Will save the average worker about £75. But is that the budget rabbit that conservative backbenchers were after . The answer plainly is no, but the truth is, there was simply not enough money to deliver the cut in income tax they had demanded. After the measures announced today, the Office For Budget Responsibility estimated the chancellor has just £8. 9 billion of headroom left, down from the 13 billion he had in the autumn statement. That the second smallest on record, yet the chancellor gave us a relatively optimistic view of the economy, after covid, a war in europe, and the damage inflicted on the british economy economy this, he said, was a budget for long term growth. Todays obr forecast also shows that we have made Good Progress on the Prime Ministers three economic priorities. Compared to when the three pledges were made, inflation has halved, debt is falling in line with our fiscal rules, and growth is fully 1. 5 Percentage Points higher than predicted. Clamouring. And as g
her predecessor, borisjohnson, left downing street for the last time. in his farewell speech, he urged the conservative party to unite behind his successor. let me say i am now like one of those booster rockets that has fullfilled its function, and i will be gently reentering the atmosphere and splashing down invisibly in some remote and obsecure corner of the pacific. we will have the latest on the change in prime minister and the challenges that liz truss faces. especially the cost of fuel and the cost of living crisis, with a new plan expected this week costing tens of billions of pounds to help households and businesses. for some, to help cannot come soon enough and we will hearfrom to help cannot come soon enough and we will hear from those already feeling the pressure over the rising cost of living. feeling the pressure over the rising cost of living- cost of living. because of the gas, i don t cook cost of living. because of the gas, i don t cook so cost of living
in response to a us senator s visit to the island. the family of archie battersbee seek permission to move him to a hospice doctors warn this carries significant risk. and how disposable facemasks are blighting birdlife in 23 countries around the world. and coming up in sport on the bbc news channel. england s anna henderson wins the first home nations medal on day seven at the commonwealth games, taking silver in the women s cycling time trial. good afternoon and welcome to the bbc news at one. the bank of england has predicted that the uk is set to enter a recession this autumn lasting more than a year. it says inflation is likely to peak at 13% later this year and today it has announced the largest rise in interest rates for 27 years. the 0.5% hike means that interest rates now stand at i.75%. the move is part of attempts to curb spiralling inflation, by making borrowing more expensive and discouraging spending. but it makes mortgages and loans more expensive for million
moved to a hospice. china launches several ballistic missile tests into waters around taiwan following a senior us leader s divisive visit to the island. and how disposable facemasks are blighting birdlife in 23 countries around the world. good afternoon, welcome to the bbc news channel. good afternoon, welcome to the bbc news channel. the bank of england has predicted that the uk is set to enter a recession this autumn lasting more than a year. the bank says inflation is likely to peak at 13% by december and today it has announced the largest rise in interest rates for 27 years. the 0.5% hike means that interest rates now stand at 1.75%. the move is part of attempts to curb spiralling inflation, by making borrowing more expensive and discouraging spending. but it means mortgages and loans will be more expensive for millions of people as andy verity reports. rarely has the bank of england given out an economic warning this unsettling. it s not only forecasting the worst infla