tonight at ten: renewed turmoil on the financial markets, as the government and bank of england try to offer reassurance. at one point today, the pound collapsed to a record low against the dollar — a low pound means more expensive imports of oil and gas. chancellor, what are you going to do about the turmoil in the markets this morning, sir? i'm not going to make any comment now, thank you. the chancellor says he'll be setting out his medium—term fiscal plan, but not for another eight weeks. meanwhile firms that pay for their imports in dollars are warning that rising costs will have to be passed on to the consumer.

it's tearing our margins to shreds, we are trying our best to absorb . what cost increases we can. but ultimately, because - the pressure the business is under, we expect to have to put prices up as a result. _ at the labour conference, the party outlines its own plans for the economy, including cancelling the tax cut for top earners. with a labour government, those at the top will pay theirfair share. the 45p top rate of income tax is coming back. we'll have the latest on the uncertainty over the government's approach to managing the economy. also tonight: in eastern ukraine, we report from the city of bakhmut the latest target of constant russian shelling. in the last few minutes we have been hearing incoming and outgoing shells every 30 seconds or so. it really doesn't stop.

and england and germany play out a six—goal thriller. and england and germany play out a six—goalthriller. but and england and germany play out a six—goal thriller. but still no win for the three lions. and coming up on the bbc news channel: troubling times for the worcester warriors — the club are suspended from rugby union's premiership over the failure to meet financial demands. good evening. faced with continued turmoil on the financial markets, both the government and the bank of england have tried to offer reassurance about the way ahead. the turmoil was triggered by last week's mini—budget with its controversial package of tax cuts. at one point today, the pound sterling had collapsed to a record low against the dollar

and a low pound means that imports of oil and gas become more expensive. the bank of england says it won't hesitate to raise interest rates by as much as needed to control inflation. some lenders have taken new mortgages off the table in response to the turmoil. and the chancellor kwasi kwarteng has announced he will set out his medium—term plan, but not for another eight weeks, alongside an economic forecast by the office for budget responsibility. our economics editor faisal islam is here with the latest. thank you. it has been a remarkable time on the market. in the early hours it reached an all—time low since the creation of us currency in 1792. the dollar has been strong,

but this drop is about sterling weakness. these are massive moves and it shouldn't be happening to a g7 currency like sterling. turmoil in the markets and turmoilfor britain — an early money morning plunge in the value of the pound in your pocket to depths never seen before against the dollar. and then the chancellor remained tight—lipped. but the significant cause, is markets unconvinced by the government's approach to borrowing and tax cuts. irate government's approach to borrowing and tax cuts-— and tax cuts. we had a budget in which we saw — and tax cuts. we had a budget in which we saw a _ and tax cuts. we had a budget in which we saw a lot _ and tax cuts. we had a budget in which we saw a lot of _ and tax cuts. we had a budget in which we saw a lot of tax - and tax cuts. we had a budget in which we saw a lot of tax cuts, . and tax cuts. we had a budget in i which we saw a lot of tax cuts, but that means — which we saw a lot of tax cuts, but that means the government will have a issue _ that means the government will have a issue a _ that means the government will have a issue a lot — that means the government will have a issue a lot more debt. that is

