks of rain in the channel islands but away from that, one or two isolated showers and the vast majority having a dry day with sunny spells. nice enough in the sunshine with temperatures close to where we would expect, but out of it it will feel fresher than in recent days. this evening and overnight the cloud and outbreaks of rain continue in the english channel and a few showers in north—east england, one or two drifting down through the irish sea with the breeze picking up but most of us with clear skies tonight and anywhere from wales and north woods will see single figure temperatures and even in rural parts a touch of frost and in scotland as we start tomorrow morning. tomorrow morning, more of a breeze, chilly start and outbreaks of rain clearing from south—east england. a few showers east of england which will develop more widely through england and wales during the day and a fair few of you will stay dry during saturday, sunny spells, but as the breeze picks up a little bit, you will notice it feeling even cooler with temperatures dropping down a couple of degrees compared to today. we are on an edge of some high pressure with wind in the north—west

and as the weather front approaches northern scotland through sunday it will turn windier with winds potentially gusting up to 50 or 60 mph by the end of the day and into the night. away from it, the winds will be lighter, sunniest in the morning, cloudy in the afternoon and it's going feel cool as the cloud pushes into place, 14 to 17 as the hive. 0ver pushes into place, 14 to 17 as the hive. over the other side of the atlantic will dictate us in next week. this is a major hurricane, fiona, passing by the west of bermuda today and working its way northwards and whilst it eases it could be a hurricane as it hits eastern canada, potentially the strongest hurricane to reach canada on record, but instead of coming across the atlantic it moves north and in doing so pushes a zone of warm air northwards into greenland and on the flip side of that, helps induce a colderflow and on the flip side of that, helps induce a colder flow of air towards us next week, arctic air coming our way, strong winds with it, a mix of sunshine and showers but the overall theme of next week is that it will

feel rather chilly.

hello. i'mjoanna gosling, live in westminster, where the chancellor kwasi kwarteng has just announced what's been described as the biggest tax cutting budget in half a century. the basic rate of income tax will be cut to 19p next april and the rate of income tax for the very highest earners will be abolished. the rise on corporation tax from 19% to 25% has been scrapped. the planned increase in national insurance has been reversed. the chancellor announced a cut to stamp duty on property purchases in england and northern ireland. and an end to the cap on bankers' bonuses. that was introduced in 2014 after the global financial crisis.

we promise to prioritise growth, mr speaker. we promised a new approach for a new era and promised to release the enormous potential of this country. 0ur growth plan has delivered all of those promises, and more. the oil and gas producers will be toasting the chancellor in the boardrooms as we speak while the working people are left to pick up the bill. and author dame hilary mantel, best known for her wolf hall trilogy, has died aged 70. hello, i'mjoanna gosling at westminster where the chancellor kwasi kwarteng has announced a series of tax cuts in a so—called mini budget this morning. he says these measures will create a cycle of growth,

but labour argues the plan will only reward the 'already wealthy�*. the government had already confirmed that the national insurance rise would be reversed from november. we knew that before that came in, along with a number of other measures 50 along with a number of other measures so let's run through them in detail. the basic rate of income tax will be cut byi pence to 19 pence and the 45% tax rate for top earners over £150,000 will be also abolished from april next year. a planned rise in corporation tax from 19% to 25% has been cancelled — that's the tax businesses pay on their profits. there will be a cut to stamp duty in england and northern ireland — that's the tax you pay when buying a property. the threshold will be raised to £425,000 for first—time buyers and £250,000 for everyone else. the rules which cap bankers' bonuses to twice their annual salary have been scrapped. more than 40 new investment zones will be set up in england —

these zones will be allowed to relax planning rules and reduce business taxes to encourage investment. and planned increases in the duty rates for beer, for cider, for wine, and for spirits will all be cancelled. and as we've been saying — the government described today's announcement as a mini budget. this chart from the institute for fiscal studies shows today's statement represents the biggest tax cut of any budget since 1972. delivering his mini budget, chancellor of the exchequer kwasi kwarteng promised a new growth for a new era. mr speaker, for too long in this country, we have indulged in a fight over redistribution. now we need to focus on growth, notjust how we tax and spend. we won't apologise for managing the economy in a way that increases prosperity and living standards. our entire focus is on making

britain more globally competitive, not losing out to competitors abroad. the prime minister promised we would be a tax—cutting government. today, we have cut stamp duty, allowed businesses to keep more of their own money to invest, to innovate and grow. we've cut income tax and national insurance for millions of workers. we are securing our place in a fiercely competitive global economy with lower rates of corporation tax and lower rates of personal tax. we promised to prioritise growth and we promised a new approach for a new era. we promised to release the enormous potential of this country. 0ur growth plan has delivered all of those promises, and more, mr speaker. and i commend it to the house. the shadow chancellor of the exchequer rachel reeves responded to the chancellor's mini budget saying it's a budget without figures. can i thank the chancellor on his comprehensive demolition of the record of the last 12 years. their record, their failure, their vicious circle of stagnation.

the chancellor has confirmed that the costs of the energy price cap will be funded by borrowing. leaving the eye—watering windfall profits of the energy giants untaxed. the oil and gas producers will be toasting at the will be toasting the chancellor in the boardrooms as we speak while working people are left to pick up the bill. borrowing higher than it needs to be, just as interest rates rise. and yet the chancellor refuses to allow independent economic forecasts to be published which would show the impact of this borrowing on our public finances, on growth and on inflation. it is a budget without figures, a menu without prices. speaker, what has the chancellor got to hide? let's speak to our chief political correspondent, nick eardley.

joanna, thank you. there was nothing mini about this, this was a big intervention from the chancellor. big tax cuts coming, big borrowing to help pay for that and for the subsidies on energy bills that the government has promised. i have a conservative mp here with me, andrea leadsom, former cabinet minister i should say as well, to talk some of this over. tens of billions of pounds are being borrowed to fund tax cuts, is that sustainable? i think it has been a huge announcement today, and obviously that is— announcement today, and obviously that is the _ announcement today, and obviously that is the decision the government has taken — that is the decision the government has taken, is that by cutting taxes and improving incentives, investment allowancesi _ and improving incentives, investment allowances, by setting up investment zonesi _ allowances, by setting up investment zones that— allowances, by setting up investment zones, that actually we will get the growth _ zones, that actually we will get the growth in _ zones, that actually we will get the growth in the economy that will more than offset— growth in the economy that will more than offset those tax cuts. as a conservative, i am absolutely in full agreement that incentives are what it— full agreement that incentives are what it is— full agreement that incentives are what it is all about. i remember as

a kid _ what it is all about. i remember as a kid my— what it is all about. i remember as a kid my parents had a furniture shop _ a kid my parents had a furniture shop and — a kid my parents had a furniture shop and they were working all hours under— shop and they were working all hours under a _ shop and they were working all hours undera labour shop and they were working all hours under a labour government with 90% tax on _ under a labour government with 90% tax on the _ under a labour government with 90% tax on the self—employed, super tax. there _ tax on the self—employed, super tax. there is— tax on the self—employed, super tax. there is no— tax on the self—employed, super tax. there is no incentive there so people — there is no incentive there so people do— there is no incentive there so people do need, entrepreneurs do need _ people do need, entrepreneurs do need incentives and support to get their business is going. it is a big announcement today but it is very welcome — announcement today but it is very welcome in — announcement today but it is very welcome in my view. a announcement today but it is very welcome in my view.— announcement today but it is very welcome in my view. a lot of people at home might _ welcome in my view. a lot of people at home might be _ welcome in my view. a lot of people at home might be wondering - welcome in my view. a lot of people at home might be wondering why i welcome in my view. a lot of people | at home might be wondering why the government has announced massive tax cuts for those earning over £150,000 per year and smaller tax cuts for those struggling to pay electricity bills. .. , ,., bills. the fact is the government has announced _ bills. the fact is the government has announced an _ bills. the fact is the government | has announced an unprecedented package — has announced an unprecedented package of support for those with their energy bills who are really struggling, so if you are on universal— struggling, so if you are on universal credit, you will receive in the _ universal credit, you will receive in the region on average around £2200 — in the region on average around £2200 in — in the region on average around £2200 in government support for your energy— £2200 in government support for your energy bills. in addition, if you are a _ energy bills. in addition, if you are a pensioner, there is a commitment to the triple lock which

