the obr giving evidence to _ falling back. the obr giving evidence to mps _ falling back.re bad news today or is this 'ust an upsum of where you are? i don't think ou an upsum of where you are? i don't think you will _ an upsum of where you are? i don't think you will get _ an upsum of where you are? i don't think you will get any _ an upsum of where you are? i don't think you will get any more - an upsum of where you are? i don't think you will get any more bad - an upsum of where you are? i don't i think you will get any more bad news from the treasury committee, this is one of a series of three meetings which happen regularly after major physical events. the treasury committee met yesterday with three orfour committee met yesterday with three or four independent advisers, then they meet with the obr today were they meet with the obr today were the focus of the questioning will be the focus of the questioning will be the contents of the economic and fiscal outlook published alongside the autumn statement, which includes the autumn statement, which includes the obr's econ

last obr because this is not the last obr before the next election. this is their view of the situation today. it is a radically different view from their last report in march. if the election is in two years, there will be four more reports between now and then. let's see what happens but we will put financial stability first. . n . but we will put financial stability first. . a ., ., ~ but we will put financial stability first. . a ., ., but we will put financial stability first. . n . . ~ first. pat mcfadden, thank you. when we were sitting _ first. pat mcfadden, thank you. when we were sitting here _ first. pat mcfadden, thank you. when we were sitting here at _ first. pat mcfadden, thank you. when we were sitting here at the _ first. pat mcfadden, thank you. when we were sitting here at the end - first. pat mcfadden, thank you. when we were sitting here at the end of - we were sitting here at the end of september, the 23rd, for the mini—budget, we spoke to jane foley. she said then that her clients were panicking to some extent as to what they sa

you kwarteng did and ignore obr. you turned u- kwarteng did and ignore obr.nflation pay rise because you have the same fiscal constraints? my because you have the same fiscal constraints?— because you have the same fiscal constraints? g , ., , , constraints? my message to everybody is we will put — constraints? my message to everybody is we will put financial _ constraints? my message to everybody is we will put financial stability - is we will put financial stability first. but let's see what happens in the next couple of years. this is not the final 0br report, there are two a year. as you know, often the forecasts they make can change quite a lot over six months. let us see what happens. we accept the 0br and think it is an important part. are the labour— think it is an important part. are the labour left _ think it is an important part. are the labour left signed up to that? think it is an important part. are i the labour left signed up to that? i am the labour left signed up to that? am here to the labour left signed up to that? i am here to speak for th

in the obr forecast, which _ judge as well. in the obr forecast, which we _ judge as well.ly... that judge as well. in the obr forecast, which we get finally. . ._ judge as well. in the obr forecast, which we get finally... that was one ofthe which we get finally... that was one of the problems. _ which we get finally... that was one of the problems. we _ which we get finally... that was one of the problems. we will _ which we get finally... that was one of the problems. we will get - which we get finally... that was one of the problems. we will get a - which we get finally... that was one | of the problems. we will get a sense of the problems. we will get a sense of whether or — of the problems. we will get a sense of whether or not _ of the problems. we will get a sense of whether or not we _ of the problems. we will get a sense of whether or not we are _ of the problems. we will get a sense of whether or not we are back - of the problems. we will get a sense of whether or not we are back to - of whether or not we are back to normai— of whether or not we are back to norma

the obr is saying that... first it wasn't a model forecast from the obr.ome of which were unambiguously far too pessimistic. the picture, though, and it's important this, what they were saying is that the growth trajectory was still for the uk economy to grow strongly. but they thought if we had stayed in the eu we would be four percentage points stronger in i think 2030 or so. so it wasn't that the uk was not growing, but when you actually look at these figures, what is quite interesting is that the single market component only added 1% to uk gdp over the last 20 years. when you break down 4%, much of that 4% is based on productivity and on immigration factors which are not necessarily linked to the eu. they're based... they're not cast in stone. i think it's important because these are based on future policy actions. i'm a simple soul and i'm just trying to make sense of what has actually happened since brexit. now, leave aside the fact that trade with europe has declined and declined very significantly. you said that actually it would free the uk to be

