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Sunday with Laura Kuenssberg

and we've seen that in the united states and we've seen that in europe, so i don't accept that part of your argument. now, europe, so i don't accept that part of yourargument. now, on europe, so i don't accept that part of your argument. now, on the subject of government borrowing... will come to that in a second but on that graph, that is a spike in the cost of borrowing for the government which feeds through to everybody else as a direct result of the decisions that you announced on september the 23rd. this is not about what was going on in the war in ukraine already, we know that thatis in ukraine already, we know that that is a huge challenge, but look at the direct result on that day, and the chief economist at the bank of england... and the chief economist at the bank of england- - -— of england... that is not the same as interest — of england... that is not the same as interest rates, _ of england... that is not the same as interest rates, laura, _ of england... that is not the same as interest rates, laura, so - of england... that is not the same as interest rates, laura, so i - of england... that is not the same as interest rates, laura, so i thinkj as interest rates, laura, so i think the audience should be clear that thatis the audience should be clear that that is not the same as interest rates. ~ . ., , that is not the same as interest rates. e . ., , ., rates. which all feeds through. which are _ rates. which all feeds through. which are rightly _ rates. which all feeds through. which are rightly set _ rates. which all feeds through. which are rightly set by - rates. which all feeds through. which are rightly set by the - rates. which all feeds through. i which are rightly set by the bank rates. which all feeds through. - which are rightly set by the bank of england. it’s which are rightly set by the bank of entland. �*, ., england. it's about the cost of government — england. it's about the cost of government borrowing - england. it's about the cost of government borrowing and . england. it's about the cost of. government borrowing and that england. it's about the cost of- government borrowing and that feeds through to so many things and there are problems with countries around the world but the chief economist has said the rise in borrowing undoubtedly had a uk specific

Part , Government-borrowing , Argument , Second , Subject , Europe , United-states , Yourargument , Government , Decisions , War , Cost

Sunday with Laura Kuenssberg

departments so they can cope with inflation at different levels because they are dealing with a real terms cut. , , , ., . terms cut. this is why our package is so important — terms cut. this is why our package is so important because _ terms cut. this is why our package is so important because the i terms cut. this is why our package | is so important because the energy announcement we made is estimated to reduce inflation by up to 5%. in the short-term. _ reduce inflation by up to 5%. in the short-term, that _ reduce inflation by up to 5%. in the short-term, that might _ reduce inflation by up to 5%. in the short-term, that might not - reduce inflation by up to 5%. in thej short-term, that might not happen reduce inflation by up to 5%. in the short—term, that might not happen in the long term and some economists have questioned that. you can't be sure of that long term. taste have questioned that. you can't be sure of that long term.— sure of that long term. we expect inflation to _ sure of that long term. we expect inflation to peak— sure of that long term. we expect inflation to peak as _ sure of that long term. we expect inflation to peak as the _ sure of that long term. we expect inflation to peak as the cost i sure of that long term. we expect inflation to peak as the cost of i inflation to peak as the cost of increased energy prices flow through the system and we are expecting inflation to peak. i am not going to write future budgets on your show, much as you would like me to do, laura, but the core principle i believe in is maximising growth in the economy and that's why we are pulling all the levers on everything from making our tax system simpler and lower to also getting projects done quicker, you know, driving reform in our economy as well as we make our public sector more efficient. but i am absolutely

Inflation , Veryl-energy-package , Cut , Terms , Terms-cut , Departments , Energy-announcement , Levels , Thej , 5 , Term , Potential-drag-musso-cost-of-living

