this is bbc news. these are the latest headlines in the uk and around the world. the pound plunges to an all—time low against the us dollar, days after the uk chancellor unveiled historic tax cuts in his mini—budget funded by borrowing. the opposition labour party calls on the government to act. i think that the good bank will come under pressure to stem this inflationary pressure and selling off of sterling, but really, we need the chancellor to get a grip of this. a moment of history in italy. far right leader giorgia meloni is set to win the election putting her in line to be the country's first female prime minister. if we are called to govern this nation, we will do so on everybody

�*s behalf. we will do it for all italians, with a clear objective of uniting the people, of underlining what unites it, rather than what divides it. nine people, including five children, are dead and some 20 wounded after a gunman opened fire in school 88 in the central russian city of izhevsk, the interior ministry has said. five rescuers have been killed after being swept away in flash floods caused by a typhoon in the philippines. super typhoon noru has brought winds of up to 175 kilometres an hour. and, nasa prepares to crash a probe into an asteroid to see how to stop a space rock from hitting earth. hello and welcome if you're watching in the uk or around the world.

the value of the pound fell to a record low against the dollar overnight, following the uk government's announcement of large tax cuts funded by borrowing. in asian trading, sterling fell four per cent, close to $1.03 — it's recovered much of that ground this morning. the fall in the pound since friday threatens to further fuel inflation, because it makes imports into the uk more expensive, and adds to the costs for british businesses. it also puts further pressure on the uk's finances — the government's cost of borrowing has risen sharply again this morning. markets are signalling they expect the bank of england to raise interest rates further as a response to sterling's fall, with investors predicting interest rates could reach nearly six percent next year, sending the cost of borrowing for uk consumers sharply higher. earlier, sterling hit a record low and it does continue to fluctuate.

sirjohn gieve is a former deputy governor of the bank of england and was a member of the monetary policy committee, the group that decides interest rates in the uk. he spoke about his concern this morning. i think i would be worried. the bank, and indeed the government, have indicated that they are going to take their next decision in november, and publish forecasts and so on at that point. and the worry is that they may have to take action a bit sooner than that. there are two things when the currency moves. there are two instruments that are immediately available. one is to use the country's reserves to buy pounds, and therefore increase its value, we don't have many reserves compared to the scale of currency markets, so i think that is not seen as an effective weapon. the other is to put up interest rates.

let's speak to our correspondent andy verity, who's with me now. what are the numbers telling you? well, the pound has stemmed a lot of its losses, so although it hit an all—time dollar —— all—time low against the dollar it has bounce a little bit, hovering around the $1.07 mark. compared to what that was just over a year ago, when $1.07 mark. compared to what that wasjust over a year ago, when it wasjust over a year ago, when it was much higher, about 20% higher, thatis was much higher, about 20% higher, that is a significant devaluation. but we really need to keep a close eye on, and what the government, whatever it says in public, can't be too relaxed about, it of what is happening to the cost of borrowing. government borrowed money by issuing bonds that will send on the bond market. investors calculate what they think the risks are, and the higher they think the risks are, the more interest rate they demand, so the yield on gilts, the amount of

interest you are effectively collecting, goes up. that is what we'll have to keep a close eye on over the next few hours and days. this borrowing over ten years, an iou note for the covenant to borrow over ten years, requires an interest rate 30 points higher and that is a huge move. that reflects the bond market saying we now think it is a lot riskier than last week to lent to the uk govern. so lot riskier than last week to lent to the uk govern.— lot riskier than last week to lent to the uk govern. so it is a lack of confidence — to the uk govern. so it is a lack of confidence in _ to the uk govern. so it is a lack of confidence in the _ to the uk govern. so it is a lack of confidence in the government - to the uk govern. so it is a lack of confidence in the government 's i confidence in the government �*s strategy? confidence in the government 's strate: ? , ., confidence in the government 's strate: ? , . , confidence in the government 's strate: ? , ., , ., confidence in the government 's strate: ? , . , ., , strategy? yes, and it is not 'ust animal spirits, i strategy? yes, and it is not 'ust animal spirits, not i strategy? yes, and it is not 'ust animal spirits, not just i strategy? yes, and it is notjust animal spirits, notjust marketl animal spirits, not just market sentiment animal spirits, notjust market sentiment that we are talking about. we are talking about real concrete consequences for the government from the fact that it is going to cost a lot more to borrow. in the pandemic, the government borrowed huge amounts. 2020—21, we had more than £300 billion of borrowing. but it was manageable because, back then, those yields that i was talking about, the effective interest rates the government would pay, were a tenth of what they are now. a year

ago, it was one of what they are now, so it is nine times as much that the markets are now requiring in interest. we don't know the exact amount that is going to cost the government out of taxpayers money to service that debt, and that is a crucial figure that we are missing. how much is it going to cost to that debt. interest rates have risen substantially. we don't have that because the government chose not to have official forecasts from the office for budget responsibility. instead, we have market speculating about how much it is going to require in order to cover off those risks. the institute for fiscal studies calculates that over the next three or four years, we are talking about half £1 trillion extra that the government is going to borrow, notjust to that the government is going to borrow, not just to fund that the government is going to borrow, notjust to fund help that the government is going to borrow, not just to fund help for energy bills, but also tax cuts so it is very serious at the moment in terms of the squeeze on government finances. in terms of the squeeze on government finances. , ., ., , ., , ., finances. in terms of options for the bank of _ finances. in terms of options for the bank of england _ finances. in terms of options for the bank of england or - finances. in terms of options for the bank of england or the - the bank of england or the government, what are they? there are two thin . s government, what are they? there are two things that — government, what are they? there are two things that economists _ government, what are they? there are two things that economists are - two things that economists are calling for to happen. we heard the man who used to be one of the

world's biggest bond traders, and he was saying that you have got one or two choices. either the chancellor has to change his plan so they appear more credible, or the bank of england has to call an emergency meeting. you can't do nothing. i contacted the bank of england this morning to ask if they would say anything today, or have an emergency meeting and i'vejust anything today, or have an emergency meeting and i've just heard back, anything today, or have an emergency meeting and i'vejust heard back, no comment. of course you would expect them to say that, but many economists are saying they cannot say nothing until november and markets are now pricing in that the bank of england will have to raise rates by as much as one and three quarters percentage point in november, and that base rates will reach 6% by this time next year. that is frightening, notjust if you are on a variable rate mortgage, but even on a fixed rate coming to an end in the next year or two, you won't be able to replace your mortgage with anything like the same repayments. mortgage with anything like the same re -a ments. ., ~ mortgage with anything like the same rea ments. ., ~ ,, mortgage with anything like the same rea ments. ., ~ ~ ., repayments. thank you. we will have to leave it there. _ for more on this, we're joined now by martin weale, professor of economics at king's college london and former member of the bank

of england's monetary policy committee. do you think the bank of england will have to call an emergency meeting? will have to call an emergency meetin: ? ~ ~ , meeting? well, i think it is unclear- — meeting? well, i think it is unclear. on _ meeting? well, i think it is unclear. on friday, - meeting? well, i think it is unclear. on friday, i- meeting? well, i think it is unclear. on friday, i had . meeting? well, i think it is. unclear. on friday, i had not expected the fall in sterling to continue, and i'm sure they will be looking nervously at the numbers to see whether the exchange rate is stabilising. of italy, they may need an emergency meeting. == stabilising. of italy, they may need an emergency meeting. -- obviously. and the worry — an emergency meeting. -- obviously. and the worry about _ an emergency meeting. -- obviously. and the worry about that _ an emergency meeting. -- obviously. and the worry about that is _ an emergency meeting. -- obviously. and the worry about that is that - an emergency meeting. -- obviously. and the worry about that is that it - and the worry about that is that it also sends a signal stop is that why they are not rushing to do that? i suppose they are not rushing to do it because they would like to maintain the normal policy round, but yes, you are right, if there is an emergency meeting, it does say that the bank of england is concerned about what is going on stop on the other hand, perhaps we would be more alarmed if they weren't concerned about what is going on. weren't concerned about what is auoin on. ., ., ~ going on. how high do you think rates should _ going on. how high do you think rates should go _ going on. how high do you think rates should go to, _ going on. how high do you think rates should go to, and - going on. how high do you think rates should go to, and at - going on. how high do you think rates should go to, and at what| rates should go to, and at what

pace? i rates should go to, and at what ace? ., , . ., �* rates should go to, and at what ace? . , �* ~ , pace? i really couldn't say. markets roduce pace? i really couldn't say. markets produce numbers _ pace? i really couldn't say. markets produce numbers because - pace? i really couldn't say. markets produce numbers because that - pace? i really couldn't say. markets produce numbers because that is i pace? i really couldn't say. markets i produce numbers because that is what they do, but last week there was a question of how much did interest rates need to rise to bring inflation under control, and this week that seems to be turning into the question, how much to interest rates need to rise to stabilise the financial market, and we don't really have much past experience in thinking about that. find really have much past experience in thinking about that.— thinking about that. and what is our view thinking about that. and what is your view of _ thinking about that. and what is your view of the _ thinking about that. and what is your view of the current - thinking about that. and what is | your view of the current moment thinking about that. and what is - your view of the current moment that we are in, and of the policy the government outlined last week? weill. government outlined last week? well, i think it is government outlined last week? well, i think it is an — government outlined last week? well, i think it is an extremely _ government outlined last week? vii i think it is an extremely difficult situation. in the period around the epidemic, as your correspondent mentioned, the government could borrow very cheaply. now, it looks as though the rate of interest is going to be faster than the rate of growth, plus the rate of inflation, and that means the tax cut today

just imply tax increases tomorrow. do you think that the chancellor should change course, or do you think that is unlikely?— think that is unlikely? well, i think that is unlikely? well, i think he should _ think that is unlikely? well, i think he should change - think that is unlikely? well, i. think he should change course. i think he should change course. i think the path he adopted was a mistake, but i also think it is rather unlikely that, you know, we have a prime minister that talks about the importance of doing something new, a new approach without really apparently considering whether it is a sensible approach. considering whether it is a sensible a- roach. .,, ., approach. kwasi kwarteng did say over the weekend _ approach. kwasi kwarteng did say over the weekend they _ approach. kwasi kwarteng did say over the weekend they were - approach. kwasi kwarteng did say i over the weekend they were looking to go even further potentially over the coming weeks and months, and their supporters have urged people to hold calmly on as there is instant reaction to the change of economic policy for the uk. do you think that is fair enough? mi economic policy for the uk. do you think that is fair enough? mil i economic policy for the uk. do you think that is fair enough?— think that is fair enough? all i can sa is think that is fair enough? all i can say is having _ think that is fair enough? all i can say is having frightened _ think that is fair enough? all i can say is having frightened people i say is having frightened people quite a lot on friday, he seems to have decided to frighten people more over the weekend, and that is

perhaps what we have been seeing this morning. obviously, sterling has recovered a bit, but it is still lower than where it was on friday evening. for lower than where it was on friday evenina. ., ., ., , lower than where it was on friday evenina. ., ., , evening. for ordinary people, those of us who are _ evening. for ordinary people, those of us who are not _ evening. for ordinary people, those of us who are not economists, - evening. for ordinary people, those of us who are not economists, howl evening. for ordinary people, those l of us who are not economists, how is this potentially going to affect us on a day—to—day basis? what this potentially going to affect us on a day-to-day basis?— this potentially going to affect us on a day-to-day basis? what it means is that inflation _ on a day-to-day basis? what it means is that inflation is _ on a day-to-day basis? what it means is that inflation is going _ on a day-to-day basis? what it means is that inflation is going to _ on a day-to-day basis? what it means is that inflation is going to be - is that inflation is going to be higher, and it also makes it, as your correspondent was saying, likely that interest rates will be higher, and of course both of those affect everyone, notjust people dealing in markets, notjust economists. dealing in markets, not 'ust economistsi dealing in markets, not 'ust economists. ., , ., economists. how risky is this? what is the worst — economists. how risky is this? what is the worst case _ economists. how risky is this? what is the worst case scenario _ economists. how risky is this? what is the worst case scenario that - economists. how risky is this? what is the worst case scenario that any l is the worst case scenario that any economist, anyone in the treasury, will be looking at now?— will be looking at now? well, i think the worst _ will be looking at now? well, i think the worst case _ will be looking at now? well, i think the worst case scenario l will be looking at now? well, i | think the worst case scenario is that we do have to have a very sharp increase in interest rates. we have been used to interest rates changing by relatively small amounts, but if you go back to the crisis in the 19705, you go back to the crisis in the 1970s, we did have a occasion is where interest rates were rising by

two percentage points in one go. find two percentage points in one go. and that is possible in your view, now? i'm not saying it is going to happen, but it has happened in the past and could happen again. professor of economics at king's couege professor of economics at king's college london, thank you for your time. the shadow chancellor rachel reeves called on the government quickly to calm markets. well, i am a former bank of england economist and i think that the bank will come under pressure to stem this inflationary pressure, and selling off of sterling. but really, we need the chancellor to get a grip on this. one of the things that concerned financial markets on friday was that more and more money was going to go in borrowing and government debt, despite the fact that there are windfall profits being made by the energy giants, which the government refuses to tax to fund the energy package, the energy price cap freeze, and the government are cutting tax for the very wealthiest in society on a permanent basis,

on the basis that they think somehow that wealth will trickle down to everybody else. rachel reeves there, the shadow chancellor. here with us now is the former conservative cabinet minister, david gauke. thank you forjoining us. how worried are you, and what do you think the treasury or the bank of england should do? it is think the treasury or the bank of england should do?— england should do? it is very concerning. _ england should do? it is very concerning, and _ england should do? it is very concerning, and as _ england should do? it is very concerning, and as your- england should do? it is very| concerning, and as your guest england should do? it is very - concerning, and as your guest set out a little earlier, if we see continue with turbulence in the markets, we continue to see gilt yields increasing and the pound falling, it has rallied a bit this morning, but the trend is still worrying, then that will have a real impact on the economy. it will have a real impact upon households up and down this country, so the need, i think, is to provide reassurance that the government is serious, that it is going to take a fiscally

responsible approach. i think the chancellor took great risks on friday, in terms of his announcement of tax cuts that were not funded, and then over the weekend, we have had briefing and very heavy hints dropped that there are more tax cuts to come, which don't appear to be in any way affordable. so the covenant has to recognise that the markets are jittery and nervous, has to recognise that the markets arejittery and nervous, and it has to act sensibly and responsibly and it can't keep making new promises for further tax cuts which cannot afford —— the government. i5 for further tax cuts which cannot afford —— the government. is it afford -- the government. is it ossible afford -- the government. is it possible that _ afford -- the government. is it possible that the _ afford —— the government. is it possible that the markets were just surprised, that people did not expect the scale of change, and that once people have had time to digest the plan from the government, things will calm down? it is the plan from the government, things will calm down?— will calm down? it is possible that these things _ will calm down? it is possible that these things will _ will calm down? it is possible that these things will calm _ will calm down? it is possible that these things will calm down, - will calm down? it is possible that these things will calm down, that l these things will calm down, that there is simply an adjustment that was needed, and now that has happened. you know, it may be nothing much more will happen. but that adjustment is already pretty painful and will mean that people will be paying higher mortgage rates

in future, will be paying higher mortgage rates infuture, and will be paying higher mortgage rates in future, and we will be paying more for imported goods because the pound is weak. you know, trying to tell precisely what is going to happen with the markets is enormously difficult, but what was perfectly obvious, and no one is making this point in hindsight, a lot of people were making this point, if you take risks with the announcement on friday, you have the energy package, you have the tax cuts that were promised in the election campaign which really shouldn't have been, and then further tax cuts, then you begin to make the public finances look less sustainable than they were previously. it is not a surprise that there was a market reaction on friday and some of that has continued this morning. [30 friday and some of that has continued this morning. do you think the bank of england _ continued this morning. do you think the bank of england will— continued this morning. do you think the bank of england will have - continued this morning. do you think the bank of england will have to - the bank of england will have to hold an emergency meeting, and how big a moment politically would that be? �* , ., ., , big a moment politically would that be? .,y '. big a moment politically would that be? '. be? it's a really difficult decision for the itank _ be? it's a really difficult decision for the bank of _ be? it's a really difficult decision for the bank of england, - be? it's a really difficult decision for the bank of england, and - for the bank of england, and presumably they will wait to see

