do you think trussonomics could have ever worked?— you think trussonomics could have ever worked?rked? over time, potentially, yes. and, - have ever worked? over time, potentially, yes. and, you - potentially, yes. and, you know, i don't think anybody would disagree with the longer term policy of a reduction in income tax, a reduction in corporation tax, and if we look at the rise, potential rise in corporation tax to 25%, obviously that compares relatively unfavourably for companies. looking at the states, where the recent increase is only to 15%. longer term, i think tax cuts could have worked. the implementation of what we call trussonomics, i think one would give that a very poor score indeed. and that was reflected i think in very clear reaction in the markets, very majorjump in volatility, significant pressure on the gilt market, significant pressure also on sterling and let's not forget the uk equity markets have underperformed, other equity markets worldwide, in the last two or three weeks. find markets worldwide, in the last two or three weeks.— two or three weeks. and all

i corbyn economics and now you have trussonomics-_ trussonomics.ars _ trussonomics. i look back at the austerity years and _ trussonomics. i look back at the austerity years and that - trussonomics. i look back at the austerity years and that was - austerity years and that was relatively straightforward. i think the referendums were particularly difficult because we just look at the economics and the economics may come up against the politics in those sorts of circumstances. when you have a yes no referendum, everybody says everything about remaining as good or everything about leaving is good whereas actually the economics make it in the way of that. when it comes to elections we don't find it that hard. normally there are good things to say and bad things to say about both parties, whatever they are both saying. right now we have a very big shift in fiscal policy as we have seenin shift in fiscal policy as we have seen in the last few weeks from the chancellor. that gives us lots of opportunities to explain what is there and what its impacts are

we are expecting jeremy hunt to make even more u-turns on trussonomics. it seems to be dead in the chancellor but it does not do much to balance the books. she needs to find another 24 billion pounds worth of revenue graces and savings in terms of spending cuts. it looks like trussonomics is being turned into sunakonomics and leaves a wide open door for keir starmer. it leaves mps asking what is the point of having her at 10 downing, more are asking if we should take a new leader now or wait until near certain wipeout in 2024? they will have a close eye on the market today, but she is the "peno" prime minister in name only. francine: as she tries to deal with the immunity -- mutiny within the conservative party, where does this leave the boe? >> we heard from the bank of england confirming what we already knew, that the emergency intervention has come to an end. we're also seeing that boe rate pricing is at its lowest since the mini-budget, 5.630% is now the peak rate for may. this after andrew bailey spoke over the weekend underscoring his message that t

trussonomics reverse, with the country. trussonomics reverse. tax — with the country.e, tax cuts _ with the country. trussonomics reverse, tax cuts likely - reverse, tax cuts likely replaced with tax rises, huge investment replaced with a spending slowdown. the rethink is largely driven by the turmoil in the financial markets since the mini budget announced. the founders that a torrid time, the effective cost of government borrowing sword and the bank of england had to step in with an emergency programme buying government bonds to stabilise the pension sector. there is a pressing need to restore confidence and credibility. the bank of england of andrew bailey said he spoke to the chansley yesterday and had an immediate meeting of minds in a speech in washington had this morning on interest rates. we washington had this morning on interest rates.— interest rates. we will not hesitate — interest rates. we will not hesitate to _ interest rates. we will not hesitate to raise _ interest rates. we will not hesitate to raise interest i hesitate to raise interest rates to meet

~ ., , ., trussonomics? what i gently say to him is that whilst _ trussonomics? i completely i him is that whilst i completely understand how important it is to support our most vulnerable pensioners, what they need more than anything is a strong economy that can pay for the support we would want to give them. can can pay for the support we would want to give them.— can pay for the support we would want to give them. can i welcome my riuht want to give them. can i welcome my right honourable _ want to give them. can i welcome my right honourable friend _ want to give them. can i welcome my right honourable friend to _ want to give them. can i welcome my right honourable friend to his - right honourable friend to his place, and breathe a sigh of relief at the grown—up and sensible approach she has taken to the issues at hand. can i also echo the remarks of my right honourable friend from the forest of dean and the honourable memberfor the forest of dean and the honourable member for ceredigion, of the need for my right honourable friend to take into account those

