it smoking a net cost or a net gain for the exchequer?— the exchequer?hat figures you take, _ the exchequer? it depends on what figures you take, but _ the exchequer? it depends on what figures you take, but the _ the exchequer? it depends on what figures you take, but the figures i figures you take, but the figures that we look at our the revenue that the treasury gets from the sale of tobacco in that is over £10 billion a year. against that, the cost of treating smoking—related diseases on the nhs is said to be 2.5 billion. people come up with lots of weird and wonderful estimates for how much societal costs are involved, but there are all calculated on the back of cigarette pack. what we do know, is that smokers contribute over £10 billion a year. that is money that if the smokers suddenly all gave up, the treasury would have to find from somewhere else. it is the treasury would have to find from somewhere else.— somewhere else. it is very popular if ou somewhere else. it is very popular if you look— somewhere else. it is very popular if you look at _

. 800 ears and chancellor of the exchequer. 800 years and never— chancellor of the exchequer. 800 years a woman. that matters because she understands what it is like _ matters because she understands what it is like to _ matters because she understands what it is like to be a man who can't afford — it is like to be a man who can't afford childcare to work, parents working — afford childcare to work, parents working all the hours but not being able to _ working all the hours but not being able to pay— working all the hours but not being able to pay the bills. this is not about— able to pay the bills. this is not about some a satiric issue, this is about— about some a satiric issue, this is about real— about some a satiric issue, this is about real money in people's pockets _ about real money in people's ockets. �* about real money in people's ockets. ., ., pockets. but you are not in power et. pockets. but you are not in power yet- chatting _ pockets. but you are not in power yet- chatting to — pockets. but you are not in power yet. chatting to some _ pockets. but you are not in power ye

in my first budget as - chancellor of the exchequer, i will end the _ chancellor of the exchequer, iprivate schools from paying vat on business rates. and, conference, we will put _ business rates. and, conference, we will put that — business rates. and, conference, we will put that money into helping the 93% of— will put that money into helping the 93% of our— will put that money into helping the 93% of our children who are in our state _ 93% of our children who are in our state schools. she 93% of our children who are in our state schools.— 93% of our children who are in our state schools. ,, , ., , ., . ., , state schools. she promised to clamp down on ministers' _ state schools. she promised to clamp down on ministers' use _ state schools. she promised to clamp down on ministers' use of _ state schools. she promised to clamp down on ministers' use of private - down on ministers' use of private jest, consultancy spending on those who profited from prop during the pandemic. —— privatejets. speeding up pandemic. —— privatejets. speeding up the planning process would get britain buil

today we remembered the late former chancellor of the exchequer , chancellor of the exchequer, nigelt a memorial service in saint margaret's westminster , where he margaret's westminster, where he was most was undoubtedly the most important post—war chancellor this country has seen. why is this? well, it was that he got things right. he was determined to bear down on inflation, cut the size of the state, cut taxes . and he believed in sound money. he was a towering figure in british politics. he was a fundamental part of thatcherite ism, begging the question of whether it could have happened without it . he held many posts. without it. he held many posts. he was energy minister and started the privatisation of energy whilst he was there and he carried on after leaving office with concern considerable contribution to public controversies. he was the first really big figure to back brexit and he was also brave enough to challenge the green agenda when it was at its most blobby. well, i'm particularly pleased to be joined by another former chancellor of the exchequer , chancellor of the

the chancellor of the - exchequer, jeremy hunt.fringe to the main stage, jeremy hunt said he will put up the national living wage to at least £11 an hourfrom next april. that's a pay rise for two million workers. and the wages of the lowest paid, over £9,000 higher than they where in 2010, because if you work hard, the conservative government will always have your back. but, yet again today, the question that's been unanswered for nearly three weeks — will there be a new high—speed rail line between manchester and birmingham? plenty here think the prime minister is about to scrap it. number ten insists no final decision has been taken. people here have waited far too long for a functional railway, and we are not going to sell our own residence down the river and make them wait even longer. gripping this situation means re—examining it. it does not mean giving up and admitting defeat, you could say, or even, you could say, cancelling the future. have you considered resigning over the cancellation of the railway? we are not talking a

