agriculture sectors represent 22% of global greenhouse gas emissions, and from today, the world's first standard guidance will be launched, so businesses will be able to measure how they can reach net zero targets. he hoped to speak to a representative from the wwf about this but sadly because of technical reasons christopher anderton is unable to join us but it is an important issue and something we will talk about in more detail. let's see how the asian markets are faring. as you can see, japan down over 2%, the hang seng in a similar position, the price of oil, sinking as well. we can see how the dollar is trading versus the dollar is trading versus the yen. we have £1 buying just over $1.06. showing you how the
and said untargeted fiscal packages were not recommended during a period of high inflation. it warned the government its mini budget risked increasing inequality. that is all about the proposed tax cuts. the white house also criticised the government�*s policy — saying it was important to focus on "fiscal prudence, and fiscal discipline". the pound dipped in asian trade this morning — standing at around $1.06. the imf said that the government�*s fiscal plan in late november would give it an opportunity to �*re—evaluate�* tax measures — "especially those that benefit high income earners." today�*s action from the bank of england and the imf follow government proposals that would scrap the top rate of income tax and end a cap on bankers�* bonuses, among other measures. the announcement on friday sparked financial turmoil, as investors dumped the pound and uk debt. on monday the pound fell to record lows against the dollar. some of the country�*s biggest
recorded history against the us dollar come augu5t recorded history against the us dollar come august to the level of parity, ie one pound equals $1 but that was in thin trading on monday morning in the asian se55ion that was in thin trading on monday morning in the asian session and it then rebounded and has edged back a bit this morning but we are still around $1.06 to the pound, so roughly where we were at the end of last week, 5till marking a broader downturn for the pound against the dollar. if you look at borrowing costs in the uk tho5e dollar. if you look at borrowing costs in the uk those have risen and that�*s the most obvious worry and concern, not only are you having to borrow more because of the tax cuts but it will cost more for that borrowing and putting the uk government in a double bind. i think it is really the fact that while the pound might be quite calm at the moment it is the borrowing levels people are concerned about, the cost of the borrowing putting further pre55ure of the borrowing putting further pressure on the government, and if they announce further tax cuts that means intere5t they announce further tax cuts that means interest rates have to rise further and a5 means interest rates have to rise further and as everyone knows with their own borrowing in households that usually co5ts their own borrowing in households that usually costs more as well. hagar that usually costs more as well. how are investors — that usually costs more as well. how are investors likely _ that usually costs more as well. how are investors likely to _ that usually costs more as well. how are investors likely to react to the are inve5tor5 likely to react to the conditions you have just described? i think you will see a greater
hurts, in their mortgage payments. so far the bank of england's announcement hasn't worked to calm financial markets. the index of uk listed companies is tumbling down 2% and traders are again selling the pound, now worth less than $1.06. andrew verity, bbc news. our business editor simonjack is here. what an extraordinary morning. blimey is the word. a major intervention by the bank of england. now financial markets around the world have been stressed by inflation which we have seen across the globe but there is uk specific stuff here as well. last friday when the chancellor announced a not so mini budget, he said he would cut taxes and put more money in people's pockets which was meant to help the comic robot inflation was already above 10% and what he did with this extraordinary unexpectedly large and has left the bank having that a much harderjob to try to bear down on inflation. that's why we think now
news channel. the international monetary fund — which works to promote stability in the global economy — has criticised the british government�*s plans for tax cuts, warning the measures are likely to fuel the cost—of—living crisis. in an unusually outspoken statement — the imf said the uk�*s developments were being closely monitered, and said untargeted fiscal packages were not recommended during a period of high inflation. it warned the government it�*s mini—budget risked increasing inequality. the white house also criticised the government�*s policy — saying it was important to focus on "fiscal prudence, and fiscal discipline". the pound dipped in asian trade this morning — standing at around $1.06. the imf said that the government�*s fiscal plan in late november would give it an opportunity to �*re—evaluate�* tax measures — "especially those that benefit high income earners." the uk government proposals would scrap the top rate of income tax and end a cap on bankers�* bonuses, among other measures. the announcement on friday sparked financial turmoil, as investors dumped the pound and uk debt. on monday the pound fell to record
