Keir Starmer pledges nationalised 'Great British Energy' firm
Labour leader vowed to give the UK its 'future back'
A Labour government would set up a "Great British Energy" company to generate more clean power for the nation, Sir Keir Starmer has announced.
Sir Keir said the firm would be publicly-owned and it would be set up within the first year of Labour taking power.
It would focus on harnessing the power of renewable energy, including solar, wind and wave, in a move which the Labour leader claimed would help to cut energy bills and deliver energy independence.
The company would be tasked with providing "additional capacity" alongside the private sector.
Sir Keir said: "We will set up Great British Energy within the first year of a Labour government. A new company that takes advantage of the opportunities in clean British power... because it’s right for jobs, because it’s right for growth, because it’s right for energy independence from tyrants like Putin."
That's all for today...
Thank you for following our live coverage of the penultimate day of Labour's party conference in Liverpool.
The speech Sir Keir Starmer gave today was in many respects unrecognisable from what delegates could have expected just three years ago.
With sideswipes at Jeremy Corbyn, those opposed to Nato and the SNP, Sir Keir appeared to pitch his vision for the country in a political 'centre ground' formerly occupied by one Boris Johnson, as Liz Truss and Kwasi Kwarteng swerve to the libertarian right.
The timing could barely have been more opportune for Labour, which currently enjoys its largest ever YouGov polling lead and has taken advantage of ongoing Tory splits and disarray.
Ultimately, how Ms Truss and Mr Kwarteng navigate the next few months may well determine whether things really can only get better for Sir Keir as he seeks to channel the spirit of 1997.
Be proud of our support for Ukraine, urges shadow defence secretary
Ukraine is winning because its people have a "story of national hope" to unify them, the shadow defence secretary has said.
John Healey added that the "surest defence for Britain is to build a country in which security, prosperity and respect are guaranteed for all".
"A country worth defending and determined to defend itself. A country whose citizens can say proudly we stood with Ukraine, we stood with our allies, we stood with each other."
Labour coordinator labels Huq's comments 'disgraceful'
Shabana Mahmood, the Labour Party's campaign coordinator, has condemned Rupa Huq's comments about Kwasi Kwarteng as "completely disgraceful and unacceptable".
She told Times Radio: "I have been called a 'coconut' and a 'house Muslim' before."
Rupa Hup apologises to Kwasi Kwarteng
This from the MP for Ealing Central and Acton:
I have today contacted Kwasi Kwarteng to offer my sincere and heartfelt apologies for the comments I made at yesterday's Labour conference fringe meeting.
My comments were ill-judged and I wholeheartedly apologise to anyone affected.
Full Fact points out issues with Starmer's sums
This from the fact-checking charity today:
Labour explained that £2billion of the cost of its energy policy would be funded from not going ahead with Liz Truss’s plan, announced during the Conservative leadership contest, to cut green levies on energy bills.
But this wouldn’t free up £2billion to spend, without cutting some other part of government spending or increasing tax or borrowing, which Labour has not suggested it would do.
A similar issue emerged yesterday when shadow chancellor Rachel Reeves claimed that Labour’s plan to double the number of medical students would be funded by reversing the planned abolition of the 45p income tax rate announced last week by the government.
Ms Reeves had previously described the government’s tax cuts as "unfunded". That suggests maintaining the status quo of the 45p rate would not free up any new money to spend on NHS staff, unless some other part of government spending was reduced, taxes increased or borrowing increased.
We warned you about ‘Trussonomics’ turmoil, say Rishi Sunak backers
Rishi Sunak backers have claimed they warned that “Trussonomics” would cause market turmoil amid the aftermath of Kwasi Kwarteng’s mini-Budget.
Markets are predicting that the pound will tumble to parity with the dollar by the end of the year, after Mr Kwarteng unveiled the biggest package of tax cuts in 50 years in an attempt to avert a recession.
The Treasury and the Bank of England both issued statements on Monday afternoon in an attempt to assuage investor concerns.
Mr Sunak railed against Liz Truss’s tax-cutting policies during his unsuccessful Conservative leadership campaign, with his campaign warning that she would increase borrowing to “historic and dangerous levels” while placing public finances in “serious jeopardy”.
Labour will 'undo the damage' to foreign aid and development
Preet Kaur Gill, the shadow international development minister, said Labour has "changed lives" with its foreign policy in Government.
