it's1.25% and 1.25 employers and employees' national- insurance. that's a tax on jobs.poration tax, going up - from 19% to 25% in one swoop. that was going to be damaging business and damaging inwardl investment. that's no longerl going to happen. and i hope they'll go further. i hope— i've said before — bring that 1% reduction . in income tax that _ rishi sunak talked about doing before the next election. do it now. we need the help right now. and, of course, more help. there is more help i that's needed as well. so, this government is doing absolutely the right things. i i wonder how bleak, bluntly, you think things are right now, economically? if ten is as bad as it gets and one is brilliant, how bad are things? things are really very, very bad. i businesses are struggling in a big way, particularly. small— and medium—sized enterprises are struggling j in a huge way. and that's why the help i for businesses, in terms of the energy reduction — which will be an averagel reduction of about 40% for a lot of businesses. | most businesses have - seen their energy costs go

the national insurance one will get| the national insurance one will get its own _ the national insurance comes... we assume budget assuming that comes... assume before the end of this budget assuming that comes...“ assume before the end of this year. but that is a moment to hear what conservative — but that is a moment to hear what conservative mps _ but that is a moment to hear what conservative mps and _ but that is a moment to hear what conservative mps and what - but that is a moment to hear what i conservative mps and what they will make _ conservative mps and what they will make of— conservative mps and what they will make of all— conservative mps and what they will make of all of— conservative mps and what they will make of all of this _ conservative mps and what they will make of all of this and _ conservative mps and what they will make of all of this and i _ conservative mps and what they will make of all of this and i think- make of all of this and i think there — make of all of this and i think there is— make of all of this and i think there is another— make of all of this an

the would reverse the increase in national insurance.— national insurance. will be safe _ national insurance. the nhs will be safe in _ national insurance. the nhs will be safe in my _ national insurance. the nhs will be safe in my hands! - national insurance. the nhs will be safe in my hands! i. will be safe in my hands! i want everybody across our great country — want everybody across our great country to — want everybody across our great country to have the opportunity. country to have the opportunity-- country to have the opportunity. country to have the ouortuni . �* , ., opportunity. after six weeks of slu: ulna opportunity. after six weeks of slugging it _ opportunity. after six weeks of slugging it out. _ opportunity. after six weeks of slugging it out, it's _ opportunity. after six weeks of slugging it out, it's no - opportunity. after six weeks of slugging it out, it's no longer. slugging it out, it's no longer time for campaigning but for governing and today, we discover whether it is liz truss or rishi sunak who gets the keys to downing street. p

we are talking about national insurance, the rise in national insurance, the rise in national insurance5 billion cost of reversing the rise in national insurance. it says it will find the money from social care somewhere else. there are also talking that not raising corporation tax which was due to rise about £15 billion of that about £30 billion already and that about £30 billion already and thatis that about £30 billion already and that is before you even start talking with the money they�*re going to spend trying to keep people�*s bills down, notjust households but also businesses. those promises might cost upwards of £60 billion so already you are talking about £100 billion. any idea that a public finance: keeping the budget in surplus for day—to—day spending takes priority over other things like helping people with their energy bills is out of the window now with this government. the talk of going for growth will be, you would have thought, welcome in the currency markets but what you�*re looking at the moment as the pound falling to a new low, less than $1 13. but does not speak c

labour voted consistently against the increase in national insurance — against the increase in nationalancellor now announce it after voting _ chancellor now announce it after voting for— chancellor now announce it after voting for the increase he will be reversing — voting for the increase he will be reversing them. my voting for the increase he will be reversing them.— voting for the increase he will be reversing them. my big worry... do ou auree reversing them. my big worry... do you agree with _ reversing them. my big worry... do you agree with what _ reversing them. my big worry... do you agree with what he's _ reversing them. my big worry... do you agree with what he's doing? i reversing them. my big worry... do. you agree with what he's doing? you said he's criticising what went before, the low growth. that something labour have been critical of and also the national insurance rice that is now being reversed. mr; rice that is now being reversed. my big worry about today is it seems very reckless tojust big worry about today is it seems very reckless to just borrow and borrow — ve