the obr is forecasting those tax rises _ forward.orecasting those tax rises and more sick i those tax rises and more sick difficult in the uk inflation rates, now at its highest rate in 41 years, will also drive those historic falls in real household disposable income. this means a significant reduction in living standards, down by 4.3% this year, the largest fall, as we have been hearing, since records began in 1956. and next year is going to be the second—largest full, nearly 3%. pretty rare to see two years on the trot with this trend. it is much worse than we thought it was. that's the pattern, the economic situation causing historic painter living standards. but the government wants to help alleviate. but after that, spending cuts and tax rises will come. although we don't know the details, it will set the terms of trade for both conservatives and labour for the next half decade.— next half decade. faisal islam, thank you- _ the rising cost of energy has been at the heart of this cost of living crisis, and the chancellor announc

a lot of people are noting obr forecasts and how dire they are with the respect to the economic outlookall in all, you see reaction today in the ftse 100 is quite positive up .60% cac in france is up 1% germany is up 1% as well we are still digesting the commence from the ecb president christine lagarde. talking about further interest rate hikes to come and winding down the balance sheet as soon as december. that is something the markets are looking forward to also for anyone watching the ecb closely. at 11:00 a.m., we will get the first repayment. that could be significant as well for anyone watching interest rates closely in terms of sectors, this is the breakdown. every sector trading in the green. tech is the relative under performer. up .10%. real estate up .50% in line with interest rates no wonder it is under per performing a big bounce in oil. as for u.s. futures, this is what the u.s. session is looking like a bounce versus yesterday. all of the three majors are seeing opening up in the green >>> all right. now st. louis fed president james bullard said the u.s. central bank ha

we are expecting the obr projections. we have _ that? we are expecting the obr projections.ach. paid for how? but we will have debt falling as a proportion of| have debt falling as a proportion of gdp, but we are going to invest in green industries, in renewables, in hydrogen to bring back good quality, skilled unionised jobs across the country. because that is important to bring people's bills down but it's also important for future economic growth. it it's also important for future economic growth.— it's also important for future economic growth. it will also be very expensive _ economic growth. it will also be very expensive but _ economic growth. it will also be very expensive but i _ economic growth. it will also be very expensive but i ask - economic growth. it will also be very expensive but i ask again, | economic growth. it will also be - very expensive but i ask again, how would you fill the hole in the public finances that you have accepted exists? mr; public finances that you have accepted exists?— public finances that you have accepted exists? public finances th

and public finances -- obr's. ., , ., obr's. backdrop of the cost of living crisis. today the chancellor admitted the uk is already in a recession, inflation, the rate at which prices rise, is at 11.1% fuelled by food and energy prices. essentially the surging cost of living is a squeeze on household budgets leaving many people struggling. 0ur political editor put this to the chancellorjust a short time ago. you are a tax rising chancellor presiding over a recession, do you have any hope of winning the next election? conservatives win elections when they are trusted with the economy. what you have seen today is a conservative chancellor outlining a very difficult path that gets us through this crisis. i very difficult path that gets us through this crisis.— very difficult path that gets us through this crisis. i asked our correspondent _ through this crisis. i asked our correspondent if _ through this crisis. i asked our correspondent if the _ through this crisis. i asked our| correspondent if the chancellor through this crisis.

but the obr is sa int deviation effect. but the obr is saying that _ deviation effect.east tackling a little bit of the current problem, what we are not doing is putting... making sure that we as a country are set for— making sure that we as a country are set for the _ making sure that we as a country are set for the future _ making sure that we as a country are set for the future so _ making sure that we as a country are set for the future so we _ making sure that we as a country are set for the future so we don't - making sure that we as a country are set for the future so we don't run - set for the future so we don't run into the _ set for the future so we don't run into the sorts _ set for the future so we don't run into the sorts of _ set for the future so we don't run into the sorts of problems - set for the future so we don't run into the sorts of problems again. | into the sorts of problems again. this next— into the sorts of problems again. this next question _ into the sorts of problems again. this next question is _ into the sorts of problems again. this next