. she's facing some exchequer.s exchequer. but she's facing some rataer comparisons exchequer. but she's facing some raia certain comparisons exchequer. but she's facing some raia certain woman:omparisons exchequer. but she's facing some raia certain woman , mparisons exchequer. but she's facing some raia certain woman , an arisons exchequer. but she's facing some raia certain woman , an toryns to a certain woman, an tory politician. tell me more. >> she is this morning . the buzz >> she is this morning. the buzz on everyone's lips is rachel reeves the new liz truss , which reeves the new liz truss, which perhaps is not the accolade that she wants to be compared to. but but it is interesting because this is precisely what rachel reeves will be talking about today . she probably won't use today. she probably won't use the words supply side reform, but that's exactly what she'll be talking about, about boosting the supply side growth, the economy growth , growth, growth. economy growth, growth, growth. by economy gro

here's the former chancellor of the exchequer george osborne voicing his concerns over the potentiale second leg of hs2. i think it'd be a great tragedy, as i've said, to cancel hsz, it's the biggest levelling up project the country has got and in the end, if you want to make long—term decisions, and i fully support rishi sunak in wanting to make those long—term decisions, that includes huge investments in infrastructure like hsz. so i hope it's not too late and the cabinet sticks with the policy of previous conservative and labour administrations and goes ahead with this project. so is it your view then that this isn't a long—term decision for a better future? what i really think is that hsz will do a fantastic amount to connect the country up and build that northern powerhouse. we've built the line to birmingham, we should continue to manchester, and i hope the government sticks with the policy that after all it so enthusiastically advocated in the past. do you think they are failing northern voters? i think there is a great opportunity to deliver for northern voters by investing i

and another choice, in my first budget as chancellor of the exchequer, i will end the tax loophole _3% of our children in our state schools. cheering — our children in our state schools. cheering and applause and i tell you, if rishi sunak wants a fight _ and i tell you, if rishi sunak wants a fight on — and i tell you, if rishi sunak wants a fight on this, if the party that has herded our children into portakabins while our school crumble porta kabins while our school crumble once a _ porta kabins while our school crumble once a fight _ portakabins while our school crumble once a fight about who has the most aspiration _ once a fight about who has the most aspiration for our children, then i say bring — aspiration for our children, then i say bring it— aspiration for our children, then i say bring it on! cheering and applause conference, we are ready to serve, ready— conference, we are ready to serve, ready to _ conference, we are ready to serve, ready to lead and ready to rebuild britain _ britain. applause thank you. i didn't come into thank you. ididn't come into politics— thank

first, let's listen to this warning from the former chancellor of the exchequer george osborne. hsz, it's the biggest levelling up project the country has got and in the end, if you want to make long—term decisions, and i fully support rishi sunak in wanting to make those long—term decisions, that includes huge investments in infrastructure like hsz. so i hope it's not too late and the cabinet sticks with the policy of previous conservative and labour administrations and goes ahead with this project. so is it your view then that this isn't a long—term decision for a better future? what i really think is that hsz will do a fantastic amount to connect the country up and build that northern powerhouse. we've built the line to birmingham, we should continue to manchester, and i hope the government sticks with the policy that after all it so enthusiastically advocated in the past. do you think they are failing northern voters? i think there is a great opportunity to deliver for northern voters by investing in the infrastructure of the north. i'm a huge fan of the line across the penn

that you don't have access to all of your whatsapp messages from your time as chancellor of the exchequeru, because obviously this is a legal process which is going on, is that i'm helping the covert inquiry fully and very, very expansively with everything. during my time as chancellor... you said in your written testimony that there are some messages because of a changing of phone or whatever it might be that you don't have access to. i think as people will know, this is a legal inquiry. there's a full process. i submit a lot of different evidence in documentation. i will be interviewed. all of that will be transparent and public. and of course, i'm helping with all of that, as people would expect. we want to learn the lessons from covid. but i can tell you what i was doing and people remember because that's how they got to know me. i was the chancellor who set up the furlough scheme in a matter of weeks, did something that this country had never seen because i cared deeply about people's jobs. specific question about those messages. this is really important because that's what i was doi

the chancellor of the exchequer, jeremy hunt, has told the bbc the current turmoil in the middle eastgher energy prices. he said this week's events in the middle east are the latest in a series of global crises weighing on the world economy. he's been talking to the bbc�*s economics editor faisal islam at the meeting of the international monetary fund in morocco. at the very moment the finance ministers and bankers who run the world economy meeting here in morocco had dared to talk of a turn around after three years of crisis, what is happening in the middle east has cast a new shadow, and now ministers here privately acknowledge the uncertainty from the russia—ukraine crisis shows no signs of lifting. it's not just what's happening in israel, it's the war in ukraine that is proving much more protracted than people hoped. we need to prepare for volatility, for shocks in the global economy. should people at home, though, expect that there might be an impact — we are seeing a little bit in the gas market already — from these events? i think people at home recognise that gas prices are f

