today at one: lenders withdraw mortgage deals as the cost of borrowing soars. dozens of banks and building societies have stopped mortgage offers after a fall in the pound stoked forecasts of a steep rise in interest rates. we've seen a number of lenders take product off sale, and we've seen the total number of products available right across the market really decrease quite sharply, and that's, you know, obviously giving some concern for customers who are trying to lock in at the best possible rate. i'm coming out of what was an initial fixed term and was trying to sign and get another mortgage deal, and kind of the best rate and the best price that we could find was an increase in over 30%.

the pound has stabilised today after hitting a record low yesterday. we'll be explaining the impact of what's going on in the markets. also this lunchtime... sir keir starmer will promise a fresh start for the uk in his keynote speech to the labour party conference today. the prince and princess of wales make their first visit to the nation since they were given the titles. and nasa smashes a spacecraft into an asteroid to test whether they can be deflected away from earth. and coming up on the bbc news channel: scotland are in poland seeking nations league promotion. avoid defeat tonight against ukraine and they'll also be assured of a play—off spot for euro 202a.

good afternoon and welcome to the bbc news at one. many banks and building societies are reviewing their mortage deals because of forecasts of a sharp rise in interest rates. the bank of ireland has withdrawn all mortgages. virgin money and skipton building society have closed offers for new customers, but will consider applications that have already been submitted. halifax said it was withdrawing mortgages with product fees, which generally give people a lower rate. yesterday the bank of england said it would "not hesitate" to increase interest rates after the pound hit record lows. our economics correspondent andrew verity is here. andy, why, when the bank of england's official rate is still only 2.25%, are mortgages set to become so much more expensive? well, reeta, we tend to focus on the bank of england's official mortgage rate because when they

raise interest rates that's what changes. but fewer than 2 million households have variable rate mortgages. it's already very difficult for some of them. most mortgage holders — about 6 million households — are on fixed rate deals, and almost all lenders are pulling the deals they had on offer last week. here's a list of them — the cost of fixed rate deals depends not on where the bank of england's official rate is now but on what traders on financial markets think is going to happen to rates in the next few years. and it's that that's changed since friday — big time. the bank's official rate is currently 2.25%. by december traders think that will be 4.5%. and byjune, 5.75%. lenders say households will have to pay much more because of that. those rates have sharply increased and they are now looking at 5.75%, and that's a massive change then to what customers can expect to pay on their monthly outgoings. that's based on the fact that the markets think that the bank of england base rate will be up to 6% by the time we get

into the middle part of next year and that's going to increase monthly repayments by up to £6,000 for the average mortgage holder. so why�*s that happening? well, because kwasi kwarteng's planning to borrow so much, investors now think it's much more risky to lend money to the government so they're demanding higher interest rates to make up for it. this is what's happened to the effective rate the government has to pay to borrow over five years. you can see that sharp jump after the government's announcement on friday. because the government's the least risky borrower to lend to, slightly more risky borrowers, like mortgage lenders, have to pay a little more to raise funds on financial markets, so their costs are shooting up and that's why cheap fixed rate deals have been rapidly disappearing. if we go back one year, you would be looking at all—time lows in interest rates, fixed rates going back to october, even, were available below 0ctober, even, were available below i% 0ctober, even, were available below

1% on two and five year deals. now you will be lucky to get something around 4% orjust a touch below currently. but the pressure is clearly upwards. that's likely to hit borrowers like aaran adams, whose wife's on maternity so he's the only one paying in as his fixed—rate mortgage deal comes to an end. i have had costs arising in terms of energy and other bills, it's going to certainly put us at quite a little bit of a loss, more of a deficit. i'm picking up the entirety of the mortgage costs as well, so yeah, quite a lot of pressure and a big hit. here's what would happen to your mortgage in pounds and pence in the worst case scenario. if two—year fixed rate deals rise to 6% next year. whereas now you're paying £863 on a typical loan. your monthly payment would nearly double to £1,490. now you don't have to worry about a jump quite that size that for now. but if you're among the million or so households whose fixed—rate deals are expiring in the coming

year, the cheap rates on offer now are unlikely to stay as cheap for long. reeta. andy verity, thank you. there was an anxious start to early trading on the asian markets overnight, as the financial world watched to see whether the pound would slide again. the value of sterling against the us dollar has steadied this morning but investors remain nervous. the value of the pound fell to a record low against the dollar yesterday and is down overall over the last month. it comes after the chancellor, kwasi kwarteng, announced large tax cuts, to be paid for by borrowing billions of pounds. 0ur economics correspondent, dharshini david, joins me now. things have calmed, but for how long? they have come a much needed breathing space in the market will stop its notjust currencies either. taking another look at the bond market chart and it was talking about, the cost of new borrowing for governments to fund the likes of