economy is facing a long recession, and when — according to the government�*s independent forecaster the obr are set for their biggest fall on record. schools and the national health service will get more money for the next couple of years though. here�*s what the chancellor had to say. yes, chancellor had to say. we take difficult decisions yes, we take difficult decisions to tackle inflation and keep mortgage rates down. but our plan also leads to a shallower downturn, lower energy bills, higher growth, and a stronger nhs and education system. three priorities then today. stability, growth, and public services. so let�*s look at some of the details. starting with tax, higher earners will be paying more. the threshold for the top rate of income tax, 45p in the pound, will be lowered from £150,000 to £125,000. millions of lower earners will also pay more as tax thresholds are frozen. on energy bills — there will be continued support for all households, but it will be less generous. in april, the cap on average bills will rise from £2,500 a year to just over £3,000. meaning the typical househ

the obr is forecasting that those tax rises and more significantly, the uk inflation rate, now at its highest rate in 41 years, will also drive those historic falls in real household disposable income. robin petherbridge was watching that and had this response. well, bbc news said they would give us a response to those questions and we'll bring you that next week. the statement was, of course, long—awaited, and there had been plenty of previewing and speculation about what it might contain in the media over the past few weeks. as part of the build—up, last weekend's sunday with laura kuenssberg included an interview withjeremy hunt. will government departments get extra money now this year to deal with the costs of inflation? or are you going to, as everyone expects, tell them they've got to stick with what they were given in 2021? well, as you know, laura, and i think andrea knows, i'm going to announce the decisions on those things on thursday. well, again, without explaining to you now what i need to announce properly to the house of commons on thursday, i will be announcing what w

ibex currently up .2%, in the u.k., the ftse 100 is flat ahead of the statement and analysis from the obr as to the trajectory of this beleaguered u.k. economy. let's see how things are playing out across asset. we mentioned in the u.s. dollar, the losses across equities yesterday but futures suggesting you are back to a point where you could see gains, pointing up .4%. interesting to hear pushback from the fed officials, mary daly saying a pause isn't on the table. goldman sachs raising their terminal rate to 5.2%. the pound currently at 1.19, watching the back of the autumn statement. the 10-year 3.68 in the u.s., brent $92 a barrel down .2% as the focus switches from geopolitics back to the demand question. the selloff in technology linked to what we saw from tencent and its holdings in mei tuan, investors concerned that tencent is going to further divest, they are under pressure from regulators to do just that. a drop of 1%. the hstech, a drop of 2%. this has been a very volatile index on the back of regulatory changes in china. the yuan down .4% for the chinese currency. a couple of

the obr is forecasting that those tax rises and more significantly, the uk inflation rate, now at itse in 41 years, will also drive those historic falls in real household disposable income. robin petherbridge was watching that and had this response. well, bbc news said they would give us a response to those questions and we'll bring you that next week. the statement was, of course, long—awaited, and there had been plenty of previewing and speculation about what it might contain in the media over the past few weeks. as part of the build—up, last weekend's sunday with laura kuenssberg included an interview withjeremy hunt. will government departments get extra money now this year

economy but he said he will not set those limits and we already know that it is expected to be the obrrmer wants to deal, is building a closer relationship with business, trying to convince them that the shift to the centre ground is for real and the days ofjeremy corbyn are long gone. is for real and the days of jeremy corbyn are long gone.— is for real and the days of jeremy corbyn are long gone. what do you make of the _ corbyn are long gone. what do you make of the politics _ corbyn are long gone. what do you make of the politics and _ corbyn are long gone. what do you j make of the politics and economics of this move? the make of the politics and economics of this move?— of this move? the politics of it, are represented _ of this move? the politics of it, are represented almost - of this move? the politics of it, are represented almost within i of this move? the politics of it, - are represented almost within papers where _ are represented almost within papers where the _ are represented almost within papers where the same speech tomorrow has the opposite headline in the independe

