george - osborne, apparently according to the ft, george osborne is come up with another phrase followinginister in name only. that is quoting the ft, you know that's _ only. that is quoting the ft, you know that's correct. _ only. that is quoting the ft, you know that's correct. i _ only. that is quoting the ft, you know that's correct. i don't - only. that is quoting the ft, you | know that's correct. i don't know only. that is quoting the ft, you i know that's correct. i don't know if they had been the print edition. it is in, what do you make of the bbc story on the front of the guardian? we thought will be on the guardian for the 100th birthday but we are not. it for the 100th birthday but we are not. . . for the 100th birthday but we are not. , . . for the 100th birthday but we are not. ,. ., , for the 100th birthday but we are not. ,. ., _ , not. it is a great scoop by my colleague _ not. it is a great scoop by my colleague but _ not. it is a great scoop by my colleague but i _ not. it is a great scoop by my colleague but i think - not. it is a great scoop by my colleague but i thi

era, apparently during the george osborne era. the _ apparently during the george osborne era, the figuree, that there _ that you cannot cut any more, that there is— that you cannot cut any more, that there is not— that you cannot cut any more, that there is not any. if you do not want terrible _ there is not any. if you do not want terrible headlines about people dying _ terrible headlines about people dying in — terrible headlines about people dying in hospital corridors or whatever— dying in hospital corridors or whatever it is, you're going to have to leave _ whatever it is, you're going to have to leave them alone and make cuts elsewhere — to leave them alone and make cuts elsewhere or put up taxes. none of which _ elsewhere or put up taxes. none of which are _ elsewhere or put up taxes. none of which are going to be very popular with the _ which are going to be very popular with the conservative party back ventures — with the conservative party back ventures. rishi sunak's got his honeymoon for now, but i do not think— honeymoon for now, but i do not think it _ honeymoon for now, bu

era, apparently during the george osborne era. the _ apparently during the george osborne era, the figurebut the _ era, the figure was more like 20—80, but the ducting to be some understanding the new government that you _ understanding the new government that you cannot cut any more, that there _ that you cannot cut any more, that there is— that you cannot cut any more, that there is hot— that you cannot cut any more, that there is not any. if you do not want terribte _ there is not any. if you do not want terrible headlines about people dying _ terrible headlines about people dying in — terrible headlines about people dying in hospital corridors or whatever— dying in hospital corridors or whatever it is, you're going to have to leave _ whatever it is, you're going to have to leave them alone and make cuts elsewhere — to leave them alone and make cuts elsewhere or put up taxes. none of which _ elsewhere or put up taxes. none of which are _ elsewhere or put up taxes. none of which are going to be very popular with the _ which are going to be very popular with the conservative party back v

there are still many — we saw from george osborne?any figures that _ we saw from george osborne? there are still many figures that we - we saw from george osborne? turf are still many figures that we have to find, many gaps in this jigsaw puzzle, because when we look at what is already on the table, there are changes in terms of the tax measures. a lot of this will depend on what that independent watchdog, the office for budget responsibility, the men in the blue suits, as some call them, the ones who turned up at downing street for a hurried meeting, it all depends what they think can be 31st of october and how much more it thinks the government needs to know to make its —— make sure its finances are knocked back into shape. that will —— there are many factors to take into consideration. one is the movement in the market. every time the bond markets bill for interest in government borrowing. that scenario is changing all the time and it will run and run.— scenario is changing all the time and it will run and run. thank you. so far, t

austerity budget backin george osborne's austerity budget back in 2010 if most of this amount was secured through spending cuts. so, that is some idea of the scale. it is frightening. that is the quote that stuck out for me. there have been weak economic forecasts from the office of budget responsivity, £50 billion black hole to fail. we now know pretty deflected lesley —— we know... this is one of those things where perhaps there have been briefings, ground being laid for what is not going to be a very nice set of announcements in november and possibly beyond, as well, we are all being warned about these tough decisions to make but if it is a £50 billion black hole and they want to keep the triple lock on pensions, then major sacrifices are going to be made. �* ., ., ., be made. and important to point out that the briefings _ be made. and important to point out that the briefings ahead _ be made. and important to point out that the briefings ahead of _ be made. and important to point out that the briefings ahead of time - be made. and important to point out that the briefings ahead of ti

