the house of choosing not to go to the house of commons to answer questions from sir keir starmer, we are only 48—hour is away from prime minister's questions. every time she comes out, it'll be the same story facing the arguments you have been outlining. they are turning her own lines on herself. . ., herself. the argument the labour pa is herself. the argument the labour party is making — herself. the argument the labour party is making this _ herself. the argument the labour party is making this afternoon - herself. the argument the labour party is making this afternoon is i party is making this afternoon is the prime minister is scared to turn up, using that word frit, to say why is she not turning up to sell that vision? is she not turning up to sell that vision? m is she not turning up to sell that vision? ., , , ., ., vision? i need to interrupt you for a moment _ well, welcome to viewers on bbc two for our special coverage of events in westminster, where the new chancellorjeremy hunt will be addressing mps in the house of commons about his decision, announced this morning, to scrap almost all of the key measures

announced by his predecessor, kwasi kwarteng, in last month's mini—budgetjust three weeks ago. in an emergency statement this morning, he abandoned indefinitely the planned ip cut in the basic income tax that was due to come next year. help with energy bills will now only last until next april. instead of for two years, and then that will be reviewed. today, jeremy hunt claimed all of those announcements will save £32 billion a year, but he also warned that there are going to be more difficult decisions ahead on tax and spending to cut government debt. he will be addressing mps in the commons later this afternoon, some time after lipm. before then, there will be an urgent question in there will be an urgent question in the commons asked by sir keir starmer. it will not be liz truss responding to that, it will instead be penny mordaunt. so plenty ahead in the commons. in terms of the market reaction, jeremy hunt said that he had sought to reassure the

markets this morning and they certainly have reacted positively so far. laboursay certainly have reacted positively so far. labour say the government is in a state of panic. as i mentioned, we're going to bejoining the commons for that urgent question from the labour leader sir keir starmer shortly. with me as our chief correspondent nick eardley. liz truss has chosen not to arrive for that question from sir keir starmer, does that mean she also won't turn up to sit alongside her chancellor when he announces what's happening with the mini—budget and what does it all mean? she happening with the mini-budget and what does it all mean?— what does it all mean? she will be in the commons _ what does it all mean? she will be in the commons by _ what does it all mean? she will be in the commons by his _ what does it all mean? she will be in the commons by his side - what does it all mean? she will be in the commons by his side later. | in the commons by his side later. she is basically leaving it to the chancellor today to make the argument to the public of the need for these changes to the government strategy. i say changes, a complete wholesale change in the government's approach is a better way of putting it. the chancellor has been talking

to tory mps in the past couple of hours and making the argument to them that there is a need for stability. the prime minister, he said, should be commended for changing tack in the face of the deteriorating global economic situation. but there is a question of, should liz truss be out here today telling us why she has changed her group, one that would probably normally associate itself with mr hunt, a centralist part of the party forced up somewhere horrified by the tax cut plans by the previous chancellor, kwasi kwarteng. it will be interesting to see how it goes down on those behind closed door meetings. but there is a question of why the prime minister doesn't want to come out today and own this. this is a massive day in the history of this government. it is a moment that many think this government will never recover from many think this government will never recoverfrom and many think this government will never recover from and liz truss's credibility will not recover from.

she has made the choice to not come out and speak publicly today, she is leaving it to her chancellor. as things stand, we may not hear from liz truss until prime minister's questions on wednesday. figs liz truss until prime minister's questions on wednesday. as you say, it's not “ust questions on wednesday. as you say, it's notjust a — questions on wednesday. as you say, it's notjust a small— questions on wednesday. as you say, it's notjust a small change, _ questions on wednesday. as you say, it's notjust a small change, not - questions on wednesday. as you say, it's notjust a small change, not a - it's notjust a small change, not a single small u—turn, u—turns are never easy for governments but this is a wholesale about tony watt the agenda was and it means that for the opposition, there are endless lines that they can use against the government on that. it is that they can use against the government on that. it is the complete _ government on that. it is the complete death _ government on that. it is the complete death of— government on that. it is the complete death of liz - government on that. it is the complete death of liz truss'l government on that. it is the - complete death of liz truss' vision for government. she came in, she spent the whole summer fighting for a lower tax, lower regulation, higher growth economy. the first thing she did when she became prime minister say, we have two years of a plan to cover energy prices. all of that has now gone. the question tory mps raised privately is what is the point of

liz truss as prime minister any more? the argument that i think her allies would make is stability. she wants to stay in power to deliver economic stability. but as a counterargument, made by opposition parties and some tories that she created a lot of the instability in the first place, but she is not out making that argument today. it will be the chancellor who is left to make that argument for her. and some of her own mps are worried that makes her look weak and it makes her look like she is not prepared to come out and own the situation that we are seeing today, this colossal junking of the government's programme. i can't think of any precedent where such... in such a short period of time, a political and economic direction has been so completely stopped and the government is now heading in the exact opposite direction. thank you, nick. it is very hard to imagine or to remember, think of a

precedent for this. also, important to remember that this is a prime minister who is only a0 days into her premiership and it is only three weeks since that so—called mini—budget was delivered. so the speed with which there has been this enormous change is almost exhausting to witness. we can bring in the conservative peer lord hayward. welcome. good afternoon. haw conservative peer lord hayward. welcome. good afternoon. how do you resond to welcome. good afternoon. how do you re5pond to what's _ welcome. good afternoon. how do you respond to what's happening? - welcome. good afternoon. how do you respond to what's happening? my - respond to what's happening? ij�*i immediate respond to what's happening? m immediate reaction is respond to what's happening? m: immediate reaction is whatever respond to what's happening? m1 immediate reaction is whatever one speculates might happen at this point might be changed in two hours' time. i have not seen events like it since the imf crisis and denis healey and events are moving so rapidly. but, as we have noticed this morning, jeremy hunt has stabilised the markets and therefore both he and the prime minister probably have a bit longer than i had expected running through to the

statement in a fortnight�*s time. but mps are casting around, as nick was saying, in every direction you can imagine to try and decide what next. give us a sense of some of the conversations you have been having. it is fair to say that all sorts of mps are saying it would be wrong to do that, it would be wrong to do this, it would be wrong to do the other. they are all criticising the mp5 they don't want as leader, but i mps they don't want as leader, but i think, on balance, there is a developing consensus amongst the more calm members that no action in terms of the prime minister should be taken for the next two weeks. let's see how the financial actions are taken by the markets, because thatis are taken by the markets, because that is the key, and then we move on to the question as to who and when or if we might change prime ministers. 50 or if we might change prime ministers-— or if we might change prime ministers. i, , i, ministers. so you said at the start, even by the _ ministers. so you said at the start, even by the hour— ministers. so you said at the start, even by the hour things _ ministers. so you said at the start, even by the hour things are - even by the hour things are changing, but you feel relatively

certain that nothing will change in terms of liz truss' position for two weeks, do you? i terms of liz truss' position for two weeks. do you?— terms of liz truss' position for two weeks, do you? i am not certain. the reason i say — weeks, do you? i am not certain. the reason i say that _ weeks, do you? i am not certain. the reason i say that is _ weeks, do you? i am not certain. the reason i say that is because... - weeks, do you? i am not certain. the reason i say that is because... it - reason i say that is because... it might be ramping by one of the major opinion pollsters that they publish every monday at 5pm and they are saying that the poll they have coming out at 5pm this afternoon will be appalling for the tories. now that playing into the fiba royal state of affairs will unsettle mps yet again. —— the febrile state of affairs. but the coming of the markets would at this moment suggest relatives... lots of febrile discussion but no decisions no process. discussion but no decisions no rocess. i, discussion but no decisions no rocess. ., , discussion but no decisions no rocess. i, , i, i, i, process. how painful is it to have a leader of your _ process. how painful is it to have a leader of your party, _ process. how painful is it to have a leader of your party, the _ process. how painful is it to have a leader of your party, the prime - leader of your party, the prime minister, who it's notjust one

u—turn we are talking about, it is notjust u—turn we are talking about, it is not just one u—turn we are talking about, it is notjust one decision that was wrong, that was changed. entire programme of what she wanted her government to be and it means that not only has she got to stomach that, she has also handed all of the lines she was saying what was so wrong about what her political opponents were doing to them to be used against her.— used against her. absolutely, and i think it is uncomfortable _ used against her. absolutely, and i think it is uncomfortable for- used against her. absolutely, and i think it is uncomfortable for any . think it is uncomfortable for any member of the tory party under these circumstances. i tried to stand back and analyse what different parts of the party are saying, but it's uncomfortable. but we have to remember, it's not only uncomfortable for members of the tory party forced up there are those who have mortgages, there are those who have mortgages, there are those who have mortgages, there are those who have pensions. you have to say at some point or another, actually, the decisions i took were incorrect, wrong. 50 the decisions i took were incorrect, wron. _ , , the decisions i took were incorrect, wronu. , , i, i, the decisions i took were incorrect, wronu. , i, i, i, wrong. so briefly, we are almost out of time but — wrong. so briefly, we are almost out of time but are _ wrong. so briefly, we are almost out of time but are you _ wrong. so briefly, we are almost out of time but are you saying _ wrong. so briefly, we are almost out of time but are you saying she - wrong. so briefly, we are almost out of time but are you saying she owes| of time but are you saying she owes the people an apology for what has happened? she the people an apology for what has ha ened? , �* the people an apology for what has hauened? , �* , i, happened? she will i'm sure at some stare or happened? she will i'm sure at some stage or another _ happened? she will i'm sure at some stage or another make _ happened? she will i'm sure at some stage or another make some - happened? she will i'm sure at some - stage or another make some comments. it is normalfor a minister to

respond on behalf of the sort of questions we have today from penny mordaunt but we will wait and see. we will get something sometime soon. lord hayward, thank you very much. welcome to viewers around the world just joining welcome to viewers around the world justjoining us, as we await the words of the chancellor in the commons behind us. he will be making a statement in which he will basically unpick what was announced in the so—called mini—budgetjust three weeks ago. we can go now to the bbc�*s south—west of england correspondent for some reaction voters. jenny? i am in tavistock, in the constituency, the true blue constituency, the true blue constituency of west devon and courage. the mp here has the biggest majority of all the conservative mps in devon. but talking to people here today, there has been a mix of views towards the chancellor's announcement today, relief from some

that some of the measures have been reversed from the mini—budget. resignation from some to the expectations politicians won't deliver on their promises but for many, a sense of concern about the political future. just another let down. it's just another thing that they have gone back on their word, you know? it's expected, actually. like i think most of the time when they say they are promising meetings we'll sit there and go, that's not going to happen. it is the right thing to do. i think they— it is the right thing to do. i think they misjudged the markets, which a chancellor_ they misjudged the markets, which a chancellor shouldn't do. it has caused — chancellor shouldn't do. it has caused a — chancellor shouldn't do. it has caused a lot of problems for my generation worries with pensions and for the _ generation worries with pensions and for the generation below us with mortgages. it has caused a huge amount— mortgages. it has caused a huge amount of— mortgages. it has caused a huge amount of anxiety. well, _ amount of anxiety. well, i— amount of anxiety. well, i was very hopeful when she became _ well, i was very hopeful when she became prime _ well, i was very hopeful when she became prime minister— well, i was very hopeful when she became prime minister but- well, i was very hopeful when she became prime minister but now. well, i was very hopeful when she became prime minister but now ii well, i was very hopeful when she i became prime minister but now i am not so _ became prime minister but now i am not so hopefui — became prime minister but now i am not so hopefui i_ became prime minister but now i am not so hopeful. i am _ became prime minister but now i am not so hopeful. i am not _ became prime minister but now i am not so hopeful. i am not sure - became prime minister but now i am not so hopeful. i am not sure at - not so hopeful. i am not sure at all. | just all. - just give an. - just give her an. — just give her a chance, all. just -ive her a chance, you know?