go straight back to the exchequer.ure what a quote proper windfall tax would look like . windfall tax would look like. 8,090% of profits. oh, crikey . 8,090% of profits. oh, crikey. also, there was a lot of kind of if you like, i wouldn't say class war policies, but policies that are designed to appeal to labour party activist parts that don't really cost the government much money may spend save some money, reining in the use of private jets by ministers, reining in the use by civil servants of consultants in whitehall. she says she'll cut consultancy spending in half over the next governments . and over the next governments. and as i said, going after those who profited from what she called the carnival of waste during the covid pandemic because just 2% as the shadow chancellor said of those loans, that have been deemed fraudulent of that money has been recovered . has been recovered. >> let's do some other numbers, though , liam, because, of though, liam, because, of course, prior to a speech, paul johnson at the ifs

i've just heard a brilliant speech by the chancellor of the exchequer on how we're going to grow they speech in a minute about reform... in light of that, why are we reporting on that? i think that number ten statement is designed to say, this is not a done deal now because it hasn't had cabinet sign off but i think we can expect that. to give you a flavour, i caught up with a minister in a department who would know what's going on and they adopted a very house of cards voice and the minister said, nicholas, you might say it will all happen on wednesday. talking to another source who had been pretty close to the decision making, they gave me a flavour of what the prime minister is likely to say, and they are saying they think it will be a positive message, an upbeat message about transport. the prime minister will say, look, we can reallocate resources to roads, we can reallocate them to buses and have an impact right now rather than waiting for years and decades down the line and not giving up on rail. it may well be we will hear favourable comments about the north and powerhouse ra

probably michael gove, the cabinet secretary, we suspect, and of course the then chancellor of the exchequershi sunak. so if you are thinking that this has moved on, it very much has an implication on the existing conservative government here in the uk and particularly rishi sunak who made several decisions during the pandemic, not least the eat 0ut made several decisions during the pandemic, not least the eat out to help 0ut strategy which was essentially a voucher towards anybody going out to dinner here in the uk. popular with the hospitality industry, but not that popular with many people who said it had an impact and lead arguably, they say, to the second lockdown here in the uk. so there is a bit of history going over, but certainly some implications that could be on this current government. and the idea here is not to apportion blame per se, but to learn lessons, and baroness hallett who is the chair of this inquiry has talked before on the evidence she has already heard from scientists that the case of another pandemic is a case of when, do not if. and therefore that is why these les

jeremy hunt, chancellor of the exchequer of great britain. 1.7 billion is from taxes on russian assets, which belgium will transfer to ukraine, will be directed to military and humanitarian aid aid, rebuilding the infrastructure and economy of our country - noted president zelenskyi during his visit to brussels. kakhovska dama is worth it. here is one of the living examples, we need to find such money. and this is a difficult difficult task, if russia, whose assets are frozen, or partially frozen, if it destroys the ukrainian infrastructure, it is logical that we should have the right, the laws the right to use them. belgium promises to cover the russian diamond business in the eu from january. before, she was the one who was holding it back question, because in antwerp, belgium , about 80% of unprocessed is sold expensively. stones of the world, most of them from russian siberia, moscow earned 4 billion dollars from its export only last year. russian diamonds of the oec promise to be included in the 12th sanctions package, which should be voted on in the coming days, then in europe th

the chancellor of the exchequer, jeremy hunt!the conference hall itself, there was stuff the government did want to say. jeremy hunt said he'll put up the national living wage to at least £11 an hour from next april. that's a pay rise for two million workers, and the wages of the lowest paid over £9,000 higher than they were in 2010. because if you work hard, a conservative government will always have your back. but this was a day where ministers had the agenda repeatedly snatched away by others. are you just here to cause trouble? this time last year, liz truss was in charge. now she's back. activists queued around the building and squeezed in here. more than 100 couldn't get into this packed room to see her. but some familiar faces did. liz truss�*s message was familiar too — cutting corporation tax, reducing energy bills and building more houses. let's be prepared to make conservative arguments again, even if it's unpopular, even if it's difficult. i want everybody in this room to unleash their inner conservative. let's make b

