lizzy: because of the u-turn today?ny: i don't know the latest data, but clearly the war in ukraine is causing an inflation crisis and lots of different countries. inflation is higher in the u.s. and germany that it is in the u.k. right now. your readers will be aware of this. but clearly when we came up with these measures, which were a surprise, clearly it was communicated in a way that did not reassure the market. that is a lesson the government has to learn, emphasize that we get the message, that we have to live within our means. lizzy: what our viewers can see is the kwasi kwarteng effect, even the bank of england's economist says that mortgages will have to rise more, specifically because of these fiscal measures. do you worry that your constituents are going to not feel the benefit of the tax cut because their mortgage costs are going to go up? anthony: mortgage costs are going up around the world. lizzy: more so because of these measures. anthony: they went up more in the u.s. as a result of the fed's increase.

lizzy burden is outside downing street. you have the president of the united states criticizing the prime minister of the u.k. and taxes are set to go up. this is everything the tories are not, which is prudent and in control. lizzy: yes, even though it was politically humiliating to have to sack her close friend and political soulmate and to reverse the tax freeze and admit she needs to raise corporation tax, really it does very little to balance the books. our economists say she needs to find a 24 billion pounds worth of savings. as you heard from the new chancellor jeremy hunt, it seems more u-turns are coming and we are expecting him to speak today. as a result of all of this, the army hunt seems to be the most powerful figure in the government, which begs the question, what is the point of having liz truss at the top? three tory mps have already said publicly she needs to go. behind the scenes, mps are asking themselves should they roll the dice on a new leader now? perhaps jeremy hunt or other figures who ran for lead

dani: lizzy, thank you very much. burden joining us from the tory party conference in birmingham. dani, this goes to the heart of the matter. dani: it's not just sterling, it's also the mark that's on a wild ride. let's talk about all of it with sebastian daily. this is what i'm looking at. you have the yield market over the span of one month. it falls by 100 in one day. we're looking at another rally. this is a lot of volatility for a bond market which yawcially does not see much action. what happened to an investment strategy when usually a calm asset like this is all of a sudden volatile? >> it's more of a preview of what's going to happen because the market has been bulled up on expectations of rate hikes. this u.k. crisis of confidence, people like to be depressed by the u.k. economy. some of it is real because of brexit and other issues. if the government actually cuts into benefits at a time when the people who suffer the most from inflation are crying for help and that's going to intensify in the next few week

let's bring in lizzy burden. independence felt like it has been under threat, with kwarteng shifting higher blame to the boe what does this mean with them playing chicken? lizzy: the prime minister and bank of england are under pressure to make big u-turns. yesterday at prime minister's questions, liz truss said she will not make fiscal cuts even though she needs to find 60 billion pounds to restore market credibility. meanwhile, andrew bailey looks like he is going to have to you t -- u-turn on all the tough talk where he definitely said he will end emergency bond buying tomorrow no matter what happens. his argument is if he continues, he will have his foot both on the gas and the break of the same time. the chief economist huw pill has set the boe needs to focus on finding inflation, but u.k. pension funds are dependent on this lifeline now. and kwarteng is adding pressure on the bank continued support. today investors are holding their breath to see who blinks first, the bank of england or government. manus: l

lizzy burden is outside the bank of england. good morning. lizzy: good morning. this u-turn, the mother of all u-turns. it seemed inevitable after markets yesterday. corporation tax would beat the next future. probably to boost u.k. groove. she said she is not going to quit spending anytime soon. rushing back from washington ,kwarteng, or his allies, shunning those comparisons. it means he has played a blinder really. if the market zero zone continues, we may see a more creative, targeted solution. perhaps they will give some assistance to the funds that needed it. the markets will punish bad policy. francine: thank you so much. bloomberg's boe. jules, i know you have been waiting for it. take it away. >> you have to give everyone something to wait for. asian stocks today are a. probably on the back of what we saw in trade. each report coming through there. it is about the momentum we are seeing and rebound. . singapore, monetary decision to try and rain back -- to tried the greenback. let's take a look at jade. speculation again. when you look at the futures spi

lizzy: i am sure he will.nstituency was up in yorkshire you might be the first prime minister from a yorkshire area. he is going to need to strengthen the union, because this chaos in the tory party has only given the leader of the scottish national party confidence and he is also going to have to charm the redwall seats that put boris johnson into office with such a landslide. it looks like the tories would be marked -- wiped off of the map in an election. his message has been unite or die. he will have to unite the party as well as the country. tom: he is a lad, 40 something years old, the youngest prime minister from 1812. jonathan: that is an impressive stat. only a few years younger than tony blair. tom: but you look at american politics, and 42, it is like in finland and estonia. jonathan: could be speaker pelosi' us child. tom: is that -- lucy's child -- speaker pelosi's child. tom: is that where we are going? jonathan: lizzy, this he their guy. lizzy: it could have ended up being so divisive. rishi sun

