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BBC News

would be growing our economy by making sure that we were really firing on all cylinders when it comes to the green economy, when it comes to the green economy, when it comes to the green economy, when it comes to alternative energy, when it comes to alternative energy, when it comes to alternative energy, when it comes to having green, clean energy by 2030. how have the markets been reacting? let's talk to fiona cincotta market analyst at city index — a financial services provider. what is happening on the markets? we what is happening on the markets? - saw the pound actually open fairly strong when the markets opened in asia and it has managed to hold onto some of that strength as far as the gilt market is concerned, that is the market that the government uses to borrow money, to be able to fund programmes and fiscal measures that it has. we have also seen an improvement there. if we remember back to the chaotic couple of weeks that we have seen, it has been very

Economy , Alternative-energy , Energy , Green , Cylinders , Markets , Financial-services , Fiona-cincotta , Market-analyst , Let-s-talk , 2030 , Government

BBC News

much the gilt market and the pound where we have seen that chaos play out, we saw gilt yields go very much higher over 1t%. we also saw the pound dropped to a record low in fact versus the us dollar. we are in a very different place right now, the pound is at over 113 against the us dollar, and gilt yields have fallen below that key 1t% level. there is definitely a level of stability showing in the markets. that is probably because the markets feel that rishi sunak might be more prudent candidate and that is sort of that trust that he may be that preferred candidate to address the nation's finances. it is worth noticing that the pound has fallen off the highs and that is because we have had some data through that is showing that the business activity in the uk is contracting. thatjust highlights the dire economic position that the new prime minister

Pound , Us , Place , Gilt-market , Dollar , Fact , 1t- , Gilt-yields , Low , Record , Chaos , 1

BBC News

will be inheriting.— will be inheriting. exactly. that is the underlying — will be inheriting. exactly. that is the underlying story, _ will be inheriting. exactly. that is the underlying story, isn't - will be inheriting. exactly. that is the underlying story, isn't it, - the underlying story, isn't it, because of course we are seeing all of the politics and how the markets react in the short term to that, but, the underlying picture is a situation of high inflation, of low growth, and of spending cuts and tax rises most likely needing to be announced in the not—too—distant future. announced in the not-too-distant future. ., �* , announced in the not-too-distant future. . �*, ., , future. that's right. the outlook is coin: future. that's right. the outlook is auoin to future. that's right. the outlook is going to be _ future. that's right. the outlook is going to be very — future. that's right. the outlook is going to be very difficult _ future. that's right. the outlook is going to be very difficult outlook. . going to be very difficult outlook. it is really quite bleak. that we would expect to be reflected in pound. also in the gilt market. we would expect the pound to be struggling perhaps to move much higher than where it is right now. just because that outlook is so bleak. there is also the other side of the coin when we are measuring the pound against the us dollar, we do also have to remember what is happening in the us and what the federal reserve are planning to do

Isjust-rishi-sunak , Markets , Politics , All , Story , Course , Term , Underlying , Isn-t , Picture , Inflation , Tax

World Business Report

you think trussonomics could have ever worked?— you think trussonomics could have ever worked? over time, potentially. — have ever worked? over time, potentially, yes. _ have ever worked? over time, potentially, yes. and, - have ever worked? over time, potentially, yes. and, you - potentially, yes. and, you know, i don't think anybody would disagree with the longer term policy of a reduction in income tax, a reduction in corporation tax, and if we look at the rise, potential rise in corporation tax to 25%, obviously that compares relatively unfavourably for companies. looking at the states, where the recent increase is only to 15%. longer term, i think tax cuts could have worked. the implementation of what we call trussonomics, i think one would give that a very poor score indeed. and that was reflected i think in very clear reaction in the markets, very majorjump in volatility, significant pressure on the gilt market, significant pressure also on sterling and let's not forget the uk equity markets have

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World Business Report

let's take a look at some of the reaction on financial markets. the pound had been under pressure on wednesday amid the political turmoil — but it rallied when it became clear liz truss was going to resign. but, as you can see, it has since fallen back. 0n the bond markets, government borrowing costs also eased. but as veteran market commentator david buik told the bbc, the uk's government borrowing costs — as seen in the "yields", or interest rates on government bonds known as gilts — are still massively higher than at the start of the year. and it will be vital for whoever takes over from liz truss to rebuild investor confidence to get those yields down. we saw gilt yields rise from 0.91% at the beginning of this year to 6.5% about ten days ago.

