economy competitive. at the end of the day, that s ultimately what we have to do. what we politicians are responsible for is making the economic decisions that will drive continued growth. overnight, more chaos as hundreds of mortgage products were withdrawn. labour says it s all because of government negligence. what the government now needs to do, is to recall parliament, immediately, abandon that budget before any more damage is done. we ll have more on the bank of england s emergency intervention, and on the government s refusal to change tack. also on the programme.. inside one of the uk s largest mental health hospitals, a bbc investigation uncovers mistreatment and cruelty. the british iranian nazanin zaghari ratcliffe has cut her hair in solidarity with iranian women, whose rights are under attack from religious rulers. and the latest from florida, where hurricane ian, one of the worst storms in the state s history, is set to devastate wide areas.
bank of england making that emergency intervention to try and calm the financial markets after last week s mini budget sent the value of the pound tumbling. the imf urged the prime minister to reverse course. overnight, the secretary expressed her concern about the measures. the greek finance minister during greece s bail out of 2015 has been giving us his opinion on the situation on the economic proposals. the trickle down economics, a zombie idea, that liz truss resurrected, half resurrected from the dead. it has never worked. it didn t work in the 1980s, has never worked. it didn t work in the 19805, it has never worked. it didn t work in the 1980s, it never worked in the 19905, the 1980s, it never worked in the 1990s, cutting the taxes of rich people who don t spend that great a percentage of their income anyway is
self inflicted, sometimes there is an economic crisis because of world events that can t be predicted. this is self inflicted, in downing street, with that budget. we ll have more on the bank of england s emergency intervention, and whether it s likely to work. also on the programme. an investigation by bbc panorama exposes what s described as a toxic culture at one of the uk s largest mental health hospitals. and, the people of florida are bracing theselves for one of the worst storms in the state s history. and coming up on the bbc news channel. the latest from lahore, as england take on pakistan in their fifth match of a gripping t20 series the sides locked at two matches each. good evening.
mean the value of the government debt decreases. for some long term loans, they were effectively halved, with severe consequences for one sector in particular. this was a dramatic, surprise intervention by the bank of england to save a trillion pound corner of the pensions industry. 0rdinarily, these funds buy up government debts because they re safe as houses, no risks. but their value fell so rapidly in two days that they had to be saved in this way. but this also helps the government at a tricky time by finding a customer, the bank of england, for the tens of billions of pounds of debt that they have to raise. so this is an emergency intervention, it is a crisis. and, whilst this will help buy some time, it doesn t solve the underlying problem, which is the government s economic credibility with the markets. so this intervention staved off market turmoil turning into the collapse of some types
allowing liz truss, according to sources, to on the moment. while the daily star picture is chancellor kwasi kwarteng meeting top bankers earlier today. kwasi kwarteng meeting top bankers earliertoday. does kwasi kwarteng meeting top bankers earlier today. does anybody have a clue what i m doing? let s look through some different papers now. let s start with you. 65 billion to protect pensions and day of turmoil. well, an emergency intervention and seems to have done the trick certainly in the short term. yes, absolutely- certainly in the short term. yes, absolutely. if certainly in the short term. yes, absolutely. if you certainly in the short term. yes, absolutely. if you look certainly in the short term. yes, absolutely. if you look at - certainly in the short term. yes, absolutely. if you look at the - absolutely. if you look at the pound, if you look at the market today, they all seem to be moving at what the bank of england would say it s the right direction. only time wi