given a briefing, his officials and the treasury were given a briefing about the risks associated with ldie treasury from the chancellor to the prime minister, that is a failure of communication, does not mean that treasury were not given the warning, just means that the prime minister, albeit a prime minister who was trying to move very quickly had a lot on her plate, a lot of geopolitical events, notjust economic events to deal with, overlooked debts, but the idea that there was no briefing given, i don't think has stood the test ofjust the last few hours where we have understood that the briefing took place in the treasury in early september. place in the treasury in early september-— good to hear your analysis. chief economist at... thank you. the us is trying to recover the wreckage of a chinese surveillance balloon which it shot down — after it was seen flying over us airspace for days, including above sensitive military sites. beijing has accused america of an over—reaction, with china's foreign ministry insisting the balloon was for weather research. our correspondent barbara plett

there heavily in into these ldi.in these investments so maybe they didn't understand the danger of ldi investments when you getting some turbulence on the gilt market. but look they a lot of mistakes during the mini budget if you go back to the tape the day of the mini budget and i have i've looked so i said i said instantly to do the top rate of tax now in this climate is politically . ten eight that is politically. ten eight that was my phrase . ten eight and was my phrase. ten eight and it's become like the generic description of that. and that meant that the media turned against them . financial markets against them. financial markets were already spooked by some operations the bank of england were doing before the mini budget and the rest is history. and it was parachuted in right. thanks, okay teachers in thanks, liam. okay teachers in scotland are on the final of a 16 day strike over pay today. members from the country's largest union are campaigning for a 10% pay increase in the face of a drop in real terms.

, there's something in the argument that says, you know, she could have been told a bit more about ldist handled as perfectly. that was the pensions bit that blew up. that's right. yeah. lord frost, thank you very much. i'm very intrigued to see if the next time we meet you will be a conservative mp and you wouldn't have the "lord" title. but i'm even more intrigued by what you're going to call your book one day. we shall see. thank you very much. cheers. and that's all for this episode of newscast. thank you very much for being part of it. we will be back with another one very soon. bye! newscast. from the bbc. hello. it looks like the weekend is not looking bad at all, it's just around the corner. dry weather on the way. how about friday? it is going to be a bit cloudy, across northern and western parts of the country. the best of the sunshine in the south—east of the uk, and, in fact, this is where the skies have been clearing. you can see all the cloud piling into north—western areas, milder conditions here too over the south—westerly winds, and bits and pieces of rain through the e

she talks about the way obr forecast works and ldi is essentially on the obr forecast what she points out, which which does sound reasonable is that we've to a point where elected politicians were deciding on based on what they thought the ocr was going to fall . and it always seems to fall. and it always seems that the obe are sort of overinterpret the benefit of pubuc overinterpret the benefit of public spending and interprets the benefits of earning so much money from way people. exactly and that was that's the argument that she was making and she sort of felt i mean, paraphrase but but the obr was sort of dictating policy. it was tail wagging, dog situation . and all wagging, dog situation. and all of these oldies, these hugely leveraged pension. it seems liability driven investments, we should say. yes. as that makes it any clearer, slightly but according to her analysis , which according to her analysis, which is really quite astonishing, astonishing there was 60% of gdp, which was in these ldr is extremely funds . and she didn't extremely funds. and she didn't know about that.

, there's something in the argument that says, you know, she could have been told a bit more about ldisndled as perfectly. that was the pensions bit that blew up. that's right. yeah. lord frost, thank you very much. i'm very intrigued to see if the next time we meet you will be a conservative mp and you wouldn't have the "lord" title. but i'm even more intrigued by what you're going to call your book one day. we shall see. thank you very much. cheers. and that's all for this episode of newscast. thank you very much for being part of it. we will be back with another one very soon. bye! newscast. - from the bbc. hello there. it's been a very quiet week, thanks to high pressure. we've seen a lot of dry weather around across much of the country — that is, away from the north and west of scotland. and as we head into the weekend, high pressure continues to bring a lot of dry and settled weather. it'll stay on the mild side, but there will be quite a bit of cloud around generally with limited spells of sunshine. now, through tonight, there'll be a lot of cloud around generally — again, across

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couldn't talk about it headed back up 100% since november to the 260s now i'm talking about loan depot ldiell, i mean, loan depot is kind of more of less risky than others this is another stock where people feel like look, it's going down so low. it looks up to them. i think that loan depot is -- look, i'm a wells fargo guy. i mean, i will go to miami tomorrow and speak to university kids and maybe they should do it it's a nice speck. luck be a lady tonight or something. i'd rather own wells fargo because it's got staying power and i won't have to worry five years from now stage coach will still be here. let's go to mike in michigan, mike >> caller: boo-yah, jim. hope you're doing well this is mike -- >> i'm having a good time because i'm going to miami who wouldn't how about you? >> caller: that's great. that's great thank you. i want your input on lucid i have a lot of money invested and i'm not sure what to do right now. >> lucid, you know what? look, it could go up but i was with mary barra yesterday, general motors i came home and told my wife lisa, i said i got the charitable trust a

she says the total value, the value of the total assets in ldi strategies is equivalent to around thes gdp, and around 60% of the uk's gdp, and it's only now , she says, she can it's only now, she says, she can appreciate what a delicate tinderbox we are dealing with in relation to these. and on that 45 ppi, she references that as well. you know, the cut to the additional rate and she says she was basically just returning it to the rate that it was at dunng to the rate that it was at during the 97, 2010 labour government. but she acknowledges that the political stance had shifted and i think that she does really stand by a lot of, if not all of what she says. some people are saying that this is liz truss circling because she wants to be back as a leader, that this is her laying the sums, if you like, to return as prime minister of this country one day. i think all three of us and i do not doubt the listeners and viewers none of us think think that that's going to happen. you know, do you think that might happen? i think that she is leading the argument and i think she has won the argu

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ldi is somebody more qualified than me can say that. informed of the risks, particularly with the pensions market, was terrible. what do i think about her being on front page of sun on the front page of the sun telegraph? delighted. good telegraph? delighted. it's good for don't mind her for copy. i also don't mind her wanting to make the other economic argument she might have been a very short lived prime minister , but she's still a minister, but she's still a fool. and prime minister, fool. and the prime minister, it's. a big issue for rishi it's. it's a big issue for rishi sunak, isn't it? i mean, you saw that bootle very respected that roger bootle very respected economist, coming and saying economist, coming on and saying that there was much in the liz truss programme that he respected and unfortunately the consequence of the liz truss premiership was to close down the possibility of going down that to growth. then that road to growth. maybe then some people would say, well you had your chance, liz, maybe now you rest . but you sh

can for some time, i hope we can learn some lessons from what actually in market actually happened in ldi you know interest rates are going be high than they were. going to be high than they were. they have to be because we're deaung they have to be because we're dealing with these inflationary pressures and that is going to cause some effects in a lot of these markets and, it is imperative that we deal with distortions. but part of what liz truss was trying to achieve, i think is a market in the uk thatis i think is a market in the uk that is less distorted . it that is less distorted. it currently is just so. it's to you. but i want to ask, do you think interest rates have peaked now? do you think they're going to go up even further? i don't think they will go up necessarily . a lot of it this necessarily. a lot of it this depends on the inflation environment that we're in and how the bank of england reacts to that inflation modelling. so how the federal reserve in the us does with an inflationary environment in the. so i don't think we know the answer to that yet, but i mean i think th