light years away from george osborne and his austerity program. a, away from george osborne and his austeritys been turned, a austerity program. a page has been turned. a line _ austerity program. a page has been turned, a line has— austerity program. a page has been turned, a line has been _ austerity program. a page has been turned, a line has been drawn, - turned, a line has been drawn, whatever metaphor you want to use this is a big departure from the borisjohnson administration, the treatment may, david cameron and other. liz truss and the chancellor kwasi kwarteng today have put forward what the chancellor himself described as a new approach for a new era for the labour and others will criticise the government as they have done saying that this is still the conservatives who have beenin still the conservatives who have been in powerfor the last 12 been in power for the last 12 years, up been in power for the last 12 years, up to something which is been tried before and proven not to work. there is no doubt that the trust administration are embarking on a very different strategy to the c

probably the most bizarre since george osborne tried to tax paste this — since george osborne tried to a much more serious impact. so what the markets are saying _ serious impact. so what the markets are saying is, look, we don't know what _ are saying is, look, we don't know what is _ are saying is, look, we don't know what is going to happen. there is budget— what is going to happen. there is budget responsibility report to tell us what _ budget responsibility report to tell us what the predictions are. the chancellor— us what the predictions are. the chancellor is during many all over the place — chancellor is during many all over the lace. ., ., the place. the government would an ue that the place. the government would argue that the — the place. the government would argue that the have _ the place. the government would argue that the have the _ the place. the government would argue that the have the budget i the place. the government would i argue that the have the budget may be don't need bod are, but maybe that is just semantics. it be don't need bod are, but maybe that is just

— years ago was to do with george osborne and david cameron's austerity— osborne and david cameron'shat _ austerity measures and they warned that that was going to create a stagnant — that that was going to create a stagnant economy and global growth. now they— stagnant economy and global growth. now they have a situation where they are warning _ now they have a situation where they are warning that you need to do something quite rapidly, perhaps think— something quite rapidly, perhaps think again about the tax rates and the tax _ think again about the tax rates and the tax cuts, especially the top tax rate _ the tax cuts, especially the top tax rate what — the tax cuts, especially the top tax rate. what is interesting is that regardless of whether or not to kwasi _ regardless of whether or not to kwasi kwarteng is going to leave it until november before he reveals his plan, _ until november before he reveals his piah, his— until november before he reveals his plan, his strategy for how he is going _ plan, his strategy for how he is going to — plan, his strategy for how he is going t

i think the imf did - make a comment on david cameron and george osborne's austerity budget as well sayingy? well saying that it was playing with fire. sor ? ., well saying that it was playing with fire. sor ? . .,, ., well saying that it was playing with fire. sor ? . ., ., ., fire. sorry? that was a decade ago. it is a fire. sorry? that was a decade ago. it is a decade _ fire. sorry? that was a decade ago. it is a decade ago, _ fire. sorry? that was a decade ago. it is a decade ago, but _ fire. sorry? that was a decade ago. it is a decade ago, but not - fire. sorry? that was a decade ago. it is a decade ago, but not 50 - fire. sorry? that was a decade ago. it is a decade ago, but not 50 or . fire. sorry? that was a decade ago. j it is a decade ago, but not 50 or 60 years ago. sian, what are your views about this as well? it's interesting reading lloyd frost reaction he had the former brexit minister here, the imf has consistently advocated for how the conventional approach is that has produced years of slow growth and weak productivity. i think it's intervention is driven by the fear_ th

and one — george osborne era after 2010. to why financial markets might find it surprising and may worry— find it surprising and may worry about the lack of costing attached — worry about the lack of costing attached to it i think all of those _ attached to it i think all of those things are worth saying without taking a strong position. without taking a strong position-— without taking a strong iosition. �*, ., . position. it's not so much takini position. it's not so much taking of— position. it's not so much taking of you _ position. it's not so much taking of you but - position. it's not so much taking of you but if - position. it's not so much taking of you but if the i taking of you but if the majority _ taking of you but if the majority of _ taking of you but if the majority of economists taking of you but if the i majority of economists say taking of you but if the - majority of economists say one thing _ majority of economists say one thing and — majority of economists say one thing and a _ majority of economists sa