lizzy at the tory party conference. opec is set to discuss an output cut of over one million barrels per day what it meets later this week. we are joined by elizabeth low. oil jumping about 2.5% today on the back of this possible cut. the market is reacting, but how likely is it? elizabeth: opec-plus has signaled he will cut barrels at the upcoming meeting. more than double of what banks such as jp morgan had estimated they need to cut to stabilize oil. stepping back a little bit, will prices have been weakening the past quarter after hitting 135 dollars a barrel in june. that is coming off good demand in china and the u.s. opec-plus has been under pressure to stabilize oil prices. it is also important to note that if they make such a move, it is ahead of a closely watched winter for oil this year. the market is set to look very different from how it did in q3. russian sanctions are set to kick in. it is still very volatile. other factors, the u.s. drawdown coming to an end. china has announced it is going to significan

we will soon be in london with guy johnson and lizzy burden.berg. ♪ ♪ 202 pounds on golo.'ve lost being a veteran, the transition from the military into civilian life causes a lot of stress. i ate a lot for stress. golo and release has helped me with managing that stress and allowing me to focus on losing weight. for anyone struggling with weight and stress-related weight gain, i recommend golo to you. this is a real thing. this is not a hoax. you follow the plan, you'll lose weight. >> the u.s. economy still looks a little overheated. >> i have not seen enough evidence that there has been any kind of break in the way things of function. >> the consumer, as we all know, has been the workhorse of the u.s. economy and you have to watch deterioration there. >> the u.s. will join the recessionary crowd in early 2023. it's a matter of time before we see consumer spending come down. >> this is bloomberg surveillance with tom keene, jonathan ferro and lisa abramowicz. lisa: this is bloomberg surveillance, jonathan is out on a well-deserved day off. to

francine: lizzy burden they are number 10. sachs plans to combine its investment and trading businesses into a unit as part of a reorganization according to the wall street journal. this is the third major restructure in four years. joining us with more is tom metcalf who leads our finance team in london. how traumatic is -- is he improving on what he is already built? >> what jumps out is the optics, it is the third restructure in four years, about a good look for the ceo. and then they are rolling things back and restructuring at the same time. tom: you are very diplomatic. what does it mean for the credibility of david solomon and his standing within the banking world and his strategy? >> it's bad news for all of them, yougov are -- you never want to see them reverse course. this was embarrassing to say this is how we get regularly occurring revenue and now they are splitting it out, it is not a top priority. francine: do we have a clue in third quarter earnings because this is they did not do as well as they expected? >> e

lizzy: but the reality is that she is hanging on by a thread. it is win, not if, according even to ministers and aides i am speaking to hear. they can't decide who would replace her or how they would bring them in. they seem to be waiting for the herd to turn against her. so far only five mps have publicly called for her to go. she seems to be clinging on for now. tom: lizzy burden outside the houses of parliament. thank you. let's switch to the banking space, credit suisse considering the sale of its asset management business as a strategy revamp approaches. middle east sovereign wealth funds are said to be weighing whether to put money into the investment bank. we are joined by charlie wells. what are the details? charlie: we are just over a week away from a big restructuring announcement from the troubled swiss lender. in dribs and drabs we are getting a sense of what that might look like. there are three big developments we are hearing, all from people familiar with the matter. it is the potential sale of the u.s. asset management arm. inter

kriti: lizzy burden covering u.k. politics. we thank you. let's bring in tony travers from the london school of economics. tony, your initial take of rishi sunak as prime minister? tony: it is a first in a number of ways for the u.k., but he is a mainstream conservative in a conservative party. he will want to try to bring together a cabinet that is not just people who think like him. he will want it to be a broader cabinet to try to reinstate the party's reputation for good financial management and government. that was camper has damaged in the last few months. his first words suggested he wants to be a unifier and try not just to encourage the financial markets to belief you will get a but the u.k. electric to try to get them to believe that the party is governing sensibly. kriti: what does that mean for his credibility as a negotiator? he was one of the early brexitiers, arguably before boris johnson. lizzy was talking about him negotiating a free trade with india, but given how many times the brexit deal has been reshaped, with the site

let's bring in lizzy burden. it seems like things continue to reach new lows.never mind but humiliation liz truss suffered at prime minister's questions over how much of her policy and her chancellor had gone. the tory party did a lot more humiliation to itself in the hours afterwards. you had the home secretary suella braverman going, her resignation letter called in fact, for the prime minister to go as well. then you had a vote on fracking, the government didn't seem to be able to make its mind up whether it was a confidence vote in government. then you had a tory mp being seemingly manhandled through the voting lobby in tears by two senior ministers, although he and they denied that, but there were multiple eyewitnesses. and then you had truss missing the vote herself because she was chasing around the chief with begging her not to resign. she did resign, her and the deputy whip, and hours later we find out they have not resigned. i can't put it any other way, absolute total chaos. my colleagues on u.k. government said in their piece that is not just ideolo