wouldn't it be good to have a female chancellor of the exchequer i'd rather exchequer at last?nservative chancellor of never mind, have a conservative chancellor of i never mind, have a conservative chancellor of i thought never mind, have a conservative chancellor of i thought thever mind, have a conservative chancellor of i thought the bank ind, have a conservative chancellor of i thought the bank ofi, barry. i thought the bank of england was meant to sit independently government independently from government and mark carney and politics. i know mark carney is a former governor, but i think his endorsement of reeves does question. does call that into question. well he wasn't party well he wasn't on party political or aren't party pre as governor he had a great obsession against brexit and made it clear for all to see anyway. now we've had to endure the incessant cries from climate warriors over the past few years that subjecting ourselves to a vegan diet the fast way to ingestion of tofu , lentils and ingestion of tofu, lentils and avocadosis ingestion of tofu, lentils and av

that is money coming out of the us exchequer that it otherwise wants to spend on inflationary and all translates through to mortgages. yes, it is going to be a long—term impact of refinancing at rates because that is the legacy of having the 15 years of very low interest rates. we having the 15 years of very low interest rates.— having the 15 years of very low interest rates. we have all got used to that — interest rates. we have all got used to that and _ interest rates. we have all got used to that and we _ interest rates. we have all got used to that and we have - interest rates. we have all got used to that and we have all. used to that and we have all love that while it lasted. thank you very much, simon french. let's focus on the uk eocnomy and uncertainty over the economic outlook as well as rising costs are continuing to affect staff recruitment, according to new research out today. the recruitment and employment confederation and kpmg found the number of permanent placements by recruiters fell in recent weeks as companies were reluctant to commit to hiring new workers. this c

the chancellor of the - exchequer, jeremy hunt. an hourfrom next april. that's a pay rise for two million workers. and the wages of the lowest paid, over £9,000 higher than they where in 2010, because if you work hard, the conservative government will always have your back. but, yet again today, the question that's been unanswered for nearly three weeks — will there be a new high—speed rail line between manchester and birmingham? plenty here think the prime minister is about to scrap it. number ten insists no final decision has been taken. people here have waited far too long for a functional railway, and we are not going to sell our own residence down the river and make them wait even longer. gripping this situation means re—examining it. it does not mean giving up and admitting defeat, you could say, or even, you could say, cancelling the future. have you considered resigning over the cancellation of the railway? we are not talking about that. the issue is we are working hard on finding the solution for the prime minister. over t

. >> on the theme of taxes , here >> on the theme of taxes, here was the chancellor of the exchequery hunt, giving exchequer, jeremy hunt, giving the main speech on the stage at 2:00 this afternoon. >> conservative will always protect public services, but we also honest about the taxes that pay also honest about the taxes that pay for them after a once in a century pandemic and the biggest energy crisis in a generation, the level of tax is too high. we were right to protect jobs and families . and thanks to rishi's families. and thanks to rishi's furlough scheme , we recovered furlough scheme, we recovered faster from the pandemic than others. but with an ageing population and a war in europe, pubuc population and a war in europe, public spending is still growing faster than the economy . faster than the economy. >> to analyse all of this, i'm joined by liam halligan gb news is business and economics editor and by lord frost, the negotiator of our brexit deal. liam you chaired the liz truss meeting earlier on. it was like a revivalist meeting , wasn't it? a revivalist meeting, wasn't

. >> on the theme of taxes , here >> on the theme of taxes, here was the chancellor of the exchequery hunt, giving exchequer, jeremy hunt, giving the main speech on the stage at 2:00 this afternoon. >> conservative will always protect public services, but we also honest about the taxes that pay also honest about the taxes that pay for them after a once in a century pandemic and the biggest energy crisis in a generation, the level of tax is too high. we were right to protect jobs and families . and thanks to rishi's families. and thanks to rishi's furlough scheme , we recovered furlough scheme, we recovered faster from the pandemic than others. but with an ageing population and a war in europe, pubuc population and a war in europe, public spending is still growing faster than the economy . faster than the economy. >> to analyse all of this, i'm joined by liam halligan gb news is business and economics editor and by lord frost, the negotiator of our brexit deal. liam you chaired the liz truss meeting earlier on. it was like a revivalist meeting , wasn't it? a revivalist meeting, wasn't

labour is celebrating the chancellor of the exchequer, jeremy hunt, is said to fear a portillo momenting and ash that means the humiliation of a cabinet minister being ousted from the commons , a phenomenon linked to commons, a phenomenon linked to my name after an unfortunate incident back in 1997. we'll look at the horrendous conflict in the middle east, where the death toll is bound to get worse. a ground invasion of gaza is, we're led to believe, imminent. are we speaking to a reservist, idf commander about that prospect ? and will the war that prospect? and will the war against hamas distract western attention from russia's invasion of ukraine? the biden administration and our own boris johnson seek to link the two