but the reality is, she's reheating george osborne's filed corp time protecting oil and gas profits. i'm forcing working people to pay the bill. she's the 4th tory primacy for 6 years. the face of the top may change, but the story remains back. there is nothing new about the tory pump to see a trickle down economics. yet nothing new about this tory prime minister who noted through every single decision the daughter sent to that man now says how terrible it is. a taunt she see. there's nothing new about a tory prime as to who when asked, who pays? says it's jude the working people of british. yes. well there's nothing new about a labor leader who is calling for bull tax roy. hey, i am saying mom to tighten with what i am a wow. is about reducing taxes, getting our economy growing, getting investment, getting you jobs, the people right across the country. i'm afraid to say the right honorable gentleman doesn't understand aspiration. he doesn't know. he doesn't understand that people want to keep more of that right money, and that is what i will deliver. as prime minister, i will take i

was over austerity plans when its chief economist, 0livier blanchard, accused then chancellor george osborneying with fire. it is very unusual for the imf to speak out so publicly. it may suggest that the fund wants to warn other countries away from similar packages to the one just passed by the uk. the british government has responded to the criticism saying it is focused on growing the economy and raising living standards. joining me now is sarah hewin, head of research, europe and americas at standard chartered bank. good morning to you. first of all, your thoughts on this imf intervention. it all, your thoughts on this imf intervention.— intervention. it is very unusual— intervention. it is very unusual for— intervention. it is very unusual for the - intervention. it is very unusual for the imf i intervention. it is very unusual for the imf to intervention. it is very - unusual for the imf to make unusualfor the imf to make such an intervention. and if we look behind the words, then this is a pretty serious warning for the government about embarking on fiscal expansion, at a time when in

it's such a radical change from the days of david cameron and george osborne.e budget, to borisjohnson, where he was favouring spending, now we've got her going for broke in terms of spending — and huge amounts on helping to cap energy bills, and i think that makes sense. the question is how they fund it. and the fact that she wants to go to go for this trickle—down approach, she's going to cut taxes but she's not going to cut spending and she's not going to tax any energy companies for their windfall profits, so i think it's this disconnect. it's very ideological but she's actually pursuing trickle—down economics with a bit of keynesianism mixed in. it's very — it's a real experiment and i don't know how it's going to turn out. polly, we heard some of this during the conservative leadership campaign, but not all of it. so, people have been surprised by this. she always said she wanted to cut taxes — she talked about that a lot — but a lot of people thought that's just to soften up the conservative party so she gets elected and when she gets there, she'll pivot

she could do is cut spending and bloomberg economics says she needs to cut spending more than george osbornee wants to balance the books. it is politically ugly. interesting that she will meet with the chief today and it is unusual of this situation. on the one hand, if the government tries to weigh on the independent forecasting, or is it the government capping on the markets, expecting that it should have gone to the adr in the first place if it wanted the credibility for the economic plans. tom: the four line of what we see from this government, isn't it? lizzy: the fiscal situation is undermining the u.k. institution. look at how it has treated the bank of england and the leadership campaign, and this weekend it has to look at the boe for rescue from the pension funds. tom: there is a lot going on online, the prime minister and rishi sunak had forecast this move on the markets. that is going viral online from rishi sunak prior to losing that content. the burden, thank you and looking ahead to the tory party congress. bad news for mortgage holders. the bank of england will have to hike ra

critics point to the fact that george osborne has cut corporation tax when he was chancellor.pporter will argue thatis liz truss's supporter will argue that is nowhere near as ambitious. we haven't really seen this for many years. jury is out, but liz truss is taking a big political gamble and we know we face probably an election within the next two years. she's got to show this is working for the voters, putting more tax in their pocket. what will help in the long term is helping grow the economy. making the whole pie bigger, as she likes to refer to it, and reversing some of those trends in wage growth and living standards that we've seen get worse. james, the guardian have come up with their her doctor already and they say it's a budget. —— their verdict already. the guardian saying it's a budget for the rich. whatever you think of it, it definitely does favours the better off. there's no doubt that it does benefit — there's no doubt that it does benefit the people on more money. plus the _ benefit the people on more money. plus the guardian have gone in big on their— plus

in 2012 george osborne as chancellor says he gets a daily verdict on the credibility of economic policy from bond investors, very much keeping an eye on the market. alix: the market now would be sanguine. you are at the labor market conference. what are their plans to capitalize on what is happening in the tory party? lizzy: i spoke to the shadow chancellor of the exchequer, and she is a former boe economist so she was trying to show she understands the importance of markets and the impact on the cost of borrowing if they were the government. she had a different tone to kwasi kwarteng, trying to underscore that for us. labor is already ahead of conservatives in the polls, including on the question of how they would manage the economy, people trusting them to manage the economy. the questions remain whether people will buy into the decision of a fairer, greener economy. lots of big pictures announced today but we are waiting for much more detail, and also how they will afford all of these promises. the opposition labor leader said he would scrap this top tax but he would go ahead with th