just give her a chance, you know? i'm not saying that if she keeps on going making mistakes that she should stay on, but how many weeks has it been that she's been in power, three weeks, four weeks, what is it? so just is it? sojust some of is it? so just some of the views of people that live and work here in tavistock. i spoke to people with different political views, people who support a range of political parties and they will signal to me a sense of disillusionment in the present government. i also spoke to a number conservative voters when i asked them if they would continue to vote conservative, they all told me they were undecided. thank you very much. that is the view in tavistock. let's see what's happening inside the commons right now. the first political event that is going to be happening, in terms of the politics of that mini—budget and what happened just in the last few days with the outgoing chancellor kwasi kwarteng sacked by the prime minister liz truss. that is going to be an urgent question

from the leader of the opposition, sir keir starmer on that decision to sack the chancellor in this time of economic turmoil. the prime minister is not obliged to respond to an urgent question from the leader of the opposition, although that is what normally would happen. but she has decided that she will not be there to respond to that question and instead penny mordaunt, the leader of the house, is going to be taking that duty on. and after that happens, there will be the statement from the chancellor, although we have already had the full flavour of what he is going to be outlining, which is that basically all that was in that mini—budget, just a matter of weeks ago, is now... has now been totally dismantled. it was only a couple of tax—cutting measures that have survived, which is the cat to stamp duty on the cut to national insurance, and that is only basically because the legislation is

orally under way to put those into place. other than that, everything is replaced and the support for energy bills has been reduced. we can bring in the chief executive of the resolution foundation, a group that represents low and middle income earners. welcome, thank you forjoining us. what is your reaction?— forjoining us. what is your reaction? i, i i, reaction? good afternoon. we have seen british — reaction? good afternoon. we have seen british economic _ reaction? good afternoon. we have seen british economic policy - seen british economic policy completely rewritten over the last few days and particularly this morning. most of mini—budget tax cuts now are fully reversed and the government is watering down the degree of energy price support it will give to households from next april. a big move from cutting taxes to boost growth and now are much more traditional tory message which is there is tough choices to come. and in terms of the direction ahead we spoke to the former pensions minister steve webb, who was a member of the coalition government that saw all of those austerity

measures happen and he said it's potentially going to be even tougher than that because the back drop is a record level of inflation, which is 9.9%. record level of inflation, which is 9.996. i, i, 4' record level of inflation, which is 9.9%. i, i, 4' record level of inflation, which is 9.9%. i, i, ~ i, record level of inflation, which is 9.9%. i, i, , i, 9.996. look, there are really tough times ahead _ 9.996. look, there are really tough times ahead and _ 9.996. look, there are really tough times ahead and the _ times ahead and the reason why the new chancellor has come in and thrown all of the previous chancellor and prime minister's tax cuts out the window and gone further than that and reversed some of the tax cuts planned by rishi sunak, the chancellor before the last one. the reason he's done that as he has come in and looked at the books and realise the scale of the spending cuts required to keep the finances on even footing are completely unimaginably large. significantly bigger introduced by those by george osborne in 2010 and that is against the backdrop that public services have been through austerity in the last ten years and right now they

are going through the pain of higher inflation. that means higher energy bills and wage packets, wage bills being paid by those public services when they went set in that context. so it is really difficult. that is the reason why the government has done a u—turn on its entire approach and said we will have to reduce the pressure on the treasury to reduce public spending by not going ahead with these tax cuts and that will also reduce the pressure on the bank of england to raise interest rates. i think, torsten bell, stay with us for a moment. i think, torsten bell, stay with us fora moment. ithink i think, torsten bell, stay with us for a moment. i think we're going to take a look at what is happening inside the commons because we are expecting any moment for the leader of the opposition keir starmer to get to his feet and ask their urgent questions is that there has been a bit of a rejigging of what is happening in the commons because all of this of course unfolded quite unexpectedly from that moment this morning 6am, a couple of hours before the markets opened, when we knew the chancellor was going to be making a statement around about 11am

this morning. the goal of that was to try to reassure the markets. now we can hear from to try to reassure the markets. now we can hearfrom sir keir starmer. two as the prime minister to ask a statement — two as the prime minister to ask a statement on replacement of a chancellor of the exchequer in the current— chancellor of the exchequer in the current economic situation. mr speaker- -- _ current economic situation. m speaker... with apologies, with apologies to the leader of the opposition and the house, the pm's detained on urgent business. laughter and... and they will have to make do... i and... and they will have to make do... , i, i, , i, , do... i must hear the answer of why the prime — do... i must hear the answer of why the prime minister _ do... i must hear the answer of why the prime minister is _ do... i must hear the answer of why the prime minister is not _ do... i must hear the answer of why the prime minister is not here. - the prime minister is not here. i'm the prime minister is not here. i'm afraid — the prime minister is not here. i'm afraid you will have to do with me, mr speaker. the prime minister has taken the decision to appoint my right honourable friend the member for south west surrey, one of the longest serving and most experienced parliamentarians as her chancellor... their overriding

priority is to restore financial stability in the face of volatile global conditions. we will take whatever tough decisions are necessary and have made changes to the growth plan, which the chancellor... which the chancellor is waiting to update the house on as soon as this urgent question finishes. 5ir soon as this urgent question finishes. ,, soon as this urgent question finishes. , , i, finishes. sir keir starmer. thank you. _ finishes. sir keir starmer. thank you, mr _ finishes. sir keir starmer. thank you, mr speaker, l finishes. sir keir starmer. i thank you, mr speaker, and finishes. sir keir starmer. - thank you, mr speaker, and thank finishes. sir keir starmer. _ thank you, mr speaker, and thank you to the right honourable member for portsmouth north for answering the question put to the prime minister. i guess under this tory government, everybody gets to be prime minister for 15 minutes. laughter the country... mr speaker, the country is in an economic crisis made in downing street, because they have lost all credibility, government borrowing costs have soared. mortgage rates have ballooned, markets need reassuring. and there is a long that can't be

undone. once you have crashed a car at 100 miles an hour, you have damaged it for good and you will be paying much more on your insurance for years to come. and it's working people who will pay. left wondering if they can afford to stay in their homes if their hopes of owning a homes if their hopes of owning a home haven't already been crushed. so now it is time for leaders to lead. but where is the prime minister? hiding away, dodging questions, scared of her own shadow. the lady's not for turning... ah! now it's time to be honest about the mistakes they've made but what does the prime minister say? my vision is right... my mission remains... i sacked my chancellor but i can't tell you why. and now is a time for consistent messaging. but what do we get? a prime minister saying

absolutely no spending reductions. the chancellor saying, there will be cuts. a prime minister saying she is in charge. a chancellor who thinks he is the ceo and she is just the chair. how can britain get the stability it needs when all of the government offers is grotesque chaos? how can britain get the stability it needs when it is still a vacuum in leadership is about how can britain get the stability it needs when the prime minister has no mandate from her party and no mandate from her party and no mandate from her party and no mandate from the country? thank you, mr speaker. let me start tjy thank you, mr speaker. let me start by saying i'm quietly confident that the leader of the opposition will not have his 15 minutes of same. —— of fame.

with regard to questions raised on economic policy, i will defer to the chancellor. honourable members were one time to question him fully and he had the detail. i do not wish to eat into that time. our constituents will want to hear about the issues facing them, their bills, mortgages, benefits and their businesses. so i had wondered just what else the leader of the opposition wished to discuss in this urgent question that would delay such an important statement. in his urgent question, he paints a contrast. so let me paint one, too. the decision taken by our prime minister would have been a very tough one, politically and personally. yet she has taken it and personally. yet she has taken it and she has done so... she has done so because it is manifestly in the national interest that she did. she

did not hesitate to do so because her focus is on the well—being of every of our citizens. it was the right thing to do and whether you agree with it or not, it took courage to do it. in contrast... in contrast, what the right honourable gentleman has done today, at this most serious moment, took no courage orjudgment or regard to the national interest. three years ago, mr speaker... three years ago, when this parliament was paralysed by brexit, a general election would have been in the national interest and he blocked it. today, when the country needs some

stability and urgent legislation to put through cost of living measures and while we are in the middle of an economic war levelled every school and hospital in this country, he now calls for one end of disruption and delay. we will take no lectures from the honourable gentleman on working in the national interest. i could point to his frustration... i could point to his frustration... i could point to his frustration... i could point to his frustration over us leaving the eu and campaigning for a second referendum. i could point to his support for the right honourable memberfor islington his support for the right honourable member for islington north and his support for the right honourable memberfor islington north and his positions on nato, or his arguments against us leaving lockdown or our involvement with the eu vaccines agency. all are against the national interest, and nor will we take any lectures on consistency of policy or messaging. the right honourable

gentleman is abandoned every single one of his pledges during the labour leadership contest.— leadership contest. order... ithink the country — leadership contest. order... ithink the country also — leadership contest. order... ithink the country also wants _ leadership contest. order... ithink the country also wants to _ leadership contest. order... ithink the country also wants to hear - the country also wants to hear what's — the country also wants to hear what's being said. if i can't hear, they— what's being said. if i can't hear, they can't— what's being said. if i can't hear, they can't hear, so can we please listen, _ they can't hear, so can we please listen, i'm — they can't hear, so can we please listen, i'm sure it's coming to the end listen, i'm sure it's coming to the and now — listen, i'm sure it's coming to the end now. leader of the house. | listen, i'm sure it's coming to the end now. leader of the house. i am, mr speaker- — end now. leader of the house. i am, mr speaker. order, _ end now. leader of the house. i am, mr speaker. order, order. _ end now. leader of the house. i am, mr speaker. order, order. if- end now. leader of the house. i am, mr speaker. order, order. if you - mr speaker. order, order. if you want to go _ mr speaker. order, order. if you want to go and _ mr speaker. order, order. if you want to go and get _ mr speaker. order, order. if you want to go and get a _ mr speaker. order, order. if you want to go and get a cup - mr speaker. order, order. if you want to go and get a cup of- mr speaker. order, order. if you want to go and get a cup of tea, | mr speaker. order, order. if you| want to go and get a cup of tea, i am more— want to go and get a cup of tea, i am more than happy to pay for it. which _ am more than happy to pay for it. which is _ am more than happy to pay for it. which is why, mr speaker, even on our toughest and most disappointing days, i will always be proud to sit on the side of the house. we will put the national interest first. now let's get on and hear from the chancellor. i think first of all i want to hear from _ i think first of all i want to hear from the — i think first of all i want to hear from the leader of the house. can i

sa to m from the leader of the house. can i say to my right _ from the leader of the house. can i say to my right honourable - from the leader of the house. can i say to my right honourable friends that the leader of the opposition has reversed most of the things he said he would do if he became leader. if you have a short memory, it's only nine months ago when some of his senior colleagues are circling to say if they could be a better position than him and can i put it to the leader of the house that when circumstances change, it is right for policy to change and if what is announced today leads to a lower rate of inflation, a lower cost of borrowing under greater this country can get back to prosperity, it's worth doing. i agree with the father of the house in what he says. might make the right honourable gentleman of theirs set has reversed his position on defending migrants' rates, common ownership, the rights of workers and

