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 internal market and also the european single market, border checks between england and scotland, as announced today by the first minister. massive gap in public finances that would have to be breached. that is a recipe for precisely the austerity she say she is worried about. let me say this. if we want economic stability, if scotland wants economic stability, to coin a phrase, we are stronger together. what will the impact of these measures be on the growth rate, and will we still avoid recession? i will we still avoid recession? i will publish the economic forecast from the obr when i make my statement in a fortnight�*s time. i think it's betterfor statement in a fortnight�*s time. i think it's better for me to wait until i hear that. but the proper answer to his question is that what

we are seeking is long—term, sustainable increase in the economic growth rates, and that is a central policy of the prime minister which has my wholehearted support. i think the country is feeling a sense of relief that trickle down economics has been so quickly abandoned. but there was one element in the mini budget which the new chancellor did not address. that was theissue chancellor did not address. that was the issue of investment zones. we have great evidence, all over the place, about how that, as a mechanism for encouraging growth, jobs and prosperity, has failed, from the thatcher years onwards. all that happens is they are incredibly expensive, we lose income from them, they only lead to the transfer of jobs from one poor area to the other and they are a massive opportunity for every kleptocratic, oligarch and criminal to launder money into the uk. will the chancellor abandon the

policy too? i uk. will the chancellor abandon the oli too? ., ~' uk. will the chancellor abandon the oli too? ., ~ ., policy too? i would like to say i have a great — policy too? i would like to say i have a great deal— policy too? i would like to say i have a great deal of— policy too? i would like to say i have a great deal of respect . policy too? i would like to say i i have a great deal of respect for policy too? i would like to say i - have a great deal of respect for the campaign in the right honourable lady has done over many years, against people illicitly hiding wealth and not paying their share of tax. i do totally support the benefits that investment zones can bring, but we will implement the policy in a way that it learns the lessons of when models that are similar have been tried in the past, and we will make sure they are successful. and we will make sure they are successful-— and we will make sure they are successful. ., ~ , ., , . ~ successful. thank you very much, mr seaker. successful. thank you very much, mr speaker- mr — successful. thank you very much, mr speaker. mr speaker, _ successful. thank you very much, mr speaker. mr speaker, i— successful. thank you very much, mr speaker. mr speaker, i welcome - successful. thank you very much, mr speaker. mr speaker, i welcome the | speaker. mr speaker, i welcome the return of an ironclad fiscal responsibility, albeit within the most velvet gloves. for there can be no growth without economic credibility. but will he answer this question? when he brings forward the forecast in a fortnight, made independently by the office for budget responsibility, will he guarantee now that they will show

debt falling as a proportion of our income, and show that once we have the finances fully under control, we will not be borrowing for day—to—day spending, because you cannot put the nation's spending on the never—never. nation's spending on the never-never.— nation's spending on the l never-never._ mr nation's spending on the _ never-never._ mr speaker, never-never. yes, yes. mr speaker, --eole never-never. yes, yes. mr speaker, people are _ never-never. yes, yes. mr speaker, people are already _ never-never. yes, yes. mr speaker, people are already suffering - never-never. yes, yes. mr speaker, people are already suffering from i people are already suffering from the damage caused by this governmenteconomic mistakes. hundreds of pounds added to mortgage bills, pushing millions of families to the brink, top of higherfood prices, higherfuel costs to the brink, top of higherfood prices, higher fuel costs and to the brink, top of higherfood prices, higherfuel costs and higher energy bills. but, despite that, the chancellor refuses to undo one of the government's biggest injustices. its failure to impose a proper windfall tax on the record profits of the oil and gas companies, earned only because putin is killing innocent ukrainians. after so many u—turns, surely the chancellor can persuade the prime minister to do one more? will he introduce a proper

windfall tax, and help struggling families? let windfall tax, and help struggling families? let me tell the right honourable — families? let me tell the right honourable gentleman, - families? let me tell the right honourable gentleman, i - families? let me tell the right honourable gentleman, i am l families? let me tell the right l honourable gentleman, i am not against the principle of taxing profits that are genuine windfalls. but, as he will know very well, in the energy industry it is a very cyclical industry and there are businesses that have periods of feast and famine. you have to be very careful that you don't tax companies in a way that drives away investment. we have said nothing is off the table. investment. we have said nothing is off the table-— off the table. thank you, mr speaker- — off the table. thank you, mr speaker- i — off the table. thank you, mr speaker. i want _ off the table. thank you, mr speaker. i want to _ off the table. thank you, mr i speaker. i want to congratulate off the table. thank you, mr - speaker. i want to congratulate my right honourable friend on his statement today, which is both wise and necessary. there will be a great relief across the house that the markets have responded positively to my right honourable friend's statement, not least thanks to his economic leadership and political skill. in the run—up to the 31st of october, will he reassure us in the

markets that the treasury and the obr, and the independent bank of england will be working closely together and in total lockstep? i absolutely want to give him that reassurance, and wanted to thank him, somebody who has enormous experience of the city, for the advice he gave me over the weekend. i think one of the best things about the economic structures we have is the economic structures we have is the interaction between institutions which have independence and are able to give independent advice, and treasury and the government. and it has helped create stability. and i hope what i have said today will bolster that further.— bolster that further. thank you, mr seaker. bolster that further. thank you, mr speaker- can _ bolster that further. thank you, mr speaker- can i _ bolster that further. thank you, mr speaker. can i congratulate - bolster that further. thank you, mr speaker. can i congratulate the - speaker. can i congratulate the chancellor and his appointment? i hope it lasts longer than his predecessors. 5 million people will see their mortgages go up, and the mini budget fiasco means on average £500 more in payment, and in london

nearly 900. canada chancellor assure us that he is going to look at how he can take that additional prime minister's premium off people's bills and take action to protect them in these difficult times? if he can't, can they send the bill to him? ,., , can't, can they send the bill to him? _ ., can't, can they send the bill to him? ., ., ., ., , him? let me say to the honourable lad that him? let me say to the honourable lady that we _ him? let me say to the honourable lady that we have _ him? let me say to the honourable lady that we have an _ him? let me say to the honourable lady that we have an absolute - lady that we have an absolute responsibility as a government to do everything we can to hold increases in mortgage rates down as much as is possible, insofaras in mortgage rates down as much as is possible, insofar as the government has an influence on them through its own actions. that is why i have taken, i think, own actions. that is why i have taken, ithink, very own actions. that is why i have taken, i think, very strong and quick steps to demonstrate this government's commitment to fiscal balance. but we are in a world in which, unfortunately, interest rates are going up everywhere, and everyone is having to deal with increases in mortgage rates. and we are thinking about the challenge for

people who have those mortgages. what i want to make sure that does not happen as a result of actions by this government. can not happen as a result of actions by this government.— this government. can i welcome all ofthe this government. can i welcome all of the measures _ this government. can i welcome all of the measures in _ this government. can i welcome all of the measures in his _ this government. can i welcome all of the measures in his statement . of the measures in his statement today? i think it is absolutely right that people look for better value for the taxpayer through spending restraints. can he confirm any cuts to spending will not impact on capital expenditure, infrastructure expenditure, particularly across the north, and that it will fully deliver on projects that we have already committed to, such as northern powerhouse rail. this committed to, such as northern powerhouse rail.— committed to, such as northern powerhouse rail. as my honourable friend will no, _ powerhouse rail. as my honourable friend will no, sorry, _ powerhouse rail. as my honourable friend will no, sorry, my _ powerhouse rail. as my honourable friend will no, sorry, my voice - powerhouse rail. as my honourable friend will no, sorry, my voice is - powerhouse rail. as my honourable friend will no, sorry, my voice is a l friend will no, sorry, my voice is a bit croaky at the moment, because i've probably been talking too much of the last few days. but as my honourable friend will know, there are very important projects that we all care about a great deal. given the severity of the situation at the moment, we are not taking anything off the table, whether tax increases or spending reductions.

