Further fiscal event to come on November 23
The Tories are no longer the party of sound money, Sir Keir Starmer has claimed as he set out his stall to Labour members at the party's annual conference in Liverpool.
Speaking alongside football legend Gary Neville, the Labour leader branded Liz Truss's tax-cutting plans "immoral" and "dangerous".
Sir Keir Starmer likened Ms Truss and Kwasi Kwarteng to "gamblers chasing a losing run" and said their measures would make "a bad situation even worse than it is".
"That's why what was done on Friday was absolutely the wrong thing politically, but it's also the wrong thing economically.
"Let them never, ever claim to be the party of sound finances. Never again."
That's all for this evening...
As the third day of Labour's annual party conference in Liverpool comes to a close we can bring you news from the floor just now that delegates have voted to back proportional representation.
It can be read as something of a blow to party leader Sir Keir Starmer, who has insisted it is not one of his policies - but overnight allies of Sir Keir were briefing he was "intensely relaxed" about the vote as there is nothing to actually force him to put it into practice.
Launching his clearest attack on Tory ideology to date, he used a forum with ex-footballer and relatively new Labour member Gary Neville to attack the "immoral" policies of the Tories and call into question their financial credibility.
Tomorrow is a bigger day still for Sir Keir, with his leader's speech - the centrepiece of events here on the Mersey - at 2pm. If things are truly to get better for Labour, this will be his defining chance to try to prove it.
Analysis: Starmer uses Tories' own language against them
If Sir Keir Starmer branding Liz Truss's policies "immoral" and saying the Tories' current trajectory would "choke off" growth sounded familiar, then there was a good reason.
It was the language Ms Truss's leadership rival Rishi Sunak used about her tax-cutting plans, and that the Prime Minister herself used with regards to Mr Sunak's fiscal blueprint.
To the warmest reception he has ever received in Liverpool, Gary Neville urged members to back Sir Keir at a time when it feels like a Labour government is closer than for many years.
And the party leader, clearly buoyed by polling suggesting the public is unconvinced by Ms Truss's agenda, was confident enough in his own party's vision to go on the offensive against the Government.
Of course, it will be for the country to indicate if it feels the same way.
We're a Government-in-waiting, says Starmer
Sir Keir praises the work done to "remake our party and make it face the public".
People are now looking to Labour for the answers, he adds: "That is what is here at this conference... the sense that we are really a Government-in-waiting. That confidence is worth its weight in gold."
And on the chances of Sir Keir's beloved Arsenal of winning the league?
"I've been quite supportive so far, that's where it ends I think," Gary Neville jokes.
'Never again' should Tories call themselves party of sound finances
On strikes, Gary Neville says it is an "absolute last resort" for those taking part in industrial action.
Sir Keir Starmer again likens Liz Truss and Kwasi Kwarteng to "gamblers chasing a losing run" and says their measures will make "a bad situation even worse than it is".
"That's why what was done on Friday was absolutely the wrong thing politically, but it's also the wrong thing economically. Let them never, ever claim to be the party of sound finances. Never again. "
Sir Keir notes the "tenth breach of a fiscal rule" by the Tories, adding: "And let them never ever claim again to be the party of aspiration. Because they are choking the aspiration of millions of people in this country, on the basis that they don't matter, it's only the people at the top."
Starmer accuses Truss of 'immoral' politics
"Let's just enjoy for one minute that we have got rid of Boris Johnson," Sir Keir Starmer tells delegates.
"He was all about character, in the end it was character that brought him down. She is all about ideology, and it is very simple, the way you grow this economy, the way you go forward is about those at the top.
"Imagine saying to someone this winter when they're struggling to pay their bills... take the cap off bankers' bonuses. I mean, really? This is not just funny for an afternoon like this, this is really dangerous politics. The dangerous politics that really believes the people who create the wealth in this country are only those at the very, very top.
"It's proved not to work - it's immoral."
Truss 'tanked the pound lower than my reputation in Liverpool', quips Neville
Gary Neville praises the "fantastic" work by Tracey Crouch on the fan-led review and says it would be an "easy win" for the Truss government.
Asked about his dislike of Boris Johnson and what he makes of Liz Truss, Mr Neville adds: "The first thing to say is obviously she has the seat. You may not agree with every single aspect of Labour policy... but you have to make sure that there is laser focus in the next 18 months, two years to make sure there is a change. This is a tired, failing Government."
He quips: "It's been an outstanding beginning, hasn't it? She's tanked the pound lower than my reputation in Liverpool."
He adds Ms Truss and Kwasi Kwarteng "are the only man and woman in the country" to think lifting the cap on bankers' bonuses would be a "good idea".