But, she added, "12 years of Tory rule has taken its toll" on international development and attacks the "cruellest cuts imaginable to life-saving aid programmes".
"The Tories were warned by their own impact assessment that the cuts would devastate women and girls at risk of violence, but they went ahead anyway."
Ms Gill promised Labour would "undo the damage" caused by the Conservatives and introduce a new model for the Department for International Development (DfID).
New: Labour spokesman on Rupa Huq suspension
We obviously condemn the remarks she made which were totally inappropriate, and we call on her to withdraw and apologise.
Labour will introduce 'green dimension' to foreign policy
David Lammy has accused Liz Truss of trying to "row back" on net zero commitments.
Labour's foreign policy will be green and "never again" will Britain depend on "fossil fuel dictators", Mr Lammy said in his keynote speech.
He added he would push for climate action to become a fourth pillar of the United Nations.
Tories have left Britain's global reputation 'in tatters'
Dominic Penna here, the Telegraph's political reporter taking you through the rest of the day here in Liverpool.
The Conservatives have left Britain's reputation on the world stage "in tatters", David Lammy has told delegates.
"Every time the Conservatives come to office, they take our foreign policy backwards," he said.
"They were wrong in the 1980s to support apartheid in South Africa. And they were wrong in the 2010s when they created a hostile environment for the Windrush generation. Today, they are wrong again, cutting aid as millions starve across the globe - they are wrong.
"Attacking the European Convention on Human Rights... they are wrong, the Conservatives, endlessly, on foreign policy."
Labour pledges to restore 0.7 per cent aid target
A Labour government would restore the UK's 0.7 per cent international aid spending target, David Lammy has said.
He also suggested Labour would reverse the Tories' decision to merge the international development department with the Foreign Office.
The shadow foreign secretary said: "A Labour government will restore our 0.7 per cent aid target. And we will fix the problems of the government’s badly mismanaged merger with a new model to deliver development."
'Ukraine will win'
David Lammy, the shadow foreign secretary, said Labour wants to see Vladimir Putin face a "special tribunal" over the war in Ukraine.
Mr Lammy said: "As Vladimir Putin continues to wage his barbaric war, let us send a message directly to him: We will create a special tribunal to prosecute you for your crime of aggression.
"And whether it takes six months, three years or ten, Ukraine will win."
Labour MP Rupa Huq suspended after calling Kwasi Kwarteng ‘superficially black’
Labour MP Rupa Huq has been suspended from the party after she sparked outrage by saying that Kwasi Kwarteng is only “superficially black”.
You can read the full story here.
Think tank criticises Labour's energy plan
The Adam Smith Institute, a free market think tank, has delivered its verdict on Sir Keir Starmer's conference speech.
Emily Fielder, head of communications, said: "Where Sir Keir diagnoses the problems correctly, his solutions miss the mark. He is right that inflating demand without increasing supply will raise house prices and that we need to get ‘shovels in the ground,’ but unfortunately his only supply side suggestion is weak, and he’d rather stoke more demand and target the red-herring of second homeowners.
"Similarly, while he pushes for nuclear, hydropower, and innovative solutions, he plans to back it through taxpayer subsidies and a new state-owned energy company. Previous attempts at state-owned energy resulted in massive subsidies and taxpayer-funded bailouts. There is no indication that Great British Energy will fare any differently."
Unison: 'An election cannot come soon enough'
Christina McAnea, the general secretary of Unison, said: "This was a speech from the Prime Minister in waiting. Keir set out how he will lead a government that protects the economy and living standards, and gives people hope of a better life.
"A government that will work for a fairer, greener future, where people can live in affordable homes, feed their families and pay their energy bills.
"Labour in power would understand that well-funded public services, with properly paid staff, help grow the economy and are the bedrock of a decent society. It was an inspiring speech. Keir's vision is a world away from that of the Tories, who only care about the very rich and are gambling with the country's future. "
"An election cannot come soon enough so working people can elect a government that's truly on their side."
The key points in Sir Keir Starmer's speech
– A vow to set up a publicly-owned “Great British Energy” company within the first year of a Labour government, tasked with increasing clean energy generation in the UK.
– A target of 70 per cent of home ownership and measures to prevent buy-to-let landlords or second homeowners buying up properties first.
– A vow to defeat the cost-of-living crisis, lift the “clouds of anxiety”, restore public service levels including in the NHS, and build more affordable housing.
