the u-turn. ., have to recalculate everything given the u-turn-— the u-turn.ve me for interrupting you _ the u-turn. forgive me for interrupting you but - the u-turn. forgive me for interrupting you but i - the u-turn. forgive me for interrupting you but i want| the u-turn. forgive me for. interrupting you but i want to the u-turn. forgive me for- interrupting you but i want to bring some further news we are getting. the chancellor in his letter to the prime minister which we are about to see, i can't read it i'm afraid, it's a bit small, but i can read what i can see on the various bits of copy that are appearing. in it, he says it's important the prime minister should at this stage emphasise her government's commitment to fiscal discipline, and also that he himself is confirming he has been sacked, that it is not a voluntary resignation. there are also suggestions other members of the treasury team will leave their posts. that is not in his letter. do you think she still has to go some way, the british prime minister, liz truss, in this news conference to re

as always, there is no | u-turn untilthere is a u-turn. that u—turn until there is a u—turn.a u—turn that we are expecting this afternoon on corporation tax. probably they forced the sacking of kwasi kwarteng. i was talking to a tory mp yesterday who said the u—turn on corporation tax is the start of the reset. it is not the end. the reset needs to look at getting rid of key innerfigures in liz truss's cabinet stop they could also lose chris philp, who is kwasi kwarteng'sjunior at the also lose chris philp, who is kwasi kwarteng's junior at the treasury, and possibly even wendy morton, who is a chief whip. that is because the feedback between the backbenchers and number ten has broken, so they are calling for a new chief whip to be installed, and also, slightly speculatively, other people are saying that jacob rees—mogg speculatively, other people are saying thatjacob rees—mogg has been the business secretary as one of the outliers of this government. if you remember he was quite rude about the bank of england, and some tories think this hasn't been helpful, and has added to

want, this lady is not for turning — u—turn want, this lady is not for turning a — u—turn want, thispeople know about liz truss she has modelled so self—consciously on unconsciously on margaret thatcher so the _ unconsciously on margaret thatcher so the fact — unconsciously on margaret thatcher so the fact tory mps and suggesting she might _ so the fact tory mps and suggesting she might do a u—turn or quasi—clotting might reconsider that has proposals on his note budget, it could _ has proposals on his note budget, it could make — has proposals on his note budget, it could make an dig in because psychologically when people are in a corner. _ psychologically when people are in a corner, they either retreat and roll over or— corner, they either retreat and roll over or it— corner, they either retreat and roll over or it makes them dig in further and it— over or it makes them dig in further and it is— over or it makes them dig in further and it is possible because of all the other— and it is possible because of all the other optics around this conference, the fact liz truss will want _

i think u-turns are fine if _ the factionalism. i think u-turns are fine if it _ the factionalism. if it shows that you - the factionalism. i think u-turns are fine if it shows that you are l are fine if it shows that you are actually listening but if you go around — actually listening but if you go around making announcements on what to clear _ around making announcements on what to clear about what you're remember this came _ to clear about what you're remember this came out to confirm liz truss's interview— this came out to confirm liz truss's interview with laura where she refused — interview with laura where she refused to commit to raising benefits _ refused to commit to raising benefits i should been criticised by her previous boris johnson. benefits i should been criticised by her previous borisjohnson. in line with inflation. now if they only go up with inflation. now if they only go up in _ with inflation. now if they only go up in line — with inflation. now if they only go up in line with earnings, only about 5% white _ up in line with earnings, only about 5% while infla

do they u—turn at all? do they act? do they u—turn at all?ent, as he calls it, a financial statement to set out how the government is meant to be paying for some of the tax cuts they have already announced, or do they try to do something before the markets reopen on monday? these are the issues that have to be settled, but we know there is pressure on the prime minister, if not to rip up the mini budget that was delivered only last month, and certainly to unpick some of it. we are nowjoined by sir steve webb, a fomer pensions minister in david cameron's government, and a partner at pension consultants lane, clark and peacock. let's talk about the bank of england and their plans. today they plan on ending this promise to buy emergency gilt purchases. but there is some speculation that there may be a u—turn on that. do you think there should be? i u-turn on that. do you think there should be?— u-turn on that. do you think there should be? ~' , , ., should be? i think they should never have time limited _ should be? i think they should never hav

but we have today is a i complete u-turn, a bizarre u-turn complete u—turn, a bizarre u—turn from _ complete bizarre u—turn from secretary of state who only yesterday was saying that he had a le-al yesterday was saying that he had a legal obligation for the election. before _ legal obligation for the election. before dumping her body in a suitcase is been sentenced to life in jail. suitcase is been sentenced to life injail. mitchell is suitcase is been sentenced to life in jail. mitchell is the first murderer to be sentenced on television in england and wales. a man is found guilty of murdering his ex—girlfriend, after she died more than twenty years after he set fire to her. a violent assault on the husband of the us house speaker nancy pelosi, during a break in at the couple's home in california home trading on twitter shares has been halted as elon musk finally completes his 44 billion dollar takeover of the site — and has apparently sacked the chief executive and other seniorfigures. the northern ireland secretary of state says he will be calling an election for the assembly at stormont,

