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tv   The Mini- Budget  BBC News  September 23, 2022 3:30pm-3:46pm BST

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with the death of a 15—year—old boy who was stabbed outside his school gates, according to police. khayri mclean died in hospital after an attack near the entrance of north huddersfield trust school on wednesday afternoon. yesterday, west yorkshire police arrested a 16—year—old boy in huddersfield, on suspicion of murder. the coroner at the inquest into the death of m—year—old, molly russell, issued a warning to the court about the distressing, harmful content of videos that the teenager had watched on instagram. the warning came before a series of video clips, found on her account, were shown to the hearing. our correspondent, angus crawford, is following the inquest in north london. bring us up to date with what happened today, please. molly russell took _ happened today, please. molly russell took her _ happened today, please. molly russell took her own _ happened today, please. molly russell took her own life - happened today, please. mollyl russell took her own life almost five years ago. her family believe she was happy and healthy, bubbling
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with enthusiasm for life but after her death they discovered she had been looking at a huge amount of content on social media sites relating to suicide, relating to self—harm. today at the start of proceedings, we saw some of that footage. 17 videos that had been found on instagram, which we know molly had either liked or had a look at. and the coroner took the unusual move of warning everyone in court how very distressing this footage was. he said it was almost impossible to watch. the videos were then played one after another. very brief videos, but showing images of death and ways that people could commit suicide. and the court room was absolutely silent. the coroner said to molly's family they did not need to remain in court to see this footage but they decided to remain within the court and at one point
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molly's father, ian, looked away from the screen. after that we heard evidence from an executive from mehta, the company which oversees instagram. this was a very important moment because this was the first time in the uk a senior executive from meta has appeared in a court room to give evidence about the site. there was a lot of debate about images of self—harm that could be seen at the time on instagram and whether those sorts of images could actually help people by providing awareness of the issue or whether the images might encourage people to self—harm and the executive replied it was a complicated matter and we also heard at the time that molia signed up to instagram there was no age control and she was only 12 years old when she should have been 13, to be able to sign up to the site and we also heard during proceedings that on a number of
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occasions, instagram recommended sites for her to follow that were related to suicide and self—harm. proceedings have finished for the day and we will hear further from the executive from meta on monday morning. and if you have been affected by any of the issues raised by this, you can find help and support from organisations listed at bbc.co.uk/actionline. dame vera baird said she was quitting because of the government failure to tackle what she called a catastrophic backlog of cases. in catastrophic backlog of cases. in getting to court which was causing anguish to victims.
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sport and for a full round up, from the bbc sport centre, here's chethan. we will start with tennis and emma raducanu is through to the semifinals of the korea open after winning three run to the us open. raducanu yet to drop a set at the tournament and will face the former french open champion 0stapenko in the semifinals. it is the day that tennis fans never wanted to come, the end of an era and roger federer is retiring at the age of 41 and playing in the doubles in london as part of a european team that also includes fellow multiple grand slam champions, novak djokovic, andy murray and his friend and greatest rivals, rafael nadal. he will play alongside him against the team world
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team and rafa nadal says he's super excited to play with federerfor a last time. one of the most important players, one of the most important players in my tennis career is leaving, and, at the end, to live this moment will be difficult, and of course i am super excited and grateful to play with him. next, gareth southgate is hoping england can rediscover their form as they look to form as they look to avoid relegation from the nations league. they are without a victory in the group and they play italy in milan tonight before germany come to when we on monday in the final two matches before the world cup in qatar where the football association says that the players will wear a one love armband to highlight human rights issues. the fa has backed calls for compensation to be awarded for any
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injury or death related to world cup construction projects. the people i've spoken to have explained to me, human rights lawyers in particular, that there's not a lot more that the players in particular can do than talk about those issues and put them on the table because, in the end, we are asking for change in a country that we are respectful of, that has made a lot of progress but also we don't have any control over. flying the england's women's team to the rugby world cup has been described as a challenging decision and they begin theirjourney which will take almost 30 hours. the younger men travelled in business class and the rfu said is because
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the women's team are loss—making and they have to make challenging decisions around what they can invest in. just time to tell you that pakistan, england just got their third t20 international under way and it currently level and they have lost the toss and been put into bat by pakistan and england were 12 without loss. that's all from me. now it is time for your questions answer. earlier today, in his mini—budget, the chancellor kwasi kwarteng outlined a series of tax cuts and spending meaures which the government says will help boost economic growth. the independent institute for fiscal studies says it's the biggest tax cutting budget for 50 years. critics say funding the tax cuts will lead to unsustainable borrowing. what does it all mean for you? let's try to answer some of your questions.