off the table, whether tax increases orspending reductions. but off the table, whether tax increases or spending reductions. buti off the table, whether tax increases or spending reductions. but i don't believe it is possible to have a long—term, credible, economic growth strategy that does not recognise the vital importance of capital spending. vital importance of capital spending-— vital importance of capital sendina. . ,. . spending. even a screeching u-turn can't repair— spending. even a screeching u-turn can't repair the _ spending. even a screeching u-turn can't repair the damage _ spending. even a screeching u-turn can't repair the damage when - spending. even a screeching u-turn can't repair the damage when we i spending. even a screeching u-turn i can't repair the damage when we have already had the crash. but when the chancellor dismantled trussonomics overnight, why on earth did he decide to carry on boosting banker bonuses in the heart of a cost of living crisis?— living crisis? because the policy didn't work. _ living crisis? because the policy didn't work, and _ living crisis? because the policy didn't work, and we _ living crisis? because the policy didn't work, and we will- living crisis? because the policy didn't work, and we will get - living crisis? because the policy i didn't work, and we will get more tax from rich bankers with the policy we now have. i tax from rich bankers with the policy we now have. i welcome the chancellor's _ policy we now have. i welcome the chancellor's statement. _ policy we now have. i welcome the chancellor's statement. if - policy we now have. i welcome the chancellor's statement. if there i policy we now have. i welcome the | chancellor's statement. if there are further steps that are required, will he do whatever it takes to restore the uk's fiscal credibility? i will.

cani can i welcome the appointment of the chancellor and wish him well in his job? because his success, on his success, depends the success of our constituents. whilst inflation cannot be blamed on the government because it is an international thing, and whilst interest rates are going across the world, the one thing that the chancellor is fully responsible for its today's increase in taxation, which will take money from people at a vital time, not able to pay their bills or their investment plans. i assume he has done some economic modelling on this. what impact does he believe it will have on growth and on the burden of debt in relation to gdp over the next two years? he burden of debt in relation to gdp over the next two years? he asks a very important _ over the next two years? he asks a very important question. _ over the next two years? he asks a very important question. what i over the next two years? he asks a very important question. what has| very important question. what has been announced today is largely the cancellation of plant tax cuts, rather than actual new tax

increases. this has a very important impact, in a positive direction, our nationalfinances. impact, in a positive direction, our national finances. unfortunately, impact, in a positive direction, our nationalfinances. unfortunately, it national finances. unfortunately, it would nationalfinances. unfortunately, it would be the end of the story, if we are going to deliver a credible budget in which we can demonstrate, as my right honourable friend asked earlier, that debt is falling as a percentage of gdp by the end of the period, then we are going to have further difficult decisions ahead. and this government will not shirk from that. ., ~ and this government will not shirk from that. ., ,, , ., ~ and this government will not shirk from that. ., ,, ~ ., ,, and this government will not shirk from that. ., ,, ~ .,~ ~ from that. thank you, mr speaker. a andemic, from that. thank you, mr speaker. a pandemic, followed _ from that. thank you, mr speaker. a pandemic, followed by _ from that. thank you, mr speaker. a pandemic, followed by a _ from that. thank you, mr speaker. a pandemic, followed by a walk. i from that. thank you, mr speaker. a pandemic, followed by a walk. our. pandemic, followed by a walk. our constituents do not expect this time to be easy. but they do expect us to set out the difficult choices, to make the difficult choices, and then set out the path for a better future. can i ask my right honourable friend, particularly considering his experiences of many years, to continue to press ahead with our commitment to reform social care, knowing as he does, that

social care and the nhs go hand in hand and how important they are to our constituents.— our constituents. well, she and i have had very — our constituents. well, she and i have had very many _ our constituents. well, she and i have had very many discussions | our constituents. well, she and i l have had very many discussions on social care over the years, mainly when i've been a backbencher and she has been a minister. it is a sector thatis has been a minister. it is a sector that is in great difficulty at the moment. i'm very aware of those concerns. i'm also very aware of the pressures on the nhs at the moment. i'm not making any commitments as to what exactly we will do. but, as i said earlier, all of these decisions will be taken through the prism of what matters most to the people who need to help the most. the chancellor _ need to help the most. the chancellor has _ need to help the most. the chancellor has put - need to help the most. the chancellor has put a - need to help the most. tue: chancellor has put a brutal need to help the most. tte: chancellor has put a brutal end need to help the most. "tt2 chancellor has put a brutal end to the self—proclaimed new era of trussonomics, with his announcements. he has taken away £32 billion worth of plant tax cuts. according to the institute for

fiscal studies, that still leaves a £30 billion hole in his sums. if rumours are correct, it could be as high as a0 billion, if the obr calculations that i've heard about are correct. that means, surely, doesn't it, mr speaker, austerity 2.0, it is at least the same size as the first level of austerity we had from 2010—15. shirley, mr speaker, the chancellor must know that public services simply can't deal with that level of cuts when they have been so weakened by the first round austerity. weakened by the first round austerity-— weakened by the first round austeri . ., austerity. let me say to the right honourable _ austerity. let me say to the right honourable lady, _ austerity. let me say to the right honourable lady, i— austerity. let me say to the right honourable lady, i was— austerity. let me say to the right honourable lady, i was a - austerity. let me say to the right honourable lady, i was a cabinet| honourable lady, i was a cabinet minister in 2010, when we had very difficult decisions to take in the wake of the financial crisis. my

department's budget was cut by 2a%, and i don't believe we are talking about anything of that scale, and i think it is likely that cash spending will go up. but, that said, i want to be frank with people, we are going to have a very difficult decisions, both on tax and spending, in the next couple of weeks. we will try and take those decisions as compassionately as possible. so, it is going to be tough going forward, but i don't expect it to be on a scale that she suggests. t scale that she suggests. i congratulate the scale that she suggests. t congratulate the chancellor in his soothing and competent tone, and of course we have got to calm the markets. but what is our vision? of course, we accept the shortcomings of the mini budget. but does he accept that we can't just slide into accept that we can't just slide into a sort of second rate economy, go the direction of france, with a bloated public sector, higher taxes,

gross inefficiencies? so by the time of the next election, can we come as a conservative party, promised to get taxation back to at least the level it was when we started this parliament, and get corporation back to one of the most competitive in europe? otherwise, what is the point of the conservative party? here's the problem with all of the noises we are getting from the party opposite. this compassionate conservative government was able to step in with massive help from members of the public, with the furlough scheme, with the energy price guarantee, because we took difficult decisions on the economy in the years that preceded it, each and every one opposed by the party opposite. i say to my right honourable friend that the point of a conservative government is to build a strong economy. that is what

we will do, it is the job... build a strong economy. that is what we will do, it is thejob... it's build a strong economy. that is what we will do, it is the job... it's an important point i wish to make, mr speaker. it is the job of the chancellor notjust speaker. it is the job of the chancellor not just to speaker. it is the job of the chancellor notjust to balance the books, but also to have a vision for economic growth, but i hope i will persuade him into eu it's time that i havejust persuade him into eu it's time that i have just that.— i have just that. does the chancellor _ i have just that. does the chancellor agree - i have just that. does the chancellor agree with i i have just that. does the chancellor agree with the i have just that. does the i chancellor agree with the prime minister who confirmed that the state pension would rise with inflation in april? and if he does agree, can he commit to it today? well, i'm very aware of how many vulnerable pensioners there are, and the importance of the triple lock. as i said earlier, i'm not making any commitments on individual policy areas. at every decision we take will be taken through the prism of what matters most to the most vulnerable. what matters most to the most vulnerable-— what matters most to the most vulnerable. ., ,, , ., , . ~ vulnerable. thank you very much, mr seaker. vulnerable. thank you very much, mr speaker- can — vulnerable. thank you very much, mr speaker- can i _ vulnerable. thank you very much, mr speaker. can i thank _ vulnerable. thank you very much, mr speaker. can i thank the _ vulnerable. thank you very much, mr speaker. can i thank the chancellor l speaker. can i thank the chancellor for his robust defence of conservative economic policy over the last 12 years. more of that,