guy: lizzy, thank you very much indeed, lizzy burden joining us from birmingham on the chancellor's speechthe chancellor did acknowledge a little turbulence in the financial markets. alix, that is very clear when it comes to what is happening with the u.k. interest rates. mortgage rates have been rising for a while in terms of the rates that have been charged, but they have got a little bit of a turbo boost as a result of what has been happening to the markets, subsequent to the many budget announcements. so rates absolutely shooting higher. over here, they are talking about whether or not you've got the right mortgage. one who covers the european real estate and construction here for bloomberg, bloomberg intelligence, joining us now. we talked about turbulence in the markets. what about the turbulence seen in the u.k., and whether there is any end in sight to that turbulence right now? >> it is a significant understatement, a shock to the system. over the past several weeks, i w ould say the backdrop for u.k. housing is deteriorating fast. what happened over the past week is another level

joining us, lizzy burden. one of the things that came out today related to the pension story in the u.k. we have a triple locked pension system indexed to inflation. inflation is rising sharply. the new chancellor would not commit to that triple locked continuing, the prime minister committed to it. are they on the same page? lizzy: clearly, not. that is what is embarrassing. we also have the foreign secretary on the airwaves this morning seemingly briefing that it was an under threat measure. the newspapers this morning thought it was under threat. by committee to the triple lock, liz truss has made a fool out of one of their top ministers and newspaper editors. why you would want to do that at a time like this, i don't know. she has also made an even harder job for jeremy hunt, when he needs to balance the books, and find 40 million pounds to plug this hole in the public finances. it raises the question of benefits going to rise in line with inflation. he said he is going to protect the most vulnerable throu

lizzy: this is a chance to mark herself as someone different from boris johnson.difficult message to deliver, eyes in the hall will be raised. it started as a massive u-turn on tax, and now there are divisions on what to do on benefits. truss has hinted she would not commit to johnson's pledge to raise benefits in line with inflation, she could use it to save money on tax cuts. but it is a difficult pill to swallow in a cost-of-living crisis. i've been speaking to various cabinet ministers. the chief secretary to the treasury, chloe smith, the pension secretary, the justice minister, none of them could give a clear answer on what they would do with benefits. but chloe smith said what she really wants to do is protect the vulnerable. a big gap between what she is saying and what truss is saying. it risks widening the gap with labour because they can't be seen as only governing for the rich. tom: some polls pointing to a 33 point lead for the opposition party. the obr is coming in with their own forecast, what will we be hearing about them from the chancellor? lizzy

lizzy: francine, the pressure got too much in birmingham for the prime minister.ncellor has done a round of interviews and said the rate cut was becoming a huge distraction. the government wants to take political credit for all the money it has spent on the energy bailout and that was not proving possible. he said we listen to two people, admitting that they did not get it for 10 days. asked if you would consider resigning, he said not at all let ruled out further u-turns. it started to look inevitable yesterday, the prime minister through kwarteng under the bus and blamed him specifically for this to a text scrapping. then we heard from a cabinet minister saying this decision was not in line with tory values. she had been desperately trying to imitate her political hero margaret thatcher and not be returning, but she has proved that market and political realities have got to her. it seems to many she has revealed her true colors, she has had to flip-flop and blame a colleague. tom: and that's what's interesting, there is the credibility of the government and our

lizzy: absolutely.ark carney said bad policy would be punished by the markets and yet again they are having to learn that lesson. this may just be the second of many more u-turns because of course the government needs to plug a 60 billion pound whole and the finances according to the institute of fiscal studies estimate. she has already said this week she is not prepared to cut public spending, though there are hints efficiency savings -- at efficiency savings and we know that use of -- use -- euphemism means. even if they plug this freeze, it will not plug the gap. so there is much further to go. then you have to ask what is the point of having liz truss if she cannot get the central practices of her plan through. it is reported that the -- whoever took over from her would have a seriously diluted mandate and they would be therefore pressure to call a general election. and by the looks of the polls at the moment, looks like labor would win. jonathan: thank you. this was a struggle to keep up with, isn'

dani: thank you very much, lizzy burden outside of where the action is happening. manus, we're talking about asml to start the show, we have a quick line on new u.s. roles and their impact. manus: this comes down to the regulations from the biden administration, the impact will be limited on 2023 shipments for asml from the u.s. rules, this is about their lithography products. but you've got u.s. suppliers, they are withdrawing staff from one of china's leading chip companies in the wake of regulations. the biden administration wants to restrict the export of some types of chips that help in ai, and they have an unverified list of companies. this is the first instance, asml 2023 shipments will be limited. netflix and chill. dani: shares have jumped after the streaming giant stemmed subscriber loss in the third quarter, there are hit shows, "stranger things" help add to .4 million members beating expectations, let's get more from our bloomberg tech reporter, is the worst over for netflix? >> it seems like when it comes to the subscriber growth, the worst is over for

