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tv   BBC News  BBC News  September 23, 2022 8:00pm-8:46pm BST

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this is bbc news. i'm ben brown. our headlines at 8pm: a dramatic change in economic direction the biggest tax cuts in half a century in a radical attempt to kick—start growth. we promised a new approach for a new era. we promised to release the enormous potential of this country. our growth plan has delivered all of those promises and more. the chancellor brings in sweeping changes, but the pound tumbles following the announcement. labour condemned the plan as dangerous. the prime minister and chancellor are like two desperate gamblers in a casino, chasing a losing run. for people grappling with the soaring cost of living, what do they make of the chancellor's announcement? yeah, so i'm not going
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to pay stamp duty. i found that out this morning. that's good. it's a trickle—down budget. sometime in the future, we may see a benefit, if all goes well. but the poor need help right now. in nother news, four russian—occupied areas of ukraine are staging referendums on whether to become part of russia. western governments call them a sham. the first woman to win the booker prize twice, the celebrated author dame hilary mantel, has died at the age of 70. hello. in a massive shake up of the uk's finances, the chancellor kwasi kwarteng has outlined a series of tax cuts
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and spending commitments that will cost £45 billion by 2027. the independent institute for fiscal studies has described the announcements as the biggest tax cutting budget in 50 years. the government says its policies will help boost economic growth yesterday the bank of england warned the uk may already be in recession. but critics say funding the tax cuts will lead to unsustainable borrowing. the chancellor announced changes to income tax in england, wales and northern ireland. the basic rate will be cut from 20% to i9% in april, a year earlier than planned. the top rate, which is currently 45% and is paid by anyone earning more than £150,000 a year, is being abolished. this doesn't apply in scotland. there are immediate changes to stamp duty, paid when buying a property in england and northern ireland. the threshold is being raised, meaning no tax will be paid on the first £250,000,
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and that figure will be £105,000 for first—time buyers. the planned increase in corporation tax — the amount companies pay on their profits — is being scrapped. that will remain at i9%. and the cap on bankers' bonuses, which had limited them to twice someone�*s annual salary, is also being axed. labour says the government's plan is based on "outdated trickle down economics". here's our political editor, chris mason. can you afford these i tax cuts, chancellor? technically, this wasn't even a budget. in reality, inside that blue booklet were the biggest tax cuts in 50 years. i now call the chancellor of- the exchequer to make a statement. chancellor! kwasi kwarteng told mps it is all
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about firing up the economy. growth is not as high as it should be. this has made it harder to pay for public services, requiring taxes to rise. we need a new approach for a new era, focused on growth. our aim over the medium term is to reach a trend rate of growth of 2.5%... and so rises in national insurance and corporation tax are being scrapped, and then the big reveal on income tax. right now, the very highest earners — those on more than £150,000 a year — pay 45p in tax for every £1 over that amount they earn, but not for much longer. they have a big tax cut coming. i'm not going to cut the additional rate of tax today, mr speaker. i'm going to abolish it altogether. from april 23rd, we will have a single higher rate of income tax of a0%. this will simplify the tax system
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and make britain more competitive. it will reward enterprise and work, it will incentivise growth, it will benefit the whole economy and the whole country. and there was more, an income tax cut for everyone. i can announce today that we will cut the basic rate of income tax to i9p in april 2023, one year early. that means a tax cut for over 31 million people in a few months' time. also in there, an immediate cut in the property buying tax stamp duty in england and northern ireland. but some of the measures announced, ministers know, are not popular, including removing the cap on bankers' bonuses, so why do it? we need global banks to create jobs here, invest here and pay taxes here in london. in london! not in paris, not in frankfurt and not in new york. overall, this plan involves the government borrowing a massive amount of money, a huge about—turn from recent conservative instincts.
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rachel reeves! labour pointed out the tories have been in government since 2010. this statement is an admission of 12 years of economic failure, and now here we are, one last throw of the dice, one last claim that these ministers will be different. for all the chopping and changing, all the chaos and confusion, there has been one person there throughout — the prime minister. a new era, but they've been in government for 12 years. it stretches credibility beyond breaking point, saying that tax cuts for the rich, whopping bonuses for bankers and low corporation tax for companies will somehow re—float, magically, britain's sinking economy. so will the chancellor explain to my constituents how handing £115 billion of their taxes to the uk's most profitable companies and the wealthiest
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individuals will help them to get a gp appointment when they need it, give their children a better education and make their streets safer? the prime minister and chancellor visited a house builder this afternoon in ebbsfleet, a town that may become one of the government's new investment zones for targeted help. i asked mr kwarteng if he felt he was taking a big gamble. i don't think it's a gamble at all. what was a gamble, in my view, was sticking to the course we were on. we had a tax system, taxes up to 70, our highest since the late 40s, and that was unsustainable. what we had to do is have a reboot, a rethink and what we are doing is pushing growth, incentivising investment and critically helping people on lower incomes keep more of the money they earn. what does being fair mean
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to you as chancellor? being fair means what we did this morning, when we reduced taxes right across the income bracket. if look at what we did with the basic rate, originally the basic rate was going to kick in in 2024, i brought that forward to 2023. the energy intervention also has managed to help people face what was potentially a really difficult winter in terms of bills. do you think the economy is in recession? technically, the bank of england said that there was a recession. i think it will be shallow and i hope it will rebound. i'm acknowledging there is going to be a recession? i'm not acknowledging... you said shallow. i said we had two quarters of negative growth and i think these measures are going to help us drive growth. i don't think it's a bleak picture. if you look at unemployment, that is at a 50—year low and you appreciate that. if you look at some of the things we're doing in r&d, science and tech, that is also very positive. there are great things. that's what i said, in my statement,
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there is a great story about the uk. i'm confident we've got the right policies to steer us and i'm very confident we can grow the economy in my statement. —— i'm confident we've got the right policies to steer us and i'm very confident we can grow the economy and the way we want to see. some financial statements that come out of this place, the treasury, can feel inconsequential, easily forgotten. this is not one of them. this is a big move by a new chancellor and a new prime minister with not long to prove that it can work. chris mason, bbc news, at westminster. the government says today's tax cuts will require an extra £12 billion of spending this year, £37 billion next year, and £38 billion the year after that. 0ur economics editor faisal islam has taken a look at the numbers, and he says the attempt to jump start the economy through huge tax cuts is one of the most significant budgetary announcements for decades. national insurance, worth £17 billion in a year. corporation tax, £12 billion and rising. income tax cuts worth £5 billion and that higher rate tax
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scrapping, £2 billion. that's about £115 billion in tax cuts, and on top of all of that, don't forget the household energy scheme. £62 billion for a full year, and the business energy scheme, £29 billion at six months — more if it's extended. so, who benefits? this is the type of analysis the government says it is not very interested in. we've split the country into income groups. there is a clear pattern. the assumption from government is that giving the richest section most of this money back will help the economy grow for everybody. so there are big choices here. but let's give it some historical context. let's get all the biggest tax cutting budgets.