please. and my in a chartered accountant can't help but welcome the fact that he has reassured me that it the fact that he has reassured me thatitis the fact that he has reassured me that it is the treasury's job, and essential tasks, to make sure the sums add up. can i ask him a little bit about the review of the energy price guarantee? it's right, i think, to focus taxpayer support on those that need it most. what can i draw to his attention that one seventh of the population are not on the gas grid. can he make sure that it works for everyone in the country, howeverthey it works for everyone in the country, however they heat their homes? t country, however they heat their homes? ., ., ~' country, however they heat their homes? ., ., ., ., , ., homes? i look forward to lots of useful advice _ homes? i look forward to lots of useful advice from _ homes? i look forward to lots of useful advice from his _ homes? i look forward to lots of useful advice from his inner i useful advice from his inner accountant over the months and years ahead. i will certainly bear that point in mind. the issue with the revised scheme that we want to announce for the energy price guarantee is i think most people agree with the logic of targeting support where it is needed the most. but we need a scheme that works

practically, and is not particularly easy to design. we will do as much work as a can i denounce what we are going to do as soon as we can. we will certainly bear in mind the points he made. at the backdrop to the statement is not just the chaos at the backdrop to the statement is notjust the chaos of at the backdrop to the statement is not just the chaos of the at the backdrop to the statement is notjust the chaos of the last fortnight, it is the report of three weeks ago that demonstrated as a result of austerity there has been over 300,000 excess deaths. can i ask him, in his preparations for the sist ask him, in his preparations for the 31st of october, that he recognises that unless he increases benefits by at least the rate of inflation, there will be more excess deaths and suffering. he will know, because i have said it many times today, that i am not making firm commitments on any individual elements of tax and spending. but i hope he is reassured that i have been very clear about

the values through which we will take those decisions.— the values through which we will take those decisions. thank you, mr seaker. i take those decisions. thank you, mr speaker. i congratulate _ take those decisions. thank you, mr speaker. i congratulate my- take those decisions. thank you, mr speaker. i congratulate my right i speaker. i congratulate my right honourable friend. he has hit the ground running in hisjob. these are difficult decisions, the correct decisions right now. we all aspire to tax cuts in the future, but he is right that we actually have to have the money to pay for those. but could i ask him, as he prepares for the 31st of october, to look in detail at how we address what is, in my view, the most deep—rooted problem the country faces, our current account deficit? we will not truly get rid of these issues until we restore the balance in our national finances. we restore the balance in our nationalfinances. can i ask him to make that the priority? t set national finances. can i ask him to make that the priority?— make that the priority? i set my riuht make that the priority? i set my right honourable _ make that the priority? i set my right honourable friend - make that the priority? i set my right honourable friend for i make that the priority? i set my right honourable friend for his| right honourable friend for his question. i agree. right honourable friend for his question. iagree. ultimately, it is not sustainable to have a permanent current account deficit, that is something we need to address. the chancellor something we need to address. tt2 chancellor announced he would be reviewing the energy price guarantee. it does the government

back or have any plans to review the level of support offered to off grid properties for their bills this winter? there is cross—party consensus that the one—off payment is inadequate to meet the cost of bills. will he bring forward further support for this winter? t bills. will he bring forward further support for this winter?— support for this winter? i have listened carefully _ support for this winter? i have listened carefully to _ support for this winter? i have listened carefully to what i support for this winter? i have listened carefully to what the l listened carefully to what the honourable gentleman said, as i did to my honourable friend from forest of dean. we will look carefully at what can be done for off grid properties. what can be done for off grid properties-— what can be done for off grid properties. can i welcome the necessary _ properties. can i welcome the necessary vigorous _ properties. can i welcome the necessary vigorous course i necessary vigorous course correction, he began his statement by saying central responsibility of any government, they also include security, defence of britain, support to our allies and standing up support to our allies and standing up to our adversaries, as we have done so in ukraine. my right honourable friend knows the world is getting more dangerous, not less. will he commit to continuing that promise of 3% gdp spend? tt will he commit to continuing that promise of 396 gdp spend? it won't be a secret to my —

promise of 396 gdp spend? it won't be a secret to my right _ promise of 396 gdp spend? it won't be a secret to my right honourable i a secret to my right honourable friend that i am sympathetic to that because i have campaigned for it when i was a backbencher very loudly and visibly. but all of these things have to be sustainable. any increase in defence spending has to be an increase we can sustain over very many years. let me say to him today that i agree with him entirely —— the duty of a government is security for the population in all senses of the world. , ., . ., �*, the world. does the chancellor's compassionate _ the world. does the chancellor's compassionate conservatism i the world. does the chancellor's i compassionate conservatism extend to raising the minimum income component of pension credits, or is he prepared to let the poorest pensioners in the land to be sacrificed on the altar of trussonomics?- sacrificed on the altar of trussonomics? ~ ., , _ sacrificed on the altar of trussonomics? ~ ., , ., trussonomics? what i gently say to him is that whilst _ trussonomics? what i gently say to him is that whilst i _ trussonomics? what i gently say to him is that whilst i completely i him is that whilst i completely understand how important it is to support our most vulnerable pensioners, what they need more than anything is a strong economy that can pay for the support we would want to give them. can

can pay for the support we would want to give them.— can pay for the support we would want to give them. can i welcome my riuht want to give them. can i welcome my right honourable _ want to give them. can i welcome my right honourable friend _ want to give them. can i welcome my right honourable friend to _ want to give them. can i welcome my right honourable friend to his - right honourable friend to his place, and breathe a sigh of relief at the grown—up and sensible approach she has taken to the issues at hand. can i also echo the remarks of my right honourable friend from the forest of dean and the honourable memberfor the forest of dean and the honourable member for ceredigion, of the need for my right honourable friend to take into account those who are off grid and using heating oil. they deserve as much support as we possibly can. my right honourable friend is newly empowered, and he is able to slay many dragons. could he slay the dragon of fracking, which was not in our manifesto? well, this is an issue that has risen its head in my own constituency. let me simply say to him, the government microcosmic position is very clear. we will not proceed unless there is local support. we will not proceed unless there is local support-_ local support. thank you, mr speaker- _ local support. thank you, mr speaker- in _ local support. thank you, mr speaker. in the _ local support. thank you, mr speaker. in the bonfire i local support. thank you, mr speaker. in the bonfire of i speaker. in the bonfire of government policy that has just taken place, the chancellor was not very specific about what would happen to the prime minister's investments own policy. personally, i was hoping it would be incinerated

as well, not least because it is designed to undermine environmental regulations, avoid fair taxation and bypass local democracy. in the past, he has said he is a green tory. i have to put it to him that is an endangered species right now. if he is serious about being a green tory, will he take steps to demonstrated by ruling out any policies that will undermine nature protection and restoration, and will he accept that there is no financial capital that is not entirely dependent on a thriving natural capital? t am thriving natural capital? i am absolutely — thriving natural capital? i am absolutely committed - thriving natural capital? i am absolutely committed to i thriving natural capital? t —n absolutely committed to protecting our green spaces and boosting biodiversity. but i also think it's important to look at environmental regulations, to see if they can be streamlined in a way that is consistent with allowing the natural world to flourish as well as the economy. world to flourish as well as the economy-— world to flourish as well as the econom . ., _, ., ., ~ economy. can i welcome and thank the chancellor for — economy. can i welcome and thank the chancellor for bringing _ economy. can i welcome and thank the chancellor for bringing so _ economy. can i welcome and thank the chancellor for bringing so quickly i economy. can i welcome and thank the chancellor for bringing so quickly a i chancellor for bringing so quickly a cool calm reassurance to the markets

