announced by his predecessor, kwasi kwarteng, in last month s mini budgetjust three weeks ago. in an emergency statement this morning, he abandoned indefinitely the planned ip cut in the basic income tax that was due to come next year. help with energy bills will now only last until next april. instead of for two years, and then that will be reviewed. today, jeremy hunt claimed all of those announcements will save £32 billion a year, but he also warned that there are going to be more difficult decisions ahead on tax and spending to cut government debt. he will be addressing mps in the commons later this afternoon, some time after lipm. before then, there will be an urgent question in there will be an urgent question in the commons asked by sir keir starmer. it will not be liz truss responding to that, it will instead be penny mordaunt. so plenty ahead in the commons. in terms of the market reaction, jeremy hunt said that he had sought to reassure the markets this morning and
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. good morning and welcome to bbc news. the 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. the chancellor 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 minister are expected to hold talks with conservative mps. some think the government s tax cutting plans should be reversed, while others believe the help with energy bills should be more targeted. there s even talk of whether both the chancellor and
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
at least 13 people dead, seven of them children. a moment of history in italy. georgia meloni looks set to become the country s first far right leader since the second world war and italy s first female prime minister. a people smuggler tells the bbc the government s policy of sending asylum seekers to rwanda is not deterring migrants. and nasa prepare to crash a space probe into an asteroid to find out how hard it would be save the planet. to save the planet. coming up on the bbc news channel. as england face into their final match ahead of the world cup, manager gareth southgate admits he faces losing his job if results don t go his way in qatar. good 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. at one stage sterling plunged to around $1.03 before regaining ground. a weaker pound raises the cost