Markets , Liz-truss , Some , Pressure , Reaction , Look , It , Pound , Government-borrowing-costs , Bond-markets , Veteran-market-commentator , 0

Breakfast

an ideal scenario they would rather it did not go out to the party membership that shows liz truss last time. they were two on the shortlist and one agrees to step down voluntarily rather than going through another few days of this filter if we get the announcement of a new prime minister, and we will, before october the 31st, is there any hint thatjeremy hunt's plans as chancellor, those plans are going to change? it is very unlikely. there is the sheer need... it would not take a lot for things to get wobbly. the gilt market has calmed down. particularly their sense of damage mitigation. this is the mode everyone is in. how can we minimise the damage for the party? it is about detoxifying the conservative brand. any sense there was going to be a radical u—turn again and again on the plans indicated byjeremy

Tory-party , Liz-truss , One , Membership , Scenario , Shortlist , Two , Boris-johnson , Hint , Plans , Chancellor , Announcement

World Business Report

chancellor has just 14 days to make those sums add up, and there are no easy fixes. so let's look at how markets are reacting to all of this. all eyes will be on the gilt market that's the trading of uk government debt when it opens at 8 o'clock uk time, without emergency support from the bank of england. the pound has crept up a little today during asian trading time but remains down around i7% this year. nick marsh is watching the screens for us in our asia business hub. the pound has crept up in value, like you mentioned. it is there at about $1.12. that is there at about $1.12. that is there at about $1.12. that is the start of asian trading this morning. i think you can just see here, that is when trading began, so an increase,

Chancellor , Uk , Gilt-market , All , Trading , Markets , Government-debt , Eyes , Sums-add-up , Fixes , 14 , Bank-of-england

BBC News

aces, who clinched the british premiership grand final, thanks to an away victory at the sheffield tigers and the riders joined the travelling fans in the mexican themed celebrations. the sombreros were out in force. they have become a bit of a tradition for the club, and began, as a bit of a joke, about the manchester weather. cannot subscribe to anyjokes about the manchester weather but i can tell you that of course it is the rugby league world cup, all three of them, starting tomorrow in newcastle with england against samoa and we will be live in newcastle in the next half an hour. the bank of england stepped in to buy government debt to try to prevent pension funds collapsing. but how does the gilt market work? we thought we�d take a closer look. our business reporter noor nanji has the details. this is a complicated area of finance and economics, but we�ll try to explain. let�*s start by looking at what exactly the gilt market is. usually, the government wants

Uk , Thanks , Fans , Away-victory , Celebrations , Riders , Premiership-grand-final , Sheffield-tigers , Sombreros , Course , Bank-of-england , Bit

BBC News

to spend more than it raises in taxes, so it borrows money by selling gilt. now, gilt is another word for uk government bonds, basically ious, a promise to pay money back some time in the future and make regular interest payments. regular interest payments, in the meantime. the government sells bonds to investors and they can sell them to each other. now, the price of those bonds depends in part on how much faith investors have that their money will be repaid. the uk government is a reliable borrower, and it�s very likely to pay those debts back. so the interest rate it�s charged will normally be relatively low. but one event made people look at things a little differently — the mini budget. 0n the 23rd of september, that budget announced plans to cut taxes financed by borrowing, but with little detail on how it would be paid for. the government says the measures would boost economic growth

Government , Money , Uk , Bonds , Taxes , Promise , Interest-payments , Gilt-market , Word , Selling-gilt , Basically-ious , Price

King Charles' Appearance On The Repair Shop Has Sparked Some Priceless Reactions

“On the repair shop today we have Charles who’s brought in a country that’s seen better days.”

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