and this crisis. would he agree that economic crises based on political confidence means that everybody in this chamber, both sides of the house, need to assure the markets that we can take tough decisions? as he grows the technology and science areas, we should reduce the opportunity to cut funding? there is no more forward _ opportunity to cut funding? there is no more forward advocate _ opportunity to cut funding? there is no more forward advocate of - opportunity to cut funding? there is | no more forward advocate of science and technology do my honourable friend. i think he knows that i also care very much about that sector. with respect to reassuring the markets, i think the most important thing is, as we said earlier, that there is no disagreement about the policies announced today. i think it's important for the markets to know there is that consensus in the house. . , know there is that consensus in the house. ., , ., house. last month, the prime minister told _ house. last month, the prime minister told the _ house. last month, the prime minister told the bbc - house. last month, the prime minister told the bbc in - house. last month, the prime minister told the bbc in hull. house. last month, the prime i minister told the bbc in hull that we would be included in the northern powerhouse rail, despite not being included in the government's

integrated rail plan. i want to know, was the prime minister wrong to say that to the bbc in hull? i don't know, but i will write and tell her. . , tell her. may i warmly welcome the chancellor's — tell her. may i warmly welcome the chancellor's earlier _ tell her. may i warmly welcome the chancellor's earlier remarks - tell her. may i warmly welcome the chancellor's earlier remarks about | chancellor's earlier remarks about defence _ chancellor's earlier remarks about defence and security. as it took us very many— defence and security. as it took us very many years to pay off this country's — very many years to pay off this country's colossal second world war debt, _ country's colossal second world war debt, am _ country's colossal second world war debt, am i_ country's colossal second world war debt, am i right in thinking that the huge — debt, am i right in thinking that the huge costs of covid and of putin's— the huge costs of covid and of putin's aggression in ukraine cannot possibly— putin's aggression in ukraine cannot possibly be — putin's aggression in ukraine cannot possibly be cleared completely in the short — possibly be cleared completely in the short to medium term? well, i wish i could _ the short to medium term? well, i wish i could answer— the short to medium term? well, i wish i could answer that _ the short to medium term? well, i wish i could answer that question. | wish i could answer that question. but, as he will know better than me, this appalling saga is far from over. so we don't know what the total costs are going to be. i thank him for his very rapid, not entirely

unexpected lobbying on defence budget issues since i took up this post. and what i would say to him is that i think the job of the chancellor of the exchequer is to make sure that our economy is strong enough to fund the role that britain wants to play in the defence of democracy and freedom all over the world. mr democracy and freedom all over the world. ~ ,,, ., ~ ., democracy and freedom all over the world. ~ . ~ ., ., ~ world. mr speaker, i have worked with and against _ world. mr speaker, i have worked with and against the _ world. mr speaker, i have worked with and against the chancellor. world. mr speaker, i have worked with and against the chancellor ofl with and against the chancellor of the exchequer on many occasions, and i have learned he is an honest man. but can i tell him today that he just said in his own remarks that this country is always good at rising to the challenge of big and difficult times. can i tell him what i hate about what he said today, and really do hate about it, is that there was no note of contrition. this berg and bard was started by his lot only two weeks ago. and it's not just his lot only two weeks ago. and it's notjust big and bad, it's a national disaster that he did not

give one word of contrition, about the mess his party has made of this country. the mess his party has made of this count . ~ ., ., _ ., country. well, all i would say to the honourable _ country. well, all i would say to the honourable gentleman, - country. well, all i would say to the honourable gentleman, for| country. well, all i would say to - the honourable gentleman, for whom i do have the greatest respect, we have many exchanged in this house over the years, i think actions speak louder than words, they don't i could be plainer, in going out this weekend, and what i have said today, in accepting that mistakes were made. what the country wants to see is us correcting those mistakes, but as we have done. my see is us correcting those mistakes, but as we have done.— but as we have done. my right honourable — but as we have done. my right honourable friend _ but as we have done. my right honourable friend knows - but as we have done. my right honourable friend knows i - but as we have done. my right honourable friend knows i am| but as we have done. my right - honourable friend knows i am very pleased to see him in downing street, and the sense of relief expressed to me this weekend, as i have been out and about in my constituency, was palpable. i welcome his statement, i welcome to realism, his honesty and his trademark sense of optimism in his final remarks, which i certainly could learn from. he is right that growth demands confidence. so does

he have confidence that when the bank made their decisions, a week or so after his statement in two weeks' time, that rising interest rates, which is a week or so after his statement in two weeks' time, that rising interest rates, which is terrifying my constituents and the mere prospect of it, is not inevitable?— mere prospect of it, is not inevitable? ~ ~ " , inevitable? well, i thank my right honourable _ inevitable? well, i thank my right honourable friend _ inevitable? well, i thank my right honourable friend for _ inevitable? well, i thank my right honourable friend for his - inevitable? well, i thank my right| honourable friend for his generous comments. i'djust honourable friend for his generous comments. i'd just say this. it's not for the government to say what the bank of england does one monetary policy committee makes its decision on interest rates. but, of course, i've had conversations with the government, to ask him what it is the bank needs to hear, for them to feel that the inflationary pressures would be lower and they would not have to make as high an increase as perhaps some people are predicting. and thinking about the concerns of our constituents' mortgages is top of my mind. the chancellor has _ mortgages is top of my mind. inez chancellor has pledged mortgages is top of my mind. i“i;e: chancellor has pledged a mortgages is top of my mind. i“i9: chancellor has pledged a new mortgages is top of my mind. ii9 chancellor has pledged a new wave of austerity, with public spending cuts, squeezing services that have already been cut to the bone over the past 12 years. this is without a

mandate, and this round of austerity is a political choice, not economic necessity. instead of cutting our services, the government could raise taxes on the super—rich. if the chancellor believes in his approach, why doesn't he put it to the people and call for a general election? with the greatest of respect to the honourable lady, i did not pledge, she said, i think, new wave of austerity. what i would say to her, doesn't like austerity look at the furlough scheme, the generosity of what we are doing on the cost of living crisis, all taken because of difficult decisions she has opposed every time. cani can i welcome my right honourable friend to his place because? he talks about a strong economy and i agree with that. can i remind the house, particularly on opposition benches that in the private sector that raises the money, pays attacks

the public. and we cannot go on hammering the private sector if you want to see the growth that we want. can i ask as he takes his place and i'm ready to welcome him they are, that he hears this in mind and reduces taxation as soon as he is able to? :, , , reduces taxation as soon as he is able to? . , , , , ~ ., able to? the answer is yes. and to demonstrate _ able to? the answer is yes. and to demonstrate i _ able to? the answer is yes. and to demonstrate i understand - able to? the answer is yes. and to demonstrate i understand what - able to? the answer is yes. and to demonstrate i understand what he| demonstrate i understand what he talks about i'm going to say some words that i've always dreamed of saying behind his dispatch box, which is i used to be an entrepreneur.— which is i used to be an entrepreneur. which is i used to be an entrereneur. ~ ., . :, entrepreneur. when the chancellor s - oke entrepreneur. when the chancellor spoke about _ entrepreneur. when the chancellor spoke about difficult _ entrepreneur. when the chancellor spoke about difficult questions - entrepreneur. when the chancellor spoke about difficult questions to l spoke about difficult questions to be phased in the future, i hope is not going to fall into the old trap of trying to cut his way to growth. it can't work, it never works. can i actually welcome what he did today, they're screeching you turn on the vast majority of the many budget from the prime minister and his predecessor? given his or not, and i

