this is bbc news. i'm tim willcox. the headlines at 8pm — the bank of england steps in after the pound collapses and interest rates rocket, but ministers defend last week's mini budget. every major economy is dealing with exactly the same issues. and the bank of england has made this timely intervention, doing what it should do, what the government should do, what the chancellor and i are focused on, is delivering that economic growth plan. lenders withdrew a record number of mortgage products overnight due to rising interest rates. labour say the government's mishandling has led to this crisis.

there will be millions of people watching — there will be millions of people watching this right now with their housing _ watching this right now with their housing in— watching this right now with their housing in their pensions and that is because — housing in their pensions and that is because the government has lost controi— is because the government has lost control of— is because the government has lost control of their economy. humiliated, abused and isolated for weeks — patients put at risk due to a "toxic culture" at one of the uk's biggest mental health hospitals, bbc panorama reveals. and millions of people in florida are bracing for life—threatening storms, winds and floods as hurricane ian approaches. officials have said two things they know _ officials have said two things they know for— officials have said two things they know for certain, _ officials have said two things they know for certain, it _ officials have said two things they know for certain, it will— officials have said two things they know for certain, it will be - know for certain, it will be historic— know for certain, it will be historic and _ know for certain, it will be historic and it _ know for certain, it will be historic and it will - historic and it will be life—threatening. - the bank of england has been forced to take emergency action after growing alarm on the financial markets about the government's economic strategy. last week's widely criticised mini budget, unveiled by the chancellor, has been followed by a collapse

in the pound and a sharp increase in the costs of government borrowing. earlier today, in an attempt to stabilise things, the bank of england said it would intervene in the markets to stave off a "material risk to uk financial stability", especially in the longer term context of pension funds. in a day of volatile trading, the pound lost 1.5% of its value at one stage, making imports of oil and gas even more expensive. the embattled chancellor, kwasi kwarteng, has told bankers that he's 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 the 23rd of november. labour says the situation is in freefall and that people are understandably worried about the cost of their mortgage and the wider cost of living. our economics editor faisal islam has the latest.

the market roller coaster does not stop. on 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 sink, 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 intervention from the international money fund. today, the bank of england made an unprecedented intervention to buy government bonds.

just look at the volatility even 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 markets, 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. in an emergency statement, the bank of england this this explains the intervention.

since the mini budget, the effective 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 years, increasing the cost of borrowing for the government and everybody. the bank of england intervened today, buying out those debts in unlimited quantities, which brought down those interest rates, but they remain high. this was a dramatic surprise intervention by the bank of england to save a trillion pound corner of the pensions industry. ordinarily, these funds buy up government debts because they are safe as houses, no risks, but their value fell so rapidly in two days that 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 pounds of debt that they have to raise. so this is an emergency intervention, it is a crisis, and whilst 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 today, questions from and for leading city figures. should the chancellor take the imf�*s advice. some of whom were there 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. we think they're the right plans because they make our economy 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 . around the world, quietly to lend us credit lines to shore up our- economy while we manage the crisis, so there - is a good reason why this government shouldn't just be acting alone - and putting its hands- over its ears with anyone who disagrees with it because _ it needs to consult because iti will need its friends if the bold bet goes wrong. and uncertainty is flowing through the real economy. 60p today. 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 costs. because we are buying from other countries, we have to put our prices up, and people out there 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're still there. our deputy political editor vicki young said that the government is coming under increasing pressure from opposition parties but is keen to carry on with its economic programme. well, certainly you talk about turmoil on the markets. what they're trying to do in number 10 and number 11 downing street is to convey a sense of calm, very much saying they're sticking to their growth plan, no u—turns, no suggestion that the chancellor is going to leave his job. and what they're doing is really still defending that mini budget on friday which unleashed all of that reaction, saying that they had to 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. so they say they were right to do that, pointing out that there's a lot more to come with this package. so, for example, government departments are being written to to see if they can identify savings, spending cuts. we know all about those, don't we? there's also reforms coming

in the childcare sector, for example, and in planning. the problem is when you talk to tory mps like i've been doing all day, they say this is all just a little bit too late. this should've been done before. the chancellor and the prime minister were warned that this would happen. they need the whole package. they say it's inept, they've been arrogant, they've been too naive and what tory mps want to hear is much more about how the chancellor is going to make his numbers add up and they don't want to wait until november the 23rd to hear it. joining me now is mel stride, the conservative mp for central devon and chair of the treasury select committee. the universal conclusion is this crisis is down to government incompetence. what is your view? i incompetence. what is your view? i think we are in a very difficult situation _ think we are in a very difficult situation and i think there are questions _ situation and i think there are questions to be asked about the whole _ questions to be asked about the whole strategy here with cutting taxes _ whole strategy here with cutting taxes in — whole strategy here with cutting taxes in an unfunded way to the extent— taxes in an unfunded way to the extent that is happening here which realty— extent that is happening here which really convinces the market at a time _ really convinces the market at a time when — really convinces the market at a time when inflationary pressures are very high—

time when inflationary pressures are very high in— time when inflationary pressures are very high in the labour market is very— very high in the labour market is very tight — very high in the labour market is very tight if that is a viable strategy— very tight if that is a viable strategy for getting growth up to the kind — strategy for getting growth up to the kind of longer term trend that it was— the kind of longer term trend that it was on— the kind of longer term trend that it was on before the financial crisis. — it was on before the financial crisis, about 2.5% and what we have seen _ crisis, about 2.5% and what we have seen so _ crisis, about 2.5% and what we have seen so far— crisis, about 2.5% and what we have seen so far is— crisis, about 2.5% and what we have seen so far is calling some of that seriously— seen so far is calling some of that seriously into question. with the government has got to do now is it's -ot government has got to do now is it's got to— government has got to do now is it's got to let _ government has got to do now is it's got to let that the bank of england intervene — got to let that the bank of england intervene when necessary both in the respect _ intervene when necessary both in the respect of— intervene when necessary both in the respect of the currency but also as we saw _ respect of the currency but also as we saw today sometimes when there is an issue _ we saw today sometimes when there is an issue of— we saw today sometimes when there is an issue of financial stability, a targeted — an issue of financial stability, a targeted short—term intervention as we saw— targeted short—term intervention as we saw today which so far seems to have treen— we saw today which so far seems to have been successful. of the government also needs to flesh out how the _ government also needs to flesh out how the supply—side changes are going _ how the supply—side changes are going to — how the supply—side changes are going to boost growth and give us an 0b going to boost growth and give us an ob are _ going to boost growth and give us an ob are forecast, an independent forecast — ob are forecast, an independent forecast showing us what the physical— forecast showing us what the physical targets are going to be and how they— physical targets are going to be and how they are going to map and that they need _ how they are going to map and that they need to be done earlier than they need to be done earlier than the 23rd — they need to be done earlier than the 23rd of november, which is when the 23rd of november, which is when the chancellor has said he will come to the house of commons. so the chancellor has said he will come to the house of commons.— the chancellor has said he will come to the house of commons. so sure the chancellor and — to the house of commons. so sure the chancellor and promised _ to the house of commons. so sure the chancellor and promised to _ to the house of commons. so sure the chancellor and promised to reverse - chancellor and promised to reverse the many budget a friday? i

