and its clear that suella knows the home and its clear that suella knows the home office, having very recently been home office, having very recently been there, and is able to hit the ground been there, and is able to hit the ground running from day one. the new prime minister has already spoken to the first ministers of scotland and wales in what s being seen as a bid to improve relations with the devolved administrations. and at noon today, rishi sunak faces his first big parliamentary test at prime minister s questions. we ll have live coverage. good morning and welcome to bbc news. i m here in westminster on the first day of rishi sunak s premiership. the new prime minister will hold his first cabinet meeting this morning after a major reshuffle of ministers. after a day of hiring and firing, we now know who will be joining him around the cabinet table. mr sunak brought back several experienced ministers. the most controversial appointment was the return of suell
off in beijing shortly. in a break in decades long tradition, delegates are likely to hand mr xi a third term as party chief. and those are your latest headlines. jeremy hunt said there was a clear focus jeremy hunt said there was a clearfocus on mines jeremy hunt said there was a clear focus on mines of stability. mr bailey warned of high interest rates ahead more than previously expected. business corresponded marc ashdown has analysis. smiles and a new political phrase, trussonomics, liz truss s high growth, low wage tax economy. three weeks later, new chancellor has buried it. had ou chancellor has buried it. had you been chancellor has buried it. had you been given chancellor has buried it. had you been given a chancellor has buried it. had you been given a clean - chancellor has buried it. herc you been given a clean slate, could you change elements of the mini budget? the mini budget? yes. the fundamental the mini budget? yes. the fundamental thing - the mini
it paves the way for him to become the most powerful leader since mao zedong. and those are your latest headlines. the governor of the bank of england, andrew bailey, has spoken to the new chancellor, jeremy hunt, and says there was a clear meeting of minds on the importance of stability. now mr bailey has also warned of the possibility of higher interest rates ahead, more than previously expected. our business correspondent, marc ashdown, has this analysis. all smiles launching the mini budget at the end of september. and with it a new political phrase trussonomics, describing liz truss s vision for a high growth, high wage, low tax economy. but just three weeks later, her new chancellor has buried it. have you been given a clean slate? can you change elements of the mini budget if you want to? yes. and the fundamental thing the prime minister wants me to do and i need to do is to be completely honest with the country. trussonomics reversed, then. tax cuts likely replace
but just three weeks later, her new chancellor has buried it. have you been given a clean slate? can you change elements of the mini budget if you want to? yes, and the fundamental thing the prime minister wants me to do and i need to do is to be completely honest with the country. trussonomics reversed, then, tax cuts likely replaced with tax rises, huge investment replaced with a spending slowdown. this rethink has largely been driven by the turmoil in the financial markets since the mini budget was announced. the pound has had a torrid time. the effective cost of government borrowing has soared, and the bank of england had to step in with an emergency programme, buying up government bonds to stabilise the pension sector. there is a pressing need, then, to restore some confidence and credibility. bank of england governor andrew bailey said he spoke to the new chancellor yesterday and had an immediate meeting of minds. but in a speech in washington, he had this warning on in
pressures will require a stronger response than we perhaps in august. manchester united and england footballer mason greenwood is charged with attempted rape, engaging in controlling and coercive behaviour, and assault. more than a0 turkish miners are now known to have died following an underground explosion dozens of others were injured. and rugby league world cup hosts england get off to a flying start, crushing samoa in the opening game of the tournament at st james s park good afternoon. the new chancellor of the exchequer, jeremy hunt, who has refused to rule out public spending cuts, and said taxes may have to rise. mr hunt appointed yesterday after kwasi kwarteng was sacked from the job said mistakes had been made by the government and warned of difficult decisions ahead . and in a further problem for the government, the governor of the bank of england has predicted that in order to combat inflation uk interest rates may have to rise even higher than expecte