moore can show blood in the same course as george osborne me, a liberalism was on the rise of at the expense of the most vulnerable are done up to the dog haddy. but as the government mastered the crisis, well, thanks to some great economic achievement culture by with the use of part time work programs, youth met 8 o many investment program or common of all, as well as with incentives for consumption, humans and investments for social security, obsolete we mastered the crisis good to my son with wolfgang show adler in charge of germany's finances. his fist concept was set in stone, a strictly balanced budget mechanism to put santee became part of the journal constitution for decade. it was centered visually with the debt clock is a f dash b, which after july those fees, debt clock is more of a symbol of the new ah again, they get a little harvesters or immigrants dolock. if they come in, everything you enjoy, eating at home with your family, was harvested by people who are being exploited. it's done, i guess, for free, and we're going to need to. uh huh. we can keep doing what we're

austerity budget backin george osborne's austerity budget back in 2010 if most of this amount was securedfice of budget responsivity, £50 billion black hole to fail. we now know pretty deflected lesley —— we know... this is one of those things where perhaps there have been briefings, ground being laid for what is not going to be

george osborne set himself a set of fiscal targets, as did ed balls when he was shadow chancellor, andl, they say they want to achieve this, is the set of policies they have set out likely to do that? let's turn to the other side of politics. the debate on brexit. not automatically a left—right argument, but there are probably more leavers on the right than on the left, at least prominent ones. they say, when you did the sums on brexit, you ignored out the dynamic effects, the possibility that brexit would unleash new innovation, for example, deregulation, for example. all sorts of things which might make the economy grow, which simply doing the numbers, what liz truss calls doing the abacus economics, cannot get to. that's wrong on a number of bases. the first thing about brexit, it was awkward for an organisation like the ifs because we only do the economics and not the politics. of course, there are good political reasons for wanting to leave the european union. but the economics are clear. if you sever links with your biggest, nearest, richest trading partner, you will be worse off

don't decimate the welfare state a chance in front of the treasury. yet this is exactly what george osborne, the tory chancellor, was planning with his 30 program. it was a big moment my 1st budget standing there. i was a little nervous and i also knew i had to announce and rather surprise, a country that we're going to do a whole set of difficult things like raised the retirement age for people who hold public sector pay the pay of the nurses and the teachers flat incl, mister taxes that some very rich people paid. all these things are not easy to announce. and i think people were expecting me to do it in over many different announcements over several years. and i did it in one go. when it came to debt reduction in germany, the approach was strict. finance minister most can show bella was following the same course as george osborne mia liberalism was on the rise at the expense of the most vulnerable. on an up that did i did, one of the federal government mastered the crisis. well, thanks to some great economic achievement culture by with the use of part time work programs youth. many inves

they chant participation is exactly what george osborne was with his us dirty program. my 1st budget was standing there. i was love us. and i also knew i had to announce and rather surprised the country that we were going to do a whole set of difficult things like retirement age for people hope to pay the nurses and the teachers flat. increase the taxes that are very rich, people paid all, all these things that are not easy to announce. and i think people were expecting me to do it in print announcements over several years, and i did it in one go. when it duction in germany, the approach was strict finance mister most can show blood in the same course as george osborne neoliberalism was on the rise of at the expense of the most vulnerable. and on up to the though i did what of government mastered the crisis? well, you know, thanks to some great economic achievement. closer by with the use of parts i worked programs you met and aids or many investment program or common of all as well as with incentives for consumption use and investments for social security. absolutely .