'There must be justice for the 97'
Sir Keir Starmer said his "heart stopped" when he saw the ages of some of the Hillsborough disaster victims at the memorial at Anfield, and promises to pass new legislation so it will never happen again.
"There must be justice for the 97, and we will do that as soon as we get into Government."
Britain is 'very, very divided', says Sir Keir Starmer
Gary Neville jokingly tells Sir Keir Starmer "make sure you play left-of-centre midfield", adding: "You've got to deliver some nice passes to that left-wing, because they're a little bit noisy."
Sir Keir says he came into politics "quite late" himself and says "out there in the world beyond the political bubble", most people have a "fix it" approach to problems.
"At the moment I think the country feels very, very divided. We've seen the true colours of the Tories, last Friday their absolutely ideology came out, they're going to run the country on the basis that the only thing that matters is make the rich richer and some of that might somehow trickle down to other people."
Before moving on to the political side of things, Sir Keir and Mr Neville voice their appreciation of the Lionesses.
Gary Neville: It's the best reception I've ever had here
"Usually when I see reds in Liverpool I'm in big trouble," he quips.
"Obviously over the last couple of years I've chosen to speak out because I don't believe staying silent is good enough anymore, especially when we see things that we don't like.
"I joined the Labour Party last January. So here we are, let's give it a go."
Huge cheers as Gary Neville takes to the stage
Many delegates greet Mr Neville with a standing ovation, as Lucy Powell hails their "lovely welcome".
Sir Keir Starmer says: "It's absolutely fantastic to have you here, Gary. And you can see the reception you just got.
"I said to Gary this is like coming out the tunnel at the beginning of the game... you can see the reception and, you know, this is Liverpool."
But as Sir Keir goes to place his hand on Mr Neville's arm, he catches both of the water bottles on the table beside him, which fall to the floor.
"That's what usually happens in Liverpool," the former footballer quips.
The stage is being re-jigged in the main hall at the ACC at Labour conference, as Sir Keir Starmer assumes his position.
Gary Neville was just trailed as a "very special guest I know you've all been looking forward to".
Tories accused of 'lies and neglect'
Peter Kyle, the shadow Northern Ireland secretary, hailed Labour for having "bequeathed the Tories a Northern Ireland that was increasingly at ease".
"But [the Tories] squandered it with their lies and neglect. It was the Tories who proposed, drafted and negotiated the Northern Ireland Protocol into international treaty.
"Yes, there are problems with it, but it can be solved. We know negotiation is the only way forward, but a year has already been wasted."
Mr Kyle said Labour would make it easier for agricultural products to move around the UK and the island of Ireland, vowing to use "statecraft, diligence and graft".
Not long until kick-off...
... as Gary Neville joins Sir Keir Starmer, the Labour leader, and Lucy Powell, the shadow culture secretary, at 5.10pm.
You can follow all the latest from their event, in the main hall of the party conference, on this live blog.
Tom Harris: Sorry, Sir Keir, but you're no Tony Blair
To those who suggest that Sir Keir Starmer and his party need to do more than simply wait for the Government to fail, an invitation to examine today’s money markets might be the most powerful response, writes Tom Harris.
Based on the international reaction to the Chancellor, Kwasi Kwarteng’s, mini-Budget last week, there is very little the opposition needs to do in order to be given the keys to Number 10.
While it’s tempting to adopt this position – at its conference in Liverpool, Labour seems to be exhibiting one of its regular, and usually unjustifiable and unsustainable, bouts of optimism – it’s impossible to have complete confidence in an electoral strategy based so heavily on the other side’s real and predicted failures.
Having said that, it is true that after Black Wednesday, almost exactly 30 years ago, there was virtually nothing John Major could do to restore his party’s reputation for sound financial management. But the lesson Starmer needs to learn comes as much from the late Labour leader, John Smith, as from his successor, Tony Blair.
Bank will change interest rates by 'as much as needed'
The Bank of England will change interest rates by "as much as needed", Andrew Bailey has said.
Mr Bailey, the Bank's Governor, has said it was monitoring financial developments "very closely in light of the significant repricing of financial assets".
"I welcome the Government's commitment to sustainable economic growth, and to the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances," he said.
"The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term.
"The monetary policy committee will not hesitate to change interest rates by as much as needed to return inflation to the two per cent target sustainably in the medium term, in line with its remit."
OBR forecast set for November 23
The Office for Budget Responsibility confirms it will have a forecast this autumn:
We have just been commissioned by the Chancellor to produce an updated outlook for the economy and public finances on Wednesday 23 November.