means— commitment to the triple lock which means that pensions will almost certainly— means that pensions will almost certainly raised by the rate of inflation _ certainly raised by the rate of inflation this september which could be a significant rise for pensioners, and of course there is the lp _ pensioners, and of course there is the lp in _ pensioners, and of course there is the lp in the — pensioners, and of course there is the 1p in the basic rate of tax cut. all good — the 1p in the basic rate of tax cut. all good news to add to the reversals of the national insurance hike _ reversals of the national insurance hike this— reversals of the national insurance hike this is— reversals of the national insurance hike. this is tax cuts for millions of people — hike. this is tax cuts for millions of people across the country as well as support — of people across the country as well as support with the cost of living. but i _ as support with the cost of living. but i say — as support with the cost of living. but i say again, we should not apologise _ but i say again, we should not apologise for being categorically behind _ apologise for being categorically behind supply—side reform that gets the economy growing because it is the economy growing because it is the growth in the economy and the success— the growth in the economy and the success of— the growth in the economy and the success of businesses that enables people _ success of businesses that enables people to — success of businesses that enables people to have good, well—paid jobs and improve their own standards of living _ and improve their own standards of living l _ and improve their own standards of livin. . ., ., ., , living. i am old enough to remember a decade ago — living. i am old enough to remember a decade ago when _ living. i am old enough to remember a decade ago when the _ living. i am old enough to remember a decade ago when the conservative | a decade ago when the conservative party talked about getting the deficit down when it was all about debt reduction. this government is borrowing colossal sums of money. i think people will understand it is

borrowing those money to help with energy prices although opposition parties would say you could get it through a windfall tax. a lot of people will be nervous, tories among them, about borrowing money to cut tax, particularly for people earning over £150,000 a year.— over £150,000 a year. absolutely ri e ht, over £150,000 a year. absolutely riht, i over £150,000 a year. absolutely right. i am _ over £150,000 a year. absolutely right, i am absolutely _ over £150,000 a year. absolutely right, i am absolutely committed| over £150,000 a year. absolutely i right, i am absolutely committed to sound _ right, i am absolutely committed to sound money and to us as conservatives, as we always do, making — conservatives, as we always do, making sure we live within our means and we _ making sure we live within our means and we don't — making sure we live within our means and we don't allow debt to spiral out of— and we don't allow debt to spiral out of control. so that is fundamental to any conservative government. fundamental to any conservative government-— fundamental to any conservative overnment. ., . , government. how does that match up with toda ? government. how does that match up with today? l'm _ government. how does that match up with today? i'm coming _ government. how does that match up with today? i'm coming onto - government. how does that match up with today? i'm coming onto that. - with today? i'm coming onto that. what ou with today? i'm coming onto that. what you have _ with today? i'm coming onto that. what you have to _ with today? i'm coming onto that. what you have to look _ with today? i'm coming onto that. what you have to look at - with today? i'm coming onto that. what you have to look at however| with today? i'm coming onto that. i what you have to look at however is this unprecedented rise in global energy— this unprecedented rise in global energy prices. every western government has had to provide a huge package _ government has had to provide a huge package of— government has had to provide a huge package of support for the cost of living _ package of support for the cost of living because the alternative would be disastrous. this is at least as bil be disastrous. this is at least as big as _ be disastrous. this is at least as big as the — be disastrous. this is at least as big as the crisis during the pandemic when the government also put in _

pandemic when the government also put in place — pandemic when the government also put in place enormous sums that were unfunded _ put in place enormous sums that were unfunded in _ put in place enormous sums that were unfunded in order to support... that is not the unfunded in order to support... that is rlot the big _ unfunded in order to support... that is not the big tax _ unfunded in order to support... t'isgt is not the big tax cuts which are being funded by borrowing. i completely agree but as we have just discussed. _ completely agree but as we have just discussed, the point about tax cuts is partly _ discussed, the point about tax cuts is partly to — discussed, the point about tax cuts is partly to help people improve their— is partly to help people improve their own — is partly to help people improve their own standards of living and deal with— their own standards of living and deal with the cost of living crisis, but the _ deal with the cost of living crisis, but the tax — deal with the cost of living crisis, but the tax cuts for businesses is to provide — but the tax cuts for businesses is to provide the incentive, about investment allowances, investment zones _ investment allowances, investment zones it— investment allowances, investment zones it is— investment allowances, investment zones. it is about incentives for companies _ zones. it is about incentives for companies to increase their capital infrastructure and enable them to make _ infrastructure and enable them to make more so they can offer better paid. _ make more so they can offer better paid, higher skilledjobs make more so they can offer better paid, higher skilled jobs which will be to— paid, higher skilled jobs which will be to the — paid, higher skilled jobs which will be to the benefit of everybody in society— be to the benefit of everybody in society and our economy. it is not a zero-sum _ society and our economy. it is not a zero—sum game. we have got to get away— zero—sum game. we have got to get away from _ zero—sum game. we have got to get away from this. the left always say you have _ away from this. the left always say you have two tax people more to punish _ you have two tax people more to punish them but the reality is if you allow— punish them but the reality is if you allow people to keep more of their hard — you allow people to keep more of their hard earned cash, it is more of an— their hard earned cash, it is more of an incentive to grow the economy and that— of an incentive to grow the economy and that in— of an incentive to grow the economy and that in itself enables other people — and that in itself enables other people to improve their standards of

living _ people to improve their standards of livin. , . ~ , living. very quickly, when will we see this economic— living. very quickly, when will we see this economic growth? - living. very quickly, when will we see this economic growth? when j living. very quickly, when will we - see this economic growth? when will we see it? as — see this economic growth? when will we see it? as the _ see this economic growth? when will we see it? as the chancellor - see this economic growth? when will we see it? as the chancellor said, i we see it? as the chancellor said, the energy— we see it? as the chancellor said, the energy package alone will have an impact— the energy package alone will have an impact on the headline rate of inflation — an impact on the headline rate of inflation of — an impact on the headline rate of inflation of around a 5% reduction, so with— inflation of around a 5% reduction, so with inflation at the moment around — so with inflation at the moment around 10% and that taking it to around — around 10% and that taking it to around 5%, that in itself will have around 5%, that in itself will have a boost _ around 5%, that in itself will have a boost for— around 5%, that in itself will have a boost for the economy and mean that prices— a boost for the economy and mean that prices rise more slowly, there will be _ that prices rise more slowly, there will be less— that prices rise more slowly, there will be less pressure on wage rises and so _ will be less pressure on wage rises and so on. — will be less pressure on wage rises and so on, and it means the cost of living _ and so on, and it means the cost of living crisis— and so on, and it means the cost of living crisis that at the moment is forcing _ living crisis that at the moment is forcing businesses not to think about— forcing businesses not to think about investment but instead cutting costsi _ about investment but instead cutting costs. it _ about investment but instead cutting costs, it will enable them to start thinking _ thinking again about growth. there is no crystal ball but there is an enormous — is no crystal ball but there is an enormous point about confidence. as someone _ enormous point about confidence. as someone said in the chamber, consumer— someone said in the chamber, consumer confidence is very low at the moment and i hope that with these _ the moment and i hope that with these announcements, people's confidence will start to rise again. all the _ confidence will start to rise again. all the measures to help people onto the housing market to buy their