it's a colossal u-turn, sall . u-turn? it's a colossal u-turn, sally- the _ u-turn?has come under really significant pressure over the past week, but even more so over the past week, but even more so over the past 2a hours. we have seen opposition parties say that scrapping the rate of income tax paid by people over £150,000, who earn over £150,000, was the wrong idea. and we have had a growing number of conservative mps stick their head above the parapet to state the exact same. so what i'm expecting is within the next 20 minutes or so, the chancellor will confirm that the government is not proceeding with those plans to scrap the a5p income tax rates. not that they are parking it, not that they might wait a few weeks and revisit it, but it's not going to happen. and that is a huge, huge u—turn. because it was only yesterday that the prime minister was on bbc one, telling the nation that she was going to go ahead with it, she thought it was the right plan, she thought it was the right plan, she thought it was the right plan, she thought it would help stimulate econo

in the daily mail, it's a screeching u—turn. in the ft, it was a humbling u—turn.the telegraph, it's an about turn. getting back to the daily mail, that's a pretty stark headline for liz truss, get a grip. it that's a pretty stark headline for liz truss, get a grip.— liz truss, get a grip. it is, and it ma be liz truss, get a grip. it is, and it may be a — liz truss, get a grip. it is, and it may be a coded _ liz truss, get a grip. it is, and it may be a coded message - liz truss, get a grip. it is, and it may be a coded message for - liz truss, get a grip. it is, and it i may be a coded message for her to stick to— may be a coded message for her to stick to her— may be a coded message for her to stick to her guns with the rest of her radital— stick to her guns with the rest of her radical programme. and what the mail seems_ her radical programme. and what the mail seems to be frightened of is that because of all these u—turns, the prime — that because of all these u—turns, the prime minister in the chancellor may not— the prime minister in the chancellor may not g

— the u-turn? since the mini budget was delivered _ the u-turn?he u-turn? since the mini budget was delivered has been _ the u-turn? since the mini budget was delivered has been the - was delivered has been the performance of the pound which you may remember fell dramatically immediately after kwasi kwarteng started speaking one week ago. the pound has rallied, a bit more this morning, trading at $1.12 mark which is where it was before the mini budget. we have also seen gilt yields, the implied cost of borrowing for the government coming down a little bit, but you have to remember that today's u—turn is more political than economic at the moment. the 45p abolition of the 45p tax was very sensitive because it is a gift to the highest earners. in terms of what it cost the government, that is about £2 billion. as part of a £115 billion tax package announced in the mini budget. tax package announced in the mini buduet. , , , . , , budget. this saves the public purse about 2 billion _ budget. this saves the public purse about 2 billion p? _ budget. thi

days before what is very likely to be a u-turn?_ to be a u-turn?-turn? well, that's it, and that is _ to be a u-turn? well, that's it, and that is why _ to be a u-turn? well, that's it, and that is why the - it, and that is why the pressure billy is on, and that is why the financial markets are really pricing in the fact that there will be another u—turn on tax, and the expectation is that now the government will climb down on its plan not to bring in, as the government to previous administration had wanted to do, rishi sunak�*s plans, the previous chancellor, to actually raise corporation tax to 25%. the trust administration had pledged in this mini budget that it would stay at 19%. the expectation is thatis stay at 19%. the expectation is that is where we will see change because as you say if you wait until the 31st of october, it is going to end up 0ctober, it is going to end up being more of a rocky horror show, a showdown on halloween and the markets will take flight because they are so on edge. they are so free braille and no—one knows why we

even if it is a u—turn it will be really small u—turn it will be really small u—turn probably by degreest find worrying. i think the words might find worrying is particularly worrying that she thought people would look at what was going on and goal, yes, this is great. —— and say, yeah this is great. people who earn lots of money get a tax break, i think that is a great idea. i think people who have a lot of money weren't expecting a great tax break and a bit later on in this particular article, and a bit later on in this particulararticle, i and a bit later on in this particular article, i will quote it. we can crawl the size of the pie —— we can crawl. —— grow. i immediately go back to marie antoinette and let them eat cake. then you have her seeing we need to grow the size of the pie. whatever you think in some peoples ice she may be bold and brave i thinkjobs have to be careful when you use food. john, could you — careful when you use food. john, could you see — careful when you use food. john, could you see it _ careful when you use food. john, could you see it is _ careful when you