and so rises in national insurance _ 2:5%... and so rises in national insurance and _ 2:5%...2:5%... and so rises in national insurance and corporation tax l 2:5%... and so rises in national. insurance and corporation tax are being scrapped, and then the big reveal on income tax. right now, the very highest earners, those on £150,000 a year, pay 45p in tax for every £1 over that amount they earn, but not for much longer. they have a big tax cut coming. but but not for much longer. they have a big tax cut coming.— big tax cut coming. but i am not auoin to big tax cut coming. but i am not going to cut _ big tax cut coming. but i am not going to out the _ big tax cut coming. but i am not going to cut the additional- big tax cut coming. but i am not going to cut the additional rate | big tax cut coming. but i am not. going to cut the additional rate of tax today, mr speaker. i am going to abolish it altogether. from april the 23rd, we will have a single higher rate of income tax of a0%. this will simplify the tax system and make britain more competitive, it will reward enterprise

so, rises in national insurance - growth of2.596.th of 2.596. so, rises in - national insurance and corporation tax are being scrapped and then the big reveal on income tax. right now the highest earners, those on more than £150,000 a year pay 45 p for every £1 over that amount they earn. but not for much longer. they have a big tax cut coming. i’m but not for much longer. they have a big tax cut coming.— big tax cut coming. i'm not going to cut the additional _ big tax cut coming. i'm not going to cut the additional rate _ big tax cut coming. i'm not going to cut the additional rate of _ big tax cut coming. i'm not going to cut the additional rate of tax - cut the additional rate of tax today, i'm going to abolish it altogether, from april the 23rd we will have a single higher rate of income tax of 40%. this will simplify the tax system and make britain more competitive, it will reward enterprise and work, incentivise growth, benefit the whole economy and the whole country. and there was more, and income tax cut for everyone in engl

, i.25% april, for a national insurance, 1.25% was put on both employers and employees, national insurancer pandit what will that mean in terms of cash? for workers, 28 million workers, roughly about £330 each but it's important to note it is i% of salary roughly speaking soap more if you earn more. and for the employers, you're looking at about £9,500 on average for 960,000 employers. total cost of over £14 billion which will be borrowed alongside tens of billions of other money borrowed for other tax cuts and also some of the energy plan rescue. in total you have a significant amount of borrowing that will not be formally announced but at this very moment, partially because of what we have heard from the bank of england, the markets that lend money to the uk have been charging sums we have not seen for some time. charging sums we have not seen for some time-— charging sums we have not seen for some time. you can get plenty more information on today's rates rise on bbc news 0nline, that's bbc.co.uk/news, and by using the bbc news app. many russian citizens are trying to flee their country

increase but other— the national insurance increase but other than— the national insurance increase to see what the detail will be but it looks _ to see what the detail will be but it looks like it's going be quite hold _ it looks like it's going be quite hold that _ it looks like it's going be quite bold that certainly was the rhetoric from liz— bold that certainly was the rhetoric from liz truss and her successful leadership— from liz truss and her successful leadership campaign. the also very optimistic headline, a new era. it is a gamble, suppose. certainly how many economists would see it as cutting tax and hope of boosting growth, do you think it is a gamble that could pay off? let’s a gamble that could pay off? let's see what happens. _ a gamble that could pay off? let's see what happens. let's _ a gamble that could pay off? let�*s see what happens. let's see what is announced. yes, a lot of top economists are saying that it is a gamble at a time where the pound is taking a real battering and but we are not having explained it all is this increase in borrowing, how that's goi

rescinding the national insurance increase.tgage market. if they go for a fixed term policies, five years ago at 1%, now 15%. policies, five years ago at 1%, now 3.5%. , policies, five years ago at 196, now 3.596. , ., ., , ., ., 4' 3.596. there is an awful lot to think about. 3.596. there is an awful lot to think about- thank _ 3.596. there is an awful lot to think about. thank you _ 3.596. there is an awful lot to think about. thank you for _ 3.596. there is an awful lot to think about. thank you for coming i 3.596. there is an awful lot to think| about. thank you for coming along. 3.596. there is an awful lot to think i about. thank you for coming along. a lot of people will be looking very closely to see what that meant us today and also, crucially, whether it really works in the long run. thank you very much. iam thinking i am thinking to myself, if you like your art dig, i am thinking to myself, if you like yourart dig, this i am thinking to myself, if you like your art dig, this is the thing to look at. we can show you n