Breaking: Kwarteng vows to reduce debt
Kwasi Kwarteng has promised to publish plans to get debt falling after the pound crashed to an all time low against the dollar following his tax-cutting mini-Budget last week, writes Ben Riley-Smith, our Political Editor.
A new statement issued by the Treasury this afternoon named November 23 as the date when a "Medium-Term Fiscal Plan" will be unveiled by the Chancellor.
The statement said that the plan "will set out further details on the government’s fiscal rules, including ensuring that debt falls as a share of GDP in the medium-term".
More to follow.
Analysis: Labour look to turn tables on Tories
While previous Labour conferences have been overshadowed by allegations of antisemitism and bitter factional rivalry, this year the focus is firmly on the economy. And with good reason.
The Bank of England is thought to be preparing emergency intervention measures as market turmoil continues after the 'mini-Budget' from Liz Truss's Government on Friday.
Sir Keir Starmer wholeheartedly believes his party has done enough to heal the party's relationship with the business community after the damage done by Jeremy Corbyn's leadership.
His gamble is that rather than wanting the free marketeer approach advocated by Ms Truss and Kwasi Kwarteng, businesses actively want to work with the Government to move Britain forward.
Whether this will be vindicated remains to be seen. But with a double-digit poll lead and some of the Prime Minister's own backbenchers already appearing restless, it is no wonder Sir Keir appears so confident.
Coming up at conference
Dominic Penna here, the Telegraph's political reporter taking you through the rest of the day here at Labour's party conference in Liverpool.
The star attraction of the rest of the day is an 'In Conversation' session with party leader Sir Keir Starmer, Lucy Powell, the shadow culture secretary, and Manchester United legend and Labour supporter Gary Neville.
Before that, Anas Sarwar, the Scottish Labour leader, will discuss the findings of its Scotland Report at 4.35pm, with Peter Kyle making an appearance centred on the Northern Ireland Report at 4.50pm.
On the fringe front, shadow chancellor Rachel Reeves will appear at an event hosted by the London School of Economics at 4.30pm in which she will discuss entrepreneurialism.
Lib Dems: Kwarteng must quit if pound reaches parity with dollar
Kwasi Kwarteng should resign as Chancellor if the pound falls to parity with the US dollar, the Liberal Democrats have said.
Sarah Olney, the party's Treasury spokeswoman, said: “If the pound continues to plummet and reaches parity with the dollar, this would be an unprecedented national humiliation with devastating consequences.
"Kwasi Kwarteng would surely have no choice but to resign to restore confidence in our economy."
Labour 'could be heading for 1997 moment'
Peter Mandelson has suggested that the next general election could be comparable to the 1997 victory by Tony Blair for Labour.
Calling the current Government “exhausted and run out of steam”, he told the BBC: “I think we may well be seeing a time at the next election, a sea change in attitudes among the electorate of the sort that we saw in 1997.”
Labour could give councils power to spend income tax locally
Labour could give councils power to spend income tax locally as part of a “great rebalancing” of devolution, Lisa Nandy has said.
Ms Nandy confirmed her party will examine proposals that could give metro mayors and other local leaders an extra £6 billion per year.
She is looking at an idea first suggested by Onward, a centre-right think tank, that would allow mayors to retain one per cent of basic income tax revenue to fund the devolution of more local services.
You can read the full story here.
Keir Starmer accused of acting like a monarch in voting system row
John McDonnell has accused Sir Keir Starmer of acting like a monarch amid a row over whether Labour should back proportional voting.
Mr McDonnell, the former shadow chancellor and a supporter of a new voting system, accused the Labour leader of spending too much time mixing with the "royals" of their party.
Labour will debate support for electoral reform at its party conference in Liverpool as soon as today after members selected the topic for a debate.
You can read the full story here.
Mark Drakeford accuses Tories of 'scrapping like ferrets in a sack'
Mark Drakeford has accused Tory MPs of "scrapping like ferrets in a sack" to become PM as he claimed voters are looking on with "dismay and disbelief".
"Today, a fearful United Kingdom looks on in dismay and disbelief at the wreckage caused by a government which they had no hand in creating," the First Minister of Wales said.
"Towards the end of his too-short life, Nye Bevan’s great friend and agent, Archie Lush said to him, ‘you see, Nye, you could have been Prime Minister if you’d wanted to’. Bevan replied, ‘I never wanted to be anything. I wanted to do something’.
"And that is the simple difference between the Tories and us. They scrap like ferrets in a sack, just to become Prime Minister. We want Keir Starmer to be Prime Minister, because we know that he will want to do the things which only Labour can do."