how likely is a u—turn? how likely is a u-turn? the chances seem to be — how likely is a u-turn?t emanating from downing street that they are looking at withdrawing part of the financial package but then you've got that kwasi kwarteng interview and he said nothing is changed and i'm not going anywhere. the package is continuing. he is still talking about october the 31st has that date where he's going to set out the fiscal framework that will somehow make all these sums add up. to me that feels wholly unlikely. there is so much pressure being sustained on the chancellor and prime minister now, this cannot hold for another 18 days. my feeling is it's more likely than not they will be a u—turn. it doesn't feel like the status quo will last for another two weeks or so. if will last for another two weeks or so. , ., will last for another two weeks or so. , . ., ,., will last for another two weeks or so. , . ., , ., ., so. if there is a u-turn on some or all of the — so. if there is a u-turn on some or all of the remaining _ so. if there is a u-turn on some or all of the remaining pla

responding to yesterday's government u-turn on tax?— u-turn on tax?g. — u-turn on tax? karma, ben, but for how long. is — u-turn on tax? karma, ben, but for how long. is the _ u-turn on tax? karma, ben, but for how long, is the question _ u-turn on tax? karma, ben, but for how long, is the question we - u-turn on tax? karma, ben, but for how long, is the question we have l how long, is the question we have -ot how long, is the question we have got to— how long, is the question we have got to ask — how long, is the question we have got to ask. we know what is concerning the markets is, how big are these _ concerning the markets is, how big are these tax cut plans? also, how are these tax cut plans? also, how are they _ are these tax cut plans? also, how are they going to be funded, what does _ are they going to be funded, what does it— are they going to be funded, what does it mean for growth, what does it mean— does it mean for growth, what does it mean for— does it mean for growth, what does it mean for interest rates? they are hoping _ it mean for i

i think a u-turn and a re bi happens now? i think a u-turn and a pretty big one _ happens now?_ happens now? i think a u-turn and a pretty big one is inevitable and - pretty big one is inevitable and until that happens another thing is inevitable and that is a sense of inertia, nothing really being able to change, and that is because and it's a direct consequence of the collapsing authority of the prime minister. when you lose your authority as prime minister you have to be propped up by the views of others and those views are the views of her conservative backbenchers. they are going in to see her. her entire programme for government is on the table and she has to try and work out which bits of it will fly with her party and the markets and the country and which bits won't and the country and which bits won't and the status quo clearly is not an option. the other thing worth bearing in mind is when does that u—turn come, because as things stand the economic statement from the chancellor is meant to be two weeks on monday. two weeks and a bit is a long time in politics, particu

they were forced into this screeching u—turn. been done, with higher government borrowing costs and huge worries for people about how they're going to afford their mortgages. yesterday, seniorfigures in government couldn't quite tell me what the narrative was. how were they going to sell cutting tax for the highest earners while hinting that benefits and public services might get squeezed? ministers hope this u—turn will give them room to sell the policies like their energy support package that were getting lost, but it's left the chancellor and prime minister politically wounded just weeks into their premiership. after a morning of all the worst headlines for him, kwasi kwarteng hopes to use his big speech today to draw people's minds back to his other ideas for growing the economy. ione wells, bbc news, birmingham. critics of the chancellor's original plan to scrap the top rate of income tax have welcomed today's u—turn. the employers group the cbi said it allows the government go forward with what it said are good reforms. aft

_ now the u-turn? look, i think it is a welcome — now the u-turn?urn, i the risk is that people miss the bigger issue in terms of the substance of the government's plan, that is they don't have a credible plan to put the public finances on a sustainable footing, thatis finances on a sustainable footing, that is why we saw the market reaction we did and that is the problem the chancellor needs to solve and ultimately scrapping the 45 pence rate hardly makes a dent in that problem. the chancellor is going to have to come up with tens of billions of save, and i don't think it is tenable to get those from spending cuts, alone, so i think hopefully, this heralds a broader rethink on the overall tax crunch. 50 broader rethink on the overall tax crunch. , ., ., �* broader rethink on the overall tax crunch. i. ., �* ~ broader rethink on the overall tax crunch. ., �* ~ , crunch. so you don't think this will be the last— crunch. so you don't think this will be the last of— crunch. so you don't think this will be the last of the _ crunch. so you don't think th

but this is anything but an ideological u-turn, the government is -- for economic growth.get that could lead to put -- cuts in public services including welfare, affecting the poorest people in the united kingdom. >> why? because as the government ramps up borrowing to pay for other tax cuts, and wants to make efficiency savings. the prime minister refusing to commit to increasing welfare benefits inline with inflation, while at the same time lifting the cap bankers bonuses in a bid to make britain more attractive to investors. this is a gamble many business owners and bankers do not buy. julie is a member of a patriotic millionaires u.k., a group of wealthy investors calling on the government to increase their tax share. >> it comes down to an ideology, which has been proven not to work. those countries that do well, which deliver the most welfare, they do it on the back of decent taxation. i believe in responsibility, community, and society. that requires those that can afford it, to pay tax. i don't see tax as a burden. i think it is something we should all be proud and