chancellor and promised to reverse the many budget a friday?- chancellor and promised to reverse the many budget a friday? i think we are a br and — the many budget a friday? i think we are a br and there _ the many budget a friday? i think we are a br and there is _ the many budget a friday? i think we are a br and there is a _ the many budget a friday? i think we are a br and there is a plan - the many budget a friday? i think we are a br and there is a plan and - are a br and there is a plan and what'— are a br and there is a plan and what i think we as a part of a three party— what i think we as a part of a three party have — what i think we as a part of a three party have to do it this moment in time _ party have to do it this moment in time is _ party have to do it this moment in time is to— party have to do it this moment in time is to give whatever support we can in— time is to give whatever support we can in our— time is to give whatever support we can in our different ways to ensure that growth is on a sustainable basis _ that growth is on a sustainable basis increased. because if that can be achieved, then these tax cuts that are — be achieved, then these tax cuts that are currently seen as leaning into debt — that are currently seen as leaning into debt in a very significant way can be _ into debt in a very significant way can be funded. but i have to say the normat— can be funded. but i have to say the normal way of doing this would be the way— normal way of doing this would be the way that margaret thatcher did it back _ the way that margaret thatcher did it back in _ the way that margaret thatcher did it back in the early 80s which is to -et it back in the early 80s which is to get on _ it back in the early 80s which is to get on top of inflation, you have the big — get on top of inflation, you have the big structural changes, and her case privatisation and big bang in the city, — case privatisation and big bang in the city, and then when the economy is in the _ the city, and then when the economy is in the right position for tax cuts, — is in the right position for tax cuts, you _ is in the right position for tax cuts, you have the tax cuts as lawson — cuts, you have the tax cuts as lawson did _ cuts, you have the tax cuts as lawson did in 1988. but cuts, you have the tax cuts as lawson did in 1988.— cuts, you have the tax cuts as lawson did in 1988. but you are sa in: lawson did in 1988. but you are saying that _ lawson did in 1988. but you are saying that and _ lawson did in 1988. but you are saying that and nearly - lawson did in 1988. but you are saying that and nearly everyone lawson did in 1988. but you are i saying that and nearly everyone in the world is saying this is well. either the comments from larry summers orfrom the head of either the comments from larry summers or from the head of the bridgewaterfont? have you read summers or from the head of the bridgewater font? have you read the mpc member danny, who is saying when

will the prime minister become mrs sensible and not mrs a responsible? even the former chancellor, rishi sunak put it out in a word for word to my favourite fact his prediction has come true.— to my favourite fact his prediction has come true. what has happened at the heart of — has come true. what has happened at the heart of this _ has come true. what has happened at the heart of this issue _ has come true. what has happened at the heart of this issue of _ has come true. what has happened at the heart of this issue of whether - the heart of this issue of whether the heart of this issue of whether the government's economic programme here is— the government's economic programme here is credible or not, that life the forecasting from the office for budget— the forecasting from the office for budget responsibility and now i argue _ budget responsibility and now i argue for sometime before friday's statement — argue for sometime before friday's statement and indeed had correspondence with the chancellor and correspondence with the office for budget responsibility argue that there should be that forecast because _ there should be that forecast because that would have told us one of two _ because that would have told us one of two things, it is a chance it will took— of two things, it is a chance it will took to— of two things, it is a chance it will look to the forecast and realised _ will look to the forecast and realised that actually the independent forecast was prepared to back up— independent forecast was prepared to back up the credibility of the plant in which _ back up the credibility of the plant in which case it would not have gone ahead _ in which case it would not have gone ahead with _ in which case it would not have gone ahead with the public or the office would _ ahead with the public or the office would have said actually these are sensibte _ would have said actually these are sensible physical targets and we believe — sensible physical targets and we believe the government is going to believe the government is going to be able _ believe the government is going to be able to— believe the government is going to be able to hit them.—

believe the government is going to be able to hit them. forgive me, but is it the problem _ be able to hit them. forgive me, but is it the problem not _ be able to hit them. forgive me, but is it the problem not that _ be able to hit them. forgive me, but is it the problem not that the - is it the problem not that the chancellor and prime minister don't really seem to care? in an interview with laura, he said there is more to come, do they are understanding that they are according to many people reckon the economy at the moment and what will they do in the short term. this statement in november is miles ahead in terms of dealing with this crisis now and also just what other think the sacking of the secretary of the treasury who would not have approved of this and it was pretty clear that kwasi karteng knew that with the case and that's why he sacked him on arrival at number 11? we can only speculate and as i've already— we can only speculate and as i've already said you are right we have to see _ already said you are right we have to see the — already said you are right we have to see the obr forecast sooner than later to see the obr forecast sooner than tater and _ to see the obr forecast sooner than later and waiting for november is too tong — later and waiting for november is too long and either adjust what is happening because obr says is not tenabte _ happening because obr says is not tenabte or— happening because obr says is not tenable or reassure the markets when the 0br— tenable or reassure the markets when the obr says it is. as it regards to

tom, i_ the obr says it is. as it regards to tom, i put— the obr says it is. as it regards to tom, i put that in the category of the approach to institutions generally and in that case the treasury— generally and in that case the treasury but also there were comments made sometime back about the independence of the bank of england — the independence of the bank of england which i am pleased to say we have had _ england which i am pleased to say we have had reassurance from the chancellor on that. we have heard comments — chancellor on that. we have heard comments about the fca and pra being merged _ comments about the fca and pra being merged as— comments about the fca and pra being merged as our regular dish which would _ merged as our regular dish which would be — merged as our regular dish which would be a — merged as our regular dish which would be a fairly dramatic and radical— would be a fairly dramatic and radical thing to do in the course you had — radical thing to do in the course you had this whole issue of the obr and whether it was necessary to involve — and whether it was necessary to involve the institution and what has happened here. ithink involve the institution and what has happened here. i think this is a time _ happened here. i think this is a time when _ happened here. i think this is a time when government needs to be standing _ time when government needs to be standing up for our institutions because — standing up for our institutions because they are part of what brotects — because they are part of what protects us when it comes to losing confidence — protects us when it comes to losing confidence. if protects us when it comes to losing confidence. protects us when it comes to losing confidence-— protects us when it comes to losing confidence. �* , , ., , confidence. if the obr says this was the wron: confidence. if the obr says this was the wrong strategy, _ confidence. if the obr says this was the wrong strategy, should - confidence. if the obr says this was the wrong strategy, should then - the wrong strategy, should then kwasi karteng resigned? i the wrong strategy, should then kwasi karteng resigned?- the wrong strategy, should then kwasi karteng resigned? i don't want to speculate — kwasi karteng resigned? i don't want to speculate on _ kwasi karteng resigned? i don't want to speculate on that _ kwasi karteng resigned? i don't want to speculate on that but _ kwasi karteng resigned? i don't want to speculate on that but we - kwasi karteng resigned? i don't want to speculate on that but we do - kwasi karteng resigned? i don't want to speculate on that but we do needl to speculate on that but we do need to speculate on that but we do need to do— to speculate on that but we do need to do is— to speculate on that but we do need to do is avoid a political crisis atongside _ to do is avoid a political crisis alongside what is an emerging and very difficult economic set of circumstances. so i think now is a time _ circumstances. so i think now is a time for— circumstances. so i think now is a time for the — circumstances. so i think now is a time for the conservative monastery