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you'll note there's none on here from sunak or 0sborne or dalring or brown and look at where today's announcement fits in. the biggest cut since 1972, which independent economists do see some echoes that, upfront, this will help avoid a deep recession. but what then? it's designed to have a boost in activity in the economy. that's the good news. the bad news is it's all about demand, it's not about supply, it's not about bringing about a long—run improvement in our prosperity. what it's doing is really bringing about an artificial boom in the economy. and the bank of england is going to respond to that with higher interest rates. in the absence of official forecasts, the markets have had their own verdict. you've seen some of the biggest one—day hikes in the cost of government borrowing since 1991. this is the cost of, effectively, a five—year loan to government, now up above 4%. this makes it more expensive to borrow all that money for government and makes
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new fixed—rate mortgages and business lending pricier. sterling has also fallen by 3% against the dollar following the announcement. i think it is very unprecedented to see this kind of market reaction, with the currency falling roughly 3% against the dollar and uk borrowing costs increasing exponentially, so by about 0.5% in the course of one day. that really underlines that international investors have listened to what the government have had to say and don't necessarily like what they heard. for the government, the tax cuts are a down payment on a plan they hope will increase long—term growth, but they are not yet the whole plan. that the economic reforms and policies to address worker shortages or skills might start to help meet its growth target. the risk, however, is that the boost to the economy is temporary and high interest rates and borrowing stays
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high for years. faisal islam, our economics editor. it's look in more detail now to the politics of this. 0ur political correspondent jonathan blake said this was a very different kind of budget to previous concervative governments. different kind of budget to previous conservative governments. a page has been turned, a line has been drawn, whichever metaphor you want to use. this is a big departure from the borisjohnson administration, before that, the theresa may government, david cameron and others. liz truss and the chancellor kwasi kwarteng today have put forward what the chancellor himself described as a new approach for a new era. now, labour and others will criticise the government as they have done, of course, saying that this is still the conservatives who have been in power for the last 12 years up to something which has been tried before and proven not to work. but there is no doubt that the truss administration are embarking on a very different strategy to the conservatives in the last few years. it's been called the mini budget,
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as we have been saying all day, but it was clearly designed for maximum impact, unapologetically, unashamedly cutting taxes to such a large degree that, as we have seen, there has been a mixed reaction, and some concern about what the impact of that will be overall. it's been described as a gamble. the chancellor has said it's not. the bigger gamble, he said, as we heard in chris's reportjust now, would be sticking to the status quo. but i think even the chancellor and the prime minister would accept that the impact of these tax cuts is yet to be seen. they hope, of course, as we have heard the argument all day from the chancellor in the commons and since then, is that it will grow the economy, to the extent it will stimulate economic activity, to the extent that everyone across the board benefits. but certainly in the short term, it is something, and the measures taken together, are things which will benefit disproportionately the better off than those earning less.