– A promise to “make Brexit work”.
– “No deal under any circumstances” with the Scottish National Party.
Labour MP under fire over Kwarteng remark
Sir Keir Starmer is facing calls to suspend a Labour MP who described Kwasi Kwarteng as "superficially black" at a conference fringe event.
Rupa Huq cited the Chancellor's Conservative views and the fact that he went to “very expensive” private schools.
You can read the full story here.
How ambitious is Labour's new housing target?
Sir Keir Starmer announced a Labour government would set a home ownership target of 70 per cent.
In 2019/20 some 65 per cent of households in England were homeowners, according to a House of Commons Library briefing paper.
The rate of home ownership in England has been falling. In 2003 it stood at 71 per cent.
Analysis: Labour members believe Starmer will be next PM
The atmosphere in the Labour conference hall just now was like Sir Keir Starmer had already won the next election, Tony Diver writes.
The Labour leader received half a dozen standing ovations from delegates for a speech that focussed heavily on the Government's handling of the economy and cast his party as a centrist force in the mould of Blair's New Labour.
It also contained a long passage imagining a person in 2029 looking back on the achievements of the first Labour government since 2010, and a series of crowd pleasing policy announcements like a 70 per cent home ownership target and a new state-run energy company.
Labour sources say this speech was all about pitching Sir Keir as a Prime Minister in-waiting, and it was clear from the reaction that members really believe he will be.
Starmer promises 'fairer, greener, more dynamic nation'
Concluding his speech, Sir Keir Starmer said: "Say it loud and believe it. Britain will deal with the cost-of-living crisis. Britain will get its future back.
"A country where aspiration is rewarded. Where working people succeed. A force for good in the world. A clean energy superpower.
"A fairer, greener, more dynamic nation. That's my commitment to you. The national mission of the next Labour government. And together with the British people - we will do it."
Sir Keir Starmer issues Brexit plea to voters
Sir Keir Starmer said the policy of a Labour government "will always be to make Brexit work". He said that bother Remain and Leave voters had been "let down".
He said: "If you voted to take control of your life and for the next generation to have control of theirs, then I say to you: that is what I will deliver."
He said Labour would "make Brexit work".
Labour targets 70 per cent home ownership
Turning to housing, Sir Keir Starmer said that under the Tories "the dream of owning your own home is slipping away for too many".
He said: "And that's a political choice. Because if you keep inflating demand without increasing supply house prices will only rise and homes become less affordable for working people.
"So we will set a new target - 70 per cent ownership and we will meet it with a new set of political choices."
Sir Keir said there would be "no more buy-to-let landlords or second homeowners getting in first". Meanwhile, while first-time buyers will be helped through a new mortgage guarantee scheme.
'We will take them on'
Sir Keir Starmer vowed to "fight" the Tories on key issues.
He said: "If they want to fight us on redistribution, if they want to fight us on workers' rights, if they want to tell us working people don't come first, we will take them on - and we will win."
Tory tax cuts are 'nonsense'
Sir Keir Starmer has vowed to "fight the Tories on economic growth" as he criticised the Conservative Party's handling of the economy.
Referring to the mini-Budget, Sir Keir said cutting the top rate of income tax and lifting the cap on bankers' bonuses is a "nonsense".
He said: "They say they don't believe in redistribution, but they do - from the poor to the rich and they're loading up the country with debt to pay for it."
Labour would set up 'Great British Energy' firm
Sir Keir Starmer said a Labour government would set up an organisation called "Great British Energy" within its first year which will the "take advantage of the opportunities in clean British power".
"Great British Energy" would help deliver energy projects and be publicly owned, he said.
Sir Keir Starmer vows to make UK 'growth superpower'
A Labour government would turn the UK into a "growth superpower", Sir Keir Starmer has said as he launched his new "Green Prosperity Fund".
At the heart of that plan is a goal to make the UK's electricity system "100 per cent clean" and carbon-free by 2030.
Sir Keir said it will take a "huge national effort" to get there but he believed a clean energy "revolution" will help to power all parts of the nation.
Labour the party of 'sound money'
Labour is now the party of "sound money", Sir Keir Starmer told activists in Liverpool.
He said: "Rachel Reeves and I have set out a framework for sound money. We're determined to reduce debt as a share of our economy.
"Every policy we announce will be fully costed. And we will set up an Office for Value for Money to make sure public spending targets the national interest."
