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tv   The Papers  BBC News  September 26, 2022 10:30pm-10:46pm BST

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go out. their first goal from 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
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and there is no time to put that right because the next time england will play is against iran and qatar in the world cup in november. the time is 10:30pm. time for the weather. jupiter is at its closest point to earth in 59 years and there will be clear skies out there as we have a glorious and to do though. some of you though, chris bell is hit and miss. showers today will keep going tonight. particularly through the irish sea, north—west england, wales and north west england. a chillier night tonight across some of eastern parts. forecast for tomorrow, it looks fairly similar but the winds are more westerly so that will change where the showers are and we have this feature pushing into the south—west. northern parts of scotland, some showers with hail and thunder. this zone from north and
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east of northern ireland, isle of mann, north west england, north west wales frequent showers and whilst a bright start in the south—west, this will stream its way down bringing grey skies and rain. if you showers away from those areas but some will stay completely dry and in that sunshine, it still feels pleasant but out of it in the showers, ten to 16 degrees. as we go into wednesday the wind shifts northerly so the showers this time more likely. eastern areas, particularly eastern counties. fewershowers eastern areas, particularly eastern counties. fewer showers in the west, more sunshine, probably warmer as we go into thursday, winds should fall lighter, but get ready for wet and windy weather on friday. spare a thought for those in cuba tonight, a highly destructive harry kane heading their way. florida is next on the list. our
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thanks matt. and that's bbc news at ten on monday the 26th of september —there's more analysis of the days main stories on newsnight. here on bbc one, all of our colleagues standing by with the news where you are but from all of us, thank you for watching and good night. hello and welcome to our look ahead to what the the papers will be bringing us tomorrow. with me are author and journalist rachel shabi, and political editor of the people and sunday mirror, nigel nelson. let's take a look at tomorrow's front pages — all pretty much dominated by the same story.
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the financial times leads on the continued turmoil in the markets — it says neither the government or the bank of england have been able to halt the fall of sterling. the metro appears to put the blame directly on the chancellor kwasi kwarteng — the pound, it says, "kwar—tanks". the i focuses on mortgage lenders pulling their fixed—rate deals amid fears of interest rates rising rapidly by as soon as next week. the daily express, however, is exhorting us not to panic. the chancellor has, it says, got a plan to cut government debt and calm the markets. the mirror is pulling no punches, saying that what it calls the "tories' economic disaster" means millions of households are facing financial misery; the guardian also leads with the sterling crisis; but also features keir starmer�*s claims that
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labour is now the oparty of the centre ground — while the daily star has its usual unique take on the day's events — with a somewhat downbeat—looking kwasi kwarteng on the front, wearing a clown�*s nose, saying "honey i shrunk the quids". city spec dictators have been taking profits. while the daily star has its usual unique take on the day's events — with a somewhat downbeat—looking kwasi kwarteng on the front, wearing a clown�*s nose, saying "honey i shrunk the quids". boom, boom. let's begin. idon�*t think we've met before, rachel connected to have you on. nigel, i've known you for many years. let's look at the ft, a good thing. let's look at the ft, a good thing. let's look at the ft. the bank of england and treasury failed to calm market nerves are it uk finances. you can say that again, can't you? the
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market just don't seem say that again, can't you? the marketjust don't seem to believe in this plan, despite the statement put out by the treasury and indeed the bank of england.— bank of england. yes, absolutely. and that is _ bank of england. yes, absolutely. and that is because _ bank of england. yes, absolutely. and that is because the _ bank of england. yes, absolutely. and that is because the plan - bank of england. yes, absolutely. | and that is because the plan looks shambolic. the plan is 45 billion in tax cuts, and this giants borrowing, so the tax cuts, let's be clear, these are going to benefit only the 0.1% top of the population. so that 0.i% top of the population. so that some 50,000 people who will get two thirds of the benefits of these tax cuts. the reason the market is reacting this way, let's be clear, the market is freaking out about the uk. some people, one investment bank was saying that investors look at the uk right now as a doomsday cult. others have said that the uk economy