Sunday with Laura Kuenssberg

have a head with many parts of the public sector on their needs, she needs to show she is listening. it’s needs to show she is listening. it's about the economy, sharon white you've got a unique blend of experience, running john lewis and having contact with customers and having contact with customers and having a seniorjob at the treasury, how would you describe what's going on in the economy? it’s on in the economy? it's unprecedented. - on in the economy? it's unprecedented. we - on in the economy? it's unprecedented. we had two micro years— unprecedented. we had two micro years of— unprecedented. we had two micro years of covid and now we are in the biggest _ years of covid and now we are in the biggest cost — years of covid and now we are in the biggest cost of living crisis we've had since — biggest cost of living crisis we've had since the 1970s, so i think the government's progrowth aspiration is very laudable, obviously with the sorts _ very laudable, obviously with the sorts of _ very laudable, obviously with the sorts of risks and turbulence we seen _ sorts of risks and turbulence we seen this— sorts of risks and turbulence we seen this week, the worry is that laudable — seen this week, the worry is that laudable aim is undermined, so certainly— laudable aim is undermined, so certainly i — laudable aim is undermined, so certainly i think businesses, customers worried up and down the country _ customers worried up and down the country i_ customers worried up and down the country. i think we are looking for security— country. i think we are looking for security and — country. i think we are looking for security and stability. what country. i think we are looking for security and stability.— country. i think we are looking for security and stability. what are you sensin: security and stability. what are you sensing from _ security and stability. what are you sensing from your _ security and stability. what are you sensing from your customers? - security and stability. what are you l sensing from your customers? how security and stability. what are you - sensing from your customers? how are people behaving? are they changing their behaviour? i people behaving? are they changing their behaviour?— their behaviour? i think they are. customers _ their behaviour? i think they are. customers are _ their behaviour? i think they are. customers are feeling _ their behaviour? i think they are. customers are feeling it. - their behaviour? i think they are. customers are feeling it. we've l their behaviour? i think they are. l customers are feeling it. we've got more _ customers are feeling it. we've got more customers in waitrose thanjohn lewis— more customers in waitrose thanjohn

Economy , Sharon-white , Customers , Listening , Contact , Parts , Needs , Sector , Head , Experience , Running , Blend

Sunday with Laura Kuenssberg

lewis but— more customers in waitrose thanjohn lewis but with they are all buying 'ust lewis but with they are all buying just a _ lewis but with they are all buying just a little bit less so you are probably— just a little bit less so you are probably putting off that sofa purchase until next year, obviously with mortgage rates rising that's another— with mortgage rates rising that's another potential drag musso cost of livin- another potential drag musso cost of living is— another potential drag musso cost of living is incredibly important. that's— living is incredibly important. that's been reflected in this morning's front pages, we can take a look at the observer, talking about how public support seems to have slumped for the conservatives. the people are saying you have lost that trust, liz truss, and the telegraph suggesting liz truss has no intention of turning. michael gove, you were critical of her during the election campaign, what do you want to hearfrom her this morning to convince you she is on the right track? , , ., ., convince you she is on the right track? , ., , ., ., track? this is a time of profound uncertainty. _ track? this is a time of profound uncertainty. we _ track? this is a time of profound uncertainty, we are _ track? this is a time of profound uncertainty, we are in _ track? this is a time of profound uncertainty, we are in real- track? this is a time of profound - uncertainty, we are in real economic circumstances, _ uncertainty, we are in real economic circumstances, people _ uncertainty, we are in real economic circumstances, people are _ uncertainty, we are in real economic circumstances, people are facing - uncertainty, we are in real economic| circumstances, people are facing the prospect— circumstances, people are facing the prospect of— circumstances, people are facing the prospect of their _ circumstances, people are facing the prospect of their mortgage _ circumstances, people are facing the prospect of their mortgage rising, i prospect of their mortgage rising, people _ prospect of their mortgage rising, people are — prospect of their mortgage rising, people are looking _ prospect of their mortgage rising, people are looking to _ prospect of their mortgage rising, people are looking to liz - prospect of their mortgage rising, people are looking to liz and - prospect of their mortgage rising, i people are looking to liz and kwasi and want _ people are looking to liz and kwasi and want reassurance. _ people are looking to liz and kwasi and want reassurance. they - people are looking to liz and kwasi and want reassurance. they want l people are looking to liz and kwasii and want reassurance. they want to think— and want reassurance. they want to think this _ and want reassurance. they want to think this has —

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Sunday with Laura Kuenssberg

