we start with the latest market action and as the trading day began in asia the pound started to slide down nearly 5% at one point against the us dollar that s on top of the 3.6% dive on friday. investors are running for the exits as fears mount the new government s shock and awe tax plans for the uk economy are too big a gamble. on friday the chancellor, kwasi kwarteng, announced historic tax cuts, and the biggest increase in borrowing since 1972 to pay for them. there is now calls for the bank of england to take emergency action to calm rattled markets and bolster sterling. so let s look at how the pound is trading now. it has been hovering around just over $1.05 but one hour ago we were looking at the pound buying $1.03 so it has recovered a tiny bit but not much and you can see that the markets in asia are fairly mixed and we have the price of oil edging lower as well. joining me now is simon french, chief economist at panmure gordon. is at panmure gordon. this what
As the U.K. faces what the Bank of England recently described as “very challenging” times, with the possibility of the U.K.’s “longest recession since records began,” issuers listed on.
Expecting from meloni, her campaign has been a balancing exercise. 0n the one hand, she played the patriot card and on the other hand, she has flirted with the establishment, sort of indicating that she will stick to mario draghi s overall framework so, we don t really know what anyone is expecting. we know that she will have to hit the ground running. we never had elections at this time of the year, in the middle of the budget session. so we will probably have government by the beginning of november. they have less than two months to draw up a budget. and as you say, there are many other elements at play like the recovery fund. elements at play like the recovery fund. elements at play like the recove fund. ,, ., ., recovery fund. she will have to have a good recovery fund. she will have to have a good relationship - recovery fund. she will have to have a good relationship with i have a good relationship with brussels, because of that recovery fund, which is a lifeline for italy at
Overrides that risk of prejudice? this is a balance and the police are conducting a balancing exercise and have come to this conclusion. most people would agree we had been through quite a serious political crisis and most people would also a great public confidence in some of our national institutions has been badly shaken so it s highly undesirable for this to be left hanging in the air and if the report isn t published it means matters will be hanging in the airfor weeks and probably months. against that the investigation perhaps into what is very minor offending in terms of the calendar of criminal offences, it that sort of balance that i think would lead more naturally to the conclusion that public confidence demands the publication of the report and the police investigation would not be hampered by it. there
Now they think that he s addressed his offending. a few years ago, they concluded there was no more work needed to be done on his offending within prison because he d reached a certain point of rehabilitation there, and they concluded, the parole board, that he could be safely managed in the community. now, that doesn t mean he s free because he s subject to 30+ conditions on his movements. he has to wear a tag, he has to talk regularly to probation officers, he can t have any supervised conduct with children. these kind of things. and it s obviously a very, very difficult balancing exercise, but the parole board think, in this case, it is no longer necessary to hold him actually inside the jail. the prime minister has backed culture secretary 0liver dowden in saying the england and wales cricket board has gone over the top by suspending 0llie robinson for old sexist and racist messages posted on social media. in a tweet, 0liver dowden said the texts were offensive and wrong