she has done a u—turn on that _ at 1996. she has done a u-turn on that. ~ ., i. ., at 1996.n. jo, another _ that. we have lost you for a minute, kevin. jo, another thing _ that. we have lost you for a minute, kevin. jo, another thing to _ that. we have lost you for a minute, kevin. jo, another thing to ask, - that. we have lost you for a minute, kevin. jo, another thing to ask, as i kevin. jo, another thing to ask, as we go to the front of the daily telegraph, again, she is clinging to power after axing her chancellor, is the headline there. it hasn't stopped the rebellion, has it? ida. stopped the rebellion, has it? no, and i stopped the rebellion, has it? no, and i think— stopped the rebellion, has it? no, and i think it _ stopped the rebellion, has it? no, and i think it is _ stopped the rebellion, has it? idrr, and i think it is really important to remember you know, she does not have a mandate from the parliamentary conservative party. i think it is something like 25% or maybe a third of the tory mps actually supported her in the leadership. you know, she no way has a m

any more u—turns? before dawn thought of breaking. any more u-turns? before dawn thought of breaking. any more u-turns? the answer was - before dawn thought of breaking. any more u-turns? the answer was yes. | more u-turns? the answer was yes. news was already _ more u-turns? the answer was yes. news was already breaking. - more u-turns? the answer was yes. news was already breaking. mr - more u-turns? the answer was yes. j news was already breaking. mr hunt was performing the last rites on almost all of liz truss's plans. her programme for government dead. living hour by hour. this is what hand to mouth government looks like. camera crews were called to the treasury, ministers so petrified by the pace of events, yanking big chunks of a massive announcement forward by a fortnight isn't enough. even leaving it to this afternoon was too late for them. there was a statement filmed just after 11 o'clock two. ila statement filmed 'ust after 11 o-dockm.h statement filmed 'ust after 11 o'clock two. ., ., .., o'clock two. no government can control markets _ o'

i don't see it a u-turn- — u-turn on those commitments? i don't see it a u-turn.-turn. i see _ u-turn on those commitments? i don't see it a u-turn. i see dramatic- see it a u—turn. i see dramatic approach to reaching net zero because you cannot really achieve climate security, and still a couple of decades to decades to go. to deal with the current shortage, you need more investment in oil and gas, and mind you, it's doing it a much better way than many other users around the world. they do have high standards and... such as offshore wind. saying why but climate groups are saying why not take that investment and put it elsewhere, put it into wind energy, better installation for homes, instead of these continual investments in the oil and gas industry. investments in the oil and gas indust . ., a, , investments in the oil and gas indust . ., , ., industry. there are three points to remember- _ industry. there are three points to remember. first _ industry. there are three points to remember. first of— industry. there are three points to remember. first of all, _ i

the extent of the u—turn in financial terms is modest.d tax cuts becomes £15 billion. the now—abandoned cut in the 45p rate was to cost the exchequer £2 billion, but by far a bigger cut was the reversal to the national insurance rise. that's worth £18 billion and that's already being legislated for. and then the largest cut was the abandonment of the rise in corporation tax on company profits, worth nearly £19 billion a year. there could be some pressure for policy reverses here, as well as to extend the existing windfall tax on rising energy prices. this u—turn is small in value terms, but hugely symbolic. the markets reacted well initially, with sterling going up a bit and the government's borrowing costs going down a bit. on the one hand, this reflects the government coming into line with the market consensus, but there is a need for a plan with a solid set of numbers. on the other, the markets now don't know if there are other things in the plan that eventually will require a u—turn that's not being admitted to right now. and for the

musk with a massive u-turn. ., �* , ., , u-turn.ally. said he was going to buy twitter, then at the 11th hour he backed out. at the time he said it was because there were too many bots on the platform. however twitter themselves disputed that and said they would taken to court. it hasn't reached the courtroom showdown because he's come in and said, "actually, no, i will buy it for the price of $44 billion." and there are some raised eyebrows about this, another billionaire having huge power with social media, media, and alsojust before the lead up to the american election. i'mjust before the lead up to the american election. i'm just still before the lead up to the american election. i'mjust still thinking about what david was saying and thinking about if there was a coalition, that to me might be a goodidea coalition, that to me might be a good idea because then the parties might actually back proportional representation. anyway, side bar, sorry. representation. anyway, side bar, sor . ., �* representation. anyway, side bar, sor .