lizzy: what you can expect to see is rishi sunak reaching out to parts of the party.his is what liz truss did not do. she appointed her loyalist and you saw how difficult it was to get her economics through parliament. you saw big names at the party. dominic raab coming out to back rishi sunak. i wonder if there will be a job for a rising star in the party. i wonder whether jacob rees-mogg's time -- jacob rees-mogg is over -- jacob rees-mogg's time is over. at the moment, it does not seem like he will be receiving liz truss and rishi sunak for a handover of power. it is not clear why not. scarlet: we will be checking in with lizzy burden throughout the day on these develop its in the u.k.. we want to turn to the financial markets. mike wilson is doubling down on his short-term bullish call for stocks. for our question of the day, we are broadening that across market classes and asset classes and asking are you a short-term bowl? joining us are kristine aquino and jess wilton. talk us through what his rationale is for stocks getting a bounce back? >> people know mike w

lizzy burden joins us from outside the bank of england.hat was the turning point then from this government? lizzy: markets priced in a you turn yesterday, the pound and gilts rose on reports we would see a you turn on the corporation tax freeze. and actually reports are that liz truss and kwasi kwarteng will raise the corporation tax perhaps not as much as boris johnson had plans to, from 19% to 25% but this was a key plank of trust in onyx -- trussonomics as part of her efforts to boost growth. you have kwarteng coming back, it smacks of one the greek finance minister had to return from the g20 in 2011 to deal with the sovereign debt crisis. the question now is, will truss survive? the times reporting that the tory party could change its rules and she could be replaced by rishi sunak and anymore not -- penny mordaunt who ran against her for the leadership. but whoever replaces her would have a massively diluted mandate. there would be huge pressure to call a snap general election and by the polls it looks like labour would win that. franc

lizzy: markets are as impressed as you are, it was flat, drained , brief. she took questions from the press that support her when it turned out that she was just being asked the same question again and again, she cut it short. if you listen to it, she started with the same message as before, it is all about growth. she blamed international factors and then she said to get this mission through she understand she has to tip her in the markets. she has not done much to show that she will do that except this reversal on corporation tax. earlier this week she said she is not going to cut public spending. we are going to have to wait for the ob on halloween. we will have to see lots of figures now like jim o'neill saying markets are going to be impressed by this in it leaves more questions than were answered is that really going to be it. >> talks to me about the markets, you have the pound dropping and yields going through reverse lower yields and we saw earlier and now they are trying to get a little bit higher here. does this mean that the markets are going to

lizzy served as made to eleanor roosevelt, overseeing cooking and housekeeping duties.and mac was personal valet to franklin roosevelt. this is a really important role, and very personal one. in particular, because of fdr's polio diagnosis, mack assisted in putting on his leg braces and helped him to get dressed every morning. we know that these two men were very close. but in general, the mick duffy's had a close relationship with the roosevelts, more personal, one then some staff members. as i mentioned, these are typically a political roles. but the mcduffie where more personal friends and informal advisers to the roosevelts. because of their relationship in proximity to the roosevelts, they were able to advise them on african american affairs. and the roosevelts really welcome to this relationship. they advocated for civil rights and, in particular, lizzy called herself, quote, fdr's self appointed secretary on colored peoples affairs. she made sure that the president was aware of racial discrimination that was happening in many of the federal departments or a new d

lizzy: i could not agree more.ked it, he has reversed most of truss's tax cuts, he has limited the energy bailout that she was always taunting labour leaders with, now it will be reviewed to trying to save the government money. it is a humiliation for truss. we are expecting more detail, but the new chancellor also needs to save about 30 or 40 billion pounds if he is the balance of the books, so we may get more clues as to how he will do that, whether it is more reversals on tax cuts, spending cuts -- even though truss says she will not cut public spending -- her where it not meeting much at this point. hunt is in the driver's seat now. morton is standing in for truss. she looks like she is running scared and like she has lost control. alix: i was reading analysis that has talked about hunt as the ceo and truss is chairman. i know it will take mountains to remove truss, but is the effort underway? how big of a task is it to change the rules to do that? lizzy: it is a question of when, not if, they get rid of truss.