do welcome it, can we have a guarantee from him today that so long as he has anything to do with it there will never be a return to extremist, crank experimental think tank economic? i’m extremist, crank experimental think tank economic?— tank economic? i'm happy to offer that guarantee _ tank economic? i'm happy to offer that guarantee if _ tank economic? i'm happy to offer that guarantee if he _ tank economic? i'm happy to offer that guarantee if he will _ tank economic? i'm happy to offer that guarantee if he will agree - tank economic? i'm happy to offer that guarantee if he will agree to i that guarantee if he will agree to explicitly reject the extremist cranked think tank economics of scottish independence. thank you very much, mr speaker. i welcome the direction of my right honourable friend. and also the statement of conservative which is at the heart of this political party. good ijust asked my right honourable friend that when the previous government had to rightly cut the, george osborne had to cut

the deficit, they also help the most needy with the cost of living introducing the living wages and cutting taxes for lower earners, introducing a fuel duty freeze. but they also investigated in apprenticeships i know is not can it give me an answer now but can i ask him, will that be his guiding philosophy as he goes forward in his new role? i philosophy as he goes forward in his new role? :, :, , philosophy as he goes forward in his new role? . , , ., new role? i always listen to my riaht new role? i always listen to my right honourable _ new role? i always listen to my right honourable frank- new role? i always listen to my right honourable frank about . right honourable frank about carefully. let me say this, i don't think we will solve the growth paradox of this country raising the long—term rate of economic growth did you would have present from under i%. did you would have present from underi%. unless did you would have present from under i%. unless we tackle the skills issues. it is absolutely essential. i don't promise that i can give an entire solution to that in two weeks' time but it's very much something i like to talk more about. mr much something i like to talk more about. ~ ,,, ., ,, :, much something i like to talk more about. i ,,, ., «i :, , about. mr speaker, government is busy telling _ about. mr speaker, government is busy telling the — about. mr speaker, government is busy telling the press _ about. mr speaker, government is busy telling the press that - about. mr speaker, government is busy telling the press that the - about. mr speaker, government is| busy telling the press that the bank of england is telling you not playing roulette with the british

economy, that is in quotes. i5 playing roulette with the british economy, that is in quotes. is that helful or economy, that is in quotes. is that helpful or unhelpful? _ economy, that is in quotes. is that helpful or unhelpful? those - economy, that is in quotes. is that - helpful or unhelpful? those comments did not come from the government since i have been a part of it. i can't talk about what happened before. what i would say is that i am working extremely closely with the bank of england and we both absolutely aligned on the need for stability. i absolutely aligned on the need for stabili . _, ., ., absolutely aligned on the need for stabili . u. . ., , stability. i congratulate my right honourable _ stability. i congratulate my right honourable friend. _ stability. i congratulate my right honourable friend. welcome - stability. i congratulate my right honourable friend. welcome to l stability. i congratulate my right i honourable friend. welcome to the post was up a crucial point but one of the weakest is that fiscal policy will effectively contradicting one another and when we talk about bank of england, it really means fiscal policy working in lockstep so we deal with inflation, which is actually the biggest economic challenge we face.— actually the biggest economic challenge we face. he's actually answered the _ challenge we face. he's actually answered the previous - challenge we face. he's actually answered the previous question j challenge we face. he's actually - answered the previous question much better than i did. the answer is yes. better than i did. the answer is es. ., better than i did. the answer is es. ,, :, better than i did. the answer is es. ., . ., . :, yes. quite right that the chancellor is seekina yes. quite right that the chancellor is seeking to _ yes. quite right that the chancellor is seeking to reassure _ yes. quite right that the chancellor is seeking to reassure the - yes. quite right that the chancellor| is seeking to reassure the markets. would he take the opportunity today to also reassure the millions of

people who rely on benefits for people who rely on benefits for people who rely on benefits for people who are in work and people out of work? you face some of those benefits in europe, people and benefits in europe, people and benefits with no plan b, they have no savings and given the current situation. can he pledge the benefits will increase in line with excessive government policy, in line with the cpi? also will he reverse with the cpi? also will he reverse with the cpi? also will he reverse with the previous chancellor said at the many budget is it more of approach from taking those from benefits? ~ :, approach from taking those from benefits? ~ . :, ,., , approach from taking those from benefits? ~ . :, , , benefits? what i would say is very straightforward, _ benefits? what i would say is very straightforward, it's _ benefits? what i would say is very straightforward, it's because - benefits? what i would say is very straightforward, it's because i - benefits? what i would say is very l straightforward, it's because i want us to be able to support the poorest and most vulnerable people in the greatest difficulties in society for the most important thing i can do is chancellor is what i can to create economic stability and that's what i'm doing. i economic stability and that's what i'm doinu. :, , economic stability and that's what i'm doinu. . , i'm doing. i warmly welcome the chancellor _ i'm doing. i warmly welcome the chancellor swiss _ i'm doing. i warmly welcome the chancellor swiss two _ i'm doing. i warmly welcome the chancellor swiss two swift - i'm doing. i warmly welcome the chancellor swiss two swift and i chancellor swiss two swift and decisive action. in the tone and the candour of his remarks. does a chance agree with me that the best way to build in the long term is

strong economy and a fair society and my constituents, many you've met recently is to repair the public finances in the short—term? that's the conservative way, that's what bill's roster parity in the term. absolutely. only a couple of weeks ago i was sitting in a cafe having a sandwich with him and i also want to thank him for his incredible, a meticulous and lobbying for the people of cheltenham. doers meticulous and lobbying for the people of cheltenham. does the chance or think _ people of cheltenham. does the chance or think that _ people of cheltenham. does the chance or think that it _ people of cheltenham. does the chance or think that it is - people of cheltenham. does the chance or think that it is morally justifiable to lift the cap on bankers bonuses whilst refusing to confirm that he will link benefits to inflation? i5 confirm that he will link benefits to inflation?— to inflation? is a morally justifiable? _ to inflation? is a morally justifiable? i— to inflation? is a morally justifiable? i understand| to inflation? is a morally - justifiable? i understand why he's asked the question. i believe that wealthier people should pay more as wealthier people should pay more as we go through difficult period. i think the mechanism that we were doing that with the cap wasn't working and we will get more money out of the pockets of those rich bankers by what we're going to do

now. _ , bankers by what we're going to do now. i. y :, bankers by what we're going to do now. i. , :, :, bankers by what we're going to do now. a, , :, :, :, bankers by what we're going to do now. :, :, ., ., . now. many of our more advanced manufacturing — now. many of our more advanced manufacturing businesses - now. many of our more advanced manufacturing businesses are - now. many of our more advanced manufacturing businesses are in | now. many of our more advanced i manufacturing businesses are in the defence sector and they welcome our commitment to growing defence spending for that they have no problem with paying more corporate taxes long as their incentive to support the cutting research and development. will my right honourable friend commit to those incentives available across all industries? i incentives available across all industries?— incentives available across all industries? «i . �*, ., , industries? i think that's a very important _ industries? i think that's a very important quote _ industries? i think that's a very important quote for _ industries? i think that's a very important quote for that - industries? i think that's a very important quote for that we - industries? i think that's a very| important quote for that we got industries? i think that's a very - important quote for that we got an issue that we need companies to invest more in r&d. we got a fantastic opportunity to be the worlds most excellent in value with all our great universities and incredible levels of innovation. i absolutely think there's more we can do and i will bear in mind her comments. do and i will bear in mind her comments-— do and i will bear in mind her comments. ,, : ::' ., :, comments. since 2015 the value of the ound comments. since 2015 the value of the pound is _ comments. since 2015 the value of the pound is dropped _ comments. since 2015 the value of the pound is dropped about - comments. since 2015 the value of the pound is dropped about a - comments. since 2015 the value of the pound is dropped about a halfl the pound is dropped about a half percent compared to the dollar.