'We exist to seek and to win political power'
Mark Drakeford, Labour's Welsh First Minister, said the Labour Party must now win power in Westminster.
Speaking in the main conference hall, he said: "The message I bring this afternoon is a very simple one. The central reason for our party's existence, the reason why our members do all those things we ask of them... is this: We exist to seek and to win political power."
He pointed out that Labour is dominant in elections in Wales but "the story can never be complete" in terms of helping Labour voters unless the party wins power across the UK and forms a UK government.
He said: "When we don't do it, when we don't win power on their behalf, let's be clear, we let those people down."
Tory MP: Truss 'playing A-level economics'
Liz Truss and Kwasi Kwarteng have been accused of "playing A-Level economics" by a former minister amid rumours that Tory MPs are already handing in letters of no confidence in the Prime Minister.
As concern mounts after the pound hit a record low against the dollar, one MP warned that Ms Truss would be in danger if interest rates begin to rise.
The MP told The Telegraph that backbenchers are "petrified" at the impact of higher mortgage costs on their chances of keeping their seats.
You can read the full story here.
Gary Neville rules out by-election bid
Gary Neville said he is not going to be "tempted" to stand for the Labour Party in a parliamentary by-election.
He said: “I have got no intention of going into politics at all. The reality of it is, I love what I do so much, I love what I do in football, I love what I do in Greater Manchester with the businesses that I co-own.”
He said that while he was “politically motivated”, he “can do as much for the Labour Party being here today as I can do being an MP”.
Gary Neville criticises Kwasi Kwarteng
Gary Neville, the former England footballer, has accused Kwasi Kwarteng of failing to “read the room” by offering tax cuts to millionaires and lifting the cap on bankers’ bonuses in his "mini-Budget".
Speaking at a fringe event at Labour Party conference, the ex-Manchester United player said: “I didn’t support the tax cut that was given at the end of last week. I also didn’t support the removal of the cap for bankers’ bonuses. It was a shock, to be honest with you – I shouldn’t be shocked any more.
“It didn’t feel like it was reading the room in this country, when people are desperately worrying over the winter about how they are going to heat their homes, how they are going to feed their families, that bankers are potentially going to increase their bonuses or that the highest earners in this country are going to be better off.
“I don’t think people in this country at the highest-earner bracket were actually expecting favour, they weren’t asking for favour.”
Labour delegates back Royal Mail public ownership
The Labour conference has voted for motions aimed at committing the next Labour government to bringing rail and Royal Mail back into public ownership.
The conference also voted for a motion which calls for a negotiated settlement in the rail dispute and “supports all Labour MPs attending the picket lines until such an outcome is reached”.
Delegates also unanimously voted in favour of pay increases at least in line with inflation, a £15 per hour minimum wage and to strengthen collective rights.
The motions are not binding.
Pictured: Rachel Reeves soaks in applause after conference speech
Key points from Rachel Reeves' speech
There were two big policy flourishes in Rachel Reeves' Labour conference speech: One on the 45p rate of income tax and another on the minimum wage.
We already knew that a Labour government would reinstate the 45p additional rate which has just been scrapped by the Government - but we did not know what the cash would be spent on.
Ms Reeves said the money would be used to "implement the biggest expansion of medical school places in British history, doubling the number of medical students, so our NHS has the doctors it needs".
On the minimum wage, Ms Reeves said a Labour government would ensure it is "set at a level that reflects the real cost of living".
That is a potentially very expensive policy because it is currently totally open-ended and un-defined.
Labour will need to set out its sums on both announcements.
Labour government 'is on its way'
Rachel Reeves concluded her big speech at Labour conference by telling the main hall: "It’s time for a government that is on your side. That government is a Labour government. And be in no doubt, that government is on its way."
Labour would reinstate 45p income tax rate
Rachel Reeves has pledged to reinstate the 45p additional rate of income tax to help fund a massive expansion in the NHS workforce.
She said: "I can tell you with a Labour government those at the top will pay their fair share. The 45p top rate of income tax is coming back."
Ms Reeves said the money generated would be used to pay for the "biggest expansion of medical school places" in British history.
She said Labour would double the number of medical students "so our NHS has the doctors that it needs".
Labour the party of 'economic responsibility'
Rachel Reeves, the shadow chancellor, said all of Labour's policies will be "carefully costed and fully funded".
She said: "Last year I told this conference I was more than happy to take on the Tories when it came to economic competence because I know that we can win.
"I am now wondering whether they even plan to show up for the fight."
Ms Reeves said that Labour is the party of "economic responsibility".