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jonathan blake there. let's get a reaction now. fiona cincotta is a senior market analyst at city index trading group. fiona, i suppose some people might say, people in the city stand to gain quite a lot from these announcements, a lifting on the cap on bonuses, a big tax cut for the highest—paid as well, but what has been overall the city's reaction? the markets seem to be quite spooked. the markets seem to be quite sooked. . v the markets seem to be quite sooked. ., �*, q the markets seem to be quite sooked. ., �*, a spooked. that's right. as you say, i think it is important _ spooked. that's right. as you say, i think it is important to _ spooked. that's right. as you say, i think it is important to separate - think it is important to separate perhaps the city, its workers, who are going to benefit from it, very much a sector that are gonna benefit from these measures, but the reflection in the market is actually reflection in the market is actually reflection much more about the economy and concerns over what measures actually mean for the health of the economy. and the outlook of the economy for by think the fact we have seen the powerful so sharply... —— the pound fall. we
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have seen a stock sell—off. it has been quite a crazy day as far as the markets are concerned and that really does tell us quite a lot about where investors see the uk economy going in the near term at least. �* . , , economy going in the near term at least. �* ., , , .., economy going in the near term at least. ~ ., , , .., ., least. and it has been called a gamble for— least. and it has been called a gamble for growth. _ least. and it has been called a gamble for growth. that - least. and it has been called a gamble for growth. that is - least. and it has been called a i gamble for growth. that is what least. and it has been called a - gamble for growth. that is what the chancellor is building this as... he is not saying it is a gamble, but he is not saying it is a gamble, but he is saying that economic growth is the prime driver behind all of this, that growth has been too anaemic for many years, they have got to get out of that cycle of stagnation, this is the way to do it. other people saying it is a gamble. do you think it is a gamble that could pay off? i do not know if you will be a giver that can pay off. i think it is very, very risky, what is going on, particularly when we think about the position the global economy is in right now. this is notjust about the uk, this is much wider than that. we are seeing central banks across the globe hiking interest
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rates. the bank of england is also trying to get inflation under control. we are trying to actually cool the economy in order to get inflation back down to sensible levels, so at the same time, we have the government taking the measures to drive growth and which will be inflationary as well, so there's definitely this balancing act that needs to be played out between the bank of england antigovernment. i5 bank of england antigovernment. is that a contradiction, that you have the bank of england with his interest rate rises and the government looking to heat up the economy? it government looking to heat up the econom ? , , ~ ., economy? it definitely feels like a contradiction. _ economy? it definitely feels like a contradiction. it _ economy? it definitely feels like a contradiction. it is _ economy? it definitely feels like a contradiction. it is a _ economy? it definitely feels like a contradiction. it is a very, - economy? it definitely feels like a contradiction. it is a very, very - contradiction. it is a very, very strong approach we have seen from the government. at the same time of the government. at the same time of the bank of england has not been as aggressive as other central bank across the lobe as far as hiking interest rates are concerned and the markets now are suggesting a master to change. from november, when we have the next bank of england interest rate decision, we are
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expecting to see perhaps a larger interest rate rise, a 1% level, which is a complete side of the coin different to what the government are doing with the inflationary measures.— doing with the inflationary measures. ~ , ., , _ ., . measures. and it is happy to cut taxes, measures. and it is happy to cut taxes. that _ measures. and it is happy to cut taxes, that is _ measures. and it is happy to cut taxes, that is what _ measures. and it is happy to cut taxes, that is what he _ measures. and it is happy to cut taxes, that is what he wants - measures. and it is happy to cut taxes, that is what he wants to i measures. and it is happy to cut i taxes, that is what he wants to do, but it is borrowing money in extraordinary amounts, tens and tens and tens of billions of pounds over the next years. find and tens of billions of pounds over the next veere— the next years. and that is exactly where the nerves _ the next years. and that is exactly where the nerves are _ the next years. and that is exactly where the nerves are showing - the next years. and that is exactly where the nerves are showing in i the next years. and that is exactly i where the nerves are showing in the market. on how unfunded these measures are proving to be. that is what we have seen really being reflected in the selling off of the pound. it isjust reflected in the selling off of the pound. it is just that idea of where this money is going to come from. it also means the government is going up also means the government is going up to be paying much higher interest rate on those borrowing, which is not going to be very good as far as the longer—term outlook of the country. the longer-term outlook of the count . ., ., ., ~ the longer-term outlook of the count . ., ., ., ., country. fiona, thank you for your anal sis. country. fiona, thank you for your analysis. fiona _ country. fiona, thank you for your analysis. fiona cincotta, - country. fiona, thank you for your analysis. fiona cincotta, a - country. fiona, thank you for your analysis. fiona cincotta, a marketj analysis. fiona cincotta, a market
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analyst. 0ther other news now. russian officials are staging referendums in four occupied regions of ukraine on whether they should become part of the russian federation. western countries say the votes backed by president putin are illegal and a step towards the annexation of ukrainian territory. the result is all but certain to go in moscow's favour and could lead to an escalation of the war. these are the four areas. they include occupied parts of luhansk and donetsk in the east and zaporizhzhia and kherson in the south. votes are are expected to run until tuesday. the kremlin could argue that any attack on those areas is an attack on russian territory. these are pictures that have been provided by russian authorities of people voting in the donetsk and kherson regions. the referendums have been condemned internationally and are being seen as part of president putin's plan to annex another 15%
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of territory from its neighbour. the so—called referendums follow ukraine's success in retaking territory in recent weeks and come as moscow announced plans to call up around 300,000 reservists. the impact of that mobilization continues too. these pictures are from russia's border with kazakhstan and show queues of cars waiting to cross. prices for airline tickets out of russia have reportedly sky—rocketed, but moscow says claims of a mass exodus are exaggerated. let's talk more about this with 0rysia lutsevych, head of the ukraine forum at chatham house. first of all, let's talk about these so—called referendums. what is russia trying to do, do you think? it isjust simply russia trying to do, do you think?
