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tv   BBC News  BBC News  October 14, 2022 11:00pm-11:30pm BST

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this is bbc news with the latest headlines for viewers in the uk and around the world. saying goodbye after 38 days — kwasi kwarteng becomes written�*s second shortest serving chancellor after being sacked by the prime minister. liz truss announces another major u—turn on her economic plans. a rising corporation tax will now go ahead. it is plans. a rising corporation tax will now go ahead-— now go ahead. it is clear that parts of our mini-budget _ now go ahead. it is clear that parts of our mini-budget went _ now go ahead. it is clear that parts of our mini-budget went further i now go ahead. it is clear that parts. of our mini-budget went further and of our mini—budget went further and faster than markets were expected. so the way we are delivering our mission right now has to change. we need to act now to reassure the markets
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of our fiscal discipline. former health secretary and leadership candidate, jeremy hunt, is now tasked with bringing the financial turmoil under control. also in the programme... cyrell and's supreme leader warns no one can overturn the islamic republic —— iran's leader. and the actor, robbie coltrane, who played hagrid in the harry potter films, has died aged 72. and welcome to bbc news. less than 2a hours after kwasi kwarteng insisted he was 100% safe in his job as uk chancellor — he has gone — sacked by liz truss after he flew back early from washington.
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in a day of political drama, the prime minister also reversed another of her key tax policies in an attempt to calm the financial markets. our political editor, chris mason, reports. turning up for another u—turn, the prime minister invited reporters to downing street this afternoon and scrapped one of her key policies that she's championed for months. it is clear that parts of our mini budget went further and faster than markets were expecting, so the way we are delivering our mission right now has to change. i have therefore decided to keep the increase in corporation tax that was planned by the previous government. this will raise £18 billion per year. so, a tax policy ditched, and her chancellor too. and her chancellor, too. i met the former chancellor earlier today. i was incredibly sorry to lose him.
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he is a great friend. and he shares my vision to set this country on the path to growth. and he shares my vision to set this country on the path to growth. today, i have asked jeremy hunt to become the new chancellor. and one more thing — government spending will be cut compared to what was expected. our public sector will become more efficient, to deliver world class efficient, to deliver world—class services for the british people, and spending will grow less rapidly than previously planned. it never rains, but it pours. this was the now former chancellor kwasi kwarteng making an early dash home from a meeting of finance ministers in washington last night. a long—haul flight, followed by the sack is how his friday went. should the prime minister go next, mr kwarteng? hello, good morning. the formalities look like this.
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in his letter to the prime minister, he wrote... in reply, liz truss wrote... in reply, liz truss wrote that they share the same vision and... jeremy hunt is a former health secretary and foreign secretary, and has tried to become leader himself twice. now, he is the fourth chancellor of the exchequer since july. politics has been on fast forward this autumn. it's five—and—a—half weeks since liz truss became prime minister. mr speaker, we are at - the beginning of a new era and as we contemplate... it's three weeks since the now former chancellor set out his planned tax cuts. and less than a fortnight since he ditched the cut for the best paid. i felt, and the prime minister felt, . that this was just a distraction . on what is a very strong package. and then, just yesterday,
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there was this. and you will be chancellor and liz truss will be prime minister this time next month? absolutely 100%. i'm not going anywhere. perhaps it's little wonder the conservatives' political rivals are sounding like this. another change in who is running the treasury, another tory chancellor isn't the answer to the challenges that we face as a country. the tories are out of ideas, they're out of time, it's time for a labour government. this is beyond a joke, it was never funny, but liz truss has already, through her own decisions, crashed the economy and heaped misery on people who were already struggling with the cost of living crisis. and even this former conservative chancellor reckons the government is incompetent. i do not think they can resolve the political damage _ that has been caused. the tory party has to be the party of competence in government. i i'm afraid we have thrown away years and years of painstaking work. -
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so many questions for the prime minister, but she only asked four of us to ask one. chris mason. excuse the bluntness, prime minister, but given everything that has happened, what credibility do you have to continue governing? what i have done today is made sure that we have economic stability in this country. jeremy hunt as chancellor is somebody who shares my desire for a high—growth, low—tax economy. the questions from others were in a similar vein, and brutal. he has to go because of the fall out from it, how come you get to stay? he has to go because of the fall—out from it, how come you get to stay? clearly, a difficult - day — can you explain to the public why you think _ you should remain as prime minister. will you apologise to your party? her answers were similar to the one i got, and then, that was it. thank you very much, everybody.