trade unions, devolution of power, equality and effective opposition to the tories. i equality and effective opposition to the tories. i i, i, , the tories. i will come to the snp spokesperson- — the tories. i will come to the snp spokesperson. today _ the tories. i will come to the snp spokesperson. today scotland's l the tories. i will come to the snp i spokesperson. today scotland's first minister set out _ spokesperson. today scotland's first minister set out an _ spokesperson. today scotland's first minister set out an optimistic, - minister set out an optimistic, ambitious and credible economic plan for scotland's future. a leader who spent over an hour setting out and answering questions on the positive case for in our country's independence. it's a very stark contrast to a prime minister hiding in downing street, a prime minister terrified to answerfor in downing street, a prime minister terrified to answer for the mess she has made, the mess which will cause so much harm to all of our constituents. so, mr speaker, iam going to keep this short and to the point. can the leader of the tell us exactly where on earth is the prime

minister? and if she doesn't even have the backbone to shore up your today, is there really any point in her showing up here again? surely time is up, she needs to go and let the people decide.— time is up, she needs to go and let the people decide. well, i'm glad to hear the first _ the people decide. well, i'm glad to hear the first minister _ the people decide. well, i'm glad to hear the first minister of _ the people decide. well, i'm glad to hear the first minister of scotland i hear the first minister of scotland made a statement. i'm hoping that shortly the house will be able to hear from the chancellor of the exchequer to set out the government's position. i would be interested to note the first minister's statement included the tax dividend to every scottish household, being a member of the united kingdom. mr household, being a member of the united kingdom.— household, being a member of the united kingdom. mr speaker, in the last four weeks _ united kingdom. mr speaker, in the last four weeks the _ united kingdom. mr speaker, in the last four weeks the facts _ united kingdom. mr speaker, in the last four weeks the facts are - united kingdom. mr speaker, in the last four weeks the facts are that. last four weeks the facts are that the global economic conditions we face are worse, and the opposition may not want to acknowledge that but thatis may not want to acknowledge that but that is the truth. inflation rates have increased around the world and in the united states they are a guess make the highest they have been since 1982. does my right honourable friend agree that we

should always be prepared to make the policy changes we need in the best interests of the people that we represent? i do best interests of the people that we reresent? i, i, , represent? i do agree with my right honourable friend _ represent? i do agree with my right honourable friend and _ represent? i do agree with my right honourable friend and that - represent? i do agree with my right honourable friend and that is - represent? i do agree with my right honourable friend and that is why . honourable friend and that is why the prime minister has taken this decision. i, ~ the prime minister has taken this decision. i, ,, , i, , i ~ decision. thank you very much, mr seaker. decision. thank you very much, mr speaker- what _ decision. thank you very much, mr speaker. what we _ decision. thank you very much, mr speaker. what we have _ decision. thank you very much, mr speaker. what we have seen - decision. thank you very much, mr speaker. what we have seen in - decision. thank you very much, mr| speaker. what we have seen in the last month is one of the largest humiliations that this country has ever experienced, and it is directly as a result of the current prime minister's agenda, which she set out to the tiny sliver of uk people that voted for her to be the prime minister. now the right honourable lady is perhaps auditioning to be the next one along, because surely she knows that this humiliated prime minister simply cannot last. look. minister simply cannot last. look, as i said minister simply cannot last. look, as i said in — minister simply cannot last. look,

as i said in my _ minister simply cannot last. look, as i said in my opening _ minister simply cannot last. look, as i said in my opening remarks, i as i said in my opening remarks, this will have been a very difficult decision for the prime minister and she has taken it because it is in the national interest, and she should have all of our support in doing so. should have all of our support in doinu so. i, ~ should have all of our support in doinu so. i, ,, , i, should have all of our support in doinu so. i, ,, ~ i,~ doing so. thank you, mr speaker. if i was the financial— doing so. thank you, mr speaker. if i was the financial director - doing so. thank you, mr speaker. if i was the financial director of - doing so. thank you, mr speaker. if i was the financial director of a - i was the financial director of a plc and i went to a board and suggested that we cut our revenues greatly and we wouldn't put up a tax increase next year, the director of the board would look at me and say, well, that's good, so, peter, what are the spending implications and how was it going to be funded? and, unfortunately for the previous chancellor, he didn't provide those answers. we had a statement lasting two and a half hours instead of a budget which should have been debated for 23 or 2a hours. so with the leader of the house of lords net

that that's the reason the chancellor had to go. he produced a part budget, not the whole thing. —— would have the leader of the house agree that is the reason? i am would have the leader of the house agree that is the reason?— agree that is the reason? i am sure we will soon _ agree that is the reason? i am sure we will soon hear _ agree that is the reason? i am sure we will soon hear from _ agree that is the reason? i am sure we will soon hear from the - agree that is the reason? i am sure we will soon hear from the chance l agree that is the reason? i am sure i we will soon hear from the chance on these vote matters, concerns for the memos of the house and their constituents.— memos of the house and their constituents. , i, , constituents. the previous prime minister shattered _ constituents. the previous prime minister shattered the _ constituents. the previous prime minister shattered the public's i minister shattered the public's trust and the government. the current prime minister has trashed the british economy. meanwhile, conservative mps have sat there and let it happen. so for the damage and pain they have caused across our country, will the leader of the house on behalf of the whole party address the people and businesses of our great country and apologise? i thank the right honourable gentleman for his question. we have made this change for a reason. i understand

people want certainty and reassurance about their bills, their businesses and their benefits, and i am sorry that the events leading to the changes today have added to the concerns about the major volatility that was already there are existing in the economy. that's why we are putting it right today, and what my right honourable friend the chancellor will be speaking about in his announcement shortly. the country is _ his announcement shortly. the country is waiting to hear from the chancellor on issues of fiscal responsibility, market stability and sustainable growth. does my right honourable friend agree with me that what this entirely unnecessary debate shows is that the opposition are putting politics before the interests of our constituents? i agree with my honourable friend completely. thank you very much, mr speaker. the leader of the house said yesterday

that what the country needs is stability and not a soap opera. i agree with her, whether neck can she explain to the house why the prime minister is still in office —— so can she please explain. when it is clear to everyone including her colleagues today that she is no longer in power? i colleagues today that she is no longer in power?— longer in power? i think it is incredibly — longer in power? i think it is incredibly important - longer in power? i think it is incredibly important today i longer in power? i think it is i incredibly important today that longer in power? i think it is - incredibly important today that the chancellor be allowed to set out the policy changes he has made to provide answers to this house and the country and so we can restore some certainty to the programme. that is what will help stability and i would ask all honourable members to consider, in their questioning to me, how those questions will help that scenario.— that scenario. thank you, mr speaker- _ that scenario. thank you, mr speaker. pragmatism, - that scenario. thank you, mr i speaker. pragmatism, dealing that scenario. thank you, mr - speaker. pragmatism, dealing with the world as it is, those are traditional strengths of conservatives in government, and physical changes being announced by the new chancellor today are

entirely correct. does my right honourable friend agree with me, though, that the very last thing thatis though, that the very last thing that is needed right now, the last thing mortgage holders need, people struggling to get on the housing ladder, people worried about paying their fuel ladder, people worried about paying theirfuel bills, the ladder, people worried about paying their fuel bills, the very last thing they need right now is for the political instability upsetting markets? mr; political instability upsetting markets? ~ , political instability upsetting markets? y i, i, markets? my right honourable friend is riaht, markets? my right honourable friend is right. and — markets? my right honourable friend is right. and we _ markets? my right honourable friend is right, and we also _ markets? my right honourable friend is right, and we also need _ markets? my right honourable friend is right, and we also need to - markets? my right honourable friend is right, and we also need to put - is right, and we also need to put through legislation to enact some of the measures that will help with the cost of living issues people are facing. we need time on the floor of this house to do that and we also need to get the public some certainty about the future. the turbulence _ certainty about the future. the turbulence in _ certainty about the future. the turbulence in the _ certainty about the future. the turbulence in the markets, though, and the reason that the chancellor was replaced is notjust about tax. it's about trust. and trust in the british government comes from the knowledge that it enjoys the consent of the british people. how does she think that's going? i think the chancellor should be able to come to the floor of the

house and outline his policies. this is a serious moment. we want to ensure the markets are reassured and i would suggest that any question she has on economic policy i directed to the chancellor. thank ou, mr directed to the chancellor. thank you, mr speaker. _ directed to the chancellor. thank you, mr speaker. in _ directed to the chancellor. thank you, mr speaker. in giving - directed to the chancellor. thank you, mr speaker. in giving the i you, mr speaker. in giving the answer that she did to the leader of the opposition, my right honourable friend has abundantly demonstrated to this house what an enormous asset she is to the governing party and can ijust ask... can ijust ask the right honourable lady, does she agree with me that any single conservative mp would make a fantastic chancellor well above any socialist or separatist opposite? i

think in terms of the opposition's performance, i think larry the cat would give them a run for their money. ma; would give them a run for their mone. g i, , i, money. my colleagues take no 'oy in the difficulties — money. my colleagues take no 'oy in the difficulties which i money. my colleagues take no 'oy in the difficulties which the i the difficulties which the government and the country finds itself in at present because of course it affects all of our constituents. would the third might not agree with me that for most people watching this today —— would leader of the house not agree with me. they don't want to see political scoring or in—house backstabbing? they want to know how they will afford to pay their mortgages, how they will make the cost of living and how they will make their business as... and i make the right honourable gentleman is absolutely right. lovely though i am, i think people want to hear right. lovely though i am, ithink people want to hea— people want to hear from the chancellor. _ people want to hear from the chancellor. they _ people want to hear from the chancellor. they want - people want to hear from the chancellor. they want to - people want to hear from the | chancellor. they want to hear people want to hear from the - chancellor. they want to hear the detail of the policies that are changing, and members will want to be able to ask him about how that is going to affect their constituents. that is what we should be focusing

on today. i that is what we should be focusing on toda . , i i i, on today. i very much welcome the seed at on today. i very much welcome the speed at which _ on today. i very much welcome the speed at which the _ on today. i very much welcome the speed at which the new _ on today. i very much welcome the speed at which the new chancellor| speed at which the new chancellor has acted, but can the leader of the house confirm that the chancellor and all members of the government will continue to work with colleagues on the back benches to ensure we are able to communicate the great successes of this conservative government to all parts... conservative government to all arts... i, ~' , i, conservative government to all arts... i, ~ i, conservative government to all arts... i, i, ,, i, parts... thank you, and i know the chancellor — parts... thank you, and i know the chancellor wants _ parts... thank you, and i know the chancellor wants to _ parts... thank you, and i know the chancellor wants to work - parts... thank you, and i know the chancellor wants to work with - parts... thank you, and i know the chancellor wants to work with all i chancellor wants to work with all members of this house in the interests of all of our constituents. and i hope that there will be also opportunities to talk about our record in government and how we have transformed this country for the better since 2010.— for the better since 2010. thank ou, mr for the better since 2010. thank you, mr speaker. _ for the better since 2010. thank you, mr speaker. the _ for the better since 2010. thank you, mr speaker. the leader. for the better since 2010. thank you, mr speaker. the leader of| for the better since 2010. thank . you, mr speaker. the leader of the house's response to this urgent question was, quite frankly, ridiculous, declaring that the prime minister cowering in some corner somewhere is courageous. it does not take courage to crash our economy.

