indonesia has sacked a police chief in east java after one of the world s worst football stadium disasters. at least 32 children were among 125 people who died in the crush. since the events of the mini budget, the pound has regained most of its losses, but the costs of government borrowing and mortgage interest rates are still significantly higher. it was meant to be growth it was meant to be a growth plan, not a budget. it was meant to underpin the confidence of investors in all projects from those involving towering cranes to ordinary house moves to make that investment. but instead, it amplified an interest rate shock from around the world and targeted it at the uk. if i look back at this, natwest last week were quoting a five year fixed rate at 3.77, whereas the changes that
it was meant to be a growth plan, not a budget. it was meant to underpin the confidence of investors in all projects from those involving towering cranes to ordinary house moves to make that investment, but instead it amplified an interest rate shock from around the world and targeted it at the uk. natwest last week were quoting five year fixed rate at 3.77, whereas the changes that were made to take their five year fixed rate cheapest is 5.14. and that was with a 40% deposit. ten minutes walk from the chancellors speech, a birmingham mortgage broker is still seeing the shock waves from last week hit ordinary consumers. it s been a massive shock this past week, the pace of change very difficult to keep up with, lenders are withdrawing products with little or no notice or even retrospectively telling us a deal has gone so it makes us
news, in birmingham. the highly controversial mini budget of ten days ago produced a little turbulence , in the chancellor s words that was kwasi kwarteng s reference to a collapsing pound and higher interest rates. since the events of friday 23rd september, the pound has regained most of its losses, but the costs of government borrowing and mortgage interest rates are still higher. and there remains the big question of how the chancellor will fund £15 billion worth of tax cuts, as our economics editor faisal islam reports. it was meant to be a growth plan, not a budget. it was meant to underpin the confidence of investors in all projects from those involving towering cranes to ordinary house moves to make that investment. but instead, it amplified an interest rate shock from around the world and targeted it at the uk. if i look back at this, natwest last week were quoting a five year fixed rate at 3.77,
in the city, and how that works out will determine when this interest rate shock ends, or if it s prolonged and worsened. what we learned from the government today is that despite everything we ve seen over the past week, that in their view, there is no challenge, there s definitely no crisis, there isn t a problem. and if there s no problem, there s no need to change course. but the tidal wave of rising borrowing rates coming from city trading floors is far from normal, says one of the world s most noted experts. i have seen it, but never in a g7 economy. never in a mature economy, with respected institutions. this is something that you see in developing countries going through difficulties. you normally do not see this in a g7 economy. the former governor of the bank of england, mark carney, made a rare intervention, saying the turmoil was down
it s really painful. our cost prices effectively increased by nearly 5% in the space of a few hours last week, on top of having already gone up by over 20% since january and because we buy all our bikes in us dollars, we are at the whim of the exchange rates. so, the financial markets have stabilised, for now. but such an interest rate shock is still likely to put the brakes on, both for businesses and consumers. faisal islam, bbc news. an investigation by the bbc has uncovered the scale of undeclared emissions of greenhouse gases by the oil industry. bbc news arabic and the bbc climate and data teams have found dozens of sites involving major companies where millions of tonnes of emissions from gas flaring from oil drilling have gone unreported. the companies say its standard practice to only declare emissions where they re the official operator, even if they own the field. esme stallard reports.