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tv   BBC News at Ten  BBC News  September 29, 2022 10:00pm-10:31pm BST

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tonight at ten — no change, says liz truss, as she stands by the widely—criticised economic policy enforced by her chancellor. kwasi kwarteng says his tax—cutting budget is just what's needed, despite the hostile response, and the prime minister struggles to provide answers. prime minister, it sounds like you're saying crisis, what crisis. i'm not saying that at all. i think we are in a very serious situation. it's a global crisis which has been brought about by the aftermath of covid and putin's war in ukraine. share prices including the retailer next fall sharply as global experts expressed doubts about the uk government's approach. this expressed doubts about the uk government's approach.- government's approach. this is something _ government's approach. this is something that _ government's approach. this is
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something that you _ government's approach. this is something that you see - government's approach. this is something that you see in - government's approach. this is - something that you see in developing countries going through difficulties. you normally do not see this in a g7 economy. ihe’ll difficulties. you normally do not see this in a g7 economy. we'll have more on that — see this in a g7 economy. we'll have more on that and _ see this in a g7 economy. we'll have more on that and on _ see this in a g7 economy. we'll have more on that and on the _ see this in a g7 economy. we'll have more on that and on the withdrawall more on that and on the withdrawal of hundreds more products from the mortgage market. also on the programme... three weeks after the queen's passing, the cause of death is given officially as "old age". russia prepares to celebrate the annexation of territories in ukraine, after a series of referendums dismissed as farcical by the west. president biden has warned that hurricane ian could prove to be the deadliest in florida's history. the e e of the deadliest in florida's history. he: eye of the hurricane slammed deadliest in florida's history. tue: eye of the hurricane slammed into the florida peninsula not farfrom where i'm standing bringing devastation, a dangerous storm surge, and heavy rains in its wake. # as i walk through the valley of the shadow of death. # and tributes to the american rapper, record producer and actor coolio, who's died at the age of 59.
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coming up in the sport on the bbc news channel, the magic man, nine wickets for norwell as warwickshire stay up with a win over hampshire, a result which sends yorkshire down. good evening. no change — that's the essence of the prime minister's response to the widespread criticism of her government's economic policy. liz truss was speaking for the first time since the mini budget last week, which led to a collapse in the value of the pound, higher interest rates, and extreme volatility on the financial markets. she insisted that her tax—cutting plans are right for the british economy and that the volatility is part of a "global crisis" caused by the war in ukraine. and she pledged that she would support people and businesses affected by rising energy prices. our economics editor
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faisal islam has the latest. an engine factory in darlington. the chancellor, kwasi kwarteng, out and about for the first time since his mini budget stalled, britain's currency slumped and borrowing costs surged. what do you say to people whose mortgage interest rates are rising as a result of your economic policy? so, we're absolutely protecting people right across the country. if you look at our energy intervention, people were potentially facing bills of £6,500 next year, and because of the intervention we've limited the average household but they are being wiped out by the increasing cost of mortgage borrowing? i think that if you look at the government's plan, we have got the growth plan, we have got the energy intervention. the chancellor and the prime minister too in a tense set of regional interviews, more keen to talk about the energy rescue, than the surging mortgage costs seen since the mini budget. it sounds like you're saying, crisis, what crisis? i'm not saying that at all. i think we're in a very serious situation. - it's a global crisis -
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which is being brought about by the aftermath of covid and putin's war in ukraine. - on the point of interest rates, i completely understand that. people are concerned, but it's very importanti that we have an independent monetary policy run by the bank of england. - another day of see—sawing government borrowing costs. these are huge moves by the standards of this ordinarily calm market for lending over two years. and rates did go up again as the pm stuck to her guns, but then they settled. however, this is what it looks like over the past week, a significant and rapid rise that's now working its way into the borrowing costs of companies and for mortgages, too. we have a stand—off between the government in westminster and the markets in the city, and how that works out will determine when this interest—rate shock ends, or if it's prolonged and worsened.
