hello there. we start here in the uk, where the two rivals vying to become the next prime minister have been setting out their contrasting economic plans and attacking each others . foreign secretary liz truss, currently the favourite to win, has suggested her party s economic policy has been wrong notjust under her rival, former chancellor rishi sunak, but for its entire period in power. ms truss said the past two decades had failed to deliver growth and promised billions of pounds in immediate tax cuts. we ve got the highest taxes for 70 years. we ve got lower debt than the united states, than japan, than canada. no other countries are raising taxes and the oecd countries are raising taxes and the 0ecd has described our current policy as contractionary and contractionary, it essentially means policies that lead to a recession. so what i want to do is increase tax revenues by growing the economy, not choke off growth by raising taxes. mr sunak has been restating his plan to
but most staff think it is. so who s right? we ll be hearing from the ceos of microsoft and linkedin. a new era for britain. that is how the new finance minister chancellor of the exchequer kwasi kwarteng is billing his plan for boosting the uk economy. mr kwarteng will be announcing the full details in the coming hours. but we already know the direction of travel. cut taxes, rip up regulations, and encourage more investment by the private sector. the government s already confirmed massive support for households and businesses to limit soaring energy bills this winter to be paid for by more borrowing. but some critics have questioned the affordability of the plan. and others argue lower taxes will do little to help the poorest in society. coletta smith reports. we will sit in here. i will brin: we will sit in here. i will bring it we will sit in here. i will bring it over we will sit in here. i will bring it over for - we will sit in here. i will bring it over for yo
hello there. let s start with news that has broken in the last hour the formerjapanese prime minister, shinzo abe, has been taken to hospital after apparently being shot while delivering a speech in the city of nara in western japan. he s said to be unconscious. local media reports say a sound like a gunshot was heard at the time. a male suspect has been detained. there is a press conference that will happen very shortly and when we get any new lines on this story, will bring them to you immediately. local reports say shinzo abe, former prime minister ofjapan, prime minister of japan, longest serving prime minister ofjapan, longest serving prime minister ofjapan, has been shot as in a state of cardiac and respiratory arrest. uk business groups fear the country could face weeks or months of political paralysis amid a deepening cost of living crisis, if boris johnson remains as britain s caretaker prime minister while a successor is found. the confederation of british industr
we start here in the uk where the bank of england has given its bleakest forecast in recent memory a prolonged recession is on the way, starting this autumn and continuing all of next year and into 202a. if accurate, it would be the longest downturn for the uk economy since the financial criss in 2008. inflation is predicted to hit more than 13%, driven by the sharp rise in energy bills. and in an effort to rein in soaring prices, the bank has raised interest rates by the most in 27 years, piling more pressure on households. 0ur economics editor faisal islam reports. as the essentials, from fuel to food, continue to surge in price, with little sign of an end, hitting every household in the country, eventually the entire economy too will actually begin to shrink, a recession now predicted for britain. at the bank of england the governor presented the grim news with troubling charts, almost all heading in the wrong direction. gdp growth in the uk has slowed and the economy is
we start here in the uk, where the bank of england has raised the cost of borrowing to its highest level in 13 years. the quarter of a percentage point rise, to 1.25%, was less than some were expecting. but financial markets are now betting uk interest rates will have to rise a lot further from here, to get control over soaring inflation. the worry is, too steep a rise in borrowing costs could tip the economy into recession. and the warning signs are already there. our economics editor faisal islam reports. on faisal islam reports. the outskirts of doncaster, a on the outskirts of doncaster, a successful business, the crown hotel, grappling with energy, food prices and wages going up at the same time that household income is being squeezed and now a relentless run of interest rate rises to hit some buyers on variable rate within hours. hit some buyers on variable rate within hours. with got a mortgage rate within hours. with got a mortgage and rate within hours. with got