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and since that news conference this afternoon, let me share with you some of the reaction, in private come from conservative mps. "it was awful," says one. "i voted for liz. sadly, i think it hastens her demise," says another. "i can't see how she survives," and, "she has trashed our reputation." at the heart of the grumbles, a sense of hypocrisy and inconsistency. hypocrisy because she has got rid of her chancellor, but she's staying on. inconsistency because she's got rid of some of her ideas and she s still staying on. and she's still staying on. the prime minister may have a new chancellor this evening but she, he, confront many of the same problems, and herjob is still farfrom secure. chris mason, bbc news, at westminster. so, the prime minister says she still wants
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to achieve a "low—tax, high—wage, high—growth economy", but she has accepted that her mini budget went faster and further than many had expected. that prompted turmoil on the financial markets. willa new chancellor and another major u—turn help calm the situation? our business editor, simonjack, has been analysing the numbers. the sequence of events that led to the chancellor's sacking and another major u—turn on tax policy started on september 23rd, when kwasi kwarteng delivered his not—so—mini budget that contained huge tax cuts, with no detail on how they would be paid for, and no analysis from the budget watchdog on whether the numbers could add up. in total, it announced £45 billion in cuts — then came the u—turns. abolishing the 45p tax rate for high earners — scrapped — saving £2. scrapped — saving £2 billion. proceeding with a big rise in corporation tax they had planned to scrap —
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saving £18 billion. that still leaves 25 billion of that 45 billion unfunded. it is how the financial markets have responded. this shows how much it cost the government to borrow money long—term. this is september the 23rd, and you can see borrowing costs begin to soar. the bank of england has to get involved to intervene took calm the markets. that worked at first, and in interest rates began borrowing to go up again. and today, you can see here about this is the reaction on corporation tax, and tonight, borrowing costs are higher than they were last night. business had been promised, a whole new approach there. now they're going to rise from i9% to 25% as the last chancellor plan. how do they feel about that? the director general of
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the employer's group said businesses would not invest during this kind of turmoil. i've been talking to businesses up and down the country in the last few days and today, and they're pretty clear that the first step before they even begin to start investing again is that we have stability in the markets. now, once that's there, we will, as a country, have to get back to a discussion about what are the tax policies, what are the regulation policies, what are the immigration policies that will get the country moving again? and remember, government borrowing costs affect all borrowing costs, including mortgages. this time last year, a typical £200,000 mortgage would have cost around 2%. today, that's closer to 6%, meaning an extra £500 today, that is closer to 6%, meaning an extra £600 a month in mortgage costs. 1.7 million people see their fixed deals end in the next 12 months, and it's ended some people's dreams of buying their first home. and it'sjeopardising some people's
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dreams of buying their first home. the prime minister and the former chancellor spent weeks defending their plans to cut taxes — plans on which liz truss campaigned during her bid this summer to become conservative leader. 0ur economics editor, faisal islam, has been looking at how their economic plans unravelled, and what is likely to come next. fundamentally, growth helps people fulfil their hopes and dreams and fulfil their hopes and dreams, and that's why our dynamic new chancellor and i will be taking action... the past three weeks was never known as kwasi—nomics. the now fired chancellor was enacting an economic experiment known as trussonomics. the chancellor and i are in complete lockstep on this. trying to balance budgets was for treasury bean counters obsessed with abacus economics. growth was the answer. that experiment is now done. there are limits as to how far
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you can push tax cuts unless you're going to be clear where you are going to cut spending. equally, you can'tjust increase spending without increasing taxes. there are constraints and we have learned the hard way that those constraints can really bite. it's undoubtedly helped liz truss, though, become prime minister. distinguishing herfrom the clearly prescient warnings of her leadership competitor, rishi sunak in debates. rishi is talking about putting up corporation tax this autumn. he is talking about raising taxes at a time when there is a global economic crisis to the same level as france's corporation tax. your own economic adviser has said that your plans would mean that interest rates would have to go up to around 7% so, just think what that means for all of your mortgages. those unfunded promises came to life in the form of the chancellor's mini budget. as the bbc revealed beforehand, the chancellor refused an offer of an 0br independent forecast.