lizzy burden, thank you. let's bring in christina can no -- kristine aquino and ben gutteridge from invesco. on the back of this ft reporting. yields up about two basis points. choppiness in the gilt markets in the first few minutes of trade. what do you make of this reporting around the boe? it was inevitable they would have to push back the qt again. >> it was widely expected qt would be out of the picture at least for now especially with the chaos we saw in the gilt market over the last few weeks. a little bit of confirmation on this from the boe sources we saw this morning speaks to the urgency of the state of the gilt market at the moment and why the boe felt the need to delay the process. as far as the selloff goes, mark cudmore is correct. now that some of those pressures we saw over the last few weeks seem to be easing a little bit, i think the focus is returning back to the u.k. fundamental story which is still not very great at this point. we are looking at your double-digit inflation across the liv

lizzy: [no audio] alix: it looks like we lost lizzy. i'm not going to tempt fate anymore. there is still a gap. bloomberg intelligence estimates 36 billion pounds. there will not be spending cuts. how do you do that in a cost-of-living crisis? the energy help will end in april of 2023 but has to continue for struggling households in some capacity. guy: it will be interesting to see what the opr will say about that. the u.k. government may have realized it cannot afford the expensive energy package announced. i wonder whether other governments will find the same problem in europe. it will be interesting to see how the narrative develops. we are seeing a bigger effort on the continent to preserve the gas supplies that do exist, to turn down the thermostat. nevertheless, this will be an incredibly expensive package. governments might realize quickly as interest rates rise that they cannot afford it. that will be a huge challenge for europe this winter. alix: i wonder how much more interest rates will have to rise based on the changes from jeremy hunt. thank you for joining us

lizzy: there is huge pressure on liz truss to quit. until yesterday, the consensus had been they would let her cling on until the halloween budget. apart from the weather, it very much feels like the morning boris johnson woke up and realized he needed to write his resignation speech. the question is whether liz truss has the ol nur -- awawreness to do the same. yesterday she added to keir starmer's list of what has gone wrong with her premiership. john is one of her great officers of state, suella braverman, gone is our economic strategy, or only connection now to core voters is brexit. her replacement for chancellor voted for rishi sunak to be leader. and gone as well as the party's dignity. backbench tory mps last night were livid frankly because of the chaos on the vote on fracking last night. there were allegations that an and he was manhandled by two senior ministers, although he and they denied it. it seems she is doomed. if she goes, she would be britain's shortest serving prime minister. francine: lizzy burden there, i don't k

francine: let's bring in bloomberg's lizzy burden and ven ram from the mliv team. i'm getting a lot of emails from viewers saying they feel like the game is really dangerous in the u.k. >> and we have also had the business secretary taking a swipe at the fiscal watchdog. saying its record at forecasting has not been enormously good. it comes back to mark carney's warning that this government is undermining the credibility of the u.k.'s economic institutions. kwasi kwarteng is saying it will be bailey's fault if he sticks to his promise that emergency bond buying will end tomorrow, but it means either bailey has to sacrifice his credibility to continue the program. or, he won't be able to fight inflation. these two programs mean he has got his foot on the brake and accelerator at the same time, and is beholden to fiscal policy. you have to ask how much wood bailey sacrificing his credibility on financial stability affect his credibility to convince markets that his monetary policy will have good effect. tom: then, let's unpack what is happening in the u.k. and globa

dani: let's get more with bloomberg's lizzy burden who joins us from downing street. rishi sunak speaking off-camera with other tory mps. we know anything he said? lizzy: one significant thing he is said to have said is the tory party faces an existential crisis. in other words, unless they pulled together, they will be wiped off the electoral map at the next election which is due by january 2025 at the latest. a desperate plea for party unity. he said there is dr. him to be an early election. -- he said there is not going to be an early election. you just listened to rishi sunak and things he said as chancellor. much of his warnings about trussenomics came to pass and he resisted the temptation to say i told you so. today we are going to hear from him before he is officially prime minister, but a victory statement outside conservative headquarters. this is his first public remarks since the leadership campaign this summer. you can expect him to make a message this is going to be a new dawn for economic stability and political stability. scarlet: i have to ask you abo

guy: bloomberg's lizzy burden joins us from downing street. have just learned that jeremy hunt will remain in number 11 as chancellor, but 10 other cabinet members have gone. when do we expect to hear about the new cabinet? lizzy: they have been coming in and out of that front door. when jeremy hunt came at -- came out he only gave us a nod of the head. we have also seen dominic wrong, who was boris's deputy prime minister. he be going back into that role? we have seen the foreign secretary, james cleverly. will he be replaced with penny mourdant as a consolation prize? have offer seen the former culture secretary. he is tipped for education secretary and is a wily political operator. rishi sunak could do with people like that in his cabinet, even what was exposed as a shortcoming over his wife's tax affairs. we have seen 10 of truss'team resigning already. the chief weapon, her handling of the fracking vote was seen as one of the big reasons why t -- truss'government fell in the end. she is going to go to the back benches. it is the first tim

so elizabeth and ervin who are better known as lizzie and mac mcduffie. we're a married couple from georgia who became acquainted with eleanor and franklin roosevelt who had spent lots of time in warm springs, georgia for fdr's polio treatment. they eventually hired the mcduffy's lizzy served as made eleanor roosevelt overseeing housekeeping and cooking duties and matt was personal ballet to franklin roosevelt. now this is a really important role and a very personal one in particular because of fdr's polio diagnosis mac assisted in putting on his leg braces and helped him to get dressed every morning. so we know that these two men were very close but in general the mcduffy's had a closer relationship with the roosevelts a more personal one than some white house staff members as i mentioned. these are typically apolitical roles, but the mcduffy's were more personal friends and informal advisors to the roosevelts because of their relationship and proximity to the roosevelts they were able to advise them on african american affairs and the roosevelt's really