it takes reckless arrogance and a disregard for ordinary people's working lives. equally, it does not take courage to sack her chancellor after barely a month. it takes total desperate opportunism. so will she admit that what it will take to restore our fiscal credibility and the confidence with the markets is a labour government? the the confidence with the markets is a labour government?— labour government? the prime minister's _ labour government? the prime minister's actions _ labour government? the prime minister's actions did _ labour government? the prime minister's actions did take - labour government? the prime - minister's actions did take courage, personal courage, and it was the right thing to do in the national interest. i think the right thing to do in the national interest is let the chancellor give his statement. thank you, mr speaker. whether it was during the pandemic and £a50 billion spent, whether it is ukraine and 100,000 refugees who are now in our country that our constituents are looking after, or whether it is the heartache to the energy crisis, can my right honourable friend to help us make this government will always do what is necessary to step up to the plate and help the most

vulnerable people in society in our country and in the rest of the world? figs country and in the rest of the world? �* , i, , country and in the rest of the world? ~ , i, , i, i i, world? as i am sure the chancellor will sa , world? as i am sure the chancellor will say. we _ world? as i am sure the chancellor will say. we are — world? as i am sure the chancellor will say, we are in _ world? as i am sure the chancellor will say, we are in very _ will say, we are in very volatile times. the war in ukraine is not just a war against the people of ukraine. it is an economic war against other nations as well. we will always do the right thing in the circumstances. the will always do the right thing in the circumstances.— the circumstances. the new chancellor's _ the circumstances. the new chancellor's veneer - the circumstances. the new chancellor's veneer of - the circumstances. the new chancellor's veneer of fiscal responsibility fails to disguise that imposing more painful austerity is a political choice need to save the absentee prime minister from the consequences of her ideological experiment. with the welsh government already facing a shortfall of over £a billion over three years and public services close to buckling, further austerity will entrench the vast wealth inequalities that characterise this disunited kingdom. will she admit that now even the pretence of levelling up is dead?-

that now even the pretence of levelling up is dead? well, i would ask the honourable _ levelling up is dead? well, i would ask the honourable lady _ levelling up is dead? well, i would ask the honourable lady to - levelling up is dead? well, i would i ask the honourable lady to remember we have given the largest budget ever to the devolved administrations. but, against the backdrop of coming into government where there was no money left, we still have managed to hold down fuel duty, introduce a living wage, create a modern welfare system where people are better off and got nearly 4 people are better off and got nearly a million people into work. i share the government's desire to reduce the tax on working people but of course we must ensure stability in the markets because these go hand—in—hand and therefore i welcome the chancellor's announcement on the markets earlier this morning that can my right honourable friend confirmed that the government is working with the obr and others in developing policy for the upcoming medium term fiscal plan? i developing policy for the upcoming medium term fiscal plan?- developing policy for the upcoming medium term fiscal plan? i thank my honourable friend _ medium term fiscal plan? i thank my honourable friend for _ medium term fiscal plan? i thank my honourable friend for his _ medium term fiscal plan? i thank my honourable friend for his remarks. i honourable friend for his remarks. he is absolutely right to stress the importance of stability and i think that will be helped by the chancellor being able to make a

statement. thank you, mr speaker. the leader of the house suggests we should be grateful that the prime minister has made a difficult decision and i presume she means grateful that she stuck to it, given the number of u—turns we have seen over the last period. but that's the job, u—turns we have seen over the last period. but that's thejob, making difficult decisions! there are difficult decisions! there are difficult decisions! there are difficult decisions to be made about what is happening in ukraine, about the fact that president putin has nuclear weapons, about the chaos caused by brexit, gang crime, the climate crisis, ebola in africa, and all we know right now is unless she tells us otherwise, the prime minister is cowering under her desk and asking for it all to go away. isn't it about time she did and let somebody else who can make decisions in the british national interest get in the british national interest get in charge instead? and annie mac well, the prime minister is not under a desk, as the honourable lady... —— under a desk, as the honourable lady- -- "— under a desk, as the honourable lad -- ~ , lady... -- well, the prime minister is not under— lady... -- well, the prime minister is not under a _ lady... -- well, the prime minister is not under a desk. _ lady... -- well, the prime minister is not under a desk. i _ lady... -- well, the prime minister is not under a desk. i can - lady... -- well, the prime minister is not under a desk. i can assure i is not under a desk. i can assure the house... i can assure the house

that, with regret, she is not here for a very good reason. but neither had she taken this decision to win the honourable lady's gratitude. she has done it out of a sense of duty because she knows what is in the national interest. figs because she knows what is in the national interest.— national interest. as my right honourable _ national interest. as my right honourable friend _ national interest. as my right honourable friend said, - national interest. as my right honourable friend said, it - national interest. as my right honourable friend said, it will national interest. as my right - honourable friend said, it will have been a difficult decision for the prime minister, both politically and also personally, i said my friend from spelthorne. that is what it is important we provide economics ability forfamilies, businesses important we provide economics ability for families, businesses and constituencies like mine and across the country and we have already seen that this morning for the chancellor is or does she agree with me it is high time this house head from the chancellor about how we are going to provide that stability? yes! we know

that the provide that stability? iezsl we know that the prime minister provide that stability? iezsi we know that the prime minister is now not in power. we know that there has been a coup. because the prime minister should be here to defend her decisions today. we want to know from the prime minister by her economic plan has been trashed just weeks after it was announced. we want to know, from her, whether she is sorry for the misery she has caused to millions of people across this country. we want to know on the half of those who now have new mortgages at higher interest rates for the foreseeable future whether she is sorry for her actions. the prime minister, she says, isn't cowering away. so if she isn't cowering away will she be here to sit by the chancellor and to show her confidence in the new plans to the country?

i know it is not usually in the nature of the honourable gentleman to overly dramatise the situation... laughter but i don't think there has been a coup. what i do agree with, with what he had said, is that these are serious matters for our constituents. and i hope all honourable members will be able to question the chancellor and get answers they need for their constituents. fiscal credibility is always the backbone of any growth policy so i welcome the actions of the chancellor of the exchequer. just as important are progrowth reforms to back entrepreneurs and businesses, so kanda leader of the house confirmed to me that the government will continue to review eu inspired regulations to make them bespoke for the uk economy, deliver progrowth investment zones right across country and increase our energy supply? then i can give that assurance —— and the leader of the

house. this is really important to our communities and we will continue with our programme on eu law and eu retained law and with our programme on eu law and eu retained la i, i, i, i, , retained law and also on enabling reaulation retained law and also on enabling regulation the — retained law and also on enabling regulation the department - retained law and also on enabling regulation the department for - regulation the department for traders looking at and also on investment, where there has been an enormous number of expenses of interest. �* i, i, i, i, , interest. and her additional answer to the urgent _ interest. and her additional answer to the urgent question, _ interest. and her additional answer to the urgent question, the leader| to the urgent question, the leader of the house blamed international circumstances. but if that is true, why is it that people in this country face pain more on the increases in mortgage payments than elsewhere in the world? and if it is true, why did the former deputy governor of the bank of england said yesterday that the crash in the market is the result of unique circumstances in the uk? wouldn't it be better for her and for the circumstances in the uk? wouldn't it be betterfor her and for the prime minister to admit that they got it wrong and that they are responsible

as a first and necessary step in rebuilding confidence in the markets?— rebuilding confidence in the markets? ~ i, i, markets? well, i would point to the honourable gentleman _ markets? well, i would point to the honourable gentleman to _ markets? well, i would point to the honourable gentleman to mortgage| honourable gentleman to mortgage rates elsewhere in the world, but also i would suggest... studio: you are watching bbc news and we are alive in the house of commons where penny mordaunt is answering questions following an urgent question from the leader of the opposition. the prime minister, penny martin said, is detained on urgent business, and that is why she is there answering questions instead. after this is finished we will hear from the chancellor, jeremy hunt, who will be giving more detail on what is happening with the economic programme after that statement from him this morning in which he unpicked most of what was announced in the so—called mini budget meant a few weeks ago, well they might will have more detail on that from the chancellor but for now we continue to listen to penny martin answering those questions...

we have just seen the back of one tory prime ministerfor we have just seen the back of one tory prime minister for trampling over standards in public life only to be replaced by another who in only a0 days has failed to meet some of the basic principles. i would love to ask herself about it but then she is not here i will ask the leader of the house. is it leadership to sack the chancellor for doing exactly what he was asked to do? is it objectivity to refuse to do? is it objectivity to refuse to allow that we experts to assess the so—called mini budget and does she agree that the first test of accountability is to actually show up? i would suggest it is leadership to take tough decisions in the national interest even though there may be —— they need you personally and politically difficult to take. mr politically difficult to take. m speaker, the party opposite stood on a manifesto that would have inflicted the highest tax burden on my constituents, so does my right honourable friend agree that labour can never be trusted to support the hard—working people of the uk or

southend west? the honourable lady is not wrong. . pendleton leisure centre, a flagship council development to tackle health inequalities, in an area of high deprivation which seldom enjoys such investment, was suspended last week, largely i'm told as a result of the government's economic car crash and the prospect of more public spending cuts to come. will the leader of the house apologise on behalf of the prime minister to the people of salford? although this is not business questions, if the honourable lady would like to give me the details of that case, i would be happy to take it up. can my right honourable friend assure the house and my constituents that this government will always pay its way— will always pay its way make whatever — will always pay its way make whatever tough _ will always pay its way make whatever tough decisions . will always pay its way make | whatever tough decisions are necessary to ensure that we go for growth in a responsible and conservative way? i can give him that assurance and

the chancellor will be along shortly to give him some more details. can i ask the leader of the house, who does she consider does a u—turn better, the prime minister or the leader of the scottish tories? well... well, i live in hope that the honourable gentleman and his party might do a u—turn and decide to another democratic vote in the referendum. thank you, mr speaker. since being elected, i've spent three years working on health select committee with the now chancellor. he's got an eye for detail and compassion as well. isn't he exactly the right person to come forward and stabilise and demonstrate to the markets how difficult it can be in turbulent times, but he is the man to bring us forward? forward ? i forward? i thank my honourable friend for those remarks about the new chancellor. i think that is

precisely why the prime minister has chosen him. mr speaker. in terms of the national interest, and also to offer further reassurance to the markets, can the leader of the house just confirmed that the prime minister will not be taking any decisions on economic policy in the future?— policy in the future? laughter leader of the _ policy in the future? laughter leader of the house. _ leader of the house. i leader of the house. i have ~~ _ leader of the house. i have... i have... i have great affection for the honourable lady and i'm sure the whole house appreciates her question but the prime minister and her chancellor and her cabinet will be taking these decisions in the future, and the decisions in the future, and the decision that she has taken over the weekend, although personally difficult for her, is the right one for the nation. thank you, mr speaker. the leader of the has mentioned a couple of times

now that the prime minister is taking difficult decisions. can i please enlighten her that these are not difficult decisions? difficult decisions are what are facing our constituents, choosing whether they can actually turn the lights on, finding out how they can heat their homes and how they can feed their children. don't our constituents and those people deserve an answer from our prime minister and not an answer about the same, our chancellor will come and tell us later? the honourable lady will want to hear from the chancellor because she will be able to ask him the precise questions that are of interest to her constituents. this government has always protected people against the cost of living and it has always protected the most vulnerable in our society and we will continue to do that. can i say to the leader of the house that she and her colleagues do not have the monopoly on the understanding of what it is to take

difficult decisions in the national interest? in 2010, my colleagues and i entered government and took many difficult decisions, for which we paid a political price. we did that because it was in the national interest. we did it on the advice of the bank of england and to be set up the bank of england and to be set up the office for budget responsibility as a consequence. the prime minister would also be part of that government. at what point did she think it was no longer necessary to listen to the bank of england and the obr? canifirst the obr? can i first thank the right honourable gentleman for raising the issues we faced in 2010, when we came in. people will remember the note outlining there was no money left. what is less understood is the scorched earth policy that accompanied it to tie an incoming government into all types of contractual difficulties to make

their job so contractual difficulties to make theirjob so much harder. that is why those on the opposition benches should never be allowed near government and i would say to the honourable gentleman that the chancellor will be along shortly to answer questions about the obr. ifind it answer questions about the obr. i find it absolutely incredible that the leader of the house is incredulous that people might want to hear from the incredulous that people might want to hearfrom the prime minister. as if it's like oh, a political game to us, the leader of our country questions. it is an embarrassing thing to assert that in the national interest, and she so wants to hear from the chancellor, can i ask her to be completely honest, because nothing that we've seen has been honest... oh, iapologise. it's not an individual, carry on. because — it's not an individual, carry on. because it _ it's not an individual, carry on. because it was on an individual,