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the problem is, the budget we had on friday last week, _ the only thing it will do - is probably add to inflation. the markets sold the pound and uk government debt by record amounts. the bank of england had to step in. to see a g7 country go through the following currency meltdown yield melt up, reprimand from the imf, rating agencies, change within policies within a few days, change in the minister of finance within a few weeks, that is just unthinkable. that sort of stuff doesn't normally happen in the g7. and so, does that mean there will be scars from what we have seen? even if they win back some support from the markets? there are already scars. if you have to refinance your mortgage, if you are trying to buy a new house, you have been hit. it was clear that the u—turns were inevitable pretty quickly when independent forecasters were brought back into make the numbers add up. exactly three weeks ago, it tookjust hours after the mini budget for britain to lose
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the confidence of markets. the entire point of the u—turns of the fact thatjeremy hunt is now chancellor of the exchequer and not the man that was in there just 24 hours ago, is to try to win back that credibility. but that will take longer than days. at best, it will take months. if we're unlucky, it could take years. and so, the scars of the trussonomics experiment will continue to be felt in our borrowing costs for mortgages and business lending for some time to come. it's all a long way from the day off that mini budget, a promise by both then chancellor kwarteng and pm truss of growth and investment. their dream of an economy unchained has, for now, left a britain restrained. it's been a dizzying 24 hours of crisis trauma and no little farce to. quite literally going through a fight of a chancellor to sing his
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flight from that former chancellor. reflection which is that argument you heard so much from kwasi kwarteng and from liz truss, that the turmoil was all down to global factors. well, there was some truth to that. the problem is that those global factors may well be getting worse if you listen to people here at the imf in washington, dc, and the challenge for the new chancellor is he doesn'tjust have to clean up the mess he's inherited and find tens of billions of pounds of further spending cuts or tax rises. he has to do that against the backdrop of the global situation potentially getting worse. and that was faisal islam there. stay with us on bbc news, still to come: the dutch princess forced to leave her student home over fears for her safety. parts of san francisco least affected by the earthquake are returning to life, but in the
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marina area where most of the damage was done, they're more conscious than ever of how much has been destroyed. in the 19 years since he was last here, he's gone from being a little—known revolutionary to an experienced and successful diplomatic operator. it was a 20—lb bomb that exploded on the fifth floor of the grand hotel, ripping a hole in the front of the building. this government will not weaken. | democracy will prevail. it fills me with humility and gratitude to know that i have been chosen as the recipient of this foremost honour. this catholic nation held its breath for the men they called the 33. and then... bells toll. ..bells tolled nationwide to announce the first rescue, and chile let out an almighty roar.
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this is bbc news. the latest headlines... iran's supreme leader, ayatollah ali khamenei, has said that no one should dare think they can overturn the islamic republic — as anti—government protests enter a fifth week. crowds have again filled the streets of zahedan, the city where dozens of people were reportedly killed by the security forces weeks ago. it's been barely a month since the death of a 22—year—old kurdish woman in police custody sparked off the demonstrations. 0ur chief international correspondent, lyse doucet, has been looking at their significance. a defiance that's dangerous. brandishing headscarves, burning them can get you arrested. hundreds have been detained. this may seem so ordinary, but even walking without compulsory hijab can have consequences.
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dounir, in a white shirt eating breakfast, went to prison after she posted this photo. across iran over the past month, there have been unprecedented scenes like this. and this, too. schoolgirls ripping photos of iran's leaders. this defiance spread across society, across generations, on wider issues. and security forces have shot back, with tear gas, metal pellets, live fire. 0ne protester who, like most, hides her identity, told us it's no longerjust about hijab. they don't want islamic republic with all of the violence it's giving. things that they have done politically to us, economically to us, and what they are showing as the face of iranians to the world and this is what we do not want.
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power resides here in the islamic republic. the supreme leader, 83—year—old ayatollah khomeini, has said little, but he is blaming the west. translation: these recent matters l are not home-grown and spontaneous. it is possible that the enemy used some pretext to pursue their agenda it's possible that the enemy used some pretext to pursue their agenda using provocative propaganda. those who back the government deny the islamic republic is at risk or even rattled. there are very few protests, the country is quiet. - we see them every day. that's factually incorrect. the united states and its allies try to undermine iran - in every possible way. iran is more open than any of the, j any of the countries in this region. what we see is that these protests aren't dying what we see says that these protests aren't dying
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down, and the government isn't backing down. mahsa amini! in london, a vigil to mark a month of defiance. a month of defiance, to remember 22—year—old mahsa amini. her death sparked this movement. say her name, say her name! protests like this have been happening in cities across the world over the past month. what's happening now in iran and what happens next matters in many places, but the course of events inside iran will be decided there. a young generation rises against an old clerical order. it's hard to say how and when this will end. for now, it's moving in ways iran hasn't seen before. lyse doucet, bbc news, london. the king and queen of the netherlands have revealed their 18—year—old daughter can no longer move around freely outside, due to the possibility of an attack or kidnapping. princess amalia has moved out of her student accommodation
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in amsterdam and has returned home to the hague. her parents gave details in an unusually emotional encounter with the press, during a state visit to sweden. anna holligan reports from the hague. just like any other fresher — princess amalia on her first day of university in amsterdam. the 18—year—old heir to the dutch throne had hoped to enjoy a relatively normal student life. but her parents revealed the security threat has had a drastic impact. translation: that means that she doesn't live - in amsterdam and that she can't really go outside. those consequences are very difficult for her. so, it's not a student life for her like other students have. i'm really proud of her, how she keeps up with all of this, i must say. and the reporter asks the king, what does it do to you as a father? translation: i cannot describe that. it's really very difficult. and what does it do i to her mother's heart? translation: as you can see, it - makes me a bit emotional, of course.