people where it hurts — in their mortgage payments. so far, the bank of england's announcement hasn't worked to calm financial markets. the all—share index of uk—listed companies is tumbling down 2% and traders are again selling the pound, now worth less than $1.06. andy verity, bbc news. andrew griffith is the financial secretary to the treasury — in an interview in the past hour — he defended the government's fiscal policy. it was your many budget the broad pension funds to their knees. d0 it was your many budget the broad pension funds to their knees. do you guys apologise? _ pension funds to their knees. do you guys apologise? what _ pension funds to their knees. do you guys apologise? what we _ pension funds to their knees. do you guys apologise? what we have - pension funds to their knees. do you guys apologise? what we have seen | guys apologise? what we have seen toda as guys apologise? what we have seen today as the — guys apologise? what we have seen today as the bank _ guys apologise? what we have seen today as the bank of _ guys apologise? what we have seen today as the bank of england - guys apologise? what we have seen today as the bank of england do - today as the bank of england do theirjob, they made a targeted timely intervention in the market and that is their division had to make decision but they've done so very closely with the chancellor. but our job very closely with the chancellor. but ourjob is to deliver the growth plan and you with the underlying issues of the economy by the first part of that was to give everybody, households and businesses,
more money to spend and that will stimulate the economy to grow and improve living standards. but the imf is warning it could have the opposite effect because the pound is weak, import prices are higher, and that pushes up inflation and, to fight inflation, interest rates have to rise faster than previously thought and that could hit ordinary people where it hurts — in their mortgage payments. so far, the bank of england's announcement hasn't worked to calm financial markets. the index of uk—listed companies is tumbling down 2% and traders are again selling the pound, now worth less than $1.06. andrew verity, bbc news. the warning from the the warning from the imf the warning from the imf about the warning from the imf about the the warning from the imf about the mini budget under nines international fears that a financial turmoil could spread. 0vernight, the us treasury secretary janet yellen expressed american concern over the british government's measures, and
than to a country like britain. the government is hoping that by handing out tax cuts people have more money to spend and that will stimulate the economy to grow and improve living standards. but the imf is warning it could have the opposite effect because the pound is weak, import prices are higher, and that pushes up inflation and, to fight inflation, interest rates have to rise faster than previously thought and that could hit ordinary people where it hurts — in their mortgage payments. so far, the bank of england's announcement hasn't worked to calm financial markets. the all—share index of uk—listed companies is tumbling down 2% and traders are again selling the pound, now worth less than $1.06. andy verity, bbc news. the labour leader has said the move by the bank of england to intervene in the bond markets is "very serious". he called for parliament to be
because the pound is weak, import prices are higher, and that pushes up inflation and, to fight inflation, interest rates have to rise faster than previously thought and that could hit ordinary people where it hurts — in their mortgage payments. so far, the bank of england's announcement hasn't worked to calm financial markets. the index of uk—listed companies is tumbling down 2% and traders are again selling the pound, now worth less than $1.06. andrew verity, bbc news. speaking on the final day of the labour party conference, keir starmer said the conservatives could never claim to be the party of fiscal responsibility. the move by the bank of england is very serious and many people will be extremely worried about their mortgage, about prices going up and now about their pensions. the
sterling fell 4%, close to $1.03 — it's since regained some ground to stand around $1.06. the fall in the pound threatens to further fuel inflation because it makes imports into the uk more expensive, and adds to the costs for british businesses. it also puts further pressure on the uk's finances, as the cost of borrowing for the government rises. markets are signalling they expect interest rates to rise further as a response to sterling's fall, with investors predicing interest rates could hit 4% by the middle of next year. the pound fell dramatically on friday after the government announced huge cuts to taxes and more borrowing. sirjohn gieve is a former deputy governor of the bank of england, and member of the monetary policy committee, the group that decide interest rates in the uk. he spoke about his concern this morning. i concern this morning. think i would be worried. thi bank, i think i would be worried. the bank, and indeed the government,