first home, to get people back into the jobs _ first home, to get people back into the jobs market, all of those things ithink— the jobs market, all of those things i think will— the jobs market, all of those things i think will help people's confidence in spending and that in itself— confidence in spending and that in itself grows our economy.- itself grows our economy. andrea leadsom, thank _ itself grows our economy. andrea leadsom, thank you _ itself grows our economy. andrea leadsom, thank you for _ itself grows our economy. andrea leadsom, thank you for your - itself grows our economy. andrea l leadsom, thank you for your time. there you have it, joanna, that is the pitch for what we have seen over the pitch for what we have seen over the last few hours. the big question now is whether this will work. andrea leadsom wouldn't put a date on when we might see economic growth and the treasury won't either. i suppose there is not long for the government to start to achieve that sort of thing if it is going to go into the next general election saying look at what we have promised and here is how we delivered it. opposition parties you can bet your bottom dollar over the next few months will say this is the wrong priority, that tax should be used, particularly a windfall tax to pay for energy intervention and they are giving tax cuts to those on the highest salaries.

with me now is katy balls — deputy political editor of the spectator. a quick reaction from one person in the tory party anonymously is "brilliant or bunkers". opinion is divided, "brilliant or bunkers". opinion is divided. but _ "brilliant or bunkers". opinion is divided, but no _ "brilliant or bunkers". opinion is divided, but no matter _ "brilliant or bunkers". opinion is divided, but no matter what - "brilliant or bunkers". opinion is| divided, but no matter what they called it, this was not a mini budget. it is drastic, it is big, it's an economic gamble but also a political gamble. continuing with this almost unapologetic tone which has defined liz truss's premiership so far, she has been defending measures such as the cap, lifting the cap on bankers bonuses. she said she is willing to be unpopular if thatis she is willing to be unpopular if that is what it takes to grow the economy, now scrapping the top rate for top earners. that is something former tory chancellors have shied away from because they thought it was politically too toxic potentially, they have just decided to go for it. there is a question as to go for it. there is a question as to how markets are reacting, and

there is nerves and doubt but also how this land is politically, whether mp5 get behind liz truss. it whether mps get behind liz truss. it is politically ideological but how do you unpick what they are talking about with measures to stimulate economic growth, expand businesses and investment versus political measures such as the 45p tax rate? there's a few things going on there. we know liz truss is a low tax tory. if you look through everything she has said in the past, she thinks people should keep more of their own money. but ultimately, the route which number ten c is to potentially winning the next election is by growing the economy and today's gamble only works if you manage to do that and they make the argument

that yes, some are having lower tax at the higher end of the spectrum but the whole country is more prosperous. in terms of the measures to do that, we didn't get all the details today. we had investment zones, they are looking at measures to make the city more competitive, but as a package, i think there is still some doubt as to how they are going to do this. still some doubt as to how they are going to do this-— going to do this. thank you. more reaction throughout _ going to do this. thank you. more reaction throughout the _ going to do this. thank you. more reaction throughout the day - going to do this. thank you. more reaction throughout the day for i going to do this. thank you. more i reaction throughout the day for now, back to you in the studio. thank you very much. joanna is having to deal with quite a lot of noise in the background, isn't she? themed, you might say. later at 3.30, we'll be putting some of your questions to experts on what the mini budget means for you — send them in using the hashtag #bbcyourquestions or email yourquestions@bbc.co.uk. much more reaction of course.

the director of the institute for fiscal studies, pauljohnson, told the bbc�*sjo coburn that the measures represented the uk's biggest tax cuts in five decades. it's quite extraordinary, like having an entirely new government. not only did we see corporation tax rises are reversed and national insurance rise is reversed, we saw other technical changes including the ir35 to make sure people are genuinely working for their own company rather as employees brought in by this government, or perhaps we should now think of it is the last government. this was the biggest tax—cutting event

government. this was the biggest tax—cl two| event government. this was the biggest tax—cl two years t government. this was the biggest tax—cl two years it will go within two years it will go because energy prices are back down. i do worry that we don't have an exit strategy here and if prices don't go back down it's a very expensive long—term thing. in terms of the 45 billion i'm talking about, there is no energy costs in there, that is assuming gone within a few years. with a slowing economy which means

we will be borrowing more than we were expecting when the obr did do its last forecasts, adding it to the most recent forecasts we can expect to be borrowing getting open for £120 billion in three years' time. if we are doing that, the debt will rise year—on—year. let's talk to the financial commentator and broadcaster susannah streeter now. thank you very much. i'm sure there is much for you to digester in that budget. first of all your reaction to what pauljohnson was saying there and just how wide—ranging these cuts are after so many years of tax rises. these cuts are after so many years of tax rises-— of tax rises. yes, they are very wide-ranging. _ of tax rises. yes, they are very wide-ranging, absolutely. - of tax rises. yes, they are very wide-ranging, absolutely. wel of tax rises. yes, they are very - wide-ranging, absolutely. we haven't wide—ranging, absolutely. we haven't seen this level of tax—cutting for many decades as paul was pointing out. and what has the reaction being on financial markets? well, look at the bond markets and this is where we can see confidence in the

government's ability to repay those debts. confidence is ebbing away because investors in uk debt demanding much more interest on the money they are loaning the government essentially because you have seen heels rise pretty dramatically again today and you have seen the pound plummet so it is now down $1.10. over the last year it is down 20% and continuing to fall so confident is ebbing away on the financial markets about the government strategy. there is real concern about the level of spending, the level of borrowing. at the same time, the government essentially has sparked an economic tug of war with the bank of england because the bank of england wants to pull down demand in the economy but the government wants to increase it to try to grow

the economy, but that could push inflation up further and that is also the real concern right now, is that it also the real concern right now, is thatitis also the real concern right now, is that it is going to be inflationary, many of these policies. may be the bank of england will have to push up rates even more steeply. if the -ound rates even more steeply. if the ound is rates even more steeply. if the pound is dropping, _ rates even more steeply. if the pound is dropping, it _ rates even more steeply. if the pound is dropping, it makes i rates even more steeply. if the| pound is dropping, it makes our exports more desirable if we are importing stuff, that will cost more too. . importing stuff, that will cost more too. , , . ., too. yes. so if imports are more rice , too. yes. so if imports are more pricey. that _ too. yes. so if imports are more pricey. that is — too. yes. so if imports are more pricey, that is also _ too. yes. so if imports are more pricey, that is also another- pricey, that is also another inflationary driver and it's also extremely concerning. it's interesting when you look at what has happened to house builders today. on the news, the confirmation of the stamp duty cut, they did lift initially but because of the rise in the bond markets and borrowing, there is a reflection on where the bank of england is expected to go with interest rates. so you have seen them drop off dramatically because it is looking like it's inevitable the bank of england would have to push up interest rates even further to try to counteract what