it is very dependent because if you do not do the amount of hours to contribute to national insurance. the treasury says nearly 28 million people will save money. but there will be a big variation with those who are in the least benefiting the least. there are plenty of other things we might hear from the chancellor today as well. lack a cut to stamp duty which is paid on house purchases, tightening the rules around universal credit, ending the cap on bankers bonuses, creating load tax sales around the uk and not increasing corporation tax which companies pay on their profits. that is something that richard is delighted to hear as he thinks small business owners like him need more support. like it isa it is a hard time at the moment to be able to not raise prices very much but to still be able to maintain the level of covering your costs. getting the balance right between trying to stimulate the economy and how business grows at the same time as helping households manage their budgets and take her more pay each month. it is a difficult line to trade. the measures _ a difficult line to

wei know they will announce the national insurance row, something liz truss promised —— insurance risesort of announcement outside of a budget or even a fiscal event, and what the government is doing is saying they are going to reverse the national insurance to help stimulate the economy but there are questions about whether it is the best targeted way to do it. if you give a cut in national insurance, you give it to a lot of people who don't really need and there is a question on whether they will save it or spend. on whether they will save it or send. ., , ., on whether they will save it or send. ., ., on whether they will save it or send. ., i. ., ., spend. the more you earn, the more ou spend. the more you earn, the more you benefit? — spend. the more you earn, the more you benefit? because _ spend. the more you earn, the more you benefit? because it— spend. the more you earn, the more you benefit? because it is— spend. the more you earn, the more you benefit? because it is national. you benefit? because it is national insurance, that _ you benefit? because it is national insurance

but when i cuts to national insurance but when i lose _ cuts to national insurance but when i lose as taken of me in personal credit so— what is taken of me in personal credit so i— what is taken of me in personal credit so i will gain by about £5 per month— credit so i will gain by about £5 per month in my pocket which with a disabled _ per month in my pocket which with a disabled child to look after and other— disabled child to look after and other children, that won't go very far, other children, that won't go very far. to _ other children, that won't go very far. to he — other children, that won't go very far, to be honest. i do work to support— far, to be honest. i do work to support other carers, as well, and it is an _ support other carers, as well, and it is an issue — support other carers, as well, and it is an issue many are facing. unfortunate i can work part—time and i unfortunate i can work part—time and i still— unfortunate i can work part—time and i still feel_ unfortunate i can work part—time and istill feel i_ unfortunate i can work part—time and i still feel i have

figures show that the national insurance cut would benefit from those earning families something likehest earnings and some of the richest people would get over £1800 a year back the national insurance. combine that with the energy cap thatis combine that with the energy cap that is limiting the price for every household and that does not look fair at all from that side. we household and that does not look fair at all from that side.- fair at all from that side. we will listen to more _ fair at all from that side. we will listen to more about _ fair at all from that side. we will listen to more about small- listen to more about small businesses but what do you make of liz truss's argument that for uk limited, the company will be stimulated and you have to avoid those where the money might be ruling. the banking sector, to make it more profitable?— ruling. the banking sector, to make it more profitable? she's continuing with the policy _ it more profitable? she's continuing with the policy of— it more profitable? she's continuing with the policy of tax _ it more profitable? she's conti

raises a national insurance and corporate _ of 2.596.porate techs are _ of 2.596. raises a national insurance and corporate techs are being - and corporate techs are being scrapped and then, the big reveal of income tax and those are more than £150,000 a year and will pay much less. �* ., ., ., . less. i'm not going to cut the additional — less. i'm not going to cut the additional rate _ less. i'm not going to cut the additional rate of _ less. i'm not going to cut the additional rate of text - less. i'm not going to cut the additional rate of text today, | less. i'm not going to cut the i additional rate of text today, mr speaker — additional rate of text today, mr speaker. i'm going to abolish it altogether. 0n speaker. i'm going to abolish it altogether. on april the 23rd, we will have — altogether. on april the 23rd, we will have a — altogether. on april the 23rd, we will have a single high of a tax of 40%_ will have a single high of a tax of 40% whion— will have a single high of a tax of 40% which will simplify the tax system — 40%