that's left governments budget no time low against the dollar. oil and gas and other matters are isn't it the case that be absolutely pounded against the dollar as the governments actually added but the course of energy in the uk? i’m course of energy in the uk? i'm deliahted course of energy in the uk? i'm delighted that someone from the snp is worried about the value of the pile. i think that shows it matters to all of us. i would say to him... i would say to him in all seriousness, governments cannot control the value of the pound and should not seek to do so. insofar as our action affects stability of our markets, including the currency markets, including the currency markets, the one thing we can do a show we're balancing the books. i’d show we're balancing the books. if. like to welcome the new chancellor into his new position. i would also not a deputy speaker, you would know

this, my right honourable friend should have come to morecambe on the first day but last weekend has changed these things. however, i would extend the invitation to see how much money has been spent there, it has been doing very well since 2010 and project north side and stakeholders. i’d 2010 and project north side and stakeholders.— 2010 and project north side and stakeholders. i'd be delighted to acce -t his stakeholders. i'd be delighted to accept his invitation. _ stakeholders. i'd be delighted to accept his invitation. he - stakeholders. i'd be delighted to accept his invitation. he might . stakeholders. i'd be delighted to i accept his invitation. he might not want to tell me what it like as a christening present for his daughter because i now have £1 trillion at my disposal. in because i now have £1 trillion at my disosal. , :, , :, �* , disposal. in the history of british democracy _ disposal. in the history of british democracy have _ disposal. in the history of british democracy have we _ disposal. in the history of british democracy have we ever - disposal. in the history of british democracy have we ever had - disposal. in the history of british | democracy have we ever had such disposal. in the history of british i democracy have we ever had such a calamitous start from a prime minister? and ourfour chancellors minister? and our four chancellors in minister? and ourfour chancellors in four months. but it was a majority of conservative mps and members who inflicted upon our country the fantasy liz truss trickle—down economics. when they naively decided to take a break, a

holiday from reality which is left many of my constituents struggling to pay the bills. does the new chancellor, given that he is effectively dumped the kamikaze many budget, does he agree that he and the prime minister no longer have a democratic mandate to continue in their positions and that they should step aside and let the exasperated british people make their decision? order, just before the chancellor answers— order, just before the chancellor answers that question and response to the _ answers that question and response to the very— answers that question and response to the very unique speech the honourable gentleman hasjust made, i honourable gentleman hasjust made, i must _ honourable gentleman hasjust made, i must appeal to colleagues for quick— i must appeal to colleagues for quick questions for that we've had all these — quick questions for that we've had all these features and we don't need to hear— all these features and we don't need to hear all— all these features and we don't need to hear all the same thing all over again _ to hear all the same thing all over again. quick question so that the chancellor— again. quick question so that the chancellor can give brief replies because — chancellor can give brief replies because otherwise we will never get onto the _ because otherwise we will never get onto the other business. chancellor. i don't onto the other business. chancellor. l don't think— onto the other business. chancellor. i don't think a _ onto the other business. chancellor. i don't think a general— onto the other business. chancellor. i don't think a general election i i don't think a general election would contribute to stability if you

had to worry about the disastrous policies of the future labour government. i policies of the future labour government.— policies of the future labour rovernment. «i :, . , :, , ., government. i know the decisions a chance is taken _ government. i know the decisions a chance is taken today _ government. i know the decisions a chance is taken today he _ government. i know the decisions a chance is taken today he would i government. i know the decisions a chance is taken today he would not | chance is taken today he would not have taken easily. but he will recognise that the planned increases in alcohol duties will have a devastating impact. many small pods, small pure and hospitality businesses. will he look at how the changes he is making to be your duty in particular can be structured to help rather than harm the small hospitality businesses or perhaps bring forward the implementation of draught beer duty? i do bring forward the implementation of draught beer duty?— draught beer duty? i do hear my honourable _ draught beer duty? i do hear my honourable friend _ draught beer duty? i do hear my honourable friend and _ draught beer duty? i do hear my| honourable friend and hospitality industry is incredibly important for our economy. as he knows we're reviewing the whole structure of duties when it comes to alcohol. as part of that process we will be

keeping the levels of duty on constant review.— keeping the levels of duty on constant review. i . , , , constant review. many u-turns but once they have _ constant review. many u-turns but once they have not _ constant review. many u-turns but once they have not made - constant review. many u-turns but once they have not made that i constant review. many u-turns but once they have not made that it i constant review. many u-turns but once they have not made that it is| once they have not made that it is relevant to cumbria and other rural communities, the cut in stamp duty will help nearly nobody who cannot afford a home to be able to afford one. what it will do is add fuel to the fire in the second here two homeownership and air b&b in the lakes in the dales. we understand the damage of second home ownership to an air b&b does to communities like mine and other parts of the country. will he think again to support our communities and stop the housing catastrophe? i do support our communities and stop the housing catastrophe?— housing catastrophe? i do entirely understand and _ housing catastrophe? i do entirely understand and the _ housing catastrophe? i do entirely understand and the governmentsl housing catastrophe? i do entirely i understand and the governments been looking at that policy in a enormous detail over recent months. i would gently say to him that it would be wrong to be dismissive of the concerns of young people desperately trying to get on to the housing ladder. the help we're giving them was stamp duty reforms will make a

significant difference. i par; significant difference. i pay tribute to _ significant difference. i pay tribute to the _ significant difference. i pay tribute to the chancellor. significant difference. i pay| tribute to the chancellor for significant difference. i pay i tribute to the chancellor for his statement and for the urgency in which he is taking them. the energy price guarantee was welcomed across the house, although that is probably the house, although that is probably the policy that created the intensity and financial markets. does my right honourable friend agree that as he reviews the policy that they will continually be challenges in this area so long as putin maintains his aggressive conflict in the ukraine? absolutely. i'm ve conflict in the ukraine? absolutely. l'm very pleased — conflict in the ukraine? absolutely. i'm very pleased he _ conflict in the ukraine? absolutely. i'm very pleased he made - conflict in the ukraine? absolutely. i'm very pleased he made that i conflict in the ukraine? absolutely. | i'm very pleased he made that point because we should remember, put in his game is to try and turn up the masonic instability into political instability and we must all play along with him. the instability and we must all play along with him.— instability and we must all play along with him. the chaos in the bond markets _ along with him. the chaos in the bond markets impacting - along with him. the chaos in the bond markets impacting on i along with him. the chaos in the i bond markets impacting on pensions as a result of the decisions by his government, is party and prime minister. can he now tell us are all pension fund secure, what is the

value of the total losses and what actions will he be taking to ensure confidence in the pensions? why should they ever trust the tories with their pensions again? i’m with their pensions again? i'm afraid i don't _ with their pensions again? i'm afraid i don't accept his analysis of why those problems happened at all. but i don't deny that we have had some issues with pension funds. i would point him to the government of the bank of england statement today that says we're well on our way to resolving them now. people in businesses across _ way to resolving them now. people in businesses across stoke-on-trent i way to resolving them now. people in| businesses across stoke-on-trent are businesses across stoke—on—trent are incredibly thankful for the support with energy bills throughout the winter. will my right honourable friend look at when he comes to review these policies in april to make sure that those who most need the support and particularly those energy intensive businesses like ceramics and stoke—on—trent? mr; ceramics and stoke—on—trent? my honourable friend will be pleased to know that i've already had discussions with my treasury officials about the needs of energy