and chancellor of the exchequer, and l, chancellor of the exchequer, and i, i teamed up with him. evacuated from the grand hotel, of course. and i remember just standing across the street and at scene of and looking at the scene of devastation because of the devastation because all of the centre hotel had centre of the hotel had collapsed. bomb had collapsed. the bomb had been very if that's the very well plotted. if that's the thing say , it was quite low thing to say, it was quite low down in hotel and i think down in the hotel and i think i think they well enough that think they knew well enough that it down roof , it would bring down the roof, which was the destruction, obviously. margaret thatcher was extremely the extremely lucky to survive the bathroom suite was bathroom of her suite was wrecked. she was of course, the target. this followed a period in which, well, firstly , of in which, well, firstly, of course, the ira had assassinated airey neave, her right hand man, and the great war hero that was even before she became prime minister. and after she minister. and then a

it is interesting the chancellor of the exchequer talking about more help on the demand side for first-timee interesting to see how the conservatives manage the housing market going into the next general election. this is a critical area you could argue for them. it's all about supply and there is very little evidence we are starting to see supply coming into the market. watch that one quite carefully. the biggest story is what's happening with yields and that it's happening in the u.k. housing market as a result we get progressively moving higher is the bank of england done? we will watch on that front. the housing market absolutely sensitive to what is happening. vistry group down by 5.52% today. we welcome our bloomberg television and radio audiences. we need to talk about what's happening in the airline sector. if you want to know what's happening with the global economy you don't ask any economist, instead you ask an airline ceo. they sit on the intersection of pretty much everybody. consumer demand, business confidence, supply chains, the labor market, fuel prices, of the list goes on

of the scale challenge that i would inherit if i had the privilege of becoming chancellor of the exchequerthat is why i have said that when it gets decked downers, a share of the national economy. it is why i have said that we would pay for today spending their tax receipts. it is only through that iron discipline that we will get britain back on [inaudible] we have to grow the economy. what we have seen these last 13 years, this growth on its knees, taxes at the highest level for 70 years. public services are on the floor. we have to turn this around. which is why, in my conference speech today, i will be setting out how we are going to reaffirm the antiquated system to get an investment here in britain, to get infrastructure investment going here in britain. of the last two and a half years, i've had the privilege of working with many businesses that have helped inform these plans because i see huge potential in our country, businesses and families with huge ambition for themselves and businesses in their communities. a government that doesn't match that scale up ambition. that has got t

very slightly - like to discuss the very slightly curious story of the shadow chancellor of the exchequereconomists who are women have not got the credit they should have got. it is a very good thing, i went to her book launch and she spoke about it in an interesting way. the financial times has done an analysis on the book and they have found out that certain parts of it have been plagiarised or certainly elements from wikipedia and other sources like that, it is quite embarrassing. i have written a couple of factual books, everyone who writes one ends up books, everyone who writes one ends up researching wikipedia but you look into more things and make sure you rephrase things and look at more sources. she is such an incredibly busy person that is a lot of politicians do in writing a book, she had researchers to help, the pen picks she was talking about, and it seems a couple of researchers kind ofjust copied and pasted a few bits. it is an interesting story for our times because it is this thing which is very credible for someone to do, an interesting book, landing at her in trouble. s

the conservative member of parliament for stratford on avon and of course he was chancellor of the exchequernservative party and entrepreneur. we might even call you nadhim zahawi, a self—made man , an aspirant. we were man, an aspirant. we were chatting in the break before we came on that you joined this party back in the 80s when it was all about aspiration, wasn't it ? it didn't was all about aspiration, wasn't it? it didn't matter what your religion was, what your race was, what your class was. you know, mrs. thatcher believed if you had the ability , you worked you had the ability, you worked hard, had a bit of luck , you hard, had a bit of luck, you could do well. you did do rather well, didn't you? very much so. i was very lucky and blessed. i remember my mum saying, you know, son, the country that's adopted us has got a grocer's daughter as prime minister. yeah, because you come from iraq, haven't you? >> right. absolutely right. yeah. remarkable, yeah. no, it's remarkable, actually ways. if you actually, in many ways. if you reflect on that look at reflect on that and you look at th