party to— time for the conservative monastery party to come together to do whatever it takes or push for growth and as— whatever it takes or push for growth and as i_ whatever it takes or push for growth and as i say, — whatever it takes or push for growth and as i say, we need that reassurance of that obr forecast if we can— reassurance of that obr forecast if we can get— reassurance of that obr forecast if we can get that same and it says the right things — we can get that same and it says the right things and i think there is a chance we — right things and i think there is a chance we can start to turn the tide here i_ chance we can start to turn the tide here i was — chance we can start to turn the tide here. i was late in the chancellor to bring — here. i was late in the chancellor to bring that forward and let's have it quickly — to bring that forward and let's have it cuickl . . ~ to bring that forward and let's have it cuickl . ., ,, , to bring that forward and let's have it cuickl. . ~' , . it quickly. thank you very much indeed. we can speak now to toby nangle, formerfund manager, now an economics and finance commentator. let's look at the bank of england poz my intervention today. there was a short—term impact and is at the right way forward because it's a u—turn as far as the bank is concerned because they were thinking of selling these guilds and are now buying to the tune of tens of millions of pounds?- buying to the tune of tens of millions of pounds? they needed to intervene. millions of pounds? they needed to intervene- it — millions of pounds? they needed to intervene. it is _ millions of pounds? they needed to intervene. it is a _ millions of pounds? they needed to intervene. it is a short-term - millions of pounds? they needed to intervene. it is a short-term impactj intervene. it is a short—term impact or rather— intervene. it is a short—term impact or rather a — intervene. it is a short—term impact or rather a short—term _ intervene. it is a short—term impact or rather a short—term measure - intervene. it is a short—term impact| or rather a short—term measure and it's very— or rather a short—term measure and it's very time—limited _ or rather a short—term measure and it's very time—limited at _ or rather a short—term measure and it's very time—limited at two - or rather a short—term measure and it's very time—limited at two weeksl it's very time—limited at two weeks and witt— it's very time—limited at two weeks and will have — it's very time—limited at two weeks and will have daily _ it's very time—limited at two weeks and will have daily options - it's very time—limited at two weeks and will have daily options and - it's very time—limited at two weeks and will have daily options and to l and will have daily options and to be honest— and will have daily options and to be honest i— and will have daily options and to

be honest i don't know— and will have daily options and to be honest i don't know how- and will have daily options and toj be honest i don't know how much and will have daily options and to - be honest i don't know how much they will actually buy — be honest i don't know how much they will actually buy. they— be honest i don't know how much they will actually buy. they might - be honest i don't know how much they will actually buy. they might almost . will actually buy. they might almost end up _ will actually buy. they might almost end up buying — will actually buy. they might almost end up buying almost— will actually buy. they might almost end up buying almost none - will actually buy. they might almost end up buying almost none but- will actually buy. they might almost end up buying almost none but if. will actually buy. they might almostl end up buying almost none but if the impact _ end up buying almost none but if the impact of— end up buying almost none but if the impact ofthem — end up buying almost none but if the impact of them saying _ end up buying almost none but if the impact of them saying they - end up buying almost none but if the impact of them saying they are - end up buying almost none but if thej impact of them saying they are there to buy— impact of them saying they are there to buy in _ impact of them saying they are there to buy in unlimited _ impact of them saying they are there to buy in unlimited amounts - to buy in unlimited amounts essentiatty— to buy in unlimited amounts essentially has— to buy in unlimited amounts essentially has been - to buy in unlimited amounts essentially has been to - to buy in unlimited amountsl essentially has been to break to buy in unlimited amounts - essentially has been to break the doom _ essentially has been to break the doom toop — essentially has been to break the doom loop that _ essentially has been to break the doom loop that was _ essentially has been to break the doom loop that was there - essentially has been to break the doom loop that was there in - doom loop that was there in financial markets— doom loop that was there in financial markets and - doom loop that was there in financial markets and that l doom loop that was there in . financial markets and that was really — financial markets and that was really undermining _ financial markets and that was really undermining the - financial markets and that was really undermining the risk- financial markets and that was| really undermining the risk and pensions — really undermining the risk and pensions really. _ really undermining the risk and pensions really. i— really undermining the risk and pensions really.— really undermining the risk and pensions really. i think they are sa in: pensions really. i think they are saying about — pensions really. i think they are saying about £5 _ pensions really. i think they are saying about £5 billion - pensions really. i think they are saying about £5 billion a - pensions really. i think they are saying about £5 billion a day - saying about £5 billion a day between 130—215, a very precise time frame and now i would that be? those will be kind of— frame and now i would that be? those will be kind of normal— frame and now i would that be? those will be kind of normal reverse - will be kind of normal reverse auctions— will be kind of normal reverse auctions or— will be kind of normal reverse auctions or you _ will be kind of normal reverse auctions or you have - will be kind of normal reverse auctions or you have a - will be kind of normal reverse auctions or you have a time . will be kind of normal reverse | auctions or you have a time or will be kind of normal reverse - auctions or you have a time or you do the _ auctions or you have a time or you do the things _ auctions or you have a time or you do the things and _ auctions or you have a time or you do the things and you _ auctions or you have a time or you do the things and you have - auctions or you have a time or you do the things and you have these. do the things and you have these operations — do the things and you have these operations so— do the things and you have these operations. so as _ do the things and you have these operations. so as i— do the things and you have these . operations. so as i said today, they had their— operations. so as i said today, they had their first _ operations. so as i said today, they had their first option _ operations. so as i said today, they had their first option and _ operations. so as i said today, they had their first option and it - operations. so as i said today, they had their first option and it was - had their first option and it was only— had their first option and it was only about _ had their first option and it was only about 1_ had their first option and it was only about 1 billion _ had their first option and it was only about 1 billion they- had their first option and it was| only about 1 billion they actually used _ only abouti billion they actually used of— only abouti billion they actually used of that— only about 1 billion they actually used of that 5 _ only about 1 billion they actually used of that 5 billion _ only about 1 billion they actually used of that 5 billion silly - only about 1 billion they actually. used of that 5 billion silly because the impact — used of that 5 billion silly because the impact of— used of that 5 billion silly because the impact of saying _ used of that 5 billion silly because the impact of saying they - used of that 5 billion silly because the impact of saying they are - used of that 5 billion silly because. the impact of saying they are going to be _ the impact of saying they are going to be there — the impact of saying they are going to be there to— the impact of saying they are going to be there to buy _ the impact of saying they are going to be there to buy and _ the impact of saying they are going to be there to buy and break- the impact of saying they are going to be there to buy and break that l to be there to buy and break that doom _ to be there to buy and break that doom toop — to be there to buy and break that doom loop caused _ to be there to buy and break that doom loop caused an— to be there to buy and break that doom loop caused an almighty . to be there to buy and break that. doom loop caused an almighty rally in the _ doom loop caused an almighty rally in the bond — doom loop caused an almighty rally in the bond market, _ doom loop caused an almighty rally in the bond market, so— doom loop caused an almighty rally in the bond market, so it _ doom loop caused an almighty rally in the bond market, so it brought. in the bond market, so it brought down _ in the bond market, so it brought down the — in the bond market, so it brought down the rate _ in the bond market, so it brought down the rate the _ in the bond market, so it brought down the rate the government i in the bond market, so it brought- down the rate the government might