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it is just simply try to annex these areas into russia and then say to the west, look, if you are using western weapons to attack these, you are effectively attacking russia? let's remember that russia started this war, justifying it for the russian people as the way to rectify some historical injustice and unite what russia believes is historical territory is back to the russian proper. so why bother, you would think, organising all these referenda under the gun point when we have footage of soldiers accompany elderly ladies to make people vote? and they do it exactly for the domestic audience, because to reunify something you need a voice on the other side. and the other reason is, like you said, this is coming right after ukraine's successful counteroffensive in the north, where russia has lost quite a lot of territory. actually it has
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lost more territory in these couple of days that it has achieved to conquer from april of this year for russia would like to set up a new military situation where it declares it is now part of its territory was to be indeed this will not be recognised, needed by ukraine or by the g7 nor by the global community. what do you think is going on inside russia as well? we have seen these extraordinary pictures of people, who fear they are going to be constricted into the army and go and have to fight in ukraine, trying to get out of russia, queuing up in large numbers at various borders. there is a clear panic, anxiety, and people are fleeing russia, especially men of the ages between 18 and 60. what is clear in russia is that every thing is live in. at the beginning, there was no mobilisation. then there was hit in
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mobilisation. then there was hit in mobilisation for now there is partial mobilisation. just to give listeners perspective, on a normal year not under the more circumstances, russia are about to pull 100,000 people. clearly they will not be able to do it unless they go to these massive action like they go to these massive action like they have done today,, to a lecture hall and taking students from lectures into the barracks. russians will do a lot of illegal things, russian officials, in order to show prutton the system is working when exley failing people say -- it is —— it is failing actually. -- it is failing actually. people say prudent — -- it is failing actually. people say prudent is _ -- it is failing actually. people say prudent is panicking... - -- it is failing actually. people | say prudent is panicking... bird -- it is failing actually. people - say prudent is panicking... bird you think this all leaves putin? clearly, ukraine's successes on the battlefield, western assistance,
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ukraine's resilience and sanctions are putting more and more pressure on putin and forcing putin to make mistakes. clearly this partial mobilisation as he declared it is a mistake, because these boys and men will not be prepared, they will go there, they will have a high level of casualties, which will cause a high level of discontent in russia. and while it was some kind of special military operations where russians personally did not have to go and die, it was ok to watch it on the telly, but now they will have to go to risk their lives for a war they don't really understand, so it is very dangerous moment for him. it is very dangerous moment for him. it is a dangerous moment. it —— and what should the west right now? putin was effectively threatening to use nuclear weapons. this is not a bluff, he said. let’s this is not a bluff, he said. let's remember _ this is not a bluff, he said. let's
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remember first _ this is not a bluff, he said. let's remember first of _ this is not a bluff, he said. let's remember first of all _ this is not a bluff, he said. let's remember first of all that - this is not a bluff, he said. let's remember first of all that putin | this is not a bluff, he said. let�*s remember first of all that putin has started this nuclear sabre rattling from the second day of invasion. he has commanded the strategic nuclear weapons to be put into readiness and he wants this to be on the table exactly to deter western assistance to ukraine. this is addressing directly policymakers in the west. i think what we hear from g7 statements, from president biden, that we should not give into the nuclear blackmail and live in a world where the nuclear power can take the territory of the neighbour and declare it its territory. so there will be a very calibrated messaging to kremlin officially and unofficially of the consequences of any nuclear escalation. trier? unofficially of the consequences of any nuclear escalation.— unofficially of the consequences of any nuclear escalation. very good to talk to yon — any nuclear escalation. very good to talk to you. thank _ any nuclear escalation. very good to talk to you. thank you _ any nuclear escalation. very good to talk to you. thank you very - any nuclear escalation. very good to talk to you. thank you very much, . talk to you. thank you very much, 0rysia lutsevych, head of the ukraine forum at chatham house.
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let's take a look at some of today's other news. meta, the company that owns instagram, has defended their policies at the inquest of molly russell, a 14—year—old girl who took her own life after viewing content referring to self harm, depression or suicide on the platform. the head of health and wellbeing at meta said suicide and self harm material could have been posted by a user as a "cry for help". the official in charge of looking after the interests of victims of crime in england and wales has resigned. dame vera baird, a former labour minister, said she was quitting because of government's failure to tackle what she called a "catastrophic backlog of cases" getting to court, which was causing anguish for victims. covid infections have risen by 5% in the latest set of weekly figures. it's the first time the estimated covid infections have risen since mid—july, but levels are much lower now than they were then. the author dame hilary mantel, widely regarded as one of the greatest british novelists
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of the century, has died at the age of 70. she was best known for her trilogy of historical novels about the rise and fall of thomas cromwell in tudor england, which began with wolf hall. her publisher, harper collins, said she died "suddenly yet peacefully" surrounded by close family and friends. our culture editor katie razzall looks back on her life. thomas cromwell is now 50 years old, the same eyes... thomas cromwell is now 50 years old, the same eyes- - -_ the same eyes... cromwell. why are ou such the same eyes... cromwell. why are you such a — the same eyes... cromwell. why are you such a person? _ the same eyes... cromwell. why are you such a person? thomas - the same eyes... cromwell. why are| you such a person? thomas cromwell and hilary mantel— you such a person? thomas cromwell and hilary mantel will— you such a person? thomas cromwell and hilary mantel will be _ you such a person? thomas cromwell and hilary mantel will be forever - and hilary mantel will be forever entwined. hertrilogy and hilary mantel will be forever entwined. her trilogy about the life of henry viii's fixture became a bafta waiting teivy series. her vivid novels conjured a tutor world of violence that readers and viewers could taste. she won the booker
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prize twice of the first woman to do so. mantell had been writing fiction for years before she found popular acclaim. i for years before she found popular acclaim. , ., ., , . ., ., acclaim. i hesitated for such a long time before — acclaim. i hesitated for such a long time before beginning _ acclaim. i hesitated for such a long time before beginning to _ acclaim. i hesitated for such a long time before beginning to write - acclaim. i hesitated for such a long time before beginning to write this| time before beginning to write this book. actually for about 20 years. the young hilary mantel had wanted to be a barrister, but her lack of connections and the imagery is that she struggled with all her life... but it was literary�*s gain. it she struggled with all her life... but it was literary's gain.- but it was literary's gain. it was the best anybody _ but it was literary's gain. it was the best anybody could - but it was literary's gain. it was the best anybody could have . but it was literary's gain. it was i the best anybody could have done. she is_ the best anybody could have done. she is a _ the best anybody could have done. she is a classic writer in the footsteps— she is a classic writer in the footsteps of dickens and mrs gaskell and george eliot, but she was writing in— and george eliot, but she was writing in ourtime. she really and george eliot, but she was writing in our time. she really is that important.— writing in our time. she really is that imortant. ., ., that important. recognition of those talents not that important. recognition of those talents got her— that important. recognition of those talents got her a _ that important. recognition of those talents got her a damewood, - that important. recognition of those talents got her a damewood, for- talents got her a damewood, for services to literature, and she talked in recent years of her hopes for the future.— for the future. there is so much i want to do. _ for the future. there is so much i want to do, and _ for the future. there is so much i want to do, and it _ for the future. there is so much i want to do, and it is _ for the future. there is so much i want to do, and it isjust - for the future. there is so much i want to do, and it isjust a - want to do, and it isjust a question of how much stamina have i