what happens with the markets, as i say, things have stabilised a bit in the last hour or two. but if they don't hold a meeting, they cannot be accused of being complacent. if they do hold a meeting, it can look panicked. i think it would be a political moment if they were to hold such a meeting. they were told a meeting to put up interest rates earlier than was planned, and they are scheduled to meet again in november. were they to make that decision in the course of the next few days, that would be very difficult for the chancellor of the exchequer, and would, i think, demonstrate the problem is that he has created in his statement on friday and a subsequent talk. so yes, i think that will be a very difficult moment for the government. difficult moment for the bank of england. the independence of the bank of england is important. how that works is important to our economic credibility. by putting the bank of england in this very

difficult situation, none of the choices available to them are particularly attractive. d0 choices available to them are particularly attractive. do you think the particularly attractive. do you thinkthe liz— particularly attractive. do you think the liz truss, _ particularly attractive. do you think the liz truss, kwasi - particularly attractive. do you - think the liz truss, kwasi kwarteng combination at the top of government is going to be able to maintain support amongst conservative backbenchers because they have launched a radically different because from what has gone before in the last 12 years?— the last 12 years? well, i think the test was always _ the last 12 years? well, i think the test was always going _ the last 12 years? well, i think the test was always going to _ the last 12 years? well, i think the test was always going to be, - the last 12 years? well, i think the test was always going to be, you l test was always going to be, you know, would it work? if we saw growth returning and growing stronger, then conservative mps would support the strategy. but there was always this risk that they would be market turbulence in the short term, and if that continues my senseis short term, and if that continues my sense is that quite a lot of conservative mps are nervous about what is happening in the markets on friday and again this morning, and thatis friday and again this morning, and that is going to weaken the decision of the prime minister and the chancellor if that continues because

conservatives see themselves as winning elections on the basis of economic competence, and the longer this continues, the more damage is done to that reputation.— done to that reputation. thank you for our done to that reputation. thank you for yourtime- _ nine people, including five children, are reported to have been killed and 20 injured after a gunman attacked a school in the russian republic of udmurtia. it happened at school 88 in the city of izhevsk. local officials save the body of the gunmen was later found but his motive remains unknown. our bbc correspondentjoins us. do we have any further information on this? well, according to the local media we have some updates on the number of victims. there are seven children dead, and seven others, so in total

it is 14 dead, and seven others, so in total it is 1a victims and also dozens of children and teachers are in hospital in intensive care now, so this is one of the deadliest attacks by a gunman on a russian school. it has happened before, but according to the number of victims, this is one of the worst.— to the number of victims, this is one of the worst. and there is no official motive _ one of the worst. and there is no official motive known _ one of the worst. and there is no official motive known as - one of the worst. and there is no official motive known as yet, - one of the worst. and there is no official motive known as yet, is l official motive known as yet, is that right?— that right? there was some unofficial— that right? there was some unofficial reports _ that right? there was some unofficial reports that - that right? there was some unofficial reports that this l that right? there was some i unofficial reports that this was that right? there was some - unofficial reports that this was a white supremacist, neo—nazi, but actually, all we know is that this person was in his 20s and he used two pistols to carry out this attack. it does not look like other attacks were in those cases

perpetrators used officially purchased weapons. so this is another question, where did this person get his weapon to carry out this attack?— this attack? and what sort of area is this, this attack? and what sort of area is this. where _ this attack? and what sort of area is this, where this _ this attack? and what sort of area is this, where this attack - this attack? and what sort of area i is this, where this attack happened? how populated is it, what is the population like? this how populated is it, what is the population like?— how populated is it, what is the population like? this is quite a big ci , population like? this is quite a big city. izhevsk- _ population like? this is quite a big city, izhevsk. there _ population like? this is quite a big city, izhevsk. there is _ population like? this is quite a big city, izhevsk. there is actually - population like? this is quite a big city, izhevsk. there is actually a l city, izhevsk. there is actually a military plant there, where kalashnikov weapons are produced. it is quite a big city, the capital of the region. it is a relatively quiet place and nothing like that has ever happened there before. as we have seenin happened there before. as we have seen in the last five years, these attacks happen sporadically, once or

twice a year there is a gunman who enters a school and opens fire and killed pupils and teachers, and in most of the cases there is no motive or explanation as to why it is happening and in some cases, the perpetrator takes his own life as well, and this has happened in izhevsk also.— izhevsk also. and we are 'ust heafina izhevsk also. and we are 'ust hearing i izhevsk also. and we are 'ust hearing one news * izhevsk also. and we are 'ust hearing one news agency]- izhevsk also. and we are just hearing one news agency is l izhevsk also. and we are just - hearing one news agency is reporting that 13 have now died after that shooting. we know there were a number of injuries. how secure our schools generally across russia? every time when an attack on a school happens, when a gunman enters a school and opens fire, there are talks among the defence ministries, the ministry of interior, the national guard which is responsible for the weapons in russia, that these schools should be more secure,

that there is a need for high security at schools and probably the guard should have weapons as well, but every time something like this happens and attack happens again. usually,, sometimes there is a guard in school, but he does not have a weapon on him. it makes it easier for a perpetrator to enter the building and to carry out the attack. . ~' , ., , . giorgia meloni, who's set to become italy's first female prime minister, has called for unity and promised to govern for all italians. projected results in the italian general election a right—wing alliance appears to have won, after exit polls put ms meloni's brothers of italy party out in front. the result has yet to be confirmed, and approved by the president, but the main centre—left party has already conceded. leigh milner reports.

it's an historic moment, notjust for giorgia meloni, but for italy as a country. for the first time, voters have chosen a female prime minister, one which aims to form italy's most right—wing government since the second world war. speaking afterwards, ms meloni said her brothers of italy party would govern for everyone and would not betray people's trust. italy has chosen us. if we are called to govern this nation, we will do so for all italians, with a clear objective of uniting the people. the great objective is to ensure that we will once again be proud to be italian. at almost 62%, turnout was very low, and voting levels were especially poor in southern regions including sicily. ms miloni's party is set to win with 25% of the vote.

however she will have to share power with other right—wing parties in a coalition. with forza italia, led by silvio berlusconi, and matteo salvini's league party. a meloni—lead italy will alarm much of europe, with russia at war in ukraine, but unlike her right—wing allies, she has openly said she is pro—nato and has no time for vladimir putin. although she has worked hard to soften her image, she leads a party rooted in a post—war movement that arose out of benito mussolini's fascists. still embracing their old slogan, god, fatherland and family, she campaigns against lgbt rights and is calling for a naval blockade of libya to stop migrant boats. she is very, very right wing. a lot of issues about things

in italy going on in a way more liberal, but now we say we are going backwards. this election has been a political turning point for the country. besides tax cuts, her alliance wants to renegotiate italy's massive eu covid recovery plan and have italy's president elected by popular vote. as the country's new prime minister, it is up to her to steer italy through one of its most delicate periods, dealing with huge challenges, from the energy crisis and high inflation to a possible recession and a winter wave of covid—19. i'm joined now by daniele albertazzi, professor of politics at the university of surrey. thank you forjoining us today. how do you think this new government is going to rule? what policy changes

are we going to see? 50. going to rule? what policy changes are we going to see?— going to rule? what policy changes are we going to see? so, linking up with the report, i _ are we going to see? so, linking up with the report, i don't _ are we going to see? so, linking up with the report, i don't think- are we going to see? so, linking up with the report, i don't think we - with the report, i don't think we are going to see much change in the relationship of italy with its partners either france or germany, but also the relationship of italy with the european commission, because italy at the moment is doing and enormous amount of money through the recovery fund and i don't think she will want to jeopardise that. it was mentioned in the report also that she has been explicit about her support of ukraine. again, what she is doing at the moment is trying to come across as responsible and modern, she wants to be seen as a leader that other states, particularly the us or france can do business with. so i don't think she is going to rock the boat on italy �*s alliances also in terms of nato and the us. they are going to do, in my view, is to focus on domestic policy. there, they really can do

more or less what they want. so i am expecting a focus on the welfare state and they have already decided they will get rid of the basic income, the citizens income that was introduced recently. i am expecting them to try and find savings in health and education because they have promised tax cuts. and that was an important one in the campaign. where are they going to find the money? i'm expecting there will be a lot of focus in the near future on domestic politics. the problem, of course, is that the government is going to be very unstable, not from the first month but let's say after the first month but let's say after the first month but let's say after the first six months, when infighting will start because she is attracting the support of her allies and this is a serious situation. particularly the league, which is now down to 9% and if they want to survive they will have to push back. so she is trying to present herself

as a moderate leader, but she is described as a far right leader, and there have been fears expressed about their view on lgbt rights, and on immigration. what is likely to happen on those two areas? 50. on immigration. what is likely to happen on those two areas? so, in terms of immigration, _ happen on those two areas? so, in terms of immigration, i'm - happen on those two areas? so, in. terms of immigration, i'm expecting them to try and assign some new agreements with libya. to be honest, the first to sign such agreements were those signed by the centre—left, and the appearing union is very happy if libya takes measures to stop people crossing. there are a lot of reports showing that these people that are captured, basically, by the libyan authorities, often are taken to camps where they are mistreated, if not tortured. so this is a very serious situation. but i am expecting them to work hard to see whether they can put something in place to stop people from trying to

cross. on lgbt issues, yes, it is true, i don't think she is going to pick a fight to limit their rights, what she will do is to say you have civil partnerships, be happy with that, just use that and don't come to me to talk about so—called gay marriage. to me to talk about so-called gay marria . e. to me to talk about so-called gay marriaue. . ~ to me to talk about so-called gay marriaue. ., ,, ,., to me to talk about so-called gay marriaue. ., ,, y., , to me to talk about so-called gay marriaue. . ~' ,. , . marriage. ok. thank you very much. thank you- — in a few hours, labour will reveal plans today to set up a national wealth fund to invest in green energy and technology projects. shadow chancellor rachel reeves will tell the party's annual conference that the £8 billion scheme would create jobs and grow the economy more effectively. i'm joined now by our political correspondent damian grammaticas. before we come onto that, can you give me a sense of the reaction to this morning's concerns over the pound and stirling. we have heard

rachel reeves say the government needs to act in her view. we rachel reeves say the government needs to act in her view.— needs to act in her view. we have. and ou needs to act in her view. we have. and you can _ needs to act in her view. we have. and you can be — needs to act in her view. we have. and you can be guaranteed - needs to act in her view. we have. and you can be guaranteed that i needs to act in her view. we have. l and you can be guaranteed that the speech you were talking about, we will hear at midday here from the shadow chancellor, that this morning there has been a red pen going through some of that and they have been adding paragraphs about the situation with sterling and the overall situation, the response of the markets to those tax cuts announced by the chancellor last week. what rachel reeves said this morning in interviews she has been doing, has said the chancellor himself is responsible for fuelling this decline in the sterling by hinting over the weekend that there might be more tax cuts to come. she was talking about him fanning the flames, she said, and accused him of gambling with all our money by loading up debt, and that has caused the concerns in the market, and she said that would put pressure on the

value of sterling, therefore on interest rates and on people's borrowing and mortgages. she was also asked about the labour view of those tax cuts and the fact labour said they would keep the cut on the basic rate of income tax even if it would reverse the tax cut for top earners. she said that the labour view was that it could perhaps borrow money to fund the tax cut for the basic rate, similar to what the government is doing, because these are extraordinary circumstances. treading a line, saying she would keep some tax cuts and fun back through borrowing too.— keep some tax cuts and fun back through borrowing too. focusing on climate -related, _ through borrowing too. focusing on climate -related, green _ through borrowing too. focusing on| climate -related, green investment, climate —related, green investment, a plan for that, but also will labour go into the next election saying they will put everyone's taxes up? saying they will put everyone's taxes u - ? ~ . saying they will put everyone's taxes u? . , saying they will put everyone's taxes u? ~ . , , saying they will put everyone's taxes up?— saying they will put everyone's taxesu-? . , , saying they will put everyone's taxesu-?~ . , , , ., taxes up? what she is saying is that the ureen taxes up? what she is saying is that the green energy — taxes up? what she is saying is that the green energy plan _ taxes up? what she is saying is that the green energy plan is _ taxes up? what she is saying is that the green energy plan is a _ taxes up? what she is saying is that

the green energy plan is a labour. the green energy plan is a labour alternative to the government plan. she says the government plan is tax cuts and borrowing to fund growth. she says the labour plan is to put money into this scheme which would aim to invest in infrastructure, particularly green energy infrastructure, to help transform the economy. things like producing batteries, green energy projects, and because it would have a stake in that, the government and therefore the public purse would benefit from any returns from those investments. on the wider question, what she was saying is that in some instances borrowing is acceptable, in the instance where there is a national emergency, a national need for that. on the broader question of tax, that's something she says labour will set out closer to the time. for viewers watching around the world at

the moment, explain the importance of this conference. all the parties here meet for a few days at this time of year to address the party faithful and also to get wider messages out and set a direction of policy and there is a lot of pressure on labour to now show its plans for the coming year.- plans for the coming year. exactly ri . ht. we plans for the coming year. exactly right- we are _ plans for the coming year. exactly right. we are now _ plans for the coming year. exactly right. we are now in _ plans for the coming year. exactly right. we are now in the - plans for the coming year. exactly right. we are now in the season i right. we are now in the season where we have these annual meetings of the political parties. this weekend is the labour party, the main opposition party, for those outside the uk who are not familiar with our politics. next weekend, and into next week, we have the governing conservative party conference. what they do is bring together all the people behind me, who are party members from around the country, from constituencies, members of parliament, members of interested groups and lobbying groups, who are all gathered here. the labour party part of the process is that they will actively debate

party policy to try to set policy, and part of that is about a shop window. it is a way the party organises itself, but also the way the party talks to the country. at the party talks to the country. at the minute, what is interesting that you find here is that there is a spring in the step of the labour delegates and mps here because they feel that their fortunes are on the up feel that their fortunes are on the up at the minute and the government are at the minute under pressure, like over the issue of those emergency, those tax—cutting measures announced last week by the chancellor and labour i think are feeling much more confident about things and about the outlook for them than they were this time last year. they want this to be a platform to try to sell themselves to the british public. we platform to try to sell themselves to the british public.— to the british public. we will hear from keir starmer _ to the british public. we will hear from keir starmer and _ to the british public. we will hear from keir starmer and rachel- to the british public. we will hear- from keir starmer and rachel reeves today. rachel reeves today, and keir starmer�*s speech in a couple of days. thank you, damian grammaticas.

five rescue workers have been killed in a typhoon that has swept through the philippines, devastating homes and leaving millions without electricity. super typhoon noru brought gusts of up to 149 miles an hour to the main island of luzon, where more than 50 million people live. let's get an update from our asia correspondent laura bicker. we are on the main road to san miguel, one of the worst hit areas on the main island of the philippines. i think around 711,000 people have been taken to evacuation centres. many people have also just decided to stay with friends, or kind of out of their houses, but, as you can see, out onto the streets. the flood waters, i'm just going to take you to give you an idea, as soon as you come off the road, where the floodwaters go. if you go down the alley you can see they are having to wade at least chest deep to get to their homes, which is one of the reasons why i'm not standing in that water. you've got thousands of people living under these conditions at the moment hoping the floodwaters will recede over the next few hours. this super typhoon did come

with a warning but not much because it formed so quickly before slamming into the philippines in the last few hours. it brought with it those gusty winds and torrential rain and it's that rain coming off the mountains that has caused so much trouble here. five rescue workers, as you mentioned, were swept away in floodwaters as they tried to get out in a boat and rescue people from their homes. when the president spoke during a disaster committee meeting this morning, what he said was that he feels that at this time the philippines may have got off lightly. now this is a country very much used to weather events. they say that these typhoons are coming with more intensity and more frequently than they have before. this area was flooded in 2013 but not this badly. and when i was asking people who were sitting on the roofs of their houses kind of passing food to one another, i said, what do you need, and i thought they would ask for better housing.