levy which was for health and social care, national insurance is not something pensioners usually payething they were going to pay, so obviously if you are working as a pensioner, then you won't be paying that any more, so they are small cuts. nothing big, nothing significant there for pensioners specifically, but though small cuts may, in some small way to make a difference to some people. yael, one question is what is happening with the triple lock scheme for pensioners? well, the tri - le lock scheme for pensioners? well, the triple lock guarantee _ scheme for pensioners? well, the triple lock guarantee on _ scheme for pensioners? well, the triple lock guarantee on pensions| triple lock guarantee on pensions was introduced about a decade ago and it— was introduced about a decade ago and it was— was introduced about a decade ago and it was to ensure that pension growth _ and it was to ensure that pension growth does not fall behind wages, so it is— growth does not fall behind wages, so it is formulated as pensions are upgraded — so it is formulated as pensions are upgraded each year

it was about the national insurance rise which we got only in april.% rise both for employees and employers in national insurance, thatis and employers in national insurance, that is being reversed in november. that is a pretty hefty tax cut compared to where we are now. not compared to where we are now. not compared to where we are now. not compared to where we were a year ago. it is worth several thousand pounds on average to 900,000 employers. and about 300,000 —— £300 on average for higher earners. it is a significant amount of money come of £14 billion. it will be borrowed because the money raised is still going to the nhs. so that has raised some concerns about whether all of the kind of economic numbers are working out. we have seen in the market today, sterling has been pretty stable, but the borrowing costs for the british government, partly as a result of what we have seen from the bank of england, has gone up. we don't want that to the day before a big announcement on tax and spend. day before a big announcement on tax and send. ., day befor

obviously the national insurance, which rishi sunak— national insurance, which rishi sunak had _ national see how many— through. but it's interesting to see how many stand up. and as we have discussed. _ how many stand up. and as we have discussed, normally, when prime ministers — discussed, normally, when prime ministers are in an economic trouble _ ministers are in an economic trouble it— ministers are in an economic trouble, it is the chancellor who gets _ trouble, it is the chancellor who gets the — trouble, it is the chancellor who gets the boot. but liz truss and kwasi _ gets the boot. but liz truss and kwasi kwarteng go back a long way. they read _ kwasi kwarteng go back a long way. they read a — kwasi kwarteng go back a long way. they read a book about the sort of economic— they read a book about the sort of economic policy they should follow a lon- economic policy they should follow a long time _ economic policy they should follow a long time ago. they believed for a very long — long time ago. they believed for a very long time that the policy that has been — very long time that

the national insurance rise and so on and so forth _ insurance rise and so on and so forth but — insurancehe pound is ”p veryjittery already. the pound is up at _ veryjittery already. the pound is up at a _ veryjittery already. the pound is up at a nearly 40 year low. we are expecting — up at a nearly 40 year low. we are expecting the bank of the event to raise interest rates later on next week _ raise interest rates later on next week. businesses need clarity, that some _ week. businesses need clarity, that some of— week. businesses need clarity, that some of the things that this in this report— some of the things that this in this report in— some of the things that this in this report in the observer that the leaders — report in the observer that the leaders of business organisations like british chambers of commerce say they— like british chambers of commerce say they need clarity about what help is _ say they need clarity about what help is going to be available for businesses, because if you remember, truss— businesses, because if you remember, truss had _ businesses, because if you r

i would not go through that, but national insurance, the planned — that, but national insurance, the corporation tax which _ planned increase of the corporation tax which is — planned increase of the corporation tax which is not going to happen. this is— tax which is not going to happen. this is all— tax which is not going to happen. this is all liz truss working on what — this is all liz truss working on what biden calls the trickle—down economics which if you start at the top, the _ economics which if you start at the top, the wealthy, that encourages growth _ top, the wealthy, that encourages growth in — top, the wealthy, that encourages growth in that benefits all of us. so, growth in that benefits all of us. so. let's— growth in that benefits all of us. so, let's see, you can probably tell what i _ so, let's see, you can probably tell what i think— so, let's see, you can probably tell what i think about that.— the daily express which is talking about the new government and with the new government sets to achieve and what its pledges and promises are, your doctor must see you in

we promised in our manifesto that we would not raise national insurance. rishi sunak made it clear he'd target help to the poorest households and rule out immediate tax cuts. but today thoughts also turned to what he'd do if he doesn't make it to number ten. i'm going to stay as a member of parliament and i was really delighted, actually i finished this campaign on friday at home in yorkshire with my own members, which was really lovely. it's been a great privilege to represent them as their member of parliament for richmond and north yorkshire. i'd love to keep doing that as long as they will have me. preparations are under way to welcome the new prime minister to downing street on tuesday, but the question that cannot be answered just yet is how well prepared they are to confront the cost of living crisis. iain watson, bbc news, westminster. the german chancellor, olaf scholz, has announced 65 billion dollars worth of new measures to help people and businesses hit by soaring energy costs linked to the war in ukraine. the plan includes extra payments to t