you mention the obr, that's the office for responsibility. will have? that's an absolutely extraordinary figure. it is really significant hit to living standards over time. and we should remember it's notjust about incomes going down over this period of time, it is also about really key costs going up, in particular energy costs, that we will all still be facing for the foreseeable future.- will all still be facing for the foreseeable future. lindsay judge, research director _ foreseeable future. lindsay judge, research director at _ foreseeable future. lindsay judge, research director at the _ foreseeable future. lindsay judge, i research director at the resolution foundation, really good to talk to you. thanks for your time this morning. you. thanks for your time this morning-— meanwhile, the chancellor says it's a "source of great regret" to delay capping costs on social care. in the autumn statement yesterday, jeremy hunt postponed the introduction of a limit on the total amount people will have to pay until 2025. a similar proposal was p

the obr's forecast of the sort of levels of growth...gures released in the past hour show uk retail sales increased last month but remain below pre—pandemic levels. the office for national statistics says they rose by 0.6% in october following a 1.5% drop in september, when some retailers reduced their hours or closed for queen elizabeth's funeral. let's return to the news that the hours are counting down to achieve a deal at the cop 27 climate conference in egypt. negotiations, as i don't need to remind you, have been going on for almost two weeks and this is supposed to be the final day when the most important commitments and decisions are made. i'm delighted to be joined now by the actor, author and presenter, sir tony robinson. someone with a keen eye on the climate and environment, i know. really good to have you with us. we are coming to the end of cop 27. it is not looking terribly promising, according to our correspondence out there in sharm el—sheikh. what is your take on things? there in sharm el-sheikh. what is your take on th

will bring home a pair of runs its three astros they only needed one run in this game after brian obrefect seventh rafael montero. he keeps the no hitter going in the eighth gets jean cigarette. oh line out for the final out of the innings, phillies fans, but like, what do we got to do just to get a hit in this game? bottom 92 outs. ryan pressly onto closed. keep the no hitter. going after walking kyle schwarber j t realmuto grounds out, bregman. nice play, and there it is. four pictures, combining for the second no hitter in world series history. john larson through the other. 1 1956. astros win five. nothing tied the series up at two games apiece. the guy was cool as if it was june or july, and that's how he is. and i was glad that i heard his mom and dad were here from dominican. they've got the same pitch. and you know, it's always great when you do something in front of your your folks, and i mean, this is a world stage here from people from all over the world and watching this and he certainly put himself on the map. on paper , the 49ers of the definition of mediocrity as they he

the obr forecasts were much lower, in blue.would drive historic falls in real household disposable income. this person had a response. he first showed a graph of uk borrowing, in percent, followed by a graph of household income, also measured in percent. how do you measure uk borrowing in percent? percent of what? the centre didn't say, and the same goes for household income for the i can't imagine how you measure that in percent. scent of what? bbc news said they would give us a response to those questions and we will bring you that next week. the statement was long awaited and there had been plenty of previewing and speculation about what it might contain in the media over the past few weeks. as part of the build—up last weekend's laura kuenssberg programme includes an interview with jeremy hunt. well capita province get extra money this year to deal with the cost of inflation or are you going to, as people expect, tethered they have to stick with what they got in 2021? pat mcgrath i'm going to announce decisions on thursday.

that was just an assumption that the obr made. they are an _ assumption that the obr made. she scrapped the 45p tax rate. now more people will pay the top rate. jeremy hunt also introduced a new windfall tax. the lines between them and labour is becoming more blurred. they would say the conservatives are to blame for having to squeeze spending and increase taxes. and it is the failures of the last 12 years, not simply what happened in the last 12 weeks. nonetheless i think from the conservative side, even though some of his own mp5 are very worried about tax rises, they nonetheless think he is playing a very difficult hand as well as he can. ., a very difficult hand as well as he can. ., ~ , ., very difficult hand as well as he can. . ~' i., ., ., very difficult hand as well as he can. thank you for the moment. let's no straiaht can. thank you for the moment. let's go straight to — can. thank you for the moment. let's go straight to hannah _ can. thank you for the moment. let's go straight to hannah at _ can. thank you for the moment. let's go straight to hannah at a _ can.