i thought they would ask for better protection from floods. one young ladyjust shouted to me, "no, i need the world to know that they need to focus on climate change." laura bicker. in iran, clashes between police and anti—goverment protestors are now said to have claimed more than a0 lives. the protests were prompted by the death of a young woman in police custody — mahsa amini. she'd been detained for allegedly flouting strict rules on wearing the hijab head—covering. the iranian president has threatened "decisive action" to stop the wave of protests sweeping the country. for more on that, i'm joined now by rana rahimpour of bbc persian. these clashes have been going on for many days. do we know how much support there is still out there? we are now support there is still out there? - are now on day ten of the protests and many people thought that it would die down after the new wave of crackdowns and as you mentioned over 40 people are dead and we are receiving very disturbing images of

women being dragged on the ground, and another woman being put on the ground and a police officer is sitting on top of her. another woman, her head banged against the pavement. they are using a lot of violence. despite that, people are still out on the streets, probably surprising for the iranian authorities who thought that level of violence would push them back. but how big it is, and how widespread it is, we know there are about 85 cities that have seen protests in recent days but to get an accurate picture is very difficult at this point because of the internet lockdown in certain parts of the country and a very slow flow of information outside. the re orts flow of information outside. the reports of _ flow of information outside. the reports of women being picked up because of the hijab in the past, but why has this resonated so much? a lot of people compare the mahsa

amini case with the tunisian vegetable seller that started the arab spring. there have been a series of crises and demands that have not been met. iran has a young population, the majority on the people on the streets are between 15 and 25. inflation is more than 50%. official unemployment is 12%. a lot of people don't see any way out because iran is isolated and under sanctions, there has been no nuclear agreement and they have been negotiating for months and people are fed up, they don't see hope for their future are fed up, they don't see hope for theirfuture and a are fed up, they don't see hope for their future and a lot of feeling that enough is enough. we their future and a lot of feeling that enough is enough.- their future and a lot of feeling that enough is enough. we are out of time but thank _ that enough is enough. we are out of time but thank you _ that enough is enough. we are out of time but thank you for _ that enough is enough. we are out of time but thank you for talking - that enough is enough. we are out of time but thank you for talking to - time but thank you for talking to us. in the last two weeks, ukraine has retaken huge swathes of the east that have been under russian control. school teachers in these areas have described to the bbc a systematic attempt to eliminate the ukrainian curriculum by force, including beating and deporting staff. such findings only worsen concerns for those who are still living in occupied territories and have beeen "voting" in the discredited referendums. the results of which are expected

to be announced this week. our correspondent zhanna bezpiatchuk reports from the region of kharkiv. during any occupation, for the invading force, shaping young minds is often a key priority. this is an abandoned school in balakliya in the east of the country. the russian military tried to confiscate all ukrainian textbooks at this school, so some teachers tried to hide them here. this has been happening in all areas occupied by russia since last spring, a systematic strategy to impose their education system by introducing the russian curriculum. more than 100 kilometres north, in the town of vovchansk, russian textbooks were brought in and ukrainian books destroyed. translation: we were told - to teach our students that ukraine is a territory of russia. the teachers who agreed

to collaborate were promised career promotions and high salaries. 70,000—80,000 russian roubles. but in reality, many of them didn't even get paid. inna refused to collaborate and launched online courses for her students underground. but others were not so lucky. when lidiya refused to set up a russian school, she was detained for 19 days. despite her age she says she was made to kneel, she was beaten, she was humiliated and verbally abused. translation: a car pulled up and three masked men - with assault rifles came out. they put a gun to my throat and tore apart my diploma as a teacher of the ukrainian language. they throw me into a cell.

they didn't give me anything to eat or drink. i thought, no one knows where i am. my soul ached. the bbc asked the russian authorities to respond to lidiya's claims but they did not reply. but some parents did sign up their kids to these new schools. translation: parents _ were threatened that if they didn't send their children to schools run by russia, their kids would be abducted by russian soldiers. now, only days after the russians have retreated, these students are free to study in ukrainian. but normality is a long way ahead for those whose lives have been so deeply affected by this war. zhanna bezpiatchuk, bbc news, kharkiv region.

here to discuss those occupied territories that have beeen "voting" in the discredited referendums. with me is ivan verstyuk, who is the editor of the english language news outlet, new voice of ukraine. thank you for your time today. do you know much about how the voting has been taking place?— has been taking place? hello. thank ou for has been taking place? hello. thank you for having _ has been taking place? hello. thank you for having me _ has been taking place? hello. thank you for having me today. _ has been taking place? hello. thank you for having me today. yes, - has been taking place? hello. thank you for having me today. yes, we i you for having me today. yes, we know quite a lot of things about what is happening, especially with the so—called referendums. what's happening is that the russian authorities own citizens, citizens of the russian federation, who will vote in those referendums to support the idea of ukrainejoining officially the territory of the

russian federation. we see those people, those russian civilians, circulating near zaporizhzhia, and mariupol, which are big ukrainian industrial cities. the referendums will be over tomorrow but we should be prepared that russia will produce figures that will say that ukrainians in that region support joining the russian federation, although this so—called voting has had severe violations and basically in the big cities, in the occupied territories, up to 30% of civilians have stayed and all the other people have stayed and all the other people have evacuated to different regions. if russia does effectively annexed this territory now, how worried are you about what happens in the military battle? because if ukraine,

backed by western allies continues to fight in those territories, there is a real danger of this escalating, isn't there?— isn't there? that is a hugely worrying — isn't there? that is a hugely worrying sign. _ isn't there? that is a hugely worrying sign, if _ isn't there? that is a hugely worrying sign, if russia - isn't there? that is a hugely worrying sign, if russia is i isn't there? that is a hugely - worrying sign, if russia is going to produce these figures. russian leader vladimir putin has been visited by belarusian leader lukashenko. belarus, and the kremlin might talk to other countries like north korea, iran, cameroon, so they willjoin the recognition that these parts of southern ukraine are parts of russia. but on the battlefield, the ukrainian army is doing a huge advance and for the past two days ukrainian troops in the south have managed to destroy as many as 900

russian military personnel. russia used to have three defensive lines in south ukraine and ukraine has managed to destroy the first line and is now fighting at the second line. �* , ., , , and is now fighting at the second line. �* , , ., and is now fighting at the second line. �* , .,, , ., ., line. are people they are worried that putin could _ line. are people they are worried that putin could resort _ line. are people they are worried that putin could resort to - line. are people they are worried that putin could resort to some l line. are people they are worried i that putin could resort to some sort of nuclear weapon if he feels that this territory now is russian and he is fighting a wider full—scale war? the first thing, we are really worried because we know there is the mobilisation taking place, 60,000 men in crimea were conscripted to the russian army so there are reasons to believe that the situation could get worse for ukraine and its army. the nuclear threats should be taken seriously. the ukrainian army should learn how to react to nuclear weapon usage if

that really happens. that requires new defence preparations and it requires the work of the emergency services if that will happen. of course, ukrainian is supported by the west, the uk, the us and nato, which is really important in the face of these russian nuclear threats. the kremlin and their strategists will produce some sort of ideology. they already have conscripted men in the russian federation and those men need to understand why they are coming to ukraine to fight and putin will tell them. we are now fighting for them as well. ., ., . ., as well. from the new voice of ukraine. _ as well. from the new voice of ukraine, thank _ as well. from the new voice of ukraine, thank you. _ despite the risks, the number of people crossing the english channel in small boats

continues to rise, with the total so far this year having already surpassed the whole of last year. according to government figures collated by the bbc, more than 31,000 people have made the illegal crossing in 2022, which is more than 3,000 higher than in all of 2021. just last week, more than 1,100 people were intercepted in a single day — that represents the third highest daily figure this year. and so far this month, more than 6,000 have made the crossing. a people smuggler based in turkey has told bbc panorama that the uk government's plan to send asylum seekers to rwanda won't put off his customers. the government has defended its plan — despite legal challenges from human rights campaigners — and says it hopes to break the people smugglers' business model. jane corbin went to istanbul to find out more about this booming trade. istanbul in turkey is the front line of the refugee crisis. people smuggling is big business here. i'm heading to a safe house to meet a kingpin.

we have agreed not to reveal his identity, as it was the only way he would tell me about his business. he denies it, but there have been allegations that a migrant died on one of his boats. smuggling is dangerous, people's lives are put at risk, you are making money from putting people's lives at risk. translation: accidents can happen. but we explain how dangerous the journey is, and we have them sign a consent form. "you could die," i tell him. and warn his mum and dad too. the uk government announced it would crack down on this trade. it plans to send some asylum seekers, likely single men, to rwanda in africa to have their claims processed. the smuggler says it won't make any difference. translation: even if they send 1000 people a day to _ rwanda, they won't stop. people won't change their mind. they aren't afraid of dying,

and if they are not afraid of death, they won't be afraid of going to rwanda. earlier this month, the plan was challenged in the high court in london. a ruling is expected later in the autumn. the united nations refugee agency says the uk government needs to change course. the numbers are going up. the people who are taking these journeys are well aware that they are at risk of being transferred to rwanda — it's not stopping them. what is being achieved here? almost nothing. it's hugely expensive and the very high probability is that those that do come to rwanda will leave very, very quickly and we are right back where we started again. the government says the rwanda plan is legal and safe and will help fix the broken asylum system. it wants to stop the people smugglers and prevent further loss of life. but there's no sign

of the plan working yet. the numbers arriving in the uk are still rising. this month, the number of arrivals by boat reached a new record. jane corbin, bbc news. cubans have been voting in a referendum on legalising same—sex marriage. the proposed bill, which is supported by the government is part of a broad package of measures contained within whats known as the family code. but conservatives and the catholic and evangelical churches oppose the moves which would also allow gay couples to adopt. will grant has more. among the first to vote was the cuban president miguel diaz canel and his wife, who came out in support of this raft of changes to the country's family code. the most noteworthy change would be the legalisation of same—sex marriages or civil unions. it also would give the right to gay couples to adopt. president diaz canel said

he expected the motion to pass, although he did recognise there could be a strong anti—government vote and said that, whatever the result, he felt it had been to the benefit of the nation to hold the conversation. this long document had been through more than 22 changes and been debated at community level town hall meetings. nevertheless, there will be significant opposition to these measures coming from a variety of quarters. one is the growing strength of the evangelical church notjust in cuba but across the caribbean and central america. as well, there is very ingrained conservative opinions in society in cuba, people who see this as wrong and have done for decades. let's not forget, in the 1960s and 1970s, cuba sent homosexual people to re—education camps. and of course there is opposition

from anti—government activists, who say this is simply an effort by the state to clean up its human rights image at a time when it has been clamping down on all forms of dissent. it should be a very close result either way and the final decision should be emerging in the coming hours. will grant. nasa are planning to crash a spacecraft into an asteroid to change its course. the space rock doesn't pose any danger to the earth, but this mission will test whether an asteroid could be diverted if it was heading for our planet. our science editor rebecca morelle has more. it is the stuff of hollywood — an asteroid threatening to wipe out the earth and a mission to stop it, like in the film, armageddon. but now, nasa is turning science fiction into science fact. they are about to crash a spacecraft into an asteroid to try and change its path. this space rock poses no threat,

but it's a chance to show how we could deal with one on a collision course with the earth. the double asteroid redirection test is, first and foremost, a test. it is a test of an asteroid that is not a danger to earth. there is nothing we can do to it that will make it a danger to earth, and we are doing this now when we don't have to do in order to develop the capabilities to deflect an asteroid if we ever should need to in the future. three, two, one... and lift off, of the falcon 9 and dart. the spacecraft launched last year and has travelled nearly seven million miles. after the first stage, you can see those engines coming to life. - now it's nearing its destination. its target is a small space rock called dyomorphus that's orbiting a larger one. travelling at 14,000 mph, the spacecraft will crash into dyomorphus, giving the asteroid a kick. this will change its speed,

and alter its orbit, which scientists can monitor from earth to see if it's worked. it's the first time that nasa has tried anything like this, and on—board cameras will film the collision and beam the footage back to earth. but if the test is a success it will be the first step in protecting our planet should a real asteroid threat ever come our way. rebecca morrelle, bbc news. just a reminder of the news that is breaking from russia in the last of hours... a gunman has opened fire in a school in russia, killing at least 13 people — seven of them children. according to preliminary information, 13 people were killed, including six adults and seven children. a further 14 children and seven adults were injured. investigators said at least 20 others had been injured during the shooting

at school 88 in the city of izhevsk in west—central russia. local officials say the gunman's body was later found. his motive remains unknown. hello again. over the next few days the weather is certainly going to be changeable. it'll often be windy, wet, and we'll see some rain or showers. today we've got this weather front continuing to pull away onto the near continent, taking this rain with it. this second weather front enhancing the showers and the isobars alone telling you it's going to be windy wherever you are. the wind is illustrated by the blue arrows on this chart, they are blue because it's coming from a chilly direction, namely from the northwest. and where we've got exposure to the north—westerly wind is where we'll see the lion's share of the showers. the strongest winds today will be across the north of scotland, gusting to gale force at times. but we are looking at strong winds elsewhere too. and we've got a mixture of bright spells, sunshine and showers.

now, these circles represent the wind gusts, so you can see through the irish sea, through the english channel, and across the far north of scotland, the gusts will be strong. temperatures, eight to about 17 degrees. the average at this time of year is roughly 17—20 degrees north to south, so we are below average. tonight, a lot of the showers but not all of them, will fade. it's still going to be a windy night. the strongest winds still across the north of scotland, gusting to gale force at times and it will be chilly down this east coast with temperatures between four and 7 degrees. not as cold as we push over to the west. heading into tomorrow, low—pressure close to the north—east of scotland will bring in a lot of showers. some of those will be heavy and thundery, and we've got this weather system which is going to slip past the southwest and later in the day it will bring in thicker cloud and some rain to the southwest. in between these two areas, still some showers, still windy as well wherever you are, and we're looking at bright or indeed sunny skies and the wind is still making it feel cooler than these temperatures suggest,

which are still below average for the time of year. as we head on into wednesday, well, if anything, the winds will ease a little bit. there will still be some rain coming down this north sea coastline from north—east scotland down towards east anglia. out towards the west, something brighter and drier with some sunshine and temperatures 12 to about 16 degrees. thursday could start with some mist and fog patches around but for many it will be drier with fewer showers. but it's looking wet and windy on friday.