have to _ down the rate the government might have to pay— down the rate the government might have to pay to— down the rate the government might have to pay to borrow— down the rate the government might have to pay to borrow for— down the rate the government might have to pay to borrow for 30 - down the rate the government might have to pay to borrow for 30 years i have to pay to borrow for 30 years by a full _ have to pay to borrow for 30 years by a full percentage _ have to pay to borrow for 30 years by a full percentage point. - have to pay to borrow for 30 years by a full percentage point. it - have to pay to borrow for 30 years by a full percentage point. it is- by a full percentage point. it is astonishing, _ by a full percentage point. it is astonishing, record—breaking i by a full percentage point. it is- astonishing, record—breaking stuff. for those _ astonishing, record—breaking stuff. for those of— astonishing, record—breaking stuff. for those of us— astonishing, record—breaking stuff. for those of us who _ astonishing, record—breaking stuff. for those of us who are _ astonishing, record—breaking stuff. for those of us who are not - for those of us who are not well—versed in financial instruments, perhaps you can help us out. why are pension funds so it risk here and just explain what ldis are because that seems to be at the heart of it? it are because that seems to be at the heart of it? , , are because that seems to be at the heart of it?— heart of it? it will be very hard to do this without _ heart of it? it will be very hard to do this without a _ heart of it? it will be very hard to do this without a lot _ heart of it? it will be very hard to do this without a lot of _ do this without a lot of technobabble... - do this without a lot of technobabble... jiin- do this without a lot of technobabble. .. do this without a lot of technobabble... , ., �* ., ,, technobabble. .. jin you're talking to a 14-year-old. _ technobabble. .. jin you're talking to a 14-year-old. pension - technobabble. .. jin you're talking to a 14-year-old. pension funds i technobabble. .. jin you're talking - to a 14-year-old. pension funds have liabilities which _ to a 14-year-old. pension funds have liabilities which are _ to a 14-year-old. pension funds have liabilities which are payments - to a 14-year-old. pension funds have liabilities which are payments they i liabilities which are payments they have to _ liabilities which are payments they have to make _ liabilities which are payments they have to make to _ liabilities which are payments they have to make to future _ liabilities which are payments they have to make to future leaders - liabilities which are payments theyl have to make to future leaders and they have _ have to make to future leaders and they have assets _ have to make to future leaders and they have assets and _ have to make to future leaders and they have assets and the _ have to make to future leaders and they have assets and the way - have to make to future leaders and they have assets and the way in - they have assets and the way in which _ they have assets and the way in which those _ they have assets and the way in which those assets _ they have assets and the way in which those assets provide - they have assets and the way in which those assets provide is i they have assets and the way in i which those assets provide is fairly straightforward. _ which those assets provide is fairly straightforward. you _ which those assets provide is fairly straightforward. you can _ which those assets provide is fairly straightforward. you can see - which those assets provide is fairlyj straightforward. you can see these things— straightforward. you can see these things that — straightforward. you can see these things that i — straightforward. you can see these things that i own _ straightforward. you can see these things that i own and _ straightforward. you can see these things that i own and how - straightforward. you can see these things that i own and how much i straightforward. you can see thesel things that i own and how much will someone _ things that i own and how much will someone buy— things that i own and how much will someone buy them _ things that i own and how much will someone buy them off _ things that i own and how much will someone buy them off from - things that i own and how much will| someone buy them off from a? with the way— someone buy them off from a? with the way in _ someone buy them off from a? with the way in which _ someone buy them off from a? with the way in which the liabilities - someone buy them off from a? with the way in which the liabilities are l the way in which the liabilities are valued _ the way in which the liabilities are valued is — the way in which the liabilities are valued is the _ the way in which the liabilities are valued is the r— the way in which the liabilities are valued is the r value _ the way in which the liabilities are valued is the r value to _ the way in which the liabilities are valued is the r value to bit- the way in which the liabilities are valued is the r value to bit as - valued is the r value to bit as though— valued is the r value to bit as though they— valued is the r value to bit as though they are _ valued is the r value to bit as though they are long - valued is the r value to bit as though they are long dated i valued is the r value to bit as - though they are long dated bonds and so when _ though they are long dated bonds and so when bond — though they are long dated bonds and so when bond prices _ though they are long dated bonds and so when bond prices fall, _ though they are long dated bonds and so when bond prices fall, so _ so when bond prices fall, so actually— so when bond prices fall, so actually the _ so when bond prices fall, so actually the estimate - so when bond prices fall, so actually the estimate of - so when bond prices fall, sol actually the estimate of their

