announced by his predecessor, kwasi kwarteng, in last month s mini budgetjust three weeks ago. in an emergency statement this morning, he abandoned indefinitely the planned ip cut in the basic income tax that was due to come next year. help with energy bills will now only last until next april. instead of for two years, and then that will be reviewed. today, jeremy hunt claimed all of those announcements will save £32 billion a year, but he also warned that there are going to be more difficult decisions ahead on tax and spending to cut government debt. he will be addressing mps in the commons later this afternoon, some time after lipm. before then, there will be an urgent question in there will be an urgent question in the commons asked by sir keir starmer. it will not be liz truss responding to that, it will instead be penny mordaunt. so plenty ahead in the commons. in terms of the market reaction, jeremy hunt said that he had sought to reassure the markets this morning and
the former conservative cabinet secretaryjustine greening, the is chief political commentator paul waugh and the republican political analyst doug heye. good evening, welcome to the programme. by the 5th september we will know who is to become the next prime minister of the united kingdom. currently, we have 11 candidates, the hope is that by next week, 11 will become two. in the last hour, the 1922 committee of conservative backbenchers has set out the rules by which they will eliminate candidates. here is the chair of that committee sir graham brady. we tried to find a balance where we are not making it impossibly difficult for serious candidates to enter the contest but we don t want to have a cast of thousands of people who don t really have great prospects of progressing in the election. so the first round will be held on wednesday, by which time candidates will require the support of 20 mps. a second on thursday, in which they will need the support of 30. another round