we begin here in the uk, where the institute for fiscal studies is warning the chancellor big and painful spending cuts will be needed to put the country s finances on a sustainable path. the independent think tank predicts with a weaker economy and promised tax cuts, there will be a large shortfall in revenue. it calculates the government would have to spend £60 billion a year less by 2026 27. the treasury says its tax cuts and reforms would deliver sustainable funding for public services . more for public services . detail on that on october sist. joining me now is janet mui, head of market analysis, rbc brewin dolphin. they have quite a lot of detail as to why they believe the government will not have the money it needs to go ahead with plans? money it needs to go ahead with lans? ., ., ., plans? thanks for having me, first of all plans? thanks for having me, first of all before plans? thanks for having me, first of all before the - plans? thanks for having me, firs
there is the wreck of the mary rose. it has come to the surface. and it s exactly a0 years since henry 8th s flagship the mary rose was raised from the bottom of the solent, after 437 years under the sea. the bank of england has been forced to intervene once again in the markets warning of a material risk to financial stability. the emergency move this morning will see the bank buy a wider range of government debt, in order to restore conditions in the markets. it follows on from yesterday s announcement of further meaures aimed at ensuring an orderly end to its emergency bond buying scheme. today the institute for fiscal studies think tank warnted the chancellor will need to make big and painful spending cuts to put the country s finances on a sustainable path. it suggests the chancellor could increase working age benefits in line with average earnings, limit public investment to 2% of national income and cut the budgets of every government department except he
thailand s prime minister attends the funerals of the children killed at a daycare centre last week. hello and welcome if you re watching in the uk or around the world. warnings of further attacks continue across ukraine this morning, a day after a wave of strikes by russia. yesterday, missiles hit cities across the country killing at least 19 people and wounding more than 100 more. air raid sirens have sounded across kyiv and other cities into this morning. the southern city of zaporizhzhia was shelled again overnight, with authorities saying one person was killed and public buildings including a school were damaged. work is under way across ukraine to restore electricity supplies damaged during monday s attacks. in his nightly address, volodymyr zelensky warned people to follow safety rules , saying the danger is still here, but we are fighting. later today the leaders of the g7 nations will meet virtually, and are expected to hear from the ukrainian president. mea
The bank first intervened after last month s mini budget. today it s announced it will buy more government bonds also known as gilts allow the government to raise money to pay for spending by borrowing from investors. the government s borrowing costs have been surging, which has prompted the action from the bank of england. but there was a glimmer of good news for the economy this morning, as the uk s unemployment rate fell to 3.5% - the lowest quarterly rate since 1974. however the squeeze on pay remains, with rises in regular wages failing to keep up with the rising cost of living. inflation which measures the rate of price rises is at the highest level for decades. and today the think tank the institute for fiscal studies warned the chancellor will need to make big and painful public spending cuts of around £60 billion to put the country s finances on a sustainable path.
Today the institute for fiscal studies think tank warnted the chancellor will need to make big and painful spending cuts to put the country s finances on a sustainable path. it suggests the chancellor could increase working age benefits in line with average earnings, limit public investment to 2% of national income and cut the budgets of every government department except health and defence by 15%. they say it is not possible to deliver cuts through trimming fat and that it would require major cuts to public services. the chancellor says he once to get it on a stable basis. it looks to us that that will mean tens of billions of pounds of spending cuts in order to achieve that. it is hard to see what other way out of the chancellor