tiabitities— actually the estimate of their liabilities falls— actually the estimate of their liabilities falls and _ actually the estimate of their liabilities falls and when - actually the estimate of theirl liabilities falls and when bond prices — liabilities falls and when bond prices go _ liabilities falls and when bond prices go up. _ liabilities falls and when bond prices go up, their— liabilities falls and when bond prices go up, their liabilities i liabilities falls and when bond i prices go up, their liabilities go up. prices go up, their liabilities go up so— prices go up, their liabilities go un. ., prices go up, their liabilities go up. so on the ldis, the liability driven investments, _ up. so on the ldis, the liability driven investments, are - up. so on the ldis, the liability driven investments, are they . up. so on the ldis, the liability - driven investments, are they forced to sail and do the deal on the other side of the equation in other words if that call is made in is that while they are at risk? br; if that call is made in is that while they are at risk? by matching assets and liabilities, _ while they are at risk? by matching assets and liabilities, a _ while they are at risk? by matching assets and liabilities, a lot - while they are at risk? by matching assets and liabilities, a lot of - assets and liabilities, a lot of pension— assets and liabilities, a lot of pension funds _ assets and liabilities, a lot of pension funds use _ assets and liabilities, a lot of| pension funds use derivatives assets and liabilities, a lot of. pension funds use derivatives so financial— pension funds use derivatives so financial instruments, _ pension funds use derivatives so financial instruments, and - pension funds use derivatives so financial instruments, and in - pension funds use derivatives so financial instruments, and in a l financial instruments, and in a white — financial instruments, and in a white which _ financial instruments, and in a white which looks _ financial instruments, and in a white which looks actually- white which looks actually reasonably _ white which looks actually reasonably sensible - white which looks actually reasonably sensible apart | white which looks actually- reasonably sensible apart from if you have — reasonably sensible apart from if you have the _ reasonably sensible apart from if you have the kind _ reasonably sensible apart from if you have the kind of— reasonably sensible apart from if you have the kind of moves - reasonably sensible apart from if you have the kind of moves thatl reasonably sensible apart from if. you have the kind of moves that we have had _ you have the kind of moves that we have had over the _ you have the kind of moves that we have had over the past _ you have the kind of moves that we have had over the past few- you have the kind of moves that we have had over the past few days, i have had over the past few days, which _ have had over the past few days, which potentially _ have had over the past few days, which potentially trigger- have had over the past few days, which potentially trigger what - have had over the past few days, i which potentially trigger what might be called _ which potentially trigger what might be called margin— which potentially trigger what might be called margin calls. _ which potentially trigger what might be called margin calls. so— which potentially trigger what might be called margin calls. so call- which potentially trigger what might be called margin calls. so call for. be called margin calls. so call for extra _ be called margin calls. so call for extra cash— be called margin calls. so call for extra cash and _ be called margin calls. so call for extra cash and contributions - be called margin calls. so call for extra cash and contributions of. extra cash and contributions of astonishingly— extra cash and contributions of astonishingly large _ extra cash and contributions of astonishingly large amounts i extra cash and contributions of astonishingly large amounts of extra cash and contributions of - astonishingly large amounts of money that pension _ astonishingly large amounts of money that pension funds _ astonishingly large amounts of money that pension funds might _ astonishingly large amounts of money that pension funds might not - astonishingly large amounts of money that pension funds might not have - astonishingly large amounts of money that pension funds might not have at. that pension funds might not have at their fingertips, _ that pension funds might not have at theirfingertips, and— that pension funds might not have at theirfingertips, and if— that pension funds might not have at their fingertips, and if you _ that pension funds might not have at their fingertips, and if you don't - their fingertips, and if you don't make _ their fingertips, and if you don't make good _ their fingertips, and if you don't make good that _ their fingertips, and if you don't make good that sort _ their fingertips, and if you don't make good that sort of - their fingertips, and if you don't make good that sort of extra . their fingertips, and if you don'ti make good that sort of extra call for money, — make good that sort of extra call for money, then— make good that sort of extra call for money, then slit _ make good that sort of extra call for money, then slit their- make good that sort of extra call. for money, then slit their positions are tiguidated _ for money, then slit their positions are liquidated and _ for money, then slit their positions are liquidated and dumped - for money, then slit their positions are liquidated and dumped into - for money, then slit their positionsj are liquidated and dumped into the market. _ are liquidated and dumped into the market. setting _ are liquidated and dumped into the market, selling lots _ are liquidated and dumped into the market, selling lots and _ are liquidated and dumped into the market, selling lots and lots - are liquidated and dumped into the market, selling lots and lots of - market, selling lots and lots of bonds. — market, selling lots and lots of bonds. which— market, selling lots and lots of bonds, which in— market, selling lots and lots of bonds, which in turn _ market, selling lots and lots of bonds, which in turn works - market, selling lots and lots of bonds, which in turn works as i market, selling lots and lots of| bonds, which in turn works as a situation — bonds, which in turn works as a situation for _ bonds, which in turn works as a situation for other— bonds, which in turn works as a situation for other pension - bonds, which in turn works as ai situation for other pension funds and drawing _ situation for other pension funds and drawing them _ situation for other pension funds

and drawing them into _ situation for other pension funds and drawing them into that- situation for other pension fundsl and drawing them into that doom situation for other pension funds - and drawing them into that doom loop so you _ and drawing them into that doom loop so you have _ and drawing them into that doom loop so you have the — and drawing them into that doom loop so you have the cycle _ and drawing them into that doom loop so you have the cycle going _ so you have the cycle going through where _ so you have the cycle going through where tots — so you have the cycle going through where lots of — so you have the cycle going through where lots of pension _ so you have the cycle going through where lots of pension funds - so you have the cycle going through where lots of pension funds can - so you have the cycle going through where lots of pension funds can bei where lots of pension funds can be forced _ where lots of pension funds can be forced into— where lots of pension funds can be forced into default _ where lots of pension funds can be forced into default unless - where lots of pension funds can be forced into default unless the - where lots of pension funds can bej forced into default unless the bank intervene _ forced into default unless the bank intervene and _ forced into default unless the bank intervene and the _ forced into default unless the bank intervene and the bank— forced into default unless the banki intervene and the bank intervention realty— intervene and the bank intervention reattyjust_ intervene and the bank intervention reattyjust stop _ intervene and the bank intervention reallyjust stop that _ intervene and the bank intervention reallyjust stop that entirely. - reallyjust stop that entirely. right. — reallyjust stop that entirely. right. 0k. _ reallyjust stop that entirely. right, ok, thank— reallyjust stop that entirely. right, ok, thank you - reallyjust stop that entirely. right, ok, thank you very. reallyjust stop that entirely. i right, ok, thank you very much right, 0k, thank you very much indeed for speaking to us here bbc news. . no indeed for speaking to us here bbc news.- no ldis _ indeed for speaking to us here bbc news.- no ldis a _ indeed for speaking to us here bbc news.- no ldis a sport - indeed for speaking to us here bbc news.- no ldis a sport but| news. thanks. no ldis a sport but actually i'm rrot — news. thanks. no ldis a sport but actually i'm not sure. _ good evening and it was close but no cigar as england were beaten in a close match as pakistan take control of et 20 series with a 3— to lead and the bass and must shoulder the blame for this and despite the heroic not from the captain. joe watched for us. in this thrilling series, any part of pakistan is now in play. this is lahore, and sell—out were three games were decided. now at to two,

england looked to mark wood and used them carefully. the bowler is on the road back to fitness but in t20, he takes wickets. and stops rhythm. for pakistan, some unavoidable but some self—inflicted. they lost two batters to run outs. self-inflicted. they lost two batters to run outs.- self-inflicted. they lost two batters to run outs. how casual was that! on their— batters to run outs. how casual was that! on their way _ batters to run outs. how casual was that! on their way to _ batters to run outs. how casual was that! on their way to a _ batters to run outs. how casual was that! on their way to a series - batters to run outs. how casual was that! on their way to a series low i that! on their way to a series low score, that! on their way to a series low score. all — that! on their way to a series low score. all out _ that! on their way to a series low score, all out for _ that! on their way to a series low score, all out for 145. _ that! on their way to a series low score, all out for 145. but - that! on their way to a series low score, all out for 145. but in the i score, all out for 145. but in the gloom, the mood would turn as england lost sheep wickets on the boundary and when they were five down 462, lahore exhaled. band boundary and when they were five down 462, lahore exhaled. and the fiaure aoes down 462, lahore exhaled. and the figure goes pp- _ down 462, lahore exhaled. and the figure goes up. this _ down 462, lahore exhaled. and the figure goes up. this modest - down 462, lahore exhaled. and the figure goes up. this modest chase i figure goes up. this modest chase and become _ figure goes up. this modest chase and become a _ figure goes up. this modest chase and become a struggle _ figure goes up. this modest chase and become a struggle and - figure goes up. this modest chase i and become a struggle and england remarkably fell short. their worst night of this series is one they will long 0ne match in the women's super league this evening, but it's a big london derby. reigning champions chelsea are taking on west ham. the visitors went a goal up.