the conservative member of parliament for stratford on avon and of course he was chancellor of the exchequernservative party and entrepreneur. we might even call you nadhim zahawi, a self—made man , an aspirant. we were man, an aspirant. we were chatting in the break before we came on that you joined this party back in the 80s when it was all about aspiration, wasn't it ? it didn't was all about aspiration, wasn't it? it didn't matter what your religion was, what your race was, what your class was. you know, mrs. thatcher believed if you had the ability , you worked you had the ability, you worked hard, had a bit of luck , you hard, had a bit of luck, you could do well. you did do rather well, didn't you? very much so. i was very lucky and blessed. i remember my mum saying, you know, son, the country that's adopted us has got a grocer's daughter as prime minister. yeah, because you come from iraq, haven't you? >> right. absolutely right. yeah. remarkable, yeah. no, it's remarkable, actually ways. if you actually, in many ways. if you reflect on that look at reflect on that and you look at th

if you grow your economy... . the chancellor of the exchequer.lt very shortly and we can see the liberal democrat candidate there as well. we're just waiting for andrew who i cannot see, who is the conservative candidate there in tamworth. but, clearly, they are getting prepared for the result in the tamworth by—election. it will be quite something if labour actually takes this from the conservatives because it will have meant a massive swing away from the tories who have held this since 2010 with a very significant majority. let's listen. are there any other candidates going tojoin us on are there any other candidates going to join us on this date? are there any other candidates going tojoin us on this date? —— on the stage. i to join us on this date? -- on the stare. ~ i, ' i stage. i think the returning officer is waitin: stage. i think the returning officer is waiting to _ stage. i think the returning officer is waiting to see _ stage. i think the returning officer is waiting to see if _ stage. i think the returning officer is waiting to see

450,000 of it will come back through the tax, through inland revenue will be paid into, into the exchequere on benefits were set up. >> is a is a pay employer. they will be pay for a banker's bonus. >> don't don't worry about that. hmrc are very strong on all these things now. so the bottom line on it is that actually the treasury benefit bit by the tune of how ever it's going to be, 45% of it, right? so i'm entirely in favour of it. i wasn't even in favour of imposing any, any kind of cap on anything. what is the point of doing that? surely if 45% is coming back and it's coming from private industry by and large, who cares how how it all works ? who cares how how it all works? is there a the argument from the left is that there's a sense of unfairness in it all. look, these people are entitled to two times their two times their salary anyway , if they were on 3 salary anyway, if they were on 3 or 400 grand. right. they can get they can get £800,000 anyway. so the idea that there was fairness , there is no such was fairness, there is no such thing as fairness. i mean, look, michael, unattr

. think he exchequer.ately, what this government is seeing is that amount of spending that the amount of spending is fixed. this all has to go up, spending has to up and up and spending has to go up and up and up, need raise up, and then we need to raise taxes i haven't taxes to match it. so i haven't heard hunt or sunak heard jeremy hunt or rishi sunak come imaginative plan come up with an imaginative plan for spending apart from for cutting spending apart from the completely blindingly obvious cancel obvious that we should cancel hs2. that's it. we need to hs2. but that's it. we need to get the welfare bill down. seriously i mean, jeremy hunt said 1 or 2 things about trying to get people back into work. i approve about the approve of that a bit about the pubuc approve of that a bit about the public sector as well. >> and about civil servants. but again, shift again, that's not going to shift an that's not again, that's not going to shift an to that's not again, that's not going to shift an to shift. that

shadow chancellor couldn't help remarking that she could be the first ever female chancellor of the exchequert, despite promising a labour goverment would deliver big infrastructure projects, there was no recommitment to hs2 in its totality. here's nick. a commanding view over one of britain's great waterways and the setting for a political party daring to dream that it may soon command the country. a buzz at the labour conference and no room at the inn for some at one of the week's main events. out of the wreckage of tory misrule, labour will restore our economic credibility. the would—be chancellor pressed home the two core messages of this conference. first, a familiar theme of reassurance with a commitment to iron—clad fiscal discipline and a guarantee of no significant tax and spending changes without an independent forecast. but, answering critics that it's all a bit dull with more of a vision, a national wealth fund to leverage private finance into infrastructure projects and speeding up new grid construction with competitive tendering. launched with an endorsement from this guy. it's

