tonight at ten: the bank of england is forced to intervene to try to bring stability to the financial markets. emergency help was needed to protect pension funds but amid the turmoil, the government is still refusing to change its plans. 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 overnight, more chaos as hundreds of mortgage products were withdrawn. labour says it's all because of government negligence. what the government now needs to do, is to recall parliament, immediately, abandon that budget before any more damage is done. we'll have more on the bank of england's emergency intervention, and on the government's refusal to change tack. also on the programme.. inside one of the uk's largest mental health hospitals, a bbc investigation uncovers mistreatment and cruelty. the british—iranian nazanin zaghari—ratcliffe has cut her hair in solidarity with iranian women, whose rights are under attack from religious rulers. and the latest from florida, where hurricane ian, one of the worst storms in the state's history, is set to devastate wide areas.

coming up in the sport, it is a low scoring affair, but england lose in lahore, as pakistan take control of the twenty20 series with a six run win. good evening. faced with growing alarm on the financial markets about the government's economic strategy, the bank of england has been forced to take emergency action to try to stabilise things. 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, 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, told bankers that he's committed to fiscal discipline, and is working closely with the bank of england and the office for budget responsibility, labour says the government matter is not responding to people's valid concerns about the cost of mortgages and the wider cost of living. our economics editor faisal islam has the latest. an unexpected and unlimited intervention by the bank of england to prevent a £1 trillion part of the plumbing of the pension system from falling over. it was a promise to buy up tens of billions of pounds of government ious, six days after the bank announcing it would do the very opposite. it led to a day of wild

volatility on key markets, eventually ending up in better territory. the need for an intervention of this size tells its own story. 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. in an emergency statement, the bank of england said, "were dysfunction in this market to continue or worsen, there would be a material risk to uk financial stability. it said it was "seeking to restore market functioning and reduce any risks from contagion to credit conditions to uk households and businesses," and would "intervene on whatever scale is necessary to do so." 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 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 up those debts in unlimited quantities, which brought down those interest rates — but they remain high. high interest rates mean the value of the government debt decreases. for some long—term loans, their were effectively halved, with severe consequences for one sector in particular. 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're 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's what we have do. what we politicians are responsible for, is making the economic decisions that will drive continued growth. the intervention capped a day of extreme volatility for stealing. while lower against the dollar than before the mini budget, do go and down by huge amounts, falling close falling close to all—time lows, before ending up at 1.08, providing

some relief. 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 united states, - in other countries around the world, quietly to lend us credit lines - to shore up our economy. while we manage the crisis. i so there is a good reason why thisi government shouldn'tjust be acting alone and putting its hands over its ears to anyone - who disagrees with it. it needs to consult because it's going to need its friends - if the bold bet goes wrong. this uncertainty is flowing through the real economy. 60p today. that is, like, double the price, isn't it? this birmingham plant and flower wholesaler selling to garden centres and fruit and veg shops.

they've have seen interest rate costs surge alongside import costs, and demand hit. 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. and faisaljoins me now. quite a few things to discuss tonight. let me start with this intervention by the bank of england. just to explain to people why, in your view, that is so significant. well, i think your view, that is so significant. well, ithink if your view, that is so significant. well, i think if you are sat looking at some of the figures, the currency market and the borrowing numbers, you might feel a sense of relief that things seem to have stabilised. but, actually, the fact of this intervention is probably the biggest piece of information. normally we would only get an interracial like this from the bank of and when some terrible event has afflicted the economy, whether it is the pandemic

that we had this type of intervention for, the financial crisis, we had this type of intervention 1a years ago. this appears to stem from something that started as government policy on friday. government ministers have been out today saying it has nothing to do with that, it is all about global factors. to do with that, it is all about globalfactors. but to do with that, it is all about global factors. but the explanation for why we got this from the bank of england was about a corner of the pension system which was suffering not necessarily because interest rates had got to a certain level, but because they had got there so quickly. the collapse in the value of bonds, and that happened since friday. the explanation given by the bank of england for this extraordinary reaction, it definitely would sit in what happened at the mini budget on friday. we happened at the mini budget on frida . ~ , ., ., ~ friday. we will pause there and talk in a while about _ friday. we will pause there and talk in a while about what _ friday. we will pause there and talk in a while about what happens - friday. we will pause there and talk in a while about what happens from| in a while about what happens from today, and going forward. for now, thanks very much. faisal islam, who will be with us again shortly. our deputy political editor vicki young is in downing street.

