today at six. emergency action by the bank of england to try to bring much—needed stability to the financial markets. the bank steps in after a collapse in the pound, and a sharp increase in the costs of government borrowing, but ministers say last week's mini budget was on the money. we think they're the right plans, because those plans make our economy competitive. at the end of the day, that's ultimately what we have to do. what we politicians are responsible for is making the economic decisions that will drive continued growth. overnight, more than 900 mortgage products were withdrawn. labour says the government's mishandling has led to the crisis. the government has lost control of the economy, and that is

self—inflicted, sometimes there is an economic crisis because of world events that can't be predicted. this is self—inflicted, in downing street, with that budget. we'll have more on the bank of england's emergency intervention, and whether it's likely to work. also on the programme. an investigation by bbc panorama exposes what's described as a toxic culture at one of the uk's largest mental health hospitals. and, the people of florida are bracing theselves for one of the worst storms in the state's history. and coming up on the bbc news channel. the latest from lahore, as england take on pakistan in their fifth match of a gripping t20 series — the sides locked at two matches each. good evening.

it's been another day of instability on the financial markets, as concern deepens about the prospects for the british economy. last week's widely criticised mini budget unveiled by the chancellor raise laze been followed by a collapse in the pound and a sharp increase in the cost of government borrowing. earlier today, the bank of england said it would intervene in the markets, to stave off a material risk, to uk financial stability, their words, especially in the longer term context of pension funds, in a day of volatile trading the pound lost value, making imports of oil and gas for example even more expensive. the chancellor kwasi kwarteng has told bankers today that he is committed to fiscal discipline, and is working closely with the bank of england, and the office for budget responsibility ahead of his planned budget on 23rd november. laboursays ahead of his planned budget on 23rd november. labour says that the situation is in freefall, and that

people are understandably worried about the cost of their mortgage, and the wired cost of living. our economics editor has the latest. friday morning the chancellor kwasi kwarteng unveiled his �*mini—budget�* — big tax cuts funded by a big increase in government borrowing. the ups and downs of the pound in your pocket have been quite something, there was an immediate reaction, in financial markets as the pound sank and uk stocks fell and then on monday morning, the pound continued to sing, hitting a new low against the dollar worth just 1.03. the treasury and the bank of england released statement to try to calm the market, the bank saying it wouldn't hesitate to change interest rate, the treasury said it would publish a plan to tackle debt. mortgage rates began to rise yesterday as offers were withdrawn, a extraordinary interhaven�*t sloan

from the international money fund. today, the bank of england made an unprecedented intervention to buy government bonds, to look at the volatility within hours up, down, again, close to all time low, then another recovery, all the way up to 1.08, a few moments ago. as the bank of england came to a rescue. what started as an attempt to grow the economy with the biggest tax cuts in half a century, led to havoc on currency market, more importantly on debt markets, and then within days, led to a tidal wave of interest rate rises reaching every corner of the economy, from mortgages to high street retailers and today fears over pension funds n an emergency statement the bank of england

this explains the intervention, since the mini budget, the effect tiff cost of borrowing long—term for the government has shot up and was spiralling above 5% a 20 year high, these with were rises in two days that would normally take year, increasing the cost of borrowing for the government and everybody. the bank of england intervened today, buying up those debts in unlimited quantities which brought down those interest rates, but they remain high. this was a dramatic sur surprise intervention by the bank of england, to save a trillion pound corner of the pensions industry, these funds buy up government debts because they are safe as houses, no risks but their value fell so rapidly in two days they had to be saved in this way. but this also helps the government at a tricky

time, by finding a customer the bank of england for the tens of billions of england for the tens of billions of pounds of debt that they have to raise. so this is an emergency intervention, it is a crisis, and while this will help buy some time, it doesn't solve the underlying problem, which is the government's economic credibility with the markets. at the treasury questions from and for leading city figures. should the chancellor take the ims advice. 50 should the chancellor take the ims advice. ,, ., ., advice. so were in the great financial— advice. so were in the great financial crisis _ advice. so were in the great financial crisis 14 _ advice. so were in the great financial crisis 14 years - advice. so were in the great financial crisis 14 years ago. j advice. so were in the great - financial crisis 14 years ago. the chancellor and his team say it was not about the mini budget, sticking to their guns about the tax cut plan. to their guns about the tax cut lan. ~ ~ , to their guns about the tax cut ian, . ~' , ., plan. we think they are the right lans plan. we think they are the right plans because — plan. we think they are the right plans because they _ plan. we think they are the right plans because they make - plan. we think they are the right plans because they make our - plan. we think they are the right - plans because they make our economy competitive. at the end of the day thatis competitive. at the end of the day that is what we have do, what we politicians are responsible for, is making the economic decisions that will drive continued growth. internationally there is concern about what is seen as a british

