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Especially if you include the energy support built. £70 billion of support built. £70 billion of support put in by the government before that election take away afterwards and why? because the chancellor is very worried about not worsening a recession over here. it's a budget which gives £100 billion away over the next two years to help households with their rising energy bills, helps to take about two and a half percentage points off an historic peak in inflation, a ao—year high. but then, over the medium term, to meet the chancellor's objective of getting debt falling in five years�* ...

They've have seen interest rate costs surge alongside import costs, and demand hit. because we are buying from other countries, we have to put our prices up. and people out there haven't got more money to spend. so this intervention staved off market turmoil turning into the collapse of some types of pension fund. but, in terms of growth and the roots of this crisis, they're still there. and faisaljoins me now. quite a few things to discuss tonight. let me start with this intervention by the bank of england. just to explain to people why, in your view, that is so significant. well, i think you...

None of it's good. we just have to see exactly how the government goes when we get the new prime minister coming in, and what they do. the big decision today was to raise interest rates by half a percentage point. but the big surprise were the forecasts showing not just inflation rising above 13%, but at the same time, that there will be a recession lasting longer than a year. that wouldn't just upend the household finances of millions of ordinary families, it could also wreck the public finances, changing the borrowing numbers that have formed the basis of the debate over who becomes britain'...

We've been hit by a very severe shock, and that shock is coming through energy prices. i'm afraid we've got to be blunt about this, it's coming from the actions of russia. i'm afraid, as you say, yes, we are forecasting a recession now. you are blaming russia for that, but economic policy is set here. what i would say to that is that our concern is to ensure that this very big shock, that's going to hit people this winter, doesn't then get embedded into the system. that's the real concern we have. the big decision today was to raise interest rates by half a percentage point. but the big surpri...

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