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got, what time have i got left? dame hilary mantel — got, what time have i got left? dame hilary mantel died _ got, what time have i got left? dame hilary mantel died from _ got, what time have i got left? dame hilary mantel died from a stroke in hospital in exeter with herfamily beside her. hilary mantel, who has died at the age of 70. joining me now to talk about dame hilary's work and her legacy is senior lecturer in english at loughborough university, barbara cooke. barbara, just explain to anyone who has not read hilary mantel�*s work how extraordinary it is. i remember reading wolf hall and just, you feel you are transported into that world of england's centuries ago. that you are transported into that world of england's centuries ago.- of england's centuries ago. that is absolutely right. _ of england's centuries ago. that is absolutely right. hilary _ of england's centuries ago. that is absolutely right. hilary mantel- of england's centuries ago. that is| absolutely right. hilary mantel said that she always wanted, he naturally of books, to express how people are like us today in many ways but also that fund mental difference too, the
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same but not exactly the same, and she did that through very, very detailed research, she cared very much about the subject. she said you can really feel yourself there. it does because she did her homework. she was always very careful to credit the people that supported her work, in particular someone called mary robertson, who she would turn to when she needed those details that would really make her work, alive. she said in that clip that it took her 20 years that she thought about writing. her 20 years that she thought about writina. . . her 20 years that she thought about writina. ., ., ., her 20 years that she thought about writin a, ., ., ., ., writing. yeah, and now we have the books with us- _ writing. yeah, and now we have the books with us. and _ writing. yeah, and now we have the books with us. and i'm _ writing. yeah, and now we have the books with us. and i'm so _ writing. yeah, and now we have the books with us. and i'm so glad - writing. yeah, and now we have the books with us. and i'm so glad that| books with us. and i'm so glad that we do. you can see the amount of effort that's gone into them. all those 20 years the thinking came out in this phenomenal trilogy of works, but she didn'tjust in this phenomenal trilogy of works, but she didn't just write about the tudor period, notjust historical
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fiction, she was also a talented writer of contemporary fiction and short stories, a memoir or two. where does she stand in the pantheon of english writers? i have heard her compared to dickens, for example. is she going to be one of the greats? is that how future generations will see here, do you think? i is that how future generations will see here, do you think?— is that how future generations will see here, do you think? i think she alread is see here, do you think? i think she already is one _ see here, do you think? i think she already is one of _ see here, do you think? i think she already is one of the _ see here, do you think? i think she already is one of the greats. - see here, do you think? i think she already is one of the greats. i - already is one of the greats. i think every so often in every profession you have someone who is very clearly a class of their own and you can tell these people because of the amount of respect they, and. biographers respect her, historians respect her, writers of fiction respect her because she did all of these things and brought them together so beautifully as only she could. she really is in a class of her own. so i'm absolutely sure we will be saying her name for many years to come. will be saying her name for many years to come-— will be saying her name for many years to come. and her influence on other writers. _ years to come. and her influence on other writers, how _ years to come. and her influence on other writers, how would _ years to come. and her influence on other writers, how would you - years to come. and her influence on| other writers, how would you assess that? i other writers, how would you assess that? 4' other writers, how would you assess that? ~ ., , �* , other writers, how would you assess that? ~ ., , �*, ., that? i think what she's done, reall , that? i think what she's done, really. for _
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that? i think what she's done, really, for historical _ that? i think what she's done, really, for historical fiction - that? i think what she's done, really, for historical fiction is l really, for historicalfiction is she has really changed the types of people that we write about and read about. she said that she likes to write about people who came from nowhere, and that historical period of the tutors is so glamourous and it's so over—the—top, and you have these enormous personalities. here we have someone writing about someone who was really not very glamourous at all. such a person. really changed the landscape in this area. by actually looking at those undiscovered people and looking at other personalities, and that has really opened up historicalfiction for everyone for the better. did a treat loss for everyone for the better. did a great loss the — for everyone for the better. did a great loss the world _ for everyone for the better. did a great loss the world of _ for everyone for the better. did a great loss the world of writing. thank you so much for that assessment, senior lecturer at university talking about the life and work of dame hilary. thank you so much. . ~ and work of dame hilary. thank you so much. ., ,, i. let's have a look at the weather. hello. sunny spells and scattered
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showers for most of us today. the exception the southeast corner where cloud has been bringing outbreaks of rain. ., ., ., , ., rain. that band of rain is in no rush to clear, _ rain. that band of rain is in no rush to clear, so _ rain. that band of rain is in no rush to clear, so we _ rain. that band of rain is in no rush to clear, so we will- rain. that band of rain is in no rush to clear, so we will see i rush to clear, so we will see further pulses of wet weather across the southeast of england, perhaps binging into east anglia at times as they go through the night. here it will stay mild. for the north chemically or spells, one or two showers, quite cold there across some parts of scotland. in fact, temperatures are as i'm getting quite close to freezing. this band of showers moving out of southeast scotland and down into northern england through tomorrow morning. cyrus will pop up elsewhere. not as many for northern ireland and scotland. still this band of rain plaguing the southeast corner on the clearing very slowly. it is going to feel quite cool, breezy as well, highs of 14—18 celsius. sunday mainly dry with rain in the northwest later. the start of next week looks significantly colder than week looks significantly colder than we have been used to lately.
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coming up on tonight's news watch, did coverage of the queens death and aftermath show the queens death and aftermath show the bbc at its finest? join us tonight at 8:45pm here on bbc news. hello this is bbc news with me, ben brown. the headlines... the chancellor kwasi kwarteng has announced the government's mini budget. there will be cuts on income tax and stamp duty and the cap on bankers' bonuses has been lifted. we promise to prior to —— prioritise growth, we promised a new era and release the enormous potential of this country. our growth plan has delivered all of those premises and mark, mr speaker! labour said the changes are a "comprehensive demolition" of the government's last 12 years in power.