anand: it is much smaller in scale than that imposed by george osborne. on top of that austerity, so we have already been stripped back to the bone. particularly for some services, they are still trying to get back on their feet after the covid pandemic with that historically long waiting list from the nhs and we have stories on the news every day about waiting hours for ambulance ease. we have a range of public sector strikes and wages are not keeping up with inflation, so there are some difficult choices to be made and one of the interesting things to see is whether the incoming prime minister will try to address this fiscal problem through tax increases. francine: do you think would be the ideal given the circumstances, the next conservative leader? anand: that is not for me to say. at one thing i website is another player in this door a that we have not spoken about yet, and that is the markets. given how jittery they have been since that mini budget, they will respond to what is going on in this conservative race. hypothetically if boris johnson were

i saw george osborne today saying, you know, we all know what they're going to do, they're going to do they are, i would definitely agree with that. do it now, do it quickly. so they said our mistake was not to not to prepare the ground. well, that is such a basic error to make. one of the first things kwarteng does, he goes in, they sack tom scholar... tom scholar was the permanent secretary to the treasury. permanent secretary. they say, you know, we don't need you, but they are exactly the sort of people who would have been saying, look, if we do that, this is going to happen. and the comms people would be saying that if you do that, have we thought through the answer to that? and i was watching kwarteng being interviewed by faisal islam. i mean, you can't have a chancellor in a situation like this whose first word is "er" and whose third word is "um". they have not thought through the answers to obvious questions. well, kwasi kwarteng was asked some of those questions by faisal islam, as you mentioned... anybody would have thought i set that up! as a professional podcaster! we shou

_ governments especially the george osborne error after 2010 and one could _ osborne error after 2010to why financial markets might find it surprising, they might worry about— it surprising, they might worry about the _ it surprising, they might worry about the lack of costing attached to it _ about the lack of costing attached to it i_ about the lack of costing attached to it. i think all of those things are worth _ to it. i think all of those things are worth saying without taking a strong _ are worth saying without taking a strong position.— strong position. yes, i think it's not so strong position. yes, i think it's rtot so much — strong position. yes, i think it's not so much as _ strong position. yes, i think it's not so much as taking - strong position. yes, i think it's not so much as taking a - strong position. yes, i think it's not so much as taking a view, l strong position. yes, i think it's l not so much as taking a view, but strong position. yes, i think it's - not so much as taking a view, but if the majority of economists say one thing and if you and i see ones who�*ve

george osborne set himself a set of fiscal targets, as did ed balls when he was shadow chancellor, andey have set out likely to do that. let's turn to the other side of politics. the debate on brexit. not automatically a left right argument but there are probably more levers on the right than on the left. —— leavers. they say you missed out the dynamic effects, the possibility that brexit would unleash new innovation, for example, deregulation, for example. all sorts of things which might make the economy grow. and simply doing the numbers, what liz truss calls doing the abacus economics, cannot reach. that's not true on a few levels. we only do the economics at the ifs and not the politics. there are good political reasons for wanting to leave the european union. but the economics are clear. if you sever links with your biggest richest trading partner you will be worse off. that may well be a price worth paying. that's the political judgment to make. that is why i say it is difficult in the referendum situation because you have remainers saying everything about it is wonderful and lea

who can remember exactly george osborne changed his budget in 2012 now, what matters. tonight george unprecedented change| we seeing an unprecedented change and in this particular occasion, they said they have not seen anything like this in many years. i think we can all agree with that but we haven't seen things like pandemics and russian invasion of ukraine since the second world war. i mean, these are extraordinary times and we will see volatility and interest rates rise and so, i'm afraid the pace of events is much faster and much more dramatic than we're used to and of course, anyone would be astonished watching all of this in slow motion. but what we would do is focus on the immediate task at hand which is reassuring these parliamentarians that we have a steady hand to see this through and that should have a positive effect on markets and in the wider country and the mortgages and possibly have them up for renewal. a lot of good work to be done and i think the combination ofjeremy hunt possible his experience guiding the growth plan that the prime minister is laid out, i think,