dani: trussonomics might be dead, but what is still alive are the economic issues in the u.k. what is the next prime minister inheriting? anna: a cost-of-living crisis, a squeezed consumer, recession either here or on its way. they will not inherit much room to maneuver no matter how much the prime minister manages to -- we know the bond vigilantes are back. we know the market has been calling the shots of late. we have seen that in the strong pivot away from growth, towards a much more caretaker, safe pair of hands approach in jeremy hunt. the market is watching him closely, he will talk to the banking sector next week to see if that is where he tries to close the fiscal gap. we have to watch the 31st of october, this times reporting that date might move. venue prime minister might not be announced until next friday. would that leave time to work on some kind of fiscal statement? the market might be interested with jeremy hunt as chancellor and what happens with that fiscal event for 31st of october. dani: a busy day ahead for you. anna edwards i -- outside of westminster. we

and with it a new political phrase — trussonomics, describing liz truss�*s vision for a high—growth,ge, low—tax economy. but just three weeks later, her new chancellor has buried it. have you been given a clean slate? can you change elements of the mini—budget if you want to? yes, and the fundamental thing the prime minister wants me to do and i need to do is to be completely honest with the country. trussonomics reversed, then, tax cuts likely replaced with tax rises, huge investment replaced with a spending slowdown. this rethink has largely been driven by the turmoil in the financial markets since the mini—budget was announced. the pound has had a torrid time. the effective cost of government borrowing has soared, and the bank of england had to step in with an emergency programme, buying up government bonds to stabilise the pension sector. there is a pressing need, then, to restore some confidence and credibility. bank of england governor andrew bailey said he spoke to the new chancellor yesterday and had an immediate meeting of minds. but in a speech in washington, he had this wa

the now fired chancellor was enacting an economic experiment known as trussonomics.s was for treasury bean counters obsessed with abacus economics. growth was the answer. that experiment is now done. there are limits as to how far you can push tax cuts unless you're going to be clear where you are going to cut spending. equally, you can'tjust increase spending without increasing taxes. there are constraints and we have learned the hard way that those constraints can really bite. it's undoubtedly helped liz truss, though, become prime minister. distinguishing herfrom the clearly prescient warnings of her leadership competitor, rishi sunak in debates. rishi is talking about putting up corporation tax this autumn. he is talking about raising taxes at a time when there is a global economic crisis to the same level as france's corporation tax. your own economic adviser has said that your plans would mean that interest rates would have to go up to around 7% so, just think what that means for all of your mortgages. those unfunded promises came to life in the form of the cha

trussonomics reversed, then.uts likely replaced with tax rises, huge investment replaced with a spending slowdown. this rethink has largely been driven by the turmoil in the financial markets since the mini—budget was announced. the pound has had a torrid time. the effective cost of government borrowing has soared and the bank of england had to step in with an emergency programme — buying up government bonds to stabilise the pension sector. there is a pressing need, then, to restore some confidence and credibility. bank of england governor andrew bailey said he spoke to the new chancellor yesterday and had an immediate meeting of minds. but in a speech in washington, he had this warning on interest rates. we will not hesitate to raise interest rates to meet the inflation target. and as things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in august. the current base rate is 2.25%. investors are expecting a rise of up to one percentage point in no

trussonomics reversed, then.ises, huge investment replaced with a spending slowdown. this rethink has largely been driven by the turmoil in the financial markets since the mini budget was announced. the pound has had a torrid time. the effective cost of government borrowing has soared and the bank of england had to step in with an emergency programme — buying up government bonds to stabilise the pension sector. there is a pressing need, then, to restore some confidence and credibility. bank of england governor andrew bailey said he spoke to the new chancellor yesterday and had an immediate meeting of minds. but in a speech in washington dc, he had this warning on interest rates. we will not hesitate to raise interest rates to meet the inflation target. and as things stand today, my best guess is that inflationary pressures will require a stronger response than we perhaps thought in august. the current base rate is 2.25%. investors are expecting a rise of up to one percentage point in november to 3.25%. most mortg