joining us is lizzie evans how big an impact will mega tech have just a short time ago, it looked likets lower. that's the set up for you. thank you for joining us we appreciate you being here >> good morning, frank thank you for having me. >> lizzie -- i can't get words out this morning little tired where are we going from here after mega cap tech disappointed, where does the market go from here? will we see an end of the year rally? >> thank you, frank. there's not a lot of good things you can say this week about tech if you think about where the s&p 500 is trading at 17.5 times e s&p equal weight is 14 times earnings mega tech is 22. we will see additional compression in mega cap tech it is still too early to rotate. could we see a year-end rally? i think it will be just that >> if we could see a year-end rally, it is probable. where would that leadership come from we are not seeing great results from mega cap tech is this a unique buying opportunity? >> i think it is too early i think we will see additional compression in multiples we are seeing signs the market wants to rally some

lizzie: he needs to balance the books. so far is expected to save 32 billion pounds, but they were projecting a fiscal whole. what you might also see is a rolling back on supply-side reform with really controversial, the other side past the parliamentary party. when you get to that stage, you have them asking, what is the point? the answer when i am speaking is very much a question of when, not if they will go. lisa: the music adds the effect in terms of the whole upheaval. is there anything that liz truss is doing now as she seeds control to paint an agenda that is a lot different than what she initially put out there? lizzie: he does not have broad support in the community. as you say, he is in the driver's seat, which is why they are questioning whether they should crown him as prime minister which would mean there is a new leader. it would add to pressure and if you look at thep wipe out the party. >> thank you. down in westminster. oppenheimer has thrown the towel in. we are updating our price target based on the targ

joining us is lizzy burden. lizzy: i am here, it is a wild morning. the chancellor amounts reversing course. at the other end, the chancellor said he would cut benefits of people not tried to get a job. >> a key point is that it is about getting more people into jobs and higher wages. we want to be able to deliver more. for example, putting money straight back in peoples pockets, adjusting for the lower rates and a cost-of-living package. my role is to get people into those jobs and that is powerful. lizzy: the one thing the prime minister promised yesterday was that she was raising the rates has the chancellor ask you to look at cutting? chloe: benefits are pricing. i can't tell you here and now what that would be because i have to wait for the data. the key is how we can protect the most vulnerable in our society. this is cost-of-living support we have been doing and taking payments and what will be coming out shortly to support people. lizzy: why is it fair to protect pensions in a cost-of-living crisis? chloe: how do we protect those who can't rai

friend of lizzie. however, pollyanna meyer ran into trouble when the university found out that she had become pregnant before she was married. and her husband evidently had some run-ins with the law. and on the basis of morals, they said that she was not qualified to apply much less attend the university of alabama. and the naacp legal defense fund including motley and the local lawyer just rocked her. there was no effort to me to stand up for pollyanna meyer and the reason was that in these legal cases in particular, the plaintiffs needed to be the best in the community as was understood. the politics of respectability which motley certainly believed in were very relevant to the types of plaintiffs who were chosen and who could be successful. so for instance in the university of georgia case one of the plaintiffs was charlene hunter gault who had done really well in school and who had, she was very beautiful and she was easier i guess she would say for some to accept. but the thing about motley, she a

lizzy: we are back in double digits, a 40-year high, the debate for the bank of england is between 75 and 100 basis points. investors head back -- pared back expectations when kwasi kwarteng was replaced by jeremy hunt as chancellor. it may convince some to go for the 100 basis point hike. the other thing we have learned from the bank of england is there going to crack on with quantitative tightening after the halloween budget, just not at the long end of the curve. they are saying we are going to reprioritize inflation fighting and not be a permanent backstop for the government, but we have got a firm eye on the financial stability, hence this compromise at the long end of the curve where you saw turmoil in response to kwasi kwarteng's budget. tom: meanwhile the financial times reporting the chancellor is considering extending windfall tax, it could hit banks and energy companies, banks moving lower on the back of this news. they must fill be 40 billion pound fiscal hole. lizzy: keeping an eye on hsbc, barclays, shell this morning, it has got to plug this 40 billion pound hole in pub

lizzy burden joining us from the conservative party conference. joining us now, daniel morris.aniel, when you look at the u.k., the -- center of goldman-s, is this an investable market? >> i think the message that comes across clear in the reporting we heard, there is simply too much uncertainty for anyone to take a position. we need to get more information on what is going to be somewhat of a reassessment. alix: how -- what happened in the u.k.? i appreciate the headlines, are idiosyncratic. as many are talking about, the fire was already there. what can explain away the dysfunction happening in the u.k. markets? do we see that elsewhere, and is that what we are looking at where we need to model risk now? daniel: we can look at it as a extreme example. western governments are going to face as we try to unwind the effective quantitative easing. if we go back to the -- and the government response during the lockdowns, with -- was unprecedented. we had trillions and support that was provided. it was justified at the time, given the cause. it was comparatively easy because constra