wants to view, with a lot of anxiety on the back of the autumn statement, and dire predictions from the obrast week. but you don't think recession is going to be too calamitous in the u.k.? klaus: we definitely think the recession has already started. it's a recession that will drag on for a long time, four or five quarter recession is a long recession. it's true, we don't think there is going to be complete collapse. i come back to the point i made earlier, in the u.k. you also have enormous household savings. household balance sheets, and all those economies where fiscal policy has been very active, household balance sheets are incredibly healthy and that should help cushion the economic blow. in the u.k., there is a lot of fiscal consolidation pressures. tom: the exit numbing poison of brexit. -- poison of brexit. the implications of china and the rear cross to europe as well. coming up, $3.1 billion, that is how much ftx owes to its 50 biggest unsecured creditors. we have all the latest next. this is bloomberg. ♪ francine: welcome back, everyone. we are 21 minutes into the european trad

it doesn't according to the obr. it doesn't make sense to fiscal policy right now.tle bit of, you know, two fingers up to labour because may well be inheriting this . and what i read inheriting this. and what i read , it's 80% of those fiscal constraints are going come after the general election. it's 20% now i was going to say game of two halves. it was a, you know, a financial of two halves, 80% of it coming up to 2025 it quenton if quentin letts is that is quentin still the i wanted to ask you quentin i mean jeremy has got a very nice bedside manner, doesn't he really. i he's he's you know, he's very soothing. listen to when he he seems very reasonable and whatever. do you think that if the delivers it in such a calm amiable way does the medicine taste better coming from somebody like jeremy do you think in parliament? i think it helps in the arena . of the helps in the arena. of the commons, yes. because that's that's part of the consideration and it goes down very well , and it goes down very well, whitehall. but i think that the real test will come when people

was half of the problem so a lot of decisions will be made today will be based on forecasts on the obr statements. that is highly uncertain outcomes we don't know what is happening in ukraine and no doubt the war in ukraine is driving the inflation we are seeing. we don't know how long we have to have high interest rates for. there is a lot of uncertainty around the forecasts so it could well be he feels he needs to make deeper cuts and the forecasts aren't required. we are acting in an environment of great uncertainty so much is down to the damage with the mini budget >> the importance of sending the right message. we have spoken that to the markets. we have, you know, britain saying you made another plan or you say you are making another plan to stimulate the economy which ends in april. how big a plan can he make? the bigger one was meant to be pro stimulus that has gone out the window. >> absolutely. as i say, the key goal now is stabilizing the market they forgotten about growth and forgotten about the worst off. that is a real concern i feel there is probably a lot of crossed fin

the obr is forecasting that those tax rises and more significantly, the uk inflation rate, now at itsed a graph of uk borrowing measured in percent, well, bbc news said they would give us a response to those questions and we'll bring you that next week. the statement was, of course, long—awaited, and there had been plenty of previewing and speculation about what it might contain in the media over the past few weeks. as pa rt of the build—up, last weekend's sunday with laura kuenssberg included an interview with jeremy hunt. will government departments get extra money now this year to deal with the costs of inflation? or are you going to, as everyone expects,

the obr says that once prices are taken into account, people's incomes would drop 7% in the next twoscal years. the government's forecaster also says living standards won't recover to last year's levels for another six years. royal mail postal workers have announced a further six strike dates the run up to christmas. the communication workers union says new walkouts will happen on the ninth, the 11th, 14th, 15th, 23rd and 24th of december. the industrial is in addition to three strikes later this month and the 1st of december. meanwhile, ground handlers at london's heathrow airport will begin a 72 hour strike from tomorrow in a dispute over pay. the unite union said the strike action is by workers at aviation firm menzies . it'll affect firm menzies. it'll affect a range of airlines and disrupt a number of flights from terminals to three and four. nancy pelosi has stepped down as speaker . the has stepped down as speaker. the us house of representatives . her us house of representatives. her announcement comes after the democrats lost the house republicans in the mid—term elections .