Sir Keir said Labour would only borrow to invest "when it's in the long-term national interest".
Sir Keir Starmer pledges to give UK 'its future back'
The British people are "crying out for change" and are "looking for decisive leadership", Sir Keir Starmer has said.
He said that voters want to know that Labour has "clear answers to the big challenges they face".
He said a Labour government would "get Britain's hope, its confidence and its future back".
Labour leader claims Tories not a party of 'aspiration'
Sir Keir Starmer claimed the mini-Budget last week has seen the Tories send out a message that "we are not here for you" and "you are not our people".
He said the Conservative Party had given up "any claim it may have had to be a party of aspiration".
The Labour leader said it is time to "get moving" and he is "impatient" to win power and make changes.
UK's spirit has been 'ground down'
Sir Keir Starmer argued that many people in the UK have lost hope in the future.
He said: "After 12 long years our spirit is ground down. When I talk to working people now, they tell me they work harder and harder just to stand still.
"That their graft can't provide their family with a sense of security. That they're worried their kids won't have a better life than them.
"What does it say about Britain, when families worry like this about their children's future? It says an unwritten contract is broken. A contract where in return for hard work, you get on."
'It's time for Britain to stand tall again'
A Labour government would strive to restore the nation's "sense of collective hope", Sir Keir Starmer has said.
He said: "The next Labour government must restore our sense of collective hope. We should never be left cowering in a brace position.
"It's time for Britain to stand tall again. To believe in ourselves again. To chart a new course. And to get our future back."
Sir Keir Starmer pledges to end 'cycle of crisis'
Sir Keir Starmer blasted the Tories' record on the economy.
The Labour leader told the main hall in Liverpool: 'They used to lecture us about fixing the roof when the sun is shining. But take a look around Britain.
"They haven't just failed to fix the roof. They've ripped out the foundations, smashed through the windows and now they've blown the doors off for good measure."
Sir Keir said a Labour government will "get us out of this endless cycle of crisis".
Starmer says Tories have 'lost control of economy'
Sir Keir said that the Tories have "lost control of the British economy".
He said: "Don't forget. Don't forgive. The only way forward is to stop this - with a Labour government."
'Cloud of anxiety hangs over working people'
Sir Keir Starmer said that in the last few weeks "we've seen two sides of Britain".
He said: "On one side, a nation united by profound purpose, to pay its respects to a remarkable sovereign... but the other side of Britain never went away.
"A Britain all at sea, where a cloud of anxiety hangs over working people."
Keir Starmer starts with a joke
Sir Keir Starmer is now on the stage in Liverpool. He was greeted by sustained applause and loud cheers.
The Labour leader started with a joke. He said that after a lot of hard work "finally we are seeing the results".
He then added: "We can say it at last: Arsenal are top of the league."
Standing ovation for Starmer
It's a standing ovation for Sir Keir Starmer before he has even uttered a single word.
A polished video is playing to welcome the Labour leader to the stage and it looks like every single Labour activist is on their feet and clapping.
Conference awaits arrival of Keir Starmer
The main hall is packed and everyone is in their seats as they wait for the arrival of Sir Keir Starmer on stage.
The Labour leader is being introduced by Satvir Kaur, the Labour leader of Southampton City Council.
Activists told to take their seats
Labour activists are now being urged to take their seats in what will be a packed main hall at Labour Party conference.
Tickets to attend Sir Keir Starmer's big speech have been hard to come by. Such is the level of demand that the speech is also being shown on a big screen in a different part of the complex here in Liverpool.
Analysis: Keir Starmer likely to pitch himself as 'sensible and stable'
Theresa May used the phrase "strong and stable" repeatedly during the 2017 general election campaign as she tried to win the backing of voters.
Sir Keir Starmer is likely to convey a similar message in his speech this afternoon. This whole conference has been about Labour trying to position itself as the steady and reliable alternative to the Tories.
If not "strong and stable" then perhaps "sensible and stable".
Pictured: Keir Starmer and wife Victoria arrive
Pictured: Labour activists queue for Keir Starmer speech
Analysis: Why so few major policy announcements?
There have been very few major policy announcements made at Labour Party conference so far. (This could change shortly when Sir Keir Starmer speaks).
Perhaps the most significant was Rachel Reeves saying she would reinstate the 45p rate of income tax to fund a major increase in NHS staff. Beyond that it has been fairly slim pickings.