the now fired chancellor was enacting an economic experiment known as trussonomics.asury bean counters obsessed with abacus economics. growth was the answer. that experiment is now done. there are limits as to how far you can push tax cuts unless you're going to be clear where you are going to cut spending. equally, you can'tjust increase spending without increasing taxes. there are constraints and we have learned the hard way that those constraints can really bite. it has undoubtedly helped liz truss, though, become prime minister. distinguishing herfrom the clearly prescient warnings of her leadership competitor, rishi sunak in debates. rishi is talking about putting up corporation tax this autumn. he is talking about raising taxes at a time when there is a global economic crisis to the same level as france's corporation tax. your own economic adviser has said that your plans would mean that interest rates would have to go up to around 7% so, just think what that means for all of your mortgages. those unfunded promises came to life in the form of the chancellor's m

was seen to be completely— view of trussonomics was seen to be completely right, he saw the future ands _ and we all saw that so of course he's going — and we all saw that so of course he's going to do well in the polls on that— he's going to do well in the polls on that count, but i think there are many— on that count, but i think there are many issues — on that count, but i think there are many issues that are very pressing for home. — many issues that are very pressing for home, this poll lead is massive, 23 points— for home, this poll lead is massive, 23 points is— for home, this poll lead is massive, 23 points is very hard to overcome, and meanwhile, we have the issue of the home _ and meanwhile, we have the issue of the home secretary suella braverman, she is— the home secretary suella braverman, she is accused of leaking and been a particular— she is accused of leaking and been a particular bad leaker, she licked something from her own personal e-mail_ something from her own personal e—mail account and licked it to the wrong _ e—mail account and licked it to the wrong person. ri

trussonomics has not survived the day. the government to say they are doing something to regain theirfiscal they are doing something to regain their fiscal credibility. it is easier for _ their fiscal credibility. it is easier for the _ their fiscal credibility. it is easier for the government when it is facing the markets but it is another story altogether when it is facing the politicians, the politics of it, and also voters.— the politicians, the politics of it, and also voters. completely. i think the next question _ and also voters. completely. i think the next question is, _ and also voters. completely. i think the next question is, will— and also voters. completely. i think the next question is, will the - the next question is, will the government be able to follow through with what it is saying it is going to do? there is still a big fiscal hole, even with these reversals we have seen, and sojeremy hunt as chancellor is saying there are going to be spending cuts to come, may be further tax rises. the question is wh

clearly trussonomics has gone. he has locked her in - the attic and taken over.y, no credibility. what is the point of her government? i will lead the conservatives . into the next general election. definitely? well, look... she chuckles. i don't think there is the opportunity to make any more mistakes. i have made mistakes. suella braverman has resigned. i'm getting fed up with this. i saw members being physically manhandled. it is a shambles i and the disgrace. an element of confusion. turmoil. what is going on? liz truss is currently- meeting sir graham brady. i am resigning as leader of the conservative party. think about everything that had already happened. the disastrous mini budget, the markets forcing u—turn after u—turn, the chancellor being sacked. liz truss was already under pressure, but monday morning was a chance to reset. dramatic news to start the week here at westminster. liz truss had a new chancellor, jeremy hunt. reporter: any more u-turns? yes was the answer, because after speculation of what markets would do next, his immediate task was to

, which _ a total repudiation of trussonomics, which is _ a total repudiation of trussonomics, whichnded tax cuts, _ which is this idea of unfunded tax cuts, that— which is this idea of unfunded tax cuts, that you don't have to see how volr're _ cuts, that you don't have to see how volr're going — cuts, that you don't have to see how you're going to fun things other through— you're going to fun things other through borrowing. | you're going to fun things other through borrowing.— you're going to fun things other through borrowing. i was reading that ou through borrowing. i was reading that you wouldn't _ through borrowing. i was reading that you wouldn't say _ —— i read that you said the uk would be in a managed decline, how do you claim that? ,., ., be in a managed decline, how do you claim that? ., ., claim that? resolution today was makin: claim that? resolution today was making the _ claim that? resolution today was making the point _ claim that? resolution today was making the point that _ claim that? resolution today was making the point that the - claim that? resolution today

scottish independence, brexit, austerity, three general elections, you had corbynomics, now you have trussonomicsmoment feel as hot as any of them? a lot has felt hot. i look back at the austerity years and that was relatively straightforward. i think the referendums were particularly difficult because we just look at the economics and the economics may come up against the politics in those sorts of circumstances. when you have a yes—no referendum, everybody says everything about remaining is good or everything about leaving is good whereas actually the economics may get it in the way of that. when it comes to elections, we don't find it that hard. normally, there are good things to say and bad things to say about both parties, whatever they are both saying. right now, we have a very big shift in fiscal policy, as we have seen in the last couple of weeks from the chancellor. that gives us lots of opportunities to explain what is there and what its impact is likely to be. certainly a big moment. i don't think it has been qualitatively different from what we've seen in the past. the prime minister