the obr says that once prices are taken into account, people's incomes would drop 7% in the next twoscal years. the government's forecaster also says living standards won't recover to last year's levels for another six years. royal mail postal workers have announced a further six strike dates the run up to christmas. the communication workers union says new walkouts will happen on the ninth, the 11th, 14th, 15th, 23rd and 24th of december. the industrial is in addition to three strikes later this month and the 1st of december. meanwhile, ground handlers at london's heathrow airport will begin a 72 hour strike from tomorrow in a dispute over pay. the unite union said the strike action is by workers at aviation firm menzies . it'll affect firm menzies. it'll affect a range of airlines and disrupt a number of flights from terminals to three and four. nancy pelosi has stepped down as speaker . the has stepped down as speaker. the us house of representatives . her us house of representatives. her announcement comes after the democrats lost the house republicans in the mid—term elections .

here, as the time there recalled obr urakhman, a former prisoner, i saw one prisoner with bound legse hands, who, moreover, experienced torment due to a failed suicide attempt. he tried to commit suicide by eating shards of tiles in the bathroom the soldier looked at him coolly, drinking orange juice, as if nothing had happened, some of the scenes that i witnessed sometimes give me nightmares between the bandanna and the fish. is there some kind of such a prison creation, who will come up with terrible or mockery of a prisoner? i no longer speak. you about what was not there, even the elementary ability of people who fell into these walls to protect themselves in 2 years nightmare a from 2004 to 2006 killed several dozen prisoners to torture hundreds were exposed, but human rights activists are sure that only those cases that have surfaced . what about those responsible? well, the boss of the upgrade, who approved of such approaches and was waiting for a terrible fate, was given birth by the colonels. johnny skorpinsky became the highest -ranking officer punished in connection with t

we will get everything from the obr today, suggesting that u.k.'in a recession and will remain for quite some time. the issue now is how we manage inflation through that process, how high rates are going to go and how severe the contraction is going to be. we are witnessing a massive u-turn. from $45 billion in tax cuts to circa $20 million in tax rises, plus a significant event in terms of contraction and government spending. a massive u-turn in the u.k.. tom: this is so important and becomes an international story as we heard from the chancellor of the exchequer. most people are not going to buy the idea that this is international in any way. why is he selling an international event affecting the united kingdom? guy: this is the politics. he is trying to shift the blame. this is something that all countries are experiencing at the moment. there is some truth in that, there are idiosyncratic factors that are affecting the u.k.. brexit springs to mind and that is having an effect on the economy. there are international factors as well, the cost of

the economy, and thatis out of damage to the economy, and that is notjust me saying it, that is the obrversation and say hang on a minute it is enough that we are not trading with our nearest partners. and many people pointed out that jeremy hunt didn't use the word brexit in his hour—long autumn statement on thursday, and if as that in the harmony mentions —— as nadhim zahawi mentions on another page if they are there to cut taxes, if they are going to grow the economy, they will need to do more trade with our nearest neighbours. well, yes indeed. the idea that i can tap _ well, yes indeed. the idea that i can tap -- — well, yes indeed. the idea that i can tap —— cut taxes before the etection— can tap —— cut taxes before the election goes totally against everything thatjeremy election goes totally against everything that jeremy hunt was doing _ everything that jeremy hunt was doing in— everything that jeremy hunt was doing in the autumn statement. so, what we've _ doing in the autumn statement. so, what we've got is we've got tax rises _ what we've got is we've got tax rises now — what

and a fresh set of forecasts, the obr , once rising forecasts, the obr, once rising pnces forecasts, the next two fiscal years . the government's forecast also says living standards won't recover to year's levels for another years . the royal college another years. the royal college nursing says it will announce a strike date for december if government fails to open up detailed negotiations on. last week, members to strike at the majority of nhs employers across the uk . the and campaigning the uk. the and campaigning a pay the uk. the and campaigning a pay rise of 5% above the rate of inflation . royal mail has asked inflation. royal mail has asked the government if it can its letter service to five days a week putting an end to deliveries on saturdays. it's after the business unveiled a hefty in the first half of the year with strike action weighing heavily on the firm , with heavily on the firm, with further walkouts expected in coming weeks, parcel service would continue to run every day of the week . a dutch court has of the week. a dutch court has convicted three men for the mu