public services, tax cuts. you can see the rate has slipped somewhat but it is three times as high as it was six months ago. what does that add up to? basically the government will have to find an extra £15 billion just to pay interest costs on existing debt, money that could be spent on the likes of schools and hospitals and pretty penny times. how has this impacted us all? we have to look at what has happened to the pound is notjust today but in recent months. one in £3 of imports are priced in dollars so we have to pay more for them because of the way the exchange rate moves and it has been enough to add 20% to price tags on things like american genes, oiland price tags on things like american genes, oil and gas, price tags on things like american genes, oiland gas, or getting more expensive. this lunchtime there are estimates out there that perhaps what we have seen under this government has meant £500 billion has been wiped off the value of our stock and bond markets, money taken off the likes of pension funds. and

the turmoil may not end here with the turmoil may not end here with the concerns about the size and affordability of the chancellor's budget, they may not be resolved for some time and in the meantime we could see more pressure on prices, interest rates, all this coming at the least time households needed. it could be enough to wipe out the tax cuts we saw announced just days ago. dharshini david, thank you. sir keir starmer will echo sir tony blair, who won three landslide elections, when he addresses the labour conference in liverpool this afternoon. he'll describe the party as the "political wing of the british people". sir keir will pledge to get the uk out of what he'll call "this endless cycle of crisis". from liverpool, here's our political correspondent, iain watson. labour's defeat in 2019 was on an industrial scale, the worst result since the 1930s. keir starmer has had to work hard to get a hearing.

he was elected as the party leader in 2020 just as the pandemic struck and proper political campaigning was put on hold. and proper political campaigning was ut on hold. ., ., , put on hold. labour to win briefing, 17 oints put on hold. labour to win briefing, 17 points clear _ put on hold. labour to win briefing, 17 points clear in _ put on hold. labour to win briefing, 17 points clear in the _ put on hold. labour to win briefing, 17 points clear in the polls. - 17 points clear in the polls. celebrate good times. 17 points clear in the polls. celebrate aood times. . ., celebrate good times. here at labour conference. — celebrate good times. here at labour conference. he _ celebrate good times. here at labour conference, he will— celebrate good times. here at labour conference, he will be _ celebrate good times. here at labour conference, he will be making - celebrate good times. here at labour conference, he will be making only i conference, he will be making only his second speech in person to delegates. his party is now going up in the polls and many members believe they are on the verge of power. but has this got more to do in a change in the political weather, a plummeting pound, the cost of living crisis and the new conservative leadership. is liz truss more responsible for the labour poll lead than keir starmer? no, look at the fundamentals. keir starmer was leading and who would be best prime minister out of boris johnson and liz the public is response responding to him and his strategic thinking it out of the will stop if somebody takes a fight against keir starmer they don't win, they don't come out on top. in his seech they don't come out on top. in his speech this _ they don't come out on top. in his speech this afternoon _ they don't come out on top. in his speech this afternoon keir - they don't come out on top. in his speech this afternoon keir starmer will say labour has changed direction and is now back in the

centre ground of british politics was stop even quotes tony blair by saying the party is now the political wing of the british people. it's notjust labour that has changed, it is keir starmer. during the labour leadership campaign, keir starmer put forward a range of policy pledges, including taking energy companies out of private hands also the will "7 will iggfif radical. need be pledges are the pled! makes :he those policies that's those policies that's why e policies

since he was elected �* of win. labour party we have had win. la pandemic, ve have had win. la pandemic, a have had win. la pandemic, a war e had win. la pandemic, a war e europe and win. la panden economic: europe and win. la panden economic crisis >pe and win. la pand he economic crisis>pe and win. la pand he economic crisisq on nd his party votes by being more those |y being more those pledges more be those more now those more of the time they were made because of the emergency makes w " as n w £15 hour minimum policies like a £15 per hour minimum wage and ownership, wage and public ownership, those policies become more relevant to people's day to day lives that's why opinion polls show they are popular policies. those who have worked closely with i would think it's fair closelyewitheleweuld thinkit�*s fair say the closelyewithelewaald thinkit�*s fair say the least, complacent person to say the least, complacent person in the labour is the to say the least, complacent person in ti only joui’ is the to say the least, complacent person in ti only will is the to say the least, complacent person in ti only will have the to say the least, complacent person in ti only will have to e to say the least, complacent person in ti only will have to set out not only will he have to set out in terms of policies, have to voters is the prime bbc ime ”z; ,, , bbc news, ”2; ,, , from liverpool now. from i the pool now. sir starmer, they optimistic has to right. you the |ht. you the |ht. yoi. for probably see the queues for his speech behind me. is a lot of speech behind me. there is a lot of optimism. i can't remember the last time you would uniformly get a