0k... because it was on an individual, ok... good... cani because it was on an individual, ok... good... can i ask her, why is it, because we had to have the statement earlier at 11 o'clock whilst i was on the train, when you can actually get on a train... can i ask her... can i ask her why the markets needed reassuring? well, the first thing i would say to the honourable lady is i fully appreciate the optics of me appearing at the dispatch box. but there is a very genuine reason why there is a very genuine reason why the prime minister is not here today and i would just dress to you that —— just stress to you, i can imagine people making political hay over it, she would wish to be here but she's not able to at the moment. and the chancellor will be along shortly to answer these questions. last friday, the value of the pound

fell after the prime minister walked out after just over fell after the prime minister walked out afterjust over eight minutes from her press conference. isn't it increasingly decays that she and her government are a risk to britain's financial stability and isn't it time she stops shirking and turned up time she stops shirking and turned up to be held accountable or get out of the way and call a general election? i would just stress again to all honourable colleagues that there is a very good reason why the prime minister is not here and the chancellor will be making a statement shortly where you can ask him these questions. on the subject of the replacement of the chancellor, given that he lasted 30 days in office and crash the economy, can the leader of the house confirm he will be rejecting his ministerial severance payment? i would not be involved in that

decision at all, but the honourable member will know who he can write to you to find that out. she has claimed repeatedly that the prime minister has been courageous but if the prime minister was really courageous, she would be here today, wouldn't she? if the prime minister cannot or won't come and explain to the british people the reasons for her humiliating u—turns and to apologise to them, as she just did from the dispatch box, for the damage the tories and she had done to this country to living standards and businesses, what is the point of her? well, i would refer the honourable gentleman to the answer i gave a little while ago about the prime minister, and again to the answer i gave a moment ago about the fact that i certainly regret the uncertainty that has added to already worries about the very volatile global economic situation and that is why i am keen and happy we have a statement from the chancellor today.

the prime minister repeatedly declared that she was working in lockstep with her chancellor but then very unceremoniously dumped her closest political friend at the earliest possible opportunity in order to temporarily save herjob. and now in the greatest of ironies, she has sent out the very right honourable lady to speak on her behalf, who is very desperately seeking to replace her. but, leader of the house, i understand that downing street is hosting a reception this evening. is it a wake? i would say to the honourable gentleman that the motivations for the prime minister taking the decisions that she has have been about the national interest. he may not appreciate, and i'm not asking him to, the courage and the duty

that she felt to do that but that is why she has done it. ijust why she has done it. i just want to be clear, why she has done it. ijust want to be clear, can the leader of the hauschka confirm that the former chancellor has been removed by the prime ministerfor acting on her instructions and can she also confirm that the prime minister overruled the former chancellor with the contents of the urgent statement before it is made because my both things are true, the prime minister needs to resign, doesn't she? these are not matters for me. he may wish to raise matters with the chancellor. i think what our constituents want to hear from us todayis constituents want to hear from us today is about the issues that are affecting them, and that is what the chancellor will be talking about whenever he gets to this chamber. can i ask the leader of the hauschka, on behalf of the prime minister, will she simply say to the people of this country, we are sorry?

i have done so twice before in this urgent question and i will do so again. i know that this is an incredibly uncertain time for families and businesses across the country. the events that led up to the statement that is being made today are unfortunate and i am pleased that the prime minister has taken decisive action to stabilise markets and i'm sure that he will want to questioned the chancellor on those detailed matters. i have done so and i am happy to do so again. we are told that the prime minister is going to be coming in here in a moment tojoin the is going to be coming in here in a moment to join the chancellor when he makes his statement. presumably propped up like charlton heston. but they should have been an opportunity for the prime minister to show leadership and to apologise to the nation before the dispatch box in the chamber of the house of commons. yet she is found to do so, we've

heard the stories about how constituents up and down the country who have had mortgages withdrawn at the last minute, whose lives have been put on hold because of the reckless mini—budget that she agreed with her chancellor. so doesn't the leader of the house agree that it is reckless of the prime minister to not show that leadership today and be here in this chamber to be accountable for what she has done? i think the prime minister has shown leadership in taking the tough decision that she has, and not for the first time. if our prime minister when she was foreign secretary had not shown leadership, we would not come alongside european nations, be giving support to ukraine that we rightly should be proud of. the fact is, the prime minister, if she was that courageous, she would be here to answer questions this afternoon to up the prime minister hasn't come to the house shows the complete lack of authority she now has. week before the country and

parliament and the markets. refusing to face parliamentary responsibility is not courageous but a dereliction of duty. does she not agree with me is well past time for this prime minister to go? the prime minister has come to this house many times and in the previous roles she's held, she's come to this house many times. often to talk about very difficult issues. there is a genuine reason, honourable members, why she is not here and... and i hope she will be able to join the house later this afternoon. i wasn't going to rise to ask a question but i've been concerned that some of the answer is that the leader of the house has given. if we are to stabilise the markets and restore some confidence in the economy, we have to have trust in the strong leadership of our country and that is the role of the prime minister. she has said a number of times that there are good reasons why the prime minister is not here

this afternoon. in the interests of total transparency and in the interests of proper accountability and to restore confidence in markets, will she give us those reasons? the right honourable lady will have to be content with my assurances. i can't disclose the reasons. i have askedif can't disclose the reasons. i have asked if i can. i am being very genuine with the house on this matter. i hope that she will be able to join as matter. i hope that she will be able tojoin as a matter. i hope that she will be able to join as a bit later this afternoon. but both the prime minister and her chancellor and her cabinet are determined to take the tough decisions to ensure that we have stability and confidence going forward and i hope that they chancellor's statement will reassure the right honourable lady. to be honest, ijust thought it was utterly shabby to sack the chancellor of the exchequer for doing exactly what he had been told to do by the boss. it's like when you sack the staff for messing up

yourself. it's not on, it's bad form, it's not honourable, it's despicable. but what really worries me is that you can't really govern if you don't have a mandate. you can't govern if you can't get your budget through this house because by definition, that shows that the house does not have confidence in you. every honourable government previous to this, at that moment, when it is evident that they couldn't get their budget through, has resigned and allowed a general election because it isn't that what should happen now? what i would say to the honourable gentleman is i think it is an honourable thing to act in the national interest, even if it is incredibly difficult personally and politically for someone to do that, and that all members on this side of the house were elected in 2019, as a team, on a manifesto that we are determined to deliver. the

honourable _ determined to deliver. the honourable lady _ determined to deliver. iie: honourable lady has determined to deliver. tie: honourable lady has said many times that the prime minister can come here for a specific reason at this time. can i ask the leader of the house is there a reason the prime minister decided she didn't want to make a statement to the house, because she could have chosen any time to do that, even at 10pm? does the leader of the house not think that we, as elected mps, and the public, in this country, deserve to hear from the public, in this country, deserve to hearfrom the prime minister? i am hear from the prime minister? i am sure there will _ hear from the prime minister? i am sure there will be _ hear from the prime minister? i am sure there will be many _ sure there will be many opportunities to hear from the sure there will be many opportunities to hearfrom the prime minister, some in the next 2a hours, but given the nature of the statement today it is appropriate that the chancellor delivers it. further behind a couch under a desk people rightly view the sacking of the chancellor as a particularly unedifying act of self—preservation, given he was thrown under the bus were saying exactly what she asked him to say. it would be like the

ventriloquist ray allen sacking laurent giles for saying the wrong thing. will the leader of the house joining now in acting the ventriloquist dummies on her own benchers who demanded the scottish government follow this insane economy wrecking policy to apologise to the of scotland?— to the of scotland? well, the first thin i to the of scotland? well, the first thing i would _ to the of scotland? well, the first thing i would say _ to the of scotland? well, the first thing i would say to _ to the of scotland? well, the first thing i would say to thank- to the of scotland? well, the first thing i would say to thank him - to the of scotland? well, the first thing i would say to thank him for| thing i would say to thank him for the fact that the public might be concerned for the former chancellor, but i think what they are really going to be concerned about is their own household budgets and their businesses, and that is why it is important this decision was taken and we will hear from the chancellor shortly. with regard to his other point, i would just point out there are many people, including many people in scotland, who would like the first minister to apologise for some of her decisions. iithiith

the first minister to apologise for some of her decisions.— some of her decisions. with her economic— some of her decisions. with her economic plan. _ some of her decisions. with her economic plan, much _ some of her decisions. with her economic plan, much like - some of her decisions. with her economic plan, much like a - some of her decisions. with her- economic plan, much like a judgment, in tatters, the fact she can't even be bothered to come to the chamber today, what is the point of the prime minister? i today, what is the point of the prime minister?— prime minister? i thank the honourable _ prime minister? i thank the honourable gentleman - prime minister? i thank the honourable gentleman for i prime minister? i thank the i honourable gentleman for that insightful question. i repeat, the prime minister would normally be here but there is a good reason why she isn't.— reason why she isn't. thank you, mr seaker. reason why she isn't. thank you, mr speaker- is — reason why she isn't. thank you, mr speaker- is it _ reason why she isn't. thank you, mr speaker. is it true _ reason why she isn't. thank you, mr speaker. is it true that _ reason why she isn't. thank you, mr speaker. is it true that the - reason why she isn't. thank you, mr speaker. is it true that the member| speaker. is it true that the member for spelthorne first found out he was sacked on twitter rather than being told to his face? honourable and rirht being told to his face? honourable and right honourable _ being told to his face? honourable and right honourable members i being told to his face? honourable and right honourable members ofj being told to his face? honourable - and right honourable members of this house obviously want to ask all kinds of questions but i think what the public are worried about is the cost of living issues, the stability

of the market, the energy package that we will be putting through later today to help them with the cost of living, and i would just urge all colleagues to remember the context in which we are meeting this afternoon. is context in which we are meeting this afternoon. , ~ , i, afternoon. is the prime minister on the wa to afternoon. is the prime minister on the way to the _ afternoon. is the prime minister on the way to the palace? _ the way to the palace? laughter i would very much like to be able to tell all honourable colleagues what the prime minister's business is today, but there are very serious matters as well as economic matters that are in the prime minister's in—tray, and as people will know she comes to this house on a regular basis and she will be here tomorrow. she is not able to be here at this precise moment. the