the obr, please. the bank of england. but what about everyday citizens. about loss ? citizens. what let me told you what about them? let me told you about specifically like about taxes specifically like i was a couple times so far was a couple of times so far have not been elements got have not been elements we've got the highest tax burden in seven decades. this is tory government just in case because they've changed so often the chancellor's is hard to keep up all the tax thresholds with the exception of the 45 pay, one remains solid until 2028, which by the way is kind of irrelevant. we're going to have an election then, but anyway, we'll stick with the facts . 28 we'll stick with the facts. 28 was in your mind? was that right in your mind? yeah. so for me this feels like stealth taxes of wealth taxes. now i mean, spend that in many ways the uk tax the amount of tax that the uk government takes in this country is quite low compared to other countries right countries like germany have got a higher tax take that they have and it's no coincidence that they're growing faster tha

westminster as well, it is the day of the autumn statement, and we have had those forecasts from the obr, very tough times economically, that the country is in. let's get reaction to the measuresjeremy hunt in. let's get reaction to the measures jeremy hunt announced in. let's get reaction to the measuresjeremy hunt announced in the commons earlier today. let's talk to the shadow business secretary, labour'sjonathan secretary, labour's jonathan reynolds. secretary, labour'sjonathan reynolds. good evening. many thanks for your patients, i know you have been sitting listening to nancy pelosi as we'll have so thanks for staying with us. your thoughts about what has been unveiled, given the backdrop, the economic situation the country was in, the task facing jeremy hunt, your thoughts. it is another month, _ jeremy hunt, yourthoughts. it 3 another month, another conservative budget and another budget where people at home will look at it and ask, am i better off, worse off? i am afraid there will be worse off. the frustration for me is the shadow —— a shadow business secretary, eye nicely see

the obr or his tory minister?— who does he agree with? the obr or his tory minister?the great opportunities of brexit is our ability to trade more with countries around the world. and actually i know the honourable lady will actually want to speak to many of the welsh farmers who are enjoying selling their land to the new markets that we have opened up for them, that is what we will get on and deliver. mr for them, that is what we will get on and deliver.— on and deliver. mr speaker, excessive — on and deliver. mr speaker, excessive housing _ on and deliver. mr speaker, excessive housing targets . on and deliver. mr speaker, i excessive housing targets are placing greater and greater pressure on councils to approve development which damages our environment. when the prime minister came to finchley over the summer, he said he wanted to abolish those targets. will he use the levelling of bill report stage to bring forward government amendments to do that? mr speaker, the government _ amendments to do that? mr speaker, the government is _ amendments to do that? mr speake

we got a forecast from the obr, that is good, it is independent. the back end of the five year period. that's actually a pretty good thing because the economy at the moment is weakening. so, the downside scenario is that we have to have this tightening at a period where the economy is itself weakening. the more he can do to put things into the back end of the five years whilst still convincing the markets that this is a long—term credible plan, the better the outcome will be. 5m credible plan, the better the outcome will be.— credible plan, the better the outcome will be. so, that's the balancing _ outcome will be. so, that's the balancing act. _ outcome will be. so, that's the balancing act, basically - outcome will be. so, that's the balancing act, basically saying | outcome will be. so, that's the i balancing act, basically saying this is what is coming, we are absolutely being responsible around tackling the deficit, but right now there needs to be a bit of headroom. because of what is going on with the economy? already in negative territory, l

that will continue, says the obr price rises will be ongoing . price rises will be ongoing. 9.1% for the year as a whole . it will slow to 7.2% as a whole. it will slow to 7.2% next year. that still historically pretty high with the prices of goods and services that we rely on increasing into year as well the big economic picture as a result of this autumn statement , there'll be a autumn statement, there'll be a fiscal consolidation , £54 fiscal consolidation, £54 billion over five years that splits billion over five years that split s £24 billion of tax rises splits £24 billion of tax rises and £30 billion of spending cuts. splits £24 billion of tax rises and £30 billion of spending cuts . we and £30 billion of spending cuts. we reaction from our political correspondent who joins us in the studio . tom, we reached this the studio. tom, we reached this earlier the mirror say carnage, the express says victory. which do you think it is? well, the express is fairly lonely in the front pages morning. it has to be said most of the tory leaning papers which you'd usually categori