it announced £45 billion in cuts — then came the u—turns.d — saving £2. billion. proceeding with a big rise in corporation tax they had planned to scrap — saving £18 billion. and bringing forward the independent budget watchdog report from late november to late october. this is how the financial markets have responded. this shows how much it cost the government to borrow money for the long term, this is the announcement here on the 23rd november of the mini budget. interest rates soared. this is when the bank of england had to intervene to calm the markets. that intervention ends today. and this is the reaction to the government u—turn on corporation tax. borrowing costs are higher than last night. so business was expecting tax rates to stay frozen to promote growth — now they are rising from i9% to 25% as the last chancellor planned — how does business feel about that? i've been talking to businesses up and down the country in the last few days and today, and they're pretty clear that the first step before they even begin to start investing

and the fact that most _ repeated u—turns and the fact that most of— repeated u—turns and the fact thatmps have no faith in them, i_ most of their mps have no faith in them, i kind of feel there may well be a general election and the public will demand that. because they will want will demand that. because they will warrt to— will demand that. because they will want to say at that point who their prime _ want to say at that point who their prime minister will be. and they won't _ prime minister will be. and they won't want to leave it to the conservative party to decide that. and yet _ conservative party to decide that. and yet emma, conservatives will say they would be very worried about that because many mps will fear losing their seats. they will argue no doubt that the public voted for the conservatives.— no doubt that the public voted for the conservatives. yes. and sean, with the greatest _ the conservatives. yes. and sean, with the greatest respect, - the conservatives. yes. and sean, with the greatest respect, and - the conservatives. yes. and sean, with the greatest respect, an

but governments make u—turns, they need _ u—turn but governments make u—turns, they need to _ u—turnhe _ they need to listen to mps across both sides of the benches - they need to listen to mps across both sides of the benches and - they need to listen to mps across. both sides of the benches and also to the _ both sides of the benches and also to the public— both sides of the benches and also to the public and _ both sides of the benches and also to the public and if— both sides of the benches and also to the public and if something - to the public and if something doesn't — to the public and if something doesn't work, _ to the public and if something doesn't work, you _ to the public and if something doesn't work, you get - to the public and if something doesn't work, you get rid - to the public and if something doesn't work, you get rid of. to the public and if something | doesn't work, you get rid of it. to the public and if something - doesn't work, you get rid of it. so i doesn't work, you get rid of it. so i was _ doesn't work, you get rid of it. so i was very— doesn't work, y

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

so the rebels will be encouraged — done a u—turn.y can now take on what, to me, is a completely egregious _ take on what, to me, is a completely egregious idea, to effectively cut benefits — egregious idea, to effectively cut benefits in real terms, if that is indeed — benefits in real terms, if that is indeed the outcome. what a terrible look indeed the outcome. what a terrible took to— indeed the outcome. what a terrible took to be _ indeed the outcome. what a terrible look to be doing that at the same time _ look to be doing that at the same time as— look to be doing that at the same time as you are giving the very richest — time as you are giving the very richest a — time as you are giving the very richest a tax break. so i think the rebels, ted — richest a tax break. so i think the rebels, led by michael gove, may well rebels, led by michael gove, may wetifeei— rebels, led by michael gove, may well feel they've got an opportunity here~ _ well feel they've got an opportunity here but _ well feel they've got an opportunity here bu

on that 45p tax rate _ pretty major u—turn on that 45p tax rate so you — pretty major u—turn on thatsday and liz truss will have ten cues on wednesday. she will also _ will have ten cues on wednesday. she will also be _ will have ten cues on wednesday. she will also be adjusted to mps on wednesday night. so it is, the job will not _ wednesday night. so it is, the job will not be — wednesday night. so it is, the job will not be any easier for the new premise are. will not be any easier for the new premise are-— will not be any easier for the new premise are. this paper reporting a veteran and — premise are. this paper reporting a veteran and p _ premise are. this paper reporting a veteran and p saying, _ premise are. this paper reporting a veteran and p saying, we _ premise are. this paper reporting a veteran and p saying, we will- premise are. this paper reporting a veteran and p saying, we will get . veteran and p saying, we will get rid of her. what could she do to turn this around?— isa is a crucial week for her it is interesting as adam was saying one month into the job. interest

u-turn. in some ways, you can fight unpopularity — u-turn.ou can fight unpopularity if you _ u-turn. in some ways, you can fight unpopularity if you have _ u-turn. in some ways, you can fight unpopularity if you have several - unpopularity if you have several years until a general election. she has only got two. the immediate problem she had was the reaction of the markets. she and kwasi kwarteng as free marketeers wanting the markets to do what they have to do, but unfortunately he has been brought down by the reaction to it all, so it's ok to say you are willing to be unpopular but also very unpopular amongst her own mps. i've never seen the conservative party, even through the torrid days and last months of borisjohnson, i've never seen them so despondent because the difference this time is the opinion polls which are suggesting to lots of tory mps, and they certainly think so, that dozens of them will lose their seats, and that changes the whole political dynamic, because they are looking at this and thinking we are going to lose our seat

