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
hello there. we start with the cost of living crisis because the uk is facing a summer of discontent over pay, according to the head of the biggest private sector union. sharon graham, who runs the unite union, has told the bbc it s not militant to ask for pay rises in line with inflation, currently running at over 9%. she says tens of thousands of her members, from bus drivers to refuse collectors to factory workers, are involved in pay disputes around the country. this warning comes as railway workers announce more strike days over the summer. here s what she had to say to our economics editor faisal islam. before people turned around to workers and say to workers, not only have you got out and defended the pandemic, because it was key workers and ordinary people that did that, now it is over, we want you to pay for it. now that is actually abhorent to me. the idea that we set out you go, you defend what is going on out there and by the way, now you are back and everyon
Than expected last month. Our economics editor faisal islam has been to rustington, in east sussex, to find out if people are feeling any better about their finances. On about their finances. The on about theirfinances. The high on about their finances. The high street, on about theirfinances. The high street, shoppers can on the high street, shoppers can feel inflation is coming but the feelgood factor the Prime Minister will depend on in a general election remains elusive. ,. ,. , in a general election remains elusive. ,. ,. Elusive. Some products are auoin elusive. Some products are going up. Elusive. Some products are going up. Some elusive. Some products are going up, some products. Elusive. Some products are l going up, some products are plateauing. It isjust going up, some products are plateauing. It is just not a good time for everybody. I good time for everybody. I think things are still going up ust think things are still going up just slightly less faster. Gas and electricit
As a storm introduces heavy rain and severe gales in some parts of the country. Details later. President biden will visit israel tomorrow, in a show of support after more than moo people were killed by gunmen from hamas, a group designated as a Terror Organisation by many western governments, including the uk. The trip was announced by the us secretary of state, Anthony Blinken, who also revealed that israel and the us had agreed to develop a plan to get aid to civilians in gaza. Un agencies have warned of a deepening humanitarian crisis in the territory, where more than 2,700 people have been killed by israeli air strikes. Our middle east correspondent Yolande Knell has the latest. Israel says it is hitting hamas targets as barrages of rockets are still fired from gaza. But a world leader is heading this way. I wednesday, President Biden will visit israel. He is coming here at a critical moment for israel. For the region and for the world. Itruiith critical moment for israel. For the