along with it, a forecast from the independent obr, that real household disposable income, will fallmore than 7% over the next two years. that is the biggest fall on record, taking british incomes back to the same level as they were in 2013. the chancellor played down the idea that these problems had been created by the mini budget in september. "a recession made in russia, he said, a recovery made in britain" yes, we take difficult decisions to tackle inflation and keep mortgage rates down. but our plan also leads to a shallower downturn, lower energy bills, higher growth, and a stronger nhs and education system. three priorities, then, today. stability, growth and public services. so, let's break it down. the package includes £30 billion worth of spending cuts. £25 billion of tax rises. those with the broadest shoulders, said the chancellor, will bear the biggest burden. so the threshold for the top rate of income tax, 45p in the pound, will be lowered to include those earning £125,000 or above. the energy price guarantee will remain in place beyond april, but the cap will rise fro

well, much as politicians — and maybe the media — would prefer not to reopen old wounds, the obr wasear in its statement last week that brexit has had "an adverse effect" on the economy. not only a reduction in trade volumes and business relationships with the eu, but a shortage of labour. today the cbi director—general tony danker called on the government to consider fixed—term visas, to address a "vast" labour shortage that is facing british business. people are arguing against immigration but it's the only thing that has increased our growth potential since march. look, if you want to talk about growth, you have to remember mathematically it's very simple, right? gdp growth is a multiplier of two factors, people and their productivity. and let's be honest, we don't have the people we need nor do we have the productivity. lucy garner, this swiss agreement, it keeps reappearing, re—emerging as if it is some sort of undiscovered solution to our relationship with the eu but it's not. we have been here many times before and it has been discounted so why is it back on the front pages ag

that is where we have said we would publish all obr forecasts.rd for me to open a negotiation live on television, we have not been invited in and we have not had the books open to us by mark harper. you are attackin: open to us by mark harper. you are attacking the _ open to us by mark harper. you are attacking the government - open to us by mark harper. you are attacking the government for - attacking the government for refusing to give public sector workers... it is a question of principle. would you or would you not match inflation? it is a question of principle. with inflation where it is, would a labour government give people pay rises of that kind of level, 10% increases? rises of that kind of level, 1096 increases?— rises of that kind of level, 1096 increases? . , increases? we want to see people aid increases? we want to see people paid enough _ increases? we want to see people paid enough money _ increases? we want to see people paid enough money to _ increases? we want to see people paid enough money to live - increases? we want to see

i don't think the conservative party would necessarily disagree the obr with their assessment of howe just been the fact that we have just been through also through pandemic. we're also facing war ukraine. but the facing a war in ukraine. but the question remains it not be worse if labour had been in government throughout this ? no, throughout all of this? no, absolutely not. when we were in government, the economy grew . so government, the economy grew. so thatis government, the economy grew. so that is not that's absolutely true. the other thing i would say is that, yes, of course, there are global factors. so global factors in terms of ukraine as you talk about global factors, terms the pandemic, factors, terms of the pandemic, why it that? the other why is it that? all the other countries in the oecd have a higher rate of than us? why is it that our growth is 1.4% and the oecd average is 2.1. what's the oecd average is 2.1. what's the reason that. why is it the reason that another no other country that can be compared to is having an emergency budget? but we are. it's absolutely

the obr is forecasting that those tax rises and more significantly, the uk inflation rate, now at itse the cop—out to say, "oh, i can't give you any more details about the budget — "you have to wait until the announcement on thursday." so my — my issue, therefore, is why are you not inviting the chancellor the sunday after such an announcement, where he then could give further detail, further explanation to the budget details? well, we asked the sunday with laura kuenssberg team for a response to that point, and they told us: news desks went onto high alert on tuesday evening as reports came in of a development which looked potentially to be highly significant. tonight at 10:00, a russian missile — part of a big attack on ukraine — is said to have killed two people on a farm in poland. it would be the first time for nato territory to be hit in the current conflict but russia strongly denies any responsibility. given that article 5 of nato's constitution requires countries to come to the defense of a fellow nato member if attacked, the prospect was soon being discussed of a military re