what would the obr be looking at?— faisal islam. what would the obr be looking at?growth _ obr be looking at? they may not factor in growth as _ obr be looking at? they may not factor in growth as a _ obr be looking at? they may not factor in growth as a result - obr be looking at? they may not factor in growth as a result of - factor in growth as a result of the fire donald high investment, that might take time. investment plans are often quite long—lived. but the markets seem to be ok, we have seen interest rates rising on government debt a little, but sterling has appreciated alongside that. contrast that to october 2022 with the liz truss budget. sterling weakened, which showed money was flowing out of the uk. if i have one criticism of the chancellor, she said if the money doesn't end up in the uk it will end up somewhere else, that's not right. there is no reason other countries can't invest in things and we invest invest in things and we invest in things and we both become rich. it's not us or them, it's about getting the uk investing in the right way.— in th

the obr don't believe it, so why should anyone else?es made, that would have all been felt by working people. so it's a might have been worse argument? we have made the decision to put the tax burden that we're having to increase today on the wealthiest and on business. the scrutiny is just beginning here as the crowds are departing and a new political landscape is emerging. chris mason, bbc news in westminster. the chancellor was on her feet for more than an hour and a quarter. it was one of the longest budget speeches in years — it was billed as a budget for growth. is that what the uk will now get? our economics editor, faisal islam, has been going through the numbers. this is what you might call a kitchen—sink budget. a massive budget in almost every way, but does it deliver the chancellor's repeated calls for more growth in the uk economy? this budget is certainly one of the largest tax—taking budgets of the post—war era. in fact, here are the largest 8 of the last 50 years, and when we look at them from largest to smallest, this b

if you look at the obrs difficult.you look at the obr's figures , with revenue obr's figures, with revenue soaring away and taxes stagnating , the spending stagnating, the spending decisions that labour are going to have to take are going to be very, very tough, whether they like it or not. >> but steve, you know, i would say this, wouldn't i? but a lot of the problems we've been deaung of the problems we've been dealing with are inherited from the last conservative government. you talk about the early prisoner release scheme, alex chalk, as justice secretary, told sunak, week after week after week you either build new prisons or you agree to early release. we had no alternative when we came into power, but we had, we had, we left office with a big prison building programme in place. >> i'm sure that's what i was, what i discovered when i went into my hustings. but, you know, as i say, all these problems are difficult and where i would agree with you about inheriting the problem. i mean, i've been banging on about this

del proceso de selecciÓn de votantes indecisos selecciÓn de votantes indecisos que van a estar en obren build it better, scale it faster and sell more. much more. take your business to the next stage when you switch to shopify. harris: i will make it a top priority to bring down costs... for all americans. vo: kamala harris enfrentará a las grandes petroleras y farmacéuticas que nos estafan; penalizará a las grandes corporaciones que sobre-aumentan los precios de los alimentos y gasolina; y hará que los multimillonarios paguen su parte justa. harris: donald trump fights for billionaires and large corporations... i will fight to give money back to working- and middle-class americans. vo: edf action votes y ff pac son responsables del contenido de este anuncio. tu disquera va a llegar lejos. aún sin tu ingeniero de sonido. necesitas contratar. necesito indeed. nuestra plataforma de conexión ayuda a encontrar candidatos talentosos para que puedas conectar con ellos rápido. redime tu crédito de 75 dólares en indeed.com/credito ¿quieres una manera más inteligente de trapear? con el swiffer

this won�*t come off people�*s paychecks but the obr says it presumes 76% of the total cost is passede government has tried to do is say we are a new government and we are prepared to make difficult choices to rebuild public services that are crumbling. they are focusing on things like the nhs and schools, saying if businesses are going to thrive, they need a good health service. they need people coming out of school well educated, that is the crux of the debate that is playing out, but it�*s far from crux of the debate that is playing out, but it�*s farfrom done. trlick out, but it's far from done. nick early there. _ out, but it's far from done. nick early there, in _ out, but it's far from done. nick early there, in westminster. thank you very much. i speak now to emma reynolds. we�*ve heard broken promises on top of broken promises. irate heard broken promises on top of broken promises.— heard broken promises on top of broken promises. we have kept to romises broken promises. we have kept to premises we _ broken promises. we have kept to promises we set _ broken promises. we have