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the oil and gas producers will be toasting — the oil and gas producers will be toasting the chancellor in the boardrooms as we speak while working people _ boardrooms as we speak while working people are _ boardrooms as we speak while working people are left to pick the bill. the financial markets have reacted badly to the chancellor's announcement with the pound falling to a new low against the dollar. ukraine says russian forces have been using threats and intimidation to make people vote in referendums designed to legitimise moscow's pain to annex occupied regions. the author dana hillary best known for her wolf hall trilogy has died at the age of 70. back now to our top story tonight, the shake—up of the country's finances by the chancellor. after his speech to parliament the chancellor visited a factory at ebbsfleet in kent and gave an exclusive interview to bbc news. 0ur political editor chris mason asked him about the government's mandate for changes to economic policy, given that the new prime
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minister liz truss was elected by a fraction of the overall population of the uk. so borisjohnson was committed, at the end of his to reducing taxes. he recognised... plat the end of his to reducing taxes. he recognised- - -_ the end of his to reducing taxes. he recognised. . ._ we | recognised... not at this scale. we knew we couldn't _ recognised... not at this scale. we knew we couldn't tax _ recognised... not at this scale. we knew we couldn't tax our _ recognised... not at this scale. we knew we couldn't tax our way - recognised... not at this scale. we knew we couldn't tax our way to i knew we couldn't tax our way to prosperity. thejob knew we couldn't tax our way to prosperity. the job of the government is to know make sure we can generate growth. that is our main focus. in due time, there will be a general election and we will be able to stand on our record. that's how a parliamentary democracy works. you, your party, the prime minister, you all packed everything that you are seemingly nowjunking. you are accountable for plenty of the problems you are now claiming you will try to solve. it seems to me that you're suggesting that the track record of your party and government over the last 12 years has been a failure. i government over the last 12 years has been a failure.— has been a failure. i think there were great _ has been a failure. i think there were great things _ has been a failure. i think there were great things that - has been a failure. i think there were great things that we - has been a failure. i think there were great things that we did. i were great things that we did. lifted up the personal loans from around 6500 to around 12,500. we've got record people in work at their
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lowest for 50 years. we also recognise that we can do things better and we went to generate growth and we think ultimately that for this country really to function at its best, we need to get growth at its best, we need to get growth at a higher level.— at its best, we need to get growth at a higher level. what does being fair mean to _ at a higher level. what does being fair mean to you _ at a higher level. what does being fair mean to you as _ at a higher level. what does being fair mean to you as a _ at a higher level. what does being fair mean to you as a chancellor? | fair mean to you as a chancellor? being fair means what we did this morning when we reduce taxes right across the income bracket. so if you look at what we did with the basic wage, originally the basic rate was going to kick in and brought that forward to 2023. that's a 1p cut in the basic rate. we have also abandoned the increase in national insurance which puts £330 into 28 million people's pockets. the energy intervention also has managed to how people face what was a potentially really difficult winter in terms of bills. so there's a lot we've done to help the most vulnerable people in society it through a difficult time. �* ., , ., in society it through a difficult time. �* ., i. ., in society it through a difficult time. �* ., ., ., ., . time. and what you have announced will mean that _ time. and what you have announced
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will mean that for _ time. and what you have announced will mean that for those _ time. and what you have announced will mean that for those earning - will mean that for those earning more than £150,000 per year, on average, they will get a £10,000 tax cuts. bankers bonuses can now be unlimited. how do you convince somebody of more modest means that those measures in particular are fair. , , those measures in particular are fair. , ., ., fair. the banks bonuses are taxed at nearl 5096 fair. the banks bonuses are taxed at nearly 5096 now. _ i want london to be an international hub, even in paris, bankers are taxing at 30%. i don't want bankers to go to paris and i want them to generate income here so that them to generate income here so that the bonuses they earn can be taxed. and they pay for public services. this was something that was established notjust in the conservative party in the 80s and 90s when labour were in government, the top—rated texas 40% and also they found that actually they wanted people to generate income here in the uk. it’s people to generate income here in the uk. �* , ., , people to generate income here in
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theuk. �*, ., , ., the uk. it's not 'ust opposition arties the uk. it's not 'ust opposition parties that — the uk. it's not 'ust opposition parties that are — the uk. it's notjust opposition parties that are sceptical - the uk. it's notjust opposition| parties that are sceptical about this. the former cabinet minister saying today that huge tax cut for the very rich is wrong. how do you convince people on your own back benchis convince people on your own back bench is that what you are doing is there? , ,, ., , . there? julien smith was chief went. he knows about _ there? julien smith was chief went. he knows about party _ there? julien smith was chief went. he knows about party loyalty. - there? julien smith was chief went. he knows about party loyalty. he'sl he knows about party loyalty. he's entitled to his he is. i will have to engage with them. broadly, lots of people feel that we've got to get to britain moving and we have to incentivise people to come into the uk to work. incentivise people to come into the uk to work-— uk to work. except there will be a uuite a uk to work. except there will be a quite a lot — uk to work. except there will be a quite a lot of— uk to work. except there will be a quite a lot of people _ uk to work. except there will be a quite a lot of people on _ uk to work. except there will be a quite a lot of people on your- quite a lot of people on your backbenchis quite a lot of people on your backbench is any persuading about this as well as the broader country. i have been an mp for 12 years, and tory backbenchers, conservative backbenchers have lots of different opinions and it is always a job to try to get people behind a government's programme. that's always a challenge, it something i enjoy doing and i would like to engage with backbenchers on these policies. d0 engage with backbenchers on these olicies. , ., ~ engage with backbenchers on these olicies. i. ~ ., , policies. do you think the economy is in recession? _ policies. do you think the economy is in recession? well, _ policies. do you think the economy is in recession? well, technically, l is in recession? well, technically, the bank is in recession? well, technically, the itank of _ is in recession? well, technically, the bank of england _ is in recession? well, technically, the bank of england said - is in recession? well, technically, the bank of england said that - is in recession? well, technically, i the bank of england said that there was a recession. i think it will be shallow and i hope we can rebound.