when marlon brando did not turn u . now. when marlon brando did not turn u- to his now. car in _ now. when marlon brando did not turn up to his win for his oscar in the - up to his win for his 0scar in the godfather instead he sense as their native american to disk to decline the oscar on his behalf and here she is being interviewed about that and it was a very uncomfortable moment that back in march of 1973 when sacheen littlefeather accepted though declined the oscar on marlon brando's behalf. sacheen littlefeather arrived on stage dressed in her traditional native american clothes, held up her right hand to decline the statue, read out a statement which went down extremely badly at the ceremony. charlton heston forgive me, john wayne had to be physically restrained from going on stage to remove her, and she said that her career suffered as a result. for more on that i would recommend going to bbc sound and the series the winner is by paul gambaccini. sacheen littlefeather who died yesterday at the age of 75. the uk is facing a significant risk of gas shortages this win

. -- u-turn. credit suisse shares recover yesterday's losses despite uncertainty over the how the bank will pay for its restructuring. francine: there is an advanced after week u.s. manufacturing data, but suggests that fed may not hike as much is expected . tom: the third-best start to the s&p 500 since the 1930's. is it because there is a lot of cash on the sidelines? there will be argument that maybe we are seeing the bottom. that debate is very heated as to where we go from here. some of the angst around the u.k. arguably easing on the news the chancellor will be bringing forward spending plans. the rba with that surprise hike, less strong than expected, 25, many had expected 50 basis points. maybe a shift from central banks, is the rba the canary in the coal mine? we continue to look ahead to the prime minister's speech on wednesday, and the ibex gaining 1%. nonfarm payrolls are coming out on friday. there will be a lot of focus on those. chris stateside building on gains yesterday. currently

in total — it announced £16 billion in cuts — then came the u—turns.ing £2 billion. proceeding with a big rise in corporation tax they had planned to scrap — saving £18 billion. but still that leaves £25 billion of the tax cuts unfunded. the other measure was to bring forward the independent budget watchdog report from late november to late october. this is how the financial markets have responded during that time. this shows how much it costs the government to borrow money for 30 years. you can see, this is the announcement of the minibudget, this is when the bank of england had to intervene to calm the markets. that intervention ends today and this is the reaction to the government u—turn on corporation tax. tonight borrowing costs are actually higher than they were last night. so business had been promised their tax rates would stay low to promote growth — now they are rising from i9% to 25% as the last chancellor — how do they feel about that? earlier the director general of the emplyers group the cbi, said businesses would not invest during turmoi

the government u-turn.turn. really strong language at _ government u-turn. really strong language at the — government u-turn. really strong language at the event _ government u-turn. really strong language at the event this - language at the event this afternoon. effectively criticising the u—turn. of course, plenty of tory backbenchers welcoming the fact the government backed down over the scrapping of the 45p tax rate, but the home secretary said she was disappointed and yet using that language of members staging a coup to force the prime minister to change course and interestingly, the levelling up secretary simon clark seemed to back her. two cabinet ministers saying i don't think the prime minister was right to back down and the suggestion from the prime minister herself that actually she does want to eventually reduce that tax rate. it's incredibly confusing, messy and chaotic. for people trying to keep up with events, the overall picture looks like complete disarray in the cabinet itself and the wide

what do you think of a u—turn in terms of how the voters perceive a u—turn?s doing? that afternoon. the first thing to say is we shouldn't underestimate what a difficult position the chancellor was in today and over the past few days. 80% of the country think the economy is in a bad state and six in ten think that the chancellor has made it worse. this was a difficult conference the conservatives were heading into. one of your specific questions about u—turns, we find mps are more concerned about this on the public. in some ways if you get to the right result eventually, people can move on. but it is whether the conservatives can retain their reputation on the economy. we found two thirds of the company daily—macro country don't have confidence in the new economic plan. whilst that u—turn might be welcome to a certain extent, they have a long way to go before they regain the trust. , ., , ., long way to go before they regain the trust. , . , ., ,. . the trust. this was a screeching u-turn, the trust. this was a screeching u-turn. we _ the trust. this was a sc

little wonder after the u-turn some ministers _ yes. ministers discovered - yes. little wonder after the u-turn some ministers discovered the - yes. little wonder after the u-turn some ministers discovered the art| yes. little wonder after the u-turn i some ministers discovered the art of quick walking when in the company of cameras. ., ., ., ., , , ., cameras. you are going to bump into wall, ou cameras. you are going to bump into wall. you are — cameras. you are going to bump into wall. you are going — cameras. you are going to bump into wall, you are going to _ cameras. you are going to bump into wall, you are going to bump - cameras. you are going to bump into wall, you are going to bump into - cameras. you are going to bump into wall, you are going to bump into a i wall, you are going to bump into a column. �* ., ., , ., ., ~ column. although others would talk. sometimes you _ column. although others would talk. sometimes you from _ column. although others would talk. sometimes you from the _ column. although others would talk. som