so there is a fiscal exchequer.her side and the other side is exactly as you say. martin financial services is our biggest export. you know, biggest export. but, you know, britain centre of the world financial centre of the world under many headings london. under many headings in london. but really want people but do you really want people who massively juiced up, who are massively juiced up, frankly, to take enormous risks with, you know, banking deposits , with the savings and investments of ordinary people and, you know , look, i've worked and, you know, look, i've worked in financial services . i used to in financial services. i used to be a partner in an asset management company. you know, i'm a pro—market person, an unlike almost any other journalist in this business. i actually have genuine hands on business experience , managing business experience, managing hundreds of millions of dollars and pounds in financial markets. and i would say this financial markets are really fragile at the moment. we've just had

you chancellor of the exchequer.hing daft, but you can take anything daft, but you can take a risk on us because it'll be safe . and the strategy is if the safe. and the strategy is if the tories want to go off to the right, as you suggest, and sort of try and scoop up those right wing votes, then well, they'd wing votes, then well, they'd win the well. >> yeah, i do, i do get that. yeah. okay, fine. i suppose i see what you mean in terms. you think that some people might then tories and vote then leave the tories and vote labour? all right, maybe. labour? yeah. all right, maybe. but that's right. >> that's what you saw in >> and that's what you saw in the by elections. i mean, you know, know, we're not we're know, you know, we're not we're not and not not complacent and we're not jubilant is pretty jubilant today, but it is pretty solid. but you have to solid. but even you have to concede it was a pretty good set of results for labour. >> right. look no, absolutely. absolutely. also, you know, absolutely. but also,

. >> a lot to money >> it gives a lot of to money the the exchequer. i think the to the exchequer.pletely because they want the tax from it. >> they the tax from >> yeah, they want the tax from it, also, i mean this is the it, but also, i mean this is the horribly brutal about it. yes yes. smoking smokers the yes. smoking smokers cost the nhs a lot of money because of all cancer. they're all the cancer. well they're paying all the cancer. well they're paying in heart attacks paying for it in heart attacks and on, they're paying and so on, but they're paying for things, but also for it through things, but also smokers younger. and one, if smokers die younger. and one, if you want to about if you want to talk about like if you want to talk about like if you government you want to make government decisions whether decisions based on whether people are going to a burden people are going to be a burden to know, you may as to the nhs, you know, you may as well have sort of, you know, euthanasia from the age 60. euthanasia from the age of 60. it's, it's, it's it doesn't make any sense in

the exchequer. the get that cash. but the treasury get that cash. they're in france or if they're in singapore, they don't. >> and then also what you've got as well is if they and when as well is if, if they and when do have house? mean do they have one house? i mean when does that happen. >> they've got it's houses by >> they've got if it's houses by the when they've got stamp duty. >> it's thing why i was >> it's one thing why i was saying that i was interested in the demographics this is the demographics of this is if you central you go through central london, actually, mentioned actually, because you mentioned rather tellingly, the gold cars that very often they that you see very often they have number plates that have either uae or they have either the uae or they have saudi they have saudi arabia or they have something before the something similar on before the war in ukraine, you saw a lot of young russians there. young russians in there. >> of people come from >> a lot of people come from overseas, people overseas, younger people to london l

he was part of the chaos of the covid years and he was the chancellor of the exchequer who wasted tensf pounds on the response and furlough and all this kind of stuff, which really didn't need to be done. and now we know that lockdown cross—party consensus mostly, that's a good point on that, because, you know, that's a very good point, because to me, there is no difference between the conservative gives and labour lib dem green in most of the issues. they're all pretty much to interrupt you, but we haven't got much time before we before we move on. we move on. >> we move on. >> but i think so the labour party, stuck when it party, they're stuck when it comes the economy. they can't comes to the economy. they can't really anything radical. really do anything radical. they've you know, they've committed to, you know, similar fiscal ideas to the conservative party at least conservative party for at least a bit for. but on a little bit longer for. but on culture, this is where a lot of small c conservatives are worried. and so things like misogyny, crimes misogyny, hate crimes sounds nice

labour is celebrating the chancellor of the exchequer, jeremy hunt, is said to fear a portillo moment in the newly formed constituency of godalming and ash that means the humiliation of a cabinet minister being ousted from the commons , a phenomenon linked to commons, a phenomenon linked to my name after an unfortunate incident back in 1997. we'll look at the horrendous conflict in the middle east, where the death toll is bound to get worse. a ground invasion of gaza is, we're led to believe, imminent. are we speaking to a reservist, idf commander about that prospect ? and will the war that prospect? and will the war against hamas distract western attention from russia's invasion of ukraine? the biden administration and our own boris johnson seek to link the two conflicts in the minds of western opinion makers . retired western opinion makers. retired british army colonel richard kemp will give me his view. the actor kevin spacey, who was earlier this year acquitted of charges of sexual assault, made a surprise appearance at the sheldonian theatre in oxford. his recitation from shakes