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looks like in emerging markets, not to because it is in emerging markets, obviously it has emerged, but because it is very hard, it is going to be very hard for policymakers to regain credibility and trust in the economy. this isn't about borrowing, per se. and trust in the economy. this isn't about borrowing, perse. it's and trust in the economy. this isn't about borrowing, per se. it's not borrowing that is the problem. if the government said we are going to borrow but we will spend all of that money on a massive renewables scheme that creates jobs, massive retrofitting scheme that creates jobs. we are going to create free broadband for everyone, then the market would look at that, that looks like it's going to productivity, so we buy it. it's a head banger scheme, delivering many to the government, funnelling money
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upwards to the 0.1%. that's just a bust. upwards to the 0.196. that's “ust a bust. ., ., , upwards to the 0.196. that's “ust a bust. ., .,, _, upwards to the 0.196. that's “ust a bust. ., ., , _, ., upwards to the 0.196. that's “ust a bust. ., ., , bust. that top income tax being lowered to _ bust. that top income tax being lowered to him _ bust. that top income tax being lowered to him is _ bust. that top income tax being lowered to him is that? - bust. that top income tax being lowered to him is that? it's - bust. that top income tax being lowered to him is that? it's the | lowered to him is that? it's the lack of a credible plan. how you see markets are not buying at the moment. actually it's a return to conviction politics. there doesn't seem to be the plan, is that how you would read it as well?— would read it as well? there isn't a lan. would read it as well? there isn't a plan- the reel— would read it as well? there isn't a plan. the real problem _ would read it as well? there isn't a plan. the real problem with - would read it as well? there isn't a plan. the real problem with the - plan. the real problem with the market — plan. the real problem with the market is— plan. the real problem with the market is there is no forecast for a payout _ market is there is no forecast for a payout it's— market is there is no forecast for a payout. it's a — market is there is no forecast for a payout. it's a bizarre budget on friday — payout. it's a bizarre budget on friday. probably the most bizarre since _ friday. probably the most bizarre since george osborne tried to tax paste this — since george osborne tried to tax pasta. this is got a much more serious — pasta. this is got a much more serious impact. so what the markets are saying _ serious impact. so what the markets are saying is, look, we don't know what _ are saying is, look, we don't know what is _ are saying is, look, we don't know what is going to happen. there is budget— what is going to happen. there is budget responsibility report to tell us what _ budget responsibility report to tell us what the predictions are. the chancellor— us what the predictions are. the chancellor is during many all over the place — chancellor is during many all over the lace. ., ., the place. the government would an ue that the place. the government would argue that the — the place. the government would argue that the have _ the place. the government would argue that the have the _ the place. the government would argue that the have the budget i the place. the government would i argue that the have the budget may
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be don't need bod are, but maybe that is just semantics. it be don't need bod are, but maybe that is just semantics.— that is “ust semantics. it looks like a that isjust semantics. it looks like a budget _ that isjust semantics. it looks like a budget to _ that isjust semantics. it looks like a budget to me _ that isjust semantics. it looks like a budget to me when - that isjust semantics. it looks like a budget to me when i - that isjust semantics. it looks. like a budget to me when i wish sitting _ like a budget to me when i wish sitting there watching it. even as a chancellor, — sitting there watching it. even as a chancellor, he wanted to call it a fiscal— chancellor, he wanted to call it a fiscal event, but i call that a budget— fiscal event, but i call that a budget when you start cutting taxes or even _ budget when you start cutting taxes or even freezing them. we had alcohol— or even freezing them. we had alcohol frozen, if you remember. let's _ alcohol frozen, if you remember. let's stay— alcohol frozen, if you remember. let's stay with this story because for so many hundreds of thousands of millions of people, of course, they will be thinking with the cost of living crisis and everything else and a lot of people with mortgages, and a lot of people with mortgages, a lot of us with mortgages, new mortgages block to make uk market turmoil, it is interesting, ijust wonder what your thoughts are about the cut and stamp duty, now with these skyrocketing interest rates, of course, it seems to have actually done the very opposite of what they were trying to do in terms of bringing some momentum to the housing market. i bringing some momentum to the housing market.—