the prime minister claims to be breaking orthodoxy, but the reality is that she is reheating george osborne'siled corporation tax plans, protecting oil and gas profits, and forcing working people to pay the bill. she is the fourth tory prime minister in six years. the face at the top may change, but the story remains the same. there is nothing new about the tory fantasy of trickle-down economics and nothing new about this tory prime minister who nodded through every single decision that got us into this mess and now says how terrible it is. can she not see that there is nothing new about a tory prime minister who when asked, "who pays," says, "it's you -- the working people of britain"? p.m. truss: there is nothing new about a labour leader who is calling for more tax rises. it is the same old, same old, it is the same old, same old, tax and spend. what i am about is reducing taxes, getting our economy growing, getting investment and getting new jobs for people right across the country. i am afraid to say that the right honorable gentleman does not understand aspiration. he does not understan

it would be the first time there is such alignment on that since david cameron and george osborne's partnershipight be outside pressures. you can see jacob, the brexit opportunities minister in the treasury and john redwood, head of the downing street policy unit. the big question really is what will rishi sunak do? will he join the cabinet or will they even have him back? dani: thank you so much. you have a busy weekend and started the week next week. lizzy burden giving us the latest on the u.k. leadership race. let's get to the first word news. she is here this time. juliette saly in singapore. juliette: i am here. a team of u.n. inspectors will remain there until saturday. it is the first time in the iaea's 65 year history that they have crossed an active battlefront in order to carry out an intervention. >> and glad you pointed out that the inspectors are there. we are glad to see that. we hope that they are giving unfettered access and we look forward to their report about the operational sufficiency of that nuclear power plant because the danger could be so much bigger not just of the pe

cut by george osborne, from 28% in 2011, _ previously cut by george osborne, from 28% in 2011, downp from 35— in pound terms, actually went up from 35 billion. _ in pound terms, actually went up from 35 billion. there _ in pound terms, actually went up from 35 billion. there are - in pound terms, actually went up from 35 billion. there are tax - from 35 billion. there are tax credits — from 35 billion. there are tax credits designed _ from 35 billion. there are tax credits designed to _ from 35 billion. there are taxi credits designed to incentivise investment, _ credits designed to incentivise investment, nothing _ credits designed to incentivise investment, nothing in- credits designed to incentivise investment, nothing in this i credits designed to incentivise - investment, nothing in this budget, but we _ investment, nothing in this budget, but we are — investment, nothing in this budget, but we are looking _ investment, nothing in this budget, but we are looking to _ investment, nothing in this budget, but we are looking to improve - investment, nothing in this budget, j but we

if you have to much you get what george osborne the former extractor called the stability of the graveyard. so when you think about these trade-offs, what's going through your mind, how do you decide what's too much or too little? >> i'm not sure i put it as too much or not enough. if you have the appropriate level of regulation addressing the right goal. and there is a trade-off in doing that but it's not so much about necessarily about the level yiof regulation when you tailor what you're trying to do to achieve and aim that achievable. in a way that makes sense.i think innovation is really essential for our economy.y. and you don't want to choke off innovation and particularly with rent innovation sometimes increments will use regulation to block new entrants into the systems. you want to be careful that you're not blocking in the power of the dinosaurs. so innovation is absolutely critical for innovation to be r successful it needs guardrails. and those guardrails have to be clear and they have to protect consumers and have to protect the safety of the financial system. >> you spoke in

bit like marking your own homework and so one of the things that the chancellor at the time, george osborneview to providing an independent what's the outlook wasn't in particular what the outlook, how the outlook would be changed by particular tax and spending policies. just to give the proposals in his budget that much more credibility so that it didn't look like he was, as it were, massaging the figures to make it look a little bit more favourable. by look a little bit more favourable. by not having that report before the mini budget, presumably it's going to be quite a different report now, because obviously there is the real data in terms of the response and what's happening with interest rates? , ., , ., what's happening with interest rates? , . . ., , rates? interest rates are certainly an important _ rates? interest rates are certainly an important part _ rates? interest rates are certainly an important part of _ rates? interest rates are certainly an important part of that, - rates? interest rates are certainly| an important part of that, because one of the things that the office f