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i'm joined by yael selfin, chief economist at kpmg and by sue hayward who's a personal finance and consumerjournalist. sue, a question from john in colchester. what are the changes to stamp duty and when are the changes to stamp duty going to take effect? the changes are actually coming in today. this is one of those immediate changes, so stamp duty, as many people will know is a government tax that you pay when you buy property or land and they are complicated because there's different thresholds and rates but the changes introduced today that means if you are completing a property purchase, these changes take effect for you moving forward and you could previously have up to £125,000 of not paying stamp duty but that is now doubled which means
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the first £250,000 of property price, you don't pay stamp duty and if you are a first—time buyer, previously there was an allowance of £300,000 that you did not have to pay stamp duty on. and that has increased to £a25,000 from today and it's worth pointing out that there are different levels and rates you pay stamp duty at if you are liable to pay it and this has not changed, between five and 12% depending on which band you fall into and definitely it is from today, which can be a tough one because if there's a lot of people who have completed on properties yesterday, they will be thinking they've missed out by thousands of pounds. find they will be thinking they've missed out by thousands of pounds. and i'm uuuessin out by thousands of pounds. and i'm guessing margaret, _ out by thousands of pounds. and i'm guessing margaret, who _ out by thousands of pounds. and i'm guessing margaret, who sent - out by thousands of pounds. and i'm guessing margaret, who sent in - out by thousands of pounds. and i'm guessing margaret, who sent in the. guessing margaret, who sent in the question might be in that boat because she is asking can they stamp duty can't be applied retrospectively. duty can't be applied retrosectivel . ., ., ,
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retrospectively. unfortunately you can't. it's retrospectively. unfortunately you can't- it's very _ retrospectively. unfortunately you can't. it's very much _ retrospectively. unfortunately you can't. it's very much a _ retrospectively. unfortunately you can't. it's very much a cliff- retrospectively. unfortunately you can't. it's very much a cliff edge, l can't. it's very much a cliff edge, from today and its new rules, so from today and its new rules, so from yesterday the old rules apply. you cannot do that, even if under stamp duty rules you have 1a days to make the stamp duty payment, but evenif make the stamp duty payment, but even if you completed yesterday and you physically are not making the payment for a few days, you still need to make it, so unfortunately, yes, it's one of the things that with a lot of decisions like that, it's really harsh because we are talking thousands of pounds for the difference between completing yesterday or today.— difference between completing yesterday or today. difference between completing esterda ortoda. ., , ,, ., yesterday or today. yael, debbie and how an of yesterday or today. yael, debbie and how any of this _ yesterday or today. yael, debbie and how any of this helps _ yesterday or today. yael, debbie and how any of this helps if _ yesterday or today. yael, debbie and how any of this helps if mortgage - how any of this helps if mortgage rates keep rising? tide how any of this helps if mortgage rates keep rising?— rates keep rising? we are in the middle of a _ rates keep rising? we are in the middle of a cost _ rates keep rising? we are in the middle of a cost of _ rates keep rising? we are in the middle of a cost of living - rates keep rising? we are in the middle of a cost of living crisis. | middle of a cost of living crisis. and this — middle of a cost of living crisis. and this is _ middle of a cost of living crisis. and this is notjust in the uk, but in europe, — and this is notjust in the uk, but in europe, and we need to look at it in europe, and we need to look at it in the _ in europe, and we need to look at it in the broader picture. mortgages are rising — in the broader picture. mortgages are rising because of rates on borrowing _ are rising because of rates on borrowing being linked to the base interest— borrowing being linked to the base interest rates set by the bank of
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england. — interest rates set by the bank of england, and the bank of england's main remit— england, and the bank of england's main remit is to bring inflation down, — main remit is to bring inflation down, which would benefit everyone, because _ down, which would benefit everyone, because it _ down, which would benefit everyone, because it important to have lower inflation, _ because it important to have lower inflation, and therefore that would limit the _ inflation, and therefore that would limit the extent to which pay is failing — limit the extent to which pay is failing in — limit the extent to which pay is falling in real terms, and the extent— falling in real terms, and the extent to _ falling in real terms, and the extent to which costs are rising. so, extent to which costs are rising. 50. even — extent to which costs are rising. so, even though interest rates are rising _ so, even though interest rates are rising reai— so, even though interest rates are rising. real interest rates are still— rising. real interest rates are still negative and inflation is currently around 10% compared to mortgage — currently around 10% compared to mortgage rates of around between three _ mortgage rates of around between three and — mortgage rates of around between three and 4% on the other thing we need _ three and 4% on the other thing we need to— three and 4% on the other thing we need to bear in mind is around 50% of outstanding mortgages are fixed for between one and two years or five years — for between one and two years or five years or more, so half of the borrowers — five years or more, so half of the borrowers will still be protected for some — borrowers will still be protected for some time and it will give them time to— for some time and it will give them time to adjust to a higher rate of