People may well wonder why that is. The answer most likely is that Labour does not feel the need to make big policy announcements right now because it is happy to respond to, and largely define itself against, Tory decisions.
Also, we are still (probably) at least a year away from the next general election and Labour will want to keep its powder dry for its next manifesto so that its big plans are fresh in the minds of voters when they actually visit the ballot box.
Labour pledges crackdown on sewage
Jim McMahon, the shadow environment secretary, said a Labour government "will clean up the water industry" and tackle the dumping of raw sewage into the nation's rivers.
He said Labour would impose mandatory monitoring of all sewage outlets and give the Environment Agency the powers to "properly enforce the rules".
A legally binding target would also be introduced to end 90 per cent of sewage discharges by 2030.
Meanwhile, water bosses will be held “personally” accountable for their failures, with those who allow the most serious sewage leaks facing prison sentences.
Angela Rayner: Economic situation 'grave'
Labour’s deputy leader Angela Rayner said the party is “ready for a general election” as she described the Chancellor’s and Prime Minister’s approach to the economy as “so reckless” and a “very risky casino-style gamble”.
She told Times Radio: “The situation at the moment is so grave, the markets are so spooked by what the Conservatives have said on Friday, that actually they really need to get a grip of this because I don’t see how we can go forward certainly up until – the Bank of England are not due to meet until November.
“I really don’t see how we get from where we are now until November in a situation where obviously we need to stabilise the market, we need to make sure that there’s confidence in the programme for the Government, so that we don’t end up in a really serious situation.
“That is my appeal really to the Government, is that this is not just about party political politics, this is really quite serious and it’s going to affect people’s real lives, mortgage, interest rates, day-to-day living costs, all of these things. If you’re not on £155,000 a year or above, you’re going to be worse off as a result of Friday’s budget.”
Labour not ruling out regulation of junk food
Labour is not ruling out tougher regulation of unhealthy food once the cost-of-living crisis has eased, shadow health secretary Wes Streeting has said.
Mr Streeting said yesterday that it would be “tin-eared” to oppose the Government’s plans to scrap a ban on buy one get one free deals for junk food, given the strains on family finances.
But speaking at a Fabian Society event today, Mr Streeting said he had heard the “heartbreak” from public health campaigners “through my inbox and on the fringe (of the Labour Party conference)”.
He said: “I’ve not said not ever, I’ve been very clear in saying not now.”
Mr Streeting added that he was “open to persuasion” that regulation was not needed if the junk food industry could demonstrate it would take action on its own.
Pictured: Kwasi Kwarteng meets with financial services industry representatives
Labour would stop privatisation of Channel 4
Lucy Powell, the shadow culture secretary, said a Labour government would halt the potential privatisation of Channel 4.
She said that Labour understands the "true value" of the nation's broadcasters.
She said: "But their value is more than economic, they bring us all together in good times and bad. That’s why we will keep Channel 4 in public hands and we will secure the future of the BBC as a universal, publicly owned broadcaster.
"What’s more, we will protect it from party political interference."
'I am sick and tired of watching the Tories run our country down'
Yvette Cooper said she is "sick and tired" of Tory governments and she is "ready to fight" to help Labour win power.
Concluding her speech in Liverpool, the shadow home secretary said: "The first Labour Conference Speech I made was a quarter of a century ago in 1997. I’ve spoken through the years on amazing Labour Government policies.
"And I am sick and tired of watching the Tories run our country down. And that’s why I’m back standing here. It’s the same reason why every one of us are here. Because we love our country. We know the amazing things Labour can do.
"And we are ready to fight for that better, fairer future with a Labour Government again."
Yvette Cooper vows to scrap Rwanda plan
Labour would scrap the Government's Rwanda migrants plan and use the money saved to set up a cross-border police unit with France to stop migrant Channel crossings, Yvette Cooper has said.
The shadow home secretary said: "Unlike the Tories, we will work with France to prevent dangerous small boats crossing the Channel and putting lives at risk, with a new cross-border police unit to crack down on the criminal gangs who make millions from trading in people – paid for by cancelling the deeply damaging, extortionately expensive, unworkable and unethical Rwanda plan."
Labour pledges extra staff for police community teams
A Labour government would spend £360 million to put thousands of extra police officers and PCSOs into community teams, Yvette Cooper has announced.