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what we learned from the government today is that despite everything we've seen over the past week, that in their view, there is no challenge, there's definitely no crisis, there isn't a problem. and if there's no problem, there's no need to change course. but the tidal wave of rising borrowing rates coming from city trading floors is far from normal, says one of the world's most noted experts. i have seen it, but never in a g7 economy. never in a mature economy, with respected institutions. this is something that you see in developing countries going through difficulties. you normally do not see this in a g7 economy. the former governor of the bank of england mark carney made a rare intervention, saying the turmoil was down to the mini budget and a pattern of undermining economic experts. there was an undercutting of some of the institutions that underpin the overall approach, so, not having an obr forecast,
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and certainly a budget that is based on an acceleration of growth, or would appear to be based on that, certainly that's the aim, but if that's what's necessary for the numbers to add up, it is important to have it subject to independent and, dare i say, expert scrutiny. despite a recovery today, the weaker pound is increasing today, amid global falls today, amid globalfalls in stock markets, the value ofjewish consumer brands tumbled in particular, with next, ocado and pets at home down over 10% had traders expected a squeeze on consumers and the housing market. despite a recovery in stirling today the weaker pound is increasing
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prices further for everyone from clothes retailers to this kids' bike it's really painful. our cost prices effectively increased by nearly 5% in the space of a few hours last week, on top of having already gone up by over 20% since january and because we buy all our bikes in us dollars, we are at the whim of the exchange rates. so, the financial markets have stabilised, for now. but such an interest rate shock is still likely to put the brakes on, both for businesses and consumers. our economics editor faisal islam is here. can we pick up on the point made by mark carney in the peace there. the undercutting, as he put it, of the office for budget responsibility, is not about to change?— not about to change? well, there have been _ not about to change? well, there have been some _ not about to change? well, there have been some developments . not about to change? well, there - have been some developments tonight. we, last week, reported on the fact that the treasury and the chancellor had waiting on his desk when he became chancellor a draft forecast from the office of budget responsibility and that the obr had offered to update in time to be released with the mini budget. now, tonight the obr has confirmed that
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on the record in a letter to two snp mps, saying we sent a draft economic forecast of the new chancellor on the 6th of september, his first day in the office and it could have been updated and due to be published alongside the fiscal event planned which was the mini budget. we were not commissioned to produce an updated forecast. now, that's quite interesting, as you picked up, mark carney among others they had this forecast been available on friday that's the sort of thing that could have helped convince the markets and maybe we wouldn't have seen that turmoil. now of course the government's position is that the mini budget has nothing to do with the market turmoil so they say there is no connection anyway but they say the obr acknowledged that they couldn't have done a full fact forecast, so that their explanation. what's happened now is the obr is being taken into the heart of the process. tomorrow, there will be a meeting attended notjust by the chancellor but the prime minister too with the chairman of the obr,
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seeking to project to the markets that this is now central and that could have some consequences for how the mini budget goes forward. faisal islam, the mini budget goes forward. faisal islam. many — the mini budget goes forward. faisal islam, many thanks, _ the mini budget goes forward. faisal islam, many thanks, our economics editor. as the conservatives start to gather for their annual party conference, the prime minister was interviewed by a range of local radio and television journalists, who repeatedly asked liz truss to explain her approach to the economy, and to justify the tax cuts for high earners unveiled in the mini budget last week. our political correspondent alex forsyth listened to the exchanges. the prime minister, liz truss. time to face the microphones. this morning liz truss took to the airwaves in a series of interviews on bbc local radio. and it was no easy ride. the pound has dropped to a record low, the imf has said that you should re—evaluate your policies and the bank of england has had to spend £65 billion to prop up the markets because of what they describe as a material risk.
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where have you been? we had to take urgent action to get our economy growing, get britain moving and also deal with inflation. on radio stoke an awkward moment. we're going to spend more in mortgage fees under what you've done based on the predictions than we would have saved with energy. i don't think anybody is arguing that we shouldn't have acted on energy. the reaction? she was a bit hesitant, wasn't she? so not quite sure we believe what she's actually saying. i on radio kent... time is short, we've see in the bank of england having to intercede because of the measures that your government brought in on friday. this doesn't normally happen. we're working very, very closely with the bank of england. the bank of england... they're putting up your finance to be fair. the bank of england run an independent monetary policy.