this is bbc news. i'm joanna gosling. the headlines at 11. the pound plunges to an all—time low against the us dollar, days after the chancellor unveiled historic tax cuts in his mini—budget, funded by borrowing. and the bank of england could be forced to act to halt the slide in the pound. well, i think the worst case scenario is that we do have to have a very sharp increase in interest rates. shadow chancellor rachel reeves will later today unveil plans to set up a national wealth fund to invest in green energy and technology projects applause. a moment of history in italy. giorgia meloni is set to win the election putting her in line to be the country's first female prime minister and its first far

right leader since world war ii. if we are called to govern this nation, we will do it for all italians with a clear objective of uniting the people, of underline what unites it, rather than what divides it. 13 people have been killed including six adults and seven children as a gunman opened fire in a school in the central russian city of izhevsk. and nasa prepares to crash a probe into an asteroid to see how to stop a space rock from hitting earth. the value of the pound fell to a record low

against the dollar overnight, following the uk government's announcement of large tax cuts funded by borrowing. in asian trading, sterling fell four per cent, close to $1.03 — it's recovered much of that ground this morning. the fall in the pound since friday threatens to further fuel inflation, because it makes imports into the uk more expensive, and adds to the costs for british businesses. it also puts further pressure on the uk's finances. the government's cost of borrowing has risen sharply again this morning. markets are signalling they expect the bank of england to raise interest rates further as a response to sterling's fall, with investors predicting interest rates could reach nearly six percent next year, sending the cost of borrowing for uk consumers sharply higher. earlier, sterling hit a low of almost $1.03, since it has regained much of the fallout but continues to fluctuate. sirjohn gieve is a former deputy governor of the bank of england —

and was a member of the monetary policy committee — the group that decides interest rates in the uk. he spoke about his concern a little earlier. i think i would be worried. the bank, and indeed the government, have indicated that they are going to take their next decision in november, and publish forecasts and so on at that point. and the worry is that they may have to take action a bit sooner than that. there are two things when the currency moves. there are two instruments that are immediately available. one is to use the country's reserves to buy pounds, and therefore increase its value, we don't have many reserves compared to the scale of currency markets, so i think that is not seen as an effective weapon. the other is to put up interest rates. martin weale is a former member of

the monetary policy committee. he gave his reaction to the pounds slump this morning all i can say is having frightened people quite a lot on friday, it seems to have decided to frighten people more over the weekend. and thatis people more over the weekend. and that is perhaps what we have been seeing this morning. obviously, sterling has recovered a bit from the lows, but lower that where it was on friday evening. and what it means is inflation will be higher and it also makes it, as your correspondent was saying, likely that interest rates will be higher, and of course both of those affect everyone, notjust people dealing in markets, notjust economists. well, i think the worst case scenario is that we do have to have a very sharp interest rates increase. let's speak to our correspondent andy verity who's with me now. what are the market is anticipating on this? ., ., ,., , what are the market is anticipating on this? ., ., , ., on this? there are thousands of --eole on this? there are thousands of people who _ on this? there are thousands of people who spend _ on this? there are thousands of people who spend their - on this? there are thousands of people who spend their lives i on this? there are thousands of i people who spend their lives trying to anticipate where interest rates

will go and they trade things called swaps in the city would gain or lose in value depending on where interest rates go. on the markets they anticipate that the bank of england's base rate, it's official read, will have to rise by 1.75% to 4% in november, currently 2.25, so nearly doubling over the next few weeks. and they are also anticipating the bank of england will raise interest rates in the coming weeks, even though it doesn't have a meeting and that's because they think the bank will be bounced into raising interest rates to try to defend the pound. it's part of the banking the's mandate that they keep inflation from 2% and miles away, 9.9 of the last account. but over the medium term, next to a three years, they have to try and ensure inflation gets back to target. if the pound is weakening, it means it is more expensive for say asda or sainsbury or tesco to buy its imported food, because they have to pay for it in pounds and therefore they have to have more

pounds to match the same dollars or euros places they are paying and have to pass on the price rise to customers. so in order to defend the pound against devaluation and guard against further inflation caused by that, the markets anticipate the bank of england will have to raise rates to 4% in november and 6% by next may. obviously if you have your fixed rate mortgage coming to an end or you are on a variable rate mortgage, that is a concern. what does it mean for the government strategy of spending all of that money and borrowing to do so? to trr;r money and borrowing to do so? to try to ease the — money and borrowing to do so? to try to ease the cost _ money and borrowing to do so? to try to ease the cost of _ money and borrowing to do so? to try to ease the cost of living _ money and borrowing to do so? to try to ease the cost of living crisis - to ease the cost of living crisis for people facing those enormous energy bills, as they were? and also the strategy to bring investment to the strategy to bring investment to the country. the strategy to bring investment to the country-— the country. well, in terms of providing _ the country. well, in terms of providing help _ the country. well, in terms of providing help with _ the country. well, in terms of providing help with energy i the country. well, in terms of. providing help with energy bills, it's a concrete effect, because the wholesale energy costs are priced in dollars, so therefore if the pound is weak against the dollar, it will cost more to subsidise energy prices

and safeguard against global prices, so for example, the wholesale price of gas and oil, they've been coming down substantially. the price of oil is where it was before the war in ukraine broke out. nevertheless, that effect will be reduced by the fact that the pound has weakened and we won't have as much benefit from cheaper wholesale energy prices. bud cheaper wholesale energy prices. and what about in track —— attracting investment? there are downsides to a week abound but there are also upsides. ii week abound but there are also u sides. , ., . week abound but there are also usides. , ., ., ., week abound but there are also usides. y., ., ., upsides. if you are an exporter, it makes you _ upsides. if you are an exporter, it makes you more _ upsides. if you are an exporter, it makes you more competitive - upsides. if you are an exporter, it - makes you more competitive because whoever is buying your goods in dollars and euros doesn't have to spend as much to buy your goods in pounds, so for exporters it should act as a stimulus. i don't know if you are old enough to remember 30 years ago, the devaluation of the poundin years ago, the devaluation of the pound in 1992 was the beginning of the economic recovery because the pound was too high and john major was trying to keep the pound higher to make it less inflationary but then the exchange rate mechanism, then the exchange rate mechanism, the rate that had been set for the

pound against the euro was too high and traders sold abound. something similar was happening on friday and was happening this morning. traders are saying that the plans are credible and we think we will sell the pound and see what happens. and what the traders on the swaps market are saying, in order to defend its plans, the governor of the bank of england, the bank of england's monetary policy committee, will have to raise interest rates to get inflation on target. presumably the government _ inflation on target. presumably the government saw _ inflation on target. presumably the government saw what _ inflation on target. presumably the government saw what others - inflation on target. presumably the government saw what others were | government saw what others were talking about, which was their strategy leading to this issue of the government pulling in one direction with its strategy and the bank of england pulling on the other and interest rates going up to curb inflation. ., , ., ~ and interest rates going up to curb inflation. ., ~ ., , inflation. there was talk about this effect even — inflation. there was talk about this effect even before _ inflation. there was talk about this effect even before fridays - effect even before fridays announcement and you are right, but i don't think it was expected to be this big. the sheerforce i don't think it was expected to be this big. the sheer force with which the bank of england is going to have to use to slam on the brakes, because of the huge foot down on the

accelerator that the chancellor announced on friday is something i would be very surprised that anyone anticipated last week. we are also in an absence of information here. we do not have the normal figures we would normally have when you have an announcement on this scale from the office for budget responsibility, independent, reliable figures that tell us what will happen to inflation, growth and the public finances. and in the absence of information, nature and pours a vacuum and the markets will speculate on that is why you have got anticipations of rises in interest rates.— got anticipations of rises in interest rates. ., . ,, , .., interest rates. how quickly can the information _ interest rates. how quickly can the information be _ interest rates. how quickly can the information be published? - interest rates. how quickly can the information be published? the - information be published? the government said it would publish the office for budget responsibility analysis by the end of the year. might it come sooner? something has to happen before november. the next official meeting of the monetary policy committee of the banking of england is not till november and markets are signalling it's intolerable that they have to wait for any rising rates and they expect that the whole regime and timetable to be disrupted by what is going on.

thank you very much, andy. joining me now for more on this is jane foley who is the head of foreign exchange strategy at the dutch financial services company, rabobank. welcome, and thanks forjoining us. what is your reaction to what is going on with the pound? figs what is your reaction to what is going on with the pound? as you have seen, going on with the pound? as you have seen. we've — going on with the pound? as you have seen, we've seen _ going on with the pound? as you have seen, we've seen stability _ going on with the pound? as you have seen, we've seen stability this - seen, we've seen stability this morning but that's only because of the speculation that the bank of with a rate hike one rate hike l lot rate hike llot of rate hike to l lot of rate hike to l lot of as we (e been hearing, been heari on friday which been heari (the iday which been heari (the iday whic by i??? l” " rate issue the has who is funding it who is funding it does who is funding it does appear; funding it does appear that ding it does appear that the we “�*jé ,,- we a” r" we “�*:é the we 4, r" that means that foreign fund and eign fund

uk? ""';u'n¢.s;’na; , uk " "'n';>{u'n¢.s;’n,+ggg , uk not attractive als , ,, , uk notattractive'to , wa nt 110w. becomes —— makes rise becomes -- makes sterling more attractive. textbook economics, hi . her attractive. textbook economics, higher interest _ attractive. textbook economics, higher interest - makes - attractive. textbook economics, higher interest - makes a i more but interesting year is seen rate hikes the bank of that failed to england, that has failed to stabilise sterling against the dollar and part of this is the strength of the dollar, which is extremely strong, but part of it is because of the current account deficit and because the uk fundamentals are not attractive, not only do we have this huge amount of extra debt coming online because of this budget, but of course we are facing recession and the bank of england have told us we will be in recession for five quarters until the end of next year and of course we have extremely high inflation as

well. so you mix that uk fundamentals are not attractive, and overseas investors don't really want to buy that, and that is why sterling has to adjust lower. stand sterling has to ad'ust lower. and et, sterling has to ad'ust lower. and yet. obviously _ sterling has to adjust lower. and yet, obviously investing in the uk economy becomes cheaper because the pound is weak. buying uk products also becomes cheaper, so at what point does that potentially start to kick in? . , ., point does that potentially start to kick in? . ,. ~' point does that potentially start to kick in? . ,., ~ , kick in? that, if you like, is the maaic kick in? that, if you like, is the magic question, _ kick in? that, if you like, is the magic question, because - kick in? that, if you like, is the magic question, because at - kick in? that, if you like, is the i magic question, because at some point sterling will be so cheap that our assets look attractive to overseas investors despite the negative fundamentals that i've described. as i said, we've seen sterling recover some ground this morning from those lows but it's still very vulnerable and the dollar is still very strong, so we may not have seen the worst yet. i think what investors really want to see is the government really clarifying its fiscal position, and as we heard,

the budget we had on friday, unusually it did not come with the statistics from the office for budget responsibility, so investors are thinking it is the government who are not being very prudent on the fiscal front who are not being very prudent on the fiscalfront and who are not being very prudent on the fiscal front and we need to hear more about that. so if the government can reinforce its credibility on the fiscal front and if it can reassure the investor community that it does want to increase productivity and measures that will sustain growth in the long run, that might seek investors coming back on the pound will stabilise. but really, right now, the credibility of the uk government, of stirling is extremely low. if government, of stirling is extremely low. ~ government, of stirling is extremely low. ,, ., ., ., , low. if the bank of england does come forward _ low. if the bank of england does come forward with _ low. if the bank of england does come forward with an _ low. if the bank of england does| come forward with an emergency low. if the bank of england does - come forward with an emergency rise in interest rates before november, it is being speculated it will and it's not confirming that would be the case, but what message would it send? ~ .. , send? well, it could be quite difficult for _ send? well, it could be quite difficult for the _ send? well, it could be quite difficult for the bank - send? well, it could be quite difficult for the bank of - send? well, it could be quite i difficult for the bank of england. it could signal that they are panicking and if you see a monetary

authority panicking, investors tend to pick that up as a weakness as something to sell into. the bank of england knows it will be in a very tricky position and what we've heard from some investors is that the bank of england needs to do huge interest rate rises, the likes of which the market and investors cannot ignore. but if we do get huge interest rate hikes, that will make anyone who has a mortgage or a loan much poorer, and if you like, the monetary stimulus that is given to us by the government in the form of lower taxes will just government in the form of lower taxes willjust be taken away in the form of higher interest rates, leaving us really with not an awful lot to show apart from a legacy of higher debt. we spoke with former conservative cabinet minister, david gauke. he spoke to us about his expectations on the impact of the economy.

it's clearly very concerning, and as martin set out earlier, if we see continued turbulence in the markets, continued turbulence in the markets, continue to seek gilt yields increasing and the pound falling. it has rallied a bit this morning but the trend is still worrying, then that will have a real impact upon the economy and a real impact upon households up and down this country. so, the need, i think, households up and down this country. so, the need, ithink, is households up and down this country. so, the need, i think, is to provide reassurance that the government is serious, that it is going to take a fiscally responsible approach. i think the chancellor took great risks on friday in terms of his announcements of tax cuts that were not funded, and then over the weekend we have had a briefing and heavy hints dropped that there are more tax cuts to come which don't appear to be more tax cuts to come which don't appearto be in more tax cuts to come which don't appear to be in any way affordable. so the government has to recognise that the markets are jittery and

nervous, and it has to act sensibly and responsibly and cannot keep making new promises for further tax cuts which it cannot afford. in a few hours, labour will reveal plans today to set up a national wealth fund to invest in green energy and technology projects. shadow chancellor rachel reeves will tell the party's annual conference that the eight—billion—pound scheme would create jobs and grow the economy more effectively. i'm joined now by our political correspondent damian grammaticas. tell us more, damien. yes, that is the speech coming up in an hour or so, just under an hour, but of course the big issue you've been talking about for the last ten minutes or so is also featuring this morning here and will feature in that speech. because, of course, that speech. because, of course, thatis that speech. because, of course, that is the whole context to the discussion of the economy here and labour can see a real political opportunity. you have those

announcements from last week, the tax—cutting measures and i know they surprised people, particularly the cut at the top rate of tax benefiting the very richest which surprised the labour economic team and the markets and we've also seen the market response, and what labour have been saying today, the shadow chancellor, is they are criticising the government and kwasi kwarteng forfanning the flame the government and kwasi kwarteng for fanning the flame is even the government and kwasi kwarteng forfanning the flame is even more over the weekend by suggesting that there could be more tax cuts to come and she talked about him gambling all of our money. this is what she has been saying. well, i am a former bank of england economist and i think that the bank will come under pressure to stem this inflationary pressure, and selling off of sterling. but really, we need the chancellor to get a grip on this. one of the things that concerned financial markets on friday was that more and more money was going to go in borrowing and government debt, despite the fact that there are windfall profits being made by the energy giants,

which the government refuses to tax to fund the energy package, the energy price cap freeze, and the government are cutting tax for the very wealthiest in society on a permanent basis, on the basis that they think somehow that wealth will trickle down to everybody else. obviously the reaction to friday and the market response since is taking a lot of the oxygen around the conversations, but you are at the labour conference where they are talking about their own policies and what we are seeing clearly from the tory party is that they are being very clear about what they stand for. is there similar clarity there with labour? we will hear more from rachel reeves later.— rachel reeves later. there are, and i think rachel reeves later. there are, and i think labour— rachel reeves later. there are, and i think labour is _ rachel reeves later. there are, and i think labour is trying _ rachel reeves later. there are, and i think labour is trying to _ rachel reeves later. there are, and i think labour is trying to use - rachel reeves later. there are, and i think labour is trying to use this i i think labour is trying to use this as a way of bringing more clarity to its position, and in particular what we will hear from rachel reeves in a short time is how they want to

contrast the vision they say they have, which is of a investment for growth kind of plan or policy which would see money being put into green investment, energy investments, a wealth fund they want to create and they want to distinguish that from they want to distinguish that from the government approach which they say is characterised as cutting taxes, borrowing money to do that, loading up debt and aiming for growth that way. so what rachel reeves will talk about is that energy investment, green led growth, but she will also talk about funding for the nhs and she will address all of those current economic issues, theissues of those current economic issues, the issues around the pound and the measures in those budget measures, the tax—cutting measures, particularly the top rate of tax. all of that will feature, and all of that labour will feel it gives itself a chance to define itself as a sort of progrowth, but once to say

in a more responsible, environmental, long—term way. the government will say that its own plans are about stimulating growth and there is this turbulence at the minute, but their aim and there is this turbulence at the minute, but theiraim is and there is this turbulence at the minute, but their aim is for the medium term and they say that that will bring benefits in peoples living standards. the problem the government has is the way the markets are reacting right now. there's more on the bbc news website on what the fall in the pounds value means. head to bbc. co. uk/news/business, for information on why the value of the pound has tumbled, and how it will affect you. some breaking news we are getting about tiktok facing a fine of £27 million. the information officers say the company might have breached uk data protection law by failing to

protect children's privacy when using the platform, so they are issued tiktok with a notice of intent. that's all we have at the moment but we will bring you more as we have got it. giorgia meloni — who's set to become italy's first female prime minister — has called for unity and promised to govern for all italians. projected results in the italian general election a right—wing alliance appears to have won, after exit polls put ms meloni's brothers of italy party out in front. the result has yet to be confirmed, and approved by the president, but the main centre—left party has already conceded. leigh milner reports. it's a historic moment, notjust for giorgia meloni, but for italy as a country. for the first time, voters have chosen a female prime minister, one which aims to form italy's most right—wing government since the second world war. speaking afterwards, ms meloni said her brothers of italy party would govern for everyone and would not betray people's trust.