— saw, the likely which we saw under george osborne? our position has not chanted, george osborne?d market reaction, but interest rates were inevitably going to go up anyway? we interest rates were inevitably going to go up anyway?— interest rates were inevitably going to go up anyway? we took evidence from a chief — to go up anyway? we took evidence from a chief economist _ to go up anyway? we took evidence from a chief economist from i to go up anyway? we took evidence i from a chief economist from deutsche bank last week, not one of the anti—grow coalition, and he said they were particular british circumstances that were making this worse in the uk and the overhanging factor of all this is brexit because the uk government has caused this harm upon the people of these islands and everything they do now islands and everything they do now is try to overturn the decisions they have already made. it is absolute chaos and people are paying the price both for the decisions of the price both for the decisions of the tories to go into the hardest possible brexit and for the chaos that ha

bit like marking your own homework and so one of the things that the chancellor at the time, george osborneet up the office for budgetary responsibility with a view to providing an independent assessment of what the outlook was, 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. what we're going to talk about now is the impact mortgages, because another thing we have been seeing is that a lot of mortgage deals have been pulled up the market, around 40% of mortgage deals that were on offer have disappeared and lenders are repricing the deals they are putting out. you may have seen on question time last night one person asked the panel... she had been offered a rate of 4% and that was pulled in the immediate aftermath of the budget and then she was presented with an offer ofjust over 10%. this is what she said. i just want to know what the plan is for mortga

let me remind everyone of the president itself across the british museum, george osborne sort of a couple of months ago that there is a deal to be done. so that's built on the statement and tried to reach a deal with his resume. all right, and what is it like a somebody who's going to have your treasures in a british museum? what does that feel like? well, look, i think come, this is a to folk thing. there are lanes like myself in the great diaspora and also phil helene. and so i don't think i don't think you can differentiate. i think phil helene, feel strongly about this issue as elaine's, but as a helene icons, i can say that it term as, as the famous molina, mccurry said, you know, they are our heart there are. so there our passion, i mean, we are very aware that we have a very long, a long history. they were carved and created here 2 and a half baths. and we go in athens and, and we as great, they were very strongly that they should be re, united, not just, not just they, they need to be reunited as, as part of the building. and they can't be on the building. but the next best thing,

in 2013, george osborne cut it from 50p, to 45 p.£150,000 a year. that is around 660,000 people. scrapping it would have saved them on average, £10,000 a year. this would have saved them on average, £10,000 a year-— £10,000 a year. this was, the smallest measure _ £10,000 a year. this was, the smallest measure from - £10,000 a year. this was, the smallest measure from a - £10,000 a year. this was, the | smallest measure from a fiscal £10,000 a year. this was, the - smallest measure from a fiscal point of view, not a political point of view in the mini budget. it is about 5% of the tax cuts to the extent that what we saw a couple of weeks ago was leading to fiscal and sustainability. nothing really has changed. this is now 43 billion as opposed to a £45 billion tax giveaway, it remains. at opposed to a £45 billion tax giveaway, it remains. at the record falls in the — giveaway, it remains. at the record falls in the price of— giveaway, it remains. at the record falls in the price of uk _ giveaway, it remains. at the record falls in th

objectively very different from the previous policies of conservative governments, especially the george osborne and one could point to why financial markets might find it surprising, they might worry about the lack of costing attached to it. i think all of those things are worth saying without taking a strong position. yes, i mean, it's not so much taking a view, but i have to say, if the majority of economists say one thing and a few minority ones who've always said the opposite for a long time, say another — yes, you have to say that, but, you know, two views are not of equal value. just because one person says black and one person says white does not mean it could be black or white. you have to give the emphasis to the majority view of people who traditionally have been right and have been sensible. and, again, to come back to tax cuts, it's perfectly reasonable to say, "well, they'll encourage growth, the chancellor believes they'll encourage growth," but for most ordinary people it'll be a couple of hundred quid. how will that encourage growth? and i think that's a perfectly reasonable poi

think we probably have a rather weakened version of what has happened under david cameron and george osborne. you will have austerity and pretty easy money. by international terms relatively easy money, inflation is going to be taken as the lesser of many evils. the pound can be allowed to devalue and that gives you something fairly similar to the weight john majors government pieced the country back together after the disaster black wednesday which was already years ago but is still a similar event. >> good to have you give us perspective. let's turn to another story that keeps going. elon musk reportedly planning to cut 75% of the twitter workforce. 75% of the workforce would leave skeleton crew to run twitter. >> it's hard to imagine twitter would continue to operate given how quickly this is done. three out of four employees if you lay them off overnight, it hard to see how this plays out. there has been reporting there will definitely be cost cuts. we all know the layoffs are -- are expected. from elon musk, it has been extreme in terms of what he thinks for revenue or user growth. that