tom: -- lizzy: markets seem to of been calmed by this.ard to understate how big of reversal it was. huntt has managed to close some of the fiscal whole but he still has 30 billion bound -- some of the fiscal hole but he still has 30 billion pounds to go. without the sugar rush it raises the recession risk. whatever jeremy hunt did, there is still going to be the mor on risk premium for because of the scarring to the uk's economic credibility done by liz truss and that limited time. the borrowing costs for the government are higher. jeremy hunt is going to have to show more fiscal discipline in the form of austerity. labor has already branded it austerity 2.0. he has appointed as an economic advisor blackrock's rupert harrison. as respected as he is in the markets, it is in a knowledge meant of the need of this economic orthodoxy. rupert harrison was george osborne's right-hand man in the austerity years. politically it is a difficult link to be bringing back this link to austerity. as they head towards this halloween budget it will be ver

honestly, when the jurors first saw lizzie with her face covered in blood was scoring all across heruse she was unable to access food from her mother, i could see their faces were horrified. they were seeing across the nation when people see, especially individual animals that feel the suffering of the individual animal, they realize, i don't want to be part of the system. i want to be something else. juan: could you talk about not only how some of these factory farms mistreat and basically torture these animals but also how they deal with their workers, most of whom are immigrants? >> smithfield has a long history of mistreatment of its own employees. bob herbert at "the new york times" did a number of pieces about unionbusting efforts at smithfield. at some of their largest plans, not only preventing works from unionizing any illal ways, they were physically assaulting their employees. this has been reviewed in federal court. against workers mainly trying to get a living wage. factory farms are some of the most dangerous places to work in e world because of blades and gas chambers

i'm lizzie greenwood hughes, here with your latest sports news., but it was fiercely competive and shows that england's european champions are ready to take on the world's best and win. natalie pirks reports. with the trophy they'd all craved front and centre, a former lioness tried for a cheeky touch. and why not? this was their night, too. following a damning report into systemic abuse in the us women's top league this week, both teams sent a powerfuljoint message. but that's where the friendship ended and the fun started. when england's player of the year, beth mead, marauded down the wing, defender alana cook flapped at the cross, and lauren hemp took full advantage. injured captain leah williamson enjoyed that. but when lindsey horan parried, georgia stanway was outmuscled, and sophia smith pounced. stanway would make amends soon enough, though. only it wasn't. no goal. that was a bum decision. away, this victory might help change things in the future. natalie pirks, bbc news, wembley. earlier this week, after losing to relegation rivals leic

but i'd, she would go, lord, let good of up with visit even the slightest, the dusky lizzie, the widow briskin, is here. you do said as of it, he actually away lloyd. he could offer that his dad gave the law. was ulysses a, a yeah, the what i see is a ah, your, and you will say what us money open it. i'm what i'm like, what are their potential? i'm hopefully in the reasoning my cookie them, i can't bring myself yes. chaos. i mean, i think it was like i'm down, is that it this from some more if you saw occur wait or did you live usually with i just um which if it is a way to go on the bus or business to work with him, i want to wish i was away on your mind a limit or to book with him as up in the classroom. but it definitely just case shouldn't by, you know, the beginning of she has to have she had it done and i gotta get that she's concerned. cuz otherwise i would normally or the to, to, to this is message mistake is not almost what i just me 3 the database but that you know, the west or can we set you up with ask them what you pretty good. it was consistent mission, but she wants to y

just as now, according to the kremlin, not lizzie ukrainians must be punished for their resistance to rushes with brutal forces it awesome was a few years after the chechen war hootin invaded ga, and in 2014, he attacked ukraine. for the 1st time annexing the crimean peninsula and the dong boss region, wouldn't some much open your mouth. tritton, as long believe that the existence of a democratic state on russia's orders is with a serious threat to him and attempt addition to the russian people arose gun. in 2050 vladimir putin back dictator, busha allison and syria bombing, a number of civilian targets there as well. just with nobody helping aside. so he was sending the message that russia will not abandon its friend. busted putin wants to restore russia to its former glory temporarily. he is an imperialist at the chest, allergic of russia status as a superpower. the road he sees permanent power struggles as a necessity in the he doesn't negotiate. default he uses force ah, in the kremlin, he rules like an emperor. and when the russian army meets resistance in ukraine, he openly thre