something _ a issue a lot more debt. that is something the market is finding it difficult _ something the market is finding it difficult to swallow. the uk fundamentals, a lot, a recession and hi-h fundamentals, a lot, a recession and high inflation and that is something investors— high inflation and that is something investors don't like. fear high inflation and that is something investors don't like.— investors don't like. fear stalking the market _ investors don't like. fear stalking the market and _ investors don't like. fear stalking the market and affects _ investors don't like. fear stalking | the market and affects businesses such as this toy retailer. a weak currency is bad for those who import. currency is bad for those who im ort. ~ ., ., currency is bad for those who im ort, . ., ., ., ~' ., currency is bad for those who imort. ~ ., ., ., currency is bad for those who imort. . . ., . ~' . ., import. we have to make a payment of $42,000 this — import. we have to make a payment of $42,000 this week. _ import. we have to make a payment of $42,000 this week. had _ import. we have to make a payment of $42,000 this week. had we _ import. we have to make a payment of $42,000 this week. had we made - import. we have to make a payment of $42,000 this week. had we made it i $42,000 this week. had we made it last week_ $42,000 this week. had we made it last week it— $42,000 this week. had we made it last week it would _ $42,000 this week. had we made it last week it would have _ $42,000 this week. had we made it last week it would have been - $42,000 this week. had we made iti last week it would have been 35,000 pounds _ last week it would have been 35,000 pounds now. — last week it would have been 35,000 pounds. now, because— last week it would have been 35,000 pounds. now, because of— last week it would have been 35,000 pounds. now, because of the - last week it would have been 35,000 pounds. now, because of the poundl pounds. now, because of the pound situation, _ pounds. now, because of the pound situation, it— pounds. now, because of the pound situation, it is— pounds. now, because of the pound situation, it is get— pounds. now, because of the pound situation, it is get being _ pounds. now, because of the pound situation, it is get being on - situation, it is get being on towards _ situation, it is get being on towards £39,000 - situation, it is get being on towards £39,000 we - situation, it is get being on towards £39,000 we havel situation, it is get being on l towards £39,000 we have to situation, it is get being on - towards £39,000 we have to pay. there _ towards £39,000 we have to pay. there. . ., , towards £39,000 we have to pay. there. . .,, ., towards £39,000 we have to pay. there. . ., ., ., there. the cost of borrowing for government _ there. the cost of borrowing for government is _ there. the cost of borrowing for government is surging. - there. the cost of borrowing for government is surging. it - there. the cost of borrowing for government is surging. it costs| government is surging. it costs 4.5%, after a 3 a week ago. when

these rates go up, so do the borrowing cost of corporations. so do the cost of new mortgaging. the biggest lender pulled all it mortgages that charge a fee. the bank of mortgages that charge a fee. tue: bank of england mortgages that charge a fee. tte: bank of england has mortgages that charge a fee. "tt2 bank of england has been mortgages that charge a fee. tt2 bank of england has been keen that interest rates should increase only gradually. but there is quite a good argument for looking at where you think interest rates need to be and getting there fairly quickly. for two da s getting there fairly quickly. for two days it _ getting there fairly quickly. for two days it was clear that the markets were unconvinced about the government's tax cutting, borrowing increasing, growth plan. and so tonight the treasury tried to regain the confidence of the markets by announcing more details, more of the number and forecasts will be published towards the end of november. the challenge for that is they will have to explain where all

they will have to explain where all the money is coming from and the cost of the the borrowing is going up. then the bank of england said it would raise interest rates aggressively if necessary, but not until november. the impact up and down the country is far from over. as we mentioned, some lenders have stopped offering new mortgages in response to the turbulence on the financial markets. our business editor simonjack is here. what is going on? well, markets got sooked b what is going on? well, markets got sneaked by the _ what is going on? well, markets got spooked by the size _ what is going on? well, markets got spooked by the size of— what is going on? well, markets got spooked by the size of the _ spooked by the size of the intervention, the amount of borrowing, the tax cuts, and what that makes markets think is the bank of england is going to have to work harder to keep a lid on inflation. and the weapon to do that is interest rates. bank interest rates are two and a quarter per cent. the floor on which other borrowing is

bench marked. markets say given this surprise it could as high as 6%. it might not get that high. but the extreme uncertainty means that some lenders have started withdrawing some products. you have seen halifax and skipton and virgin said we have withdrawn virgin money products for new customers. halifax said it has removed products with a fee. if mortgage rates rise to 6%, that is somewhere between a household refinancing fixed rate mortgage say it rise by a massive amount. not everyone is on a mortgage. if you're coming to renew that, that is a problem. will that make a housing market crash? probably not. but it

could affect the housing market. thank you. labour — whose annual conference is taking place in liverpool — say the government has "spooked the markets" with a "reckless gamble" on tax cuts — paid for by increased borrowing. the shadow chancellor rachel reeves has been setting out labour's economic vision and pledged that a labour government would bring back the 45p top rate of income tax and use the funds to employ more staff in the national health service. our political editor chris mason reports from liverpool. first thing this morning, and conditions on the mersey are nearly as choppy as the markets. turbulence on the water and in the air, as labour's candidate to be chancellor prepares to set out her party's approach to the economy... ..and her critique of the government's. the chancellor and prime minister resemble two desperate gamblers in a casino chasing a losing run. but here's the thing.