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bringing some momentum to the housing market. i know we have this tendency to — housing market. i know we have this tendency to try _ housing market. i know we have this tendency to try to — housing market. i know we have this tendency to try to regard _ tendency to try to regard governments with an amount of reasonable i come but if we have the chief economy of investment global and investment bank fairly conservative establishment figures. if someone like that is describing the uk government as a doomsday cult, i think... you describing the uk government as a doomsday cult, i think. . ._ doomsday cult, i think... you have mentioned — doomsday cult, i think... you have mentioned fact, _ doomsday cult, i think... you have mentioned fact, let's _ doomsday cult, i think... you have mentioned fact, let's talk - doomsday cult, i think... you have mentioned fact, let's talk about. doomsday cult, i think... you have | mentioned fact, let's talk about the mortgages... just on the front page of the eye here, because this is a temporary move, but it is again the uncertainty, isn't it, for lenders and borrowers stop i was just going to say that i think it's all right to say that i think it's all right to remove any credibility from this government because it has none. when we look at the mortgage market, we can see that two major uk lenders have temporarily pulled their offer, so they are not offering new mortgages at the moment. the reason they are doing that is because they don't know what rate to offer. they
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just have no idea how to calculate it. so if you were to call up, 3000 households per day apparently according to the bank of england come out a rate mortgage. if we caught the mortgage company to renegotiate that, they will look at rates for that day and say, right, we can offer you ask amount. to mortgage lenders have said we have no idea what to our fees will we are going to pull out. you can imagine that she can imagine the effect that is going to happen. finally, those people after how many years have managed to scrape together and save together enough to be able to even afford a house in this market. imagine what that is doing to their plans for theirfutureis imagine what that is doing to their plans for their futureis an appalling situation. staying on this story, staying on the positive side, you know, we don't have an exchange rate linked to another currency like
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the dollar. we are not pegged to anything else. the bank of england is independent. is there anyone supporting this plan at the moment? i can't see it. i supporting this plan at the moment? i can't see it— i can't see it. i am trying to bring some balance — i can't see it. i am trying to bring some balance into _ i can't see it. i am trying to bring some balance into our— i can't see it. i am trying to bring i some balance into our conversation between both of you. laughter sometimes there aren't two sides of the story, and this is one of them. but hang on a minute. nigel, it is your goal. i but hang on a minute. nigel, it is our coal. ~ but hang on a minute. nigel, it is your goal-— your goal. i think the difficulty is that things _ your goal. i think the difficulty is that things aren't _ your goal. i think the difficulty is that things aren't moving - your goal. i think the difficulty is j that things aren't moving quickly enough — that things aren't moving quickly enough. so what the markets were expecting — enough. so what the markets were expecting was some kind of action by the bank— expecting was some kind of action by the bank of— expecting was some kind of action by the bank of england. and what the bank of— the bank of england. and what the bank of england say is they won't actuaiiy— bank of england say is they won't actually take that until their normal_ actually take that until their normal policy committee can meeting with next— normal policy committee can meeting with next month. at the same time, the chancellor advance is one of his fiscal— the chancellor advance is one of his fiscal events that he was going to hold that — fiscal events that he was going to hold that the new year to november, but we _ hold that the new year to november, but we have — hold that the new year to november, but we have got to get through the
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rest _ but we have got to get through the rest... well, october before we get there _ rest... well, october before we get there and — rest... well, october before we get there. and most of november before we see _ there. and most of november before we see where the chancellor is going to unveil~ _ we see where the chancellor is going to unveil. that is quite a lot of uncertainty. to unveil. that is quite a lot of uncertainty-— to unveil. that is quite a lot of uncertainty. to unveil. that is quite a lot of uncertain . , , ,, ., uncertainty. the daily express, of course, rachel, _ uncertainty. the daily express, of course, rachel, would _ uncertainty. the daily express, of course, rachel, would say - uncertainty. the daily express, of course, rachel, would say that i uncertainty. the daily express, of. course, rachel, would