. counsel and that is when you end up with u-turns-— with u-turns.i move on to the mail now, the _ with u-turns. nigel, ifi move on to the mail now, the same _ with u-turns. nigel, ifi move on to the mail now, the same story, - with u-turns. nigel, ifi move on to the mail now, the same story, it. the mail now, the same story, it says sadistic michael gove told stop plots or let in starmer. is michael gove someone who has been referred to as a statistic in any way before? i've heard him called an awful lot of names— i've heard him called an awful lot of names that this is the first time that sadist— of names that this is the first time that sadist has come up, but certainly— that sadist has come up, but certainly he was the leader of the opposition in birmingham, and it is largely— opposition in birmingham, and it is largely thanks to michael gove that the tax _ largely thanks to michael gove that the tax cut for millionaires was abandoned. they could be some good news for— abandoned. they could be some good news for lil— abandoned. they could be some

any more u—turns? 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 may happen to be. the government's intervention did serve its immediate purpose. the markets calmed. the politics didn't. the opposition labour party tabled a question for the government. but it was minister penny mordaunt not liz truss who came to answer. the absence was noted. all we know right now is unless she tells us otherwise is the prime minister is cowering under a desk and asking for it all to go away. the prime minister. is not under a desk... wherever she had been, liz truss appeared. we watched and she watched asjeremy hunt dismantled her policies. we remain completely committed t

u—turn and committed to raising the — another u—turn and committed to raising the state _ another u—turn—turn and committed to raising the state pension at - another u—turn and committed to raising the state pension at the l raising the state pension at the rate of— raising the state pension at the rate of inflation. _ raising the state pension at the rate of inflation. we _ raising the state pension at the rate of inflation.— raising the state pension at the rate of inflation. we will maintain the tri - le rate of inflation. we will maintain the triple lock _ rate of inflation. we will maintain the triple lock and _ rate of inflation. we will maintain the triple lock and i _ rate of inflation. we will maintain the triple lock and i am _ rate of inflation. we will maintain l the triple lock and i am committee the triple lock and i am committee the committed to it. so is the chancellor. es, the committed to it. so is the chancellor.— the committed to it. so is the chancellor. . , ., ., , chancellor. a promise originally made, chancellor. a promise originally made. then _ chancellor. a pro

the prime minister announced a second major u-turn. oration tax will rise to 25% inpril after all. liz truss has sacked the chancellor and named a new one, jeremy hunt, the fourth this year. our political editor is in westminster. >> turning up for another u-turn. the prime minister invited reporters to downing street this afternoon and scrapped one of her key policies that she has championed for months. >> it is clear parts of our mini budget went further and faster than markets were expecting. the way we are delivering our mission right now has to change. i have therefore decided to keep the increase in corporation tax that was planned by the previous government. this will raise 18 billion pounds per year. a tax policy ditched and her chancellor, too. >> i met the former chancellor earlier today. i was incredibly sorry to lose him. he is a great friend and he shares my vision to set this country on the path to grace. today, i have asked jeremy hunt to become the new chancellor. >> and one more thing. government spending will be cut co

the second — way or another a bit of a u—turn. the second major u—turn by the government.rnment. again, it looks like quite a defensive mood under pressure _ quite a defensive mood under ressure. �* quite a defensive mood under pressure-— quite a defensive mood under ressure. . ., , , , pressure. la, he quotes bit his secretary _ pressure. la, he quotes bit his secretary in — pressure. la, he quotes bit his secretary in the _ pressure. la, he quotes bit his secretary in the i _ pressure. la, he quotes bit his secretary in the i saying - pressure. la, he quotes bit his secretary in the i saying with i pressure. la, he quotes bit his. secretary in the i saying with cut bills because of the rising cost of gas will no longer dictate electricity prices. they are breaking the link. i don't think that's exactly the same as capping profits. i get the impression this is two different elements were in the overall plan how is capping profits... is the government right? is a windfall tax orjust politically understandable way of doing what you're doing because labour were proposing it?