intensive industries and we're very well aware of those issues. it seems uuite well aware of those issues. it seems quite baffling _ well aware of those issues. it seems quite baffling to _ well aware of those issues. it seems quite baffling to me _ well aware of those issues. it seems quite baffling to me that _ quite baffling to me that everybody... i welcome him to his place, plaudits for all the work he's doing and well done when the thing he is on doing was the prime ministers budget. as if the last four weeks and have it happen. i feel a tiny bit gas lit, i have to say. why is he spending £2 billion a year on unfunded stamp duty cuts when he said today he couldn't announce unfunded tax? how is he gonna pay for that? she announce unfunded tax? how is he gonna pay for that?— gonna pay for that? she will find out in two _ gonna pay for that? she will find out in two weeks. _ gonna pay for that? she will find out in two weeks. can _ gonna pay for that? she will find out in two weeks. can i - gonna pay for that? she will find out in two weeks. can ijust i gonna pay for that? she will find out in two weeks. can ijust say, j out in two weeks. can i 'ust say, it's ve out in two weeks. can i 'ust say, itis very good * out in two weeks. can i 'ust say, itis very good to h out in two weeks. can i 'ust say, it's very good to see i out in two weeks. can ijust say, it's very good to see my right i it's very good to see my right honourable friend in his place? does he agree that as well as supporting families and businesses now with energy bills the need for long—term

energy bills the need for long—term energy resilience is as a urgent as ever? will that be one of his priorities was back it will. idol priorities was back it will. not 'ust priorities was back it will. not just small _ priorities was back it will. not just small but _ priorities was back it will. not just small but the _ priorities was back it will. not just small but the whole of the government. i think good government is about fixing a long—term issue as well as sterling with short—term crisis was that that is definitely a very important long—term issue. we live in a deeply divided country, deeply divided society. there are more poor people than ever, more people accessing food banks than ever before and there are children growing up in absolute poverty and as a result of that not achieving their best in life. twice he's refused to answer the question about whether he will raise benefits in line with inflation. for third time, can he please assure those people who rely on benefits for their very existence that they will be increased at least in line with inflation to tackle the appalling poverty that so many people face? i

respect the right honourable gentlemen for pressing me on that issue because i understand how important it is. let me say to him, the reason i'm not able to give him the reason i'm not able to give him the answer he seeks is because i'm not giving that answer on any area of spending or any tax policy. the situation we face is extremely grave it we have to look at these issues in the round. we will come to the house with those decisions just as soon as they've been made and also independently audited by the office for budget responsibility. i welcome the raid for budget responsibility. i welcome the rapid my — for budget responsibility. i welcome the rapid my right — for budget responsibility. i welcome the rapid my right honourable i for budget responsibility. i welcome the rapid my right honourable friend| the rapid my right honourable friend on finances with up is been reflected on the rally of sterling and gil. can i see clarification of investment relief? will he maintain his commission to seed and prize investment schemes focus on science and technology? they are thriving actors and as he alluded they are the engines of our future economic

success. i the engines of our future economic success. . ., :, . :, :, y success. i rallied around technology business for — success. i rallied around technology business for years. _ success. i rallied around technology business for years. it's _ success. i rallied around technology business for years. it's very - success. i rallied around technology business for years. it's very much . business for years. it's very much where my heart is i think there's a massive opportunity for the uk to create something a bit like the city of london, something that will pay an enormous amounts of corporate tax for many years to come. ijust want to say to her now, although i can't give her the answer, i am determined to get that opportunity. if give her the answer, i am determined to get that opportunity. ii the to get that opportunity. if the chancellor — to get that opportunity. if the chancellor would _ to get that opportunity. if the chancellor would like - to get that opportunity. if the chancellor would like to i to get that opportunity. if the chancellor would like to take | to get that opportunity. if the i chancellor would like to take this opportunity to concede he is now the de facto prime minister and is he that calls a shot in governmental and what most be most bizarre coup in history. i wonder in this new role, does he think the current prime minister is a help or hindrance to his economic objectives? i hindrance to his economic objectives?— hindrance to his economic objectives? hindrance to his economic ob'ectives? , , , objectives? i 'ust say this, it is the most — objectives? ijust say this, it is the most challenging - objectives? ijust say this, it is the most challenging form i objectives? ijust say this, it is

the most challenging form of. the most challenging form of leadership to accept the decision you've made has to be change. and the prime minister has done that. and she has done so willingly because she understands the importance of economic stability and i respect for it. i importance of economic stability and l respect for it— i respect for it. i welcome my right honourable — i respect for it. i welcome my right honourable friend _ i respect for it. i welcome my right honourable friend to _ i respect for it. i welcome my right honourable friend to his _ i respect for it. i welcome my right honourable friend to his place. i honourable friend to his place. would my right honourable friend please give the constituents, my constituents assurance that this conservative government will continue to support the most vulnerable in society with the energy bills in the months ahead? i will absolutely give that assurance and i will say to him, his own background is in mental health and he understands just how vulnerable people can get. and those will be topmost on our minds. iotlul’ill people can get. and those will be topmost on our minds.— topmost on our minds. will the chancellor _ topmost on our minds. will the chancellor before _ topmost on our minds. will the chancellor before he _ topmost on our minds. will the chancellor before he goes i topmost on our minds. will the chancellor before he goes on . topmost on our minds. will the chancellor before he goes on a| chancellor before he goes on a spending cuts pre—and public services look at the analysis in today's financial times that says for every pound invested in the nhs,

£4 and growth. it will he also counted in that poorly paid health workers who are facing much higher mortgage costs due to his government?— mortgage costs due to his government? mortgage costs due to his rovernment? :, :, government? until he got to the end i was government? until he got to the end i was gonna — government? until he got to the end i was gonna say _ government? until he got to the end i was gonna say that _ government? until he got to the end i was gonna say that sounds - government? until he got to the end i was gonna say that sounds like i government? until he got to the end i was gonna say that sounds like a i i was gonna say that sounds like a question i should have been asking the previous chancellor of health and social care select committee. i'm very aware of how the nhs doesn'tjust i'm very aware of how the nhs doesn't just cost us i'm very aware of how the nhs doesn'tjust cost us money but can contribute to our growth. i think there is an enormous opportunity for this country to become one of the life science giants in the world. his place and focus on fiscal responsibility and can conservative and for the is very welcome answer to my friend from harlow, would he agree that that money invested in the skills and education of the most disadvantages money well spent which will benefit the physical growth and stability of our country in the future? i stability of our country in the future? :, : :, , stability of our country in the future? ., , ., .. future? i actually do. i think there are many economists _ future? i actually do. i think there are many economists like - future? i actually do. i think there are many economists like paul- are many economists like paul johnson who would say that if we

really want to have the productivity, the levels of wealth and prosperity in places like germany and singapore then the skills gap is the biggest gap we have. i think it's scandalous that for decades governments have all sides of the house have not been able to deal with the fact that around 100,000 people leave school unable to read. i think these are very important issues but i want to be honest, this is not something i'm going to be able to address other governments can be able to address in the next two weeks. but it's absolutely something we will have to come back to. we will leave the new chancellor there. jeremy hunt in the commons. he has been for eight i watering difficult decision of the governments had to make art reversing most of the prime ministers economic plan. he has scrapped almost all of the key measures in last month's controversial many budget and what

had been the latest in a whole series of government u—turns. let's bring you up—to—date if you're just joining us with what is happened today. a bit of a recap for you. and in an emergency statement this morning jeremy abandoned indefinitely the plan ip cut in the basic rate of income that it didn't do to come in next year. ——jeremy hunt. help with bills will only last until next april instead of two years was that it will then be reviewed. mr hunt claimed all today's announcements will save £32 billion a year but he did warned there are more difficult decisions are ahead on tax and spending to cut government debt. the question is, did he do enough to calm things down, especially on the financial markets? the reaction there does generally seem to be positive. what about the political reaction? jonathan blake has been getting the reactions for us that was minister.