they are not gambling with their money. they are gambling with your money. they have lost credibility, they are losing confidence, they are out of control. and so labour see an opportunity. it's becoming clearer by the day, labour is the party of economic responsibility and the party of social justice. rachel reeves claims she'd be the first green chancellor, as she put it, putting money into the clean energy industries of tomorrow. she promised, albeit without much detail, a minimum wage that reflects the cost of living. and there was a reference, too, to the biggest political row of recent years. if you're remotely serious about growth, then you've got to make brexit work. so we will fix the holes in the government's patchwork brexit deal. labour says it is outraged by the conservatives' budget last week but is not rejecting all of it.

they back the cut in the basic rate of income tax, but they don't like the tax cut for the very highest earners. and if they were in government... the 45p top rate of income tax is coming back. they'd spend the money it brought in on the health service, to train more staff. 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. and so to her concluding thought. and look at the optimism here. 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! after the government decision the other day, that was the labour alternative on economy, the crucial battleground of politics. and an attempt by both of the big parties, and indeed the others,

to seize a sense of credibility and responsibility. but how much difference is there between the conservative and labour plans? most of the tax cuts that we saw announced last week, labour would keep too. the reversal of the 45p rate reduction is almost neither here nor there from a public finance point of view. we assume that labour would also want to spend more on public services, so there's certainly more to tell us about how they would fund that. back in the hall, the shadow chancellor gets a hug and a smile from her boss. tomorrow, it's his turn to try to convince us why he should one day be prime minister. we now have a tussle for up with of biggest prizes of the lot, that of economic credibility. for so long an achilles' heel for labour. they see an opportunity to attempt to seize it and look at the conservatives and

see nervousness among conservative mps and think it might be their moment to make their case they would be better stewards of economy. when you speak to conservative mps, a real nervousness and they feel they maybe mugged of their reputation with the economy, because of the events of the last few days. a new poll suggesting labour has a 17—point lead. the biggest measure on a yougov poll since 2001. yes it isjust one poll, but on a yougov poll since 2001. yes it is just one poll, but it gives you a sense of how the economic volatility can have political consequence. thank you, chris. with me is our economics editor faisal islam. where do we stand? we have heard some of the political arguments, you went through what has been going on in the markets, just draw the

strands together for us. to in the markets, just draw the strands together for us. to give you a measure of _ strands together for us. to give you a measure of the _ strands together for us. to give you a measure of the concern, - strands together for us. to give you a measure of the concern, the - strands together for us. to give you a measure of the concern, the us l a measure of the concern, the us central bank, one of their top officials said he was concerned that the british crisis could help worsen a global recession for the us and europe. you have to see the big picture. we have been used for a decade and a half to low interest rates. many parts of the economy and many people have got used to low interest rates. what should have happened is they adjusted slowly. the fear is this brings that adjustment abruptly, like a tidal wave hitting the economy, that is because the markets are asking about the government's credibility after what happened with the budget. they have said we will explain more and more than maybe they wanted to explain, but that means choices — are they going to explain if there is going to be spending cuts required? maybe there will be u turns. who knows and the bottom line

is credibility for a chancellor is very hard to win and very easy to lose. and he needs to win it back. thank you. in russia, president putin's order to call up another 300,000 soldiers is being met with widespread protests. reports have circulated on social media of people with no military experience being drafted, along with others who are too old or with disabilities. this report by our russia editor steve rosenberg includes some distressing images. at a military draft office near moscow, the roll call begins. more russians mobilised and on their way to fight in ukraine. and left behind, their loved ones. for many here, this war has suddenly become very real. but at this recruitment centre,

the russians we spoke to said they supported the draft. "i'm in the mood to fight," says dmitry, an hr manager. "since we've been drafted, we have to serve." this mother says, "the lads will run about a bit there, they'll lose a bit of weight, it'll be fine." not everyone is so positive. in siberia a recruitment officer was shot and seriously wounded. the gunman reportedly incensed that his friend had been called up to fight. across russia there's been a spate of attacks on enlistment offices. more than a dozen have been set on fire since vladimir putin announced the call up. and this is the russian republic of dagestan. protests against mobilisation. a sign of the anger in russia's poorer regions, populated by ethnic minority groups, where many feel they

are being called up at a disproportionate rate. meanwhile, vladimir putin was shown meeting the leader of belarus, alexander lukashenko, and demanding that the west respect russia. not a word about the protests. when the kremlin says, "your country needs you," some russians are happy to answer, president putin's call, but clearly many are not and in some parts of the country, mobilisation is sparking social unrest and undermining trust in the authorities. look at the queues leaving russia. this is the land border with georgia. many russian men of military age are trying to get out. but for their sons and husbands, a very different journey starts here. destination ukraine and the kremlin's war. steve rosenberg, bbc news, moscow.