say that don't panic, we have got a plan, the government. i panic, we have got a plan, the government-— panic, we have got a plan, the rovernment. ., ., , ., , ., , , government. i mean, do you seriously exect me government. i mean, do you seriously exoect me to — government. i mean, do you seriously expect me to respond _ government. i mean, do you seriously expect me to respond to _ government. i mean, do you seriously expect me to respond to a _ government. i mean, do you seriously expect me to respond to a headline i expect me to respond to a headline like that with anything other than laughter? like that with anything other than lau:hter? ., ., ., ., , laughter? you are here to actually talk about the _ laughter? you are here to actually talk about the papers, _ laughter? you are here to actually talk about the papers, rachel. - laughter? you are here to actually talk about the papers, rachel. so| laughter? you are here to actually| talk about the papers, rachel. so i would like you to respond to that one. mr; would like you to respond to that one. g , , would like you to respond to that one. g , ., ., , ., one. my response to that is that the ex - ress is one. my response to that is that the express is cheerleader _ one. my response to that is that the express is cheerleader in _ one. my response to that is that the express is cheerleader in chief- one. my response to that is that the express is cheerleader in chief for i express is cheerleader in chief for this government for this particular cabinet, this particular cabinet is that free market fundamentalist champions. this is what they believe in. they believe in, like, triple —— trickle—down economics which the imf has sizes of complete bust. they believe that if you cut taxes for
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the richest in this country, the money will flow down to the press. now, we have had a0 years of that economic policy proving it as a bust. joe biden the other day treated, so this is, you know, a nice, centrist, moderatejoe biden tweeting the other day presumably in response to this policy that he was sick and tired of trickle—down economics. it's been proven time and time again that it doesn't work. this new government truss and her chance i believe in it and so does this express. that's why they issue this express. that's why they issue this headline even as the pound crashes to historical levels and interest rates looks set to create a doubling of mortgage repayments over the next few days. {line doubling of mortgage repayments over the next few days.— the next few days. one of the problems. — the next few days. one of the problems, nigel, _ the next few days. one of the problems, nigel, the - the next few days. one of the problems, nigel, the dollar. the next few days. one of the problems, nigel, the dollar is particularly strong at the moment, but i suppose that's not a great deal of defence when he think how much the pound has dropped against
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the euro as well. thea;r much the pound has dropped against the euro as well.— the euro as well. they euro is struggling _ the euro as well. they euro is struggling as _ the euro as well. they euro is struggling as well. _ the euro as well. they euro is struggling as well. you're - struggling as well. you're absolutely right. we are not the only currency having trouble with the doiiar~ — only currency having trouble with the dollar. we do seem to be doing rather— the dollar. we do seem to be doing rather worse. the dollar. we do seem to be doing ratherworse. it the dollar. we do seem to be doing rather worse. it wasn't so long ago that the _ rather worse. it wasn't so long ago that the pound was worth a dollar 35. that the pound was worth a dollar 5 now— that the pound was worth a dollar 35. now we have hit a low today of a dollar _ 35. now we have hit a low today of a dollar and _ 35. now we have hit a low today of a dollar and 3 — 35. now we have hit a low today of a dollar and 3 cents. so quite clearly there _ dollar and 3 cents. so quite clearly there has— dollar and 3 cents. so quite clearly there has got to be some kind of intervention, certainly from the bank— intervention, certainly from the bank of— intervention, certainly from the bank of england to, and the question is when _ bank of england to, and the question is when they will do it. the only weapon— is when they will do it. the only weapon that bank of england have got to shore _ weapon that bank of england have got to shore up— weapon that bank of england have got to shore up the pound will be to raise _ to shore up the pound will be to raise interest rates. just staying with the don't _ raise interest rates. just staying with the don't panic _ raise interest rates. just staying with the don't panic story - raise interest rates. just staying with the don't panic story in - raise interest rates. just staying with the don't panic story in the| with the don't panic story in the express, we have heard from the labour leadership today where nigel is in liverpool, yes, they are going to put the a5p top tax rate back. they are not shifting any of the other stuff that has been announced,
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are they?

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