the obr don�*t believe it, so why should anyone else?e. so it�*s a might have been worse argument? we have made the decision to put the tax burden that we�*re having to increase today on the wealthiest and on business. the scrutiny is just beginning here as the crowds are departing and a new political landscape is emerging. chris mason, bbc news, in westminster. let)s take you to these live pictures from taiwan and the city of taitung on the southeast coast. most activity in taiwan has shut down as it prepares for the arrival of what is expected to be the biggest storm to hit the island in 30 years. already strong wind and dust, it is due to hit into .5 hours according to the central weather administration, that is 2pm local time, expected to make landfall on the mountainous and sparsely populated east coast. we are all heading —— already hearing about a lot of evacuations, strong wind, five metre high waves already pounding the coastline. everything is closed in taiwan from schools, hospitals, stock market and many businesses. 2.5 hours

they've waited and waited and waited to give the obr, the independent body, a chance to check the checkcheck. and when it spooked the markets. but for me, the government's real work starts on october 31st. i mentioned that upstairs to a senior cabinet minister and they nodded, saying that's the way, the way they are going to be. they kind of almost re re relaunch this government after that budget. >> and christopher, just while we've got you, there's been a lot of talk about reparations to canbbean lot of talk about reparations to caribbean nations. now i hear that number 10 have had to slap down the suggestion that up to £200 billion could be sent to canbbean £200 billion could be sent to caribbean countries for slavery compensation, essentially. but david lammy has been very pro this idea in the past. now, foreign secretary, might there be a bit of a rift? >> well, it could be. the timing is interesting. it comes ahead of chogm. the commonwealth heads of chogm. the commonwealth heads of government meeting next week out in in samoa. so in the middle of the pacific, a group of commonwea

the obr don't believe it, so why should anyone else? been felt by working people. so it's a might have been worse argument? we have made the decision to put the tax burden that we're having to increase today on the wealthiest and on business. the scrutiny is just beginning here as the crowds are departing and a new political landscape is emerging. chris mason, bbc news, in westminster. a single case of mpox — formerly known as monkeypox — has been detected in the uk. it is part of the so—called clade 1b outbreak, which appears to spread more easily between people. mpox was declared a global health emergency by the world health organization in the summer due to an outbreak in parts of africa. the uk patient had recently been on vacation there and began to feel sick 2a hours after flying home. an mpox rash can last for up to a month. other symptoms include fever, headaches and low energy. lab testing confirmed it was clade 1b. this form of the virus has been causing mounting concern. our health correspondent, dominic hughes, gave us this

look at government investment in the public sector, right, so you building stuff, if you look at the obr few years, it shows that by towards the end of this century it goes down. does that mean if you're serious about getting investment in you, the government will play its part and that will start going up? and this isjust me showing off. i've done some homework. no, no. look, the government doesn't need to play its part. and i'm a big believer in the government playing its part in investment for the future. what we need to be is really smart about that investment. so the question for me is not how, notjust how much investment goes in, but what is that investment doing? and this is where i've spent a lot of time in the last few years with investors, with businesses, to people we want to partner with to say, where is the government investment most effective? so a lot of investors will say, i'm prepared to put quite a lot of money into this particular project, but there's some difficult bits along the road, it may be skills, it may be the initial start up money that's needed or somewhere a

numbers look like these should be a lot rosier, but who knows what we�*re also going to get from the obre so much information, so much to talk about. and multiple newscasts, multiple newscasts. many, many casts. we�*ll be speaking to the chancellor, rachel reeves, next weekend. and but goodness me, a marathon to get through before then. whether or not there�*s any little rabbits or whether it really is like watership down. um, such a scary film. laura, lovely to see you. very nice to see you. very welcome to our weekend studio and have a wonderful week of casts. thinking about the budget on monday to frida_ enjoy the rest of your weekend. bye—bye everyone! hello there! it�*s been a lovely start to our sunday with plenty of sunshine around, albeit rather chilly, but with cloud, wind and rain pushing into scotland and northern ireland through the day, it means we�*ll see that sunshine diminish for many of us. for the week ahead high pressure builds back in. it�*s going to be mostly dry for the week, often cloudy. limited sunshine and we will see some morning mist and fog. so this ridge of