Rachel Reeves promises minimum wage hike
A Labour government would significantly increase the level of the national living wage, Rachel Reeves has announced.
The shadow chancellor said: "On day one as chancellor I will write to the Low Pay Commission with a simple instruction, that the minimum wage will be set at a level that reflects the real cost of living.
"The last Labour government delivered Britain's first ever national minimum wage. The next Labour government will introduce a genuine living wage."
'Wealth doesn't trickle from the top down'
Trickle-down economics do not work and Labour will fight against it, Rachel Reeves has said, as she criticised Liz Truss's economic approach.
The shadow chancellor said that "wealth doesn't trickle from the top down, it comes from the bottom up and the middle out, from the talents and the efforts of tens of millions of ordinary people and from thousands of businesses".
Rachel Reeves: Tories guilty of '12 years of failure'
Rachel Reeves said the Tories had unveiled six different economic growth plans in the last 12 years, something which now amounts to a "library of failure".
She said the Conservative Party has overseen "12 years of failure" on the economy, with growth having stalled.
Labour pledges new National Wealth Fund
A Labour government would set up a new National Wealth Fund to invest in critical new infrastructure projects, Rachel Reeves has said.
The shadow chancellor said the wealth fund would mean that "British people will own a share of that wealth and the taxpayer will get a return on that investment".
Labour would reimpose ban on fracking
A Labour government would reimpose a ban on fracking, Rachel Reeves, the shadow chancellor, has said.
Ms Reeves said that a Labour government would deliver a "fairer and a greener country".
"I will be a responsible chancellor, I will be Britain's first green chancellor," she said.
Voters left to 'foot the bill' on energy bill support
Rachel Reeves criticised Liz Truss's approach to dealing with the energy bills crisis as she said the Government should have adopted Labour's plan to extend the windfall tax on oil and gas giants to pay for extra support to families.
The shadow chancellor said that a "proper windfall tax would mean that working people didn't have to foot the bill".
She said the Government's plan of more borrowing would leave people's children and grand children left to "pick up the tab".
Rachel Reeves blasts 'trickle-down economics'
Rachel Reeves, the shadow chancellor, is now on her feet in the main hall at Labour conference.
Ms Reeves started her speech by attacking Kwasi Kwarteng's "mini-Budget". She said that the Government's tax plans simply amounted to "tax cuts for the wealthiest".
She accused Liz Truss of a return to "trickle-down economics" which history has shown will "fail".
No 10 won't be drawn on fall in pound
Downing Street has declined to comment on the dramatic fall in the pound, with the Government remaining committed to the economic strategy set out by Chancellor Kwasi Kwarteng on Friday.
The Chancellor is not expected to make a statement or comment on the plummeting pound, Downing Street said.
The Prime Minister’s Official Spokesman said today: “I think that the Chancellor has made clear that he doesn’t comment on the movements around the market and that goes the same for the prime minister.
“The UK with the second lowest debt-to-GDP ratio in the G7 is investing in its future. That’s through a growth plan while remaining fiscally responsible and committed to driving down debt in the medium term.
“The growth plan, as you know, includes fundamental supply side reforms to deliver higher and sustainable growth for the long term, and that is our focus.”
'Last 12 years have been awful'
Jonathan Reynolds, the shadow business secretary, told Labour activists in Liverpool that "everyone agrees the last 12 years have been awful".
Speaking from the main hall stage, he said: "The difference is we choose to look to the future while the Conservatives are dusting off the failed policies of the past."
Mr Reynolds announced that he is today publishing the party's new industrial strategy: "Our Industrial Strategy will deliver clean power by 2030, taking the action needed on the climate emergency and keeping good jobs in Britain for decades to come."
What can we expect from Rachel Reeves' speech
Rachel Reeves, the shadow chancellor, is due on stage in about 10 minutes to deliver her big speech on the economy.
Stability and credibility are likely to be two of the main themes.
Ms Reeves will be keen to paint Labour as a safe pair of hands which can be trusted with stewardship of the economy during difficult times.
A lack of trust on the economy has been a problem for Labour at past elections and Ms Reeves will know that success at the next general election could hinge on persuading voters that things have changed.
Ed Miliband criticises Jacob Rees-Mogg
Ed Miliband, the shadow climate change secretary, said that "if you want to mend the broken energy system, I’ve got an idea: let’s start by getting rid of the Tories who broke it".
Mr Miliband criticised Liz Truss and Jacob Rees-Mogg, the Business Secretary, for lifting the ban on fracking.
He said: "If you want an energy policy for the 1820s, Jacob Rees-Mogg sure is your man. If you want one for the 2020s, we need a Labour government."
