Diolch, Llywydd. Yesterday, the latest Chancellor reversed many of the flawed and reckless decisions that were made by his predecessor and the Prime Minister in the mini-budget less than a month ago and which were a central pillar of the new Prime Minister's so-called programme for growth. The new Chancellor's statement yesterday was made ahead of his medium-term fiscal plan on 31 October, in which he signalled he would be announcing further measures to reduce public spending in a plan costed by the Office for Budget Responsibility. The UK is now in a far worse situation financially and economically than it was before the ill-fated mini-budget. This is inexcusable. As a result of its own actions and decisions, the UK Government has created mayhem in the financial markets, which has led to soaring mortgage and Government borrowing costs, and the Bank of England has been forced to take extraordinary measures to prevent a collapse in pension funds.