the leaders of china s ruling communist party gather for a summit in which ruler xijinping is expected to secure a historic third term in office. communities in three australian states are ordered to evacuate as torrential rain brings major flooding. and the flying scotsman the first steam engine to hit 100 miles an hour celebrates a century on the tracks. hello and welcome if you re watching in the uk or around the world. britain s chancellor, kwasi kwarteng, has cut short his visit to the us, to hold urgent talks with the prime minister, as pressure mounts on the government over its mini budget. mr kwarteng had been in washington for a meeting of global finance ministers. he d originally been expected to return back to london on saturday. speaking to the bbc yesterday before the change of plans, mr kwarteng said he believes 100% that he will still be a chancellor and liz truss will still be prime minister in a month s time. later today, the chancellor and prime
who will win a second term in the white house, or might someone else get the chance of a first? and can china survive a third term for president xi? in the studio are: jeff mcallister, time magazine s white house correspondent during the clinton years, and then chief of the magazine s london bureau. he and his wife now run their own international law firm. eunice goes, a portuguese writer and academic, lectures on comparative government which, i guess, is how countries learn from each other s mistakes; and steve richards, who arrived at westminster just as the conservative party was evicting margaret thatcher from downing street. the latest episode of rock and roll politics, his podcast, is entitled the next labour government and the power of markets. have events of the last few hours, perhaps certainly the last few weeks, steve, provided you with an insight into those two thoughts, the power of the market and the prospects for a change of government? prospects for a change
you will see it like never before. tonight with the context, the former mayor of baltimore, stephanie rawlings blake, and the former uk ambassador to paris and national security advisor, lord peter ricketts. hello, welcome to the programme. it s hard to overstate how poorly the british government s fiscal event on friday has been received by financial markets. nothing in recent history compares with the price moves we have seen since. not brexit, not covid, 9/11 not even the uk s ejection from the exchange rate mechanism. the pound has slumped to its lowest ever level against the dollar. and the rate on short term gilts is now higher than italy or greece. 0rdinarily, tax cuts to promote growth might be welcomed by the city, when they are properly costed. but the government s critics would say that if there s no framework for the size of borrowing, nor any timeframe established to deliver the growth the treasury is chasing, then don t be surprised if markets are spooked. s