_ not a single penny of national insurance. cials have been sayin hasilgen ome leaving. i to vote. ukrainian officials have bee is ayin hasilgen ome leaving. i to vote. ukrainian officials have bee is very 'iasilgen ome leaving. i to vote. ukrainian officials have bee is very differentome leaving. i to vote. ukrainian officials have bee is very differentome a aving.t to vote. ukrainian officials have bee fair ery differentome a aving.t to vote. ukrainian officials have bee fair process. entome a aving.t to vote. ukrainian officials have bee fair process. the me a aving.t to vote. ukrainian officials have bee fair process. the me a avin are and fair process. the ukrainians are saying this process is illegal and western countries say this is a propaganda exercise, but the result has already been decided by moscow and that this is going to be used as excuse b russia to annex -arts an excuse by russia to annex parts of ukraine. we had from president biden yesterday, saying that any annexation of territory by russia would be a flagra

says not to look at the country through the prism of distribution, she was presented with a national insurancesonally a fan of the getting wealthier but i respect somebody who lays out a plan and then effectively, it is going to be given, i suppose, and administration, she is going to have administration, she is going to have a mandate to pull these levers. if she gets it right, she will be seen as an economic hero. if she gets it wrong, election day is only two short years away.— wrong, election day is only two short years away. wrong, election day is only two short ears awa. ., , ~ ., , short years away. tony, we know she has been the — short years away. tony, we know she has been the last _ short years away. tony, we know she has been the last eight _ short years away. tony, we know she has been the last eight weeks - has been the last eight weeks appealing for the 200,000 or so tory members, she has now got to appeal to the whole nation, what do you of her statement that it is wrong to view policies through the lens of distribution? how popular will that be? ., ., �* distribution? how popu

not only did we see the corporation tax rises reversed and the national insurance rises reversed, wened to make sure people are genuinely working for their own company rather than as employees brought in by this government, or perhaps we should say the last government. this was the biggest tax cutting event since 1972, so it's not very mini. it is half a century since we've seen tax cuts announced on this scale. so bigger than the bill of nigel lawson's 1988 budget. now bigger than that. if he'd only saw what we expected which was corporation tax and national insurance cuts, that would have been 30 billion and we had about a5 billion, so 50% bigger in tax cuts than perhaps we were expecting yesterday. that coupled with what you call the biggest government intervention in your lifetime, that is the package to help households and businesses pay the soaring energy costs. again, you said it was unsustainable and you thought it would be unsustainable. why? there's two separate things here. the energy cost support, hopefully is a one—off. it is enormous, but hopefully it's a one—off and wi

if you can't, it's going to be hard to sell your house. >> the national insurance program is the insurerr a lot of people. changes are going there. lawmakers are right here. this is right there. it's on the coast of miami. that is a program that if you can't get flood insurance, you're going to the feds. you're probably going to overhaul that in the future. >> they rank flood zones one to 10. 10 is the most. you can still buy property on a home, and build on it. maybe you shouldn't have done that. you cover the union bone. that is in the past few decades. >>> we are looking into the prices you pay for the goods you need. we are going into the bo. om we have the labor expert. we have a different edition of we have a different edition of the ne investing strategiesx-smt desip more of what you earn. and set aside more for things like healthcare, or whatever comes down the road. this is "the planning effect" from fidelity. [watch: heart monitor connected.] technology makes it easy to connect to everything from your wrist. [watch: speakers connected.] but to connect to all your clouds, you ne