now, the obr says this will give a temporary boost to the output in near term, but leave gdp unchangedve years time. however, it downgraded the projections for the economy which could mean trouble for the prime minister keir starmer who said he is targeting a 2.5% growth rate. we shall see how this budget is going to impact the uk economy, karen, but for now, everyone is still trying to understand what it actually means for the uk's borrowing plans. >> man group saying inflationary to me earlier in the show. silvia, thank you very much for that. >>> coming up on the show, tech titans microsoft and meta posted earnings beats on the top and bottom lines, but shares sink. we'll tell you why next. >>> meta fell in expended trade on weaker than expected numbers in q3. the giant beating on the top and bottom line, but mark zuckerberg warned of the ramp up of spending in 2025. microsoft fell in the call. steve kovach filed this report. >> reporter: microsoft beat on the top and bottom lines, along with exaccelerated growth in aze cloud. the company warned growth would slowdown in the current

the obr has predicted that we're going to go to three times our national debt by 2070, and they've alsothe only way of bringing that down is by increasing productivity and the only way of doing that is to do what the world wants. let's get there first. let's. >> there we go, guys. that's the end of the yes or no quiz. it was a draw. so well done guys. really good debate once again. but coming up next we've got last orders with imperial heating director owner billy well that's last orders at the bar. and i'm delighted to be joined by billy gunn, owner, director and imperial heating plumber. look, the question i always ask for successful businessmen and actors and sportsmen when they first come on the show. we've had one on earlier today is were you a nuisance or a nerd at school? >> i would say, unfortunately, i fell into the nuisance, the nuisance bracket. the nuisance bracket. yeah . you know, i wish bracket. yeah. you know, i wish i was a nerd. i probably would have been a lot, lot further in place of where i am now. my attention span back then to learning was nil. >> so he left schoo

conference in rolls—royce during the election campaign, that she wouldn't have the budget until the obrs government's setting up, october 30th. other governments have had a quick budget, established the direction of travel and move on with the agenda. this government has been hamstrung by this concern about spooking the markets after the after the liz truss debacle, and therefore they haven't had this budget until they've got obr agreement to what's in it. and that's why it's so late and that's why so little is happening on the news side. and that's why i think that the government has allowed itself to be battered by these . itself to be battered by these. the stories about free glasses for the prime minister suits length flats here in new york by lord alli and the like. and they appear to be a rabbit in headlights when confronted by these stories , by journalists, these stories, by journalists, not by the opposition. the tory party hasn't even got a leader yet and won't have one until the 2nd of november. so yeah, it's been a mess. i would say they started well. the first three weeks w

so the obr will properly assess and analyse that impact the budget.this will raise. but as we set out ahead of the general election, closing the non—dom loophole will ensure that money goes into our nhs to bring down the waiting list. i'm sure many of your viewers would rather the wealthy pay their tax, and we can properly fund the nhs so that people don't have to wait for their critical treatment or wait to see a gp. >> yeah, just to stress that point though, i mean, the people who are non—doms do pay tax on everything they earn in this country. it'sjust everything they earn in this country. it's just whether or not they have to pay taxes in this country based on their earnings overseas. can we talk about sue gray because it seems as though her allies have been briefing the papers, specifically the times this morning talking about an out of control group of males surrounding the prime minister who felt threatened by her. does the prime minister have a woman problem? >> absolutely not. we've got the first female chancellor, the. the cabinet is gender

and it looks also i think this government's been tied in knots by the requirement to listen to the obrdget from rachel reeves on october 30th. other new governments have had a budget in half the time, and once that budget is out, it will set the tone for the next five years i've been reform informed reliably. there's very little being announced this week and next week and the following weeks until october 30th. this weeks until october 30th. this week is about water companies. we've got news on. on thursday, the first reading of angela rayner's crackdown on on on bad employees and employment rights. that's on thursday. but really it's a very, very thin news list. and that allows journalists like me to talk about sue gray to you . about sue gray to you. >> all right, chris, thanks for that. that's chris faux pas, political editor, who keeps saying that morgan mcsweeney masterminded the extraordinary labour election victory. well, they got less than 34% share of they got less than 34% share of the vote, the smallest ever for a government with a majority of that size. he didn't mastermind