the government is doing and that will not help the housing market despite the stamp duty cut. it seems as though there is a very muted response on financial markets in terms of equity is concerned, retail shares have fallen back, hospitality has fallen back, because there is this real concern that not enough money will be put in the pockets of the masses to really help retail and hospitality that are really struggling amid the cost of living crisis. there wasn't the vat cut for hospitality, they have to make due with the freeze in duty on alcohol for example and they have been crying out for help. generally the cbi have said we welcome the corporation tax, the fact it will not go up, but actually if you dig deeper, much more targeted reductions and incentives will actually help with longer term growth because this willjust really boost the bottom line of companies,

but it is not necessarily going to direct them into the investment needed. ., l. direct them into the investment needed. ,, . ., ., needed. susanna, for the moment thank you- — included in that announcement was a cut in stamp duty. the bbc�*s head of statistics robert cuffe has been looking at the impact of that cut. let's start with the basics. what is stamp duty? it let's start with the basics. what is stamp duty?— stamp duty? it is a tax you pay if ou are stamp duty? it is a tax you pay if you are buying — stamp duty? it is a tax you pay if you are buying a _ stamp duty? it is a tax you pay if you are buying a house _ stamp duty? it is a tax you pay if you are buying a house worth i stamp duty? it is a tax you pay if i you are buying a house worth more than £250,000, and the rates go up as the property value increases. we have a chart that can lay that out now. the rules are different in wales and northern ireland, 50 as i said, if it is less than 250,000 you don't pay a penny. that will buy a terraced house in most places in england outside the south—east, and first—time buyers don't pay anything until house is worth more than 425,000, that is an average flat in london and it's quite a saving. you can see you are paying about 9000 on

a property that value for stamp duty. as the value goes up, it doubles, so the rates go up quicker than the value of the house. 50. than the value of the house. so, what does _ than the value of the house. so, what does this _ than the value of the house. so, what does this announcement in this mini budget actually change? iitfei’hezat mini budget actually change? what the government _ mini budget actually change? what the government have _ mini budget actually change? transit the government have done mini budget actually change? “lav"isgt the government have done today is mini budget actually change? "liusgt the government have done today is to spend roughly about a tenth of what they used to taking in stamp duty in order to take people out of paying stamp duty at all. you used to start paying it at 125,000, and now you don't start until 250,000, that is quite a big raise and a lot of properties will be completely taken out of stamp duty. they will see the biggest benefit as well first—time buyers. the hope is some of that money will end up in the buyers“ pockets, making more people want to sell, more sprucing up, more economic growth, and maybe even tempt more builders into the

marketplace to meet that demand. but there is a lot of ifs and buts before that happens because the price for the buyers doesn'tjust depend on the house price they are paying but also on the interest rates which do look as if they are going to go up. that will determine affordability and you just don't meet demand in order to build, you need planning permission too. robert, i apologise for springing this on you. what does this mean for second home buyers?— second home buyers? there is no chance second home buyers? there is no chan . e to second home buyers? there is no change to the _ second home buyers? there is no change to the rules _ second home buyers? there is no change to the rules for _ second home buyers? there is no change to the rules for second - second home buyers? there is no i change to the rules for second home buyers. i should change to the rules for second home buyers. ishould have change to the rules for second home buyers. i should have said it at the start, if you are buying a second home, you pay an extra three percentage points on top of the normal stamp duty rate, so they will always pay more. in fact, if you look at the total take for stamp duty, most of it comes from businesses and from second homeowners and they are not going to benefit as much. they will see a little bit come off the normal stamp duty rates but they will still be paying the surcharge.- duty rates but they will still be

paying the surcharge. other news now, and four areas of ukraine occupied by russia are holding so—called referendums onjoining russia. it's been condemned internationally and being seen as part of president putin's plan to annex another 15% of territory from its neighbour. it follows ukraine's success in taking back big areas on the battlefield. the votes in occupied areas of luhansk and donetsk in the east, and zaporizhzhia and kherson in the south are expected to run until tuesday. the result is all but certain to go in moscow's favour, and could lead to an escalation of the war. the kremlin could argue that any attack on those areas is an attack on russian territory. our correspondent in kyiv, hugo bachega, has more on the so—called referendums. polling opened this morning in these areas under russian occupation in four regions of ukraine — kherson and zaporizhzhia in the south, luhansk and donetsk in the east.

now, we have reports that in zaporizhzhia voting officials are going door to door with police officers. in luhansk there are reports that in at least one town, voting is mandatory and the population has been banned from leaving until tuesday. now, the ukrainians have dismissed this so—called referendum as illegal. they say that this is russia's reaction to russia's recent setbacks on the front lines because of the ukrainian counter—offensive. ukraine has retaken dozens of towns and villages in recent weeks. so the officials here in kyiv say that this is russia's reaction to the latest developments on the ground. and i think we sort of know where how this is going to play out. one poll reported by the russian news agency tass said that between 80 and 90% of voters in those regions, those areas where the so—called referendum is taking place are in favour ofjoining russia.

so this gives us a sense of what we should expect in terms of the result. the ukrainians and the international community are dismissing this so—called referendum as illegal, and the results are not going to be recognised internationally. and i think this is very similar to what happened in 2014 when the russians invaded crimea. they carried out a referendum there. that wasn't internationally recognised and then they annexed the peninsula again. the ukrainians and the international community haven't recognised this movement. so we could be seeing something similar happening right now as a result of the vote that is happening today and will be happening in the next few days. the award—winning british author dame hilary mantel has died. she was 70. dame hilary won the booker prize

twice for her novels wolf hall, about the rise of the tudor politician thomas cromwell, and its sequel bring up the bodies. her publisher, harper collins, said she had died "suddenly yet peacefully" surrounded by close family and friends. a new type of cancer therapy that uses a common virus to infect and destroy harmful cells is showing big promise in early human trials, say uk scientists. the drug is a weakened form of the cold sore virus — herpes simplex — that has been modified to kill tumours. however, larger and longer studies will be needed, but experts say the injection might ultimately offer a lifeline to more people with advanced cancers. drag race uk star george ward, known by stage name cherry valentine, has died aged 28. ward appeared on the second series of rupaul“s drag race uk and went on to front the bbc documentary gypsy queen and proud. his family say their lives will never be the same. tonight the 20—time grand slam

winner roger federer, winner roger federer plays his final match at the 02, alongside rafa nadal in the laver cup. they're representing team europe against team world. and andy murray plays in the singles before that too. federer warmed up for his big farewell in his tuxedo and went out for dinner with some of the biggest names in tennis which included andy murray, novak djokovic and rafa nadal. time for a look at the weather forecast now. a distinct chill and a bit damp at times. it forecast now. a distinct chill and a bit damp at times.— bit damp at times. if you think it is chilly now. — bit damp at times. if you think it is chilly now, wait _ bit damp at times. if you think it is chilly now, wait until- bit damp at times. if you think it is chilly now, wait until the - bit damp at times. if you think it is chilly now, wait until the start| is chilly now, wait until the start of next week. it will feel quite a lot colder by then. in the short—term it is getting cooler, but brighter for many with spells of sunshine around. this is what we have out there right now, some showers pushing into the north—west corner, lots of sunshine around, but this band of cloud in the south—east and its bringing outbreaks of rain

which could continue for much of the next 2a hours in places. perhaps enough rain to cause a little bit of localised disruption. temperatures still up to 20 degrees the south, cooler further north, and still up to 20 degrees the south, coolerfurther north, and it still up to 20 degrees the south, cooler further north, and it will get quite cold overnight, particularly across parts of scotland. some places in the countryside getting close to freezing. milderfurther countryside getting close to freezing. milder further south because here we still have the outbreaks of rain across parts of south—east england. elsewhere, spells of sunshine, scattered showers. rather cool again on sunday, the best of the sunshine in the south but it will feel quite a lot colder into the start of next week.