crisis, overnight the international money fund issuing an extraordinary intervention warning of economic problems and increased inequality, recommending the chancellor does rethink his tax plan by november. we rely on partners in europe, in the us, in other countries round the world, quietly to lend us credit line, to shore up our economy, while we manage the crisis, so there is a good reason why this government shouldn'tjust be acting alone and putting its hands over its ears to anyone who disagrees, it needs to consultant because it will need its friends if the bold bet goes wrong. in uncertainty is flowing through the real economy. 6c! in uncertainty is flowing through the real economy.— in uncertainty is flowing through the real economy. 60 pence today. that is like — the real economy. 60 pence today. that is like double _ the real economy. 60 pence today. that is like double the _ the real economy. 60 pence today. that is like double the price. - the real economy. 60 pence today. that is like double the price. this l that is like double the price. this birmingham _ that is like double the price. this birmingham plant and flower wholesaler selling to garden centres and fruit and veg shops have seen interest rate costs along size import cost interest rate costs along size

import cos— interest rate costs along size im-nortcos�* , ., , , import cost because we are buying from other countries _ import cost because we are buying from other countries we _ import cost because we are buying from other countries we have - import cost because we are buying from other countries we have to i import cost because we are buyingl from other countries we have to put our prices up, and, people out there haven't got more money to spend. 50 haven't got more money to spend. so this intervention staved off market turmoil, turning into the collapse of some types of pension fund. but in terms of growth, and the roots of this crisis, they are still there. let's get more from faisal now. just to lord myners why you consider this intervention by the bank to be so significant, and secondly, to ask about the likely impact of that policy. 50 about the likely impact of that oli . ,, policy. so it is significant, because _ policy. so it is significant, because it _ policy. so it is significant, because it was _ policy. so it is significant, because it was targeted, l policy. so it is significant, l because it was targeted, at policy. so it is significant, i because it was targeted, at a policy. so it is significant, - because it was targeted, at a very small part actually of the financial system, this was about pension funds, which typically rely on the fact that these government bonds are so safe, but effectively the long—term loans have halved in value, in two or three days and so when that happens so quickly, that

then requires what we have seen today, which is the bank of england going out and buying these government bonds, now, this is almost the opposite of what they said they were going to do, on thursday, so it shows they weren't expecting to have to do something like this, and it arises specifically because of these specialist funds that feed into pensions funds, and this part of the plumbing of the pension system that might have got bust, not whole pension funds but this part of the plumbing, so what this is, it is not a solution to the crisis, it prevents that, it getting much worse in terms of those pension funds, and you see the concern, from round the world, now, we are hearing there are reports from markets in europe and in the us, that they fear this would contagion, that means that the crisis is starting to affect the

government bond markets in germany, everyone in the mighty usa as well, who would have thought that? so there is that concern internationally, the crisis isn't over, but i think if you are sitting in downing street, right now, you will be happy that temporarily the currency is back up again and the borrowing rates are down, the question is can they consolidate this now and turn it into a recovery?— this now and turn it into a recove ? , ., recovery? let us go top downing street on that _ recovery? let us go top downing street on that point. _ live to our deputy political editor vicki young in downing street. we have been talking about crisis for the past few days vicki and faisal saying that may be there is a hint of relief today, but is your sense there of a government under intense pressure?— intense pressure? certainly talking about turmoil _ intense pressure? certainly talking about turmoil on _ intense pressure? certainly talking about turmoil on the _ intense pressure? certainly talking about turmoil on the market, - intense pressure? certainly talking about turmoil on the market, whatj about turmoil on the market, what they are try doing in number ten and 11 downing street is convey a sense of calm, saying they are sticking to growth plan, no u—turn, no suggestion that the chancellor will leave hisjob. what they suggestion that the chancellor will leave his job. what they are doing is defending that mini budget on