senior labourfigures time you would uniformly get a senior labour figures saying they have a good crack at forming the next government. in his speech, keir starmer won't just next government. in his speech, keir starmer won'tjust talk next government. in his speech, keir starmer won't just talk about emulating the likes of tony blair in 1997. he will talk about this big historic labour victories of the past like 1945 under clement attlee. 0r past like 1945 under clement attlee. or 19 six defour as well. here is why labour thinks it can win. —— 1964 as well. it thinks the public is ready to listen to an alternative message about how to prosper the economy. that's why they are increasingly feeling confident about their prospects. that's not a guarantee, however. labour has a lot of ground to make up from the last general election when it fell to that historic low in terms of seats. it also knows that it is possible the government strategy does pay off and that tax cutting and cutting regulation leads to the economic

growth that liz truss has promised. 0ne growth that liz truss has promised. one other thing to bear in mind, there are some here who are a bit nervous that the labour position at the moment and its apparent popularity is almost by default. not because the party has captured the public imagination but because a lot of people are unhappy with the government and the state of the economy we heard about a few minutes ago. so keir starmer�*s big challenge when he gets on his feet at two o'clock is to set out that alternative vision but also try to enthuse people that it is his time to be prime minister. hick enthuse people that it is his time to be prime minister. nick eardley re-uortin to be prime minister. nick eardley reporting from _ to be prime minister. nick eardley reporting from liverpool, - to be prime minister. nick eardley reporting from liverpool, thank. to be prime minister. nick eardley l reporting from liverpool, thank you. votes organised by russia in four occupied regions of ukraine close today. in his nightly address, president zelensky said the world would give a tough response if russia used the polls to annex parts of his country. nearly four million people from the eastern regions of donetsk and luhansk, and the southern regions of kherson and zaporizhzhia are being asked to attend polling stations and vote in so—called

referendums onjoining russia. 0ur correspondent in kyiv is hugo bachega. a tense moment. what happens next? the pro—russian authorities in the east of the country have claimed the turnout in the regions of donetsk and luhansk had reached 90%. obviously ukrainian officials, 0bviously ukrainian officials, western countries, have dismissed this process as a propaganda exercise and say there is no legitimacy to this so—called referendum and the result has already been decided by russia and that this process is going to be used as an excuse by russia to annex parts of ukraine. these four regions where the so—called referendum is being held represent 15% of the country's territory. the fear here is that any announcement by russia could lead to an escalation of tensions. russia could say that these regions are now part of russia

and any attack on those regions will be seen as an attack on russian territory. here in kyiv, president zelensky, has said the international community is preparing a tough response to any announcement by russia and this morning the uk defence ministry said president putin could announce the annexation of those regions when he addresses the russian parliament on friday. hugo bachega, thank you. the state funeral of japan's assassinated former prime minister, shinzo abe, has been taking place in tokyo. many world leaders are attending, including the us vice president, kamala harris. but the decision to hold a state funeral has proved controversial, with some people worried about the cost, and about the close links between mr abe's party and the controversial unification church. 0ur correspondent, mariko 0i, reports from tokyo.

akie abe, the widow ofjapan's longest serving prime minister, carries his ashes to his state funeral. 4,500 people attended to pay respect to shinzo abe, who was shot dead injuly in a rare case of violent crime in the country. among those attending today were the us vice president kamala harris, india's prime minister narendra modi and the uk's former prime minister theresa may. outside, a long queue of people also waited for hours to express their condolences, butjust as when he was prime minister, mr abe's state funeral has divided opinion. translation: i'm about to pay for a tribute to mr abe - because of his contribution to the country, but also to the way he was killed. translation: i have nothing against spending that much . money for the country, but the money can be spent on other things, like people who are suffering in shizuoka, where a typhoon hit.