hello. this is bbc news. the headlines. the basic rate of income tax will be cut to 19p next april — and the rate of income tax for the very highest earners will be abolished. the rise on corporation tax from 19% to 25% has been scrapped. the planned increase in national insurance has been reversed. the chancellor announced a cut to stamp duty on property purchases in england and northern ireland. he announced an end to the cap on bankers“ bonuses. it was introduced in 2014 after the global financial crisis. we promise to prioritise growth, mr speaker. we promised a new approach

for a new era and promised to release the enormous potential of this country. 0ur growth plan has delivered all of those promises, and more. the oil and gas producers will be toasting the chancellor in the boardrooms as we speak, while the working people are left to pick up the bill. and author dame hilary mantel, best known for her wolf hall trilogy, has died aged 70. the chancellor promised new growth for a new era. business reaction now — with me is shevaun haviland the director general of the british chambers of commerce. what will this mean for businesses? we see it as a bold budget for business on the government has

listened to business and we are pleased to see three things. firstly, the reversal in national insurance contributions will put money back onto the business balance sheets as well as consumer pockets. the annual investment allowance is now permanently set at 1 million which will help small businesses invest, and thirdly, the investment zones are also welcome. absolutely we hope that will work with the levelling up agenda although i think a word of caution that they do not drive displacement of activity but actual new investment and growth. the powder has gone down against the dollar in value and for export as it will be a good thing but if they needed to import to run businesses it will cost them more. it is needed to import to run businesses it will cost them more.— it will cost them more. it is an issue for _ it will cost them more. it is an issue for importers _ it will cost them more. it is an issue for importers and - it will cost them more. it is an issue for importers and we - it will cost them more. it is an | issue for importers and we will it will cost them more. it is an - issue for importers and we will see an increase of the input cost for smaller businesses when they are struggling with costs around a

supply chain, raw materials, so yes, it will have an impact.— it will have an impact. what about the inflationary _ it will have an impact. what about the inflationary impact? _ the inflationary impact? commentators are saying it puts the bank of england under even more pressure to raise rates which we already expected them to do until next spring. that will add an extra burden to businesses that have debt to repay. burden to businesses that have debt to re -a . l l, , burden to businesses that have debt torea. . ., ., ., , to repay. increasing inflation rates -- interest — to repay. increasing inflation rates -- interest rates _ to repay. increasing inflation rates -- interest rates impact _ to repay. increasing inflation rates -- interest rates impact those - to repay. increasing inflation rates| -- interest rates impact those who —— interest rates impact those who have debt to pay, however the energy cap that the government brought in earlier this year will hopefully have a dampening impact on inflation more generally, and keep that down to the levels we see at the moment as opposed to four or 5% increase is that we expected over the winter, so that we expected over the winter, so thatis that we expected over the winter, so that is a good thing. hose that we expected over the winter, so that is a good thing.— that is a good thing. how concerned are ou that is a good thing. how concerned are you that — that is a good thing. how concerned are you that it _ that is a good thing. how concerned are you that it doesn't _ that is a good thing. how concerned are you that it doesn't do _ that is a good thing. how concerned are you that it doesn't do enough i are you that it doesn't do enough for companies on lower rates of pay. this will very much benefit higher

earners. taste this will very much benefit higher earners. ~ , i, i, ., i, earners. we see that the national insurance contribution _ earners. we see that the national insurance contribution reversal i earners. we see that the national. insurance contribution reversal will help workers across the piece, and that will drive consumer confidence which always helps businesses. you mention the — which always helps businesses. you mention the ideas of these particular investment hubs around the country. very controversial though, aren't they? there is concern that it skews business in a way that does not work in a sustainable way. we way that does not work in a sustainable way.— way that does not work in a sustainable wa . ~ ,, , sustainable way. we think investment zones when done _ sustainable way. we think investment zones when done right _ sustainable way. we think investment zones when done right and _ sustainable way. we think investment zones when done right and spread - zones when done right and spread across the nations and regions are a positive thing. but as i said we need to ensure that it drives new economic activity and is not displacing some businesses from one area to another, so that's important and we will work with the treasury to make sure we minimise the impact. how do we ensure that is happening?

we have 53 chambers across the uk so we have a great network that can work with us on the treasury to ensure those things are happening in the right places. ensure those things are happening in the right places-— the right places. thank you very much forjoining _ the right places. thank you very much forjoining us. _ earlier we spoke to torsten bell from the resolution foundation, which focuses on the standard of living for low and middle—income families. enormous tax cuts, the biggest since the 19705 with enormous —— on the interest rates going up so the chancellor is loosening fiscal policy and increasing borrowing for the greatest number on record and thatis the greatest number on record and that is a big, big change in economic policy—making. find that is a big, big change in economic policy-making. and with the coal of economic policy-making. and with the goal of growing _ economic policy-making. and with the goal of growing the — economic policy-making. and with the goal of growing the economy - economic policy-making. and with the goal of growing the economy for - economic policy-making. and with the goal of growing the economy for the l goal of growing the economy for the benefit of all.— benefit of all. well, we know that the tax cuts _ benefit of all. well, we know that the tax cuts will _ benefit of all. well, we know thatl the tax cuts will disproportionately benefit those on the highest

incomes, 45% of the tax cuts next year will go to the top 5% of the population, and somebody earning £1 million will receive a tax cut of £55,000 next year. if we managed to get growth going, then yes, history says it should lead to benefits for the whole population, but what is certain is that next year a very large tax cuts for higher income households. fin large tax cuts for higher income households.— large tax cuts for higher income households. ., ., households. on that, the government sa s, well, households. on that, the government says. well. people — households. on that, the government says, well, people at _ households. on that, the government says, well, people at the _ households. on that, the government says, well, people at the top - households. on that, the government says, well, people at the top will - says, well, people at the top will benefit more proportionally because they pay more tax, but overall, everyone across the entire economy will benefit from lower taxes, and then obviously they are saying about then obviously they are saying about the bigger pictures as well. well. the bigger pictures as well. well, what is certain _ the bigger pictures as well. well, what is certain is _ the bigger pictures as well. well, what is certain is that _ the bigger pictures as well. well, what is certain is that we - the bigger pictures as well. well, what is certain is that we will - the bigger pictures as well. well, what is certain is that we will see | what is certain is that we will see some benefits on the bottom and middle of the income distribution, but it's a very regressive package overall with higher increases in incomes because of tax cuts for the top 20 and top 5% of the income distribution. if you get growth