she is not able to be here at this precise moment.— she is not able to be here at this precise moment. the markets were sooked precise moment. the markets were spooked not — precise moment. the markets were spooked not just — precise moment. the markets were spooked notjust by _ precise moment. the markets were spooked not just by the _ precise moment. the markets were spooked notjust by the reckless - spooked notjust by the reckless mini budget but also by the sense that we had a prime minister incapable of answering questions at the end of a press conference and without any sort of grit on this government, so it is entirely legitimate for my right honourable friend from holborn and st pancras to give her an opportunity to come and assure the markets. isn't the reality that the prime minister pours my inability to answer questions isjust pours my inability to answer questions is just as fundamental as the failure on policy it why this country is now in an economic crisis? i, , , country is now in an economic crisis? i, , crisis? i am buoyed up by the fact that the members _ crisis? i am buoyed up by the fact that the members of _ crisis? i am buoyed up by the fact that the members of the - crisis? i am buoyed up by the fact i that the members of the opposition benches very much want to see the prime minister, and i hope that if she is able to join us this afternoon that they will give her a big cheer when she does.- afternoon that they will give her a big cheer when she does. thank you very much. — big cheer when she does. thank you very much. mr _ big cheer when she does. thank you very much, mr speaker. _ big cheer when she does. thank you very much, mr speaker. i— big cheer when she does. thank you very much, mr speaker. i accept - big cheer when she does. thank you i very much, mr speaker. i accept what the right honourable lady is saying about the prime minister not being here, that there may be a very good reason and will also agree with her

when she said frequently we must be acting at the moment in the national interest. for me, the national interest. for me, the national interest is what is in the interests of our people, your constituents, and what they are telling me in edinburgh west and i'm sure there are many of the rest of you is that they no longer have any confidence in this prime minister. that while she may have had the courage to sack her partner in presenting the growth plan to the country, that what they would like is for her now to have the courage to accept she was also wrong and to step down. so will the right honourable lady and her cabinet colleagues please take that message back to the prime minister, wherever she is?— wherever she is? well, i think the prime minister _ wherever she is? well, i think the prime minister in _ wherever she is? well, i think the prime minister in her _ wherever she is? well, i think the prime minister in her current - wherever she is? well, i think the prime minister in her current role| prime minister in her current role and previous roles has always acted in the national interest and she will continue to do so. her government will continue to support her. what this country needs is some stability and some assurance now,

and she always takes decisions on the national interest. has and she always takes decisions on the national interest.— the national interest. as the new chancellor _ the national interest. as the new chancellor has _ the national interest. as the new chancellor has reversed - the national interest. as the new chancellor has reversed all - the national interest. as the new chancellor has reversed all the i chancellor has reversed all the economic promises made by the prime minister in her election campaign to become prime minister, and that very chancellor had the fewest votes in that leadership election, was thrown out with 18, doesn't that show that the next prime minister should not be chosen by the members opposite and their wider membership but by the british people in a general election as soon as possible, to get this country back on track? weill. election as soon as possible, to get this country back on track?- this country back on track? well, i think there — this country back on track? well, i think there are _ this country back on track? well, i think there are serious _ this country back on track? well, i think there are serious questions i think there are serious questions that we should be examining as a parliament today, and i hope that we will soon move on to the chancellor's statement. i think that is what our constituents, what they are concerned and worried about, and not about events within the westminster bubble. obviously this is an absolutely _ westminster bubble. obviously this is an absolutely legitimate -

westminster bubble. obviously this is an absolutely legitimate question that has been put forward today. the public wants to know why the prime minister sacked her chancellor after just 38 days, and particularly, given she was co—architect of the plans, and economic plans, why she herself has not resigned.— plans, and economic plans, why she herself has not resigned. tomorrow i think we are — herself has not resigned. tomorrow i think we are having, _ herself has not resigned. tomorrow i think we are having, later _ herself has not resigned. tomorrow i think we are having, later in - herself has not resigned. tomorrow i think we are having, later in the - think we are having, later in the week we are having, prime minister's questions, and members have an opportunity every week to put questions to the prime minister. thank you, mr speaker to stop the pound has fallen off a cliff, interest rates soaring, inflation rocketing and pensions have been on the verge of collapse. we have a new chancellor who is the de facto prime minister and a prime minister who has been reduced to a spectator as her own mps plot her removal. the honourable lady today, there leader of the house, has defended the prime minister today, of the house, has defended the prime ministertoday, but of the house, has defended the prime minister today, but can i ask, does she think if she had won the leadership contest she would have been a better prime minister? i

support their prime minister. the prime minister has shown great courage and duty over the last few days, and she has my admiration and respect for that. the honourable lady has various criticisms of her. i would stand our prime minister against her first minister any day of the week. against her first minister any day of the week-— against her first minister any day of the week. local public services in warrington _ of the week. local public services in warrington have _ of the week. local public services in warrington have been - of the week. local public services in warrington have been slashed | of the week. local public services i in warrington have been slashed to pieces over the last 12 years and we are finding it increasingly difficult to meet the demand for basic statutory services, let alone before inflation started rocketing, pushing cost of delivery up. any more cuts will mean collapse. the prime minister spent last week promising no cuts to public spending and boasting about her two—year energy price freeze. so does she have anything at all on economic

policy? have anything at all on economic oli ? i, , , have anything at all on economic ioli ? i, , , ., have anything at all on economic oli ? i, ,, i, i, , i, policy? -- does she have anything at all. the honourable _ all. the honourable lady can or touch questions to the chancellor shortly, but i would point out clearly organisations are facing rising costs and that is in part why we have acted so swiftly and even today we will be putting through legislation to help with the business and cost of living. thank ou, mr business and cost of living. thank you, mr speaker. _ business and cost of living. thank you, mr speaker. the _ business and cost of living. thank you, mr speaker. the prime - business and cost of living. tiag�*iaz you, mr speaker. the prime minister has been in office for six weeks but, notoriously, even with the rigours of the budget, has yet to find time to call the first minister of scotland or the first minister of wales. does the leader of the house think the prime minister will remain in office long enough to be able to do so? i in office long enough to be able to do so? ~' i, in office long enough to be able to do so? ~ i, i, do so? i know that the prime minister takes _ do so? i know that the prime minister takes her _ minister takes her responsibilities... i know that the prime minister takes her responsibilities to work

constructively with other administrative and she will always do that. i, ~ administrative and she will always do that. i, ,, , i, administrative and she will always do that. i, ~' , i, ~ administrative and she will always do that. i, ,, ~ i,~ administrative and she will always dothat. i, ~ �* do that. thank you, mr speaker. i'm sure the markets _ do that. thank you, mr speaker. i'm sure the markets will— do that. thank you, mr speaker. i'm sure the markets will be _ do that. thank you, mr speaker. i'm sure the markets will be reassured l sure the markets will be reassured to see the prime minister is not hiding under a desk but is here in the house today. she still has until ten o'clock tonight to answer questions and will be asked if she can reassure the markets with some stability was a but i have a question for the leader of the house. i will be in prime minister's questions on wednesday and can she guarantee the current prime minister will be answering them? yes! throwin: will be answering them? yes! throwing your— will be answering them? yes! throwing your chancellor - will be answering them? yes! throwing your chancellor under a bus in order to save your skin is not a tough decision. tough decisions are when you make them then come along and show true leadership and asked people to come with you by inspiring them. this prime minister has done none of that. so why should we follow her when she has shown no leadership whatsoever but has hidden away? i leadership whatsoever but has hidden awa ? ~' , i, leadership whatsoever but has hidden awa ? ~' i, leadership whatsoever but has hidden awa? ~' i, i, , away? i think if you spoke to any member of— away? i think if you spoke to any member of the _ away? i think if you spoke to any member of the ukrainian -

away? i think if you spoke to any - member of the ukrainian parliament they would tell you that our prime minister has shown leadership. thank ou, mr minister has shown leadership. thank you. mr speaker- _ minister has shown leadership. thank you, mr speaker. urgent _ minister has shown leadership. tiag�*iaz you, mr speaker. urgent business, we are told by the leader, prevented the prime minster from are told by the leader, prevented the prime minsterfrom coming to the house. what on earth could have been more urgent than coming to atone for the economic chaos she has wrought on pension holders and mortgage payers across these islands and especially in scotland where the party opposite enjoy no mandate whatsoever? the prime minister thanked herformer whatsoever? the prime minister thanked her former chancellor for the excellent work he had done. can the excellent work he had done. can the leader of the house explain, i may now the prime minister has turned up she can, can the leader of the house explain, thanks for what? the honourable gentleman will know that the prime minister has prime minister's questions every single week. you can put questions to her there. there was a very good reason, as i have repeatedly explained to the house, why she couldn't be here, and you will notice she is location now. i will start listening to the honourable gentleman on democratic

mandates when he honours the results of the scottish referendum. i mandates when he honours the results of the scottish referendum.— of the scottish referendum. i thank the leader of the scottish referendum. i thank the leader of _ of the scottish referendum. i thank the leader of the _ of the scottish referendum. i thank the leader of the house _ of the scottish referendum. i thank the leader of the house for - of the scottish referendum. i thank the leader of the house for her - the leader of the house for her answers but i am not in the business of point—scoring. does the leader of the house not agree that the face behind the budget is much less important than what the budget outlines? is there confidence that the chancellor can help business, help people stay in work, ensure funding is available for the nhs and that government departments cannot take further austerity, so great britain and northern ireland, they can truly be better together? the honourable gentleman is held in great affection by all members of this house and is often the finale at such pmqs because he is full of common sense, and i think what he saysis common sense, and i think what he says is absolutely right. i hope now we will be able to hear from the chancellor very shortly. point of order... is it relevant to