many protests took place throughout the day questioning the legitimacy of a state funeral, which is usually only reserved for imperial family members. others are unhappy about the £10 million price tag. quite a change from an outpouring of grief and sadness shortly after his assassination. the state funeral is now over, but what's been dubbed as funeral diplomacy continues for the current prime minister fumio kishida, who is taking the opportunity to hold dozens of meetings with the state leaders who have attended. pushing ahead with the event has affected his popularity. whether it was worth the cost and the surrounding controversy remains to be seen. mariko oi, bbc news, in tokyo. our top story this lunchtime... dozens of banks and building societies had stopped mortgage offers after a fall in the pound stroked forecasts of a steep rise in interest rates.

and still to come... we're in manchester to hear why the uk city with the biggest ukrainian population outside of london wants to host eurovision. coming up on the bbc news channel, england manager gareth southgate insists the recent criticism he and his players have received could help them handle the pressure that they will face at the world cup. nasa scientists have carried out a startling test of a new technique to protect the earth from potentially dangerous asteroids. they deliberately crashed a spacecraft into a 500—foot wide space rock to push it off course — at a speed of around 14,000 miles an hour. the collision took place almost seven million miles from earth. our science editor, rebecca morelle, was watching. closing in on the target. images beamed back from seven

million miles away as a nasa spacecraft approaches an asteroid. the details of the rocky world are revealed, but this probe isn't here to study it. its job is to knock the space rock off course by smashing into it. ..two...one! oh, wow. and this was the reaction from mission control. cheering. fantastic! 0h, fantastic! this space rock poses no threat. this is a test to see how we could deal with one on a collision course with the earth. i definitely think that, as far as we can tell, our first planetary defence test was a success, and i think we can clap to that, everyone. cheering. so... right? so, yeah, well, i... yeah, i think that earthlings should sleep better — definitely i will! the people working here, we're definitely going to sleep better. and lift—off of the falcon 9...

the mission, called dart, began last year, with the spacecraft starting its epicjourney to its destination. the target, a twin asteroid system. a larger space rock called didymos is orbited by a smaller space rock called dimorphos, that's about 150 meters — that's about 500 feet — across. the spacecraft, travelling at 14,000 miles an hour, crashes into dimorphos, giving the asteroid a kick. this changes its speed byjust a fraction — about a millimetre per second — but this is enough to alter its orbit, and scientists can monitor this from earth to see if it's worked. this telescope did just that and tracked the moving asteroid, capturing the moment of impact... ..revealing the rocky debris being hurled into space. dart really is just the start. it's just the first planetary defence test mission. it was spectacular and it's

accomplished and we'll figure out how effective it was — that's really what we're going to learn in the next weeks to come. all right, we hit this asteroid — now, how effective was that at deflecting it and what would that mean for using it? the damage asteroids can do is well known — the biggest ones could cause global devastation, like the space rock that wiped out the dinosaurs 66 million years ago. the challenge is to find them early enough, so a mission to divert could be carried out well in advance. the dart mission is the first step in finding a solution, and in the coming days and weeks, scientists will be assessing whether their test has been successful. it's a demonstration of a technology that could one day save our planet. rebecca morelle, bbc news. the prince and princess of wales have made their first visit to the nation since they were given the titles. the royal couple have been visiting anglesey, where they lived for three years after they first married. it comes as kensington palace

said there were no plans for prince william to have an investiture "anything like his father had" as prince of wales. our correspondent mark hutchings joins us from anglesey. market? yes, it has been a bit windswept _ market? yes, it has been a bit windswept here _ market? yes, it has been a bit windswept here today - market? yes, it has been a bit windswept here today but - market? yes, it has been a bit windswept here today but this| market? yes, it has been a bit - windswept here today but this has been reassuringly familiar ground for the royal couple back on anglesey where prince william spent at the —— spend those years as an raf search and rescue pilot. it is where the couple had their first home as a married couple and where prince george spent his early months. they have been here at the rnli lifeboat station meeting volunteers and other local people too, they have been given goodie bags to take home to the three royal children. they will head south to swansea to visit a food bank centre

there. there was some surprise, i think it is fair to say, at the speed of the announcement that the couples were taking on the titles of prince and princess of wales but there is no hurry for an investor chair in the prince, certainly not on the scale afforded to prince charles in 1969, quite a pageant. some question whether there should be an english prince of wales at all but there has been warm support today, we anticipate the couple will be back in wales before christmas and i think we are seeing an attempt to increase links between the couple and wales and if there are doubters, we will be seeing i think attempts to sway over any doubters, that is well under way.— to sway over any doubters, that is well under wa . ., ,, y., , . well under way. thank you very much, mark hutchings. _ the cypher of king charles iii has been revealed, showing an image to be used by government departments and on state documents and post boxes. it was personally chosen by the king from a range of designs produced by the college of arms.