heavy fighting is continuing in ukraine's eastern donbas region, which russian forces have been trying to take for months but where ukrainian troops have been making gains in recent weeks. getting full control of donbas remains president putin's stated aim in ukraine. our senior international correspondent orla guerin and camera journalist goktay koraltan report from the city of bakhmut, where residents endure constant russian shelling and the destruction of their homes. i should warn you her report contains some distressing images. shelling. inside a city under relentless attack. this is bakhmut. pounded by russian air strikes, and shelling. ukrainian forces still hold the city but the russians

are at the eastern edge. it's hard for us, says ludmila, one of the few venturing out. have you thought about leaving? i don't want to. this is my homeland, she says. i wish you well, she adds. others are desperate to go. but facing a dangerous wait. irina flinches at this all—too—familiar sound. shelling. her 14—year—old daughter, yelizaveta, is the main reason she wants to get away from her birthplace. which is now a battleground.

shells explode. as we wait with them, we lose count of the shells. what a memory for a teenager to take away from home. it's easy to see and to hear what people need to get away from. in the last few minutes, we've been hearing incoming and outgoing shells, every 30 seconds or so. it really doesn't stop. this city is in the centre of a fierce fight now between russian forces and ukrainian forces. everything is ok, irina says. trying to reassure yelizaveta. it's very hard to go, she tells me. it's only because of the war. the main thing is to save my daughter's life and to take our cats

and kittens so that we all survive. rushing in to get them out, sergei ivanof, a volunteer with a van, and a tattoo that says, "seize the day." he's been doing just that for months. evacuating front line areas. i feel happy when i see the smiles on faces and hear the thanks. it's perfect. it's why i'm here. it's like my main mission, like my life, for these people. and you are risking your life every day? i think its usual for me and usualfor any ukrainian people, any ukrainians. loading up the essentials, yelizaveta has the pet carrier and irina grabs the final bags. they are beginning a journey to the relative safety

of the capital, kyiv. nearby, we come across a victim of the morning shelling, called andrei. there's no letup. for overan hour, his body can't be moved. the living keep walking. his sister, in red, can only take cover. andrei spent his life saving others. he worked as an ambulance driver. as russia tries to take the city it appears ready to destroy it. a pattern that we have read before in the ruins. shell, kill, repeat. the russian army way. orla guerin, bbc news, bakhmut.

an executive from meta — the tech giant which owns instagram — has told a court that images seen by 14—old molly russell before she took her own life in 2017, were safe for children to see. the inquest into molly's death heard that she seen more than 2,000 images about suicide and self—harm on the social media platform our correspondent angus crawford was at the coroners' court in north london. in court, and under oath, elizabeth lagone, the head of health and well—being at meta, owners of instagram. here for a second day of questioning about what the platform did to keep molly russell safe. instagram videos from molly's account were shown to ms lagone, most too graphic to broadcast, of suicide, blood and self—harm. then, pictures molly had liked, saved and shared.

again, we can't show you most of them. but here, a heart monitor. "if it stopped, would you miss me?" a coffin with the words, "now everyone loves me." questioning ms lagone, the barrister for the family, oliver sanders, kc, asked... "is this content safe for children to view?" ms lagone replied... he then singled out an image from molly's account. "she is sad, hurt, dying," it reads. "six weeks after seeing this, she is dead," said the barrister. "do you really think that was helpful for her? are you serious?" the coroner, andrew walker, put it to the witness, "you create the risk. you create the danger. and then you take steps to try to limit that danger." "we take our responsibilities seriously," replied ms lagone. the exchanges became heated. mr sanders raising his voice,

shouting that children could not consent to being sent graphic and harmful material. at one point, ms lagone said she was sorry that molly had seen content that violated their policies. meta held to account. and a grieving family coming face—to—face with a company they believe helped kill their daughter. angus crawford, bbc news. and if you have been affected by any of the issues raised by this story, you can find help and support from organisations listed at bbc.co.uk/actionline. to italy, where the far right leader giorgia meloni has claimed victory in the general election, and is on course to become the country's first female prime minister, at the head of italy's most right—wing government since the second world war. these are the results for the chamber of deputies, the equivalent of the house of commons, and meloni's party,

