Qazi Quarting might not have much to say about the pound falling to record lows and the

cost of government borrowing soaring, I promise we will. We're going to talk through what

it all means. The markets they've had there say on the mini budget should we care. Are

these things that should matter to us? The standard left critique of a government policy

isn't that the markets didn't like it. We imagine that if Jeremy Corbyn were in power,

the markets often wouldn't like the policies that he put forward and implemented, but what's

going on now should it worry us. I'm going to be joined by an economics expert in one

moment. Also later in the show, I'll have Aaron Bistani on with me. We're going to talk

about the latest from Labour Party Conference and also the far right coming to power in Italy.

Let's get up then, the movements that the pound have been making today. It's been fairly

dramatic. The value of the pound started falling as soon as Quarting made his budget

speech last Friday. It dropped from $1.12 to $1.08 on Friday. Then this morning when markets

reopened, it dropped again, hitting $1.04, $1.04 since that's the lowest it has ever been.

It then recovered back to where it started the days. You can see that chart there ends

about 2.30. Then what happened? Is it at 3.30? The government, the Treasury and the

Bank of England made their respective statements which people were assuming would be to try and

calm the markets. The Bank of England said this, Andrew Bailey, the governor of the Bank

of England said this, the MPC, that's the Monetary Policy Committee, will not hesitate

to change interest rates by as much as needed to return inflation to the 2% target sustainably

in the medium term. Then we've got the statement from the Treasury for you as well. This is

their tweet. Chancellor Quarting has set out how the growth plan will be delivered. Our

supply side reforms will be outlined from October. The medium term fiscal plan will be published

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