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and the view from listeners? i'm a bit scared. if i'm honest, yeah. i'm a bit worried what's going to - happen to the economy and the pound. despite the fallout, the message from behind both the downing street doors is there is no plan to change course. it's a difficult time. we are facing a global economic crisis brought about by putin's war in ukraine. what was right was that britain took decisive action to help people get through what is going to be a difficult winter. the prime minister's view is that if she holds firm, things will calm and her plan will pay off, but her appearance today setting out that position certainly hasn't eased the nerves amongst some of her own mps. some are urging the government to produce more detail about the public finances earlier than planned to reassure the markets. time is critical now. if the government can do that in a measured, level—headed way, early as possible,
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certainly before the 23rd of november, then we've got a chance of settling things down, focusing on growth and trying to move on. but a big challenge nonetheless. with parliament currently on leave for party conferences, the lib dems, snp and labour want mps to be recalled to up pressure on the government to shift position. when i hear the prime minister doubling down, i have to ask myself, what's more important here? the prime minister and the chancellor saving face or saving the mortgage payments of millions of householders? downing street's insisting its plan will keep the economy turning but expect the questions about choices made here to keep coming. given tonight's developments let's talk to alex, who is live at westminster now. we heard earlier the prime minister is preparing to meet the office for budget responsibility tomorrow. are you
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detecting that they are still in the area of no change of direction? well, you heard from the prime minister herself, there is no intention of moving, but let me make it clear, there is real concern in the conservative party about that. more mps voicing it publicly denied, one saying this is a serious crisis with a lot at stake, the government must stabilise the markets. talk to tory mps and they think their options are limited. they recognise another leadership contest is unrealistic and they don't want a general election. look at the polls, yougov putting labour 33 points ahead, that's one poll with all the usual caveats but it shows the crisis point that the conservative party is reaching out, and there's a sense of that across the board. the chancellor has whatsapp tory mps trying to reassure them but as they go into their party conference this weekend they won't be the jubilant reception you might expectjust a few weeks into the job. bile}. reception you might expect 'ust a few weeks into the job.
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few weeks into the 'ob. alex forsyth with the latest — few weeks into the job. alex forsyth with the latest thoughts _ few weeks into the job. alex forsyth with the latest thoughts at _ with the latest thoughts at westminster. if you want to listen to the full set of bbc local radio interviews with the prime minister which happened this morning they've been put together in one episode of newscast which you can find on bbc sounds. hundreds more mortgage products have been withdrawn by lenders today, that's in addition to the hundreds withdrawn since last friday. let's pick up with our business editor, simonjack, to tell us more about what this is signifying. weill. about what this is signifying. well, it is true that _ about what this is signifying. well, it is true that global— about what this is signifying. well, it is true that global interest - it is true that global interest rates have been going up as people tackle inflation but something last friday was very uk specific, that sweeping measure of tax cuts unfunded with no ob are forecast to go with it really spooked the markets and radically altered people because my expectations of how high interest rates would go and that really hits home, literally, when it comes to mortgage costs. lenders rushed to remove some of their
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products and in fact 1621 products, that's nearly half the entire market, have been withdrawn since friday. now, this won't affect you if you are on a fixed rate deal, your rate will stay the same, but 1.8 million people will see their fixed deals expiring in 20 23, a couple of hundred thousand through the end of this year, and when they go to refinance or you are a new borough they will look at a higher rate, a two year fix on a borough they will look at a higher rate, a two yearfix on a £200,000 more mortgage nearly 4.8%, last year that was 2%, that's nearly £6,000 in additional borrowing in one year and building society and bank bosses told me that £3000 of that is directly attributable to what happened last friday. what does that mean for the housing market? subdued activity, they've got to have some downward pressure on prices. a little bit early to tell but barratt homes builds homes for new bow is, down 12% at one stage today —— builds homes for new buyers. simon
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jack, our business editor. three weeks after her majesty the queen died, her death certificate has been published, with the cause of death given as "old age". it records that the queen died at 3.10 in the afternoon of the eighth of september at balmoral castle. that's over three hours before the death was announced. the princess royal is registered as the person providing the information about the queen's death. our royal correspondent nicholas witchell reports. an extract from an entry in the register of deaths, the equivalent in scotland of a death certificate. it refers to elizabeth alexandra mary windsor. her occupation is given as her majesty the queen. the document discloses that the queen died at 1510 hrs, 3:10pm on the afternoon of the 8th of september. for cause of death it simply says, "old age". the disclosure of the time of death
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confirms that the group of family members who flew to scotland that afternoon arrived too late. the aircraft, carrying prince william, the earl and countess of wessex and prince andrew, arrived at aberdeen airport at 3:50pm, a0 minutes after the queen had died. the party travelled onto balmoral by road, arriving there just after 5pm. the duke of sussex, who'd travelled separately, arrived later still. two days before her death the queen had been photographed inside balmoral castle looking frail but alert as she waited for the arrival of the new prime minister. she was photographed again as she invited liz truss to form a new government. the next day we were told that she was too tired to host a virtual meeting of the privy council. the day after that, she passed away peacefully. at windsor the castle reopened this morning to allow visitors to enter st george's chapel.