the monogram combines his initial, c, and r for rex, the latin for king. and the bank of england will reveal images of updated banknotes featuring a portrait of king charles iii by the end of this year. but when it comes to cash, there's another big change — at end of this week any remaining paper banknotes issued by the bank of england along with banks in scotland and northern ireland will no longer be legal tender. our personal finance correspondent kevin peachey has more. the face, like the face value, has been unchanged for decades. the queen has been the one and only monarch on bank of england banknotes since the £1 note of 1960, but now, it is all change. we have a new king, but you can still use notes and coins carrying the portrait of the late queen. even so, the process of creating new portraits of king charles is under way. according to one design expert, that is going to be a toughjob.

they have to illustrate king charles' values and that is a very difficult thing to do in a portrait and at the same time, being aware that this has to become an instant icon, and on top of that, the portrait is crucial for anti—counterfeiting, because we read the human face very quickly and we are very finely tuned for things that are mistakes. but there is high excitement among collectors. whenever anything changes, the collectors always want an example of the new design or the new denomination and the queen was up to her sixth portrait, that's over a period of obviously 70 years, so it does not change that often, and when it does, it attracts a great deal of interest. that is one side of the notes, but anyone with a 20 or £50 note should look on the other side too. the adam smith 20 and the 50 featuring the portraits of manufacturers matthew boulton and james watt lose their legal

tender status on saturday. the pair will still be here on the golden boys statue on birmingham, but their high value banknote will not be accepted in the shops. they may have only been on our currency for a decade, but the withdrawal of the boulton and watt £50 note also marks a change in 300 years of history. that is because it is the end of paper banknotes in circulation. for the first time, the entire bank of england collection will be made of polymer. £2.50 then, please, lovely. over the road in a cashless cafe that was once an old banking hall, the new plastic notes get a mixed reception. so they are a bit slippery? they are a bit slippery, they're quite difficult to keep hold of really, yeah. notjust because you are spending them? no! yes, it feels a little bit cleaner and a little bit less concerned about it ripping in my pocket. i'm not sure, but a plastic

one looks to be much- better, very smooth. i think i probably like the plastic rather than the paper one. - if you find you still have some paper banknotes after friday's deadline, you can queue here at the bank of england, at your own bank or at some post offices to exchange the old notes. kevin peachey, bbc news. harry styles' hit as it was has become the longest—running number one on the us singles chart by a british artist. the song scored a 15th week on top of the billboard hot 100, breaking the record previously held jointly by mark ronson and elton john. styles is also currently at number one on the us cinema box office chart with his film don't worry darling. the eurovision song contest is coming to the uk next year, after organisers decided it couldn't be held in this year's winning country ukraine

because of the war with russia. well we're taking a look at the seven british cities correspondent, colin paterson, reports from manchester. singing. at manchester's ukrainian cultural centre, the choir is rehearsing. the city has the biggest ukrainian population in the uk outside of london... ..and there is much excitement about the possibility of eurovision coming here. i think that manchester deserves to host the eurovision contest because of the big community that's here, that's been here, and we've welcomed all the new refugees, as well. # you know i'll beg, steal or borrow...# and one manc almost won eurovision. in 1972, lyn paul's group the new seekers came second to luxembourg. it was just

a real big thrill to think that we were representing our country, you know? it was great. we thoroughly enjoyed it. not quite so much when we got the scores! # i always knew...# and she is hopeful her home city will host. manchester, we're all made of stern stuff and we'll get there if we can, any way we can. # stefania mamo, mamo stefania...# it's clear that kalush orchestra's eurovision triumph is also a source of pride to manchester's younger ukrainians. i was actually wearing it when they came on stage. i was like, "oh my god, look! "hat!" this 11—year—old does his own version of their song. # stefania mamo, mamo stefania...# just a shame he isn't such a fan of kalush orchestra's other work. er...mm...

not... not massive? not massive. ido... i do like more, like, �*80s stuff, like freddie mercury and abba. and, of course, abba won eurovision. now manchester is hoping for a eurovision win of its own. colin paterson, bbc news. time for a look at the weather. here's sarah keith—lucas. before i get to the uk focused, things look really active in the tropics, both the atlantic and pacific. this typhoon is in the south china sea, it has moved across the philippines with devastating flooding and really damaging winds and it is shortly heading towards the coast of vietnam where it will bring a large storm surge inundation around the coast and winds of over 100 mph. it is not the only major storm, this is the category three

hurricane ian which has made landfall in recent hours in western