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let s start here in the uk where the new chancellor has been holding crunch talks with the prime minister on sunday to thrash out plans on tax and spending. jeremy hunt says his focus is on growth underpinned by stability. the value of the pound has gone up against the dollar in early trading today in asia. we will look at the market numbers in a moment because the new chancellor has the tough task of restoring economic credibility in the financial markets. our international trade correspondent dharshini david explains some of the tough challenges he faces. as international trading resumed for the first time after the chancellor wrapped up an economic strategy launched just one month ago, but his version, will it reassure other financial markets? let s look at those challenges, because this is the cost of new government borrowing, as dictated by the bond markets, which also impact mortgage rates. that rate remained high on friday then it was prior to september s mini bu ....
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 ....
rachel reeves, the shadow chancellor, is there and they promise they will bring back the rate of interest tax to fund nhs staff. other news this afternoon. a moment of history in italy georgia meloni looks set to become its first far right leader since the second world war and its first female prime minister. a school shooting in russia has left at least 13 people dead, seven of them children. and nasa prepare to crash a space probe into an asteroid to find out how hard it would be to save the planet. welcome to bbc news, very good to have your company and it is going to be a busy afternoon. the pound fell overnight to its lowest level against the dollar for half a century. asian markets were reacting in part to the government s announcement last week of tax cuts and increased borrowing to pay for them. of course, that had come too late for their trading week on friday. at one stage, sterling plunged to around $1.03, before regaining ground. a weaker pound raises th ....
at the inquest into the death of molly russell, an executive from instagram s parent company, meta, insists thousands of images the teenager saw online about suicide and self harm were safe. and science fiction made reality, as nasa plans to try to knock an asteroid off course by crashing a rocket into it. hello, welcome to the programme. the government is under pressure tonight as the financial markets give their verdict on the government s so called mini budget last friday. the value of the pound plunged to an all time low against the us dollar this morning. tonight, a number of banks and lenders have stopped offering new mortgages because of the volatility in the currency markets. and the amount it costs the government to borrow money an essential part of its new financial plan has risen sharply to its highest level since 2010. analysts fear it could rise still further. the bank of england has tonight said it will not hesitate to raise interest rates if necessary to re ....
By kwasi kwarteng, we saw an extreme market reaction. gilt markets have settled a lot since then, which has meant borrowing costs have come down as well, and that s a big factor in this going forward. when it comes to projections about how big the black hole is for the government, it could actually be a lot smaller depending on the projections you go with. depending on the pro ections you go mutt depending on the pro ections you go with. absolutely, let s remember you go with. absolutely, let s remember that you go with. absolutely, let s remember that this you go with. absolutely, let s remember that this black - you go with. absolutely, let s| remember that this black hole is actually a black hole the government has set itself, it is committed for the debt to fall as a proportion of gdp overfive years. so fall as a proportion of gdp over five years. so that is why it is scrambling around to try and find this money. as you say, the markets have been calmed with the measures alre ....