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it was here on the 19th of september that the committal service took place and where, later that evening, the coffin was placed in the small king george vi memorial chapel. there it rests, alongside those of her late husband, herfather, king george vi, and her mother. nicholas witchell, bbc news. president putin will hold a signing ceremony tomorrow, to annex the territories russia controls in ukraine. a stage has been set up in moscow's red square, with billboards proclaiming the areas as part of russia. it follows hastily arranged so—called referendums that were held in luhansk and donetsk in the east, and in zaporizhzhia and kherson in the south, which have been dismissed as a farce by ukraine and its allies. the un secretary—general has warned the annexations would mark a �*dangerous escalation�*, as our russia editor
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steve rosenberg reports. there are some graphic details in this report. for months, war felt so far from russia's capital. it's feeling much closer now. moscow mobilised. the special operation advertised on bus stops and billboards. russia calls them heroes but it needs more. so more men are ordered to the call—up centres and sent to ukraine. conditions are basic. these draftees have no beds. these do, sort of. and he says his group is being sent straight to ukraine without any military training. and the president? he is escalating this conflict. tomorrow vladimir putin is expected to start the annexation of 15% of ukrainian territory.
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there is little excitement about that on the streets of moscow. i feel negative about it because it's the territory of ukraine. i think it is historically russian territory. i think it's a total disaster, not only for ukraine - but for the russians. what's more, the kremlin call up has sparked widespread fear. in all the years i've been covering russia, in all the places i have been, there is one phrase more than any other i have heard from people here — we must avoid war. this country knows very well the cost of war. millions of people were killed here fighting nazi germany and yet today, the russian leadership is calling up and sending its citizens to the front line and annexing large parts of its neighbour. and look what can happen to those who oppose war. like artem, who read
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out an anti—war poem. police raided his flat and the nightmare began. his fiancee, sasha, was there when the police burst in. translation: they dragged me across the floor by my hair. - they started super—gluing stickers to my face. they threatened to glue my mouth up. then i heard the beating from the room where artem was. they forced him to undress. i heard how they were talking about raping him. they filmed everything they did to artem. they grabbed me by the hair and showed me a photo of him naked and beaten up, covered in blood. russia's invasion is having devastating consequences for ukraine and for russia too. steve rosenberg, bbc news, moscow.