Labour pledges zero-carbon power by 2030
Ed Miliband said that it is "cheaper to save the planet than destroy it" as he set out Labour's commitment to boosting the use of renewable energy.
He said: "That’s why for bills, for security and for climate, I am proud to announce a Labour government will make Britain the first major country in the world to set and achieve the target of zero-carbon power by 2030."
Ed Miliband: UK facing three crises
Ed Miliband, the shadow climate change secretary, has told party activists that the UK is facing three crises at the same time.
Speaking on the main stage in Liverpool, he said: "A cost of living and energy bills crisis affecting millions of families and businesses. An energy security crisis borne of a decade of Tory neglect and exposed by Putin’s invasion of Ukraine.
"And the climate crisis which came to Britain this summer with our first ever 40-degree day."
Pictured: Former England footballer Gary Neville addresses Labour conference event
Tories treating economy like an 'experiment'
Pat McFadden, Labour's chief secretary to the Treasury, has labelled the fall in the value of the pound "really serious" as he accused the Tories of treating the economy like an "experiment".
He told Times Radio: “What the Government was doing was taking a big risk by announcing so much borrowing at a time when inflation was already high and the Bank of England was already raising interest rates, and what you’ve seen – you saw a bit of it on Friday, but then we had the weekend and then today with booster rockets, you’ve seen the market reaction.
“Now, it’s quite easy to think about these things as just being a chart on TV, but this has real-world implications.
“I think the British economy is too important to be used as a sort of experiment from people who’ve talked about this for many years and have now finally (got) a chance to do it.”
Lisa Nandy criticises UK approach to graduates
More from Dominic Penna who is currently at a fringe event listening to Lisa Nandy, the shadow levelling up secretary:
Britain has failed by sending so many people to university only for them to have nothing to return to in their home towns, Lisa Nandy has said.
"Britain is unique in thinking that we can power an economy this way,” the shadow levelling up secretary told a panel organised by Onward, the centre-right think-tank.
Louise Haigh confirms Labour would renationalise railways
A significant announcement from Louise Haigh, the shadow transport secretary, as she says a Labour government would renationalise the nation's railways.
We already pretty much knew this would be the pledge but this is the first 100 per cent confirmation of the policy.
Speaking in the main conference hall at Labour conference, she said: "The days of tinkering around the edges of a system that has so clearly failed the public are over. That’s why an incoming Labour government will end this farce. We will end this failed experiment. We will cast aside the tired dogma that has failed passengers.
"We will improve services and lower fares. And yes conference, Labour in power will bring our railways back into public ownership where they belong."
Louise Haigh: Tories have failed on rail
Louise Haigh, the shadow transport secretary, said that "we can only build a fairer, greener future by taking power from failing private operators and putting it back in the hands of the public".
Talking specifically about the rail network, she said that the "Tories and their disastrous rail system have catastrophically failed us all".
She said that "under the Conservatives, British railways have become a cash machine for companies and foreign governments".
Labour pledges to end 'spiral of decline' on public transport
Louise Haigh, the shadow transport secretary, has told Labour activists that her "number one priority as your Secretary of State will be ending this spiral of decline on our public transport system".
She said that a Labour government would "build an Elizabeth Line for the North and deliver Northern Powerhouse Rail and HS2 in full".
Labour commits to highest employment in G7
Jonathan Ashworth, the shadow work and pensions secretary, has announced a Labour government would commit to hitting a goal of having the highest employment in the G7.
Setting out plans to overhaul job support in the UK, Mr Ashworth told the main conference hall in Liverpool: “To help people make the most of their talents and abilities, boost our economy and prepare for the jobs of the future, Labour will reform Jobcentres and employment services to help more people into jobs and spread opportunity as we target our long term ambition of the highest employment in the G7."
'All aboard the Nandwagon'
It’s standing room only at a meeting room at the ACC conference venue with a large crowd having gathered for a fringe event attended by Lisa Nandy, writes Dominic Penna.
The shadow levelling up secretary started around 10 minutes late after the scramble to get in, with a feeling among delegates that organisers should have booked a bigger room.
The double doors have been wedged open, and people are still showing up even now to try to catch a glimpse of Ms Nandy — whose panel is muffled by the noise from the foyer.
One person, undeterred, shouted: “All aboard the Nandwagon.”
Labour frontbencher pokes fun at colleague
— Louise Haigh (@LouHaigh) September 26, 2022
Labour told to 'get off the fence' on strikes
Union bosses have urged the Labour leadership to support workers involved in industrial disputes amid warnings of coordinated strikes in the coming weeks.