italy has chosen us, if we are called to govern this nation, we will do so for all italians, with a clear objective of uniting the people. the great objective we have always had as a political force is that we can ensure italians will once again be proud to be italian. at 64%, turnout was very low, and voting levels were especially poor in southern regions, including sicily. but her party is set to win with 25% of the vote. however she will have to share power with other right—wing parties in a coalition. with forza italia, led by silvio berlusconi, and matteo salvini's league party. a meloni—led italy will alarm much of europe, with russia at war in ukraine.

but unlike her right—wing allies, she has openly said she is pro—nato and has no time for vladimir putin. although she has worked hard to soften her image, she leads a party rooted in a post—war movement that rose out of benito mussolini's fascists. still embracing their old slogan, god, fatherland and family, she campaigns against lgbt rights and is calling for a naval blockade of libya to stop migrant boats. she is very, very right wing. issues have been taken about the abortion laws, and a lot of things that in italy going on in a way that is more liberal, but now we see we are going backwards. this election has been a political turning point for the country. besides tax cuts, her alliance wants to renegotiate italy's massive eu covid recovery plan and have italy's president

elected by popular vote. as the country's new prime minister, it is up to her to steer italy through one of its most delicate periods, dealing with huge challenges, from the energy crisis and high inflation to a possible recession and a winter wave of covid—19. our correspondent mark lowen is in rome. before we talk about what her government might want to do. ilirui’hat government might want to do. what has the reaction _ government might want to do. what has the reaction been _ government might want to do. what has the reaction been to this? how significant is the victory?— significant is the victory? very, very significant, _ significant is the victory? very, very significant, joanna. - significant is the victory? very, very significant, joanna. this i significant is the victory? very, very significant, joanna. this is the first female prime minister that italy has ever had and that alone is historic, but giorgia meloni represents something that italy has not had before in its republican period, that is a far right leader to effectively become prime minister

and it's almost certain she will become prime minister after consultation with the president and what that means is that italy has not suddenly lurched to the right, because when you look at the electoral arithmetic, the country is pretty much split between right and left in equal measure but she has managed to form a right wing coalition as you heard in the report, with silvio berlusconi, and this country that has tried almost everything in its post—war period and had almost 70 governments of every political colour and ideology, it is just trying something new. it feels like something is not working on the economy has stagnated for the last 20 years and there has been a massive brain drain and the recycling of grey—haired, grey suited politicians that italians are frankly sick of and they want to try something new. she says she has jettisoned fascism and she described herself as a modern conservative politician, more akin to the republicans in the us but there are many in this country who will see her as representing something much,

much darker, somebody with her roots in neo— fascism and somebody who will move italy more away from its traditional paris berlin axis and more towards the liberal conservative european nations like hungary and victor orban. ilirui’hat conservative european nations like hungary and victor orban. what sort of olicies hungary and victor orban. what sort of policies would _ hungary and victor orban. what sort of policies would she _ hungary and victor orban. what sort of policies would she want _ hungary and victor orban. what sort of policies would she want to - of policies would she want to introduce in their concerns about a rollback, potentially, of certain rights? —— and are there concerns? the french prime minister has given in this morning saying france will be vigilant about respect for abortion and other human rights in italy. that shows you how concerned paris is. meanwhile, marine le pen tweeted bravo to giorgia meloni for resisting the threats of the anti—democratic and arrogant european union. that shows you the european union. that shows you the european fishers that her victory plays into. in terms of policies, she will be hard line on things like

migration. she wants a naval blockade of libya to stop smuggler boats and she will campaign against same—sex marriage and same—sex adoption and surrogacy. the interesting thing will be with italy's position on ukraine, you heard in the report that she is pro—nato, in favour of continuing to ukraine but coalition partners are known putin fans. berlusconi gave an interview last week saying that putin simply wanted to replace the ukrainian president with, as he put it, with decent people. so the question is, will she be pulled one way by her coalition partners and allies, and another way by the european union, and how much is the european union, and how much is the european union, and how much is the european union going to have to try to coax her towards them? this is a founding member of the european union. they cannot give her the cold shoulder. italy is too big and important to lose to the extremity of italian and european politics. but there will be a lot of people in western european capitals and

washington who will be extremely concerned and watching what is happening in italy with real anxiety. happening in italy with real anxie . . ~ happening in italy with real anxie . ., happening in italy with real anxie . . , happening in italy with real anxie . ., , . ,, a gunman has opened fire in a school in russia, killing at least thirteen people, seven of them children. two teachers and two security guards were also shot dead. investigators said at least twenty others had been injured during the shooting at school eighty— eight in the city of izhevsk in west—central russia. local officials say the gunman's body was later found. he's believed to have killed himself. his motive remains unknown. the bbc�*s sergei goryashko gave us this update this is one of the deadliest attacks of a gunman on a russian school, and they have happened before, but according to the number of victims, this is one of the worst. there were some unofficial reports that this was a white supremacist, some

neo—nazi guy, but all we know barely for sure is that this person was in his 20s and was carrying pistols to carry out his attacks and it does not look like other attacks on russian schools, and in those cases the perpetrators had officially purchased weapons and you cannot officially purchase a pistol in russia, so this is another question of where this person got his weapon to carry out this. this is quite a big city, izhevsk, there is a military plant there where kalashnikov weapons are produced and it is quite a big city. so a quiet place, relatively quiet place, and nothing like that has ever happened

like that before. still, as we have seenin like that before. still, as we have seen in the last five years those attacks have happened sporadically, once a year or twice a year there is a gunman who enters a school and fires at pupils and teachers, and in most of the cases there is no clear motive or explanation that this is happening. in some instances the perpetrator takes his own life as well and this has happened in izhevsk also. every time an attack on a school happens, when a gunman enters a school and opens fire there are talks amongst the defence ministry and ministry of the interior, the national guard, which is responsible for weapons in russia, that these schools should be more secure and there is a need of

higher security at schools and probably the government —— the guards should have weapons as well, but every time that happens and the attack happens again, so usually there is sometimes a guard in schools, but he does not have a weapon on him and it makes it easier for a perpetrator to enter the building and to carry out the attack. now it's time for a look at the weather. hello again. for the next couple of days it's going to be unsettled, wet and windy with temperatures below average for the time of year. this morning's rain continuing to pull away to the near continent leaving us with bright spells, sunshine and showers, but a noticeable wind, the strongest of which will be across the north, gusting to gale force at times, and that really will take the edge off the temperatures, which are below average for the time of year. as we head on through the evening and overnight,

some of the showers, but not all of them, will fade. it's still going to be windy, particularly so across the north, still touching gale force, and it will feel cold, especially across eastern areas with temperatures falling away to low—to—mid single figures. not quite as cold as we push further west. into tomorrow then, still a few showers. some of them across the north and east of scotland will be heavy on thundery. there will be some dry spells in between. later, thicker cloud and also some rain coming into the south—west, and still windy with temperatures 11—17. hello, this is bbc news. the headlines: the pound plunges to an all—time low against the us dollar, days after the chancellor unveiled historic tax cuts in his mini—budget funded by borrowing, and the bank of england could be forced to act to halt the slide in the pound.

well, i think the worst case scenario is that we do have to have a very sharp increase in interest rates. shadow chancellor rachel reeves will later today unveil plans to set up a national wealth fund to invest in green energy and technology projects. a moment of history in italy. giorgia meloni is set to win the election putting her in line to be the country's first female prime minister and its first far right leader since world war ii. there has been a shooting at a school in izhevsk in russia. a number of children killed and injured. and nasa prepares to crash a probe into an asteroid — to see how to stop a space rock from hitting earth. sport and for a full round—up, from the bbc sport centre.

thank from the bbc sport centre. you. ahead of england' thank you. ahead of england's match in the world cup gareth southgate admits he faces losing hisjob if results don't go the right way in the upcoming tournament in qatar. england failed to win any of their last five matches, scoring just one goal which came from the penalty spot. relegated after the game second losing to italy last friday. it is a marked change in form reaching the world cup semifinals in russia and the euro is final last year. i russia and the euro is final last ear. . ., , .. russia and the euro is final last ear. . ., , ., ., year. i am not the first coach to go throu . h year. i am not the first coach to go throu~h a year. i am not the first coach to go through a difficult _ year. i am not the first coach to go through a difficult time _ year. i am not the first coach to go through a difficult time and - year. i am not the first coach to go through a difficult time and in - through a difficult time and in terms of results and criticism, that is part of the territory. for me, it's a great challenge to lead the team through a moment like this. you are not going to have six years as we had without a spell where you're going to have some tough results. one of the line to bring you from the england camp, brentford striker

could be in line to make his international debut after being named on the 23 man squad for tonight. trent alexandra arnold has not been included. he also didn't play against wigan italy. players and staff have been told to collect all their belongings to rugby club before 4:30pm this afternoon as the premiership side faces being suspended from all competitions unless they can show they have enough money to continue. the rfu want to see a difference of insurance and funds to pay staff by the deadline and try pm today. that is looking unlikely and if players don't get their september salaries they will be in a position to walk away. the game against newcastle did take place at the weekend which they won. eddiejones has madejust 36

player england game. there was no place for veteran scrum—half danny player. it said ben young has returned after sitting out of the july tour to australia stop sam simmons is back stopjones has also decided to recall alex mitchell, david robins and there are first call ups for alex coles and hugh tizard. british heavyweight boxer secured his latest victory on saturday. he is already thinking about his next opponent. he says he would like to take on world champion alexander is sick and tyson fury. he says he is fresh and heading into the prime of his career as a boxer. after defeating parker he came to the vacant wbo interim heavyweight title and now has won all 15 of his pro fights, 14 of them by knockouts.

andy murray insists watching roger federer is emotional farewell has not spurred him into planning his own sendoff. he was part of the european team that lost the labour cop to team world for his first time yesterday. he played his last ever competitive match on friday in the competition. i’m competitive match on friday in the competition-— competition. i'm still playing competitive _ competition. i'm still playing competitive tennis, - competition. i'm still playing | competitive tennis, physically feeling — competitive tennis, physically feeling good against top players. i 'ust feeling good against top players. i just need — feeling good against top players. i just need to start really turning some _ just need to start really turning some of— just need to start really turning some of these tight losses and close matches _ some of these tight losses and close matches into wins. it's as simple as that _ matches into wins. it's as simple as that. ., , , ., �* ., , that. for decades, great britain is rowers have _ that. for decades, great britain is rowers have dominated _ that. for decades, great britain is rowers have dominated the - that. for decades, great britain is i rowers have dominated the olympic games and world championships, but after a set them in 2020, the gb team wonjust after a set them in 2020, the gb team won just two medals the tokyo olympics and now they look as if they are on their way back. they finished top of the medal table at the world rowing championships and the world rowing championships and the czech republic. the men won gold the czech republic. the men won gold the in final day of the competition.

britain entered the event with a tally of seven gold medals, one silver and four bronze. it’s tally of seven gold medals, one silver and four bronze. it's great to take the _ silver and four bronze. it's great to take the moment, _ silver and four bronze. it's great to take the moment, enjoy - silver and four bronze. it's great to take the moment, enjoy the l to take the moment, enjoy the atmosphere, that he was in a fantastic place. the team behind the team is in fantastic voice. we definitely have one eye on paris. we cannot sit here and rest on our laurels. . , ., , , laurels. that is all the sports. thank you _ laurels. that is all the sports. thank you very _ laurels. that is all the sports. thank you very much - laurels. that is all the sports. thank you very much indeed. | laurels. that is all the sports. - thank you very much indeed. let's go back to the main news. sirjohn gieve is a former deputy governor of the bank of england — and was a member of the monetary policy committee — the group that decides interest rates in the uk.

the pound has rallied and there is some talk that it has come because of talk of an interest rate rise. let's go to lord glen clark former conservative chancellor. thank you forjoining us. what is your reaction to what is happening with the pound and reaction to what is happening with the pound an— reaction to what is happening with the pound and dollarl never predict the pound and dollarl never predict the market- _ the pound and dollarl never predict the market- i _ the pound and dollarl never predict the market. i want _ the pound and dollarl never predict the market. i want to _ the pound and dollarl never predict the market. i want to start - the market. i want to start predicting them now. i'm not surprised because the almost diverse judgment on the first acts of the government and the first budget they produced is a gamble. it's become the cliche word already and to those used to the economic poverty of conservative governments over previous, up till now, it was a surprising gamble for them to take. they have been put risk slightly a reputation for being competent and safe with the money, which i think is one of the backbones of the conservatives for some time. the

risk to the public finances has been taken in this budget. it's bound to have an impact on the markets and the government is going to have to borrow an extraordinary amount of money when we were already at historically a very high level of debt indeed. the creditors who will be expected presumably to buy our bondsif be expected presumably to buy our bonds if we do go out to raise that money look as if they are expecting a rather higher return, because they don't have great confidence in the british economy for the next year or two. it may sort itself out, he may be into reaction, it may be rebounding, but i think the bank of england which has got slightly left behind in tackling the hyper inflation we have is going to have to not perhaps immediately, but to keep it spit down with further interest rate rises in order to

restore confidence in fiscal and economic discipline in this country. to restore discipline in this country, you say that's what the bank of england is going to do? that rather implies you think the government cannot do that. the government _ government cannot do that. the government can, _ government cannot do that. tie: government can, but the government hasjust had a government can, but the government has just had a budget which doesn't appear to take has just had a budget which doesn't appearto take a has just had a budget which doesn't appear to take a much more relaxed of borrowing, printing money, for political aims, which tends to get all governments into the risk of some sort of financial crisis. the markets to respond to that and you can't ignore the market. it isn't just a problem for the city. if the pound falls below parity with the dollar, it will make our imports much more expensive and feed into what is becoming the underlying inflation in a recession. i think i personally agree with the bank, i think we are already in a recession.