the new chancellor is told mps that economic stability is paramount and there are more difficult decisions to come. we can discuss the days events with brendan lewis who joins us on bbc news. the liz truss programme for government is dead in the waterfor that what programme for government is dead in the water for that what authority does she have to continues prime minister? : : :, , does she have to continues prime minister? . : . , , :, ., minister? actually, the programme has alwa s minister? actually, the programme has always been _ minister? actually, the programme has always been about _ minister? actually, the programme has always been about seeing i minister? actually, the programme has always been about seeing low i minister? actually, the programme i has always been about seeing low tax economy which we all want to see at a high—growth economy. that is absolutely the focus to deliver growth. we all know about a turbulence in the international markets, both energy, interest rates, we see the united states with five rises alone, higher than ours. pressures are in your bereft far worse than we're sitting here. actually making sure we got stability to then drive the growth is the right thing to do. is it stability to then drive the growth is the right thing to do.— is the right thing to do. is it not a question _ is the right thing to do. is it not a question of— is the right thing to do. is it not a question of her— is the right thing to do. is it not a question of herjudgment i is the right thing to do. is it not a question of herjudgment to l a question of herjudgment to going about the policies in the way that she did? unfunded tax cuts, borrowing to bring taxes down surely he was a conservative can't stand here and support that?— he was a conservative can't stand here and support that? there was alwa s here and support that? there was

always going _ here and support that? there was always going to — here and support that? there was always going to be _ here and support that? there was always going to be a _ here and support that? there was. always going to be a medium-term always going to be a medium—term financial plan announced in the statement coming out on the 31st of october. what they'll want to do is first get out and deal with the energy pressures that people are feeling. we now want to make sure that on average people pay no more than two and a half, it could been high as 6000. that's a massive intervention, needed for the and to show people at the same time we want to see that growth and see taxes come down. it was always going to be a statement. what we've seen in the pressures internationally is the prime minister taking quite a courageous and they am always a difficult thing for a politician to do to say look, we called it wrong, we got to fix that and make sure when delivering a strong economic base for the base of what we've seen internationally particularly is worsening the situation in ukraine as well. , , :, worsening the situation in ukraine as well. , , ., :, ., «i ., as well. jeremy hunt had to make a statement today _ as well. jeremy hunt had to make a statement today saying _ as well. jeremy hunt had to make a statement today saying the - as well. jeremy hunt had to make a statement today saying the uk i as well. jeremy hunt had to make a i statement today saying the uk would always made its way, stressing the importance of economic stability. the fact that the uk chibsah has a say look, we called it wrong, we got to fix that and make sure when

delivering a strong economic base. based on what we've seen internationally particularly is worsening the situation in ukraine as well. jeremy hunt had to make a statement today saying the uk would always made its way, stressing the importance of economic stability. the fact that the uk chancellor has a sale and say that to reassure the market is humiliating, isn't it? chancellor in this country have been making that point since 2010 for that we have to continually remind the international markets that we have a stable economy. we will always as conservatives deliver a stable economy with compassion conservative party. but always make sure as we did through covid that those who are most vulnerable will always be protected for that were due not with the energy protection as well. ~ :, due not with the energy protection as well. ~ . ., «i :, as well. what might it take for liz truss to reconsider _ as well. what might it take for liz truss to reconsider and _ as well. what might it take for liz truss to reconsider and set i as well. what might it take for liz truss to reconsider and set aside | truss to reconsider and set aside do you think? i truss to reconsider and set aside do ou think? .. truss to reconsider and set aside do ou think? «i , , , you think? i think the best interest of the company — you think? i think the best interest of the company is _ you think? i think the best interest of the company is having _ you think? i think the best interest of the company is having a - of the company is having a stable government for the heaven prime minister focus government for the heaven prime ministerfocus on the government for the heaven prime minister focus on the country. she shown she is prepared to do that for a decision, even when it saw for her to do it and she has done it over this week and can weekend. she's put place, she's asked him to set up at economic package. not looking to deliver that for the country. that's the best thing for our country based on the right thing to do going forward. :, ,, on the right thing to do going forward. :, «i , :, , on the right thing to do going forward. :, «i i. , . on the right thing to do going forward. :, ,, ,, , : :, forward. thank you very much for 'oinin: us forward. thank you very much for joining us here — forward. thank you very much for joining us here on _ forward. thank you very much for joining us here on bbc— forward. thank you very much for joining us here on bbc news. - forward. thank you very much for joining us here on bbc news. a l joining us here on bbc news. a dramatic day here at west minister. the chancellor first thing confirming that most of the measures

announced in the many budget were now scrap the energy price guarantees game will be scaled back from april and the prime minister again having to fend off intense criticism of her leadership. jonathan blake, our political correspondent at west minister. much more throughout the evening on this developing story. let's pause and take a look at the weather with louise here. for many that we can start off quite promising with lovely autumn sunshine coming through. as we head through the week it looks like lead the weather story will start to change. from mid week onwards it's going to turn increasingly wet and windy at times. pretty intense showers, some boundary, the wind is a feature about what uniform factors it will stay relatively mild for late in october. this is the story at the moment. underthis october. this is the story at the moment. under this ridge of high pressure on tuesday keeping things largely quiet, you can see where that next low pressure is sitting down in the southwest with a make

the most of tuesday's weather, dry, settled in sorry for the northerly breeze might drive a few showers along the far north east coast of scotland for the wii was a thickening cloud during the afternoon across the southwest with the temperatures still peeking into the temperatures still peeking into the mid to high teens. that is a couple of degrees above where they should be for this time of year. this area of low pressure will start to influence the story, circulating around that low, kicking up weather fronts and in anticlockwise direction. the wind is always quite a feature as the showers move through. wednesday we will see showers across parts of england, wales and into northern ireland. northeast england and much of scotland should say largely fine and dry, i'll be a quite cloudy. here we should see highs of 13 celsius, for the cells perhaps 16 to 18 degrees. moving out of wednesday into thursday, one weather front spends its way steadily north but the area of low pressure anchors it sells down to the southwest keeping things

pretty unsettled at times. there will be a spell of what or whether moving to england and scotland. a brief, drier interlude at times with some light winds before the next batch of rain starts to gather into the southwest. for most of us it will be a better day through northern ireland, england and wales and again pleasantly warm in any sunshine with 19 degrees the high. won't be long before we see more shoppers showers are longer spells of rain being pushed in by that low pressure. once again plenty of isobars on the chart, gusty winds, gales potentially on exposed codes for the still coming from a south—westerly direction, ie mild source but we will see some pretty intense, possibly thundery downpours. maybe the far north us scotland staying dry during the middle of the afternoon, the winds really quite squally as though showers push through. once again, if you dodge the showers you keep some sunshine, those temperatures still peeking into the high teens. the start of the weekend there might be a little bit of a low in proceeding. still a long way off so you need to

abreast of the forecast with up as one front stagnates a little ridge of high pressure tries to build and beyond. we could see some cloudy, slightly weather conditions across northern england and into southern scotland. central and southern parts of england and wales may well at the moment see the best of the drier, sunny weather on saturday. sunday and into next week low pressure never too far away for that you can see we will see one area of low pressure with tightly packed isobars driving its way steadily north to be replaced by another. so the weather trend looks set to stay the same. it's good to say shari, windy at times but on peephole the temperatures will be relatively mild for this time of year. that is always looking for that more details coming up from us later on the week.

today at six, the prime minister's plan for the economy is torn up by her new chancellor who reverses almost all her tax cuts. jeremy hunt said there would now be no cut and the basic rate of income tax and want of spending cuts to come. tax and want of spending cuts to come. this government will take the difficult decisions necessary to ensure there is trust and confidence in our national finances. that means decisions of an eye—watering difficulty. there is long—term damage that can't be undone. once you've crashed a car at 100mph, you've damaged it for good, and you're going to be paying much more on your insurance for years to come. the two—year cap on energy prices is gone. now it will last only until april and will be targeted from then on.