Package. i will try and interpret some of the language. it says the nature of the uk measures risks increasing inequality, top of the government to take, given everything it wants to do about levelling up, it wants to do about levelling up, it talks about closing the inequality gap. it says it doesn t recommend large, and targeted fiscal packages. it is important fiscal policy doesn t work at cross purposes with monetary policy. on targeted fiscal policies doesn t mean something for everyone either hasn t been stress tested by the office for responsibility so it hasn t been tested independently. working at cross purposes with monetary policy. fiscal policy is the government pushing believers to get the economy moving and monetary policies the bank trying to bring inflation down. the imf is pretty much saying they re working against each other, the government putting the accelerator down to put the economy on and the bank is putting the brakes on and it doesn t add up. in terms of response the government said the treasury acted with speed to protect households and businesses and the chancellor will set out a full budget in late november and crucially that will be tested by the
Good morning and welcome to the bbc news channel. the international monetary fund which works to promote stability in the global economy has criticised the 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 $1.00. the imf said that the government s fiscal plan in late november would give it an opportunity to re evaluate tax measures
Cuts for those earning hundreds of thousands of pounds. it has resulted in prices and mortgages going up. they have lost control of the economy. we understand when international issues, crises that fluctuations in the market but that is not this case. this is a situation where the government has self inflicted harm on our economy and people looking at mortgages and prices this morning will be worried sick, i think. i would not be surprised if they are a little bit angry the government has lost control of the economy, a self inflicted wound, and they are now picking up the bill. there is that question for the labour party about its spending plans, whether everything would add up, and it s worth pointing out that labour in its commitments to keep some of the cat tax cuts wouldn t be borrowing as much money as the
The government thinks the situation will stabilise and this is an immediate kneejerk nervous reaction and that the situation will stabilise, do you think there is a possibility it will? i stabilise, do you think there is a possibility it will? stabilise, do you think there is a possibility it will? i hope it does. i am a possibility it will? i hope it does. i am a patriot. possibility it will? i hope it does. i am a patriot, i possibility it will? i hope it does. i am a patriot, i believe - possibility it will? i hope it does. i am a patriot, i believe in - possibility it will? i hope it does. i am a patriot, i believe in our. i am a patriot, i believe in our country and i want our country to do well. my worry is we have a government who doesn t know what it is doing. they lost control of the economy. let s hope it stabilises. evenif economy. let s hope it stabilises. even if it does, doesn t mean they have the right policies. because we need to see more investment. we also need to see more investment. we also need to see real help for people. the real worry is this is the facts, struggling families, millions of them, are facing higher energy costs, going up by £500. the government haven t capped it, it is going up by £500 next week. there government haven t capped it, it is going up by £500 next week. there is also around £400 going up by £500 next week. there is also around £400 energy going up by £500 next week. there is also around £400 energy bill- also around £400 energy bill discount as well, isn t there? hold discount as well, isn t there? hold on, discount as well, isn t there? hold on. energy discount as well, isn t there? hold on. energy bills. discount as well, isn t there? hold on, energy bills, the discount as well, isn t there? hold on, energy bills, the cap discount as well, isn t there? help. on, energy bills, the cap went up by
So look, under some conditions tax cuts can stimulate growth but it is not under these conditions. the problem for the prime minister and the chancellor of the exchequer is that you don t govern the economy by shock tactics. you govern the economy by showing investors, by showing people in britain that are trying to buy houses that you have a stable framework. investors will not come and build great businesses in britain because of a tax cut which may or may not last. investors will come and invest in britain if they think that they know the government is a good partner that will provide a stable environment of policies. it is very hard to make great big investment decisions if you are not sure whether policies will radically change tomorrow or not. so by surprising the markets and by surprising the markets and by surprising investors with this rather sudden announcement, you know, the government have unfortunately done the opposite to that which they are trying which is to encourage investment. itjust
The government says it has reduced rough sleeping by almost a half since its peak in 2017 and has committed £2 billion to tackle the problem. this is now in the past for steve. this place means safety, security. i m not worried about the winter, i m not worried about it raining, and i don t have to sleep with one eye open. but with fears that rural households are being hit hardest by the cost of living crisis, many more could lose a secure roof over their heads. claire marshall, bbc news, herefordshire. let s get more now on our top story this hour, as the international monetary fund which is responsible for stabilising the global economy has criticised the government s plans for tax cuts, warning the measures are likely to fuel the cost of living crisis. the conservative mpjohn redwood spoke on the today programme programme a little earlier. well, the imf are coming from the
Recipe for saying we have got things and to say that we no longer trust you on the economy. what can we expect from the final few days of the economy?- what can we expect from the final few days of the economy? there is a seech b few days of the economy? there is a speech by the few days of the economy? there is a speech by the deputy few days of the economy? there is a speech by the deputy leader - few days of the economy? there is a speech by the deputy leader angela | speech by the deputy leader angela rayner which will close the conference later on. a couple of announcements from the party today they want to set up a breakfast club in every school in england and they want to improve the ability to get a face to face meeting between a gp and a patient if they were in power. really interesting that a lot of what labour have been saying over the course of the last few days is about what they would do in power. there has been a real change in the mood amongst labour delegates and labour politicians and members of the shadow cabinet. they are confident, and they think they have a good chance of winning power at the next election.
Parties that they don t go on the airwaves during each other s conferences but i think it is fair to say this is a pretty unique situation and given the uncertainty in the economy you would probably expect to hear a bit more from the government. there was that attempt to speak to the chancellor outside the treasury on monday where he wasn t up for talking to journalists. the chancellor has been trying to shore up some support with mps, hailed a call with them yesterday where he should stick with the plan, we are going to get through this and we are going to make it work. he has also been speaking to senior people in the financial word in the city about his proposals. he held a call. it is notjust proposals. he held a call. it is not just economically that proposals. he held a call. it is notjust economically that it is risky there is a political risk about what is going on at the moment. i have spoken to a few conservative mps who said if the public see their mortgage payments go public see their mortgage payments 9° up, public see their mortgage payments go up, if they see inflation going up, if they are worried about interest rates going up potentially further as well, that s not a good
Companies. that would mean we could help people far more who are struggling at the moment and we wouldn t have to borrow so recklessly which is forcing up interest rates and will hit people with higher mortgages. there is a real alternative plan that liberal democrats have been arguing for for some time. the government either don t get it or don t care. they are putting forward their ideological agenda, not a plan. putting forward their ideological agenda, nota plan. it putting forward their ideological agenda, not a plan. it is millions of struggling families who will suffer if they don t change. but suffer if they don t change. but the sa suffer if they don t change. but they say that suffer if they don t change. but they say that the plans that have been put forward in the past haven t worked, they need to do something big and bold to really shake up the economy, to boost economic growth. you are clearly critical of what they are doing. do you believe there is a possibility that their plan could work? is a possibility that their plan could work? ., ., ., ~ ., ., could work? no, it won t work and no one in the world could work? no, it won t work and no one in the world seems could work? no, it won t work and no one in the world seems to could work? no, it won t work and no one in the world seems to think - could work? no, it won t work and no one in the world seems to think it - one in the world seems to think it will work. people in our country don t, the imf doesn t,
especially those that benefit high income earners. the current 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. on monday the pound fell to record lows against the dollar. some of the country s biggest lenders suspended mortgage deals amid the uncertainty. the treasury said: we are focused on growing the economy to raise living standards for everyone. adnan mazarei, former deputy director at the imf speaking on the today programme to sean farrington gave this reaction. the imf doesn t make such strong statements about g7 countries. these statements are common with regard to emerging market countries with problematic policies, but not often about g7 countries.