friday that unleashed all of that reaction, saying they had to intervene on energy prices and that intervene on energy prices and that in itself will bring down inflation, they say you can't put taxes up. no other country is doing that, pointing out there is more to come, with this package, so for example government departments are being written to to see if they can identify savings, spending cut, we know all about those, there is reforms coming in the childcare sector and in planning, the problem is, when you talk to tory mps like i have been doing, they say this is alljust have been doing, they say this is all just a have been doing, they say this is alljust a little bit too late, this should have been done before the chancellor and the prime minister were warned this would happen, they need the whole package, they say it is is, they have been arrogant, too naive and what tory mps whatn�*t to hear is much more about how the chancellor will make his numbers add up, and they don't want to wait until november 23rd, to hear it. thank you. a record number of mortgage products have been withdrawn from the

market, more than 900 overnight, as lenders grapple with the prospect of rising interest rates. brokers say that if someone already has a mortgage deal agreed, then it will be honoured. our business editor simonjack reports. barney is hoping to sell his one bedroom flat and move into a new place with his girlfriend, but the rapidly changing mortgage market is giving him sleepless nights, worrying his plans may fall through. i will most likely move back in with my parents just to wait for the market to settle down. we will see how interest rates change, see how the housing market itself changes as well. obviously i'm concerned about how much i can borrow and what that's going to be able to afford me, moving on. barney's fear is that his moving ambitions will be scuppered by this market turmoil and while experts say

whole chains may not collapse, many new buyers and borrowers will be forced to pause and rethink. we might see a lot of people who have started the process and are early on pull out and think they are going to wait and see. if rates do rise ever more and evermore quickly, and there's a rumour the next bank of england base rate rise might be 1.25% or 1.5% in one fell swoop, that is going to make people revisit their finances. the mortgage market is in shock. an unprecedented 935 mortgage products were withdrawn last night as lenders don't know how high interest rates will go. major lender nationwide was today quoting an interest rate of 5.6% on a £200,000 mortgage. a year ago that same mortgage was around 2%, meaning a new borrower would face an extra £6,000 in annual mortgage costs, completely wiping out the recent cut in stamp duty. people on fixed deals won't be affected until they are fixed term expires. for over a decade interest rates have been at rock bottom levels, which has allowed people to take

on bigger and bigger mortgages which have helped push house prices up. but it's the size of those mortgages which mean that people are now much more sensitive to changes in interest rates, particularly to the very sharp ones we have just seen. the risk of actual house price falls has undoubtedly increased over the last week, because households are now squeezed not only by the cost of energy and the cost of consumer prices, but also by the cost of mortgage borrowing. higher interest rates could also mean higher rents as landlords pass on their higher borrowing costs to tenants. borrowing to buy a house is the biggest financial commitment most people will ever make. it's become a lot more daunting in just the last week. simon jack, bbc news. and you can follow all the latest developments and find information on how this affects you on bbc news online, head to bbc.co.uk/news, or use the bbc news app.

the labour leader, sir keir starmer, has called for the immediate recall of the house of commons so that the chancellor can explain his apporoach. sir keir has also called for the tax cut for high earners to be reversed, and said the government had clearly lost control of the economy. our political editor chris mason reports. this keir starmer delivered his conference speech here yesterday. today, he was signing copies of it. appropriate early morning refreshment for a tour of the exhibition stands, as the bank of england prepared to announce its intervention to calm the markets. sir keir told me it was a very serious situation. sometimes there is an economic crisis because of world events that can't be predicted. this is self—inflicted, in downing street, with that budget last week. what the government now needs to do, is to recall parliament, immediately, abandon that budget before any more damage is done. you say abandon that budget,

yet you're simultaneously being deeply critical of it, yet you say you would vote for elements of it. we have already been absolutely clear, we have reversed the cut to the tax break for those earning hundreds of thousands of pounds, but when it comes to corporation tax we would cancel the cut. we don't think that is the right thing to do, so we have a fundamentally different position to the government. just to be clear on that, the institute for fiscal studies tell us that of the £45 billion of tax cuts announced last week labour has promised to reverse less than half, and take for instance the cut in the basic rate of income tax, which you say you would vote for. you're going to be borrowing to pay for that, how responsible is that? we have very clear rules, which are that we will pay for day—to—day spending and we will borrow to invest. now we will inherit, you know, a complete mess from this government. do you accept that an incoming labour government, were there to be one, might have to make significant spending cuts? we have set out in relation to everything we have said we will do, we have fully costed it,