can pull out announcements from the budget, which is, by the way, written, by the way, because the obrthings in the budget, make a noise, drop a thing in the pond. we start reporting on that and freebies dies away. instead they sit there paralysed rabbits in headlights. they can't do anything but be led by the story. >> the thing is, they haven't done anything illegal. no, they haven't done anything that was even against the rules. but by keir starmer giving the money back, it's basically saying, yes, i must have done something wrong. either own it and say i haven't done anything wrong , but haven't done anything wrong, but don't. but also, if you give back part of the money, what is it? a part apology? or is it partly your principles kicking in? >> does the money of the freebies he's taken since 2019? thatis freebies he's taken since 2019? that is less than 6%, because he's taken 170. >> drawing up new rules now. new code. >> no mp since 2019 has had as many freebies as keir starmer by a country mile. no. >> and sue grey's son liam conlon got taylor swift tickets. and why did he get i

and rachel reeves said then that she won't have a budget until the obr, the office for budget responsibility checked all the numbers are okay and not going to spook the markets. that takes ten weeks and that's why the budget is not until october the 30th. and i think that has paralysed this government. it's been able to get ahead of the curve. it's able to drive events. most new governments, with the scale of a majority that labour has got, would have had a budget before parliament broke up. that hasn't happened. and i think that's what's caused the stasis at the heart of government . heart of government. >> and chris, there are two protests today outside parliament. they're putting the dissatisfaction across. first, of course, is the winter fuel allowance protest. and would that have been embarrassing for the labour party at unite the big teaching union are fronting that one up? >> yeah, yeah, certainly . >> yeah, yeah, certainly. earlier we had the protest outside parliament from the pensioner group saying why on earth are you taking away £300 from 10 million pensioners in this country? i

they are not having to announce their budget yet because of this requirement for the obr, the officerompt a run on the pound that we saw under liz truss. but i do think there has meant this government is installing mode with not much planned to be announced between now and the budget coming up. >> well, thank you very much indeed. christopher hope, our political editor there outside downing street. >> fascinating point there that many people have been saying that sue gray was the big problem. the big on the government having a competent comms agenda. but what if it wasn't? sue gray, what if it's actually the idea that we haven't had the budget yet? we're not having it for weeks ? we're not having it for weeks? is that the actual problem that people can't announce things until the budget has sort of held everything up in this government. it's not allowing these other stories. >> it's not a way to run the country. it's also not very kind to the public . people are to the public. people are genuinely worried about what might be in that budget. it's not good for business. it's not good f

let's see if she gets the obr to check her figures. keep sending me your thoughts.ith me . i'm nana akua. this gbnews.com/yoursay. you're with me. i'm nana akua. this is gb news. next it's time for the great british debate this out and i'm asking, should the government scrap its vat plans for private schools? but first, let's get your latest news headunes let's get your latest news headlines with lewis mckenzie . headlines with lewis mckenzie. >> good afternoon. it's just after 4:30. i'm lewis mckenzie here in the gb newsroom . sir here in the gb newsroom. sir keir starmer is facing fresh turmoil. has his chief of staff sue gray has resigned. her exit follows reports of tensions in number 10, including with the prime minister's chief adviser, morgan mcsweeney, who's now stepping into her role . stepping into her role. conservative leadership contender robert jenrick says her departure exposes vicious labour infighting and claims the government is in freefall in response, downing street has announced five new senior appointments with sir keir starmer insisting the ch