this goal had it in on a corner but chelsea equalised before half—time as fran kirby fired in a third goal in as many games and coming up to the aramark in the last few moments, 82-1 on bbc two you the matches live on bbc two for you if would like. arsenal are through to the group stage of the women's champions league with the gunners held to a draw in the first leg but the goal in amsterdam sends them through while rangers look forward to a place in the group stage for the first time in their history as the scottish champions looked it over term 83 have been to deficit against benfica as they are goalless as it stands. all the support for now, back to you, tim. 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's 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 european union has said leaks in two major gas pipelines from russia to europe are the result of sabotage. eu commission president ursula von der leyen stopped short of accusing russia of causing the leaks in nord stream one and two, but said that deliberate disrpution would be met with a strong response. the pipelines, which run under the baltic sea, aren't currently operational, but still contain gas.

ina in a national tv address, the president of iran has accused protesters of using the death of a woman in custody to cause a as protests continue for a 12 day, the president says the death is saddening everyone and is being investigated but endangering people's lives and properties with a redline for a and chaos would not be allowed. at least 75 protesters had been detained so far in protest right the country. nazanin zaghari—ratcliffe, the british—iranian woman, who spent six years in prison in iran has voiced her support for the recent protests in iran. in a video released today, she names 22—year—old mahsa amini and is seen cutting her hair in protest. the makers of a drug designed to slow the progress of alzheimer's disease say it has shown positive results in a late

phase clinical trial. the drug is designed to remove clumps of toxic proteins that build up in the brains of people with alzheimer's. the pharmaceutical companies eisai and biogen say it was found to reduce memory decline when given in the early stages of the illness. full details of the results will be presented in november, but the data already published has generated excitement among scientists and dementia charities. 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 mph. the national hurricane center has warned of life—threatening coastal flooding with waves up to 16 feet high. 0ur correspondent azadeh moshiri is in st petersburg in florida with the latest. now the hurricane hasn't even made landfall right now, and yet its impacts are still being felt across florida.

in fact, more than 200,000 power outages have already happened. now, we don't know exactly where the hurricane's going to make landfall nor how high a category of storm that it will be, but officials have said two things that they know for certain. it will be historic, and it will be life—threatening. here's 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's going to have major impacts,

both on impact in south—west florida, so this is going to 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. in the past couple of minutes, the hurricane has made landfall in florida with winds coming in at 150 mph and we will have much more coming over the next few hours. a

bit calmer here. now it's time for a look at the weather with tomasz. good evening. quite a mixed bag over all across the uk through this evening and overnight. we have some clear spells, but also quite a few showers around, and the showers have been heaviest across more northern parts of the uk, southern scotland, northern england, and over the next few hours, they will be tracking southwards. so, here's around midnight through wales and the midlands, and then reaching southern parts of england early hours of thursday morning. the cloud cover will be varied, too, so that means that the temperatures first thing on thursday will be quite varied. 3—4 degrees in some spots, but windward coasts could be around ten. now, overall, the weather's also not looking too bad at all for tomorrow for most of us. in fact, predominantly sunny spells with just a scattering of showers carried on a north—easterly breeze. now, the temperatures will be pretty decent, around 17 degrees in glasgow and london. for most of us, though, around 15—16. that's it for me.

hello, this is bbc news with tim willcox. the headlines... the bank of england steps in after the pound collapses and interest rates rocket — but ministers defend last week's mini—budget. and the bank of england has made this timely intervention, doing what it should do, what the government should do, what the chancellor and i are focused on, is delivering that economic growth plan. lenders withdrew a record number of mortgage products overnight due to rising interest rates. labour say the government's mishandling has led to the crisis. i think there will be millions of people watching this right now with their housing in their pensions and that is because the government has lost control of their economy. humiliated, abused, and isolated for weeks — patients put at risk due to a "toxic culture" at one of the uk's biggest

mental health hospitals, bbc panorama reveals. and millions of people are bracing for life threatening storms, winds and floods, as hurricane ian hits florida. officials have said two things that they know — officials have said two things that they know for _ officials have said two things that they know for certain _ officials have said two things that they know for certain — _ officials have said two things that they know for certain — it - officials have said two things that they know for certain — it will- officials have said two things that they know for certain — it will be i they know for certain — it will be historic— they know for certain — it will be historic and _ they know for certain — it will be historic and it _ they know for certain — it will be historic and it will _ they know for certain — it will be historic and it will be _ historic and it will be life—threatening. - 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. 0bviously 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. the labour leader, sir keir starmer, has called for the immediate recall of the house of commons so that the chancellor can explain his approach. 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. 0ur political editor chris mason reports. 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. let's get a view from the other side of the atlantic on this. i'm joined by robert scott, senior international economist at the economic policy institute, in the us. they're a think—tank working to improve the economic conditions of low and middle—income workers. there's been a lot of discussion over here that this crisis is partly to do with the strength of the

dollar. just unpack that one for us, will you? dollar. just unpack that one for us, will ou? . , dollar. just unpack that one for us, will ou? ., , ,, . ., will you? certainly, the us central bank, the federal— will you? certainly, the us central bank, the federal reserve, - will you? certainly, the us central bank, the federal reserve, has. bank, the federal reserve, has raised interest rates five times, the highest rate of growth of interest rates in 40 years. so this has made the united states markets particularly attractive, attracting capital from around the world to invest here in stocks and bonds in the united states. and that has put a pressure on governments around the world to raise interest rates in response. if they don't raise rates, than their currencies fall, and that's exactly what we've seen, the dollar has raised 10%.— dollar has raised 10%. historically where other— dollar has raised 10%. historically where other central _ dollar has raised 10%. historically where other central banks - dollar has raised 10%. historically where other central banks have i where other central banks have followed that, there's been criticism of central banks around the world for not raising interest rates quickly enough. so historically central banks have done that and followed the dollar's lead.

