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And the cost of living. in short, he says he's promising a plan that stands the test of time. they don't want to be on picking this in a few weeks' time, and i think that we saw that, when taken hastily, that can impact our credibility in the markets. 50 impact our credibility in the markets. impact our credibility in the markets-— impact our credibility in the markets. :, :, ., markets. so if you weeks to go, what should we be — markets. so if you weeks to go, what should we be looking _ markets. so if you weeks to go, what should we be looking out _ markets. so if you weeks to go, what s...

Ability. as ministers try to resist spending cuts and so on, this gives a bit of time for the cost of government borrowing to come down and give the chancellor is the more headroom. i chancellor is the more headroom. i imagine everybody will be making their case for the individual departments, let's give you a road map with some dates for the diary. first, we are going to get that decision from the bank of england on the 3rd of november on interest rates. they are currently 2.25% that was an expectation priced in that they would go up potentially by 1%, so up to 3.25%, already the economic out...

That is catastrophic, considering that official interest rates are only 2.25% now. they're likely to go up 1% on the 3rd of november, i suspect, or somewhere between 0.75% and 1%. but we're still... the cost of borrowing to the government now is an average of about 4%, somewhere between two years and ten years. that is a huge addition to the cost of funding, and the cost of funding the whole of the government's debt. let's bring in anna macdonald, a fund manager at amati global investors in edinburgh. borrowing investors in edinburgh. costs do remain high. high borrowing costs do remain high. ...

About three months since boris johnson left. we've had a headless chicken of a government, and people have expressed their displeasure, whether it's the imf, joe biden, and other people particularly with the office for budget responsibility being nowhere near that mini budget. we saw a geldings rise from 0.9% at the beginning of this year to 6.5% about ten days ago. that is catastrophic considering the interest rates are only 2.25% down, they're likely to go up in november to about 3.75%. the average is about 4% to about 3.75%. the average is about li% somewhere between two years and ten years...

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. b...