the government's figures today confirming that, but they have already put out about national insuranceable gain around £170 a yearin rate of taxable gain around £170 a year in a year or two's time, on the very highest level the game would be £3800. this is going to be argued over tomorrow. there may be other bits and that announcement, too, other things that haven't been trailed. ~ ., ., ., ., other things that haven't been trailed. ., ., ., ., ., trailed. we have had a lot of announcements _ trailed. we have had a lot of announcements this - trailed. we have had a lot of announcements this week, | trailed. we have had a lot of - announcements this week, political activity of course paused during the period of the royal mourning. we have party conferences starting up at the weekend so a lot being jammed into these days, and one of those announcements has been the lifting of the moratorium on fracking. yes. of the moratorium on fracking. yes, what we have _ of the moratorium on fracking. yes, what we have seen _ of the moratorium on fracking. yes, what we have seen today _ of the morato

what do you make of moves like reversing the national insurance rise? will that help, do you think?t probably will help. to a degree. but it depends what bracket you are in in terms of income. yeah, i think it will help. i mean, it does not even touch the sides. i don't know. we will see. there is a lot to take in. the treasury is cutting the basic rate of income tax from 20p to 19p from april next year. it is abolishing the 45p top tax rate for people who earn over £150,000, as well as reversing the national insurance rise from november, and cancelling a corporation tax rise planned for next year. stamp duty will be scrapped below £250,000. the government will borrow to fund it. £231; billion this year. there is criticism from opposition politicians that those with the most are getting the most. or as labour puts it, rewarding the already wealthy. when you are lifting bankers�* bonuses at the same time as saying that postal workers and rail workers can't have a decent pay rise, people can see that and see that as grossly unfair. and it looks like the conservatives are looking after

as expected, b rise in national insurance contributions that employees have to pay that has been reversed from its rise in april are projected rise for next year and corporation tax that isn't going to happen so remain at 19 percent. not 25 percent. the basic rate of income tax i, the reduction in that is also being brought forward by year from 20 to 19 percent. but much more headline grabbing as the fact that the chance was abolished altogether. the 45 percent tax rate on the highest standard income, those earning more than a $150000.00 pounds a year. about a $168000.00 a year. and all caps on bank has bonuses have gone as well. so this is a real ideological statement, as well as her and economic and financial one the leadership election saw the prime minister as now, is this trust say that she was less worried about redistributing well more worried about growing the economy and that everybody would benefit as a result, but this is a major sort of departure a returned to to the free market, small state ideology. and the labor opposition is saying that this is an a gamble with this last t

when it comes to the national insurance tax, george, the national insurance tax, george, the instituteis around 63p a month that people earning on average £12,000 would be saving compared to £150 a month for those within the over £100,000 bracket. again, this kind of focus in, is it the right way? what do you think? when you crunch the numbers, is this the right way to do it, if you are helping everybody being squeezed but if you are helping that higher earning bracket more disproportionally compared to the poor people? that disproportionally compared to the poor people?— disproportionally compared to the oor --eole? ., , . poor people? that is right. when you look at these — poor people? that is right. when you look at these tax _ poor people? that is right. when you look at these tax cuts _ poor people? that is right. when you look at these tax cuts under - poor people? that is right. when you look at these tax cuts under this - distributional basis, the biggest boost goes to those who are most well—off, who earned the most. that kind of makes sense because these taxes are a proporti

national insurance worth 17 billion in a year. corporation tax, 12 billion and rising.scrapping two billion. that's about 45 billion in tax cuts and on top of all of that, don't forget the household energy scheme. 62 billion for a full year and the business energy scheme, £29 billion, six months more if it's extended. so, who benefits? this is the type of analysis the government says it is not very interested in. we split the country into income groups. there is a clear pattern. the assumption from government is that giving the richest section most of this money back will help the economy to grow for everybody. so there are big choices here. let's give it some historical context. let's get all the biggest tax cutting budgets, you'll note there's none on here and look at where today's announcement fits in. the biggest cut since 1972, which independent economists do see some echoes but upfront this will help avoid a deep recession. but what then? it's designed to have a boost in activity in the economy, that's the good news. the bad news is all about demand, it's not abou

it is fair, we promised in our manifesto that we would not raise national insurance.clear he would target help towards the poorest households and rule out immediate tax cuts. but today, thoughts also turn to what he would do if he doesn't make it to number ten. i will stay as a member of parliament. i finished this campaign on friday in yorkshire at home with my own members. it was really lovely, it has been a great privilege to represent them as member of parliament for richmond in north yorkshire and i would like to carry on doing that for as long as they'll have me. preparations are under way to welcome the new prime minister to downing street on tuesday. the question that cannot be answered just yet is how well—prepared they are to confront the cost of living crisis. iain watson, bbc news, westminster. a number of european governments have revealed plans to help businesses and consumers cope with spiralling energy costs. sweden and finland have announced multi—billion—pound packages to support energy companies, while the german chancellor, 0laf schulz, has put asi

