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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 o ....
but the invading troops aren t giving up. they are trying desperately to change the narrative here, and the reality that most russian forces in ukraine are on the retreat. and.the rugby league world cup gets underway a year late as hosts england take on samoa in the opening game of the tournament at newcastle. good afternoon. the new chancellor, jeremy hunt, today indicated major changes to liz truss economic strategy. in a round of interviews, mr hunt said mistakes had been made by the government and warned of what he called very difficult decisions ahead. he suggested taxes could rise to help restore market confidence and refused to rule out spending cuts, saying every government department would be asked to make new savings. mr hunt was appointed yesterday after the prime minister sacked kwasi kwarteng. here s our political correspondent, ione wells. well. hours into his newjob, the chancellor was tasked with setting out his stall, a very different one from th ....
market after government borrowing costs soar to a 20 year high. no end to the strong dollar. us interest rates are going higher and staying there for longer, according to policymakers at the federal reserve. also coming up: digging ourselves into a hole. how climate change is threatening the world s soil and our future food supply. we start here in the uk, where pressure is growing on prime minister liz truss and chancellor of the exchequer kwasi kwarteng to rethink their economic plans. financial markets have been in turmoil since they promised £45 billion worth of tax cuts funded by borrowing in a mini budget statement on september 23rd. the chancellor is due to set out how he will fund the package and reduce debt at the end of the month. facing questions in parliament on wednesday, the prime minister ruled out scrapping her tax cuts, but said spending on public services wouldn t be cut either. we are spending almost £1 trillion of public spending, we were spend ....
4% of the dow is the worst we ve seen in two years. all hit hard because inflation remains stuck and no one can get it under control. an 8.3% annualized inflation rate. the core rate, that is without food and energy, also soaring more than 6.3%. this is the fourth 1,000 point sell-off for the dow just this year. again, this was a worse than expected inflation report. now the president is heralding this inflation reduction act that some people said is actually making the situation worse. because across the board, prices are going up. he s touting the prospect of eventually drug prices going down. even if he gets that and it s a herculean leap, it would be but a fraction of the overall costs that continue to soar. keep this in mind that with inflation running north of 8%, most food and related items are running at about double to sometimes triple that. whatever progress we ve seen on gasoline and related prices has done little to affect prices almost everywhere else. and ....