the humiliating end of trussonomics. a low—tax, high—growth dream that turned into a nightmare.r been more split as it is at the moment. and this is a very dangerous time. so who will replace liz truss? business leaders tell us — whoever it is — they will need to tackle a wall of problems facing uk firms now some of these are increases in raw material cost, shipping costs. they have difficulty getting labour and now, of course, eye—watering increases in energy bills. we had a leadership battle over the summer, and now we've had a back—and—forward of policies. so they really are looking for some political

and with it a new political phrase — trussonomics, describing liz truss's vision for a high—growth, high—wage clean slate?

you have to ask if the rest of trussonomics can survive this pressure.is this government acting with arrogance or ignorance, but it has provoked feet fx traders. that arrogance is always challenged by markets. they are shutting up shut behind it, they would be buying gilts later today. will bailey extend the bond buying program? that's what we need to debate. lizzy: in terms of this game of chicken between kwarteng and bailey, bailey is playing blind. kwarteng set of the market turmoil continued, it would be a matter for the governor. if the bailey stake his credibility on today being the deadline for the program. given that kwarteng is the one making the u-turn, it seems bailey has won. however if the market turmoil does continue after today, i'm hearing perhaps we could get a creative, more targeted solution. that's what former policymaker martin wheel turned me he would do yesterday. with perhaps more targeted support for pension funds. but what andrew bailey will want to do is not be prioritizing financial stability over inflation fighting and not ap

all threatening to derail �*trussonomics�* before it has even got under way, as our economics editor growth, growth, growth, that provides its own metric by which tojudge the which to judge the effectiveness of entire liz truss government after that conference speech but there are more immediate challenges, some of the after—shocks of the financial turbulence after the mini budget are only now reaching the real economy. that can be seen in the mortgage market which normally moves with the bank of england base rates, look at this chart of the typical two fixed—rate mortgage, that has taken off since the mini budget, reaching over 6%, the highest level since the natural crisis, a significant rise, 700 or a few thousand pounds a year depending on the size of which, the government argues most of the government argues most of the rises are factors but this is sharply what we have seen since the mini budget. what is at the heart of this turmoil, borrowing costs, the government which feed into the mortgage rates, this is the rollercoasters on the effect of borrowing rate for a five year loa

this — all those take notjust lots of time, but a lot of political capital, as we have seen, and trussonomicsoes this leave the prime minister, chris? when we look at the mini budget, the difficulties around that. and the u—turn on that policy, a rather divisive conference in some ways. where does she stand? it was divisive. i think _ ways. where does she stand? it was divisive. i think it _ ways. where does she stand? it was divisive. i think it was _ ways. where does she stand? it was divisive. i think it was dangerous - divisive. i think it was dangerous for the conservatives politically because there was indiscipline within the government. there was near mutiny amongst conservative backbenchers. prompted initially by that tax for the highest paid. and the dangerfor the prime minister, that u—turn, was that it was crushing for her authority. that might be my analysis but it is also the analysis of senior figures in government. they acknowledge how dangerous that was. because they feared it would tempt backbenchers and others to embark on other expeditions to try and change her mind. of cou

sojeremy hunt i think today has called time on trussonomics and the prime minister's vision for the economymps will not like that, and there will be financial challenges for people because the spending taps will not be as fulsome perhaps as we were all led to believe. and yes, where does that leave the markets? probably in a slightly better place because they see the books are being balanced, but politically and ahead of a general election where normally governments do make the commitments and make big promises, as do all political parties who try and secure the votes, that's going to be a very different conversation going forward. ~ ., different conversation going forward. ,, ., ~ different conversation going forward. ,, ., , forward. mo hussein, thank you very much. rescuers in turkey have been digging through rock to try to reach people trapped underground after an explosion at a coal mine. as many as a0 people are feared to have died in the blast in amasra, on the black sea coast. initial reports suggest it had been caused by a build—up of flammable gas. anjana gadgil reports. the smoke