Dave Ward, general secretary of the Communication Workers Union, said the Labour leadership should “get off the fence”.
He told a fringe meeting at the Labour Party conference in Liverpool that there should not be a debate about whether the party supported workers taking industrial action.
Mr Ward said: “I don’t think Labour will get elected unless it sets out a clear vision that stands up for working people.”
Labour 'would increase corporation tax'
Labour would increase the rate of corporation tax after Kwasi Kwarteng's decision to freeze it, the shadow business secretary has suggested, writes Tony Diver.
Speaking at a fringe event in Liverpool this morning, Jonathan Reynolds said Labour "don't accept the Government's case that the headline rate of corporation tax alone is the key driver of business investment".
Mr Reynolds would not suggest a specific rate of the tax, but it currently stands at 19 per cent and Labour has previously backed a rate of 21 per cent.
“It is simply a statement of fact to say there are countries other than ourselves with a higher rate of corporation tax and higher business investment," he said.
“So I mean that tells us fundamentally that what we need to see in our economy will not be delivered through the headline rate of corporation tax alone."
What is the main Labour conference hall actually like?
The main conference hall area in Liverpool is buzzing with Labour activists this morning as they make their way around the wide variety of stalls which have been set up.
It feels a lot like a giant aircraft hangar as it has a very high ceiling and is very cold indeed. The stalls are an interesting mix of businesses, media, charities and unions.
There is a bright green double decker bus parked in the middle of the room to advertise "The Hydrogen Show" while Sainsbury's has set up a stall which looks a bit like a carousel with large items of model food hanging from the roof.
Visa and E.ON are among the other businesses which are also represented here. There is also a book shop as well as an official Labour Party shop selling all manner of branded items, including baby clothes with the slogan "I'm a Labour gain".
What is happening today in Liverpool?
There is a focus on the economy and business at Labour Party conference in Liverpool today.
This morning will see big speeches in the main hall from Ed Miliband, the shadow climate change secretary, and Jonathan Reynolds, the shadow business secretary.
The main event will then take place at noon as Rachel Reeves, the shadow chancellor, delivers her address.
This afternoon there will be a focus on devolution, with speeches from Welsh First Minister Mark Drakeford, Scottish Labour leader Anas Sarwar and Peter Kyle, the shadow Northern Ireland secretary.
Lib Dems call for Parliament to be recalled
The Liberal Democrats have called for Parliament to be recalled so that MPs can discuss and address the falling value of the pound.
The House of Commons is currently on its conference recess and is not due to sit again until October 11.
Liberal Democrat Chief Whip Wendy Chamberlain said: “Last week the Chancellor announced a shambolic budget that gave huge unfunded tax cuts to big banks and the wealthiest while leaving struggling families and pensioners in the cold. As a result we are seeing the pound plummet into free fall as the markets give the Conservatives a damning vote of no confidence.
“The Government must urgently recall Parliament so Kwasi Kwarteng can fix this failed budget, before it does any more damage to our economy and people’s livelihoods."
'Perfectly possible' overseas workers will fill some jobs
Chloe Smith, the Work and Pensions Secretary, has said it is "perfectly possible" that workers will be brought in from overseas to fill jobs in certain sectors of the economy where there are vacancies.
She told LBC Radio that “where we have vacancies actually in the economy at the moment is across a range of sectors”.
Asked specifically if people could be brought to the UK to fill agriculture and social care jobs, Ms Smith said: “I think it is perfectly possible for that to happen because of course that is in line with what the Prime Minister stated very clearly during her campaign to be the leader of the Conservative Party and I am quite comfortable with that.
“I think that there is a blend here that will enable the economy to grow. Of course the Hone Secretary will be setting out more in due course on migration.”
Bank of England 'will be very nervous'
Rachel Reeves, the shadow chancellor, said she believes the Bank of England will be "very nervous" about the fall in the value of the pound.
She told the BBC: "I was an economist at the Bank of England for many years before I became a member of Parliament and they have got an inflation target. What we saw, what we have seen in the financial markets, is putting further pressure on inflation... there is an expectation in the markets... I think on Friday it began to be priced in that there is a 50/50 chance of that one percentage point rise in interest rates.
"The Bank of England will have to make their decision. They are rightly independent but they will be very nervous about the fall in sterling and the increase in the cost of borrowing already."
'The Chancellor fanned the flames'
Rachel Reeves has accused Kwasi Kwarteng of "fanning the flames" of the falling pound by talking over the weekend about making further tax cuts.
The Chancellor said yesterday that "there’s more to come" and "I want to see, over the next year, people retain more of their income".
