and misconduct. the mayor of kyiv says that russian strikes on the city this morning have killed one person and wounded three others. good morning and welcome to bbc news. the uk s new chancellorjeremy hunt is to deliver an emergency statement on the british economyjust after 11 o clock 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 another u turn from the mini budget that caused such turmoil on financial markets. with me now as our chief political correspondent. he is waiting in the wings to talk to me. let me round up, because an hour or so we are expecting to hear from the chancellor, he is going to be making that statement and we are expecting pretty much everything in the mini budgets to be pulled back, except for the national insurance increase, the national insurance cut because that has already been legislated for, obviously
and the economy is also a key issue for us voters three weeks out from the crucial midterm elections as inflation continues to rise. tonight with the context, paul waugh, chief political commentator for the i newspaper, and democratic strategist mary anne marsh. as government u turns go, and there have been a few of late, this was a big one. britain s new chancellor, jeremy hunt, has dumped nearly all of the flagship economic policies of the liz truss government in an attempt to end weeks of financial turmoil. it has left the prime minister fighting for her political survival with a few mps openly calling for her to quit, and more doing anonymously. this gives you an idea of the scale of how much has been dropped from the pm s plan for growth last month which the then chancellor kwasi kwarteng announced in parliament, and how little now remains. the 1p cut in the basic rate of income tax has been dropped indefinitely. it will remain at 20p. the 2 year cap on energy prices h
off in beijing shortly. in a break in decades long tradition, delegates are likely to hand mr xi a third term as party chief. and those are your latest headlines. jeremy hunt said there was a clear focus jeremy hunt said there was a clearfocus on mines jeremy hunt said there was a clear focus on mines of stability. mr bailey warned of high interest rates ahead more than previously expected. business corresponded marc ashdown has analysis. smiles and a new political phrase, trussonomics, liz truss s high growth, low wage tax economy. three weeks later, new chancellor has buried it. had ou chancellor has buried it. had you been chancellor has buried it. had you been given chancellor has buried it. had you been given a chancellor has buried it. had you been given a clean - chancellor has buried it. herc you been given a clean slate, could you change elements of the mini budget? the mini budget? yes. the fundamental the mini budget? yes. the fundamental thing - the mini
it paves the way for him to become the most powerful leader since mao zedong. and those are your latest headlines. the governor of the bank of england, andrew bailey, has spoken to the new chancellor, jeremy hunt, and says there was a clear meeting of minds on the importance of stability. now mr bailey has also warned of the possibility of higher interest rates ahead, more than previously expected. our business correspondent, marc ashdown, has this analysis. all smiles launching the mini budget at the end of september. and with it a new political phrase trussonomics, describing liz truss s vision for a high growth, high wage, low tax economy. but just three weeks later, her new chancellor has buried it. have you been given a clean slate? can you change elements of the mini budget if you want to? yes. and the fundamental thing the prime minister wants me to do and i need to do is to be completely honest with the country. trussonomics reversed, then. tax cuts likely replace
but just three weeks later, her new chancellor has buried it. have you been given a clean slate? can you change elements of the mini budget if you want to? yes, and the fundamental thing the prime minister wants me to do and i need to do is to be completely honest with the country. trussonomics reversed, then, tax cuts likely replaced with tax rises, huge investment replaced with a spending slowdown. this rethink has largely been driven by the turmoil in the financial markets since the mini budget was announced. the pound has had a torrid time. the effective cost of government borrowing has soared, and the bank of england had to step in with an emergency programme, buying up government bonds to stabilise the pension sector. there is a pressing need, then, to restore some confidence and credibility. bank of england governor andrew bailey said he spoke to the new chancellor yesterday and had an immediate meeting of minds. but in a speech in washington, he had this warning on in