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from 62 to 64. and soggy takeaway! how the red hot food delivery market has started to go cold. a lot to talk about, let s get going. we start in the us where a bitter political fight over the country s finances is about to begin. later today, the federal government will hit its borrowing limit agreed by congress far earlier than expected. the figure? an eye watering $31.4 trillion. in the short term, treasury secretary janet yellen will be able to buy some time, using what are known as extraordinary measures, diverting cash to stop the us defaulting on its debts. but congress will urgently have to find a solution and it is more divided than ever as michelle fleury reports from new york. the debt ceiling or debt limit is the legal amount the american federal government is allowed to borrow. it american federal government is allowed to borrow. allowed to borrow. it has maxed it out faster allowed to borrow. it has maxed it out faster than allowed to borrow. it has ....
report has just told uncomfortable truths and it has to be dealt with. air raid sirens sound in kyiv officials say russia is using self detonating drones to attack the ukrainian capital. good morning and welcome to bbc news. the new chancellorjeremy hunt is to deliver an emergency statement on the economy this morning, bringing forward measures a fortnight earlier than expected. it s expected there ll be a delay in the plan to cut the basic rate of income tax from 20p to 19p, that would be yet naother u turn from the mini statement that caused such turmoil on the financial markets. in an effort to calm those markets, the chancellor will bring forward measures from the so called medium term fiscal plan how he ll pay for the measures announced in the mini budget last month. yesterday he told the bbc that he was not taking anything off the table in terms of tax and spending. already on friday liz truss announced an £18 billion u turn on scrapping an increase in corporat ....
u turn this afternoon, possibly abandoning plans for lower corporation tax. she s due to hold a news conference in about half an hour. kwasi kwarteng has confirmed his being sacked in a letter to the prime minister which begins by saying he had asked him to set aside and that he had accepted amongst the other quotes in a letter saying that the situation he faces is incredibly difficult with raising global interest rates and energy prices and following the status quo was not an option. his letter continues, the economic environment has changed rapidly since we set out the growth plan on the 23rd of september together with the bank of england we have responded to those events and it concludes that it is important now, as we move forward to emphasise the government commitment to fiscal discipline. the medium term financial fiscal plan is crucial to this end. let s go live to our political correspondent leila nathoo who s at downing street. kwasi kwarteng has gone as chancellor a ....
hours, it is because of issues around skills. are our university sector is stronger than germany s but 50% of school lovers who don t go to university, the germans have a better system of technical education and we need to learn from that and thatis and we need to learn from that and that is what rishi sunak is talking about in terms of people doing math to 18. part of that is we have less capital investment. germany, france and the united states between them average about 2% more invested in gdp every year. what you will see on wednesday is a range of measures designed to unlock business investment and close that gap with countries li france, germany and the united states and one that i talked about is overhauling the planning system and show local authorities have to meet statutory deadlines or they give you your money back. we are going to unlock access to the grids. a lot of supply side measures to boost that investment. i grids. a lot of supply side measures to boo ....