Ms Reeves told the BBC's Radio 4 Today programme: “It is incredibly concerning, what we saw both on Friday in financial markets straight after the Chancellor delivered his so-called ‘mini-Budget’, I think many people had hoped over the weekend things would calm down.
“But I do think the Chancellor sort of fanned the flames on Sunday in suggesting that there may be more stimulus, more unfunded tax cuts which has resulted overnight in the pound falling to an all-time low against the dollar.”
Labour urges 'mini-Budget' rethink
Rachel Reeves, the shadow chancellor, has demanded Kwasi Kwarteng set out “credible plans” after the pound sank to an all-time low against the dollar.
She told Sky News: “This is a serious situation, a cause for concern. The Chancellor instead of doubling down on his position on Friday needs to now set out credible plans.”
'I am not going to be able to comment on particular market movements'
The Government remains focused on delivering its growth package despite the fall in the pound, a Cabinet minister has said.
Asked by Sky News about the slide, Work and Pensions Secretary Chloe Smith said: “I am not going to be able to comment on particular market movements and there are various factors that always go into those.
“But the Government is absolutely focused on delivering the growth package as we set out, with various ways that we will be helping both businesses and households to move ahead to growth, and, as I say, to greater opportunity.
“For me in particular in the Work and Pensions department, I want to then be able to help more people into more good and well-paid jobs.”
Asked about the poor polling numbers the Tories are facing, Ms Smith added: “I have every confidence that the kind of support that the Conservatives were delighted to have in 2019 will continue to follow Liz Truss and be able to have a Conservative government in the years to come.”
'It is not just dollar strength'
Rachel Reeves, the shadow chancellor, was told that the pound is not the only currency currently falling against the dollar.
She accepted that but argued "it is not just dollar strength" which is impacting the value of the UK's currency.
She told Times Radio: "The pound is now at an all time low against the dollar and that is not the same for other currencies, including the Euro, so there is something going on in the UK, it is not just dollar strength, there is a selling off of the pound and that was on the basis of the Chancellor's so-called 'mini-Budget' on Friday."
Rachel Reeves slaps down Andy Burnham over tax row
Rachel Reeves has slapped down Andy Burnham amid an internal Labour Party row over whether to keep the Government’s 1p cut to the basic rate of income tax.
Sir Keir Starmer, the Labour leader, has said he would keep the tax cut in place but Mr Burnham, the Mayor of Greater Manchester, yesterday argued it should be scrapped along with all of the other tax cuts unveiled by Kwasi Kwarteng on Friday last week.
Ms Reeves told Times Radio this morning: “I think people who are on average earnings aren’t rich and we have been, Labour has been, very consistent that we would like taxes on ordinary working people to be lower, we would like people to keep more of their own money. That is especially important during the cost-of-living crisis that we are going through at the moment.”
She added: “We wouldn’t reverse the cut in the basic rate of tax but we would reverse the cut in the tax for people earning more than £150,000 a year. That is not the right priority and under Labour that would not stay.”
Rachel Reeves criticises 'reckless' Liz Truss over falling pound
The pound continued to fall this morning as it sunk to an all-time low against the dollar in the wake of Kwasi Kwarteng's "mini-Budget" on Friday last week.
Rachel Reeves, the shadow chancellor, said the falling value of the currency should be a "cause for concern" as she accused Liz Truss and Mr Kwarteng of behaving like "gamblers in a casino chasing a losing run".
She told Times Radio: “I think many people had hoped it would settle this morning after the weekend, that hasn’t happened, there has been a further sell off in early morning trading, overnight trading, in Asia and elsewhere and that should be cause for concern.
“And instead of blaming everybody else I think that the Chancellor and the Prime Minister, instead of behaving like two gamblers in a casino chasing a losing run, they should be mindful of the reaction not just on financial markets but also the reaction of the public that said cutting taxes for those people earning more than £150,000, a tax cut worth more than £50,000 a year to someone earning £1million a year is just not the right priority during the middle of a cost-of-living crisis.”
She added: “The financial markets are unimpressed, the British public are unimpressed and I think that the Chancellor and the Prime Minister need to take note because they are not gambling with their own money, they are gambling with all of our money and it is reckless and it is irresponsible as well as being grossly unfair.”
Good morning and welcome to today's politics live blog.
I am in Liverpool to bring you all of the latest news from the second day of Labour Party conference.
It is economy day at conference, with Rachel Reeves, the shadow chancellor, due to deliver her big speech at noon.
However, events elsewhere could well dominate proceedings after the pound fell to an all-time low against the dollar.