much as boris johnson had plans to, from 19% to 25% but this was a key plank of trust in onyx -- trussonomicss part of her efforts to boost growth. you have kwarteng coming back, it smacks of one the greek finance minister had to return from the g20 in 2011 to deal with the sovereign debt crisis. the question now is, will truss survive? the times reporting that the tory party could change its rules and she could be replaced by rishi sunak and anymore not -- penny mordaunt who ran against her for the leadership. but whoever replaces her would have a massively diluted mandate. there would be huge pressure to call a snap general election and by the polls it looks like labour would win that. francine: they are reserving the right to boost the size of final guilt buying operations, this is the last day of the emergency bond buying program. is it likely bailey will need to extended, or have a bought so much of the stuff that we should be fine? lizzy: it looks like in the game of chicken between kwasi kwarteng and andrew bailey, andrew bailey has won and it is kwarteng who will have to do the u-turn

billion pound hole in public finances even though he has taken a rec involved to -- wrecking ball to trussonomics he still has to find savings. to some top of raising corporation tax, as jeremy hunt put it, he has to take eye watering late difficult decisions, but at the other end he will ask all government departments to shave 15% off their budgets except defense and health. the opposition leader keir starmer has dubbed it austerity to, even pensions are not protected, he has refused of the triple lockwood says they will rise with the higher of inflation, earnings or 2.5%. pensions are a key constituency for the conservative party, and this is what you can expect starmer to focus on in prime ministers questions later today. tom: mp's saying they will not vote against taking off the triple locked, joining us now is ven ram from our markets live team and the head of investment tragedy -- strategy at j.p. morgan chase, grace peters, let's start with how you are assessing u.k. assets as we look at what is being described as austerity 2.0, but also a chancellor who has managed to restore some of that

september, we got the | to 23rd of september, we got the mini budget but we also got new phrase, trussonomicse —— of high wage, low tax and high growth economy, and this morning, it was buried, jeremy hunt says he has a clean slate to completely rethink the economic plan so we have gone from tax cuts to tax rises, from huge investment to a spending slowdown. make no mistake, this is a back to the drawing board moment driven, as you say come in large part, by the turmoil of the markets in the party weeks, the pound battered, the cost of government borrowing going through the roof along with mortgage rates. the initial reaction from people i have spoken to today say they welcome this fresh approach and they think jeremy hunt gets it and they can trust him but credibility remains low. the problems are not going away. remember, the government still wants to borrow tens of billions of pounds to help families and people with their energy prices, which is going to need paying for and we will get the verdicts from the market on sunday night and monday morning but there remains a huge challenge to mak

they are running on trussonomics! they are literally running on what bankrupted the british.are saying that they want tax cuts. they are saying that they want to cut social security. how are we not winning the economic argument? when they are running on exactly what britain did. >> you make the best point. how are we not winning on the economic argument? >> you are the ones who have taking us from the depths of the pandemic, then what it is about messaging and strategy that republicans seem to win on? when they are not even offering anything? >> you know, bluntly, stephanie ruhle, it's the consulting class. >> what do you mean? >> i'll tell you what: they look at the polling, they say democrats are up on reproductive rights, up on voting rights. talk about that. i don't talk about the economy, that may be a tough issue for us. give me a break! i mean look, i'm for carter flying roe v. wade as our first vote. second, both let's have voting rights. but why not, the third, fourth, fifth, sixth vote, let's do the economy! we need to talk about it! we need to make the choice! one

rejected so-called trussonomics. it feels like the approach will be a desperate attempt to regain credibility. what might be interesting to see in the months ahead, kayla, is whether voters continue to remember what has just happened. will a politician at the next election be rewarded for saying, we're going to spend less and tax more because it's sensible of course, on both sides of the atlantic that hasn't been the norm for the last decade it's been throw money at the problem from both governments and the central bank that has ended here in the uk in the short term at least. >> the credibility question was going to be my next one on both sides of the atlantic because from talking to administration officials here in washington, the moves that she had announced were met with confusion and displeasure so how much credibility has the ukand has the conservative party lost in this whole ordeal? >> i mean an enormous amount the conservative party meant to be known for strong economic handling sees its polls this week in t