from cuts to national insurance to income tax i national insurance to income tax reductions, _ nationalget could save the average earner around £228- friday's mini budget could save the average earner around £228 a i friday's mini budget could save the| average earner around £228 a year. very helpful _ average earner around £228 a year. very helpful plus — average earner around £228 a year. very helpful plus stressing - average earner around £228 a year. very helpful plus stressing out i very helpful plus stressing out about — very helpful plus stressing out about money could be one of the reasons — about money could be one of the reasons we are seeing a rise in anger— reasons we are seeing a rise in anger issues, one in four apparently are worried — anger issues, one in four apparently are worried about how angry we feel, so whether_ are worried about how angry we feel, so whether it's you or someone you love, _ so whether it's you or someone you love, mentai— so whether it's you or someone you love, mental health expert now breslin— love, mental health expert now breslin is— love, men

that's not you to take effect until next year and i think she can get away with rolling back the national insurance increase that came into effect in april of this year. that was widely criticized at the time by a number of people because of the extra strain it puts on small businesses and businesses in general. so i think in terms of tax cuts, i think she can reverse what were she soon? ag has undertaken to implement more than that. i think she is going to struggle. and i think if she can convince people that bailing out or not bailing out, but basically ameliorating the challenges with respect to the energy price hikes for businesses over the course of the next one to 2 years. she can get away with that. but she needs to compliment that with measures to reinforce the u. k. longer term energy security. and that is something which i'm sure that you're watching very closely. um, as well, inflation, it could hit 22 percent early next year. according to goldman sachs, what do you say? what are you saying? is this likely? i think that's highly unlikely. i think that was pre, i think that was presuppose

go _ been hearing that national insurance contributions go back, _ been hearing that national insurancecontributions go back, the rate - increase that took place back at the beginning _ increase that took place back at the beginning of— increase that took place back at the beginning of this _ increase that took place back at the beginning of this financial— increase that took place back at the beginning of this financial year- beginning of this financial year will be — beginning of this financial year will be reversed, _ beginning of this financial year will be reversed, for— beginning of this financial year. will be reversed, for employees beginning of this financial year- will be reversed, for employees and employers _ will be reversed, for employees and employers and _ will be reversed, for employees and employers and that _ will be reversed, for employees and employers and that will— will be reversed, for employees and employers and that will be - will be reversed, for employees and employers and that will be a - will be reversed, for employees and i employers and that will be a wel

at the very beginning of the campaign, her policy of tax cuts and national insurance rise cancellingdicated on the office for budget responsibilities and forecasted in march _ responsibilities and forecasted in march that they would be worth £30 billion— march that they would be worth £30 billion to _ march that they would be worth £30 billion to spare in the treasury, or headroom — billion to spare in the treasury, or headroom in— billion to spare in the treasury, or headroom in the treasury dragon. and we've _ headroom in the treasury dragon. and we've come _ headroom in the treasury dragon. and we've come to the ft, that money is gone _ we've come to the ft, that money is done already— we've come to the ft, that money is gone already because of high inflation, high debt payments, that has already gone, and on top of that, _ has already gone, and on top of that, premises by liz truss and things— that, premises by liz truss and things like _ that, premises by liz truss and things like extra defence spending, tax cuts, _ things like extra defence spending, tax cuts, stuff like that,

cutting national insurance, as she has promised, benefits better—paid people more than poorer—paid onest taxes, you tend to benefit people who are more likely to pay tax. of course, there are some people who don't pay tax at all. but to look at everything through the lens of redistribution i believe is wrong. because what i'm about is about growing the economy, and growing the economy benefits everybody. so far, the economic debate for the past 20 years has been dominated by discussions about distribution. and what's happened is we have had relatively low growth. the immediate focus, though, is energy bills. labour say they would freeze them over the winter, and point out... the two leadership candidates, liz truss, you've just heard from, cannot give a specific answer to the one question, frankly, that everybody wants an answer to, which is, what the heck going to happen to my bills? still smiling while walking towards defeat, this was rishi sunak this morning. it's all over now, isn't it? last week, he sounded conciliatory towards his rival. take a listen to his tone of concession tod