assets, even if we get this big u-turn, confidence has been completely shaken, and the u-turn is notdd to that. a couple quotes say in terms of confidence, it is the elevator down and that the stairs back out. it takes a wild to build back confident. the pound was sinking before we got the mini-budget, you had yields higher locally, and a structural backdrop in the u.k. is not good. u.k. growth is slowing and we are headed towards recession. and there's not a lot the fiscal authorities can do, and they have done a poor job with what they have done but there is not a lot to stop that growth downgrade and recession. tom: that massive not to confidence and it comes down to credibility. the turnaround we are seeing in gilt markets, the dramatic volatility over this week, but does today .2 a turning point for u.k. gilts? have they managed to cap things or is volatility something to think about in days ahead? kristine: the turnaround is the best case scenario for the market in a lot of ways. the boe facility is meant to be ending, temporary, although andrew bailey reserving a right to cont

tom: the u-turn, how much do you claim from the u-turn?k and remove the whole thing. does bank of england pricing return to that day? that is a real question. i think it will be tough to unwind a lot of the work, the damage that has been done. lisa: i agree. it brings back into focus where we are in terms of it is not just a u.k. problem. we have the cpi that was hotter than expected. dollar strength, the fed hike more than expected. the world moves even if they are doing a u-turn. tom: the chief economy analyst, stephen stanley, do you expect to pivot any soon after yesterday? >> i'm sure they would love to. it is not in the cards. inflation becoming more entrenched. underlying inflation right now is just very troubling. i think it will be a while before the fed gets inflation under control. lisa: did yesterday make you rethink the rate the fed would get to in this cycle? stephen: my estimate was already about 5%. i'm sticking with that for the moment. certainly some upside risk to that. i definitely think we will see another 75 basis poi

liz truss announces another major u—turn on her economic plans.ing corporation tax will now go ahead. it is plans. a rising corporation tax will now go ahead-— now go ahead. it is clear that parts of our mini-budget _ now go ahead. it is clear that parts of our mini-budget went _ now go ahead. it is clear that parts of our mini-budget went further i now go ahead. it is clear that parts. of our mini-budget went further and of our mini—budget went further and faster than markets were expected. so the way we are delivering our mission right now has to change. we need to act now to reassure the markets of our fiscal discipline. former health secretary and leadership candidate, jeremy hunt, is now tasked with bringing the financial turmoil under control. also in the programme... cyrell and's supreme leader warns no one can overturn the islamic republic —— iran's leader. and the actor, robbie coltrane, who played hagrid in the harry potter films, has died aged 72. and welcome to bbc news. less than 2a hours after kwasi kwarteng insisted he was 100% safe

this is going to be the last of the u-turns, or is this just the beginning? markets will believe they have a handle on u.k. finances despite they are still trying to push through fiscal health over the next few months. tom: a lot of work to do to win back that trust. this is a story that is remarkable, the stock down 8%, and credit default swaps jumping, is there bratwurst to stomach -- broader systemic risk because of credit suisse? >> we are no stranger to be troubles of credit suisse over the past year with the various challenges it has faced. broadly speaking, the banking sector doesn't necessarily see this as a potential for contagion across the sector. banks generally are still concerned about the broader interest-rate environment, the trading volatility, that a lot of the upheaval is bringing about. and while it is potentially good for business in terms of trading activity, the concern of her interest rates is looming over a lot of banks. francine: the ceo saying they are remaining discipline despite all the media attention, but could this snowball int

, a small u-turn. — disastrous mini budget, a small “turn. a — disastrous mini budget, a small u—turnr economy— fundamental broken nature of our economy is still there. we can talk about— economy is still there. we can talk about the — economy is still there. we can talk about the political machinations of this but— about the political machinations of this but what concerns me is how it affects _ this but what concerns me is how it affects ordinary people but i speak to in east— affects ordinary people but i speak to in east anglia and around the countrv — to in east anglia and around the country. they say they are concerned about _ country. they say they are concerned about growing mortgage rates and rent rises — about growing mortgage rates and rent rises and the impacts on growing _ rent rises and the impacts on growing bills and energy bills and also the — growing bills and energy bills and also the fact that we are seeing the nhs and _ also the fact that we are seeing the nhs and social care at breaking point _ nhs and social care at breaking point. people in those services and p

it announced £115 billion in cuts — then came the u—turns.lanned to scrap — saving £18. and bringing forward the independent budget watchdog report from late november to late october. this is thousand markets have responded. this shows how much it cost the government to borrow more the longer the, this is the an nousments here on 23rd november. 23rd november this is the announcement of the mini budget, this is when the bank this is when the bank of england had to intervene to calm the markets. that intervention ends today. and this is the reaction to the government u—turn on corporation tax. bob rows corresponds borrowing costs are higher than last night. so business was expecting tax rates to stay frozen to promote growth — now they are rising from 19% to 25% as the last chancellor — as the last chancellor planned — how does business feel about that? talking to businesses up and down the country in the last few days and today, and they're pretty clear that the first step before they even begin to start investing again is that we have stabili