the questions? _ point of order... is it relevant to the questions? order. _ point of order... is it relevant to the questions? order. order. if| point of order... is it relevant to i the questions? order. order. if it's relevant— the questions? order. order. if it's relevant to— the questions? order. order. if it's relevant to this, i will take the point — relevant to this, i will take the point of— relevant to this, i will take the point of order. i�*m relevant to this, i will take the point of order.— relevant to this, i will take the point of order. relevant to this, i will take the oint of order. �* i, i, point of order. i'm grateful, on the oint of point of order. i'm grateful, on the point of order _ point of order. i'm grateful, on the point of order you _ point of order. i'm grateful, on the point of order you will _ point of order. i'm grateful, on the point of order you will know - point of order. i'm grateful, on the point of order you will know that i point of order you will know that we've _ point of order you will know that we've been— point of order you will know that we've been talking _ point of order you will know that we've been talking to _ point of order you will know that we've been talking to questionsl point of order you will know that i we've been talking to questions that were meant— we've been talking to questions that were meant to — we've been talking to questions that were meant to be _ we've been talking to questions that were meant to be directed _ we've been talking to questions that were meant to be directed to - we've been talking to questions that were meant to be directed to the i were meant to be directed to the prime _ were meant to be directed to the prime minister— were meant to be directed to the prime minister in _ were meant to be directed to the prime minister in the _ were meant to be directed to the prime minister in the last- were meant to be directed to the prime minister in the last hour. i were meant to be directed to the i prime minister in the last hour. the leader— prime minister in the last hour. the leader of— prime minister in the last hour. the leader of the — prime minister in the last hour. the leader of the house _ prime minister in the last hour. the leader of the house had _ prime minister in the last hour. the leader of the house had repeatedly there were — leader of the house had repeatedly there were reasons _ leader of the house had repeatedly there were reasons why _ leader of the house had repeatedly there were reasons why the - leader of the house had repeatedly there were reasons why the prime i there were reasons why the prime minister— there were reasons why the prime minister couldn't— there were reasons why the prime minister couldn't be _ there were reasons why the prime minister couldn't be here. - there were reasons why the prime minister couldn't be here. if- there were reasons why the prime minister couldn't be here. if there| minister couldn't be here. if there were _ minister couldn't be here. if there were legitimate _ minister couldn't be here. if there were legitimate reasons, - minister couldn't be here. if there were legitimate reasons, i'm i minister couldn't be here. if there were legitimate reasons, i'm sure every— were legitimate reasons, i'm sure every single — were legitimate reasons, i'm sure every single member— were legitimate reasons, i'm sure every single member of _ were legitimate reasons, i'm sure every single member of this - were legitimate reasons, i'm surei every single member of this house would _ every single member of this house would want — every single member of this house would want to _ every single member of this house would want to hear— every single member of this house would want to hear them. - every single member of this house would want to hear them. now- every single member of this house i would want to hear them. now that the prime _ would want to hear them. now that the prime minister— would want to hear them. now that the prime minister has _ would want to hear them. now that the prime minister has arrived, i would want to hear them. now that| the prime minister has arrived, with this not— the prime minister has arrived, with this not be — the prime minister has arrived, with this not be a — the prime minister has arrived, with this not be a perfect— the prime minister has arrived, with this not be a perfect opportunity- this not be a perfect opportunity for her_ this not be a perfect opportunity for her to— this not be a perfect opportunity for her to be _ this not be a perfect opportunity for her to be able _ this not be a perfect opportunity for her to be able to _ this not be a perfect opportunity for her to be able to explain i this not be a perfect opportunityj for her to be able to explain why she was— for her to be able to explain why she was not— for her to be able to explain why she was not able _ for her to be able to explain why she was not able to _ for her to be able to explain why she was not able to be - for her to be able to explain why she was not able to be had? i for her to be able to explain why she was not able to be had? order. just to say. — she was not able to be had? order. just to say. let's — she was not able to be had? order. just to say, let's put _ she was not able to be had? order. just to say, let's put this _ she was not able to be had? order. just to say, let's put this to - she was not able to be had? order. just to say, let's put this to bed. i just to say, let's put this to bed. it's just to say, let's put this to bed. it's not _ just to say, let's put this to bed. it's not for— just to say, let's put this to bed. it's not for me, it's for the government to put forward the ministers — government to put forward the ministers to respond to urgent questions _ ministers to respond to urgent questions once granted and it's not a matter— questions once granted and it's not a matter for— questions once granted and it's not a matter for the chair. the honourable members but the point on the record _ honourable members but the point on the record and i know the prime minister— the record and i know the prime minister is — the record and i know the prime minister is now in her place but we now come. — minister is now in her place but we now come, before i call the chancellor to make his statement...

just get _ chancellor to make his statement... just get up _ chancellor to make his statement... just get up and tell us, come on! mr bradshaw, i expect better. i expected to be silent whilst i read this outcome is very important. before — this outcome is very important. before i— this outcome is very important. before i call the chancellor to a statement... yes? ithink before i call the chancellor to a statement... yes? i think so, before i call the chancellor to a statement... yes? ithink so, it's few times — statement... yes? ithink so, it's few times today. that is a third apology. — few times today. that is a third apology. i_ few times today. that is a third apology, i don't want any more. before _ apology, i don't want any more. before i— apology, i don't want any more. before i call the chancellor to make a statement, i would like to point out their— a statement, i would like to point out their british sign language interpretation of proceedings is available on parliament tv. i now call the _ available on parliament tv. i now call the chancellor of exchequer. chancellor. mr speaker, the central responsibility of any government is to do what is necessary for economic stability. behind the decisions we take and the issues on which we vote, jobs and families depend on, mortgages have to be paid, savings for pensioners and businesses investing for the future. we are a

country that funds our premises and pays our debts and when that is questioned, as it has been, this government will take the difficult decisions necessary to ensure there is trust and confidence in our national finances. is trust and confidence in our nationalfinances. that is trust and confidence in our national finances. that means decisions of eye watering difficulty. but i give the house and the public this assurance. every single one of those decisions, whether reductions in spending or increases in tax, will be shaped through core compassionate, conservative values that... that will prioritise the needs of the most vulnerable. that is why i pay tribute to my predecessors for the energy price guarantee, for the furlough scheme and for earlier decisions to protect the nhs budget in a period when other budgets were being cut. but, mr speaker, iwant

to be completely frank about the scale of the economic challenge we face. we have had short—term difficulties... we have had short—term difficulties caused by the lack of an obr forecast alongside the mini—budget but there are also inflationary and interest pressures around the world. russia' and forgivable invasion of ukraine has caused energy and food prices to spike. we cannot control what is happening in the rest of the world but when the interest of economic stability means the government needs to change course, we will do so and thatis to change course, we will do so and that is what i have come to the house to announce today. in my first few days in the job, i have held extensive discussions with the prime minister, cabinet colleagues, the governor of the bank of england, the obr, the head of the debt managing office. the conclusion i have drawn from those conversations is that we need to do more, more quickly, to give

certainty to the markets about our fiscal plans, and show through action and notjust words that the united kingdom can and always will pay our way in the world. we have therefore decided to make further changes to the mini—budget immediately, rather than waiting until the medium term fiscal planning two weeks' time, in order to reduce unhelpful speculation about those plans. mr speaker, and very grateful for your agreement on the need to give the markets in early brief summary this morning, but i welcome the opportunity to give this house details of those decisions now. we have decided on the following changes to support confidence and stability: firstly, the prime minister and i agreed yesterday to reverse almost all the tax measures announced in the growth plan three weeks ago that have not been legislated for in parliament. so we will continue with the abolition of the health and social care levy,

changes to stamp duty, the increase in the annual investment allowance to £1 million in the wider reforms to £1 million in the wider reforms to investment taxes. but we will no longer be proceeding with the cuts to dividend tax rates, saving around a year, reversal of the off payroll working reforms introduced in 2017 and 2021, saving around £2 billion a year. the new vat free shopping scheme, saving a further £2 billion a year or the freeze on alcohol duty rates, saving around £600 million a year. i will provide further details on how those rates will be operated... on how those rates will be operated. . ._ on how those rates will be operated... on how those rates will be oerated... �*, , operated... order, let's sort this telephone _ operated... order, let's sort this telephone out. _ operated... order, let's sort this telephone out. have _ operated... order, let's sort this telephone out. have you - operated... order, let's sort thisl telephone out. have you switched operated... order, let's sort this i telephone out. have you switched it off now? _ telephone out. have you switched it off now? it — telephone out. have you switched it off now? it switched off. carry telephone out. have you switched it off now? it switched off.— off now? it switched off. carry on, chancellor- _ chancellor. i will provide further details on how alcohol duty rates will be upgraded shortly. second, the government is currently committed to cutting the basic rate of income tax

in april 2023. it is a deeply held conservative value, a value that i share, that people should keep more of the money they earn, which is why we have continued with the abolition of the health and social care levy. but at a time when markets are asking serious questions about our commitment to sound public finances, we cannot afford a permanent discretionary increase in borrowing worth £6 billion a year. so i have decided that the basic rate of income tax will remain at 20% and it will do so indefinitely, until economic circumstances allow for it to be cut. taken together with the decision not to cut corporation tax and restoring the top rate of income tax, the measures i have announced today will raise around £32 billion every year. the third step i am taking today is to review the energy price guarantee. that was the biggest single expense in the growth plan and one of the most generous schemes

in the world. it is a landmark policy for which i pay tribute to my predecessor, my right honourable friend from spelthorne. it will support millions of people through a difficult winter, reducing inflation by up to 5%. so i confirm today that they support we are providing between now and april next year will not change. but beyond next april, the prime minister and i have reluctantly agreed it would not be responsible to continue exposing the public finances to unlimited volatility in international gas prices. so i am announcing today a treasury led review into how we support energy bills beyond april next year. the review�*s objectivist is design a new approach that will cost the taxpayer significantly less then planned whilst ensuring an app support for those in need. any support for those in need. any support for those in need. any support for businesses will be targeted to those most affected and a new approach will better

incentivise energy efficiency. there remain, i'm afraid, many difficult decisions to be announced in the medium—term fiscal plan on october 31. when i confirm that we will publish a credible, transparent plan to get debt falling over the medium term, based on thejudgment to get debt falling over the medium term, based on the judgment and economic forecasts of the independent office for budget responsibility. i would like to thank the obr, whose director richard hughes i met this morning, and the bank of england, whose governor andrew bailey i have met twice. ifully support governor andrew bailey i have met twice. i fully support the vital independent role both institutions play, which give markets, the public and the world confidence that our economic plans are credible and rightly hold us to account for delivering them. but i also want more independent expert advice as i start myjourney as chancellor. so i'm announcing today the formation of a new economic advisory council

to do just that. this council will advise the government on economic policy... with four names announced today. rupert harrison, former chief of staff to the chancellor of the exchequer. the memberfrom capital and karen ward ofjpmorgan. mr speaker... mr speaker... we remain completely committed to our mission to go for growth but growth requires confidence and stability, which is why we are taking many difficult decisions, starting today. but whilst we do need realism about the challenges ahead. we must never fall into the trap of pessimism, despite all the adversity and challenge we face there is enormous potential in this country with some of the most

talented people, three of the world's top ten universities, the most tech unicorns in europe, one of the well�*s great financial centres, incredible strength and the creative industries, in science, research, engineering, manufacturing and innovation, and all of that gives me genuine optimism about the long—term prospects for growth. but to achieve that, it is vital we act now to create the stability on which future generations can build. the reason the united kingdom has always succeeded is because at big and difficult moments, we have taken tough decisions in the long—term interests of the country and in a way that is consistent with compassionate conservative values, thatis compassionate conservative values, that is what we will do now and i commend this statement to the house. i now call the shadow chancellor, rachel reeves.—

rachel reeves. thank you, mr seaker. rachel reeves. thank you, mr speaker- as — rachel reeves. thank you, mr speaker- as i _ rachel reeves. thank you, mr speaker. as i regularly - rachel reeves. thank you, mr speaker. as i regularly say i rachel reeves. thank you, mr i speaker. as i regularly say now, i welcome the new chancellor to his place. they forth in four months of chaos fiasco as this conservative government spirals down the political plughole. but the damage has been done. this is a tory crisis, made in street, where ordinary working people are paying the price. all that is left after the price. all that is left after the humiliating u—turn is, are higher mortgages for working people and higher bonuses for bankers. and their climb down on energy support begs the question yet again, why won't they extend the windfall tax on energy producers to help foot the bill? now it is good to finally see the prime minister in her place. i'm not, as the leader of the has had to assure as earlier, under a desk. but what is she left with? no authority, no credibility, no plan for growth and it is clear to see the people

who caused the chaos cannot be the people to fix the chaos. they are out of ideas, out of touch and out of time. now, the prime minister should have spoken to the house today, but we know that she cannot do that with a shred of credibility, given that the survival of this government now depends on smashing to smithereens everything that she stands for. and now she's attempting to reverse everything that she campaigned on. it's notjust impossible, it is absurd. the prime minister is barely in office and she is certainly not in power. only five days ago, the prime minister said at prime minister's questions that they would be, and i quote, absolutely no public spending reductions. but after what we have heard from the chancellor today, every single public service is again at risk from the conservatives. from our nhs nurses to our schools and service men and women, with the country paying the price for their