i would reverse the increase in national insurance. the nhs will be safe in my hands.erybody across our great country to have opportunity. after six weeks of slugging it out, it's no longer time for campaigning, but for governing. and today we discover whether it's liz truss or rishi sunak who gets the keys to downing street. pollsters have declared liz truss the favourite — and, if she wins today, she's said she will announce substantial support to help with the cost of living within a week. i understand that people are struggling with eye—watering energy bills, and there are predictions of even worse down the track. if i'm elected as prime minister, i will act immediately on bills and on energy supply. if rishi sunak pulls off an upset, he said he'd target more help to the most vulnerable. but thoughts are also turning to what he'll do if he doesn't get the top job. i'm going to stay as a member of parliament and i was really delighted... actually, i finished this campaign on friday at home in yorkshire with my own members, which was really lovely, and it's been a gr

what about the | national insurance rises? you didn't national insurance rises?— brought them in... but are you also atainst brought them in... but are you also against cutting _ brought them in... but are you also against cutting them _ brought them in... but are you also against cutting them now? - brought them in... but are you also against cutting them now? it i brought them in... but are you also against cutting them now? it is i against cutting them now? it is different now, _ against cutting them now? it is different now, because then you give the money— different now, because then you give the money back to the top 10%, it is the money back to the top 10%, it is the opportunity cost of what you do with the _ the opportunity cost of what you do with the 29 billion cost of cutting that national insurance now. you could _ that national insurance now. you could help — that national insurance now. you could help people who are more vulnerable now, more effectively, like for— vulnerable now, more effectively, like for example reintroducing the £20 of— like for

many was to do the big energy package and do the things that worked quite well trails, cancel national insurance the battering you could say the economic situation that she inherited was to blame for that. but actually what it is is a severe market reaction to something of the prime minister and chancellors own doing. which is what makes the situation so extraordinary is that the announcement of new tax cuts despite not having inflation under control. it is the refusal to ask the office for budget responsibility to do a forecast. it is us acting of the permanent scholar on the first job is us acting of the permanent scholar on the firstjob in the treasury. that is the sort of thing that markets make lose confidence. let�*s give it to some of the specifics. i�*m going to stick with jessica elgot. pm holds talks with watchdog over fiscal chaos. so jessica elgot. pm holds talks with watchdog overfiscal chaos. so this is looking ahead to tomorrow one of the new details here? liz is looking ahead to tomorrow one of the new details here?— the new details here? liz truss will seak the new details here?

the government had already confirmed the national insurance rise would be reversed from november.ax from 19% to 25% has been cancelled — that's the tax businesses pay on their profits. there will be a cut to stamp duty in england and northern ireland — that's the tax you pay when buying a property. the threshold will be raised to £425,000 for first time buyers and £250,000 for everyone else. the rules which cap bankers' bonuses to twice their annual salary have been scrapped. more than 40 new �*investment zones' will be set up in england — these zones will be allowed to relax planning rules and reduce business taxes to encourage investment. and planned increases in the duty rates for beer, for cider, for wine, and for spirits will all be cancelled. and as we've been saying — the government described today's announcement as a mini—budget — but this chart from the institute for fiscal studies shows today's statement represents the biggest tax cut of any budget since 1972. here's our political editor, chris mason. can you afford these i tax cuts, chancellor? technically, this wasn't

cutting national insurance, as she has promised, benefits better—paid people more than poorer—paid onesut taxes, you tend to benefit people who are more likely to pay tax. of course, there are some people who don't pay tax at all. but to look at everything through the lens of redistribution, i believe, is wrong. because what i'm about is about growing the economy, and growing the economy benefits everybody. so far, the economic debate for the past 20 years has been dominated by discussions about distribution. and what's happened is we have had relatively low growth. the immediate focus, though, is energy bills. labour say they would freeze them over the winter, and point out... the two leadership candidates, liz truss, you've just heard from, cannot give a specific answer to the one question, frankly, that everybody wants an answer to, which is, what the hell is going to happen to my bills? still smiling while walking towards defeat, this was rishi sunak this morning. it's all over now, isn't it? last week, he sounded conciliatory towards his rival. take a listen to his tone of concessi