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so you acknowledge there is a recession?— so you acknowledge there is a recession? ., ., . ., recession? you said shallow. we had two quarters — recession? you said shallow. we had two quarters of _ recession? you said shallow. we had two quarters of very _ recession? you said shallow. we had two quarters of very little _ recession? you said shallow. we had two quarters of very little negative i two quarters of very little negative growth. i think these measures are going to help us drive growth. aha, going to help us drive growth. a recession is a recession, and you are saying we are in a recession. i'm not saying that. according to what the banks says we will drive growth with these policies. what's the difference _ growth with these policies. what's the difference between _ growth with these policies. what's the difference between a - growth with these policies. what's the difference between a technical recession and a real recession? technically in terms of the economy, they say the two consecutive quarters, but i think we're going to grow the economy. that's what we are focused on. stand grow the economy. that's what we are focused on. �* ., . ., ._ ., focused on. and noticed today that ou and focused on. and noticed today that you and your _ focused on. and noticed today that you and your colleagues _ focused on. and noticed today that you and your colleagues have - focused on. and noticed today that. you and your colleagues have talked about avoiding a deep recession which struck me as an acknowledgement that a smaller recession is now inevitable. ida. acknowledgement that a smaller recession is now inevitable. no, i don't think— recession is now inevitable. no, i don't think it's _ recession is now inevitable. no, i don't think it's inevitable. - don't think it's inevitable. definitely not? even with the bank of england says? i definitely not? even with the bank of england says?— of england says? i don't think it's inevitable- _ of england says? i don't think it's inevitable. i— of england says? i don't think it's inevitable. i think— of england says? i don't think it's inevitable. i think there - of england says? i don't think it's inevitable. i think there is - of england says? i don't think it's inevitable. i think there is a - of england says? i don't think it's inevitable. i think there is a risk i inevitable. i think there is a risk inevitable. i think there is a risk in the prime minister said that there was a risk of recession and it would've been worse if we just carried on taxing people and putting
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burdens on ordinary people. that would've been a disaster, and that is what we have campaigned against and that is what we are trying to reverse. , ., , , ., ., reverse. give a sense of our reviewer. — reverse. give a sense of our reviewer, our _ reverse. give a sense of our reviewer, our listener, - reverse. give a sense of our| reviewer, our listener, when reverse. give a sense of our- reviewer, our listener, when will they know whether you fix the neck succeeded or failed? they know whether you fix the neck succeeded orfailed? the mission you've set out today is accomplished?- you've set out today is accomplished? you've set out today is accom - lished? , ., you've set out today is accomlished? , ., ., accomplished? there is never a final oint accomplished? there is never a final point where — accomplished? there is never a final point where you _ accomplished? there is never a final point where you can _ accomplished? there is never a final point where you can put _ accomplished? there is never a final point where you can put your- accomplished? there is never a final point where you can put your feet i accomplished? there is never a finalj point where you can put your feet up and say we have done exactly what we wanted to do. but and say we have done exactly what we wanted to do-— wanted to do. but there may be one where you realise _ wanted to do. but there may be one where you realise it _ wanted to do. but there may be one where you realise it hasn't - wanted to do. but there may be one where you realise it hasn't worked. l where you realise it hasn't worked. i think where we are focused is trying to get the trend growth up to two and half percent, and if we don't get that, then it will be much harderfor us to pay don't get that, then it will be much harder for us to pay for public services and to generate tax revenue to pay for the services we all want to pay for the services we all want to see. that's an ongoing never ending battle. we have to grow the economy. that's something i will never be satisfied until we keep growing the economy. there's no point at which you can say mission accomplished because it's a never ending target. what we have to do and what we couldn't continue is just burdening our people with higher and higher taxes. that is a
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recipe for disaster. haifa higher and higher taxes. that is a recipe for disaster.— recipe for disaster. how great are ou about recipe for disaster. how great are you about the _ recipe for disaster. how great are you about the state _ recipe for disaster. how great are you about the state of _ recipe for disaster. how great are you about the state of the - recipe for disaster. how great are you about the state of the british| you about the state of the british economy? i you about the state of the british econom ? . , you about the state of the british econom ? ., , _, you about the state of the british econom ? ., , . ., ., you about the state of the british econom ? ., , _, ., _ economy? i am very confident that by reducin: economy? i am very confident that by reducing taxation, _ economy? i am very confident that by reducing taxation, by _ economy? i am very confident that by reducing taxation, by allowing - reducing taxation, by allowing people to get more of the money they earn, we will grow this economy and be as successful economy into successful country. i be as successful economy into successful country.— be as successful economy into successful country. i get you think that our successful country. i get you think that your measures _ successful country. i get you think that your measures will _ successful country. i get you think that your measures will be - that your measures will be successful and lead to economic growth, because that's the central justification for them. i'm trying to get a sense of how worried you are now about the state of the economy, given inflation, given the value of the pound, given everything that we know about the pressures of the economy faces right now. i that we know about the pressures of the economy faces right now.- the economy faces right now. i think our rlobal the economy faces right now. i think our global challenges. _ the economy faces right now. i think our global challenges. clearly - the economy faces right now. i think our global challenges. clearly put i our global challenges. clearly put in's invasion of ukraine has affected everybody in europe with higher electricity prices. i think the intervention we made on energy prices was exactly the right thing. i think the plan minister's vision in terms of having longer—term contracts to make sure we have more resilience in the future was exactly the right thing. i think in terms of our tax position, we simply couldn't tax our way to prosperity. we couldn't keep loading our people with more tax burdens when we where
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facing this cost issue. that is why i have reduced taxes today for everybody. i have reduced taxes today for everybody-— i have reduced taxes today for eve bod. , ., , everybody. last question. is the justification _ everybody. last question. is the justification for _ everybody. last question. is the justification for what _ everybody. last question. is the justification for what you - everybody. last question. is the justification for what you are - justification for what you are announcing today an acknowledgement that the economic picture really is bleak? that it needs this huge shift in order to transform things? ida. i in order to transform things? no, i don't think— in order to transform things? no, i don't think so. _ in order to transform things? no, i don't think so. i _ in order to transform things? no, i don't think so. i think— in order to transform things? no, i don't think so. i think their - in order to transform things? iirr, i don't think so. i think their global challenges. i don't think it's a bleak picture. if you look at unemployment, that's at a 50 year low, and you can appreciate that. if you look at some of the things that we are doing in research and development, tax, that is positive. they are great things, that's what i said my statement, there is great story about the uk about our ingenuity, but our science and technology, the vaccine roll—out, all of these things are very positive. there is a global challenge right now with electricity prices, but i am confident we have the right policies to steer us through that, and i am very confident that we can actually grow the economy in the way that we all want to see.