the brothers of italy, have the most votes. in terms of this combination, she will have to share power in a coalition with other right—wing parties. the lega — or league party — of matteo salvini, and forza italia led by former prime minister silvio berlusconi. giorgia meloni has promised to tackle the cost of living crisis with tax cuts, and she takes a hard line on immigration. she says she supports nato, promising support for ukraine, in contrast to her likely coalition partners who have been close to moscow. our europe editor katya adler sent this report from rome. it is not just it is notjust the italian weather that suddenly turned, politics changed her dramatically after

yesterday's election. catapulted from political insignificance to probable next italian premier, giorgia meloni popped up at three in the morning looking like she couldn't quite believe it. normally seen as a firebrand of the far right, instead she appealed for national unity. italy chose us and we'll never betray it. tt national unity. italy chose us and we'll never betray it.— we'll never betray it. if we are called to _ we'll never betray it. if we are called to govern _ we'll never betray it. if we are called to govern this - we'll never betray it. if we are called to govern this nation i we'll never betray it. if we are | called to govern this nation we we'll never betray it. if we are - called to govern this nation we will do so on everybody�*s behalf for all italians. do so on everybody's behalf for all italians. ., ., ~' . do so on everybody's behalf for all italians. ., ., ~ ., , ., italians. look at the smile on gior: ia italians. look at the smile on giorgia meloni's _ italians. look at the smile on giorgia meloni's face. - italians. look at the smile on giorgia meloni's face. she . italians. look at the smile on | giorgia meloni's face. she has waited all her political life for this movement, starting as a teenage activist, she now believes she will be italy's next prime minister and this is a country she says she wants to change dramatically. to do that she will need the support of this man and others in a coalition. we congratulate giorgia meloni and will work with her, said anti—immigration

populist matteo salvini. this will be the most hard right italian government since the second world war. we headed to the working class district of rome where giorgia meloni grew up and got into politics. do people here believe she will help with their huge energy bills and cost of living crisis? translation: she came to town squares, two little places like this. she knows how to talk to ordinary working people. we can only hope she will keep her promise to get italy back on its feet. ., f . promise to get italy back on its feet. . y�* , . , promise to get italy back on its feet. . ., ,., promise to get italy back on its feet. . ., ., feet. italy's allies are also crossing _ feet. italy's allies are also crossing their _ feet. italy's allies are also crossing their fingers. - feet. italy's allies are also - crossing their fingers. brussels crossing theirfingers. brussels frets about european unity and giorgia meloni's nash protections proposals. nato needs are to maintain a hard line against russia. these are stormy times in europe with a war back on this continent. the radical changing of the

political guard in italy brings hope to some but acute anxiety to others. katya adler, bbc news, rome. england have gone six games without a win but they were involved with a draw with germany at wembley tonight. an important night began with reflection. the queen was here at wembley for england's finest moment. 56 years later england face germany wearing red again and as this summer's triumphant lionesses looked on, sterling was on the rise. but when underfire, harry maguire on, sterling was on the rise. but when under fire, harry maguire swung a clumsy leg in the box, the referee was left with no choice.— was left with no choice. germany enal . was left with no choice. germany penalty- cool— was left with no choice. germany penalty- cool as _ was left with no choice. germany penalty. cool as you _ was left with no choice. germany penalty. cool as you like. - was left with no choice. germany penalty. cool as you like. it - was left with no choice. germany penalty. cool as you like. it was l penalty. cool as you like. it was to net penalty. cool as you like. it was to get worse- — penalty. cool as you like. it was to get worse- the _ penalty. cool as you like. it was to get worse. the unmarked - penalty. cool as you like. it was to get worse. the unmarked seized l penalty. cool as you like. it was to l get worse. the unmarked seized the

moment to seize germany's double late. this wasn't how england wanted to go out. their first goal from almost 500 minutes of football came from an unlikely source. it's between teeth, england sensed an opportunity. subs combine to drag them into it. this was more like it. and how soon the tables can turn. this time a rash challenge. harry kane with a perfect response. germany looked shocked. just not for long. when popes heaved the ball, this was far too easy. he knew what a mistake that was. england's player of the year almost won it late on but after putting fans through a roller—coaster of emotions, there was to be no winning sendoff. that was to be no winning sendoff. that was eventful. much betterfrom england but clearly still work to

do. no win in six games, the first time that has happened in 29 years and there is no time to put that