liz truss's is fall from power exhilarated after she introduced trussonomics, a plan for massive tax cuts aimed at the wealthiest britons so that they could create jobs, she said. essentially, trickle down economics. this proposal immediately caused the british economy to implode. just the mere suggestion of this plan. it'sent financial markets into a tailspin, drove the currency to a record low value against the american dollar and push mortgage rates even higher. this is on top of an even pre-existing deepening cost of living crisis in the uk, leaving average citizens struggling to afford basic day-to-day expenses. liz truss tried to staunch the bleeding, sacrificial emmys were offered, ultimately she apologized and try to reverse course but by then it was too late, the economy did not keep calm and carry on. it is quite a lot of damage in a pretty short amount of time. ultimately this turmoil was too much, even for her own conservative party, and liz truss was shown the door at number 10 downing. now the conservative party, they got a real problem. public supporters at an all-time

you need someone able —— in this for trussonomics.mes next, i think probably _ figures are and what comes next, i think probably people _ figures are and what comes next, i think probably people like - figures are and what comes next, i think probably people like him i figures are and what comes next, i l think probably people like him would admit _ think probably people like him would admit that— think probably people like him would admit that liz— think probably people like him would admit that liz truss _ think probably people like him would admit that liz truss is _ think probably people like him would admit that liz truss is not _ think probably people like him would admit that liz truss is not going i think probably people like him would admit that liz truss is not going to l admit that liz truss is not going to be taking _ admit that liz truss is not going to be taking them— admit that liz truss is not going to be taking them into _ admit that liz truss is not going to be taking them into the _ admit that liz truss is not going

trussonomics. fight night but there was a problem. —— but there was a problem.explanation of how it would be paid for and no analysis from the budget watchdog as to whether the sums add up. but the chancellor was defiant and promised more giveaways over that weekend. there is more to come. we have only been here 19 days. i want to see over the next year people retain more of their income. the financial markets didn't like it one bit — they thought it showed a reckless approach to the public finances. the pound, already weak, fell to its lowest level in history against the dollar. the cost of government borrowing rose so quickly, the bank of england had to get involved and that. other borrowing costs, mortgage rates which were already rising spiked even higher with the cost of an average two—year deal now over 6.5%. the markets gave a massive thumbs down. so the plan was stripped of almost every major measure, and £18 billion cut in corporation tax, a 1p cut in income tax, all binned by the replacement chancellor jeremy hunt. the financial markets were reassured,

there was a huge gap under truss and trussonomics but that's gone. under truss and trussonomics but that'syou should extend the windfall tax on oil and gas companies that are making record profits and say to them you need to cough up more of that profit in tax. here is mr sue neck, let me handover. —— rishi sunak. i’d here is mr sue neck, let me handover. -- rishi sunak. i'd like to -a handover. -- rishi sunak. i'd like to pay tribute _ handover. -- rishi sunak. i'd like to pay tribute to _ handover. -- rishi sunak. i'd like to pay tribute to liz _ handover. -- rishi sunak. i'd like to pay tribute to liz truss - handover. -- rishi sunak. i'd like to pay tribute to liz truss for - handover. -- rishi sunak. i'd like to pay tribute to liz truss for her| to pay tribute to liz truss for her dedicated — to pay tribute to liz truss for her dedicated service to the country. she has— dedicated service to the country. she has led with dignity and grace through— she has led with dignity and grace through a — she has led with dignity and grace through a time of great change and under— through a time o

is a complete| reversal of all of the trussonomics experiments we have seen over the last few weeks.me minister if she will deliver the same policies we were expected before her election? the problem she now faces, she is very much in office but not in power. while the markets may have rallied following today's economic announcements, the new chancellor has vowed that there will be more difficult decisions on tax and spending and that there will have to be cuts. soumaya keynes is the britain economics editor at the economist. the question now is, does the truss administration have the political credibility, does it have the ability to push those harder, truly growth boosting things through? i'm sceptical. growth boosting things through? i'm scetical. ~ . , ., . ., growth boosting things through? i'm scetical. ~ . , . sceptical. military aircraft has crashed into _ sceptical. military aircraft has crashed into a _ sceptical. military aircraft has crashed into a residential - sceptical. military aircraft has - crashed into a residential building in a city close to the ukrainian border.