wealthiest, that is a display of the wrong values-— wealthiest, that is a display of the wrong values. it sounds right now if thins wrong values. it sounds right now if things carry — wrong values. it sounds right now if things carry on _ wrong values. it sounds right now if things carry on as — wrong values. it sounds right now if things carry on as they _ wrong values. it sounds right now if things carry on as they are - wrong values. it sounds right now if things carry on as they are you i things carry on as they are you won't be able to vote for these measures as a conservative mp? i5 won't be able to vote for these measures as a conservative mp? is a measures as a conservative mp? is a aood thin measures as a conservative mp? i3 —. good thing and there are many good things that liz truss said and i welcome the broader point is about growth but the critical thing is liz has acknowledged that with hindsight, with welcome hindsight, that mistakes were made in the preparation... that mistakes were made in the preparation- - -— preparation... you are carefully avoidin: preparation... you are carefully avoiding my _ preparation... you are carefully avoiding my question _ preparation... you are carefully avoiding my question about i preparation... you are carefully i avoiding my question about whether or not you will vote for this in the house of commons. i or not you will vote for this in the house of commons.— or not you will vote for this in the house of commons. i don't believe it's riuht. house of commons. i don't believe it's right- that _ house of commons. i don't believe it's right. that sounds _ house of commons. i don't believe it's right. that sounds like - house of commons. i don't believe it's right. that sounds like a - house of commons. i don't believe it's right. that sounds like a no. i it's right. that sounds like a no. sharon white, _ it's right. that sounds like a no. sharon white, you _ it's right. that sounds like a no. sharon white, you sounded i it's right. that sounds like a no. i sharon white, you sounded pretty concerned, has that reassured you? the big issue is even with the energy— the big issue is even with the energy package _ the big issue is even with the energy package which - the big issue is even with the energy package which is i the big issue is even with the energy package which is veryl energy package which is very welcome, _ energy package which is very welcome, i_ energy package which is very welcome, i think— energy package which is very welcome, i think we - energy package which is very welcome, i think we had i energy package which is very welcome, i think we had a i energy package which is very. welcome, i think we had a good debate — welcome, i think we had a good debate on — welcome, i think we had a good debate on this, _ welcome, i think we had a good debate on this, is _ welcome, i think we had a good debate on this, is that - welcome, i think we had a good debate on this, is that you've i welcome, i think we had a good. debate on this, is that you've got people _ debate on this, is that you've got people and — debate on this, is that you've got people and businesses _ debate on this, is that you've got people and businesses and - debate on this, is that you've got i people and businesses and households who are _ people and businesses and households who are still_ people and businesses and households who are still going _ people and businesses and households who are still going to _ people and businesses and households who are still going to be _ people and businesses and households who are still going to be facing - people and businesses and households who are still going to be facing a - who are still going to be facing a real cost— who are still going to be facing a real cost of— who are still going to be facing a real cost of living _ who are still going to be facing a real cost of living squeeze, i who are still going to be facing a real cost of living squeeze, so i. real cost of living squeeze, so i think_ real cost of living squeeze, so i think about _ real cost of living squeeze, so i think about my— real cost of living squeeze, so i think about my own _ real cost of living squeeze, so i think about my own business i real cost of living squeeze, so i i think about my own business and we are unusual— think about my own business and we are unusual as— think about my own business and we are unusual as a _ think about my own business and we are unusual as a partnership - think about my own business and we | are unusual as a partnership because we are _ are unusual as a partnership because we are owned — are unusual as a partnership because we are owned by— are unusual as a partnership because we are owned by our— are unusual as a partnership because we are owned by our employees, - are unusual as a partnership because we are owned by our employees, our partners. _ we are owned by our employees, our partners. we — we are owned by our employees, our partners. we are— we are owned by our employees, our partners, we are stepping _ we are owned by our employees, our partners, we are stepping in - we are owned by our employees, our partners, we are stepping in as- we are owned by our employees, our partners, we are stepping in as a - partners, we are stepping in as a business — partners, we are stepping in as a business to— partners, we are stepping in as a business to provide _ partners, we are stepping in as a business to provide cost - partners, we are stepping in as a business to provide cost of- partners, we are stepping in as a business to provide cost of living i business to provide cost of living support. —

Things , Point , Liz-truss , Values , Growth , Thing , Measures , Wealthiest , Display , Conservative-mp , It-wealthiest , Won-t

Sunday with Laura Kuenssberg

payments. your energy help may help millions of people. it may be generous. but the cost is being wiped out for other people by costs on the increase in mortgages. what is the logic of giving people money to help with their energy bills if they then lose some of it because their mortgage goes through the roof because of the consequence of the decisions you have made? i understand that people are worried and people are struggling. it's a very difficult time. we have to look at the mortgage issue separately, which is the bank of england set interest rates, not the government. this is rightly been independent since 1997 and we are facing a world in which interest rates are rising. in fact, our interest rate, set by the bank of england, are lower than those of the federal reserve, lower than those other countries. [30 those of the federal reserve, lower than those other countries.- than those other countries. do you acknowledge _ than those other countries. do you acknowledge some _ than those other countries. do you acknowledge some people - than those other countries. do you acknowledge some people are - than those other countries. do you i acknowledge some people are going than those other countries. do you - acknowledge some people are going to be worth off because their mortgage has gone up by more than their energy bill has been controlled by

People , Money , Potential-drag-musso-cost-of-living , Energy-bills , Mortgages , Increase , Costs , Energy-help , Logic , Mortgage-payments , Millions , It