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an investigation by bbc news arabic has revealed the potentially deadly impact of toxic air pollution on children from oilfields in iraq. scientific tests carried out for the bbc indicate high levels of harmful and carcinogenic chemicals in communities close to where excess gas is burned off during oil production. iraq has many large oilfields where western companies such as bp and shell operate. these are four major oil fields near basra in southern iraq. for health reasons, iraqi law prevents flaring within ten km of people's homes. but if we zoom into the oil field of rumaila, where bp is the main contractor, there are homes within 3km of the burning gas. bbc arabic�*s hanan
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razek has the story. in southern iraq, the air is being poisoned. these flames come from gas that is burnt off as oil is extracted, producing dangerous chemicals. it is illegal for this flaring to happen so close to people's homes. translation: my name is ali. i have leukaemia. i live in rumaila, next to the british oil company bp. look at all the smoke and gases. they are all coming to our neighbourhood. like ali, 13—year—old fatima also has leukaemia. she lives less than three kilometres
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away from an oilfield run by a different company. translation: i'm notj able to walk any more. i can't use my legs. i have to have one more of these and then they'll give me blood. her doctor says that her chemo isn't enough and she needs a bone marrow transplant. no data has been published about air pollution from gas flares, but a leaked government report blames air pollution for a 20% rise in cancer between 2015 and 2018 in basra. after multiple requests to film in rumaila were denied, our team decided to go in without a permit. we also asked an environmental scientist to run tests so that communities in oil fields across southern iraq would know what pollution levels they were being exposed to.
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our two week study indicated high levels of the harmful chemical benzene in the air, above the national legal limit in some places. urine samples showed high levels of cancer—linked chemicals in 70% of the children tested. iraq's minister of oil told the bbc that flaring was not the main cause of cancer in the region. bp said in a statement that it was extremely concerned by the issues raised by the bbc and would work with our partners on any necessary interventions. fatima died during our investigation. translation: she was wearing this when she died. _ whenever we asked her— what she wanted, she said she just wanted to get better. as oil companies make record profits in iraq,
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families like fatima's remain exposed to poisonous air. hanan razek, bbc news. you can watch the full documentary, available for you on iplayer right now. a man has been arrested on suspicion of the murder of nine—year—old olivia pratt—korbel as she died when she was shot in the chest as a gunman ran into her home. her mother was also injured. the man arrested is being questioned by detectives and police continue to appeal to people for more information. president biden says hurricane ian could prove to be the deadliest in florida's history after the us state was lashed with winds of up to 150 miles, producing a storm surge of up to six feet and widespread flooding. our north america correspondentjohn
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sudworth reports from fort myers. florida had been told to brace for a life—threatening event and the city of fort myers was the first to feel the hurricane's power. boats were piled on top of each other, parts of the harbour pushed up onto the shore. at their peak, wind speeds reached over 150 mph. residents who had ignored warnings to evacuate were told to shelter in place. with the biggest risk coming from the storm surge, well over six feet in places, that left homes and businesses quickly flooded. you're looking at a storm that has changed the character of a significant part of our state. i mean, this is going to require years of effort. some chose to ignore the evacuation warnings, despite the authorities making it clear that the hurricane would put emergency help beyond reach.
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this is a storm surge that we talked about but were not sure about. with conditions too difficult or dangerous for rescue workers. ian fits the pattern of increasingly powerful hurricanes in recent years as a result of warming sea temperatures. scientists monitoring them say man—made climate change is having an effect. never seen that much turbulence before. today's flight was certainly the roughest that i have been on in my six years of doing this. the worst of the onslaught may now be over but for the state of florida, the task of assessing the cost has onlyjust begun. the property damage may be one thing but there is confusion about the human cost. the sheriff earlier suggested the death toll could run
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into hundreds. comments that he later seem to row back from a little. the federal government is still suggesting people might want to brace for more great news. all we can say from here is there are no credible reports of a rapidly rising death toll. john, many thanks for the update. jon sudworth in florida. many tributes have been paid to the american rapper, record producer and actor coolio, who's died in los angeles at the age of 59. he was best known for his award—winning song gangsta's paradise, which topped the charts around the world. mark savage reports. despite the title, gangsta's paradise was not a glorification of the gangster lifestyle. instead, it was a sober look at the way america let down young black men like coolio.
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who had become trapped in a cycle of violence as a teenager. the song appeared on the soundtrack to the michelle pfeiffer film dangerous minds and made coolio a star, earning him a grammy for the best rap song. lets me know i have been doing some good, we did something right. news of his death at the age of 59 has shocked fans and fellow musicians. this coolio died on wednesday night at a friend's apartment. no cause of death has been given but his manager said paramedics believed it may have been cardiac arrest. the american rapper coolio, who has died at the age of 59. time for a look at the weather. here's tomasz schafernaker.

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