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BBCNEWS BBC News June 4, 2024 16:29:00

Tight spending rounds. the first verdict will come when financial markets open next week. i don t expect a dramatic reversal, because the devil will be in the detail. and when we find out the detail of the budget on the 315t of october, that will be perhaps a more holisticjudgment being made by financial markets. that s a fortnight away, a long time in the life of a chancellor. marc ashdown, bbc news. let s go live now to downing street and our political correspondent, helen catt. helen, what does all of this mean for liz truss? for liz truss? the chance this mornin: for liz truss? the chance this morning was for liz truss? the chance this morning was trying to - for liz truss? the chance this i morning was trying to calm things economically, to reassure the financial markets, but in doing so he has added to liz truss political problems. why is that? she built her leadership edge on this vision of regulation loosening, tax cutting, throwing everything at the economy, ....

Spending Rounds , Marc Ashdown , Bbc News , Financial Markets , Liz Truss , Let S Go On , Helen Catt , Downing Street , Leadership Edge , Tax Cutting , Regulation Loosening ,

BBCNEWS BBC News June 4, 2024 23:13:00

And even with a change of approach, the government s problems remain the same how to find tens of billions of pounds to help people with their energy bills and make the sums add up. we re certainly looking at a really tough couple of years. we ve got a very tough economic environment. we ve got very stretched public finances. i think we re going to see some even further reversal of the tax cuts that we ve had and, in addition, probably some very tight spending rounds. the first verdict will come when financial i don t expect a dramatic reversal, because the devil will be in the detail. and when we find out the detail of the budget on the 31st of october, that will be perhaps a more holisticjudgment being made by financial markets. that s a fortnight away a long time in the life of a chancellor. marc ashdown, bbc news. to turkey now and the latest on the explosion in a mine on friday. ....

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BBCNEWS BBC News June 4, 2024 17:07:00

My best guess is that inflationary pressures will require a stronger response than we perhaps thought in august. the current base rate is 2.25%. investors are expecting a rise of up to one percentage point in november to 3.25%. most mortgage offers are currently already around 6%, but a bigger rise in the base rate will affect the economy elsewhere. and even with a change of approach, the government s problems remain the same. how to find tens of billions of pounds to help people with their energy bills and make the sums add up. we re certainly looking at a really tough couple of years, we ve got a very tough economic environment. we ve got very stretched public finances. i think we re going to see some even further reversal of the tax cuts that we ve had, and in addition, probably some very tight spending rounds. the first verdict will come when financial markets open next week. i don t expect a dramatic reversal, because the devil will be in the detail. and when we find out the detai ....

Base Rate , 2 25 , 43 25 , Energy Bills , Sums Add Up , Tax Cuts , Spending Rounds ,

BBCNEWS BBC News June 4, 2024 18:07:00

Most mortgage offers are currently already around 6%, but a bigger rise in the base rate will affect the economy elsewhere. and even with a change of approach, the government s problems remain the same. how to find tens of billions of pounds to help people with their energy bills and make the sums add up. we re certainly looking at a really tough couple of years, we ve got a very tough economic environment. we ve got very stretched public finances. i think we re going to see some even further reversal of the tax cuts that we ve had, and in addition, probably some very tight spending rounds. the first verdict will come when financial markets open next week. i don t expect a dramatic reversal, because the devil will be in the detail. and when we find out the detail of the budget on the 31st of october, that will be perhaps a more holistic judgement being made by financial markets. that s a fortnight away, a long time in the life of a chancellor. ....

Base Rate , Energy Bills , Tax Cuts , Sums Add Up , Spending Rounds , Financial Markets , Holistic Judgement , 31st Of October ,

BBCNEWS BBC News June 4, 2024 16:08:00

They said that sort of thing we could be looking at is very below inflation pay rises in the public sector and tight spending rounds, the global economy is the challenge of course. back to the short term, as you said, we will see the verdict on the markets overnight sunday into monday. but it remains a very difficult task ahead to make the sums add up and in the short timeframe we still are due this new budget on october 31. meanwhile, as we ve heard, there s been a further warning of economic problems from the governor of the bank of england andrew bailey. in a speech in washington, he said the bank might have to raise its interest rates even higher than first thought in order to tackle inflation. let s hear what he had to say: recently the uk government has made a number of fiscal announcements. and has set october the 31st as the date for a further fiscal statement. the mpc will respond to all this news at its next meeting in just under three weeks from now, just after the 31st of o ....

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