The last time a chancellor of the exchequer appeared on the Sunday morning political shows he helped kick the economy off a cliff-edge.
Seven long weeks ago, Kwasi Kwarteng was still revelling in the aftermath of his not-so-mini budget and its promise of unfunded tax cuts, so much so he promised more to come.
It was that intervention, as much as the cavalier non-budget, that helped markets make up their mind about the UK’s direction under Mr Kwarteng and his mayfly prime minister Liz Truss.
Within hours the pound had slumped and the following day the cost of borrowing soared, a sudden and shocking loss of confidence with long-term consequences for government, business and mortgage holders that is still being felt.
This morning, Mr Kwarteng’s successor used the Sunday platform to try to reassure us, and as importantly the markets, that he is going to clean up the mess.
Jeremy Hunt is only six weeks into the job but he spent as many years as health secretary, and his manner was that of a medic with grave news.
The message from Dr Hunt is that while the patient is very ill, there is a cure, but it’s going to hurt.
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“We are going to have to increase taxes and cut public spending to show that we are a country that can pay our way,” he told Sky News’ Sophy Ridge on Sunday programme.
“I’m afraid we are all going to have to pay more taxes.”
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These are not words Conservative chancellors go into the job dreaming of uttering, but they are based on a diagnosis of the economy Mr Hunt shares with Rishi Sunak, not long out of the job himself and by some accounts still trying to do it from No 10.
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2:55
‘We’ll be asking everyone for sacrifices’
Mr Kwarteng’s tax cuts left a £60bn gap – a “black hole” in political journalese – in government plans to have borrowing as a share of GDP falling over the next three years.
That calculation matters because it demonstrates that the government has a plan to cover its own costs, rather than endlessly borrow to pay for essential services. That gives confidence to investors which in turn makes it cheaper to borrow in the first place.
It should be said that the size and scope of the black hole is itself a political choice rather than economic truism. Governments set the fiscal rules for themselves and can change them any time they like.
Mr Kwarteng’s problem was he presented a plan that did not add up under the rules he said he was sticking to. The Hunt-Sunak challenge is that economic credibility can only be regained by demonstrating a willingness to fill that gap.
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6:39
Three PMs in three months: A timeline
That means announcing plans that outwardly look like they will hammer earners from all income brackets as well as public services and the people that work in them.
If that is the economic reasoning behind Mr Hunt’s relentlessly austere messaging since he took the job, how and if he achieves it is political.
Having promised in the 2019 Conservative manifesto not to raise any of the main taxes, he is instead likely to freeze the thresholds above which they are paid, meaning over time more people will pay more tax.
(That’s “stealth taxes” in the journalese, “fiscal drag” in economic jargon, and “less money” in the real world.)
As for the spending cuts they are less clear, and may remain so after Thursday’s autumn statement.
Mr Hunt appeared to again commit to increasing pensions in line with inflation under the “triple-lock” but he was explicit that striking nurses will not get an inflation-proof pay deal.
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1:58
The rise and fall of Kwasi Kwarteng
Beyond that we wait to see how much detail is offered and how much it means even if it is. Mr Hunt will be setting economic expectations for the next five years, with a forecast for the same period from the Office for Budget Responsibility that investors will read as closely as the autumn statement itself.
But three of those years lie beyond the current parliament, meaning a new government, or as we have seen even a new prime minister, can change course should they choose.
So the measures we will hear next week are politically non-binding. Some may even be intended as a trap for Labour, an attempt to commit the opposition to unpopular decisions in advance.
There is little doubt however that the economic peril is real. Inflation is above 10%, the energy crisis continues, and we are in the foothills of a recession that will see interest rates rise further.
It was in the evening that the bombing started to intensify.
Salah Jundia, his father and brothers huddled together in their home in Shujaiyya, just east of Gaza City, trying to work out what to do.
It was too risky for them to leave at night. There were a lot of them too. Extended family living across four storeys. They decided they would wait until after dawn prayers.
The explosion tore through the building just before 5am, collapsing one storey on to the next.
Image: The aftermath of Israel’s bombing campaign in Shujaiyya, just east of Gaza City
Image: Salah Jundia
Jundia says he survived because pieces of bedroom furniture fell on top of him.
Then he looked for his father and brothers.
“I found one of them calling for help. I removed the rubble covering him with my hands. Then I saw another brother covered in rubble but he was dead,” he told Sky News.
Jundia added: “My father was also dead. My other brother was also dead. We got them out and that is when I saw that the whole building had collapsed.”
Over the next few hours, they scrambled to rescue who they could.
An aunt and uncle and one of their children, Shaimaa. Uncle Imad and his son Mohammad. The bodies of Montasir and Mustaf.
Image: One of the child victims of the attack on the home near the Gaza City
Image: Another one of child victims of the attack
Jundia says he could hear cries for help, but they were coming from deep in the rubble and were impossible to reach.
The rescue teams on site – civil defence they are called – did not have the kit to clear through three floors of 500 square metres, 30cm slabs of concrete.
Image: Rescuers drilling to try and reach the people trapped below the rubble
Image: Efforts to free those trapped beneath the rubble near the Gaza City
In the afternoon, Jundia says Israel’s Defence Forces (IDF) told rescue teams to leave as they would be resuming their bombardment.
Jundia buried the bodies he had managed to pull out but he knew 15 of his family members, 12 of them children, were still somewhere inside the rubble, still crying for help.
He made a desperate video appeal, begging the Red Cross and Arab countries to pressure Israel to grant access to the site. It was picked up on a few social media accounts.
Israel won’t allow heavy equipment into Gaza. No diggers or bulldozers, nor the fuel or generators to run them.
They say it will fall into Hamas’s hands.