i think that trussonomics is over in the way she described it.erhaps what liz truss makes of it all given the promises she has made, is another matter entirely. sonia, let's pick up on that. we don't know exactly what is coming word for word but what do any potential changes, more you turns mean for liz truss? i potential changes, more you turns mean for liz truss?— mean for liz truss? i think all of this is aimed _ mean for liz truss? i think all of this is aimed at _ mean for liz truss? i think all of this is aimed at trying _ mean for liz truss? i think all of this is aimed at trying to - mean for liz truss? i think all of this is aimed at trying to save i mean for liz truss? i think all of| this is aimed at trying to save liz truss's_ this is aimed at trying to save liz truss's premiership. she is struggling and fighting on and trying — struggling and fighting on and trying to stay in number 10 for as lon- trying to stay in number 10 for as long as _ trying to stay in number 10 for as long as she — trying to stay in number 10 for as long as s

well, it will be very i difficult for whoever it is because it is about £40 billion created by trussonomics elections in stormont, plus legislation around the northern ireland protocol. the continued war in ukraine, the cost—of—living crisis, energy questions, privatisation of travel, you name it, across the board there is a lot of policy thing is to be done, and the question if it is mr coutu, is what is that government going to feel like —— mr sunak? he has a huge range of support from the left of the tory party and from the likes of jeremy hunt, all the way through to suella braverman, very much the right flank of the tories. the question is, what platform will protect those two things together? you saw from the former home secretary, an endorsement article, talking about platform of challenging the european convention on human rights, continuing with the rwanda plant, trying to reduce net migration, and so mr coutu has got elements from the left but also from the right —— mr sunak. litgfe elements from the left but also from the right -- mr sunak.— the right -- mr sunak. we will talk ab

clearly trussonomics has gone. gone, gone, gone. he has locked her in i the attic and taken over. fed up. i saw members being physically manhandled. it is a shambles i and the disgrace. an element of confusion. turmoil. what is going on? liz truss is currently- meeting sir graham brady. i am resigning as leader of the conservative party. think about everything that had already happened. the disastrous mini budget, the markets forcing u—turn after u—turn, the chancellor being sacked. liz truss was already under pressure, but monday morning was a chance to reset. dramatic news to start the week here at westminster. liz truss had a new chancellor, jeremy hunt. any more u—turns? yes was the answer, because after speculation of what markets would do next, his immediate task was to calm them. we will reverse almost all the tax measures announced in the growth plan three weeks ago. this can reasonably be called the biggest u—turn in british economic history, or as one tory mp put it. her central prospectus has been consigned to the history books or to the recycling bin, or whatever it ma

and the economic philosophies of the prime minister and her chancellor, kwasi kwarteng, dubbed trussonomicsellow at the i institute of economic affairs and professor of economics atj the university of buckingham. as you can see, the iea is normally, but not always labelled on air as a "free—market think tank". it has links with the conservative party. the chancellor spoke at its fringe event at the party conference this week, but it says it's independent of any political party or group. its website doesn't say specifically who funds it, but three tobacco companies have confirmed they provide it with financial support. we've had complaints over the years from viewers who do not think its staff are suitable guests for bbc news programmes. paul slade is the latest. as for how they are labelled when introduced... and artemis165 argued... we wanted to discuss the practice of interviewing guests from the iea and other think tanks on bbc news, but nobody was available to speak to us. instead we were given this statement. now it's three weeks since the death of a young woman sparked widespread prot

that in l and nobody wants to reject that in politics when things are so volatile, but i think trussonomics it is a question of when, not if, that happens.— if, that happens. there is also the tuestion if, that happens. there is also the question of _ if, that happens. there is also the question of how _ if, that happens. there is also the question of how the _ if, that happens. there is also the question of how the conservative | question of how the conservative party, if it wants to, changes the leadership and avoids another lengthy process that we saw to crown the new leader that we saw between her and rishi sunak, as it got to the final two. how do they do that? the 1922 committee, which is a kind of trade union for tory mps, their rules mean that she cannot be challenged until 2023, a year since she became leader, but the rule of thumb is the 1922 committee is a conduit for tory mps' opinion, so if a large number of them go to sir ian brady, the portly brandy who is in charge of that organisation, if 125 of them went to him and said we have lost confidence in liz truss, we need her to