significantly bigger introduced by those by george osborne in 2010 and that is against the backdrop thatough the pain of higher inflation. that means higher energy bills and wage packets, wage bills being paid by those public services when they went set in that context. so it is really difficult. that is the reason why the government has done a u—turn on its entire approach and said we will have to reduce the pressure on the treasury to reduce public spending by not going ahead with these tax cuts and that will also reduce the pressure on the bank of england to raise interest rates. i think, torsten bell, stay with us for a moment. i think, torsten bell, stay with us fora moment. ithink i think, torsten bell, stay with us for a moment. i think we're going to take a look at what is happening inside the commons because we are expecting any moment for the leader of the opposition keir starmer to get to his feet and ask their urgent questions is that there has been a bit of a rejigging of what is happening in the commons because all of this of course unfolded quite unexpectedly from that mom

did back at the scale george osborne did back at the beginning of the decade.ack to the berm and there isn't a space to cut more money and you also have tax credits for low—paid parents. rishi sunak guaranteed those would go up in line with inflation as they normally do it next april but kwasi kwarteng and liz truss have refused to give that commitment, which suggest they are thinking about imposing real terms cuts of 10% in benefits on low—paid parents. that will affect children and people with disabilities and lots of conservative mps are worried about that. ~ ., , , ., about that. where does this leave labour, about that. where does this leave labour. which _ about that. where does this leave labour, which has _ about that. where does this leave labour, which has benefited - labour, which has benefited enormously in the polls so far with labour's plans, they are obviously supportive of the energy support and thatis supportive of the energy support and that is the biggest bulk of the public expenditure and in terms of the other aspects you mention, that would

independence of the bank of england and i know she supports the independence of the ob are set up by george osborne. the whole government supports the independence of those two important institutions. that really remind her that the uk's unemployment rates is the lowest since 1974, although france, italy, canada, belgium, sweden, spain and the netherlands are massively lower than 20 10. that meet remind her that since then our growth rate has seen the third highest energy. she may not want to hear this but these are the economic facts. our growth rate since this party came in has been higher than germany, france, italy, japan and faster than any g7 country this year. looking to the future we have the largest technology sector in europe, more directors and anywhere in europe. that is a legacy to be proud of. now, i was listening carefully for some questions about what i announced but she didn't ask anything. but i will pick her up on one point. she talked about the nhs. let me tell her -- maybe they don't want to listen about the nhs. she talked about the nhs because of the global financial crisis,

minister who was seen as cavalier by someone in jeremy hunt, who came from the david cameron, george osborng of the party, was theresa may's foreign minister, who was seen as more orthodox who will listen to economic experts and consult his cabinet and lay the groundwork for any announcement and telegraph them in advance as we all know, markets hate surprises. the outgoing chancellor's mini budget a few weeks ago certainly took the market by surprise. >> wilf, great to see you. thank you so much. wilfred frost for us at 10 downing street for more on how this is all playing out in the bond markets, i'm joined by andy bremmer great to have you with us. this seems like a positive first step in terms of trying to right the ship over in the uk. wilf mentioned it has only been 38 days. what an amazing 38 days it has been in your mind, though, has any danger been averted? >> thanks for having me, melissa. no, i don't think any danger has been averted in fact, if you look at how gilts traded, later today, at 6:30 this morning, the 30-year gilt was yielding 422, it went out at 480 that's almost 60 b

a conservative chancellor, george osborne, but you know, it perhaps isn't inevitable. it isn't it. ah, well, there's a certain amount of it i but you have to also be very, very careful. yes. i think the one proposal which mr student made while he was so previously chancellor, was that the measure to actually support and the, the consumer sector in terms of the energy crisis should be targeted for those on the lower incomes are, which was not the case with mistrust per proposals and that's basically going to have to be the best rust of what neighbor they do, where there are going to be cut batch. it really needs to ensure that you're not harming. ready lowest in people on the lowest income society already stretched to their absolute limits. mark, just bear with me for one second. we just got some breaking news. now, coming in that to richie soon has been appointed. as the british prime minister, he has been given that permission by king charles the 3rd to form the next government. and of course, we will get more than that as we see mister sudak leave buckingham palace mark. obviousl