vicki, do you get the sense that this is basically a case of prime minister and chancellor, in alliance with each other, and resisting the pressure there is for change? absolutely. turbulence on the markets, but here at number 11 and next door at number 10, they want to give and convey an impression of calm. they say they are sticking to their plan, no u—turn and absolutely no suggestion that the chancellor will be leaving his job. no suggestion that the chancellor will be leaving hisjob. in fact, as faisal saying, they are going further than that and saying what has happened has nothing to do with the so—called mini budget on friday. that is absolutely not what a lot of tory mps think. i've been speaking to them today. they say a lot of this was predicted. they have described it to me as politically inept, naive and arrogant. what they don't want, of course, is any more surprises. but i think there could be some coming their way. we have learnt tonight that government departments have been asked to find efficiency savings, which of course raises a lot more questions. where

might they be found? who will be affected? and already suggestions tonight from one minister that they are no longer committed to operating benefits in line with inflation. a lot of this is not mps wanted to hear. the chancellor has promised that on november the 23rd he will lay out how this is all going to be paid for, all of the costings that go with what he has announced. that is too far away for lots of tory mps. they wanted to come a lot sooner. tomorrow we will hear from liz truss, the prime minister. we haven't heard from her for a while, certainly not since the mini budget. and she will be asked more of these questions. and she will be asked more of these cuestions. a , and she will be asked more of these cuestions. , ., .~' and she will be asked more of these cuestions. , ., ., questions. many thanks, vicki young in downin: questions. many thanks, vicki young in downing street. _ a record number of mortgage products have been withdrawn from the downing street. 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 experts say while 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 apporoach. sir keir has also called for the mini budget to be abandoned, and said the government had clearly lost control of the economy. our political editor chris mason reports from liverpool. 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 £16 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. joining me again is faisal islam. he is our economics editor. we had this info —— this intervention today and saw the government is resisting

pressure to change tack, how do the next few days and weeks look to you? the government's strategy is they hope to regain the confidence of the markets with a twin track approach of economic reforms, known as supply—side reforms, a selection of economic reforms to planning, foreign worker visas, agriculture productivity and childcare, and that is so persuasive to the international markets of future growth in the uk that they started to warm to that, generating tax revenue and paying for the tax cuts, and on top of that you get a debt strategy that starts to cut down spending. you heard from vicki young suggestions of not putting the benefits in line with inflation, perhaps departmental cuts. if that does not work we will get the markets testing the government at every turn, with every speech, every piece of economic data and the markets will continue to go up and

down and pressure on the government. those are the two options. today with the bank of england we have a bridge, not a solution, the government still needs to solve the underlying problem. a£111" government still needs to solve the underlying problem.— underlying problem. our economic correspondence _ underlying problem. our economic correspondence faisal _ underlying problem. our economic correspondence faisal islam - underlying problem. our economic correspondence faisal islam with l underlying problem. our economic i correspondence faisal islam with his analysis. there are more updates, news and analysis on bbc news online, that's bbc.co.uk/news, and by using the bbc news app. an investigation by bbc panorama has uncovered what's described as a toxic culture at one of the uk's biggest 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. the hospital which is run by 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. our social affairs editor alison holt reports. behind the high fences of the medium secure units at edenfield mental health hospital in prestwich, panorama's undercover cameras found a toxic culture. patients here are vulnerable, sometimes challenging. there is a serious risk they may 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. the undercover reporter alan haslam went in after whistle—blowers raised concerns. he spent three months as a health care support worker. he saw staff mocking patients. slapping and punching them.