the obr has said so, yes, but we've also heard that we've got more headroom coming from the bank of england as you say, this is about political choices and you're choosing to use it to make inflation busting pay rises whilst taking money away from pensioners. >> so in terms of the headroom that the bank of england says might be coming on october, the 30th, the chancellor will set out, the government set out the budget . and in relation to the budget. and in relation to the winter fuel allowance, look, no government would want to make these kind of choices, but we had to make in—year cuts and we're taking steps to try and make sure the very most vulnerable are protected . vulnerable are protected. >> how can a foreign office minister there? thanks very much indeed. >> well, that was entertaining. >> well, that was entertaining. >> i would suggest that one of the first jobs that morgan sweeney does is choose a better candidate for the morning round, because that was excruciating . because that was excruciating. and i've interviewed a lot of politicians. >> no, i thought of a morning i thought

as the obr has set out today. but in the too. as the obr has set out today .umstances , today. but in the circumstances, the chancellor of the. >> day our constituents are watching. they need to be able to hear the chancellor simmer, simmer down. chancellor . simmer down. chancellor. >> but in the circumstances that ihave >> but in the circumstances that i have inherited, it is the right choice to make . successful right choice to make. successful businesses depend on successful schools, healthy businesses depend on a healthy nhs and a strong economy depends on strong pubuc strong economy depends on strong public finances. if the party opposite chooses to oppose this choice, then they are choosing more austerity, more chaos, more instability. this is the choice that our country faces too. as i make this choice, i know it is particularly important to protect our smallest companies. so having heard representations from the federation of small businesses and others, i am today increasing the employment allowance from £5,000 to £10,500. this means 865,000 employer

the gloomy forecast by the obr are really the nail in the coffin of this budget. >> just on the obr, it was your guys who brought it in. >> yeah i know it was in 2010. i thought it was a good idea at the time, but i was wrong. >> well you have to take that up with david cameron and george osborne. i'm feeling quite optimistic. not massively optimistic, but at least hopeful and a little bit expectant. >> there will be growth. >> there will be growth. >> it seems, if we believe the obr. but we can talk about this until the cows come home. and while we do talk about it, i'd like to hear jacob while we do talk about it, i'd like to hearjacob rees—mogg talking up britain , talking up talking up britain, talking up the british economy. this is gb news, after all, and our viewers love this country. >> we need it to work, we want it to work. >> but we can do all the talk right now. the proof will be in the eating of the pudding and i readily accept that if we don't get proper decent growth, if pubuc get proper decent growth, if public services do not recover from the depths to which they hav

and then everyone just says the obr is biased. and i mean still this is a bit rich with jeremy hunt. you know talking about raising don't talk about talking ab

the blue book, the obrs analysis, its costings.chel reeves is continuing to defend her controversial budget. of course, the chancellor highlighted 22.6 billion more for the nhs, praising it as the biggest increase in nhs spending outside of covid but many mental health. many health experts, i should say, say that patients might not even notice the impact we're going to be talking to. wes streeting, the health secretary, in just a moment, live on this programme to get his analysis of what it all means. but let's talk to christopher hope, our political edhon christopher hope, our political editor, first, because , chris, editor, first, because, chris, this was a big tax raising and pubuc this was a big tax raising and public service spending budget . public service spending budget. yes. hi, tom. hi. welcome back to the gb news studio here in westminster. that's right. a big tax raising budget. not not a lot, a lot of which was signalled when this party was seeking to be elected to form the labour government. they say they've found a

the gloomy forecast by the obr are really the nail in the coffin of this budget. >> just on the obr, your guys who brought it in. >> yeah i know it was in 2010. i thought it was a good idea at the time, but i was wrong. >> well you have to take that up with david cameron and george osborne. i'm feeling quite optimistic. not 1509 0

nick was pointing to the obr _ they invest in the future.vest in the future. nick was pointing to the obr are seeing - they invest in the future. nick was pointing to the obr are seeing a l they invest in the future. nick was i pointing to the obr are seeing a lot pointing to the 0br are seeing a lot of the course will be passed on to employees, do you think that is how it is going to run through? and genmark businesses tell us when they are looking to offset those costs, they will pass it on and prices. they may take it in the margin or they will reduce recruitment and change their salary, all of those things can happen. what we also heard from the chancellor was future promises of investment and infrastructure builds and that will make the difference. ilentil]! infrastructure builds and that will make the difference.— infrastructure builds and that will make the difference. will come back to that. make the difference. will come back to that- what _ make the difference. will come back to that. what did — make the difference. will come back