going, you might seek wider benefits, but that is far less certain. �* ,, . , benefits, but that is far less certain. , ., , h certain. bystander: tories out! . someone has— certain. bystander: tories out! . someone has made _ certain. bystander: tories out! . someone has made their- certain. bystander: tories out! . someone has made their minds i certain. bystander: tories out! . someone has made their minds up already. when there are broadcast from westminster there are people who make their protest. in from westminster there are people who make their protest.— from westminster there are people who make their protest. in terms of what is the — who make their protest. in terms of what is the specific _ who make their protest. in terms of what is the specific financial - what is the specific financial support for people at the bottom of the scale. , , the scale. there is significant su - ort the scale. there is significant support for — the scale. there is significant support for energy _ the scale. there is significant support for energy bills - the scale. there is significant support for energy bills and l the scale. there is significant l support for energy bills and the government has announced big measures of energy bill support that will benefit the top, middle and bottom of income distribution and that will make a big difference to those people's incomes, their living standards this winter. it will still be a difficult winter but much easier than it would have been if the government hadn't stepped in and it will probably mean a higher level of gdp, more growth this winter than there would have otherwise been but then the bank of england is looking at that and saying, 0k, then the bank of england is looking at that and saying, ok, if the government is providing more support to the economy in the short term we will have to raise interest rates further than we would otherwise do, so assuming that would have a

long—term effect on growth is slightly wishful thinking. with me now is lisa nandy, the shadow secretary for levelling up, housing and communities. we already heard from rachel wreaths in the house of common how unhappy she is. —— rachel wreaths. telus what this means in your view? it’s what this means in your view? it�*s extraordinary to make a political choice to hand millionaires £55,000 in tax cuts at a time when people are struggling to afford notjust energy, but housing costs that are soaring, food costs that are soaring. it“s soaring, food costs that are soaring. it's an impossible political choice to justify, but worse than that, the way to get growth back in the economy is not to uncapped bankers bonuses and transfer wealth from people who have very little to people who have a lot. the way to get growth in the economy is to get money back into peoples pockets and get people spending in local economies again,

so sure, cut taxes but cut business rates for high street firms that are struggling and have smart, strategic investment to get good jobs back into communities that have seen the loss of them for the last few decades. it seems to me that behind this announcement today, this extraordinary series of announcements is a mindset that says you can grow the economy by the few for the few. taste you can grow the economy by the few for the few-— for the few. we 'ust spoke to the british for the few. we just spoke to the british chamber _ for the few. we just spoke to the british chamber of _ for the few. we just spoke to the british chamber of commerce - for the few. we just spoke to the | british chamber of commerce and for the few. we just spoke to the - british chamber of commerce and they seem quite content with this budget. there is stuff in there that they are happy to work with, in particular the national insurance cut, which along with income tax dropping two 19p on the base rate, the basic level, will surely put more money in working people's pockets. more money in working people's ockets. ~ . f more money in working people's ockets. ., j ., ., . ., pockets. what they've announced on the basic rate _ pockets. what they've announced on the basic rate brings _ pockets. what they've announced on the basic rate brings forward - pockets. what they've announced on the basic rate brings forward an - the basic rate brings forward an announcement that was due to come in announcement that was due to come in a year's time, and they will come in a year's time, and they will come in a few months instead, so they brought that forward and it's not wrong to do that, but the problem is

that at the same time, they have handed a much bigger tax cut to people at the top end of the earnings spectrum. it is a bad political choice but it's also completely incoherent economics because anyone who has walked down a high street recently and watch the shop —— shops fall apart in the town centre boulevard will tell you how to get money back into working peoples pockets and one of the reasons people are really struggling with things like housing costs is because most people don't earn enough to be able to afford to get a mortgage and what the government has done today is set the face against that. and by refusing the impact assessments that will flow from it, they've created enormous instability and you don't need to believe me for that. just look at the market and the reaction of the markets and the value of the power drop and real instability and uncertainty in the economic system. it is the perfect storm going into a difficult winter.

you speak of the winter and the real concern looming is the rising energy bills, so there is an intervention there and surely that will mean if we see further inflation, it might not accelerate as much as some people had predicted. taste not accelerate as much as some people had predicted. we strongly su ort people had predicted. we strongly support government _ people had predicted. we strongly support government intervention i people had predicted. we strongly. support government intervention to help people with energy bills this winter and have been calling for it for nearly a year now. and we are pleased to see the governor respond. so the problem is who pays. the cost of this is going to be loaded onto low and middle income earners, the wealthiest getting tax breaks and largely protected with the assets they hold and we said the oil and gas producers should pay and contribute out of their record profits and the government has decided instead to load at the burden on two people, so there is some help now but the long—term outlook for many families and businesses across this country is still as bleak as it was because of the political choices made by this government.

the political choices made by this government-— the political choices made by this covernment. ., «e ., , well one of the policies outlined by the chancellor included the tightening of strike rules. let's take a listen: at such a critical time for our economy, it is simply unacceptable, simply unacceptable that strike action is disrupting so many lives. other european countries have minimum service levels to stop militant trade unions closing down transport networks during strikes. so we will do the same, and we will go further. we will legislate to require unions to put pay offers to a member vote to ensure that strikes can only be called once negotiations have genuinely broken down. with me is frances o“grady , the general secretary of the trades union congress. thank you forjoining us here. what

thank you for 'oining us here. what were ou thank you forjoining us here. what were you hoping — thank you forjoining us here. what were you hoping for, _ thank you forjoining us here. what were you hoping for, and how did this matchup? i were you hoping for, and how did this matchup?— were you hoping for, and how did this matchup? i think the chancellor should hang — this matchup? i think the chancellor should hang his— this matchup? i think the chancellor should hang his head _ this matchup? i think the chancellor should hang his head in _ this matchup? i think the chancellor should hang his head in shame. - this matchup? i think the chancellor should hang his head in shame. we| should hang his head in shame. we have seen not a recipe for growth but a recipe for more inequality and more hardship. and the very idea that the government thinks it is ok to lift the cap on bankers bonuses and to cut real pay for nurses and millions of public servants is frankly obscene. we have heard that millionaires will get a 55,000 tax giveaway on the back of this mini budget, equivalent to two average workers pay, nearly. and it's absolutely obscene. it explains why after 12 years of conservative rule we have the worst investment in the g7, the worst increase in wages in the g7 and of course that is on the

back of the lowest corporation tax, so there recipe for growth is already a failure and it will fail the whole country and let down working people. the whole country and let down working people-— the whole country and let down working people. the whole country and let down workin: --eole. ., . ., «e , working people. how much more likely does this make — working people. how much more likely does this make it _ working people. how much more likely does this make it that _ working people. how much more likely does this make it that members - working people. how much more likely does this make it that members of - does this make it that members of your trade union across the country are going to see their members balloting for potential strike action because they want better pay rises. e ., , ., ., e' action because they want better pay rises. e ., , ., ., ,, , rises. millions of working people are seeinu rises. millions of working people are seeing their _ rises. millions of working people are seeing their real— rises. millions of working people are seeing their real pay - rises. millions of working people are seeing their real pay cut - rises. millions of working people are seeing their real pay cut in i are seeing their real pay cut in real terms and of course working people will stand up for better pay and conditions. we've also heard from the chancellor a pathetic attempt to launch a culture war against working families trade union standing upfor against working families trade union standing up for better conditions. it won't wash and it's a pathetic attempt to distract from the fact that this is a mini budget for the rich and wealthy corporations and thatis rich and wealthy corporations and that is robbing ordinary work —— robbing ordinary working families

blind. , ,, .,~e blind. rishi sunak when he was chancellor _ blind. rishi sunak when he was chancellor was _ blind. rishi sunak when he was chancellor was criticised - blind. rishi sunak when he was chancellor was criticised for - chancellor was criticised for increasing tax as much as he did in his tenure and now we have the chancellor doing the same and still the conservatives are criticised. there are better ways to have a fair tax system so we were always concerned that national insurance cuts would hit the lowest pay the hardest but you could equalise with capital gains tax. why shouldn't capital gains tax. why shouldn't capital gains tax. why shouldn't capital gains be the same as the tax rate ordinary people pay? that would raise 17 billion which would pay for inflation —— inflation proofed pay rises for public workers. the government ought to be getting to grips with the workforce in the nhs and across public services that we are resilient to ensure we have a healthy workforce to get around the country and travel to work and be