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interest, — time to adjust to a higher rate of interest, and generally what i would recommend this for people to try and prioritise _ recommend this for people to try and prioritise paying off their unsecured debt and debt that is subject— unsecured debt and debt that is subject to variable interest rates ahead _ subject to variable interest rates ahead of— subject to variable interest rates ahead of all of the other potential debt that — ahead of all of the other potential debt that they have.— debt that they have. david in colchester _ debt that they have. david in colchester asks _ debt that they have. david in colchester asks where - debt that they have. david in colchester asks where is - debt that they have. david in colchester asks where is the | debt that they have. david in - colchester asks where is the help for pensioners in this statement? there was nothing specific for pensioners, but having said that, some of the tax cuts made could benefit pensioners depending on your specific financial situation. the cut in income tax and the basic rate of 20p down to 19p, which takes effect from next year, if you are working or even if you have income and that can be earned income or savings and investments, so if you are earning over the tax—free threshold of £12,570 per year, that cut in the basic rate of income tax will benefit you, is a very rough
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guide, about a a year, and also if pensioners are working, then the cut in the 1.25% national insurance levy which was for health and social care, national insurance is not something pensioners usually pay, evenif something pensioners usually pay, even if they were working, but this levy was something they were going to pay, so obviously if you are working as a pensioner, then you won't be paying that any more, so they are small cuts. nothing big, nothing significant there for pensioners specifically, but though small cuts may, in some small way to make a difference to some people. yael, one question is what is happening with the triple lock scheme for pensioners? well, the tri - le lock scheme for pensioners? well, the triple lock guarantee _ scheme for pensioners? well, the triple lock guarantee on _ scheme for pensioners? well, the triple lock guarantee on pensions| triple lock guarantee on pensions was introduced about a decade ago and it— was introduced about a decade ago and it was— was introduced about a decade ago and it was to ensure that pension growth _ and it was to ensure that pension growth does not fall behind wages, so it is— growth does not fall behind wages, so it is formulated as pensions are upgraded — so it is formulated as pensions are
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upgraded each year by the highest of three elements. we had the pay growth, — three elements. we had the pay growth, cpi inflation or act to —— 2~5%_ growth, cpi inflation or act to —— 25% and — growth, cpi inflation or act to —— 2.5% and they suspended that as pay growth _ 2.5% and they suspended that as pay growth was _ 2.5% and they suspended that as pay growth was affected by the effects of coronavirus and that did not necessarily represent the true pay growth, _ necessarily represent the true pay growth, so — necessarily represent the true pay growth, so it became a double lock instead _ growth, so it became a double lock instead of— growth, so it became a double lock instead of the triple lock with inflation _ instead of the triple lock with inflation at 2.5%, and pensions were operated _ inflation at 2.5%, and pensions were operated by— inflation at 2.5%, and pensions were operated by 3.1% in line with inflation, _ operated by 3.1% in line with inflation, now, the government intends — inflation, now, the government intends to— inflation, now, the government intends to reinstate the triple up from _ intends to reinstate the triple up from next — intends to reinstate the triple up from next april and that means that the pensions would be upgraded in line with _ the pensions would be upgraded in line with high inflation at the moment, so for the operating which is in september, the focus is that inflation — is in september, the focus is that inflation would be about 10%. the
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downside — inflation would be about 10%. the downside of that is that many pensioners will likely have to start paying _ pensioners will likely have to start paying income tax as they will be dragged — paying income tax as they will be dragged above the income tax threshold that has been frozen, and this would _ threshold that has been frozen, and this would also be relatively costly for the _ this would also be relatively costly for the chancellor and could mean about— for the chancellor and could mean about 12 _ for the chancellor and could mean about 12 billion next year in upgrading the pension. sue, one ruestion upgrading the pension. sue, one question is— upgrading the pension. sue, one question is what _ upgrading the pension. sue, one question is what help _ upgrading the pension. sue, one question is what help is - upgrading the pension. sue, one question is what help is there . upgrading the pension. sue, one question is what help is there on j question is what help is there on energy bill for part—time workers? nothing specific for part—time workers but they will still be getting the £400 energy bill discount, but one thing is that if people are working from home and part—time workers might well be working from home, you might be able to claim the working from home tax allowance. that is worth around £60 per year and applies if an up —— an
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employer asks you to work from home, so if you

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