so, the obr review into _ billion figure. so, the obr review into this _ billion figure.. so, the obr i review into this very question was published yesterday alongside the budget and it is true as the conservatives say it doesn't endorse in black—and—white that £22 billion figure which has been

the obr verdict the cuts though. verdict the office for budget responsibility they're the independent forecasters who look at the treasury's books and are widely respected. they say this budget delivers a large, sustained increase in spending, taxation and borrowing. put a different way, by the end of this decade, by 2030, the state will take up 5% more of our gdp, of our gross domestic product than it did before the pandemic. and that's why i think this government has made a choice to go towards the state. the state will sort out the problems this country faces . the problems this country faces. rachel reeves has said that in the past hour to the parliamentary labour party. she said this we made our choices to labour mps. i am proud of them , labour mps. i am proud of them, she said. let's make the case. i think over the next weeks and months on gb news and elsewhere, you will see this debate being being tested out. is it right that the state steps in and makes these choices, makes our country better , or is a priva

the obr the national insurance tax rises.se tax rises. that is not roarowth. ~ . . , ., , those tax rises. that is not roarowth. . . , ., , ., progrowth. we made a promise on taxes at the _ progrowth. we made a promise on taxes at the election _ progrowth. we made a promise on taxes at the election not _ progrowth. we made a promise on taxes at the election not to - taxes at the election not to increase income tax, national insurance or vat. it is about the choice on national insurance so it is relevant. choice on national insurance so it is relevant-— choice on national insurance so it is relevant. the question is about urowth is relevant. the question is about growth and _ is relevant. the question is about growth and i _ is relevant. the question is about growth and i am _ is relevant. the question is about growth and i am saying _ is relevant. the question is about growth and i am saying the - is relevant. the question is about growth and i am saying the obr. is relevant. the question is about - growth and i am saying the

anyway, obr is paving the way for reeves tax grab, warns hunt.t is a conservative of course he's going to say something like that. it's not like it's not like major news. and because because tomorrow the budget is coming in, not tomorrow, no wednesday the budget is coming in. and how the political system is in this country is i don't really understand it. they just decide what's going to be in the budget. then it's the main guy doesn't even decide. he gives it to like his buddy in 11 downing street, right next door and says, you, you figure it out. so he can go. it wasn't my fault. it was. it was rachel reeves. >> if you wikipedia'd the uk parliament. yeah, you've really got the basics in the chancellor is in charge of the budget. that's what we've learned so far. >> well, i did say. and i said he lived next door. she lived next door. i said, it's a 1536 00:07:2

let me be clear, that means any comparison between today's forecast and the obr's march forecast and public spending plans. at the very same budget they made 10 billion of cuts to national insurance. it was the height of irresponsibility and they knew it. they had run out of road and called an election to avoid making difficult choices. 50 let me make this promise to the british people, neveragain make this promise to the british people, never again will we allow a government to play fast and loose with the public finances. and never again will we allow a government to hide the true state of our public finances. that is why i can confirm we will implement in full the 10 recommendations from the office for budget responsibility�*s ree view. review. we have inherited broken public services. the british people can see and feel that in their riv day lives. nhs waiting lists at record levels. children in portacabins as school roofs crumble. trains that do not arrive. rivers filled with polluted waste. prisons overflowing and crimes that are not investigated and criminals who are not punis

biased obr paving way for reeves tax grab, warns hunt. the sun says tv soap star in arrest . hunt. sun says tv soap star in arrest. mail goes with laboun in arrest. mail goes with labour, suspends mp who punched man to the ground. the guardian says it's time to take a path. starmer takes on critics ahead of budget. not long now express fears labour budget could wreck economy and the star trick or heat. let's find out more about this then, starting with josh the mail. what are they going on about? yeah. labour suspends mp who punched man to the ground. obviously labour have as part of their sort of history punching people. yeah yeah for any older viewers john prescott will be older now because we remember john prescott throwing a punch . john prescott throwing a punch. >> yeah. >> yeah. >> and then this video footage is incredible i mean he'sjust is incredible i mean he's just straight you know i don't know if anyone remembers watching rocky five. and then you came out cinema and then you all started beating each other up because it was like, this is that's what this clip made me wa