former chancellor george osborne said water will find its way downhill.f they were to want to replace liz truss they could find a way to do that. behind the scenes it is said the letters are going in to the chairman of the 1922 committee of tory backbenchers. it is not just how they do it, it is who would they pick? yesterday in the comments it seemed to be an open audition between liz truss's cabinet for who would replace her. you had penny morton up to bat. she had to reassure the commons that liz truss was not hiding under her desk. the problem with morton if she is thought not to have enough broad government experience to take over. then you have jeremy hunt in his various appearances throughout the day. he has already lost two leadership elections and he says he does not want another one. there is always rishi sunak, he has been notably out of the picture for the past few weeks. he is seen as a divisive figure in the party. perhaps he is staying out of the way because he does not want to be seen as a backstab or in the way he was in the downfall of b

the plans, carried out by the office for budget responsibility, an independent body set up by george osbornewas chancellor. that appears to have spooked investors. a short time ago, i spoke to our political correspondent ione wells, who said the chancellor's so—called mini—budget last week had irked some conservative mps to the point where they aren't planning to pitch up for the gathering. that's right. certainly, the views are mixed. i'm hearing from some conservative mps that they don't plan to turn up at all. others who feel that it is important for them to be here and show their support for the government at this time. i think what's really interesting about the context of this conference is, often party conferences like this are sometimes a bit of a bubble, potentially feel a little bit detached from the outside world at times. this one, it feels like every word that is at here by the prime minister and by the chancellor has the potential to have a real—world impact on, as you say, the markets, who were spooked by that budget which the chancellor announced the other day, which has led

in 2013, george osborne cut it from 50p to 45p.s around 660,000 people. scrapping it would have saved those higher earners on average £10,000 a year. this was the smallest measure from a fiscal point of view, if not a political point of view, in the mini budget. it is about 5% of the tax cuts, so to the extent that what we saw a couple of weeks ago was leading to fiscal unsustainability, it still is. nothing really has changed. the big story that this is now a 43 billion as opposed to a 45 billion tax giveaway remains. after the record falls in the price of uk government bonds last week in reaction to the mini budget, there was some relief the government was adapting its plans. but traders are still worried that kwasi kwarteng's plans are not credible. this is the chart you want to watch — it shows the cost of borrowing money at a fixed rate of interest over five years and it is that that determines the cost of a five year fixed—rate mortgage. this is the dayjust before the mini budget was announced and it shoots up. it has come do

he was a long standing cabinet minister who went through the austerity is say, when george osborne was our chancellor and was overseeing a series of very significant restrictions. t a public service spending a public sector expenditure. jeremy hum was leading departments that had to go through that process. so a, he made it clear he had that experience and be he made it clear that on his economic planning, we're not going to have anything like the same level of public sector cuts again. and i think that's very reassuring, not just for the markets, but for the millions of people in this country who work for the public sector, whether they be in our health care system, our education or elsewhere. i think that was a, a message of reassurance. that means hunt is very likely to stay so alleys. let's take the conversation. a sally out of london in the sense that people across the u . k. a. now looking at what's going on in london, they are part of that blue wall. that bars johnson one with the election in 2019 jeremy hunt has already said they will be more cuts and we're talking about the am

spending cuts right now, but of a scale that we may have seen under the coalition in 2010 and george osborne125 people have been killed in a stampede at a football stadium, which began after police fired tear gas at fans who had invaded the pitch. it happened in malang on the island ofjava. a warning that you might find parts ofjonathan head's report distressing. videos posted by fans at the stadium in malang showed the disaster unfolding almost as it happened. it had been a hard—fought match between two teams with a history of rivalry. the home side had lost 2—3, and some of its fans streamed onto the pitch in protest. there were running skirmishes with the police, who then decided to fire tear gas, which drifted into the stands, causing the above—capacity crowd to search for the exits. that's where many of them were crushed. unconscious fans were carried out of the stadium to the ambulances which had begun arriving to get them to hospital. this survivor described choking on tear gas. "it was everywhere," he said. "inside and outside the stadium, even in the shops and stalls nearby." indone