educated and skilled and these are much better investments than tax giveaways to friends in the city or sitting in boardrooms. they don't need the money. but working families desperately do. we need the money. but working families desperately do— need the money. but working families desperately do-_ desperately do. we heard the chancellor — desperately do. we heard the chancellor talking _ desperately do. we heard the chancellor talking about - desperately do. we heard the i chancellor talking about changes to strike legislation which say they will require unions to put pay offers to member so they can vote on them. given that trade unions pride themselves, surely this is a better way of avoiding disputes in the future. . . way of avoiding disputes in the future. ., ., , ., way of avoiding disputes in the future. . ., , ., ., way of avoiding disputes in the future. ., ., , ., ., ., future. lane after you argue to get fair -a future. lane after you argue to get fair pay and _ future. lane after you argue to get fair pay and conditions _ future. lane after you argue to get fair pay and conditions and - future. lane after you argue to get fair pay and conditions and that i fair pay and conditions and that proposal means any bad employer in the style of p and o proposal means any bad employer in the style of p and 0 can put forward a mickey mouse offer and force unions to delay in order to ballot again and then it cost huge amounts

to ballot members because we are alone as a democratic organisation, unlike the conservative party and its recent leadership contest, we are prevented from using safe and secure electronic balloting which makes it very expensive and nobody should be under any illusion and it is about a culture war to attack working people and unions as a way of distracting from the fact that they are robbing ordinary working families blind, and that will be bad for the economy in the long run as if people don't have money in their pockets to spend in local high streets, we will see more boarded—up shops and —— shops and businesses. our business correspondent marc ashdown is at a community grocery in bolton. he has been getting some reactions to today's announcement. this community grosses, what they do is that people join up, pay a fee, £5 a year and when they do their shopping like here, they pay £4 per get a lot more for their money,

about £25 off shopping at a time so it really helps ends meet. john about £25 off shopping at a time so it reé you elps ends meet. john "nnn —— about £25 off shopping at a time so it reé you thinkends meet. john "nnn —— about £25 off shopping at a time so it reé you think it is meet. john "nnn —— about £25 off shopping at a time so it reé you think itis r mean, hn "nnn —— about £25 off shopping at a time so it reé you think itis r mean, cutting n what you think it will mean, cutting a little bit of national insurance? hopefully they will buy more stuff with the increase we hope to get. thanks forjoining us. if we spin around here, we spoke to you earlier, fay, and you were worried about universal credit and they have made an announcement on that and we have to spend more time looking for work, so what is your reaction? i work, so what is your reaction? i have children so i can only work during the times when they are at school, so i can't work full time so

i have no one to look after them during the school holidays, so it's something we have to look at now, but obviously i am on universal credit and i want to find a job and i'm looking for a job and applying for them and i'm just hoping we can get extra money to survive through this winter. , . get extra money to survive through this winter-— this winter. they are trying to do something _ this winter. they are trying to do something to — this winter. they are trying to do something to help, _ this winter. they are trying to do something to help, the - this winter. they are trying to do i something to help, the government, but the prices are going up and some of that is out of their control. i of that is out of their control. i don't think it is out of their control. they could do more to help families that are struggling at this time and worried about the future. i think they should have done more in the budget, i have to say. especially with the rising energy prices. there should have been of a cab on that, something to help us here. , , , , . , here. they help with energy prices, will make a — here. they help with energy prices, will make a difference? _ here. they help with energy prices, will make a difference? i _ here. they help with energy prices, will make a difference? i don't i will make a difference? i don't think so, _ will make a difference? i don't think so. to — will make a difference? i don't think so, to be _ will make a difference? i don't think so, to be honest. - will make a difference? i don't think so, to be honest. i i will make a difference? i don't think so, to be honest. i was l will make a difference? i don't i think so, to be honest. i was hoping for a bit more, think so, to be honest. i was hoping fora bit more, i've think so, to be honest. i was hoping for a bit more, i've got to be honest. i worry about putting the heating and i think about bringing a duvet down so we can sit the front room and huddle together, so i've

not got the heating on, but no, i think a lot more could have been done to be honest. b, think a lot more could have been done to be honest.— think a lot more could have been done to be honest. a lot of this is cominu done to be honest. a lot of this is coming on — done to be honest. a lot of this is coming on quite _ done to be honest. a lot of this is coming on quite soon. _ done to be honest. a lot of this is coming on quite soon. chris i done to be honest. a lot of this is coming on quite soon. chris mrs i coming on quite soon. chris mrs looming, the cold weather. how are you feeling? —— christmas is looming. b. you feeling? -- christmas is looming-— you feeling? -- christmas is loomina. �* , ., , , you feeling? -- christmas is loomina. �* , ., , looming. a bit worried. the bits of money are — looming. a bit worried. the bits of money are used — looming. a bit worried. the bits of money are used to _ looming. a bit worried. the bits of money are used to save _ looming. a bit worried. the bits of money are used to save i - looming. a bit worried. the bits of money are used to save i cannot i looming. a bit worried. the bits of i money are used to save i cannot save now because i'm spending on food and general things, so i am worried as it comes to christmas what i am going to do for christmas presents and when it gets really cold and we get snow, i don't know what would all do. ,., ., get snow, i don't know what would all do. , j“ get snow, i don't know what would all do. j“ ., get snow, i don't know what would all do. ., ., «e get snow, i don't know what would all do. ., ., ~e get snow, i don't know what would all do. ., ., ,, y., ., all do. good luck and thank you for 'oinin: all do. good luck and thank you for joining us- — all do. good luck and thank you for joining us- if— all do. good luck and thank you for joining us- if we — all do. good luck and thank you for joining us. if we track— all do. good luck and thank you for joining us. if we track back, - all do. good luck and thank you for joining us. if we track back, john, | joining us. if we track back, john, a local businessman, there was a lot in there for businesses. corporation tax firstly, not going up to 25%, how much difference will it make? they are not giving back. it's not going _ they are not giving back. it's not going to — they are not giving back. it's not going to happen. but we had budgeted for it. _ going to happen. but we had budgeted for it. so— going to happen. but we had budgeted for it, so potentially it saves us £60,000 — for it, so potentially it saves us £60,000 per year for it, so potentially it saves us £60,000 peryearand for it, so potentially it saves us £60,000 per year and that that is too full—time basic salaries, so that— too full—time basic salaries, so that will— too full—time basic salaries, so that will help with recruitment. it's that will help with recruitment. it's quite — that will help with recruitment. it's quite a big difference, to more people being hired.— it's quite a big difference, to more people being hired. absolutely. the