i'm concerned myself that we could be in for a long, quite severe recession and responding to make sure we don't have a further devaluation of the currency will be quite an important part of that in the bank is going to have to play a critical role, because i can't see the government suddenly reversing its measures. the government suddenly reversing its measures-— its measures. until now, the talk around the _ its measures. until now, the talk around the inflationary _ its measures. until now, the talk around the inflationary pressures and the rising cost of energy, which has been enormous, has been about global forces, has been enormous, has been about globalforces, what's has been enormous, has been about global forces, what's going has been enormous, has been about globalforces, what's going on in ukraine, does that no change because of the situation, the decisions the government has been taking? the ukraine war _ government has been taking? tie: ukraine war is the immediate cause of the very line inflation, particularly because it's the cause of the spectacular rise in the cost of the spectacular rise in the cost of power, which the government... sorry to interrupt, of course that doesn't go away, but the point is there are other issues now being

created effectively by the governments response? the british economy has _ governments response? the british economy has not _ governments response? the british economy has not been _ governments response? the british economy has not been performing i governments response? the british i economy has not been performing very well and we are doing worse than anybody else in g20 because we've had the combination of brexit, which is doing lasting damage to our trade and our economy and will continue to do so until we have a proper trade deal with the europeans, we then had covid, which had a short—term impact so the government had to step in to deal with it, which i wholly approved of and admire of, but now we have the ukraine war and we are getting underlying inflation. we are going into a bad recession with high inflation. over the next month or two, the figure for inflation will drop, of course, because the government has brought down the price of power by borrowing money to pay everybody�*s parables, but after that if we are not careful, until we

get some fiscal discipline and the bank of england gets really ahead of the curve, we will have an inflationary recession. can interrupt _ inflationary recession. can interrupt you, _ inflationary recession. can interrupt you, because - inflationary recession. can interrupt you, because i i inflationary recession. can interrupt you, because i want to keep talking, but we need to say goodbye to viewers on bbc two. this continues on bbc news channel. apologies for that. hate continues on bbc news channel. apologies for that.— continues on bbc news channel. apologies for that. we are talking about global _ apologies for that. we are talking about global recession. _ apologies for that. we are talking about global recession. i - apologies for that. we are talking about global recession. i will - apologies for that. we are talking about global recession. i will give | about global recession. i will give it to you in the short way, we are doing worse than the other advanced, developed economies. on top of two things that every body has suffered from, the pandemic and the war in ukraine, we were already suffering from brexit and that is a continuing hit. the office for budget responsibility says it's costing about 4% of gdp. it is a combination of things. it's making our inflationary prospects and the prospects of a long, serious

recession work altogether more worrying. 50 recession work altogether more war in _ ., “ recession work altogether more wor inc. ., ~ .,, worrying. so over the weekend, kwasi kwarten: worrying. so over the weekend, kwasi kwarteng said — worrying. so over the weekend, kwasi kwarteng said that _ worrying. so over the weekend, kwasi kwarteng said that there _ worrying. so over the weekend, kwasi kwarteng said that there are - worrying. so over the weekend, kwasi kwarteng said that there are likely - kwarteng said that there are likely to be more tax cuts coming along. they've won the leadership election. liz truss as prime minister. i cannot imagine she is going to lose thatjob between now and the general election. these should stop campaigning just to say what they think are popular things with right wing better off, older, middle—class people whose votes they were appealing to the leadership election. they are now, the prime minister and chancellor, they are responsible for the national interest for giving us a reasonably stable economy within the circumstances they are presented by the world, aiming to get back to grace with low inflation. if they

succeed in doing that, they will be judged on a couple of years' time or whenever they call the election by what people judge of their competence and they will win as conservatives usually win if they are regarded as safe with the money and more responsible party when it comes to, the reliable party, when it comes to running the economy, which is really how we won elections for most of my lifetime. it would be remarkable if they would get re—elected with very unpopular policies. that is what got ma get re—elected, improving the condition of the country. she always had a fiscal responsibility. —— mike margaret thatcher. that was one of the key forms of the structural reforms. that was put in place in the government of margaret thatcher. this question was asked a lot in the leadership contest, what would she have done, and the contenders we try

and say that they would do what she would have done. in terms of where we are now with the energy bills, the bailouts that the government is doing to support people through the energy crisis, that is going to be paid for by borrowing and the government and their position is that we grow our way out of that, hence the tax cuts to stimulate the growth. it's a combination of factors that haven't been seen before. can you kind of contextualise that against what you would, what you know of her and what that fiscal responsibility would have looked like for others? weill. have looked like for others? well, marc aret have looked like for others? well, margaret thatcher, _ have looked like for others? well, margaret thatcher, the _ have looked like for others? well, margaret thatcher, the way - have looked like for others? vii margaret thatcher, the way she used to express herself in public, believed in good housekeeping. she would not have given up fiscal discipline. she believed in tax cuts. i was a factor minister, she was the best i minister i ever

served with. —— i was a margaret thatcher minister. other tax cuts had to wait until we got debt under control, public finances under order, we had some tough budgets to do that, which some of the wets in the party, not me, i was a supporter, but tim pryor i remember got very upset by it. myths are now attached to the margaret thatcher government. she would not have given up government. she would not have given up fiscal discipline and she did it tough, necessary things when she was satisfied that we had to. she was an intelligent woman and she did back—up chancellors. she made one mistake when they relaxed too much in 1998. -- 1988.

mistake when they relaxed too much in 1998. "1988. that led to mistake when they relaxed too much in 1998. —— 1988. that led to the 19905 in 1998. —— 1988. that led to the 1990s recession. black wednesday brought the whole thing to an end. higher inflation for a bit, but if she wasn't, if the government wasn't functioning quite as well as it had done by the time we got to 1988, we won't get back over all that... let's just briefly, because we are at a time... i let'sjust briefly, because we are at a time- - -_ at a time... i don't believe margaret _ at a time... i don't believe margaret thatcher - at a time... i don't believe margaret thatcher would l at a time... i don't believe - margaret thatcher would have approved of the budget that we saw one week ago. i was on her front bench throughout the entire time she was prime minister. this governments view is that what _ was prime minister. this governments view is that what we've _ was prime minister. this governments view is that what we've seen _ was prime minister. this governments view is that what we've seen in - was prime minister. this governments view is that what we've seen in the - view is that what we've seen in the last 12 years, because obviously different challenges for different times, has led to effectively sluggish growth and the biggest risk was continuing with. there sluggish growth and the biggest risk was continuing with.— was continuing with. there is something — was continuing with. there is something to _ was continuing with. there is something to that _ was continuing with. there is something to that which - was continuing with. there is something to that which is i was continuing with. there is l something to that which is why was continuing with. there is - something to that which is why they should now turn their attention to what really matters and give us a healthier, modern economy. ever since the financial crisis of 12 years ago, we have stock with not

improving our productivity, we have low productivity, low wage, very low growth economy. we need to get back to the more dynamic economy of the 19905. and the early 2000. that means you turn to policy things. skill shortages, that immigration from the subcontinent and from africa with taking their skilled people to fill ourjobs, what that requires is continued emphasis on skills, training, vocational training, and we also need to have a sort of modern type economy, so you need to keep investment incentives if necessary to the kind of future jobs we will need and the kind of industries we have to be competitive in the modern, digital, future economy.

those are the things that produced growth. the idea that all you have to do to produce growth in the economy is to cut taxation and borrow a lot of money to do so, that's nonsense. people did have to spend money. they should have raised the threshold for income tax, that's what they should have done. i am so sor , what they should have done. i am so sorry. thank — what they should have done. i am so sorry. thank you _ what they should have done. i am so sorry, thank you so _ what they should have done. i am so sorry, thank you so much _ what they should have done. i am so sorry, thank you so much for - what they should have done. i am so sorry, thank you so much forjoiningl sorry, thank you so much forjoining us. sorry, thank you so much for “oining us. . , despite the risks, the number of people crossing the english channel in small boats continues to rise, with the total so far this year having already surpassed the whole of last year. according to government figures collated by the bbc, more than 31,000 people have made the crossing in 2022, which is more than 3,000 higher than in all of 2021. just last week, more than 1,100 people were intercepted in a single day — that represents the third highest daily figure this year. and so far this month, more than 6,000 have made the crossing. a people smuggler based in turkey has told bbc panorama that the uk government's

plan to send asylum seekers to rwanda won't put off his customers. the government has defended its plan, despite legal challenges from human rights campaigners and says it hopes to break the people smugglers' business model. jane corbin went to istanbul to find out more about this booming trade. istanbul in turkey is the front line of the refugee crisis. people smuggling is big business here. i'm heading to a safe house to meet a kingpin. we have agreed not to reveal his identity, as it was the only way he would tell me about his business. he denies it, but there have been allegations that a migrant died on one of his boats. smuggling is dangerous, people's lives are put at risk, you are making money from putting people's lives at risk. translation: accidents can happen. but we explain how dangerous the journey is, and we have them sign a consent form. "you could die," i tell him. and warn his mum and dad too.

the uk government announced it would crack down on this trade. it plans to send some asylum seekers, likely single men, to rwanda in africa to have their claims processed. the smuggler says it won't make any difference. translation: even if they send 1000 people a day to _ rwanda, they won't stop. people won't change their mind. they aren't afraid of dying, and if they are not afraid of death, they won't be afraid of going to rwanda. earlier this month, the plan was challenged in the high court in london. a ruling is expected later in the autumn. the united nations refugee agency says the uk government needs to change course. the numbers are going up.

the people who are taking these journeys are well aware that they are at risk of being transferred to rwanda — it's not stopping them. what is being achieved here? almost nothing. it's hugely expensive and the very high probability is that those that do come to rwanda will leave very, very quickly and we are right back where we started again. the government says the rwanda plan is legal and safe and will help fix the broken asylum system. it wants to stop the people smugglers and prevent further loss of life. but there's no sign of the plan working yet. the numbers arriving in the uk are still rising. this month, the number of arrivals by boat reached a new record. jane corbin, bbc news. and you can watch panorama's investigation — channel crisis: can people smugglers be stopped? on bbc one at 8pm tonight.

the german leader is suffering from covid. hejust returned the german leader is suffering from covid. he just returned from the arab emirates where he agreed to buy the liquid nitrate gas. they want to wean itself off russian dependent energy since the invasion on ukraine. tonight nasa is planning to crash a spacecraft into an asteroid to change its course. the space rock doesn't pose any danger to the earth, but this mission will test whether an asteroid could be diverted if it was heading for our planet. our science editor rebecca morelle has more. it is the stuff of hollywood — an asteroid threatening to wipe out the earth and a mission to stop it, like in the film, armageddon. but now, nasa is turning science fiction into science fact. they are about to crash a spacecraft into an asteroid to try and change its path.

this space rock poses no threat, but it's a chance to show how we could deal with one on a collision course with the earth. the double asteroid redirection test is, first and foremost, a test. it is a test on an asteroid that is not a danger to earth. there is nothing we can do to it that will make it a danger to earth, and we are doing this now when we don't have to do in order to develop the capabilities to deflect an asteroid if we ever should need to in the future. three, two, one... and lift off, of the falcon 9 and dart. the spacecraft launched last year and has travelled nearly seven million miles. after the first stage, you can see those engines coming to life. - now it's nearing its destination. its target is a small space rock called dyomorphus that's orbiting a larger one. travelling at 14,000 mph, the spacecraft will crash into dyomorphus, giving the asteroid a kick. this will change its speed, and alter its orbit, which scientists can monitor

from earth to see if it's worked. it's the first time that nasa has tried anything like this, and on—board cameras will film the collision and beam the footage back to earth. but if the test is a success it will be the first step in protecting our planet should a real asteroid threat ever come our way. rebecca morrelle, bbc news. now it's time for a look at the weather. hello again. over the next few days the weather is certainly going to be changeable. it'll often be windy, wet, and we'll see some rain or showers. this morning's rain continuing to pull away to the near continent leaving us with bright spells, sunshine and showers, but a noticeable wind, the strongest of which will be across the north, gusting to gale force at times, and that really will take the edge off the temperatures, which are below average for the time of year.

as we head on through the evening and overnight, some of the showers, but not all of them, will fade. it's still going to be windy, particularly so across the north, still touching gale force, and it will feel cold, especially across eastern areas with temperatures falling away to low—to—mid single figures. not quite as cold as we push further west. into tomorrow then, still a few showers. some of them across the north and east of scotland will be heavy on thundery. there will be some dry spells in between. later, thicker cloud and also some rain coming into the south—west, and still windy with temperatures 11—17.

this is bbc news. the headlines. fears of soaring interest rates and the bank of england could be forced to act. the pound plunges to an all—time low against the us dollar. well, i think the worst case scenario is that we do have to have a very sharp increase in interest rates. this is the scene in liverpool, as the shadow chancellor rachel reeves prepares to address the labour party conference. a moment of history in italy. giorgia meloni is set to win the election putting her in line to be the country's first female prime minister and its first far right leader since world war ii. if we are called to govern this nation, we will do it for all italians with a clear objective of uniting the people, of underline what unites it, rather

than what divides it. 13 people have been killed including seven children as a gunman opened fire in a school in the central russian city of izhevsk. and nasa prepares to crash a probe into an asteroid, to see how to stop a space rock from hitting earth. there are fears of soaring interest rates. the value of the pound fell to a record low against the dollar overnight, following the uk government's announcement of large tax cuts funded by borrowing. in asian trading, sterling fell four per cent, close to $1.03 — it's recovered some of that

ground this morning. the fall in the pound since friday threatens to further fuel inflation, because it makes imports into the uk more expensive, and adds to the costs for british businesses. it also puts further pressure on the uk's finances. the government's cost of borrowing has risen sharply again this morning. markets are signalling they expect the bank of england to raise interest rates further as a response to sterling's fall, with investors predicting interest rates could exceed six percent next year, sending the cost of borrowing and mortgages soaring. sirjohn gieve is a former deputy governor of the bank of england — and was a member of the monetary policy committee — the group that decides interest rates in the uk. he spoke about his concern a little earlier. i think i would be worried. the bank, and indeed the government, have indicated that they are going to take their next decision in november, and publish forecasts and so on at that point. and the worry is that they may

have to take action a bit sooner than that. there are two things when the currency moves. there are two instruments that are immediately available. one is to use the country's reserves to buy pounds, and therefore increase its value, but we don't have many reserves compared to the scale of currency markets, so i think that is not seen as an effective weapon. the other is to put up interest rates. martin weale is a former member of the monetary policy committee. he gave his reaction to the pounds slump. all i can say is having frightened people quite a lot on friday, he seems to have decided to frighten people more over the weekend. and that is perhaps what we have been seeing this morning. obviously, sterling has

recovered a bit from the lows, but still lower that where it was on friday evening. and what it means is inflation will be higher and it also makes it, as your correspondent was saying, likely that interest rates will be higher, and, of course, both of those affect everyone, notjust people dealing in markets, notjust economists. well, i think the worst case scenario is that we do have to have a very sharp interest rates increase. labour has accused kwasi kwarteng of "fanning the flames" of the falling pound by hinting at further "unfunded tax cuts". the shadow chancellor rachel reeves accused mr kwarteng of "gambling all of our money". she's about to address the party's annual conference. our chief political correspondent nick eardleyjoins us from the conference in liverpool. good afternoon from liverpool. in the next few minutes we will hear the next few minutes we will hear the shadow chancellor set out what she thinks is an alternative and better plan for economic growth. the key dividing lines are twofold.

firstly, who should get tax cuts? there is agreement that those on lower incomes should get a cut in the basic rate of income tax. both labour and the conservatives back that position but there is a division over whether those on higher salaries should get income tax cuts. the government says it is a good idea because it will stimulate growth. labour say it is the wrong priority. the other dividing line isjust how much money the government should be prepared to borrow to fund those tax cuts. the government is borrowing tens of billions for income tax cuts, cuts to national insurance, to scrap the rise in corporation tax. labour says some of that is wrong, but some of it is ok, so it would, for example, keep going with the card to the basic rate of income tax paid by everyone earning over £12,750, so they are saying that some borrowing is ok but the scale of borrowing is what labour is concerned about and

says that that is part of the reason that the markets have been so spooked by what is happening over the last few days. so, as i say, in the last few days. so, as i say, in the next few minutes, over the next half hour or so, i would expect to hear rachel reeves, the shadow chancellor talk a lot about her vision for the economy and how she thinks that labour can do it differently.— thinks that labour can do it differentl . ,, , , , ., ., differently. she is 'ust starting to talk, so differently. she is 'ust starting to tauo. so we h differently. she is 'ust starting to talk, so we will _ differently. she isjust starting to talk, so we will listen. _ your shadow chancellor, under keir starmer�*s leadership. but i know what a responsibility this is, too. we are facing a national emergency. energy prices up. the cost of the weekly food shop, up. people's wages, not keeping up. on friday, the chancellor had an opportunity to set out a serious response to the cost of living crisis. and he

failed. what did we get instead? a tax cut for the wealthiest 1%. increased bank bonuses. and more than £50 billion, piled onto the national debt, every single year. they didn'tjust break their own fiscal rules for the tenth time in 12 years, in one go, they borrowed more than in any single budget since 1972. with inflation already high, and interest rates already rising, the message from financial markets was clear on friday. and, this morning, that message is even more stark. sterling is down. that means higher prices, as the costs of imports rises. the cost of

government borrowing is up. that means more taxpayer money will go into paying the interest on our government debt. and, in turn, that means the cost of borrowing for working people will now go up, too. with higher mortgage repayments for families. and all for what? not to invest in the industries of the future. not for the nhs. not for our future. not forthe nhs. not for our schools. but fortax future. not for the nhs. not for our schools. but for tax cuts for the wealthiest. a return to trickle—down economics, an idea that has been tried, has been tested, and has failed! applause why should my constituents in leeds west, why should people in merseyside, pay for tax cuts for those who are already the wealthiest? it's not what anyone voted for. it's putting our economy

in danger, and, conference, labour will fight at every step of the way. conference, let me tell you what i believe. i believe the hard work should be met with fair reward. i believe that strong public services are the backbone of any decent society. i believe that inequality divides and holds us back as a country. conference, i believe that the task of building a fairer society is a moral responsibility, and, more than that, it is the route to a stronger economy. the truth is, at the heart of labour's plans for growth, and today i want to tell you why. last april, on a cold spring

evening, i knocked on the door of a constituent. when i reached out to shake her hand, it was purple and freezing cold. already, back then, she was afraid to put the heating on, struggling to get by on the small pension that she had built up through a lifetime of work. as energy bills and inflation rise even higher, i often think of her. conference, that is the stark reality facing people all around our country today. and while the prime minister spent months denying the need for action on energy prices, labour was calling for a freeze on the energy price cap. labour was calling for an end to the indefensible premium paid by families with prepayment metres. and, crucially, labourwas calling for a windfall tax on the unimaginable profits being made by the oil and gas companies.