are we returning to the story to years of george osborne?— to the story to years of george osborne? it is very unlikely that in the current environment they will be able to repeat that trick again. public sector is already struggling to recruit, recruit enough nurses or an adopters for a example. holding down pay is unlikely to be an answer to that. whereas in 2010, public sector pay was actually quite a pie and impaired to private sector. because private sector pay had fallen under the recession. now public sectors are getting less relative to private sectors and they have been in recent years. yes, there could be further cuts, if they are they are going to be difficult to achieve. that is why we are arguing that the government needs to really take its time to decide, if it does want to implement these cuts, where it does want them to four to ensure that they meet their wider priorities.— wider priorities. they have got a bit of time _ wider priorities. they have got a bit of time to _ wider priorities. they have got a bit of time to go _ wider priorities. they have got a bit of ti

ijust asked my right honourable friend that when the previous government had to rightly cut the, george osbornentroducing a fuel duty freeze. but they also investigated in apprenticeships i know is not can it give me an answer now but can i ask him, will that be his guiding philosophy as he goes forward in his new role? i philosophy as he goes forward in his new role? :, :, , philosophy as he goes forward in his new role? . , , ., new role? i always listen to my riaht new role? i always listen to my right honourable _ new role? i always listen to my right honourable frank- new role? i always listen to my right honourable frank about . right honourable frank about carefully. let me say this, i don't think we will solve the growth paradox of this country raising the long—term rate of economic growth did you would have present from under i%. did you would have present from underi%. unless did you would have present from under i%. unless we tackle the skills issues. it is absolutely essential. i don't promise that i can give an entire solution to that in two weeks' time but it's very much something

quite focused on economic and financial policy unlike say gordon brown and other chancellors like george osbornespeak to _ of his premiership. antony sultan, good to speak to you. _ of his premiership. antony sultan, good to speak to you. the - good to speak to you. the conservative party chairmanjake berry called for an end to tory inviting, saying now is the time for the whole party to come together. our political editor chris mason has been getting some reaction from one cabinet member. the foreign secretary, afternoon to you. your reaction?— you. your reaction? look, ithink what we have _ you. your reaction? look, ithink what we have all— you. your reaction? look, ithink what we have all wanted - you. your reaction? look, ithink what we have all wanted is i you. your reaction? look, ithink what we have all wanted is for i you. your reaction? look, i think| what we have all wanted is for the government to be relentlessly focused on the domestic and international issues that confront us all. stability, focus on the government, this is absolutely the right thing, i know we know we have some cer

a lot of people who got them into government like george osborne, they've gone bad.lent now. it's like the second term of the white house. lisa: liz truss saying i cannot deliver on the mandate of which i was elected by the conservative party. guy johnson in london parsing through all of the reactions, all of the headlines. he was saying, he was out. jeremy hunt is not in the running. guy: you wonder if hunt could be persuaded. you do wonder, if the situation were to develop if he could be persuaded to occupy that role. i think i could be an interesting development. we will see ultimately what happens here. as john says, the bench is not deep at this point. they don't have the talent they once enjoyed. they enjoy a very limited room. as johnson said you are now tinkering. you can't make big, bold moves. you can't make the kind of changes that liz truss tried to do because you have been warned off those moves by the market. whoever comes then, be at the next incarnation for the tory or labour party. the room to maneuver is limited and less they start thinking about pu

— profits, it is a legacy from george osborne. through this affordability crisis. there _ through this affordability crisis. there will be people, i saw one of them on the screen there who will be groaning, listening to that. they are thinking in terms of, it is partly a caricature but there are a lot of very wealthy landlords out there who have had it good for a long time and they have got multiple properties and are making a fortune. 91t% properties and are making a fortune. 94% of properties in this country are owned — 94% of properties in this country are owned by individuals, typically half have — are owned by individuals, typically half have one or two. the average net profit — half have one or two. the average net profit by property is four point £5,000 _ net profit by property is four point £5,000 so— net profit by property is four point £5,000 so i would push back on that characterisation of £1000, i would push _ characterisation of £1000, i would push back— characterisation of £1000, i would push back on that characterisa