reali is people being hired. absolutely. the reality is what _ people being hired. absolutely. the reality is what we _ people being hired. absolutely. the reality is what we have _ people being hired. absolutely. the reality is what we have hired - people being hired. absolutely. the reality is what we have hired them i reality is what we have hired them anyway, _ reality is what we have hired them anyway, yes? by dabbling little helps _ anyway, yes? by dabbling little helps with the rest of the cost going — helps with the rest of the cost going on _ helps with the rest of the cost going on. —— but every little helps. there _ going on. —— but every little helps. there is— going on. —— but every little helps. there is one — going on. —— but every little helps. there is one rate of tax now and you must have people in your organisation you pay that. will that make a difference to them? yes. organisation you pay that. will that make a difference to them? yes, some small employees _ make a difference to them? yes, some small employees will _ make a difference to them? yes, some small employees will benefit. - make a difference to them? yes, some small employees will benefit. i - make a difference to them? yes, some small employees will benefit. i was i small employees will benefit. i was surprised _ small employees will benefit. i was surprised at that, genuinely. i did think— surprised at that, genuinely. i did think he _ surprised at that, genuinely. i did think he would do something at the lower— think he would do something at the lower rate — think he would do something at the lower rate that would affect more people. _ lower rate that would affect more people, but i guess rewarding success— people, but i guess rewarding success and hard work, he wanted to drive _ success and hard work, he wanted to drive growth — success and hard work, he wanted to drive growth and he wanted to drive individual— drive growth and he wanted to drive individual responsibility to go out there _ individual responsibility to go out there and — individual responsibility to go out there and do more for yourself. i understand — there and do more for yourself. i understand it, but i was surprised there _ understand it, but i was surprised there was— understand it, but i was surprised there was nothing done in the lower threshold _ there was nothing done in the lower threshold. will there was nothing done in the lower threshold. ~ . ., there was nothing done in the lower threshold. ~ ., ,, ., threshold. will talk about the trickle down _ threshold. will talk about the trickle down and _ threshold. will talk about the trickle down and morale, i threshold. will talk about the j trickle down and morale, that threshold. will talk about the i trickle down and morale, that sort of thing, will that help boost everyone? i of thing, will that help boost everyone?— of thing, will that help boost everyone? of thing, will that help boost eve one? ., .,, ., everyone? i would hope so. i would su: est everyone? i would hope so. i would suggest as— everyone? i would hope so. i would suggest as well _ everyone? i would hope so. i would suggest as well that _ everyone? i would hope so. i would suggest as well that the _ everyone? i would hope so. i would suggest as well that the stamp i everyone? i would hope so. i wouldl suggest as well that the stamp duty, the increase there will help people.

we have _ the increase there will help people. we have colleagues and we know stamp duty is _ we have colleagues and we know stamp duty is a _ we have colleagues and we know stamp duty is a challenge because you cannol— duty is a challenge because you cannot use that and you have to take it from _ cannot use that and you have to take it from the _ cannot use that and you have to take it from the equity and we will use it. it from the equity and we will use it in— it from the equity and we will use it in the — it from the equity and we will use it. in the middle of house moves and they've _ it. in the middle of house moves and they've had _ it. in the middle of house moves and they've had a — it. in the middle of house moves and they've had a challenging time on those _ they've had a challenging time on those because of the interest rate rises _ those because of the interest rate rises and — those because of the interest rate rises and they've had to do all the documentation and that will help, i know— documentation and that will help, i know that — documentation and that will help, i know that for a fact. how documentation and that will help, i know that for a fact.— documentation and that will help, i know that for a fact. how about the investment — know that for a fact. how about the investment hubs. _ know that for a fact. how about the investment hubs. that _ know that for a fact. how about the investment hubs. that is _ know that for a fact. how about the | investment hubs. that is something they are pushing. will that help boost growth and expansion for the likes of you? for boost growth and expansion for the likes of you?— boost growth and expansion for the likes of you? for us, absolutely. we are opening — likes of you? for us, absolutely. we are opening an _ likes of you? for us, absolutely. we are opening an office _ likes of you? for us, absolutely. we are opening an office in _ likes of you? for us, absolutely. we are opening an office in swansea i are opening an office in swansea next _ are opening an office in swansea next year. — are opening an office in swansea next year, september and hopefully it is one _ next year, september and hopefully it is one of— next year, september and hopefully it is one of the areas that will be right— it is one of the areas that will be right back— it is one of the areas that will be right back for this. potentially, we could _ right back for this. potentially, we could move that forward. that's how exciting _ could move that forward. that's how exciting it _ could move that forward. that's how exciting it is — could move that forward. that's how exciting it is for our organisation. some _ exciting it is for our organisation. some breaking news from west yorkshire police who say they have

arrested a second person, a 15—year—old boy, in connection with the murder of a 15—year—old who was fatally stabbed outside his school in huddersfield. a 16 year had previously been arrested, but now this second person, another teenager, a 15 boy also arrested in connection with the death. a cornish castle immortalised in british mythology as the place of king arthur's conception is at risk of tumbling into the sea, as climate change increases the pace of coastal erosion. tintagel castle is one of several sites at risk of being lost forever — english heritage has warned — as rising seas pound the coastline. jonah fisher reports. britain's coastline is under attack like never before, and what was once our first line of defence, our castles are crumbling. this is a wing of hurst castle in hampshire.

it collapsed into the water last year. built by henry viii to repel invaders, rising sea levels are now proving a dogged enemy. so the issue that we're really facing, these days, is climate change. we're seeing more and more sites exposed and vulnerable to the impacts of our higher sea levels. we're looking at more storm damage and we're seeing greater levels of erosion than we've ever seen before. english heritage has named six sites it considers most at risk from coastal erosion. they include tintagel, the legendary home of king arthur, in cornwall. piel castle in cumbria, which is on an island that's eroding fast. in the dart estuary in devon, bayard“s cove, fort. garrison walls on the scilly islands. and calshot castle in the river solent. there is a real risk that some of the sites we look after are not going to be able to be defended for ever. and we can't stand in the way

of natural processes — we have to let them work naturally, we have to allow erosion to occur. so we're not trying to stand in the way of it, what we're trying to do now is essentially buy time. so places that people value and people want to look after, we can put measures in place to protect them. an appeal has been launched to raise money to defend the sites. britain's coast is and has always been shaped and changed by waves and storms. but with scientists predicting that sea levels could rise by as much as a metre by the end of the century, difficult decisions will have to be made about what homes and what castles we try to protect. jonah fisher, bbc news. in a moment, the bbc news at one with jane hill, but first it's time for a look at the weather with ben many parts of the uk are seeing a lot of sunshine at the moment, bright but cool weather spreading south, and sunshine and a scattering of showers, but the band of cloud

and rain continuing to affect the south—east corner and that will be a feature for much of the next 2a hours. very slow moving, this band of cloud and rain and it will linger across the south—east and into parts of east anglia as we go through the evening. elsewhere, clearspells, scattered showers, particularly in eastern scotland and north—east england and a cold night in parts of scotland, mildersouth england and a cold night in parts of scotland, milder south and east where we start tomorrow with more cloud and with those outbreaks of rain which could linger for a cloud and with those outbreaks of rain which could lingerfor a good part of the day. elsewhere, sunny spells and scattered showers and most of them by the afternoon in england and wales, not as many for northern ireland and scotland. a keen breeze making it feel cooler with highs between 1a and 18 degrees and another fairly cool day on sunday. the best of the sunshine will be in the south, more cloud across the north of the uk.

a massive shake—up of the uk“s finances — the chancellor unveils a series of tax cuts and other economic measures. changes are announced to income tax and stamp duty, and kwasi kwarteng abolishes the cap on city bonuses. we promised a new approach for a new era, we promised to release the enormous potential of this country. our growth plan has delivered all those promises and more. labour said the changes are a "comprehensive demolition" of the government's last 12 years in power. it is a budget without without figures, a menu without prices. speaker, what has the chancellor got to hide? the institute for fiscal studies says the announcements are the biggest tax—cutting budget

in half a century.