it's such a radical change from the days of- a radical change from the days of david cameron and george osbornef spending huge amounts on helping to calve energy bills, and i think that makes sense. the question is how they fund it. the fact that she wants to go to for this trickle—down approach but she's not going to cut spending or tax any energy companies for their windfall profits. i think it's this disconnect. it's very ideological, but she's actually pursuing trickle—down economics with a bit of keynesianism mixed in. it's a bit of keynesianism mixed in. it's a real experiment.— a real experiment. polly, we heard some of this _ a real experiment. polly, we heard some of this but _ a real experiment. polly, we heard some of this but not _ a real experiment. polly, we heard some of this but not all _ a real experiment. polly, we heard some of this but not all of - a real experiment. polly, we heard some of this but not all of this. - some of this but not all of this. people have been surprised by this. she always said she wanted to cut taxes. _ she always said she wanted to cut taxes. but —

it has made comments in the past by the uk, in 2008 george osborne after the financial crash, he saids the government is looking for any kind of bailout, this isn�*t the imf going to the imf to ask for anything, they have felt the need to intervene and make some comments. they felt the need to intervene, how unusual is it for an organisation like the imf to do this, to make the source of comments? it is rare, we heard sir keir starmer on saying that earlier, it is a rare intervention, humiliating, some are saying, because firstly for the imf to even say we are monitoring the situation in the uk closely, it is quite humiliating for a g7, a major economy. it does say it understands the aims of such a large fiscal package. i will try and interpret some of the language. it says the nature of the uk measures risks increasing inequality, top of the government to take, given everything it wants to do about levelling up, it wants to do about levelling up, it talks about closing the inequality gap. it says it doesn�*t recommend large, and targeted fiscal packages. it is important fiscal policy

obviously we had austerity with george osborne, the whole thrust of tory 0sborne, the whole thrust ofe government is looking _ impression that the government is looking forward to bringing different fiscal targets. we need to know what those are. so different fiscal targets. we need to know what those are.— different fiscal targets. we need to know what those are. so you get the impression- -- _ know what those are. so you get the impression... from _ know what those are. so you get the impression... from what _ know what those are. so you get the impression... from what the - impression... from what the chancellor — impression... from what the chancellor said _ impression... from what the chancellor said today - impression... from what the chancellor said today it i impression... from what the i chancellor said today it looking at different — chancellor said today it looking at different fiscal targets. still probably a falling gdp from time but we don't _ probably a falling gdp from time but we don't know exactly what he means by that _ we don't know exactly what he means by that th

minister will do is look at the private rented sector and reverse the section 24 tax changes that george osbornee.- difficult for renters to a property at at an appropriate rate. thank you ve much at at an appropriate rate. thank you very much for— at at an appropriate rate. thank you very much forjoining _ at at an appropriate rate. thank you very much forjoining us _ at at an appropriate rate. thank you very much forjoining us today, i very much forjoining us today, chief executive of the national residential landlords association. we are going to get reaction now from labour injust a moment. let me briefly first of all bring you some comments from you. paul hunter says can we stop with the hysteria, the real villains of the piece are the financial markets. then this from mark, i personally would like to as the pm and chancellor what they are going to spend their extra five k on, like my £180 be swallowed up by food and information alone. sharon says that there is if they don't put up says that there is if they don't put up legacy benefits, people like me who are medically unfit to work won't

even david cameron and george osborne had the northern powerhouse but you don't sense that same imperativeappointed simon clark- -- as _ priority. she has appointed simon clark... as brandon _ priority. she has appointed simon clark... as brandon lewis - priority. she has appointed simon clark... as brandon lewis and - priority. she has appointed simon | clark... as brandon lewis and ben wallace, the defence secretary who is continuing, it would have been hard to see a big move to. the only one who stayed _ hard to see a big move to. the only one who stayed in _ hard to see a big move to. the only one who stayed in place, _ hard to see a big move to. the only one who stayed in place, i - hard to see a big move to. the only one who stayed in place, i think. i one who stayed in place, i think. that is intriguing because... to be fed to borisjohnson, one of the things he did not do was keep on moving people around, one of the big criticisms of tony blair was he moved people every five minutes and then came to realise his second term that you needed people stay and follow through but boris joh

one of the things back in 2010 when i was in treasury that george osborne was keen to do was we locked0.28 _ these... if you went back to july 2020, it was 0.28 the _ these... if you went back to july 2020, it was 0.28 the yield - these... if you went back to july 2020, it was 0.28 the yield on | these... if you went back to july| 2020, it was 0.28 the yield on a these... if you went back to july - 2020, it was 0.28 the yield on a ten year gilt and now it is 3%. that is some mark—up and shows you how much concern the markets have about the fragility of the uk economy. and fragility of the uk economy. and that cascades — fragility of the uk economy. and that cascades into _ fragility of the uk economy. thin. that cascades into how much we are paying in terms of that debt in terms of debt interest. these are really challenging balances that liz truss will need to strike and the other point to make on all of this is liz truss has said no new taxes. it remains to be seen whether people who are going to be told that their energy bills today will be cushioned, but both them and businesses wi

