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market after government borrowing costs soar to a 20 year high. no end to the strong dollar. us interest rates are going higher and staying there for longer, according to policymakers at the federal reserve. also coming up: digging ourselves into a hole. how climate change is threatening the world s soil and our future food supply. we start here in the uk, where pressure is growing on prime minister liz truss and chancellor of the exchequer kwasi kwarteng to rethink their economic plans. financial markets have been in turmoil since they promised £45 billion worth of tax cuts funded by borrowing in a mini budget statement on september 23rd. the chancellor is due to set out how he will fund the package and reduce debt at the end of the month. facing questions in parliament on wednesday, the prime minister ruled out scrapping her tax cuts, but said spending on public services wouldn t be cut either. we are spending almost £1 trillion of public spending, we were spend ....
Out how he will fund the package and reduce debt at the end of the month. facing questions in parliament on wednesday, the prime minister ruled out scrapping her tax cuts, but said spending on public services wouldn t be cut either. we are spending almost £1 trillion of public spending, we were spending 700 billion back in 2010, what we will make sure is that over the medium term the debt is falling but we will do that not by cutting public spending, but by making sure, we spend public money well. on wednesday, the bank of england spent some 4 and a half billion pounds buying up government bonds to try and stop a sell off in the market after long term government borrowing costs soared to a 20 year high. it restored a degree of calm but the bank has confirmed it ....