>> good evening. it was the most anticipated budget in decades. we will discuss the impact on the size of our national debt on businesses , on pensioners. we'll businesses, on pensioners. we'll also talk about the one off a pint and whether that really makes much of a difference. but what we'll try and do is to make the whole thing as simple and straightforward as we possibly can, with absolutely bags of comment. but before all of that, let's get the news with sophia wenzler .

wenzler. >> nigel. thank you. good evening. these are your headunes evening. these are your headlines at 7:00. rachel reeves has raised taxes by £40 billion, increasing the burden to its highest level since comparable records began . first, a 6.7% records began. first, a 6.7% increase to the minimum wage, bringing it to £12.21 and a rise in national insurance for employers to 15%. vat will be introduced on private school fees in 2025, while non—dom tax status is set to be abolished. capital gains tax will rise with the lowest rate moving from 10% to 18% and inheritance tax thresholds frozen until 2030. a £2.3 billion boost goes to schools with tripled funding for breakfast clubs and an additional 2.9 billion will also be directed to the ministry of defence. but the shadow chancellor, jeremy hunt, says it's broken the public's trust and ordinary families will be hit the hardest. >> the tories promised us 30 times that she wasn't going to

increase tax, she said. no ifs, no buts , no additional taxes to no buts, no additional taxes to the ones in the labour manifesto. what she's done today has given us the biggest tax raising budget in british history, and the people are going to feel the pain of ordinary families. >> gb news can confirm that there have been four migrant deaths in the english channel today, as the number of people crossing illegally hits a new record high at least 70 migrants were rescued, according to the french coastguard. one man died at the scene, while a further two bodies have been found along the shoreline . gb news can also the shoreline. gb news can also confirm that 475 channel migrants arrived in dover today, taking the total numbers for the yean taking the total numbers for the year, so far to more than 30,350. in spain , a british man 30,350. in spain, a british man has been killed in flash floods as the death toll rises to 92, to according authorities. it comes as rescuers continue to search for those missing after

the worst natural disaster to hit spain in 50 years. videos shared on social media show torrential rain sweeping through towns , dragging cars, downing towns, dragging cars, downing bndges towns, dragging cars, downing bridges and people trapped in flood waters, some hanging to trees. the spanish prime minister told a press conference the devastating event may not be over , with more than 1000 over, with more than 1000 soldiers deployed to affected areas. england test captain ben stokes has said masked burglars raided his house while his wife and children were at home. he said the incident happened while he was competing in pakistan earlier this month. stokes said in a post online that jewellery, valuables and a good deal of personal items were taken on the 17th of october. alongside his post, he included pictures of some of his possessions. post, he included pictures of some of his possessions . the some of his possessions. the england cricket star added that by far the worst thing about this crime is that it was carried out whilst my wife and

two young children were in the house. those are the latest gb news headlines. now it's back to nigel for the very latest gb news direct to your smartphone, sign up to news alerts by scanning the qr code , or go to scanning the qr code, or go to gb news .com forward slash alerts . alerts. >> good evening. no, it really was the most anticipated budget i think, in decades, and it was going to be a doom budget, wasn't it.7 we were given so much bad news and spin. i was there watching it myself for the first time. i have to say, i thought politically it was really quite cleverly constructed. i thought everyone thinking was going to be a big rise in fuel duty. didn't happen. the fact they're going to give half £1 billion towards potholes may of itself not be huge across the country,

but a sensible thing to tell the public. lots of constant references to the money being given to scotland, much to the absolute displeasure of the snp. clearly labour using the budget to reinforce the gains they made recently there in the general election. one pee off a pint which we will discuss later on on the show. economically, i have to say i sat there thinking this is this is illiterate. these sums simply don't add up. these sums simply don't add up. theidea these sums simply don't add up. the idea that the measures that she's taken will bring in an extra 40 billion a year in tax. i simply don't believe, but i thought the most disappointing part of the whole thing were the projections for growth. we've been told this was a budget that was going to be all about growth. well, it doesn't look like it is. even the obr, their report today suggested that in 3 or 4 years time, growth will be a mere 1.5%. or 4 years time, growth will be a mere 15%. well, given you have to counterbalance that with a rising population through

immigration, i don't think without budget deficits there would be any growth in the country whatsoever. but you tell me your thoughts. is this a budget for growth? farage @gbnews dot com i'm joined in the studio by andrew rosindell, conservative member of parliament for romford. lloyd russell—moyle, former labour member of parliament liam halligan economist and journalist. liam, let's begin. and the whole debate through the houris and the whole debate through the hour is about whether this is a budget for growth. but let's just begin on the national finances. i just feel that neither party are levelling with the public about just how big the public about just how big the national debt is getting. >> well, the national debt. nigel, is the thick end of 100% of gdp. what does that mean? it means that the debt that we have to pay back as a government, albeit through time, is equivalent to the size of the entire economy in a single year. in context, back in 2009, before

the financial crisis, the national debt was about 30% of gdp, and before covid, it was about 80% of gdp. it's now 100% of gdp. there's lots to talk about. of gdp. there's lots to talk about . the sort of big picture about. the sort of big picture of this budget is that rachel reeves just increased spending by about £70 billion a year. she increased taxation by about 40 odd billion pounds a year, most of which she tried to blame on a tory black hole . so that means tory black hole. so that means borrowing more £30 billion a yeah borrowing more £30 billion a year. these are very , very big year. these are very, very big numbers. >> so what it means then is that the size of that national debt is going to get bigger. >> the size of the national debt is going to get bigger. but also and that's as you borrow more each year, you add up all those borrowings. that is your stock, as we say, of national debt. and when you're borrowing an extra £30 billion a year over five years, you're borrowing an extra. well , i years, you're borrowing an extra. well, i did the sums. she's borrowing an extra £142 billion a year over the next.

over the next five years, the market has to absorb that. the government, of course, has to borrow off investors. it can't just conjure up money. well, sometimes it can. but she's not saying that the bank of england is going to do that. saying that the bank of england is going to do that . and my is going to do that. and my concern is that financial markets won't be able to withstand that. they'll they'll charge the government more to borrow. that's already happening. it started today. and that will push up mortgage rates and personal loans and loans that businesses take on. and that businesses take on. and that won't do anything to help growth. on the contrary, that will hinder growth. >> now labour have been screaming for a very, very long time about the mini—budget of 2022 and about how the markets reacted in the way they did, but there's been quite a big market reaction this afternoon. >> there has. when i last looked, what we call the ten year gilt yield. i'm sorry to get technical. people are going to want to know about what this means for them. but this is the context. >> it's a prediction of the interest rate, isn't it? >> yeah. so the ten year gilt yield is what it costs the

government to borrow for ten years from today. and the ten years from today. and the ten year gilt yield went up from when she sat down until about two hours afterwards, by what we call 25 basis points, that means a quarter of one percentage point. that's the same amount that the bank of england cut rates by back in august. we're now in a situation where the bank of england is saying that the interest rates are going to go down in terms of the base rate, but the market is saying, no, we're putting interest rates up.and no, we're putting interest rates up. and when you get 1507 00:09:24,408 --> 00:09: