as a committee, we have been calling for the office of budget responsibility report, so we welcome theact that will be one of the things we see today. we've got the office for budget responsibility in front of the committee next tuesday. one of the things we will be probing is the assumptions they are making in those forecasts. it's really important that the u.k. demonstrate today that we can pay our way. and after the guardrails slightly fell away during september and october, that we are back on track and well guarded on all sides by the institutional strength of the united kingdom. >> do we need a rule change that any type of fiscal statement, quote unquote budget or not, is costed by the obr? >> i don't speak for the committee, but that is an important aspect of what needs to happen. we just went through a massive pandemic that rishi sunak, he was chancellor then, announced support in record time. in those sort of circumstances, he did have to operate in emergency circumstances, there wasn't time to have an office for budget responsibility forecast. there needed to be one for septe

the office of budget responsibility confirms global factors of a primary cause.tries are still dealing with the fallout from a once in a century pandemic. the vaccine rollout and the response of the nhs did our country proud. but they all have to be paid for. the lasting impact on supply chains has made goods more expensive and fueled inflation, this is being worsened by a made in russia energy crisis. putin's war in ukraine has caused wholesale gas and electricity prices to rise to eight times their historic average. inflation is high here but higher in germany, the netherlands and italy. interest rates have risen here but faster in the u.s., canada and new zealand. growth forecasts have fallen here but fallen further in germany. the international monetary fund expects one third of the world economy to be in a recession this year or next. so the bank, which has done an outstanding job since independence, has my wholehearted support in its mission to defeat inflation and we will not change this. but we have fiscal and monetary policy working together and that mea

specifically at middle earners because understand the because understand from both the office of budget responsibilityarners the squeezed middle who are going to take the real kicking from this autumn statement. yeah and i would say the majority of our customers are midlanders because you know obviously there's a certain cost we have to pay it also business to get the product saying and again because we're not a massive company we don't get the bulk prices so know we may not be as cheap as some companies but we we're competitive we all like like with all the brands but a quality like ours you can get a lot cheaper cbd . but the get a lot cheaper cbd. but the problem with that is it's not always good quality cbd . you always good quality cbd. you know, you do have to pay for what you're buying if you want the quality and the good standards. yeah, i understand that final to you, if i may, and it's right from the very beginning of the programme saying i don't expect you to have been listening to it, but had nicky on, who's had nicky morgan on, who's a very good friend of mine, former education and she ac

budget. he thinks even treasury officials were blindsided by some of the details of the many budget and by the fact that there was not a forecast from the office of budget responsibilityside. he also said that the gilt market has not returned to normal still after all that market turmoil. dani: thank you very much. lizzy burden. let's continue the conversation. ben ritchie joins us now, head of u.k. and european equities at aberdeen. thank you so much for joining us. i was doing some reading up on some comments you have given to bloomberg in the past. in september, you told the team that u.k. valuations look attractive, very prescient call if you want to do a victory lap. they bottomed out a month later. they have been up about 12% since? do you want to continue to ride this rally? ben: i think you have to be very selective. stocks, particularly domestic mid-caps, were looking incredibly cheap. we were able to buy house builders with a third of their market cap in cash. a number of those areas look like a pretty good value. certainly, they have bounced but there is multiple debt still look attractive -- there is multiple that still look to be attractive. if you can fi

the actual stat from the office of budget responsibility is that household disposable income, so howr the next two years. and that has hardly ever happened, if at all. i sort of object to the word i "recession", because actually it has a technical definitionj of two quarters of negative growth or contraction, right? it'sjust arbitrary. i mean, if you talk- to people, it's like a line. "oh, i'm not in recession." "now i've stepped over this line, i'm now in recession." why i object to it is- because it doesn't reflect the experiences i of ordinary people. people don't wake up l tomorrow and go, "0h, i feel terrible, - we're in recession." recession is more like an upward hill that - you are walking. those who lose theirjobs between now and whatever might think that. well, yes, but you may- lose yourjob, but that's not because there's - a switch that goes... the way we as journalists talk about it, and politicians- and indeed economists talk about it, is like . there's a switch. you're not in recession, you are in recession. i and why i object to that is because i don't think it. actua

difference between this fiscal statement and the mini-budget in september is this time, the office of budget responsibility is going to be allowed to provide a forecast this afternoon. we will hear from its chiefs later today, we hope this afternoon. what i've been hearing from jeremy hunt's economic advisers is they are not too worried about the market reaction because of the newly respectful relationship between the treasury and the economic institutions. my question is, dani, are they taking liberties relying too heavily on the dividend? dani: that is an excellent point because this is a market that has proven to be very fragile. with that in mind, what could be the surprises that throw this market and i suppose any other observers off? >> there is always a rabbit out of the hat when it comes to a budget, even though jeremy hunt has said there would be. rishi sunak likes to under promise and over deliver, the questions that were remaining to find out are, how much of the fiscal squeeze is going to be backloaded until after 2024, when there is expected to be a general election? what will be the balance b

demand growing that's likely to mean a deterioration in the quality of services in the office of budget responsibility says the unprotected departments will see a real terms 0.7% cut from 2024 on words. >> where does this leave the economic outlook than for the u.k.. lizzie: it's pretty weak. the opr says were likely already in a recession, it says that households face the biggest hit to disposable incomes ever and the u.k. spending more on servicing its debt than any public service bar the nhs, but as you say, the market reaction is seemingly muted. i think that's largely due the fact that most of this was previewed in the run up to this fiscal statement. a lot of kite flying by the chancellor. guy: thank you very much indeed great bloomberg's lizzy burden joining us in westminster. hopefully we will be back with her shortly. let's talk now about what we got in this autumn statement with simon. this was about credibility, about putting the u.k.'s fiscal trajectory back on a more even keel and convincing the markets that that was the right trajectory to be on. was that achieved today? to the chancello

rachel: i have looked at the office of budget responsibility and other forecasts that show the brexitl the government has secured has cost our economy dearly. that's why we want to fix some of those holes in that brexit mess to improve trading relations and make our economy more competitive, and ensure that british businesses can't just survive which is a challenge for many, but actually thrive in the economy we are in today. tom: rachel reeves, we appreciate your time, u.k. chancellor -- shadow chancellor of the exchequer with the response to the autumn statement. i will start with the ftse 100, currently seeing gains of .2%, within the energy space a bit of relief on the assessment around that 45% windfall tax from the chancellor, .3% gain across the ftse 100. across the vstoxx benchmark, gains of .5%, stateside s&p emed is currently down, nasdaq in similar territory. we've been discussing the pushback from fed officials. james bullard suggesting you have to get to at least five to five and a quarter percent in terms of the terminal rate, that pushback around sentiment that maybe yo

as you say, getting things financially over the line with the office of budget responsibility. but should, for instance, labor when the next general election, would they be forced to introduce potential comes well, i think that it, we will see what the economic environment is there. my view is that over the medium term, the u. k needs higher public spending because we faced the challenges of aging society . we need, as you say, to invest infrastructure as well as to fund health and education to recover the austerity of the last 10 years. that there are big spending pressures, which i think any government, particularly labor government, will have to address and should address. and that means higher taxes. and to be fair, the government has made that job raising taxes slight easier by sitting in drain the plan today to raise taxes quite significantly over the next 2 years. i think labor will have to go further. any government will have to increase public spending over the next election. labor hopefully will increase it by more than the conservative. well, it will do more than jus

and with the of budget response office of budget responsibility officially declared a recession. joining me run through this is our economics and business liam halligan with on the money . liam halligan with on the money. liam neeson's hasto i'm just looking at the tax impact the impact on people's taxes . millions of people's taxes. millions of people's taxes. millions of people brought into for the first time. millions people are going to be taken into the 40 pe tax rate for the first time. the top rate of tax which we were always told doesn't, it's counterproductive . increase it. counterproductive. increase it. more people are being into that. it's been lowered because the transfer was below 250,000 125,000. i mean i'm making a joke about that. that was actually gordon brown in disguise, but it was like a labour party budget. it absolutely . i labour party budget. it absolutely. i think it was a disingenuous . yeah, in many disingenuous. yeah, in many ways. i think it tries to take the british public for fools. theidea the british public for fools. the idea that we wouldn't u

companion document compiled by the for budget responsibility which assesses all the policies announced the chancellor. now, one of the graphs involved this office budget was office for budget responsibility , economic budget responsibility, economic and fiscal outlook was looking at the tax burden , the level of at the tax burden, the level of tax that wrought upon society. we can show that graph right now and as viewers will be able to on this graph the which we, i believe we can show right now there is the tax burden in 2020 324 is rising to the highest level it has ever been on record higher even than the level of tax that we saw after the second world war. it's the most remarkable picture and all of this under a conservative government what's more depressing, tom? i think in some ways is we're paying more tax than ever . ways is we're paying more tax than ever. but the quality that we're getting, public services to be worse and worse. we've got 5 million people waiting for nhs treatments . we have cancer and treatments. we have cancer and concerns about the fact that the police will never actually tear up. if you report a crime. we less roa

, this completely wrong and bad for the economy and as i say on, fortunately they the office of budget responsibilityt got a vested interest in gloomy sort of projections it what it what it's done is it said that the new fiscal rule jeremy hunt is talking about means that that that the debt public debt to gdp ratio be falling in 2027 which is only five years ahead . and of is only five years ahead. and of course what that does is it means that to hit that they've got to kind of stop growth , got to kind of stop growth, they've got to raise taxes an awful lot and also stop spending , you know, prematurely . that's , you know, prematurely. that's not what fiscal rules are all about fiscal rules are about having debt over ratios. you coming down over the long term down? nope, not in five years time after you've had a terrible which they're helping to create so it's all nonsense . and the so it's all nonsense. and the other thing they say that the markets, you know , very worried markets, you know, very worried about britain with this nonsense . if you look at the credit default swaps now, the same as th

, this completely wrong and bad for the economy and as i say on, fortunately they the office of budget responsibilityt got a vested interest in gloomy sort of projections it what it what it's done is it said that the new fiscal rule jeremy hunt is talking about means that that that the debt public debt to gdp ratio be falling in 2027 which is only five years ahead . and of is only five years ahead. and of course what that does is it means that to hit that they've got to kind of stop growth , got to kind of stop growth, they've got to raise taxes an awful lot and also stop spending , you know, prematurely . that's , you know, prematurely. that's not what fiscal rules are all about fiscal rules are about having debt over ratios. you coming down over the long term down? nope, not in five years time after you've had a terrible which they're helping to create so it's all nonsense . and the so it's all nonsense. and the other thing they say that the markets, you know , very worried markets, you know, very worried about britain with this nonsense . if you look at the credit default swaps now, the same as th

course, will slow down consumer spending, retail spending, a lot of the consumption in the economy. the office for budget responsibilityrence to the uk outlook over the next two or three years. and you can perhaps understand that viewers listen to this will think we're going to have these enormous tax rises and enormous spending cuts, based on, basically, differing analysis of what might happen in the future. how does that actually work? in all forecasts, they can be wrong, the office for budget responsibility�*s forecast could be wrong and the bank of england's could be wrong and my own could be wrong but it doesn't mean you just dispense with the idea of a directional move. i think both those organisations think the uk is facing a recession. you could argue on the duration and the depth. you are right to say a lot of the decisions that were made yesterday to some extent it hinged on thatjudgment. what we saw at the end of september was a budget or a mini budget delivered without any forecasts from the obr. financial markets dislike that intensely. mortgage rates went up. credit cards and interest rates went up. the v

few years, actually, the uk as being more expansionary versus the march report from the office budget of responsibilitysinesses, but it hasn�*t been anywhere near as expansionary as a type. back in september — and that has been forced to inaudible and a lack of credibility. also, let�*s not lose sight of theirs — this has been a steady erosion of the government�*s credibility of the last six years since the brexit vote. financial markets getting quite impatient with the government rejecting expertise. there was a welcome return to expertise but didn�*t necessarily lead to the best policy mix because they were forced into a corner.- forced into a corner. 0k, simon. _ forced into a corner. 0k, simon, thank _ forced into a corner. 0k, simon, thank you - forced into a corner. 0k, simon, thank you very i forced into a corner. 0k, - simon, thank you very much forced into a corner. 0k, simon, thank you very much for that analysis. simon french from panmure gordon. michael hewson is chief market analyst at cmc markets. good to have you with us. i�*m not sure whether you heard what simon was saying just now, bu

the predictions are from the office of budget responsibility is that immigration will settle down touse obviously you our westminster insider. yeah. and i do think he's coming back. yeah. not no. know the reason. the reason i didn't think so is that the there's no for it's a they don't want to go back to the chaos of bofis want to go back to the chaos of boris johnson. b there is a feeling at westminster that things have calmed down and finally the grown ups are in charge. the polls are as bad charge. if the polls are as bad . but you know, remember when the was the leadership the sunak was the leadership battle and he was going to come back and then suddenly he withdrew and said, you know, i have much to offer, but now is not the time. and what they're saying now, the time be july after elections . after that, after the elections. after that, you he's another you know, he's facing another minister. yes but but the thing is, they're going down the toilet so actually, you toilet anyway. so actually, you know, got two three know, we've got two and three months. actually doesn't months.

the predictions are from the office of budget responsibility is that immigration will settle down toany. well, what are you heanng too many. well, what are you hearing about boris ? because hearing about boris? because obviously you our westminster insider. yeah. and i do think he's coming back. yeah. not no. know the reason. the reason i didn't think so is that the there's no for it's a they don't want to go back to the chaos of bofis want to go back to the chaos of boris johnson. b there is a feeling at westminster that things have calmed down and finally the grown ups are in charge. the polls are as bad charge. if the polls are as bad . but you know, remember when the was the leadership the sunak was the leadership battle and he was going to come back and then suddenly he withdrew and said, you know, i have much to offer, but now is not the time. and what they're saying now, the time be july after elections . after that, after the elections. after that, you he's another you know, he's facing another minister. yes but but the thing is, they're going down the toilet so actually, you

of spending cuts . and that says the office cuts. and that says the office of budget responsive also claimed that the country will enter a steep recession that will essentially erase 80 years of fiscal growth . so i'm years of fiscal growth. so i'm asking, are any of policies benefiting you then for 50 years inside of ukraine, vladimir zelenskyy maintains , that he zelenskyy maintains, that he wasn't responsible for the explosions and in a polish town insisting that there was evidence of russian traces in the blast. that is, despite claiming it was likely a ukrainian missile. i'll be by a political commentator later this houn political commentator later this hour. and at five. it's this week's friday focus . hour. and at five. it's this week's friday focus. his hour. and at five. it's this week's friday focus . his autumn week's friday focus. his autumn statement. jeremy hunt also announced that suffolk, cornwall, norfolk and another regions of the north—east are set to gain new so called mayors as part of devolution deals across england now . that is, as across england now. tha

of income tax will come frighteningly sooner . the office frighteningly sooner. the office of budget responsibilityays that average disposable incomes will fall by point 1% over the next two years. quotes to of shock for the middle classes , shock for the middle classes, says the independent. it's due the fiscal studies as that tax take, it's its highest level since 1948. even the rather left of centre resolution think tank says the autumn statement piled . further pressure on the squeeze middle earners. now the morning the times newspaper it'll cost middle englanders around it'll cost middle englanders aroun d £20,000 a year but the around £20,000 a year but the lowest paid in work will also be hit by basic income come tax sooner as the amount that all of us can earn before we pay. any tax is until 2030 728. now we're in a recession right now. are we going to remain in it next year with only just returning in 2024, 25. then there's a less generous energy support plan, possibility of higher council taxes without a referendum . taxes without a referendum. higher mortgages and of course, higher priva

, celebration of the office of i says, celebration of the office of responsibility for the forecast and they are — responsibility for the forecast and they are absent from the budgets and it was very notable — whatever it was and it was very notable and was seized on by all sorts of— notable and was seized on by all sorts of people in the general view is that— sorts of people in the general view is that there forecast for the short—term is going be pretty bleak. and a _ short—term is going be pretty bleak. and a final— short—term is going be pretty bleak. and a final thought from you. what are your views on the fact that jeremy hunt has been meeting all of his predecessors as rishi sunak is been speaking to them as well. to thing that instills confidence perhaps of a wider public that is certainly lost a lot of faith in the tory party afterward is been a catastrophic few months for them? i canjeremy hunt is trying to cultivate the idea that there is an aduu cultivate the idea that there is an adult back in charge. we know that george osborne is been advising him, the poster boy for austerity and whether or not this is going to make the public feel confident of the

those pension credits will also rise in line with inflation now, according to the obe office of budget responsibilityyments will increase by 30% in the next six years, which means there is a much higher that state pensions will go above the personal tax so it will mean that more pensioners could be made to pay the 21% basic rate of income . so in the great of income. so in the great budget debate this hour, i'm asking is it worth keeping the triple lock? i'm joined now by former conservative mp edwina currie. edwina you so much for joining me. nice to see now. okay. so first of all, do you think the pensioners actually getting a good deal from the autumn statement ? well autumn statement? well i personally would have been perfectly happy if it had been decided that the triple lock would not be honoured this year. but also because i were many many years, over many decades, i saved a person pension. i claim the tax relief on the contributions that i paid in and i'm able now to draw on that. but you know, we've got 12 and a half million pensioners and a large number of them are not in that situation or

the office of budget responsibility says it will be shorter.re in for tough times and young people in work will pay more tax and need to fund higher energy bills and probably higher rents too, with inflation as high is, student loan high as it is, student loan repayments have risen to . how do repayments have risen to. how do those unusual young people who've backed the conservatives in the past view the government now? i'm joined by young conservatives, jess hill and reeb. ibrahim ibrahim . i'm reeb. ibrahim ibrahim. i'm sorry. reem ibrahim for him . sorry. reem ibrahim for him. terry, i've got it. let's begin with you, reem. as a consolation, i'm getting your name so muddled. what's your reaction to the budget, the autumn state mint? you must be because i've spoken to you before. not very pleased. no one. you know, i mean, it's incredibly depressing to see the government . suddenly they'll government. suddenly they'll commit to huge amounts of taxation. now have the taxation. we now have the highest tax burden on british record . it is just a

yes partly because we're coming of the global coming out of the global pandemic, office pandemic, the obe o the office of responsibility. i of budgethe obe has said very clearly that long term, not just short term, but long, our productivity will be reduced by 4% compared to what it would have been had we stayed in the european. i voted to remain, but voted to remain with my head, not my heart. i've got all sorts of problems with the eu. so it's certainly partly to do with budget, with brexit, but also to do with putin's evil and the war in ukraine. we are paying in ukraine. and we are paying price unfortunately have price and unfortunately we have pay price and unfortunately we have pay that price because we have to to bully of to stand up to the bully of putin or i'll bring you back in now. just kind of sticking to our main theme, which about our main theme, which was about the of things. the lockdown side of things. i'll in left, right i'll get emails in left, right and from saying, and centre from people saying, well, know that was well, look, you know that was furlough, we should all business down know the knock on down and yo

that's a goal that the financial statement, the autumn statement last , the office of statement last, the office of budget responsibilityt would been. we'd protected 70,000 jobs by taking those measures , and that taking those measures, and that growth will come back into our economy in 2024 and beyond and in a very strong way at 2. i above. so, you know these are these are absolutely challenging times no one will deny that. and there are a whole host of factors big and small that have contributed to this plan is for growth not planned is showing us we'll grow in a couple of years time. yeah. can i just remind you, the oecd is saying that the uk is facing a prolonged recession , as you were saying, i recession, as you were saying, i mean, next year shrinking 0.4% before that growth comes in. but this is the point saying that the world economy will avoid same fate. have you done the right thing in the autumn statement by for so many tax rises so high. so the imf has said that a third of the world's economies will be in recession some point in the next year. so this is not a uniquely united issue . and we've had we've had

of my campaign i've not seen budget or an autumn statement ever you call it not mentioning fuel duty anything about it about only half an hour later in a press conference by the office of budget responsibilitye this. and the operative word is a planned 12% tax. a 12 p. tax planned 12% tax. a12 p. tax rise next in the march budget. and don't forget that does include the vat. the vat . it include the vat. the vat. it goes on there on top of that. and so it's nearer $0.15 per litre. we're going be paying for. and it's absolutely disgusting that jeremy hunt didn't this. it's interesting . i didn't this. it's interesting. i mean, it's not been confirmed by the chancellor but it certainly has this uncertainty, as you say , that with the suggestion from the all that it is coming, what will the impact then over 12 ppi rise, the 23% rise as you described, plus on diesel drivers . often these are van drivers. often these are van drivers, people who have drive for that for their jobs. drivers, people who have drive for that for their jobs . well, for that for their jobs. well, i'm back by the road haulage association and something 40 to 50% of the costs now for an average trucking and an average white

i guess the reason this kind of ideas being floated is because of figures which came out from the office for budget responsibilityernment, showing the amount of trade the uk has lost with our closest trading partner, the eu. and suggestions this morning from tony danko, the head of the cbi, but essentially at the government wants want to spend any money doing it, the easiest way for them to do that is to look at closer cooperation with the eu to try to boost that kind of trade but clearly, you heard from steve barclay who said that's not something he recognises because he knows on the right wing of the conservative party they would be extremely anxious having gone through the brexit process and fought hard to get a deal which they saw would agree the uk's sovereignty and control of our borders, they don't want any kind of rolling back on that and want to keep the deal as they see it that were signed under borisjohnson. they see it that were signed under borisjohnson— they see it that were signed under boris johnson. ., ~ , ., , . boris johnson. thank you very much, charlotte. labour has said it will replace the h

and if you look over the next two years, the obama office of budget responsibility, a very exciting andevery country. so what we need is at the heart of all history. for me, that sets out an investment in creating prosperity to power, and that means investing in new clean energy in 1798, homes across the country and making sure in the future i speak. yeah. james, i'm glad you mentioned labour's net target by 2030 you're going to be net zero, which is even more ambitious than 2050 set out by the concern government. now many people are saying that's we're in this mess. it's forcing pnces in this mess. it's forcing prices ever higher. we're more on imports and we are resisting to our own shale, our own coal. so the kind of plans you've got lined up how much will it cost and how we pay the so by 2013 we've said that we want a zero carbon electricity system and zero carbon policies. so we want to shift away from the kind of reliance we have on gas and fossil fuels towards an entire renewable and nuclear power system by the end this decade. and what's really important that and be similar thin

the reason this kind of idea is being floated is because of figures that came out for the office for budget responsibilityas lost with our closest trading partner, the eu. suggestions from the head of the cbi this morning that essentially if the government wants to try and target great but doesn't want to spend any money doing it, the easiest way to do that is to look at closer cooperation with the eu to try and boost that kind of trade. clearly you have heard from steve barclay, he is saying it is not something he recognises because he knows that on the right wing of the conservative party, they would be extremely anxious, having gone through the brexit process and fought hard to get a deal which they so had agreed the uk holding sovereignty of our borders. they don't want any rowing back on that, they want to keep the deal as they see it, the one that was signed on the borisjohnson. a ukrainian female soldier who was fighting in the azovstal steel plant in mariupol before the city was taken by russian forces, has told the bbc she saw people being electrocuted while she was a prisoner of war in russia. t

so the office of budget responsibility during the autumn statement they came with there was a report,000 net net migration . for 2026. no matter migration. for 2026. no matter who is in power now saying that 205,000 and that would add half a point to economic growth? well, there is a benefit from actually doing well i get that. yes, there is but it's the only opfion yes, there is but it's the only option for growth . it means option for growth. it means a startling lack of creativity . is startling lack of creativity. is it realistically our only option for growth is to just keep bringing people in as opposed. but graeme can , i ask you as but graeme can, i ask you as a labour mp , a lot of people are labour mp, a lot of people are saying, well, hang on minute, this is the mess that tony blair started started . well, i think started started. well, i think that would be true in a sense, if what you mean that is that the european union was expanded. we i think the only country other might been one other country that allowed all the new entrants to come in and not change the balance of m

of us during sunday good bye . the highest tax burden in recorded history. that's what the office for budget responsibilityore the only story in town. what does the autumn statement , how painful is it for statement, how painful is it for our families and indeed our businesses and will it do anything to reduce in will be exploring this all and the political reaction to it after the headlines

numbers today, one statistic stands out, that one from the government of�*s independent analyst, the office for budget responsibility you here today, that sets the political backdrop for the next couple of years. the studio: chris mason at westminster, thank you. we can tell you more about that. since records began in 1956 — that's the prediction from the government's independent forecaster, the office for budget responsibility. it said that once rising prices are taken into account, people's living standards will fall by 7% in the next few years. that's a decade of prosperity wiped out. the 0br also predicted that living standards will not recover to the levels they were last year for at least six years. here's our economics editor, faisal islam. and energy shocks, a pandemic and an extraordinary mini budget reversal. multiple changes of pm and chancellor, quite the backdrop to a very unusual statement. the big picture is that this was effectively 2—mac budgets in one. you can see that clearly from totting up the cost of all the measures today. the pain, the tax rises, the spending cuts actually mainly occur in the

of gdp, and we should have made that clear. we also used a graph from the office for budget responsibility, which illustrated the percentage fallper person. in his analysis, faisal islam provided context on the economic consequences of this, including what this means for living standards. " on that same programme, though — the news at six on thursday of last week — another graphic showed the cost of the decisions made in the autumn statement. some of you noticed that those numbers actually refer to billions of pounds, not millions, as faisal islam made clear in his script — and that was corrected on the news at ten. but there were also objections to the irregular intervals shown in the left—hand axis of the graph. steve fifield's response... "each vertical interval is five. wait, ten. hang on, no — —15?" david taylor also spotted a problem. "they corrected millions to billions. the scale is still a mess, though." and john roberts summed up like this. "a few data fails here from the bbc. all in all, it's pretty shoddy, isn't it?" now, with fake news on the rise over issues such as covid and the validity of the last american pres

of years are coming. damian grammaticas, bbc news, westminster. the office for budget responsibilityrting out with some in the economy. that is some slack in the economy. that is the kind of mechanics of how the some 5 tell in the economy. that is some 5 tell in the e thing y. that is the kind of mecha by; of how the some 5 tell in the e thing y. that is the kind of mecha by; of {gag-gel" ,, f" ' ,,,,,, some 5 tell in the e thing y. that is the kind of men in by; of {gag-gel" ,, f" ' ,,,,,, some 5 tell in the e thing y. that is the kind of men in the of {gag-gel" ,, f" ' ,,,,,, some 5 tell in the e thing y. that is the kind of men in the commons 1" 7, f" ' ,,,,,, some 5 tell in the e thing y. that is the kind of men in the commons and 7, f" ' ,,,,,, some 5 tell in the e thing y. that is the kind of men in the commons and it *" ' ,,,,,, when he spoke in the commons and it will have a significant impact on people, it is an increase in fuel duty. up 23% next march. it will add £5.7 billion to tax receipts next year. it will be the first time that any fuel duty year. it will be the first

businesses about the activities of the tax office, that it uses any business mistake in order to bring it to financial responsibility and collect as much money as possible from the budget, even this morning they called from the tax office, that is, the tax office works even in that is, it is called the case when the tax office issued a fine of uah 340 for the fact that accountant a-a was one day late in submitting some kind of tax report there , that is, they have, well, under these conditions well, it turns out that there is no there is nothing like simply identifying these small cases, fineing them instead of doing some business, they said that you should change the kved now, go, discard all your cases, go to the state registrar, you have little time left because the legislation has changed, this kved is no longer suitable . well, you say that e- on the contrary, the state should provide some benefits under these conditions, which is simply that the tax system has not yet been reorganized, and here, in principle, a lot will depend on the government, because there are sedentary officials who, well, maybe they they just don't feel these problems, they probably already

of years are coming. damian grammaticas, bbc news, westminster. first, let's hear a little bit more from first, let's hear a little bit the office for budget responsibility provision by the government of more than £100 billion of additional support over the next two years, the economy will still fall into recession, wiping out eight years of growth. earlier, the 0br's professor david miles explained how today's forecast works, what it could mean for households over the next year and ultimately why we could see accelerated growth from 2024. what happens in the forecast, what is likely to happen is that in the very near term, it is going to be a year of squeezed budgets for households, companies won't be doing as much investment, we are still dealing with this huge increase in energy costs and interest rates going up. so, quite likely we have a year of mildly declining gdp. and that opens up an amount of spare capacity in the economy which means that we move from the situation in which we have been in recently, we are going to return to events in this country but as you see, right now, we are in capitol hill in washington, dc and we are expecting to hear f

there was a fairly irresponsible budget that was announced without any of the usual procedures, without the office for budget responsibilitywas talk about more tax cuts coming. that did trigger a market reaction and that led to feedback and triggering complicated things in pension funds, the bank of england stepped in and this was in the backdrop to rising global interest rates. most of that has reversed, but it is not entirely clear the reversal is strictly to do with fiscal policy choices. i think a lot of it comes down to the sense that normal procedures are now going to be followed. i thinkjeremy hunt has quite a lot of room for manoeuvre, a lot more room for manoeuvre than he's letting on. he seems quite lot more room for manoeuvre than he's l( with on. he seems quite lot more room for manoeuvre than he's l( with on stories ms quite lot more room for manoeuvre than he's l( with on stories ms q or: set move set diffeuent —— ——— —— ——— — ,. move the set diffeuent —— ——— —— ——— — ,. move the target diffeuent —— ——— —— ——— — ,. move the targetaffe=eqt —— ——— —— ——— — ,. move the targeta few m}. —— ——— —— ——— — ,. move the

of months or, is it impossible to actually work it out? it is pretty impossible to say. one thing that did happen, you look at the forecast for the last time the office for budget responsibilityorecast six months ago, obviously, the cost of borrowing has gone up a lot since then, not all of that, in fact most of that, has been a global phenomenon, notjust the sort of the liz truss, trust the "moron premium", as it was called in the markets! in the markets, this has been a term among investors. i cannot comment on it, but that's just a phrase that's used! that was the idea that the markets looked at liz truss and kwasi kwarteng and thought these people do not have a clue what they're doing, we're going to charge them more to lend them money. which at one point, was £20 billion a year, so not nothing. that has gone away, but i think there is a really important cost that you can absolutely pin on that period. if you're rishi sunak and you're looking at a really uncertain situation and you know that you have got a bit of a hole, but you don't know how bad the economy's going to be and you don't know what the world's going to look like in a year's time, far better to delay some of

you will have heard jeremy hunt say the office for budget responsibility blames the high rates of inflationstatement today and the first is obvious, the mini—budget that crash the economy. mortgage rates rising and so on. the other is the longer term growth performance. we are the only g7 country not to recover an economic position from covid. it is notjust economic position from covid. it is not just about the 12 weeks since the mini—budget, it is about a longer pattern of years of anaemic growth. of course there are international factors. growth. of course there are internationalfactors. the invasion of ukraine and the impact on energy prices and inflation. that this country has been more exposed to global factors because of the other two things. global factors because of the other two thins. ~ . ., global factors because of the other twothinus.~ . ., ~ two things. which part of the autumn statement did — two things. which part of the autumn statement did you _ two things. which part of the autumn statement did you not _ two things. which part of the autumn statement did you not agree - t

john is the director of tax analysis at the congressional budget office where he is responsible for managing the work of the analysis division. john came to cbo in 2016 following 18 years at the department of treasury's office tax analysis. at the agency he most recently was special assistant to the director and before that a director of revenue estimating. jerry is a director at the government accountability office in the strategic issues team. he joined in 1991 and there for the past decade has been overseeing the audits and a range of issues related to the tax administration and tax policy. in the last panel we ended on a note of what they hope for in terms of the plan. you are on the inside. what's been going on now in terms of mobilizing and developing the plan that is due to the secretary of treasury in february, what is happening over there? >> you are muted. >> can you hear me now? >> so there's been a lot of activity going on within the building and actually treasury and a number of executives began having these meetings and discussions long before the inflation reduction act was pa