explained where the money will come from. given what is happening, do you think there should be an immediate election? i think we need to recall parliament straightaway. they need to abandon the budget, and frankly the sooner there is a change of government, the better. they should shred the whole thing? yes, they should reverse and abandon that budget. including the bits you support? well, look, look at the effect this has had on the economy. there are plenty of unanswered questions about how labour would govern — how it would tax, how and where it would spend, or not. but what is clear is this is a party that's smiling again. what's the biggest contributor to what appears to be a bounce for labour at the moment? is it liz truss or keir starmer? it is a labour party which has done the hard work in the last two, two—and—a—half years, to change the labour party, and now is laying out its plans, and we have been able do that this week, and it has been an amazing atmosphere at conference. i think anybody who has been there has said this has been different to conferences

of many, many years. as is traditional, the conference concluded with the singing of the party's anthem, the red flag. it is also traditional — at least recently — that labour lose elections. they're beginning to believe next time round they could win. chris mason, bbc news, in liverpool. an investigation by bbc panorama has exposed what is described as a toxic culture at one of the uk's largest mental health hospitals. an undercover reporter working at the edenfield centre near manchester filmed patients being mocked, inappropriately restrained, and enduring long periods of seclusion, in small, bare rooms. the hospital which is run by the nhs says it has taken immediate action to safeguard patients, and that some staff have been suspended. it also commissioned an independent clinical review. this report from our social affairs editor alison holt contains some distressing details.

this is the edenfield mental health hospital in prestwich. it feels like the walls are closing in. my chest is closing in on me. the patients in its care are vulnerable, sometimes challenging. there's a serious risk they could harm themselves, or others. what's going on at this hospital, by and large, isn't working for the patients, and is often actively cruel. panorama's undercover reporter alan haslam spent three months here as a health care support worker. he found a toxic culture, with patients bullied and mocked. sometimes wards were worryingly understaffed. and patients feel failed. this is harley. she's 23, has autism,

and a history of self—harm. staff say at times she assaults them. she says she's provoked. the hidden camera shows harley held in a small, bare seclusion room for more than two weeks. it should only be used for short periods of time. after being allowed into the room next door, it's said harley has become verbally abusive. at least eight staff, including managers, go to restrain her and put her back in seclusion. there's no discussion. official guidance says they should use the least restrictive way of moving her. harley and her family have agreed to let panorama tell her story. she's a young girl, at the end of the day. eight people. and she was calm and she was even saying, just listen to me, just give me a chance to talk.

and they just weren't. there is some good care at the hospital, but the undercover reporter also sees basic care that doesn't always happen. like 15 minute checks on patients. and he sees records for these observations being falsified. they're important for monitoring care. and if anything goes wrong. it's a culture that experts warn feels unsafe. i think you're quite clearly seeing toxic stuff. and i think there's an awful lot of hostility towards patients across all of the wards. the trust which runs the hospital says the allegations will be fully investigated and that it owes it to the communities it serves to ensure the best care every day. a number of staff have been suspended. alison holt, bbc news.

and you can see more on panorama tonight, that's �*undercover hospital: patients at risk�* on bbc one at 9pm or on the bbc iplayer. the time is now 22 minutes passed and our main story this evening. the bank of england takes emergency action to calm financial markets, after last week's mini budget sent the value of the pound, and bond prices, tumbling. we don't have a thursday murder club, not yet. we don't have a thursday murder club. not yet-— club, not yet. you have to be careful with _ club, not yet. you have to be careful with those _ club, not yet. you have to be careful with those knitting i club, not yet. you have to be i careful with those knitting needles, you never_ careful with those knitting needles, you never know. and we hearfrom richard osman, and his mother, whose retirement village inspired several of his best—selling novels. coming up, rugby league's most comprehensive confrontation ever, proposals to scrap super league relegation, create a joined up calendar with international matches and boost the women's and girls

games. millions of people in the us state of florida are trying to protect themselves against the effects of one of the worst storms in the state's history. hurricane ian, a category four storm, brought winds in excess of 150 miles an hour. the national hurricane centre has warned of life—threatening coastal flooding , with waves up to 16 feet high. our correspondent azadeh moshiri is in st petersburg in florida with the latest. now, the hurricane hasn't even made landfall right now and yet it impacts are still being felt across florida. more than 200,000 power outages have already happened. we know exactly whether they harry kane will make landfall nor how high a category it will be but officials have said to make things they know for certain. it will be historic and