Speaking on the main conference stage in Liverpool, Ms Cooper said: "Labour will take action to rebuild neighbourhood policing.
"I can announce today a fully-funded £360m programme to put 13,000 additional police and PCSOs into community teams - so that people can be confident someone will be there to help keep them safe."
Yvette Cooper mocks Liz Truss
Yvette Cooper has mocked Liz Truss and her plans for tackling crime.
The shadow home secretary said: "Liz Truss has a big idea to turn it all round. She says she’s going to tell the police they need to investigate more crime. Genius.
"If only all the other Tory Prime Ministers had thought of that. But I don’t think the Conservatives have any idea how tough things are starting to feel for many people."
Tory record on crime is 'grim'
Yvette Cooper told Labour delegates in Liverpool that the Tories' record on tackling crime is "grim".
She said that over the last 12 years the Tories have overseen "6,000 fewer neighbourhood officers" and "8,000 fewer PCSOs".
She also said that arrests have "halved" and less crime is being solved.
Yvette Cooper pledges to 'outlaw the exploitation of children for crime'
Yvette Cooper, the shadow home secretary, is now speaking in the main conference hall in Liverpool.
Ms Cooper announced that a Labour government would introduce a new law to stop the "exploitation of children for crime".
She said: "Last year the number of children exploited by gangs hit a record high. The next Labour Government will bring in a new law to crackdown on criminals who lure young people into violence - we will outlaw the exploitation of children for crime.
Live stream woes at Labour Party conference
The Labour Party is streaming events in the main hall in Liverpool this week on YouTube, making it easier for people to follow the big announcements.
There appears to have been a slight hiccup this morning, with the stream not appearing until after Steve Reed, the shadow justice secretary, started his speech.
The delay also meant that the address by Emily Thornberry, the shadow attorney general, was not streamed at all.
Steve Reed announces plan for 'Domestic Violence Register'
A Labour government would introduce a "Domestic Violence Register", Steve Reed, the shadow justice secretary, has announced.
Mr Reed said: "Women’s groups have all told us the same thing – we need eyes on these violent men. We’ve listened.
"The next Labour government will force convicted abusers to sign a Domestic Violence Register so they are no longer free to seek out fresh victims and abuse again."
Labour pledges 'Hillsborough Law'
Steve Reed, the shadow justice secretary, has announced a Labour government would introduce a "Hillsborough Law".
Speaking in the main hall in Liverpool this morning, Mr Reed said: "Keir Starmer’s Labour government will bring in a Hillsborough Law so victims of major tragedies get the same legal representation as the authorities that failed them.
"Conference, families of the Hillsborough and other tragedies since are here with us today. This moment is for all of you who have campaigned so long for justice. Every victim of crime deserves justice."
'We are ready'
— Keir Starmer (@Keir_Starmer) September 27, 2022
Pictured: Keir Starmer and wife Victoria have breakfast
The plan at Labour conference today
The main hall will focus on crime and justice this morning and then foreign policy this afternoon, with Sir Keir Starmer's big speech taking place in between.
The "Safe and Secure Communities" session this morning will include speeches from Emily Thornberry, the shadow attorney general, and Yvette Cooper, the shadow home secretary.
Sir Keir's speech will be at 2pm.
After that the "Britain in the World" session will include speeches from David Lammy, the shadow foreign secretary, and John Healey, the shadow defence secretary.
Pictured: Labour chairwoman Anneliese Dodds battles the elements in Liverpool
Scottish Labour will not be 'drag' on party's election chances
Anas Sarwar, the Scottish Labour leader, has insisted Labour in Scotland will not be a "drag" on the party's chances of victory at the next general election.
Labour has been in decline in Scotland over the past decade, falling to third place in Holyrood and in local authorities before its fortunes were reversed at this year’s council elections. The party currently has just one Scottish MP.
Mr Sarwar said he believes Labour can make "significant gains" in Scotland at the next general election.
He told the BBC: “I think Scotland is not going to be the drag on the ticket – Scotland’s not going to be what stop us from having a UK Labour government. Scotland’s going to help us deliver that UK Labour government.”
'You go big and you go fast'
Sir Charlie Bean, a former deputy governor for monetary policy at the Bank of England, said he would have recommended an emergency meeting to address the state of the UK economy if he was still in the role.