the econom . :, :, , sidelined the obr and crashed the econom . . ., , :, . ., , economy.hat was one incident, as you know. in _ economy. that was one incident, as you know, in 2022. _ economy. that was one incident, as you know, in 2022. jeremy - economy. that was one incident, as you know, in 2022. jeremy hunt i economy. that was one incident, as| you know, in 2022. jeremy hunt and rishi sunak then came into power, stabilised, we acknowledged the mistakes of that one specific prime minister that came in for a very, very brief period of time. but to say that they inherited a very difficult situation, they are inherited the first digit growth in the g7, half the deficit we inherited in 2010 it isjust the g7, half the deficit we inherited in 2010 it is just not... and a black hole? which has not been corroborated by the 0br, despite what she said in the house of commons today. we are not accepting that assertion, the 0br have not backed that assertion. this is something they always planned to do, they always planned to raise taxes, they always planned to raise taxes, they a

the obr gaudily views this as inflationary. let’s wages, go up.tionary.— this as inflationary. let's go to helen in westminster. - this as inflationary. let's go to helen in westminster. richard this as inflationary. let's go to - helen in westminster. richard and surihas helen in westminster. richard and suri has a question about the tax—raising changes. he says they will continue year on year so why is the chancellor talking about it being a one off? he the chancellor talking about it being a one off?— the chancellor talking about it being a one off? he is right. the £40 billion _ being a one off? he is right. the £40 billion of— being a one off? he is right. the £40 billion of extra _ being a one off? he is right. the £40 billion of extra tax - being a one off? he is right. the £40 billion of extra tax that - being a one off? he is right. the £40 billion of extra tax that has| £40 billion of extra tax that has been _ £40 billion of extra tax that has been raised in this budget, that is recurring — been raised in this budget, that is recurring.

we've had this obr control framework. it manages to bring us the worst of both worlds. it's tough on chancellors who want to grow the economy, but it doesn't control the debt. the debt has shot up from two thirds of gdp to 100% of gdp over the obe years. so the thing is a complete failure. it depresses growth . it puts the it depresses growth. it puts the country in a bad mood. and if we had more growth, we would have more tax revenue and things would be a lot better. >> and this great book by john moynihan, which i'm reviewing, shortly, points out that there is a maximum level of tax that the country is to prepared pay. it very rarely gets much above the mid 30s percent of gdp. so just putting up taxes won't axiomatically balance the budget because you'll find that not enough tax comes in. >> oh, it definitely make it worse. and i think this is holding back some of the ideas that we've seen in the newspapers that the treasury have strangely allowed to circulate. and if you tax non—doms too much, they just go. so you then get less money from rich people. and if you tax

of a financial crisis caused not by an imaginary fiscal black hole that even the brexit hating lefty obrnot by tory mismanagement of the economy, and certainly not by liz truss's mini—budget two years ago, but by labour's reckless government borrowing. it's what labour governments always do they tax, spend and borrow until they run out of money and have a financial crisis. gordon brown did it. harold wilson did it twice. attlee had to devalue the pound. and we all know what happened to ramsay macdonald. as ever, let me know your views via email @gbnews. com as you know, it's thursday, so i've got my most intellectual panel gb news senior political commentator nigel nelson, and the journalist and conservative peer paul goodman. paul, let me come to you first because there is an important difference between the reaction of the gilt markets now and when liz was prime minister, because when she was prime minister, interest rates were rising across the world to deal with the inflation. now they've tended to be falling longer. rates have risen a bit, but the overall trend has been down. so you

having a budget so far, 16 weeks after the election means we're talking about it two weeks ahead of the obr happening, and you're being accused of lying already. >> well, i think you've just laid out 16 weeks after an election is in the grand scheme of things, very, very little. and chris mentions how the pubuc and chris mentions how the public feel, what the public feel is that they're hard up against it, that the economy was crashed by an absolutely reckless mini—budget from the last conservatives when they were in power. we are still fighting that fight to try and get this country back on its feet. there will be some tough decisions of course, in the budget everyone expects that what exactly those will look like. clearly we can't say at this point. well, hang on second. >> we've got inflation to down 2% down to target. the growth in the uk economy is the highest in the uk economy is the highest in the g7 the uk economy is the highest in the 67 this year, and unemployment is half what it was 4%, half what it was under the last labour government. so that is not a terrible economic legacy.