the labour party leader, sir keir starmer, has said he accepts the office for budget responsibility�*s forecast ofhe conservative government�*s record — and claimed labour would "repair the damage" if they win the next general election. i accept that they�*ve been huge damage to our economy, notjust in the last 12 weeks but in the last 12 years. and we will come into government and will have to face the challenge and therefore, we will not quarrel with the 0b are. challenge and therefore, we will not quarrel with the ob are.— quarrel with the ob are. trying to net the quarrel with the ob are. trying to get the debt _ quarrel with the ob are. trying to get the debt down. _ quarrel with the ob are. trying to get the debt down. we _ quarrel with the ob are. trying to get the debt down. we set - quarrel with the ob are. trying to get the debt down. we set out i quarrel with the ob are. trying to| get the debt down. we set out the fiscal rules — get the debt down. we set out the fiscal rules making _ get the debt down. we set out the fiscal rules making it _ get the debt down. we set out the fiscal rul

office of management and budget. the office of management and budget or omb, plays a major role in implementing the presidents vision across the executive branch. and a number, frankly number one along those responsibilitiesver, a woman of color, black women's leading omb, shalanda young was concerned by the senate in march to this cabinet level -- to have omb director, shalanda young with me at the green table. welcome to you, welcome to you. before we get into the nitty-gritty of the budget, i want to get your reaction to the shooting in colorado springs at an lgbtq nightclub. >> thank you for having me. two, i'm devastated. in america that looks like another shooting, another target to the lgbtq i community, they should be heartbroken this morning. huawei automotive, and everything else it didn't take a rocket science to see where this happened. this community is constantly under threat, we remember orlando from six years ago, it has got to stop, it's got to stop. my thoughts and prayers are not enough anymore. and while i'm so thought of the bipartisan work on gun reform earlier this year, the president signed into law, clearly we have more work to do including when you heard the president called for

actors within the uk macroeconomics policies, the government or office of budget policy, have an independent role they have clear responsibilities and objectives they should do their business. we speak to each other openly. we act cooperatively with one p another. we try to be transparent with our friends in the press as much as each other and collectively, if we do that, we produce good outcomes. >> you have could gone with the british scoring system a for effort b for effort and separate achievement score. you have to broken it out in different metrics. >> it is not for me to score the government it is for us to achieve our objective and by doing that, we get a for effort >> you get an a for effort for trying i'm not sure he will fall for that one >> getting that answer huw, thank you for joining us. huw pill, bank of england. chief economist. >>> you can see as we head to break, we are still on the bounce with the benchmark in europe when we started our business we were paying an arm and a leg for postage. i remember setting up shipstation. one or two clicks and everything was up and running. i was printing out labels and sav

of inflation is at 11.1%. jeremy hunt said the office for budget responsibility agreed that global factors were the primary cause £2.8 billion for social care. overseas aid to remain at 0.5% of gdp, not going back up to 0.7% untilthe at 0.5% of gdp, not going back up to 0.7% until the economy can. stamp duty holiday ends march 2025, another measure of liz truss, the sizewell c nuclear plant to go ahead, extra spending for devolved governments and departmental spending to rise by 1% after 2025. many decisions being delayed until 2025 because we may well have had an election. energy price cap increases from april, the average bill of around £2500, will rise to £3,000. the pensions triple lock protected. northern powerhouse rail and hs2 to go ahead. national living wage to rise from april. and benefits to rise from april. and benefits to rise in line with inflation. social rents capped at 7% in 2023. an awful lot to digest. ina in a moment we will speak to the chief secretary to the treasuryjohn glenn who will be joining us. vicki, your impressions of the budget, how politically palatable it will be and whether it

of those spending cuts may not even be necessary. you mention the 0br, that's the office for budget responsibility. ay that average household incomes will fall by 7%. can you give us a sense what kind of impact that will have? that's an absolutely extraordinary figure. lindsay from the foundation. with me now is mark littlewood, director general of the free market think tank, institute of economic affairs. he was also a former advisor to the conservative party under david cameron. thank you forjoining us. what are your impressions first of all of what you have heard in the autumn statement and since then? it is statement and since then? it is re statement and since then? it is pretty grim _ statement and since then? it is pretty grim affair. _ statement and since then? it 3 pretty grim affair, taxes going up, spending going down, although as your previous guests have pointed out, that is kind of deferred, that decision, i suppose a cynical observer might think that if you are deferring spending cuts until after the next election there must be a fair chance thatjeremy hunt will no longer be chancello