life—threatening. more in my report. a life—threatening hurricane is now barrelling towards america's sunshine state. and put millions under evacuation orders across the west coast. ian is unpredictable. it's already caused widespread damage in cuba, wiping out power to the country's entire grid, with some residents killed. but now its hurricane force winds are leaving the gulf of mexico and taking aim at florida's coast. this satellite image shows the eye of the hurricane packed with lightning. clearly, this is a very powerful, major hurricane, that will have major impacts, both on impact in south west florida, so this will be a nasty, nasty day, two days. probably we think now it will be exiting the peninsula some time on thursday. the problem is, while officials are warning of life threatening consequences, with storm surges that could reach as high as 3.5 metres in some areas, they don't know exactly where hurricane ian will hit, and so communities are bracing

themselves, unsure of exactly who will face the worst of the hurricane. every hour counts, as the storm surge begins to build, and when it does hit, there isn't much time to react. that's why the message has been consistent to those in danger. leave, shelter, and ride out the storm. azadeh moshiri, bbc news. the television presenter richard osman�*s crime novels have sold more than five and a half million copies — a third book in the series has officially become the fastest selling adult fiction hardback by a british author — ever. the books were inspired by his own mother and the retirement village she lives in. now for the first time, our arts correspondent rebecca jones, has been behind the scenes to visit the real—life setting for the books. it may look a tranquil scene, but this retirement village in sussex holds a dark secret.

lots of the stuff in the book is in the geography of this place, and in the first book someone is murdered in this car park, right here, and plenty more murders this way. these are the sedate surroundings that inspired richard osman to write his thursday murder club novels, about four elderly amateur detectives who live in a retirement village. it's home to his mother brenda. we have a thursday knit and natter club, but we don't have a thursday murder club. not yet any way. you have to be careful with the knitting needles. you never know. you could be right there. richard, one of the joys about the books is the way they portray elderly people. this is a group of people who are overlooked, who become invisible, who are underestimated and actually, culturally it is important to represent the fact they're not, but also, as a detective, being invisible is perfect, so i sort of have my cake and eat it. so thank you for your cultural invisibility. but while the village and its residents inspired the book, the characters aren't based specifically on brenda

and herfriends. you have a little bit of that person and a little bit of that person, rolled into one. there's some very interesting people here. and we've had a couple in the secret service, haven't we. we have, we have. real spies. mi5. it was fascinating, - having coffee with them. so no thursday murder club, but friday line dancing instead. plenty to spark richard osman�*s imagination for the next two books in the series, and while brenda is his biggest fan, you can always rely on your mum to keep your feet on the ground. i think the books are very good. i've thoroughly enjoyed then. come on, you prefer hilary mantel to... no, i don't. really? no. cj sansom. yes. yes, there we go. absolutely. sorry, you can't compete there. listen, it's good. murders up here, murders up here.

and there's still more to come from the thursday murder club. steven spielberg has bought the film rights. rebecca joan, bbc news, east sussex. time for a look at the weather. here's susan powell. any latest on the harry kane? just a quick word, ian is now making landfall, it is moving on to the coast of florida and i expect a lot more out of that area in the coming hours. forthe uk, more out of that area in the coming hours. for the uk, another day of sunshine and showers, some heavier ones through the north and to the west, this is wales through the afternoon. tomorrow, a similar mixture but more than the way of sunshine and fewer showers. a low pressure centre if you like drifting across northern england, that will take some more organised showers down through the midlands and through wales through the small hours of thursday, and by the end of the night pushing into the of

england. to the east of the showers and quite skies it will turn chilly overnight with the odd spot down to 3-4 overnight with the odd spot down to 3—4 and east anglia and the south—east. overnight lows of 8—10. first thing thursday showers hanging around close to the south—west but it will be drier and the coming off the north sea feeding some showers and scotland, if you for the midlands and east anglia. overall more on the way of sunshine and fewer showers and it should feel milder, 15—16 the highest. friday, after a pretty quiet thursday this tells you what is coming. a big band of rain, a lot of wet weather working its way across the uk accompanied by strong ones. not bad first thing across eastern england, the rain turning heavier through the afternoon and into the evening and should brighten further west. particularly gusty and strong around the coast. temperature dips down again thanks to the wetter weather.

the weekend looking breezy but the bright are once again and we should see the temperature nudging up by a degree or so, the mid to high teens for the majority saturday and sunday. thanks, susan. and that's bbc news at six on wednesday the 28th of september, you can keep up with all the latest developments on the bbc website. i'll be back with the news at ten, but for now the news continues here on bbc one, as it's time to join our colleagues across the nations and regions for the news where you are, goodnight. hello and welcome to sportsday. i'm laura mcghie. england's cricketers on top in pakistan, whilst back home, the debate continues over plans to overhaul the game. after the most comprehensive consultation ever, proposals for major reform of rugby league.