—— slapping and pinching them. sometimes wards were worryingly understaffed. and patients felt 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 theyjust 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 staff. and i think there's an awful lot of hostility towards patients across all of the wards. the task of the hospital

is the treatment of patients, to promote recovery. that's the principal task. well, that task, i think, is being undermined. 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 watch the full panorama — undercover hospital: patients at risk — on the bbc iplayer now. the british—iranian woman nazanin zaghari—ratcliffe, who was detained in iran for six years, has cut her hair in solidarity with protests against the iranian regime. demonstrations started after a 22—year—old woman, mahsa amini, died in police custody.

in a video sent exclusively to bbc persian, mrs zaghari—ratcliffe slowly cuts her hair and recites the names of ms amini as well as some fellow prisoners. our correspondent rana rahimpour reports. nazanin zaghari—ratcliffe names the women who died while in custody of a run�*s the relative police as she cuts her hair. mrs zaghari—ratcliffe, a british iranian national who spent six years in prison in iran, names herformer inmates one by one. also her mother and her daughter. forthe inmates one by one. also her mother and her daughter. for the women of iran, for freedom and justice, she says. for nearly two weeks, women in

iran have been protesting the death of the 22—year—old by cutting their hair and of the 22—year—old by cutting their hairand burning of the 22—year—old by cutting their hair and burning the hedge out. the death of mahsa amini has sparked the largest anti—regime protest since the islamic revolution of 1979. —— cutting their hair and broadening the hijab. from new york to spain, women are showing support. iranians' demand forfreedom has been heard across the world, but so far in iran it has fallen on deaf ears. the arrangement president said today everyone is certain is by the death of mahsa amini but warns that protests will not be tolerated. —— everyone is saddened by the death of mahsa amini. millions of people in the us state of florida are doing what they can

to protect themselves from one of the worst storms ever to strike their state. hurricane ian, a catergory four storm, has made landfall with winds in excess of 150 miles an hour. the national hurricane centre has warned of a risk 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. hurricane ian has made landfill as a category four storm. officials were hoping its intensity and severity which wane as it reached florida. it hasn't, making it the fifth strongest hurricane to have ever landed in the united states. the last one was in 2018, hurricane michael, which also made landfall in florida. several people died and there were power outages. a weeks afterwards. people are bracing themselves, trying to see what happens this time.

there is no mistaking hurricane ian is in florida, buildings are being pounded, pieces of homes are being swept away. the pounded, pieces of homes are being swept away-— swept away. the storm is extremely dan . erous swept away. the storm is extremely dangerous colleges _ swept away. the storm is extremely dangerous colleges state _ swept away. the storm is extremely dangerous colleges state the - dangerous colleges state the obvious. it is life—threatening, you should accept advice from emergency officials, use theirjudgment, not yours. officials, use their 'udgment, not ours. . , officials, use their 'udgment, not ours. ., , , ., yours. there have been hundreds of thousands of _ yours. there have been hundreds of thousands of power _ yours. there have been hundreds of thousands of power outages - yours. there have been hundreds of thousands of power outages across| thousands of power outages across the state, with emergency crews rushing to repair the damage, even though it isjust rushing to repair the damage, even though it is just the rushing to repair the damage, even though it isjust the beginning. officials have said what the state is about to witness is a life—threatening storm with devastating flooding. for those who listen to evacuation orders, it is no time to ride out the storm in safety, but those who stay behind have now been told it is too late. tampa bay is one of the most vulnerable to storm surges which is why people we have spoken to here have taken the warnings from

officials extremely seriously, leaving holmes behind and unsure of what they will find when they get back. —— leaving their homes behind. the flood thunderstorm could have devastating consequences, even life—threatening. thousands of national guard troops have been deployed and emergency services are bracing for the impact of the storm surges, and after countless warnings from officials residents in florida are sheltering in place, because a storm has come to america's sunshine state. the crime novels by television presenter richard osman have sold more than 5.5 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. 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, anyway. 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.