but she will go, lord, let good of up with visit even the saladas leave dusky lizzie, the woody roberts come here. you do say visit he actually away lloyd. he could oscar that his dad's gave the law. was ulysses reza beard and a good? yeah, a good yeah. his driveway thought i did that, but yeah, what i see scare out of that. ah ah, you'll save money open it. i'm what i would have done hopefully in the reason my keep them keep bring my answer. yes carol. so, i mean, i think it comes out is that it is from some more if you saw her wait or did you leave a message if it is a way to go out on the bus. so business to look at was i need somebody to show him . i want to wish i was to wait on you on a bus the yes moment or to book, why need you to mess up? isn't it, not somebody data you just case from the by you say no, i didn't have, she has to have she had it done and i gotta get the chase concept. those are the ones that would normally are the 2 through to the nursing. more states like almost what that gets me 3 the database, but the other was talking with ask them what open ground was. cons

yeah, but i'd she would go, lord, let go up with visit even the saladas leave dusky. lizzie, the widow briskin is here. you'd also visit he actually away lloyd. he could orfa with his dad's gay the law was eulogies resonated a good. yeah. a good. yeah. was a yeah, what i see right of that ah ah, your and you will say what us money open it. i'm what i would have to present. i'm hopeful or you know, the reason my keep them keep bring my it's and get skills. i mean, i think it was like i'm down is that it becomes a more, more to soccer or did you show a beach if it is a way to go out on the bus or business to what it was? i need somebody to go. i want to wish i was waiting on you on a bus. they need us aluminum or to mccoy, need you to mess up, isn't it? not somebody death of you just case from the by you to know what the president of shares have. she had it done and i gotta get the she's concerned that we would normally or the previous the to go to the nursing more school like almost what i just me 3 the deputies. but the other was talk with ask them, what do you believe? granted was con

you could probably do a whole other show on that, but i want to know, how are lily and lizzie doing right now, where are they? >> they are doing great. they are living their best lives in a nice sanctuary and getting all the sunshine, mud and loves and hugs and snacks they could want. we want that for everybody, human or unhuman. kristen: what do you want consumers to know about the meat we eat? how do we make choices that align with our conscience? >> i think most people don't want to hurt animals. i just challenge consumers, citizens of the united states, to look for yourself and ask yourself about these conditions. overwhelmingly when people see these things they say you are not consistent with my values. people don't like what they see. kristen: wayne and paul, thank you so much for talking with us today. coming up next, a new era for kgo radio, which ushered in a new format today. we will talk to longtim kristen: it's a brand-new day for kgo radio, 810 under am dial . the owner officially launched its new format, sports betting, ending along era being the leader of news talk, that ma

even the saladas sleep dusky, lizzie, the would open come. this kid you do said busy, but he actually away lloyd. he could with his dad's k, the door. was a good. yeah. but that shut off. it's a good. yeah. was prior we thought of getting that by yeah, the what i see scare out of the ah ah, here and you'll say what us money open it. i'm what are my waterfront? i'm hopefully in the reason my keep them keep bring my son. yes. carol. so i mean i think it was like i'm down. is that a good on some more if you saw her weight, or did you show similarly with just some which if it is a way to go out on the bus or business to look for them, you somebody, joe? i want to wish i was to wait on you on a bus then. yes. well, on that or to proclaim, in those up, in a class, somebody death on you just case from the by, you know, the beginning of she has to have, she had it done and i gotta get the chaise cancer a to a coma for what i just me 3, a video, the west talk with, ask them what you're putting granite was consistent with what do you like us to do what

i'd she would go lord, let good of up with the push really visited even the slightest, the dusky lizzie, the would open gum is clear. you do said is every actually away lloyd, he could always fit his dad's case. the law was eulogy as a beard and a good. yeah. but digest thoughtful. it's a good yeah. was prior we thought did he did that by? yeah. know what i see scare out of that ah ah, you're and you'll say with my board of different adult, i'm hopefully in the reasoning my cookie found a care for my son, your skills. i mean, i think it was like and down is that if it's on some more, if you saw occur later, did you show surgery with just some which if it is a way to go on the bus will business to look was ended on william only wish i was away on yours. i a limit or to book when you do those up in a classroom, but it definitely just came from the bye. didn't say no, i didn't have, she has to have she had it done and i gotta get that she's concerned because otherwise i would normally are the 2 things like almost with i just me 3 a asking them what you're putting a good on. it was concern

lizzy burden reports from outside the boe.is on the wall for the bank of england. just stop oil has spray-painted the front door with orange paint and the argument is that the biggest 60 banks are responsible for funding the fossil fuel industry to the tune of $3.8 trillion since 2016 and they say the bank of england has not done enough to regulate it. the writing as i say is on the wall. no new oil and gas. perhaps a reference to this trust the former prime minister. she reintroduced fracking is one of the first acts as new prime minister. rishi sunak has been stacked in -- reinstated the ban on fracking. the question is whether he will attend the cop conference in egypt. he says the domestic issues are more pressing but with boris johnson attending and with this protest today, perhaps he will change his mind. now, these tactics are putting some even within the green movement off it. some say that they are too controversial but the protesters themselves say if you are that bothered about beautiful buildings, beautiful paintin