the time, saying it was the best thing for the economy was to stay in the eu and stood next to george osborne very different areas so there are lots of lib dem facing seats where the conservative mps are under pressure there, so she will have two balance all of that. i think her team would argue that if you make the right calls on things like the energy crisis, if you get the economy growing then that will help everybody, so that is their way to do it but she is not the same kind of campaign as borisjohnson. his charisma, whether you liked it or not, that cut across with people. she doesn't have that, she is much more awkward on the campaign trail although all those will say she is diligent and hard—working. but her team will say if she makes the right decisions on the economy, that will help people in all parts of the country. i help people in all parts of the count . ., ., ., ,, ., country. i want to talk now about the kind of— country. i want to talk now about the kind of in _ country. i want to talk now about the kind of in tray _ country. i want to talk now about the kind of in tray that

not going out with rise to corporation tax, increasing business and red vestments, george osborne triedainability of public finances. most of all for the fact it will not make the he go. whether people think... lifting the cap on bankers, is immaterial to businesses. you need to address business rates. thank you — need to address business rates. thank you very much we have to say goodbye to you. thank you to jonathan reynolds there as well. let's go to joining me now is go to tom filer the association of indoor play. he also owns and operates indoor play centres in somerset. what is the situation with your business and in terms of energy costs before the government announcement?— announcement? before the announcement _ announcement? before the announcement we - announcement? before the announcement we were i announcement? before the announcement we were in l announcement? before the | announcement we were in a announcement? before the _ announcement we were in a fortunate position where we were hedged until 2024 that is not the position that most of our members found themselves in. we r

the imf commented when george osborne was transferred back into thousand eight and they said he was buyingolleagues than mine in the use written our using the phrase unprecedented. humiliating, some call mr saying. it sums up the view across the world about what is going on here. some eyebrows have been raised in major economies like the us and germany. we�*re hearing it was a reluctant intervention but given the reaction around world i think the imf felt it had no choice. to interpret some of what it said, it talks about the policies and how they risk increasing inequality. it says they do not recommend large and untargeted fiscal packages at this juncture, a comment on the criticism that tax cuts benefit higher earners. and the br hasn�*t stressed tested any of it. a bit like the government and bring in its mass and work and saying this is the answer it has come to an the imf is asking for the working out. finally it says it is important fiscal policy doesn�*t work at cross purposes with monetary policy post fiscal policy, the government, monetary policy the bank of england, the imf re—r

new innovation introduced by the conservative government back in 2010 by the then chancellor, george osborne end of november, he has given us a date now. then chris phelps said this weekend in interviews that the government was sticking to spending review period, so in other words it is not amending its spending plans, so any changes as a result of tax cuts or indeed boring and increased borrowing costs, if there are increased borrowing costs, we are going to have to wait for the budget in the spring, which will also have a further obr assessment attached to it. they are both quite significant announcements, actually. the question is, will they help to calm the markets or will people come back and say, that is not enough, we want more? in the next 20 minutes or so, we�*re going to be answering your questions on the pound and why it tumbled and whether it has recovered a bit again. that answering in your questions answered at 4:30pm. we are already had quite a lot of questions in, but get in touch on the details on the screen below. either by e—mail or by social media. doncaster sheffield air

be breaking orthodoxy but the i to be breaking orthodoxy but the reality is she is reheating george osborne'sis nothing new - about a labour leader who is calling for more tax rises. it's the same old, same old tax and spend. what i am about is about reducing taxes, getting our economy growing, getting investment, getting newjobs growing, getting investment, getting new jobs for people growing, getting investment, getting newjobs for people right growing, getting investment, getting new jobs for people right across country. i'm afraid to say the right honourable gentleman doesn't understand aspiration. he doesn't understand aspiration. he doesn't understand opportunity. he doesn't understand opportunity. he doesn't understand that people want to keep more of their own money and that is what i will deliver as prime minister. i will take immediate action to help people with their energy bills but also secure our long—term energy supply and i will take immediate action to make sure we have lower taxes and we grow the economy, and that way i will ensure we have a positive future for our country a