unfortunately that's the case, so the us decision to raise rates is affecting banks around the world, and that will have tremendous negative impacts on poor workers in not only the us, but other countries, especially in the poorest developing countries. tiff countries, especially in the poorest developing countries.— countries, especially in the poorest developing countries. of course the us has bounced _ developing countries. of course the us has bounced back _ developing countries. of course the us has bounced back well _ us has bounced back well economically, hasn't it, but you still had two periods of negative growth. so why are people putting money into the dollar now? is it linked to the war in ukraine, as well? ,, ., , ., , , , ., , well? the us has always been seen as a safe haven — well? the us has always been seen as a safe haven for— well? the us has always been seen as a safe haven for investors _ well? the us has always been seen as a safe haven for investors around - a safe haven for investors around the world. whenever there's trouble, people move their money into dollars because they think it's the same, because they think it's the same, because we have the largest financial markets in the world. so what could and should the fed do about this now? because it is there about this now? because it is there a risk that's what's happening in the uk, for example, might have

elsewhere and could lead to some sort of global contagion?- elsewhere and could lead to some sort of global contagion? there's no doubt, i think— sort of global contagion? there's no doubt, i think the _ sort of global contagion? there's no doubt, i think the fed _ sort of global contagion? there's no doubt, i think the fed has— doubt, i think the fed has overreacted. we have what i would call a structural problem in the global economy. we have shortages of energy, the war in ukraine, we have the build up and demand from goods coming out of the covid recession. those are short—term problems. the fed is trying to deal with what it calls excess demand. there's no sign we have excess demand here or around the world — in fact, inflation rates are higher in europe then they are in the us, though they spend much less than we did during covid. although i think the eu rate of inflation, well, obviously it's uniform, but britain's is rising. in terms of the complicated multiplicity of all these financial instruments, what have we learned from the crash of 2008 and previous

crashes before, if anything at all? i think two lessons. 0ne, we need tighter regulation of financial markets to prevent the kind of speculation we saw in the great recession, and that we may be seeing in the coming recession — because there's no doubt the us federal reserve will cause a recession. second, i think we need to take steps to regulate these excessive flows capital between markets that are causing them to whipsaw and for the fed to raise rates.— the fed to raise rates. thank you very much _ the fed to raise rates. thank you very much for— the fed to raise rates. thank you very much forjoining _ the fed to raise rates. thank you very much forjoining us - the fed to raise rates. thank you very much forjoining us on - the fed to raise rates. thank you very much forjoining us on bbc i very much forjoining us on bbc news. very much for “oining us on bbc news. . ~ very much for “oining us on bbc news. ., ,, , ., public health officials are warning that higher than usual levels of seasonal flu — and an autumn wave of coronavirus — could increase pressure on the nhs. flu levels have been low in the uk for each of the past few winters because of coronavirus restrictions, prompting concerns that immunity in the population may have waned. the uk health security agency has urged people to get their flu

and covid booster vaccines. let's discuss this with dr andrew lee, who is a professor of public health at the university of sheffield. we haven't actually had the flu season upon us yet, have we? so is this something that we need to do now to protect ourselves for the next couple of months ahead? indeed, indeed. next couple of months ahead? indeed, indeed- usually — next couple of months ahead? indeed, indeed. usually for _ next couple of months ahead? indeed, indeed. usually for us _ next couple of months ahead? indeed, indeed. usually for us in _ next couple of months ahead? indeed, indeed. usually for us in the _ indeed. usually for us in the northern hemisphere, we looked at what happened in the southern hemisphere. and this winter, the southern hemisphere in australia had a pretty huge epidemic of seasonal flu. that gives us a clue to expect we could be in for a hard one this winter. �* , ., we could be in for a hard one this winter. . , ., , ,': winter. and the strain is the h3 into - and _ winter. and the strain is the h3 into - and how— winter. and the strain is the h3 into - and how potent - winter. and the strain is the h3 into - and how potent has - winter. and the strain is the h3 into - and how potent has that| into — and how potent has that been, and could it be that flu and

coronavirus could strike at the same time, which would potentially be very dangerous for all of us, if not the more vulnerable age groups? indeed, so there are several new variants going around, the one they've seen in australia is one of they've seen in australia is one of the more prominent ones. in terms of vaccine production, we're looking at the lower end of the 40—60% vaccine efficacy rate. and you're right, if we had the two, the coronavirus as well as the flu circulating at the same time, it could put a lot of pressure on the health services, and just a little bit of a factoid, there was a study last year that showed if people were infected, increased the risk of death by nearly six fold. it’s increased the risk of death by

nearly six fold.— nearly six fold. it's a bit of a lotte , nearly six fold. it's a bit of a lottery, though, _ nearly six fold. it's a bit of a lottery, though, because . nearly six fold. it's a bit of a | lottery, though, because the nearly six fold. it's a bit of a - lottery, though, because the flu vaccine will concentrate on 1—2 particular strains and we make it the wrong one. do we know which strain we are focusing on this year? indeed, so the four strains that are anticipated in advance, this comes from intelligence around the world, the who convenes what is circulating, and trying to anticipate those variants which we think will be most prominent, most common, and most likely to cause the greatest impact. and you are right, it's a bit of guesswork sometimes, you can never be 100% sure. we've rotten you can never be 10096 sure. we've rotten it you can never be 10096 sure. we've gotten it wrong — you can never be 10096 sure. we've gotten it wrong before, _ you can never be 10096 sure. we've gotten it wrong before, haven't - you can never be 10096 sure. we'vel gotten it wrong before, haven't we? i wouldn't say we got it wrong before — remember, every year it's not 1—3 flu viruses circulate in, it's a whole gamut of them going around, so we may have hedged our

bets, shall we say, on a few strains, and then find out it's another one that's more prominent. thank you very much for speaking to us on bbc news. every primary school child in england will have access to a free breakfast under plans unveiled by labour. education spokesperson bridget phillipson said the proposal would be funded by returning the top rate of income tax to 45%. labour hopes this will address childcare concerns. currently, schools in deprived areas can apply for a 75% subsidy. let's get more on this now with dr lindsey macdonald, who's the chief executive of magic breakfast, a charity which partners with schools in disadvantaged areas to provide healthy breakfasts for students. this is something you've been campaigning for herfor a long time, presumably you welcome this news — but is there money enough? so much has already been earmarked for other elements, say the nhs and things like that, i think it's £360 million

would be made available. is that enough? i would be made available. is that enou~h? . ~ would be made available. is that enou~h? ., ,, ., enough? i mean, i think costing for this kind of — enough? i mean, i think costing for this kind of model— enough? i mean, i think costing for this kind of model is _ enough? i mean, i think costing for this kind of model is always - this kind of model is always complicated, and what's really important is the focused in the framing of it, that it's targeting hunger and reaching children and young people who ultimately need it most. but we are ultimately reassured that the numbers labour our sighting, reassured that the numbers labour oursighting, including reassured that the numbers labour our sighting, including the staff costs and that support and advice to schools that we know is so crucial to enabling that targeting and reaching the children who need it most. , , , ., most. just remind us of the statistics. _ most. just remind us of the statistics, the _ most. just remind us of the statistics, the number - most. just remind us of the statistics, the number of i most. just remind us of the - statistics, the number of children who go to school having not had a proper meal, which of course has a knock on effect in terms of their concentration and learning, and presumably in terms of time, stopping some mothers and fathers returning to the workplace because there's an opportunity for the children to be cared for and nourished?— children to be cared for and nourished? , , .,~ , ., , ., nourished? yes, breakfast provision is absolutely — nourished? yes, breakfast provision is absolutely a _ nourished? yes, breakfast provision is absolutely a win _