applause because a proper windfall tax would mean that working people didn't have to foot the bill. but the prime minister is content to let energy giants pocket the cash, and leave your children, and your grandchildren, to pick up the tab. under these tories, those with the broadest shoulders carry the lightest load. and not by accident, but by choice. conference, it is time for a government that is on your side, and that government is a labour government. applause the effects of putin's war have reverberated around the world. and we will not waver in our support for

ukraine. applause the causes of this crisis are global. at our unique exposure to rising energy prices is the result of the choices of conservative governments. in action, on insulating homes. in action, on renewable and nuclear energy is. and the sheer irresponsibility of closing our gas storage facilities. we are feeling the consequences of a 12 year tory experiment, in unilateral energy disarmament. and what is their answer? lifting the ban on fracking. conference, fracking is dangerous, it is bad for the planet, it won't even reduce our

bills and, with labour, it will not happen. applause here is our alternative. our green prosperity plan to provide the only sustainable solution to the energy crisis. to free ourselves from dependence on russia. to invest in solar, wind, tidal, hydrogen and nuclear power. and to pass on to our children a fairer and greener country. this is a moral responsibility. and it's an economic necessity. on climate change, the cost of inaction today will mean far greater costs tomorrow. i refuse to leave our children to pick up the pieces of ourfailure.

leave our children to pick up the pieces of our failure. conference, leave our children to pick up the pieces of ourfailure. conference, i will be a responsible chancellor. i will be a responsible chancellor. i will be a responsible chancellor. i will be britain's first green chancellor. applause ed miliband has just ed miliband hasjust set ed miliband has just set out how the next labour government will cut energy bills for good. by generating all of our electricity from clean sources by 2030. but our green prosperity plan is about something else, too. it's about economic growth. because british businesses are falling behind in the global race for new industries. and that matters. it matters that the largest offshore wind farm in scotland has its blade is made not in scotland, but thousands of miles away. it matters that the rest of europe is powering ahead with electric battery factories, and we are stuck in the slow lane. it matters that of

germany, france and the us are making the running with green hydrogen, but we are not. we have the ability. but we want the job is here. we want the factories here. and we want british businesses to take the lead. applause world. on that, and responding to what seb said, what is the labour go —— government to do that will transform people's lives? manufacture coyle. in coyle coil. in cost of living. in cost of living. in cost of living. in cost of living. cost of living. in cost of living. cost of living. in cost of living. cost of living. in cost of livina. , ., of living. here, here is the deal. the next labour _ of living. here, here is the deal. the next labour government - of living. here, here is the deal. | the next labour government will create a national wealth fund. so that when we invest, in new industries, in partnership with business, the british people will own a share of that wealth. and the tax paper will get a return on that investment. wealth flowing from jobs investment. wealth flowing from jobs in electric battery track tri, in the west id lands, the north east and the south—west. offshore wind driving investment in our port, from the humberto southampton, east

anglia to belfast. clean steel. with jobs in rotherham, sheffield, scunthorpe, cardiff and port pal bot —— port talbot. in grangemouth and in south wales, in humber and in teesside, and here, in merseyside too. applause. because, conference, when i saw i want to buy, make and sell more in britain, i mean it. what you will see in your town, in your city, with labour, is a sight that we have not seen often enough in our country, cranes going up, shovels in the grounds, the sounds and the sights of the future arriving. secure skilled jobs, for plumbers electricians and joiners, design es and engineers, wealth will flow back

in to your community and on to your high street. wealth that the british people will own a stake in, wealth thatis people will own a stake in, wealth that is invested in our country's future that, is a real plan for climate, that is a real plan for growth and, conference, that is a real plan for levelling up. applause. applause. a zero carbon economy, made right here, made in britain. it is time for a government that is on your side, and that government is a labour government. applause. and conference, what about the tories? six different plans for growth in 12 year, each announced with great fanfare. each making no difference. a library of failure. conference, they have had 12 years.

have they got growth up? no. have they got inflation down? no. have they got inflation down? no. have they got inflation down? no. have they got child poverty down? no. have hay got the nhs waiting listing down? no, and have they even got the debt and the deficit down? now. conference, it's 12 years of failure. applause. and now, they have replaced levelling up with trickle down. an economic philosophy inadequate to a modern world, and a moral philosophy inadequate to a decent society. trickle down economics is a very simple idea. that if wejust trickle down economics is a very simple idea. that if we just slash taxes and regulation, we will unleash investment and growth. how wealth is share doesn't matter, vast

gaps between people and places, no importance. workers right, consumer protection, strong public service, all worth sacrificing, wealth is just created by a few people, a few businesses. it is why, at the same time that ministered lecture low paid workers about showing restraints, that they can't retrain themselves from removing the cap on bankers bonus, i dare any tory mp to tell a nurse or a care worker their face that what our country needs is bigger bonuses for bankers. applause. it is true. w' applause. itistrue. ., , applause. itistrue. ., , it is true. trickle down is a very sim . le it is true. trickle down is a very simple idea _ it is true. trickle down is a very simple idea and _ it is true. trickle down is a very simple idea and a _ it is true. trickle down is a very simple idea and a very - it is true. trickle down is a very simple idea and a very wrong i it is true. trickle down is a very i simple idea and a very wrong one. notjust wrong, because it isn't fair, wrong too, conference, because it doesn't work. trickle down is wrong because how wealth is shared

does matter to growth. high inequality strangles suspended power of working people. it piles its social costs on to public service, it suffocates potential. trickle down is wrong because in a turbulent world businesses need government as a partner. trickle down is wrong because strong institutions and robust public finances provide the foundations for a strong economy. and trickle down is wrong, conference, because a strong economy needs strong public services, we will defeat the failed ideas of the past with focus, the ambition and the ideas for the future. applause. conference, here is the truth. wealth doesn't trickle from the top down. it comes from the bottom up and the middle out. from the talent

and the middle out. from the talent and the middle out. from the talent and the efforts of tens of millions of ordinary people, and from thousands of businesses. our economy needs the most productive, most high tech businesses to thrive in britain, and we all rely on what i call the every day economy. on transport workers and delivery drivers. on supermarket and retail workers. our nhs and care workers. don't let anyone tell you that they are not wealth creators too. applause. they are key to our security as a society. and yet too many of them are among the most insecure. overworked, underpaid, undervalued. the tories that trickle down ideology has nothing to offer them, beyond longer hours, lower pay, and less respect. earlier this year, i

met a family in worthing, a mum and dad working fivejobs met a family in worthing, a mum and dad working five jobs between them, struggling to make ends meet. constantlyjuggling work and constantly juggling work and childcare. constantlyjuggling work and childcare. as a family, they only got half a day a week together. they felt any hope of buying their own home had evaporated. good people working hard. you know what the mum said to me? met a family in worthing, a mum and dad working five jobs between them, struggling to make ends meet. constantlyjuggling work and childcare. as a family, they only got half a day a week together. they felt any hope of buying their own home had evaporated. good people working hard. you know what the mum said to me? she said "you just wonder if you're doing something wrong. " conference, something is profoundly wrong. and let's be clear, liz truss, we've not fallen behind our neighbours, on growth, on productivity or on pay, because british workers lack graft, it is not working people that are the problem, conference, it's this government that is the problem.

applause. i'll tell you what a growing economy needs, rising wages so that monday flows back in to vibrant high street, parents with the time to thrive at work and spend time with their children. families with enough savings to weather a storm, and people feeling the confidence to take risks, to change career, to learn new skills or start a business. so, with labour, there will be no bonfire of workers right, as the tories intend. as angela rayner announced we will introduce a new deal for working people, rayner announced we will introduce a new dealfor working people, with strengthened rights, fit for the times we are in. and that is not all. on day one, as chancellor, i will write to the local pay commission with a simple instruction that, the minimum wage will be set at a level that reflects the real cost of living.

applause. conference... the last labour government delivered britain's first ever national minimum wage, the next labour government will introduce a genuine living wage. applause. that is how we will give working people security, and that is how we will grow our economy too. it's time for a government that is on your side, and that government is labour government. applause. here's another thing about growing a 215t here's another thing about growing a 21st century economy. it is no longer enough if it ever was, for government to simply get out of the

way. the challenges of global instability, of pandemics, wars and climate change. demand that government work in partnership with business. if i were chancellor right now, i would business. if i were chancellor right now, iwould bring business. if i were chancellor right now, i would bring together a national economic council, that will bring together industry and trade unions. so working people and businesses were at the heart of economic decision making. i have been privileged in thisjob economic decision making. i have been privileged in this job to visit businesses across our country, from rolls rose in derby, pioneering research into carbon neutral aviation. right through to local business, like castle on the mill, once a key part of west yorkshire's textiles industry and now a collaborative space, for freelancer, remote workers and start ups. the world is changing fast. but the

british capacity for enterprise, for innovation and for hard work remains undimmed. when i talk to business, they don't tell me that their number one priority is corporation tax, they tell me about the need for properly targeted investment allowance, the need for workers equipped with the right skills. the need for certainty, and a sense of direction from government. and yes, the need for a sensible working relationship with our european neighbours. so we will take those issues head on. starting with the biggest tax problem facing british business, our unfair, outdated system of business rates punishes high street businesses to the advantage of online giants, so labour will level the playing field. we will establish business rates and replace them with a fairer system fit for the 21st century. applause.

that new system, that new system will mean that businesses would get revaluation discounts straightaway, rather than waiting for years for their money back. and here's more. today, jonathan reynolds launched a modern industrial strategy, that recognises the importance of businesses, at the high tech frontier and of our every day economy. it sets out a mission to make our economy more secure. we will use all powers at government disposal, to buy, make and sell more here in britain. we will make britain the best place to start and grow a business. guided by the work of our start grow a business. guided by the work of ourstart up grow a business. guided by the work of our start up review headed by lordjim o'neill. we of our start up review headed by lord jim o'neill. we will given nations and region, the tools to shape their own future, in labour run wales under mark drakeford in our city regions and all round the country, we are seeing the difference that labour can make in

power, and steve rotherham, thank you for the leadership you show here in merseyside. applause. and conference, if you are remotely serious about growth, theh and conference, if you are remotely serious about growth,— and conference, if you are remotely serious about growth, then you have to make brexit _ serious about growth, then you have to make brexit work. _ serious about growth, then you have to make brexit work. our— serious about growth, then you have to make brexit work. our agriculture| to make brexit work. our agriculture and food industry rely on trade across europe but we have a deal that doesn't even include a veterinary agreement. we are pioneers in creative industries but we have a deal which ties them in knots over visas. we are the second largest exporter of services in the world, but we have a deal that doesn't include the mutual recognition of professional qualifications, so, we will fix the holes in the government's patch work brexit deal, and instead of picking needless fights with our largest trading partner, we will work together with our neighbours and our allies in our national interest.

applause that is labour's approach, proudly pro worker, and proudly pro business. supporting innovation, sharing opportunity. reviving our high streets, conference, it is time for a government that is on your side, and that government is a labour government. applause. iam i am proud to have started myer career as an economic at the bank of england. its dense is an enduring contribution government to britain's financial stability. growth and socialjustice must be built on firm foundations. yet, this government has undermined

the bank's independence, sacked the respected permanent secretary to the treasury and gagged the office for budget responsibility. the chancellor and prime minister meanwhile, resemble two desperate gamblers in a casino, chasing a losing run, but here is the thing. they are not gambling with their money, they are gambling with yours. they have lost credibility, they are losing confidence, they are out of control. applause. i have said this before, conference. but be in no doubt, there can be no return to austerity. it has left our country poorer, our public services at breaking point and ourfinances in tatters. i make this promise to you. labourwill in tatters. i make this promise to you. labour will not waver in our

commitment to fiscal responsibility. that is why i set out the fiscal rules for the next labour government a year ago. every policy that labour announces, and every line in our manifesto, will be carefully costed and fully funded. last year, i told this conference that i was more than happy to take on the tories when it came to economic competence, because i know we can win. iam now i am now wondering whether they even plan to show up for the fight. applause is becoming clearer by the day, labour is the party of economic responsibility, and the party of socialjustice. applause conference, it is time for a government that is on your side. and that government is a labour

government. applause now... applause we need a growing economy. we need a growing economy to pay for modern, sustainable public services. but a growing economy need strong public services too. this is personal to me. my mum and dad were primary school teachers. i'm really proud of that. my sister, ellie, and i used to play for hours in my dad's classroom, while he worked late into the evening, because he wanted the kids that he taught to have the very best start in life. this was all in the face of conservative government,

hostile to the very idea of public service. i went to school under those governments. i remember what it was like. that is why ijoined this party. and it is why i am here today. strong public services are the foundation of a strong society. and, conference, we owe everything to those who work in our national health service. applause but we also know that our health service today is on its knees. it is a social priority — service today is on its knees. it is a social priority and _ service today is on its knees. it 3 a social priority and it is an economic priority. in the last three years, half a million people have left the labour market. more than half of those due to long—term illness. as keir starmer set out a year ago, we will guarantee access

to mental health treatment within a month to who needs it. applause here is more. we need strong, sustainable public finances, alongside strong, sustainable public services. so our priority is not tax cuts for the wealthiest for you. it is securing our public finances and investing in our public services. conference, i can tell you, with a labour government, those at the top will pay theirfair labour government, those at the top will pay their fair share. the 45p top rate of income tax is coming back. applause here is what we will do with that money. the next labour government will double the number of district

nurses qualifying every year. applause we will train more than 5000 new health visitors. applause we will create an additional 10,000 nursing and midwifery places every year. more than that, we will implement the biggest expansion of medical school places in british history. doubling the number of medical students, so our nhs has the doctors that it needs. applause it will fall to us to fix the damage that the tories have done. we have done it before _ that the tories have done. we have done it before and, _ that the tories have done. we have done it before and, conference, - that the tories have done. we have done it before and, conference, we| done it before and, conference, we will do it again. applause know that these are labour's

priorities. strong public services, to support people and grow our economy. a greener, fairer britain, withjobs for people economy. a greener, fairer britain, with jobs for people in economy. a greener, fairer britain, withjobs for people in britain. industries owned by the people of britain. profits shared with the people of britain. pro—business and pro—workerfor a people of britain. pro—business and pro—worker for a stronger economy, where you do well, because when you do well, britain does well. hope and opportunity, whoever you are, wherever you live. that is labour's vision for britain. that is what we are fighting for. let me tell you, it's time for a government that is on your side. that government is a labour government. and be in no doubt, conference, that government is on its way. applause

rachel reeves, the shadow chancellor, ending her rousing speech to the labour party conference. they are on their feet. she got a few standing ovations while she was actually speaking. it was a very personal speech from her. standing ovation party in to stammer. i didn't count the times she said it's time for a government thatis she said it's time for a government that is on your side, but that is clearly the theme of the speech she delivered to the conference saying that labour is proudly pro—worker and proudly pro—business, the party of economic responsibility and social justice, of economic responsibility and socialjustice, and saying that labour can win on economic competence. we will talk with our chief political correspondent in a moment for more reaction to that speech, but first of all, the

chancellor kwasi kwarteng has been talking about the all—time low in the pound this morning and we can just listen to what he said. comment you have about the pound? see but that pound? is? but that m pound? is? ci ? at m pound? is? ci ? to m pound? is? - city? to have what pound? lgeegfle _ city? to have anythingtz pound? lseegva - city? to have anything to 25.25.etieezzszezemzaz to reverse the made toerévferze the redo last plan to reverse the plans made last friday, sir? what you have to say about everything that's been going on sir? i’m about everything that's been going on sir? �* , ., ., , about everything that's been going onsir? �* , ., ., ,~' . on sir? i'm 'ust going to my office now. on sir? i'm just going to my office now- thank _ on sir? i'm just going to my office now. thank you _ on sir? i'm just going to my office now. thank you very _ on sir? i'm just going to my office now. thank you very much, - on sir? i'm just going to my office