>> and the chancellor of the exchequer has it within his power to veto that. that? >> do you think the chancellor should dock her wages as she leaves the company in disgrace? >> i think if >> no, i think if i if i contract said that if she leaves, she gets the payout, then contracts, £11 million then the contracts, £11 million for her for failure, if that's what her contract it's what happens contract said. it's what happens in every when mps resign they get get like nice big get they get like a nice big cheque £11 million, cheque for saying £11 million, not million, but not £11 not £1 million, but not £11 million. free money. i million. but still free money. i think there's probably an issue with people's contracts with how people's contracts are set first place, but set up in the first place, but in this specific case, the piece of paper has been signed that says that gets money if she says that she gets money if she is rid and what is got rid of. and that is what happened. is got rid of. and that is what happenedi'm very comfortable taxpayer, i'm very comfo

this isn't just the home secretary this is the exchequer as well. >> so the solution is actually somethingne. doesn't a done. and this doesn't take a radical out the box radical genius out of the box thinker to think about. you create more space by bringing that space to us. you get prison ships and you're absolutely bob on. by the way, labour will slam it, won't they? well, they're not going if they not to going change it if they come power. come into power. >> well, of course they're not, but they're going to inherit exactly the situation if exactly the same situation if they do come to power next year, they're going have to work they're going to have to work out what to do. and the only thing do you're thing you can do if you're running prison is running out of prison space is to create more the only to create more space. the only thing you can do . thing you can do. >> and what does this say to people out there right now who are criminally minded? i mean, with respect , we can't lie about with respect, we can't lie about this stuff. it's big news with respect, we can't lie about this s

>> it is the chance of the exchequer worst chancellor in tory history. jeremy hunt.ypical of the lib dems that is bringing the conservative party down. >> i think i now have to say jeremy hunt would deny he doesn't have any balls , but it's doesn't have any balls, but it's a phrase i went into broadcasting for that kind of moment . what sean is union moment. what sean is union jackass >> my union jackass is guardian columnist owen jones, who ran around tory conference terrorising mps with that terrible gotcha journalism, pretending to be a journalist. it's not journalism. it is political activism. fair and on top of that, he also did it to activists as well. that's not fair. if you want to be called a journalist, you have to be a journalist, you have to be a journalist, not a political activist. same old double standard . standard. >> so watch the video because, of course, decide for yourself if it is interesting. >> it is one thing and you very rarely catch standing up. for one say is that one thing i will say is that it was channel and did was his own channel and h

it's estimated that those benefits cost us about £3 billion a year in subsidies or money that the exchequertake. now, i think in a time when our schools are crumbling and they can't even fix the roofs for regular kids in state schools , the idea that in state schools, the idea that £3 billion is going to the richest families is absurd and some people will say, but they scrimp and save in some cases to afford private school fees. well, the average private school costs £15,200 a year. now, that's almost as much as a full time salary on the minimum wage. that's not something that many people have. spare only 6.5% of people have. spare only 6.5% of people in this country go to private schools. so i say, why should we be giving handouts to these hooray henrys when regular people can't make ends meet? now, some will say a 20% on those costs of private schools. that'll be really difficult for them. how will they afford it? well, in real terms, private school fees have gone up 20% since 2010. and strangely , when since 2010. and strangely, when that money was swilling from one lot of rich people to

coming at it, >> but he was coming at it, wasn't as chancellor of the wasn't he, as chancellor of the exchequer as chancellor of the ech think that's focus being wasn't he, as chancellor of the ech think that's absolutely ng >> i think that's absolutely right. the other right. and i think the other thing to what we were told right from the start by professor from the very start by professor chris that lockdown chris whitty is that lockdown can a time limited can only be for a time limited penod can only be for a time limited period before people then period before people will then naturally start to, you know, break the rules. so making sure that but that actually the government but surely the case, why surely if that's the case, why do you need encourage people do you need to encourage people you need you can just end you don't need you can just end the restrictions people will the restrictions and people will go to normal. the restrictions and people will go don'tnrmal. the restrictions and people will go don't need to subsidise >> you don't need to subsidise people eating indoors. >> in, i t