He told the BBC Radio 4 Today programme that the Bank was “rightly reluctant to have emergency meetings”, but added: “I think on this occasion if I had still been at the Bank in my role as deputy governor, I certainly would have been counselling the Governor that I think this is one of the occasions where it might have made sense.”
Asked about the economic turmoil that calling a meeting could cause, he said: “The key thing is, if you call it, you have to take significant action.”
“The lesson is you go big and you go fast,” he added.
Sir Charlie also warned: “It now costs the UK Government more to borrow than Italy or Greece, who we have traditionally thought of as being not quite basket cases, but certainly weaker-performing sovereign entities.”
Balancing the books 'harder after mini-Budget'
The mini-Budget unveiled by Kwasi Kwarteng last week has made balancing the nation's books harder, according to the boss of a prominent think tank.
Torsten Bell, the chief executive of the Resolution Foundation, told Sky News: “The world we are heading for is a bumpy few weeks. The Chancellor is now going to have quite a tough time because he has now set out plans to balance the books in November. That is going to be very hard.
“Actually balancing the books in November is going to be harder than it would have been to show you are balancing the books last week because higher interest rates will make it harder to do. You might need £15bn-worth of tough choices now that you didn’t need last Friday.”
What can we expect from Sir Keir Starmer's speech?
Labour put out a trail last night of some of the things Sir Keir Starmer is expected to say this afternoon. These are the key points:
Growth: Sir Keir will say that Labour will “fight the Tories on economic growth”. Liz Truss has put economic growth at the heart of her political strategy and the Labour leader apparently does not want to allow the Tories to take ownership of the issue.
Echoing Blair: Sir Keir will say that because of the changes he has made to Labour it is once again “the party of the centre-ground” and “the political wing of the British people". The latter phrase was used in Labour's election-winning manifesto of 1997.
A long-term plan: Sir Keir will accuse the Tories of lurching from one crisis to another and vow that Labour will get the UK “out of this endless cycle of crisis with a fresh start, a new set of priorities and a new way of governing”.
"Sound money": The Labour leader will attempt to portray the party as a sensible steward of the economy, arguing it now stands for "sound money" while the Tories have "lost control of the British economy".
Senior Tory MP expresses concern over Labour poll lead
Safe to say the YouGov poll mentioned below (see the post at 08.37) has worried some Tory MPs.
Huw Merriman, the chairman of the Transport Select Committee who backed Rishi Sunak in the Tory leadership contest, said the survey "suggests that the victor is losing our voters with policies we warned against".
Those of us who backed Rishi Sunak lost the contest but this poll suggests that the victor is losing our voters with policies we warned against. For the good of our country, and the livelihoods of everyone in our country, I still hope to be proven wrong https://t.co/8nOcKlKEIB
— Huw Merriman MP (@HuwMerriman) September 26, 2022
Poll gives Labour 17 point lead over Tories
A new YouGov poll has given the Labour Party a staggering 17 point lead over the Tories.
It is the biggest Labour lead recorded by the company since it started polling back in 2001.
The poll, conducted over the weekend in the wake of Kwasi Kwarteng's mini-Budget, put Labour on 45 per cent of the vote - up five points - and the Tories on 28 per cent - down four points.
Following the 'mini-Budget', Labour's voting intention lead increases to the highest YouGov has ever recorded, at 17pts (fieldwork 23-25 Sep)
Con: 28% (-4 from 21-22 Sep)
Lab: 45% (+5)
Lib Dem: 9% (=)
Green: 7% (-1)
Reform UK: 3% (=)
SNP: 4% (-1) https://t.co/8EYdo2Uqjs pic.twitter.com/2DtBdy6GT8
— YouGov (@YouGov) September 27, 2022
Bank of England 'asleep on the job'
Andrew Bridgen, a Conservative MP, has accused the Bank of England of failing to act quickly enough to hike interest rates.
He told the BBC: “Clearly the Bank of England are putting up interest rates to control inflation. I personally think the Bank of England, they are independent, but they are not unaccountable.
“I think the Bank of England have let us down badly by not putting interest rates up last year and perhaps being slightly asleep on the job. But we are where we are.”
Tory MP claims Government could scrap HS2
Andrew Bridgen, a Tory MP, has claimed the Government could scrap the HS2 high speed railway project as it potentially looks to cut public spending.
He told the BBC Radio 4 Today programme: “I have spoken with the Chancellor since his announcement. There are measures he could have taken.