It was a major sticking point during the ceasefire and it is a major issue now as the bombardment continues, given the fact that hundreds if not thousands of civilians might survive if there were the equipment to extract them.
Image: Members of Salah Jundia’s family left alive after the attack
Image: Salah Jundia and his surviving family
Civil defence trying to get to the Jundia family home over the next few days were halted because the IDF were in the vicinity. A family friend tried himself and was killed.
The footage that our camera teams have shot in Shujaiyya over the past two weeks shows how civil defence teams struggle to save those who are trapped and injured with the most rudimentary of equipment – plastering trowels, sledgehammers, ropes and small drills.
“The tight siege stops civil defence equipment from getting in,” says one.
They added: “So we are taking much longer to respond to these events. Time is a factor in getting these people out. So we call immediately for the necessary equipment to be allowed in for the civil defence to use.”
The IDF say they are investigating the circumstances around the Jundia family as a result of our enquiries.
In relation to the access of heavy equipment into Gaza, they say they work closely with international aid organisations to enable the delivery of humanitarian activities in accordance with international law.
The last contact Jundia had from beneath the rubble was a phone call from his uncle Ziad, three days after the strike.
“The line was open for 25 seconds then it went dead. We don’t know what happened. We tried to call, but there was no answer,” he says.
He and his family were displaced several times before they returned home to Shujaiyya – to Rafah in the south, then Khan Younis and Deir al-Balah.
Along the way, Jundia lost one brother and a nephew to Israeli bombs.
“We were happy and all the family came back. We went back to our house. It was damaged, but we improvised and we lived in it. We have nothing to do with the resistance. We are not interested in wars. But we have been gravely harmed,” he says.
China’s economy performed better than expected in the first quarter of the year – but it reflects a moment in time before the explosive trade war with the US, which has seen the world’s two biggest economies effectively decouple.
Economists had predicted that gross domestic product would grow by about 5.1% in January to March, compared with a year earlier. In the end, it grew 5.4%.
But these impressive figures obscure the very serious challenges China’s economy is facing in the wake of Donald Tump’s trade war – and it is almost certain growth will not remain this strong as the year goes on.
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It was in the evening that the bombing started to intensify.
Salah Jundia, his father and brothers huddled together in their home in Shujaiyya, just east of Gaza City, trying to work out what to do.
It was too risky for them to leave at night. There were a lot of them too. Extended family living across four storeys. They decided they would wait until after dawn prayers.
The explosion tore through the building just before 5am, collapsing one storey on to the next.
Image: The remains of Salah Jundia’s home in Shujaiyya, just east of Gaza City
Image: Salah Jundia
Jundia says he survived because pieces of bedroom furniture fell on top of him.
Then he looked for his father and brothers.
“I found one of them calling for help. I removed the rubble covering him with my hands. Then I saw another brother covered in rubble but he was dead,” he told Sky News.
Jundia added: “My father was also dead. My other brother was also dead. We got them out and that is when I saw that the whole building had collapsed.”
Over the next few hours, they scrambled to rescue who they could.
Image: One of the child victims of the attack on the home near the Gaza City
Image: Another one of child victims of the attack
An aunt and uncle and one of their children, Shaimaa. Uncle Imad and his son Mohammad. The bodies of Montasir and Mustaf.
Jundia says he could hear cries for help, but they were coming from deep in the rubble and were impossible to reach.
The rescue teams on site – civil defence they are called – did not have the kit to clear through three floors of 500 square metres, 30cm slabs of concrete.
Image: Rescuers drilling to try and reach the people trapped below the rubble
Image: Efforts to free those trapped beneath the rubble near the Gaza City
In the afternoon, Jundia says Israel’s Defence Forces (IDF) told rescue teams to leave as they would be resuming their bombardment.
Jundia buried the bodies he had managed to pull out but he knew 15 of his family members, 12 of them children, were still somewhere inside the rubble, still crying for help.
He made a desperate video appeal, begging the Red Cross and Arab countries to pressure Israel to grant access to the site. It was picked up on a few social media accounts.
Israel won’t allow heavy equipment into Gaza. No diggers or bulldozers, nor the fuel or generators to run them.
They say it will fall into Hamas’s hands.
It was a major sticking point during the ceasefire and it is a major issue now as the bombardment continues, given the fact that hundreds if not thousands of civilians might survive if there were the equipment to extract them.
Image: Members of Salah Jundia’s family left alive after the attack
Image: Salah Jundia and his surviving family
Civil defence trying to get to the Jundia family home over the next few days were halted because the IDF were in the vicinity. A family friend tried himself and was killed.
The footage that our camera teams have shot in Shujaiyya over the past two weeks shows how civil defence teams struggle to save those who are trapped and injured with the most rudimentary of equipment – plastering trowels, sledgehammers, ropes and small drills.
“The tight siege stops civil defence equipment from getting in,” says one.
They added: “So we are taking much longer to respond to these events. Time is a factor in getting these people out. So we call immediately for the necessary equipment to be allowed in for the civil defence to use.”
The IDF say they are investigating the circumstances around the Jundia family as a result of our enquiries.
In relation to the access of heavy equipment into Gaza, they say they work closely with international aid organisations to enable the delivery of humanitarian activities in accordance with international law.
The last contact Jundia had from beneath the rubble was a phone call from his uncle Ziad, three days after the strike.
“The line was open for 25 seconds then it went dead. We don’t know what happened. We tried to call, but there was no answer,” he says.
He and his family were displaced several times before they returned home to Shujaiyya – to Rafah in the south, then Khan Younis and Deir al-Balah.
Along the way, Jundia lost one brother and a nephew to Israeli bombs.
“We were happy and all the family came back. We went back to our house. It was damaged, but we improvised and we lived in it. We have nothing to do with the resistance. We are not interested in wars. But we have been gravely harmed,” he says.