incompetence. the prime minister said that she had an energy package for two years. now that's been withdrawn, on the very day it is supposed to be legislated for the stop the prime minister insisted that her conservative mini—budget would lead the country to the promised land. instead it has led to the highest mortgages in 15 years and emergency interventions by the bank of england to protect pensions. then on friday, the unedifying spectacle of a chancellor being dragged back from the imf before he could do any more damage to our economy. so she has turned to a new chancellor, who finished eighth out of eight in the tory leadership contest. the tories have run out of credibility and now they are running out of chancellors. the latest office has been in the cabinet for nine of the last 12 years, at the centre of a government responsible for low growth and weakened public services and responsible for helping

run the nhs into the ground. he was a big part of austerity season one and now he says the cure is austerity season two. and what was the chancellor's flagship policy in his own short lived leadership contest estimate to reduce corporation tax in a totally unfunded manner, not from 25% to 19. the right honourable gentleman called for it to be lowered to 15% with not a single explanation for how it was to be paid for. the truth is, had he won the contest and prevented these policies we would be in an even worse place and we are now. there is no mandate, there is now. there is no mandate, there is no authority for any of this. the conservatives have put a lasting premium on people's mortgages, uncosted borrowing has sent interest rates spiralling for millions of peoples mortgage deals will be coming to an end in the next few months, leaving many families forking out £500 or more a month. people will be paying a tory mortgage premium for years to come,

so how does the chancellor think ordinary people can possibly afford any more of this conservative government? we have heard no answers today. now, the chancellor had said that growth requires confidence and stability. i agree, that growth requires confidence and stability. iagree, but that growth requires confidence and stability. i agree, but where does he think the lack of confidence and the lack of stability has come from? it didn't come from the sky, mr speaker. it came from the mini—budget three weeks ago. and what does it say about our country, that we are watching borrowing costs hour by hour estimate that is not the sign of a strong g7 economy, it is the exact upsets of the businesses are now saying that things are so unstable that they are pausing investment here in britain. the former deputy governor of the bank of england has outlined the extraordinary damage that the conservatives have done to our standing. in his words, we've moved from being not too dissimilar to the us and germany to looking more like

italy and greece. what a mess! and where is the office for budget responsibility forecast better as this government were nothing? does the chancellor really expect the country to take everything from him at face value? last week, the business secretary was busy undermining the office for budget responsibility. today, we have received another massive fiscal statement with no forecast. what has this government got to hide? they should publish the numbers so that we know the true state of the public finances after a0 days of this prime minister and after 12 years of conservative government. the chancellor has scaled back energy help for pensioners... why would you bring in a proper windfall tax for energy to help foot the bill to consumers? when will the current chancellor publish infilled the government because my estimate of windfall profits of the energy giants over the next two years? that

might government's estimate. nobody was talking about spending cuts until the tories crashed the economy with their mini budget so i asked the chancellor, why should the british people pay the economic price for the tory mistakes and what cuts does the government plan to make? we believe the government must honour commitments to operate benefits and pensions in line with inflation. when the chancellor make it clear today that is what he intends to do? and what a contrast that cuts to benefits are still on the table but the one thing the chancellor couldn't bring himself to reverse today was lifting the cap on bankers' bonuses. why is this the last policy standing in this disastrous mini budget? and let me come to credibility. does the chancellor accept that 1's credibility and trust have been destroyed it cannot be simply regained by a series of zigzagging, chaotic u—turns? will he and the prime minister apologise for the costs and anxiety is laid on families? can he admit once and for all that the market turmoil we are

in was directly caused by the disastrous decisions of his predecessor and of the prime minister? can you guarantee the bank of england won't have to intervene again to save the government and what guarantee can you give to people about their pensions, about their mortgages and their household bills? the chancellor said today that everything is now on the table, but is that really the case? we know that abolishing the non—dom tax status will raise £3 billion a year yet there was no mention of that today. how can it be right that some of the richest individuals in society are allowed to buy their way out of paying tax that should be paid here in britain? this would not be an eye watering the difficult decision, mr speaker, so why doesn't the governmentjust do it? there is lasting damage which these policy u—turns won't change. they have set fire to everything. now they insist it is all fine. the truth is, mr

speaker, an arsonist is still an arsonist even if he runs back into a burning building with a bucket of water. because they can't be trusted. the tories are clinging on for themselves regardless of the cost to the country. trickle down economics will always fail. what drives forward our economy and the talents and efforts of millions of working people and thousands of ordinary businesses. the government because my economic credibility has been destroyed. they have harmed our economic institutions. people are paying higher mortgages and the same set of people doing u—turns is not going to fix it. the only way to change this is a real change in governance. shouting i thank the honourable lady for a questions and i'm sorry that given the speed at which things moved at the speed at which things moved at the weekend i haven't had time to sit down with her one to would normally be the practice before the parliamentary exchanges. now, i

understand the role of opposition parties play. i have stood up that dispatch box myself. but behind the rhetoric, and i was listening very carefully, i don't think she disagreed with a single one of the decisions i announced to parliament. and that is important for the country and markets to know. and i think there is also agreement on the process of policy—making. i support independence of the bank of england introduced by gordon brown and i know she supports the independence of the obr set setup by george osborne. the whole government supports the independence of those two imported institutions. ifully accept, and i don't think i could have been more clear that my important institutions. that we have had to change some decisions made in the last few weeks, but what i reject wholeheartedly is the broader

narrative about conservative economic management. let me remind her that the uk pours my unemployment rate is the lowest since 197a —— the uk pours my employment rate. northern france, canada, belgium, sweden, spain and the netherlands, and massively lower than 2010. let me remind her that since 2010! were growth rate has been the third—highest in the g7. she may not want to hear this but these are the economic facts. i were growth rate since this party came into power has been higher than germany, france, italy, japan, and fasterthan germany, france, italy, japan, and faster than any g7 country this year. looking to have the largest technology sector in europe, more foreign direct investments than anywhere in europe bar one country. that is a legacy to be proud of. now, i was listening carefully for some questions about the measures that i announced but she didn't ask any and i think she agreed with

them. but i will pick her up on one point. she talked about the nhs. let me tell her... maybe they don't want to listen about the nhs. she talked about the nhs. because of the global financial crisis that happened on her party's watch, the nhs went through one of its most difficult periods ever and this party protected the nhs budget. then in 2017 we were able to give it its biggest ever single increase in funding because of the difficult decisions we took and that party opposed. so, mr speaker, in conclusion, we inherited the financial crisis, dealt with the global pandemic, we have led the world in support of ukraine, possible because of difficult decisions taken over the last 12 years, each and every one opposed by

the party opposite. so she is preaching today the need for fiscal credibility, which i warmly welcome, can ijust tell her this? the true test will be in two weeks' time to see whether she supports public spending restraint. i have shown conservatives can raise taxes. will she show labour are willing to restrain spending?— she show labour are willing to restrain spending? thank you, mr seaker. i restrain spending? thank you, mr speaker. i welcome _ restrain spending? thank you, mr speaker. i welcome my _ restrain spending? thank you, mr speaker. i welcome my right i speaker. i welcome my right honourable friend's statement. it was both frank and bold and it appears in the very short term at least to have steadied the markets. one point my right honourable friend raised at the dispatch box, though, was absent from his statement earlier today, was absent from his statement earliertoday, his was absent from his statement earlier today, his renewed commitment to our financial institutions, particularly the bank of england and the office for budget responsibility. he has also now brought forward the economic

advisory council. a number of members of which have appeared before the treasury select committee and i think he has chosen well, but could he reassure the house that in no way the economic advisory council will in any conflict with the bank of england or the office for budget responsibility and all other institutions, and it will be there to complement and not work against any of those institutions? flan to complement and not work against any of those institutions? can i thank the _ any of those institutions? can i thank the honourable - any of those institutions? can i thank the honourable gentleman who has spoken very wisely in recent weeks about the difficult issues we face? i can absolutely give him that assurance. i want, face? i can absolutely give him that assurance. iwant, to face? i can absolutely give him that assurance. i want, to be frank, to make sure i am getting advice from fantastic institutions like the treasury, the bank of england and the office for budget responsibility, but also advice that is independent of those institutions because that is the way we will get the best result. rupert harrison in particular has enormous experience of running the treasury under george osborne over many years. i think he will make a very important

contribution, as will his colleagues on the council, and with respect to the markets he is absolutely right to be cautious about what happens. they go up as well as they go down and no government can control or should seek to control the markets. what we can do is that things within our power, and that is a commitment, a very firm and clear commitment, to fiscal responsibility.— fiscal responsibility. thank you, mr seaker. i fiscal responsibility. thank you, mr speaker- i see _ fiscal responsibility. thank you, mr speaker. i see the _ fiscal responsibility. thank you, mr speaker. i see the prime _ fiscal responsibility. thank you, mr speaker. i see the prime minister. speaker. i see the prime minister has been urgently running off to something else rather than staying to listen. mr speaker, when the previous chancellor came to give his mini budget three long weeks ago i called it economic chaos. what an understatement that turned out to be. i'm not sure what's have yet been invented to describe the scale of the unmitigated disaster which the prime minister and her chancellors have created in the past

2a days. we are back where we started, significantly worse off due to tory incompetence, and isn't it just as well that in scotland the scottish government didn't take the advice of tory mps to copy and paste before the front bench here deletes all? and people will be paying the price for this for many years to come through higher interest and borrowing rates. will he apologise for this increased cost his colleagues have inflicted upon people? he has not been clear at all. will he confirm the status of the bankers' bonus cap? has it been scrapped or has it not been scrapped? there is little by way of detail from the current chancellor on doubling down on austerity and what that will mean for people but the institute for government and set fire has been clear there is no fat left to cut after a lost decade for public services under the tories. where does the current chancellor expect to make these cuts, these efficiency savings. we know what he means when he says it. we already know the terrible price of asperity

because glasgow centre for population health have attributed 330,000 excess deaths to tory austerity policies, and unacceptable human cost. again and again the tories bring forward harmful policies they never feel the consequence of. we no guarantees mean nothing under the tories either. the so—called energy price guarantee turns out to be worth six months, not to act years, a cliff edge coming next april. national energy action said many vulnerable people were holding on by their fingertips. government must be very, very careful it doesn't prise them away. can you tell? what will happen for his woods in april? the scale of increase make almost everybody vulnerable except perhaps his banker pals. what will happen to the most vulnerable when inflation soars as a result with the return of spiralling energy costs? the previous chancellor never got around to telling me what would happen to business energy costs at the end of their six—month reprieve so can the current chancellor tell me what

support businesses seeing impossibly expensive contracts as we speak can expect? and will this current chancellor, as the former farmer and former chancellor did, commit to operating benefits with the rate of inflation? answers but i am not in the business of point-scoring. doe- of point-scoring. does prospective set out today- _ of point-scoring. does prospective set out today. and _ of point-scoring. does prospective set out today. and moving - of point-scoring. does prospective | set out today. and moving towards the vision for a fairer, greener more prosperous scotland back in the

heart of europe where it belongs. mr speaker, it is a pleasure to exchange comments with the honourable lady. i look forward to working with her closely in the months ahead. i would remind working with her closely in the months ahead. iwould remind her that this conservative government is spending £37 billion this year to support people across the united kingdom with cost of living concerns. that is possible because of difficult economic decisions that the snp have opposed that nearly every stage, and that includes large support for businesses, up and down the country. but the main thing i would say to her, very gently, is that you cannot claim to be concerned about the economic turmoil over the last few weeks, when the central policy of the snp, independence, would leave turmoil for scotland notjust for independence, would leave turmoil for scotland not just for a independence, would leave turmoil for scotland notjust for a few weeks, but for many, many years to come. a new currency, somehow

finding a way to trade with the uk