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the economy in the way that we all want to see-— want to see. that's the chance or talkin: to want to see. that's the chance or talking to chris _ want to see. that's the chance or talking to chris mason. _ want to see. that's the chance or talking to chris mason. at - want to see. that's the chance or talking to chris mason. at £45 i talking to chris mason. at £45 billion of tax cuts announced today, the biggest cut since the 1970s, what does it mean for those earning below the national living wage? 0ur social affairs correspondent reports now from leeds. shortly after the chance i's statement by a church in leeds, a cloud gathered to collect free food. if to govern is to choose, there was a palpable sense here that ministers have chosen not to help these families. the here that ministers have chosen not to help these families.— to help these families. the folks who make _ to help these families. the folks who make the _ to help these families. the folks who make the big _ to help these families. the folks i who make the big announcements to help these families. the folks - who make the big announcements and laws that affect millions of people's lives have no idea what all of these dear families, our neighbours are living through on a daily basis. it is like any quality is actually getting worse and not better. . , is actually getting worse and not better. ., , ., , ., ., better. parts of leeds have some of the highest levels _ better. parts of leeds have some of the highest levels of _ better. parts of leeds have some of the highest levels of poverty - better. parts of leeds have some of the highest levels of poverty in - the highest levels of poverty in england, all poorly insulated back homes adding to energy costs. we are all struggling- — homes adding to energy costs. we are all struggling- it's _ homes adding to energy costs. we are all struggling. it's not _ homes adding to energy costs. we are all struggling. it's not fair. _ homes adding to energy costs. we are all struggling. it's not fair. why - all struggling. it's not fair. why should the rich get richer and the
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poor get poorer?— poor get poorer? chrissy runs a small charity. _ poor get poorer? chrissy runs a small charity, disability - poor get poorer? chrissy runs a| small charity, disability families of middleton. brute small charity, disability families of middleton.— small charity, disability families of middleton. ~ ., ., of middleton. we went around the whole estate _ of middleton. we went around the whole estate to _ of middleton. we went around the whole estate to deliver— of middleton. we went around the whole estate to deliver christmas| whole estate to deliver christmas presents to the children. she whole estate to deliver christmas presents to the children.- presents to the children. she has custod of presents to the children. she has custody of her — presents to the children. she has custody of her two _ presents to the children. she has| custody of her two grandchildren, 11—year—old dominic has several disabilities. the struggle to get by on benefits and chrissy says the chancellor didn't make life any easier today. chancellor didn't make life any easiertoday. i’m chancellor didn't make life any easier today.— chancellor didn't make life any easier today. chancellor didn't make life any easier toda . �* ., ., ., , easier today. i'm down to doing my washin: easier today. i'm down to doing my washing once _ easier today. i'm down to doing my washing once a _ easier today. i'm down to doing my washing once a week _ easier today. i'm down to doing my washing once a week because - easier today. i'm down to doing my washing once a week because i - easier today. i'm down to doing my| washing once a week because i can't afford the gas and electric. bells are going up sky high, food is going up are going up sky high, food is going up sky high. you go shopping, you cannot find what you want. and when you do find what you want it has gone up every week. far gone up every week. for many low-income _ gone up every week. for many low-income families, - gone up every week. for many low-income families, the - gone up every week. for many low-income families, the to i gone up every week. for many i low-income families, the to and gone up every week. for many - low-income families, the to and half low—income families, the to and half thousand pound energy christ... price cap does not make bells affordable. at this food pantry, they now regularly have to wait for £3 50 fee as people cannot afford it. �* ., ., y £3 50 fee as people cannot afford it.�* ., ., , £3 50 fee as people cannot afford it. ., ., , , it. i'm down to my last £5 in my bank account, _ it. i'm down to my last £5 in my bank account, and i _ it. i'm down to my last £5 in my bank account, and i don't - it. i'm down to my last £5 in my bank account, and i don't get i it. i'm down to my last £5 in my l bank account, and i don't get paid it until thursday. this bank account, and i don't get paid it until thursday.— it until thursday. this woman has received food _ it until thursday. this woman has received food from _ it until thursday. this woman has received food from the _ it until thursday. this woman has received food from the pantry. i it until thursday. this woman has i received food from the pantry. she is currently looking for a job, so
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doesn't think today's changes will

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