now. thank you very much, sir. i on sir? i'm just going to my office i now. thank you very much, sir. let's to now. thank you very much, sir. let's no to the now. thank you very much, sir. let's go to the labour— now. thank you very much, sir. let's go to the labour party _ now. thank you very much, sir. let's go to the labour party conference. i go to the labour party conference. let's get some reaction to rachel wreaths at that conference and her speech. —— reeves. saying the labour party as a party that can win on economic confidence and is a party of the people. ioiroi’hat and is a party of the people. what she has spent _ and is a party of the people. what she has spent the _ and is a party of the people. what she has spent the last _ and is a party of the people. what she has spent the last 20 - and is a party of the people. txvrisgt she has spent the last 20 minutes or so trying to do is persuade everyone across the country that labour is going to be responsible if its in government, that it has an economic strategy that is fully costed, and explained, and is absolutely affordable. secondly, and i think this is the thing we are going to hear so much about over the next few months, labour is arguing that its plans are a lot fairer and will

benefit different people. the government would contest that it's giving a tax cut to a lot of people, but the thing that's really uncomfortable for some tories as the fact that additional rate of income tax, the one paid by the highest earners, that has been scrapped. labour are going to talk about that as much as possible. you heard the shadow chancellor they are basically saying that she thinks the fiscal measures announced by the chancellor on friday were all about rewarding the rich and actually she wants to draw distinction and say that labour is all about helping everybody, about an economic growth strategy thatis about an economic growth strategy that is going to benefit more people. so i think that is a message we are going to hear absolutely hammered from the labour party in the run—up to the next general election. we are hearing it absolutely hammered at the conference here, the idea that economic growth, yes, the right strategy, but it needs to be fairer. we just saw the pictures of the

chancellor kwasi kwarteng being bombarded with questions about what's going on on the market with the pound and being asked whether he would reverse a strategy. he didn't answer those questions. has there been any response from the government this morning? obs, been any response from the government this morning? a valiant effort they are _ government this morning? a valiant effort they are trying _ government this morning? a valiant effort they are trying to _ government this morning? a valiant effort they are trying to get - government this morning? a valiant effort they are trying to get some i effort they are trying to get some answers out of the chancellor. he clearly wasn't playing ball. sometimes chancellors say they won't comment on the market. government is under a lot of pressure today to address what's going on with the pound, address the perception here at the labour i've been speaking to privately use the borrowing is just too high, that's why the markets have been spooked, because the chancellor on friday announced significant tax cuts funded by borrowing, announced significant subsidies for energy funded by borrowing, and suggested over the weekend that he is prepared to go

further when speaking to laura kuenssberg on bbc one yesterday, he said there are likely to be more attacks coming and the argument you're hearing at the labour party conference here from the chap that shadow chancellor is that its unfunded tax cuts, that's what speaking the market, that will make inflation even worse and lead to a spiral. ida inflation even worse and lead to a siral, ., .,' . ., inflation even worse and lead to a s-iral. ., . ., ., inflation even worse and lead to a s-iral. ., .,' . ., ., ., spiral. no official word from the government. — spiral. no official word from the government, it's _ spiral. no official word from the government, it's going - spiral. no official word from the government, it's going to - spiral. no official word from the l government, it's going to defend spiral. no official word from the - government, it's going to defend its strategy. it's not going to change course, because it has decided politically that's a thing it will do that will work, but there is a lot of concern among some economists, there is a lot of concern among opposition parties like here in liverpool, and significantly for the chancellor, there is a lot of concern among tory mps as well who are really worried he's taken economic gamble and at the moment it's not paying off. that line from rachel reeves saying labour can be the party of economic competence, how much will that speak

the tory party? it’s competence, how much will that speak the tory party?— the tory party? it's a really interesting _ the tory party? it's a really interesting backdrop, - the tory party? it's a really i interesting backdrop, because the tory party? it's a really - interesting backdrop, because since cor keir starmer became labour leader, it's reputation you often hear at labour party conferences, they're trying to build the reputation of sound economic management. one of the reasons is that for years the labour party but it was losing elections is the fallout from the economic crash in 2008 and the banking crisis, that that had really harmed the labour party when it lost government in 2010, it never recovered from the accusation it had left the country speaks in a terrible way. you've heard keir starmer, rachel reeves, talk about fiscal responsibility, then believing they can be more sensible when it comes to policies they are setting out, they are trying to make a break from the jeremy corbyn years as well and given they are saying it on a day

when the pound has been sliding and where the economy looks in a pretty precarious place, that's pretty fertile territory for them. the truth is, there is no election around the corner. it's probably a couple of years away, although we cannot be sure of that. that means the government has a bit of space to hope that its economic strategy pays off before the lecture it gets to decide. it will hope that the stimulus that it announced on friday, giving people tax cuts, encouraging that investment, will p37 encouraging that investment, will pay off and even if it's not long—term, that there is some sign of economic growth and by the time we get to the next general election. i've got to say, chatting to labour folk here, chatting to be the shadow, they think they are in a good place at the moment and that the government strategy on radio was big tax cuts, those economic gamble is, as some see them, has put labour in a place where they can now claim

to be the most sensible party. thahk to be the most sensible party. thank ou, nick. to be the most sensible party. thank you. nick- well. _ to be the most sensible party. thank you, nick. well, earlier, _ to be the most sensible party. thank you, nick. well, earlier, i— to be the most sensible party. thank you, nick. well, earlier, i spoke i to be the most sensible party. thank you, nick. well, earlier, i spoke to l you, nick. well, earlier, ispoke to lord ken clarke, the former conservative chancellor about the tory party strategy and what's been happening on the markets with the pound against the dollar. thea;r happening on the markets with the pound against the dollar.— pound against the dollar. they are im oossible pound against the dollar. they are impossible and _ pound against the dollar. they are impossible and i _ pound against the dollar. they are impossible and i won't _ pound against the dollar. they are impossible and i won't start - impossible and i won't start predicting them now, but i'm not surprised, because the almost universaljudgment on the first acts of the government in the first budget they've produced is that it's a gamble. it's become the glue worked already. to those who are used to the economic policy of conservative government up to now, it was a surprising gamble for him to take and he will be put at risk slightly a reputation for being competent and safe with the money, which i think is one of the backbones of the conservative government for some time. the risk to the public finances has been

taken in this budget and is bound to have an impact on the markets. the government is going to have to borrow an extraordinary amount of money when we are already historically very high level of debt indeed. the creditors, who will be expecting, presumably, to buy our bone if we do go out to raise that money, they look as though they are expecting a high return, because they don't have great confidence in they don't have great confidence in the british economy for the next year or two, so it may sort itself out, it may be an instant reaction, it may be rebounding, but i think the bank of england which has got slightly left behind in tackling the hype, very high inflation we have, is going to have to not perhaps immediately, but keep its foot down with further interest rate rises in order to restore confidence in fisk

fiscal discipline in this country. to restore economic discipline in this country, that's what the bank of england is going to do, that rather implies you think the government can't do that. the government — government can't do that. the government can, _ government can't do that. tie: government can, but the government hasjust had a government can, but the government has just had a budget which doesn't appear to take has just had a budget which doesn't appearto take a has just had a budget which doesn't appear to take a much more relaxed borrowing, printing money. for political aims, which tends to get all governments into the risk of some sort of financial crisis. the markets to respond to that and you can't ignore the markets. it isn't just a problem for the city. if the pound falls below parity with the dollar, it will make our imports much more expensive and feed into what is becoming the underlying inflation in a recession. i think i personally agree with the bank, i think we will turn out to already be in a recession and i am concerned myself that we could be in for a

long, quite severe recession and responding to make sure we don't have further devaluation of the currency will be quite an important part of that, and the bank is going to have to play a critical role, i think, because i can see the government suddenly reversing these measures. ., ., . ., government suddenly reversing these measures. ., ., ., measures. former chancellor lord clark talking _ measures. former chancellor lord clark talking to _ measures. former chancellor lord clark talking to me _ measures. former chancellor lord clark talking to me earlier. - measures. former chancellor lord clark talking to me earlier. let i measures. former chancellor lord j clark talking to me earlier. let me bring some reaction from downing street on what's going on. a spokesperson to journalists in the lobby saying that the chancellor will not comment on the following pound. the prime minister is official spokesperson has said he does not expect the chancellor or the premise to issue a response to the premise to issue a response to the following pound as they do not comment on market movements or currency movements in that way. he said the uk is investing in its future through our growth plan while remaining fiscally responsible and committed to driving down the debt in the medium term. he confirmed that the government is sticking with

its plan. asked if the government was relaxed about further interest rate rises, he said interest rates are a matter for the rate rises, he said interest rates are a matterfor the bank rate rises, he said interest rates are a matter for the bank of england. inflation is something we are very conscious of and the fact that it are very conscious of and the fact thatitis are very conscious of and the fact that it is a challenge the countries are seen everywhere. he added, is right we consider how best to control inflation and it's something the government is mindful of. giorgia meloni — who's set to become italy's first female prime minister — has called for unity and promised to govern for all italians. projected results in the italian general election a right—wing alliance appears to have won, after exit polls put ms meloni's brothers of italy party out in front. the result has yet to be confirmed, and approved by the president, but the main centre—left party has already conceded. leigh milner reports. it's a historic moment, notjust for giorgia meloni, but for italy as a country. for the first time, voters have

chosen a female prime minister, one which aims to form italy's most right—wing government since the second world war. speaking afterwards, ms meloni said her brothers of italy party would govern for everyone and would not betray people's trust. translation: italy has chosen us, if we are called to govern _ this nation, we will do so for all italians, with a clear objective of uniting the people. the great objective we have always had as a political force is that we can ensure italians will once again be proud to be italian. at 64%, turnout was very low, and voting levels were especially poor in southern regions, including sicily. but her party is set to win with 25% of the vote. however she will have to share power with other right—wing parties in a coalition. with forza italia, led by silvio berlusconi,

and matteo salvini's league party. a meloni—led italy will alarm much of europe, with russia at war in ukraine. but unlike her right—wing allies, she has openly said she is pro—nato and has no time for vladimir putin. although she has worked hard to soften her image, she leads a party rooted in a post—war movement that rose out of benito mussolini's fascists. still embracing their old slogan, god, fatherland and family, she campaigns against lgbt rights and is calling for a naval blockade of libya to stop migrant boats. she is very, very right wing. issues have been taken about the abortion laws, and a lot of things that in italy going on in a way that is more liberal, but now we see we are going backwards. this election has been

a political turning point for the country. besides tax cuts, her alliance wants to renegotiate italy's massive eu covid recovery plan and have italy's president elected by popular vote. as the country's new prime minister, it is up to her to steer italy through one of its most delicate periods, dealing with huge challenges, from the energy crisis and high inflation to a possible historic a moment this is for italy. imean, i mean, this is the first female prime minister that italy has ever had, that alone is historic. but giorgia meloni represent something that italy has not had before in its republican period, that is a far right leader to effectively become

prime minister, it's almost certain she will become prime minister after consultations with the president, and that means that italy has not suddenly lurched to the right, because actually when you look at the electoral arithmetic, the country is split between right and left and she has managed to form a right wing coalition, and really this country that has tried almost everything in its post—war period, it's had over 70 governments of every political colour and ideology, it is just trying something new. it feel something is not working here, the economy has stagnated for the last 20 years, there's a massive brain drain, this recycling of grey—haired grey suited politicians that italians are sick of and they want to try something new. she says she rejects fascism, she describes herself as a modern conservative politician working to the politicians in the us. there are many in this country who will see

her as representative of something much, much darker, who has her roots in neo— fascism and will move italy away from its traditional paris, berlin access and more towards its liberal conservative european nations like hungary. 50 liberal conservative european nations like hungary. so what sort of oolicies nations like hungary. so what sort of policies which _ nations like hungary. so what sort of policies which you _ nations like hungary. so what sort of policies which you want - nations like hungary. so what sort of policies which you want to i of policies which you want to introduce and are there concerns about rollback potentially of certain rights?— about rollback potentially of certain rights? about rollback potentially of certain riohts? ~ ., . �* , certain rights? well, france's prime minister has — certain rights? well, france's prime minister has given _ certain rights? well, france's prime minister has given an _ certain rights? well, france's prime minister has given an interview- certain rights? well, france's prime minister has given an interview this | minister has given an interview this morning saying france will be vigilant about respect for abortion and other human rights here in italy. that shows you how concerned parry says. meanwhile, marie le pen therefore right leader said... that shows you the kind of european fissures that victory place into and more wider. in terms of policies here, she will be hardline on things

like migration, she wants a naval blockade of libya to stop migration votes. she will campaign against same—sex marriage, same—sex adoption and surrogacy. their interest will be whether italy's position in ukraine. you heard she is pro—nato, she in favour of continuing to arm ukraine. berlusconi last week given interview last week saying that vladimir putin simply wanted to replace the ukrainian president with decent people, as he put it. the question is, will she be pulled one way by her coalition partners and allies and another way by the european union? and how much will the european union have to try to coax her towards them because like this is a founding member of the european union, they cannot give her the cold shoulder, italy is too big and too important to lose to the extremity of italian and european politics. there will be a lot of

people in european capitals and washington also extremely concerned and watching what's happening in italy with extreme appetite. the 1p on news and _ italy with extreme appetite. the 1p on news and just _ italy with extreme appetite. the 1p on news and just a _ italy with extreme appetite. the 1p on news and just a moment. i italy with extreme appetite. the 1p on news and just a moment. no i italy with extreme appetite. the 1p i on news and just a moment. no time for the weather. hello again. over the next few days the weather is certainly going to be changeable. the is certainly going to be changeable. wind is whippir similar the wind is whipping up the waves. similar scenes of the next few days. looking quite cool and windy with plenty of heavy blustery downpours around, too. here is the main band of rain that brought rain overnight to many of us. we are left in this northwesterly airflow, so a few take a look at these wind arrows, they go all the way back to the arctic introducing mccord a burst of air that we are seeing at the moment. plenty more showers as we head towards the afternoon. some parts of

england, wales, northern ireland. the strongest of the winds will be across the coast, even inland likely to see gusts of wind up to 30 mph. the temperatures at 6p this evening somewhere up to 15 degrees or so. feeling colder than that when you add on the wind chill. through this evening and overnight, heavy showers, particularly for the north and east of scotland, when picking overnight. gale force winds. we see through the irish sea. more showers around particularly towards the west. clear skies in the west. tomorrow will be pretty similar to what we have today. low pressure setting out towards the east. quite a few isobars on the map and winds coming in from a northwesterly direction again. it will ease a little bit for most of us converted today. still frequent showers, but i think not as quite as many as we saw

out there today and perhaps a bit more persistent rain into the far south—west later on. a noticeable blustery breeze. on wednesday, showers around particularly for eastern areas. towards the south and west you are likely to see drier with when seizing a bit is well convicted today and tomorrow. it says unsettled towards the end of the week, many of us likely to see some heavy and persistent rain during friday. goodbye.

the biggest fall for half a century in the value of the pound against the dollar. sterling plunged overnight on asian markets partly in response to the government's announcement of tax cuts and increased borrowing. but the chancellor says... chancellor, what are you going to do about the turmoil in the markets this morning? i’m about the turmoil in the markets this morning?— about the turmoil in the markets this mornin: ? �* ., ., ., ., ,, this morning? i'm not going to make any comment— this morning? i'm not going to make any comment now. _ the shadow chancellor, rachel reeves, says she is worried that the fall in the pound could increase pressure on the bank of england to raise interest rates. the message from financial markets was clear on friday, and this morning, that message is even more stark. sterling did recover some of its value but the fall has sparked fears of higher inflation and interest rates. also this lunchtime... a school shooting in russia has left

at least 13 people dead, seven of them children.