of the institute for fiscal studies on whether the numbers add up, in any budget, or what these days we have to call fiscal event, can be devastating for a politician. that verdict is treated like the word of god, not least by broadcasters like the bbc who have experts from the ifs on our programmes all the time. my guest this week is the director of the ifs, pauljohnson. welcome to the programme. if the ifs is the word of god, that makes you god. how does that feel? very strange. he chuckles all we are, as it were, we are a research institute who happen to work on fiscal things, which means public spending and tax, and when the government or the opposition make big announcements on tax and spending, we analyse it and we analyse it off the back of decades of experience we ve got. with the numbers, with understanding of what this stuff means. so we are able to say, do these add up? will it achieve what the chancellor says it will achieve? and what are the risks? when martin le
government s in panic. the country will pay a lasting price for putting is through this ideological experiment and will pay a lasting price through economic instability and rising mortgage rates for some time to come. and in other news. the head of the metropolitan police says hundreds of his officers should have been sacked for gross misconduct. civilians rescued in the ukrainian capital after an attack by russian kamikaze drones. scotland s first minister nicola sturgeon has set out her economic argument for leaving the uk, including plans move to a scottish currency when the time is right . the new chancellor, jeremy hunt, has scrapped almost all of the key measures in last month s controversial mini budget, in the latest in a series of government u turns. in an emergency statement, he abandoned indefinitely the planned 1p cut in the basic rate of income tax, that had been due to come in next year. help with energy bills will now only last until next april instead of for
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