will this feel like the era of austerity again in between the period when you were in charge and george osborne longer term. everyone wants public spending for the things they care about stopping at the challenge is, if we want to european levels of welfare and public spending, you can�*t find that with american levels of tax rates. we may need to confront the need to have significantly higher taxes on the average person, not on... there isn�*t enough money among the rich to get it back to. what you mention what is going on in other countries, i want to show you how other countries have been watching what has been happening in this country in the last week or so. we are following some breaking news out of the united kingdom. after less than two months on thejob... her speedy exit was noticed across the pond. how bad it got and how blue the air, reported in germany, too. i'm bleep furious and i don't bleep care anymore. the old friend and rival highlighted the need for calm across the channel. translation: i hope in any case | the uk can again find stability. i that is good for us and good for e

that she would not make spending cuts, which would be difficult in the first instance because george osbornechancellor picked most of the low hanging few to under austerity but also politically ugly in a cost-of-living crisis. there were speculations she would try to raise benefits in line with earnings instead of inflation to try to incentivize people back into work but again ugly because come on the main form of welfare, universal credit, 30% of recipients are in work and we are in a cost-of-living crisis. if you put the spending cuts aside, it leaves u-turns on the tax because. we've already had the massive u-turn on the top rate, then corporation tax seems to be the next. then you have the rest to come today, but really, as i say, what is the point of having liz truss in number 10 if trusso nomics can't get done, but wasn't it always inevitable because she was the party leadership choice would not the mp choice because they wanted rishi sunak. what has pushed her to this point is the markets. as mark carney said, the markets will punish bad policy and finally she is learning that. lisa:

what kind of chancellor will you be — a nigel lawson, a george osborne? what kind of character?heck as i think, to try to find a way out of the crisis with the prime minister. matt hancock, is liz truss the best person to be the prime minister in the country right now? , ~ ., ., , now? yes, i think the idea of yet more instability _ now? yes, i think the idea of yet more instability under _ now? yes, i think the idea of yetj more instability under protracted leadership campaign is not what anybody is looking for. i think people will be very reassured by the interview with the chancellor, because he was really clear about the vital importance of getting a stable financial footing which is the bedrock of all good policy. that wasn't my question and i noticed you wasn�*t my question and i noticed you said nobody wants a protracted leadership contest. a lot of your colleagues are thinking something different, this is such a mess that we have no option but to install someone to get yourself out of this hole? locate someone to get yourself out of this hole? ~ ., ., , hole? we are not

i have sat around the cabinet table knowing george osborne as a friend but not knowing until he stoodat decision. there are other things the cabinet could have understandably asked for, including more detail and clarity from the obr and more detail and clarity on how tax cuts would be paid for, but making a decision like thatis paid for, but making a decision like that is entirely within the prime minister and chancellor's remit. while the conservatives and the country are grappling with a new reality, the labour party can hardly believe their luck — cheered by the huge turnaround in the polls. the woman who'd run the economy if the party did make it to number ten is rachel reeves, and she is here in birmingham with us today. rachel, what did you make of what liz truss had to say? i thought some of it was quite shocking, to be honest. you showed the prime minister a chart of what had happened to government borrowing costs and then you rightly made the point that that was impacting on people's mortgages and she said the two things were different. they are different, because the borrowi

dales, bagged brexit at a time when within the conservative party the likes of david cameron and george osbornewers and the opposition i weeks. and i know a lot of our i viewers and the opposition parties are saying, this is no way to sort this out, we should have a general election to decide who is going to be our prime minister. some interesting interventions even from conservative mps this morning, saying they too think it needs to go to the general public. i wonder how sustainable this is without a general election, no matter who wins today? general election, no matter who wins toda ? . , ., , , general election, no matter who wins toda ? ., , , ., today? that is the massive question, around sustainability, _ today? that is the massive question, around sustainability, around - around sustainability, around legitimacy. does the new prime minister of legitimacy? liz truss struggled to articulate the case she had it. it is perhaps even harder for whoever succeeds her. sir christopher chope, conservative backbencher, told the bbc this morning he thinks the conservative parliamentary party is un