even the obr, their report today suggested that in 3 or 4 years time, growth will be a mere 1.5%. orrs time, growth will be a mere 15%. well, given you have to counterbalance that with a rising population through immigration, i don't think without budget deficits there would be any growth in the country whatsoever. but you tell me your thoughts. is this a budget for growth? farage @gbnews dot com i'm joined in the studio by andrew rosindell, conservative member of parliament for romford. lloyd russell—moyle, former labour member of parliament liam halligan economist and journalist. liam, let's begin. and the whole debate through the houris and the whole debate through the hour is about whether this is a budget for growth. but let's just begin on the national finances. i just feel that neither party are levelling with the public about just how big the public about just how big the national debt is getting. >> well, the national debt. nigel, is the thick end of 100% of gdp. what does that mean? it means that the debt that we have to pay back as a government, albeit through time, is equ

the obr themselves have said three quarters of the nic employers contribution increases are going tot through to real wages for hard working people. >> thank you for that and i'll round us off then. callum, what's what's the what's the message from the lib dems on this rachel reeves budget then the goal of politics and politicians. >> i know we're not a popular [000:08:44;00] [000:08:45;00]

she didn't have the obr report. and that's what what report. an

we had budgets, jeremy hunt had budgets, and we had forecasts, and we worked with the obr to make surehat we spent within our means. that's the point of having fiscal 1528 00:08:18,4

it was merely a forecast by the obr. and rachel reeves was the chancellor.didn't even do what most upcoming chancellors will do before the election. she didn't even go and check the books of the treasury. and yet she said she'd checked everything. so it's absolute nonsense. i raised it in the house of lords last week . it's house of lords last week. it's on my twitter feed. is it? and yeah, he only came up the minister with he came up with 9 billion. and i said, i don't know, maybe the rest of us at the 13 billion. and i think it's a distraction . a distraction. >> and i think they're determined to get to the bottom of it. aren't you , jacqueline, of it. aren't you, jacqueline, doing god's work in the house of lords there, aaron, what's the matter? what are you saying? >> well, the black hole is even bigger. it's 120 billion if you're bigger. it's120 billion if you're looking at the deficit. i mean, we heard. well, it just keeps inflation still with us. look, we heard in 2010, you know, the deficit, the deficit. we have to get rid of the deficit. but now £12

obr lowers its growth expectations already. that's bad news, isn't it?l, i mean, the whole thing is anti—american, okay? it's just the idea of spending, of spending money. and it's like i spending money. and it's like i spend $70 billion a year more money. it's like that old joke, you know, $1 billion here, $1 billion thereafter. while you're talking about real money, i think it's the end of britain. really. there's no money. the money was spent over this covid thing. the money's been spent with all the millions of thousands and millions of people coming into the country legally and illegally. >> so i don't know where it does feel a bit painful when they're kind of going, oh, we're raising all this money, and it's just paying all this money, and it's just paying off this extra debt that some people say exists. and some people say the thing. >> the thing. can i just say what the thing about the about the, the labour is , is that and the, the labour is, is that and i was down at labour politics at the southwark, which is my borough is they have this belief

. >> the obr says it will that real wages will stall in 2026 2027 as firms pass on their margins andt of higher employer nics. is it right then, that people are going to get a bit poorer under your plans? >> well, the office for budget responsibility forecast that real household disposable income is going to increase by an average of 0.5% a year through this parliament. and that compares, chris to the last parliament where living standards stagnated. so it's a world away from the stagnant living standards. real terms increases. and what families have in their bank accounts and in their pockets. but do i want to go further and faster and better improve the living standards of working people? absolutely. it's why we hosted just two weeks ago the first international investment summit of this government, where £635 of this government, where £63.5 billion of investment by the private sector was unlocked. and that was great news because that [000:09:29;00] [000:09:29;00]

so even if even the obr are saying job prosp