“I think he could have cut some government spending and I think he will do in the coming weeks. I mean, for instance, if the white elephant that is HS2 were cut that would show more fiscal control and control of spending.
“It is going to happen and the Government should get on and announce it.”
Pictured: Liz Truss leaves No 10 to go for a run
'Labour will inherit crises on all fronts'
If Labour wins power at the next general election it will "inherit crises on all fronts" when it takes power, according to Wes Streeting.
The shadow health secretary told Sky News: “If we win the next general election Labour will inherit crises on all fronts. Crises at home, crises abroad, crises in terms of the economy.
“Some of those things like the war in Ukraine are beyond the control of this Conservative government and I wouldn’t blame them for that.
"But there are a whole load of problems that are made in Downing Street and after 12 years of Conservative government, asking this lot to fix those crises they have created is like asking the arsonist to put out the fire they started, it is not going to happen.”
Mini-Budget prompts speech re-write for Starmer
Has Sir Keir Starmer re-written his conference speech in the wake of the mini-Budget? Almost certainly.
Wes Streeting, the shadow health secretary, was asked if Sir Keir has rewritten the address and he told Sky News: “I have not been looking over his shoulder… I think the fundamentals remain the same. Our analysis of where the country has gone wrong, it is not new, we have had 12 years of this now.”
Labour accuses Kwasi Kwarteng of 'frightening' financial markets
Wes Streeting has accused Kwasi Kwarteng of having "frightened" the financial markets with his mini-Budget last week.
The shadow health secretary also claimed that the current financial turmoil will be "the tip of the iceberg".
He said: “I think all of us, frankly, are still recovering from our jaws hitting the flaw last week with that Budget from Kwasi Kwarteng and the real world consequences we are seeing overnight, the withdrawal of mortgage products tells us about the extent to which the Chancellor, our own chancellor in this country, has frightened the markets and as a result lenders having to change the offer they are making to consumers.
“This is just the tip of the iceberg. If interest rates go up in the way that some people are predicting, that is going to be huge additional costs to people with mortgages and what was the Chancellor’s answer yesterday? Don’t worry folks, in November I am going to come out with some new fiscal rules.”
'The cavalry is coming with Labour'
Banks have withdrawn mortgage deals in anticipation of a rate rise from the Bank of England to counter the turmoil facing the pound in the wake of last week's mini-Budget. (You can read the full story here).
Wes Streeting, the shadow health secretary, was asked what his message would be to voters who are now unable to secure a mortgage.
He told Sky News: “I would say the cavalry is coming with Labour… why is it frustrating for me being on your programme as an opposition politician? Because we can oppose, we can criticise, we can challenge the Government, we are not in the driving seat making decisions and we have had enough of that.
“I think you have seen at the Labour conference this week a real change in tone, in emphasis, in optimism, a seriousness about the Labour Party and a determination to earn people’s trust.”
'We are ready to get the country back in order'
Wes Streeting, the shadow health secretary, has been given the critical job of teeing up Sir Keir Starmer's big speech this afternoon.
Mr Streeting is on the morning media round for Labour and he has been arguing that the party is ready for power, claiming it will fix "broken" Britain.
Asked how Sir Keir intends to unlock the door to No 10 Downing Street, Mr Streeting told Sky News: “I think turn the anger and frankly disgust with the Conservatives into a positive appetite for Labour and that’s what this week’s conference is all about because the Labour Party conference is one of those rare weeks in the year in terms of the coverage we get where the voters can look through the window, judge whether we have got our house in order and listen to the offer we are making to the country.
“I think last year, in terms of the changes Keir made to the Labour Party, people could see he was getting the house in order.
“I think what you are seeing this year, and you will certainly get from Keir Starmer’s speech later this afternoon and you got in bucket loads from Rachel Reeves yesterday in her speech… we have gone further, we are ready to get the country back in order because on so many fronts things are broken.
“Whether it is the economy, our public services, the sense of law and order in our country, and Labour has serious people with a serious plan to get Britain working again and to give Britain the fresh start it needs.”
Good morning and welcome to today's politics live blog.
It is day three of Labour Party conference here in Liverpool and today is the main event: Sir Keir Starmer will deliver his big keynote speech this afternoon.
The Labour leader is expected to be on his feet at about 2pm and I will be on hand to guide you through the key announcements as Sir Keir tries to persuade the nation that he is ready to be the next prime minister.