nourished? yes, breakfast provision is absolutely a win win _ nourished? yes, breakfast provision is absolutely a win win win - nourished? yes, breakfast provision is absolutely a win win win policy - is absolutely a win win win policy and our position. we note that every morning, there are about 2.6 million children and young people waking up at risk of hunger. that means they're going into the classrooms unable to focus and learn — that has knock on effects for the school community, their teachers, and as you say, parents and carers also at the moment with rising costs, having breakfast provisions, having one meal provided as part of the school day as a guarantee really will help them, and hopefully allows some to either return to work or take on extra hours in the morning, as well. presumably this doesn't just affect children of primary school age, this is something you'd like to see rolled out across the board? absolutely, magic breakfast supports over 1000 primary, secondary, special education need approved schools, so we would actually democrats truly continue to do it for them. democrats truly continue to do it forthem. certainly democrats truly continue to do it for them. certainly the attainment gap only worsens as he move into secondary school, and there's an

amazing amount of evidence about the impact that having breakfast can have on g csc achievement by the university of leeds. it's wonderful when breakfast is the headline, and we know the difference i can make the children and young people's education. there's still more to be done ultimately. i education. there's still more to be done ultimately.— done ultimately. i think liz truss romised done ultimately. i think liz truss promised to _ done ultimately. i think liz truss promised to put _ done ultimately. i think liz truss promised to put more _ done ultimately. i think liz truss promised to put more money - done ultimately. i think liz truss| promised to put more money into childcare when she was running for the prime minister ship. coincidentally, schools in deprived areas get 75% of the cost of the breakfast club. how many are doing that, or is that not something being taken up by schools of the moment? there are two issues. at the moment, the national school breakfast programme doesn't have the size, scale or reach to achieve 25% of the schools the government itself identifies as being i didn't like her —— as being disadvantaged. the

contract programme isn't being taken up contract programme isn't being taken up as much as we know the government would like it to be, and that's why we need that really targeted support and advice, and expertise alongside school staff to provide school provisions. schools and had teachers have so many challenges at the moment, we've seen that through the pandemic, they really are expected to be everything to everyone, and charities like magic breakfast can provide that support and guidance, and share good practice. there is an amazing breakfast provision up and on the country, and we very much hope that any government that implements breakfast provision will take hold of that good practice, take hold of that good practice, take hold of the proven models we've seen through research and provide it to those who need it most, they will benefit. . , to those who need it most, they will benefit. ., , . ., benefit. thanks very much for coming on. thank benefit. thanks very much for coming on- thank you. _ benefit. thanks very much for coming on. thank you, tim. _ so, the battle is on between glasgow and liverpool to host next year's eurovision song contest.

the shortlist to stage the event which will bring thousands of visitors to the winning city, as well as a global audience of tens of millions was whittled down to two yesterday. the uk is next year's host, after coming second at the competition in may behind ukraine. 0ur entertainment correspondent colin paterson has been finding out what the two cities say they have to offer. it's the beatles versus the barras. liverpool v glasgow — going head—to—head to host eurovision. and both have previous with the contest, liverpool's sonia coming second in 1993. glasgow's lulu winning in 1969. and glasgow's rikki peebles, who represented the uk in 1987, is thrilled by his hometown making the final two. i'm delighted, actually. if it comes here, i'll

be in the front row, hopefully, to just enjoy it. your memories of that night, performing. i've played to something like 300 million people and one night, one night that that floored me because some artists don't get that in a lifetime. in liverpool, this is how the news was broken. why should liverpool over glasgow host the eurovision song contest next year? what have we got that the glaswegians ain't? people in the city are delighted. i think it'd be great in terms of local industry and i think do brilliantly for so many local independent shops. getting more business in. my ex—boyfriend used to love eurovision. we went on our first year anniversary and he made me watch it in the hot tub. i'm notjoking. oh, my god. it's going to be - the night of the year.

in 1988, another glaswegian scott fitzgerald represented the uk at eurovision and lost by one point to celine dion. if glasgow is awarded the contest, the hydro will have to cancel all the acts booked into play during the six week run up, including one celine dion. 35 years later, glasgow could have its eurovision revenge. colin paterson, bbc news, glasgow. we will keep you posted. the crime novels by television presenter richard 0sman have sold more than five—and—a—half million copies — a third book in the series has now become the fastest—selling adult fiction hardback by a british author. the books were inspired by his own mother and the retirement village where she lives. now for the first time, our arts correspondent rebecca jones has been behind the scenes to visit the real—life setting for the books. a warning — her report

contains flashing images. 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 0sman 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. —— rebecca jones. the brutal truth from a mother. now it's time for a look at the weather with tomasz. hello. well, let's see how the weather's looking over the next few days. and thursday's actually not looking too bad for most of us — predominantly sunny spells, with a few showers here and there. let's have a look at the satellite picture — and the cloud cover across the uk this evening and overnight will be varied. this is the satellite picture from the last few hours, and here's the forecast — you can see clusters of showers moving across england and wales, reaching the south by the early hours of thursday morning, and a few showers elsewhere carried on a northeasterly breeze. cloud cover will be varied,

as will the morning temperatures, perhaps four in norwich, ten celsius closer to windward coasts further west. now, here's the big picture across europe on thursday — this flabby area of of low pressure, but a more vigorous low pressure heading our way for friday, and that spells wind and rain. but not on thursday, so just a just a scattering of showers here and there on thursday. here's that weather front approaching us — decent enough temperatures, 17 in glasgow, but i think more typically around 15—16 celsius. so let's have a look at the pressure chart for friday — and there's that low sweeping to the south of iceland. a large area of low pressure with broad weather fronts, and that means a broad band of rain sweeping into ireland and scotland early on friday, and then, eventually reaching wales and eastern parts of england, the east by the latter part of the afternoon. and these are wind gusts in the arrows here, of over 50 mph in some western coast, so up to gale force. now the temperatures could reach 15—17 celsius, but believe you me,

it is not going to feel like it because of the wind and the rain. now, that's where the frontal set of weather fronts will push away towards the east during the course of saturday. there could be another one actually trailing behind, affecting southern areas of the uk, and stronger winds and showers may continue to affect parts of scotland all through the weekend. so, a bit ofa mixed bag on the way this weekend. yes, there'll be sunny spells, but there'll be a brisk wind and occasional showers. and before i go, i'll give you an update on hurricane ian — powerful hurricane which has slammed into florida. it'll be tracking across central northern florida, and quite possibly making another landfall in the days ahead. bye— bye.

hello, i'm christian fraser. you're watching the context on bbc news. the bank of england is forced to step in to avert a collapse of uk bond markets. insiders say an intervention was required to prevent a vicious cycle becoming even more dangerous for the pension funds. high winds and a record storm surge are expected as hurricane ian lands in florida. tornado warnings have been issued for tourist hotspots like orlando. and norway steps up security around its key installations after three unexplained leaks appear in the nord stream gas pipelines. tonight with the context, republican strategist rina shah and the former scottish labour party leaderjim murphy, who was secretary of state for scotland in gordon brown's government.