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it's not nice to see your child not happy. when asked whether amalia could continue studying, queen maxima managed tojoke the limitations may even have a positive impact on her academic results. translation: she can go to college, but that's it for the moment, - so maybe she can get really good grades now. princess amalia and the dutch prime minister, mark rutte, are understood to have appeared in organised crime communications discovered last month, which indicated they may become a target of an attack or kidnapping. the king and queen say the crown princess amalia can no longer go outside. how is this possible? translation: that is, | of course, terrible news. also very intense, those messages that have come out about it — primarily for herself, of course. i should add that i can't say anything about threats or security measures.
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i can assure you that everyone involved in this is doing their utmost to ensure that she is safe. in a nation where even the most high—profile royals and politicians can usually move around freely, these measures suggest that cherished freedom is under threat. anna holligan, bbc news, in the hague. the actor robbie coltrane has died at the age of 72. he will probably be best remembered for his role as hagrid in the harry potter films, as well as a couple of appearances in the james bond franchise. 0ur correspondent david sillito looks back at his life and career. 0h, hello. sorry, don't wish to be rude, but i'm in no fit state to entertain today. ain't no one going to get past fluffy... hagrid in harry potter. big, gruff, fond of a drink, a bit fierce, but blessed with a good heart. jk rowling said only one man could play him — robbie coltrane. well, i knew that she wanted me to play hagrid the film, and then i heard that she actually imagined me as hagrid.
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but, you know, women imagine me all the time, you know! sorry, guvnor. apples and pears, tit—for—tat, i love london town... in her tribute, in hertribute,jk in her tribute, jk rowling said... it was comedy in the �*80s at the heart of what was then called alternative comedy. i went into the video shop yesterday, you know. come back here, dammit! don't get the stripey stuff, it stings my gums. and his best work, cracker. i think i owe you an explanation. think again.
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an apology. you owe me nothing. my life's a bit of a mess... i had a wonderful time, fitz. he played the criminal psychologist fitz, another troubled heavy drinker with a heart of gold. he won the bafta for best actor three times. some questions are so obvious that nobody ever bothers to ask them. there were more than a few echoes here of his own carefully guarded private life. this is our only chance to go straight! the killer's not on the dole, you're not up and about at 7:30 if you're unemployed, right? i terminated my uninterrupted categorisation... there was a certain edge to robbie coltrane. fierce, clever, funny, vulnerable. it's what made him so compelling to watch. the actor robbie coltrane, who has died at the age of 72. you are watching bbc news. there is plenty more coming up shortly. you
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can get hold of me on twitter in the meantime. hello. most of the weekend showers comes odd saturday. by sunday, it's a different story. it's looking drier. we are in between weather systems by then. low pressure very much in patrol by then. bands of showers swinging around that. there is the gap we find ourselves in. this next system coming in towards the south and west later in the day. after a cold night in scotland, we'll start saturday with some rain in the west, having gone through northern ireland overnight. all of these heavy dome
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for suite eastwards during the day. a few hours a fine weather. 0nce for suite eastwards during the day. a few hours a fine weather. once you clear through the heavy and fun to further scattered showers arrive. getting windier, gale through the irish sea. maybe some snow for the highest ground out of these. as we go on into saturday night, you can see all the showers becoming mainly confined to northern areas. it does mean on a milder night and going into sunday morning in scotland, does mean a touch colder the further south you are where you became mainly dry with clear spells. 0n mainly dry with clear spells. on sunday, still blustery in scotland, but here's the gap. fine weather to come. here's the next weather system moving in. some uncertainty about timing, but will northern england, it would be turning wetter. it
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sweeps its wet sweater from the north and east. further heavy downpours to come in scotland, showers to northern ireland and perhaps north wales. staying would be us on monday, whereas for much of england and wales, it is looking like another spell of fine weather after some overnight rain. after that, i largely find tuesday then another weather system coming in towards the southwest. later in the week, with a lot of uncertainty, any weather weather northwards.
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this is bbc news, the headlines: hello and welcome to our look ahead to what the the papers will be bringing us tomorrow. with me are the political commentatorjo philips and kevin schofield, politics editor of huff post uk. tomorrow's front pages. the telegraph headlines with �*truss clings to power after axing kwarteng' with the paper suggesting some mps are plotting to oust the prime minister within days.
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the ft says today's dramatic sacking was an attempt to save her premiership.

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