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care workers out of theirjobs. it s the late, late show at old trafford, as an injury time winner earns manchester united victory in the europa league, which keeps alive their chances of winning their group. we are live at king s cross station in london. say happy birthday to the world s most famous train, the flying scotsman, celebrating 100 years on our ways. and as we steam towards the weekend, expect a mishmash of cloud, sunshine and rain at times. sunday looking driver many. coming up. good morning. it s friday, the 14th october. our main story. the chancellor kwasi kwarteng has cut short his visit to the us to hold urgent talks with the prime minister, as pressure mounts on the government over its mini budget. liz truss is facing intense pressure to reverse her tax cutting plans, in a bid to reassure both the financial markets and her own party. frances read reports. behind closed doors in downing street, everything is back on the table. billions of pounds of borr ....
When it wants to spend more money than it s brought in through taxes, it needs to borrow, often from pension funds and insurers, and it agrees to pay them back, plus interest, after say five, ten or 30 years. if you re wondering why it s called a gilt, it s because in the 1800s these deals were done on paper with a gilded edge. another phrase you might have heard recently is yield . essentially that s the interest rate the government pays to its lenders. if lenders are worried about the government s ability to pay them back, they demand higher interest payments. that means it gets more expensive for the government to borrow which is what has happened since the mini budget. some ministers have claimed that this isn t due to government announcements, but here s a graph of how things changed in recent weeks. by far the biggestjump in the cost of borrowing comes after the mini budget. the sudden change in the market meant that many pension funds were at risk of not having enough cash, whi ....