Newsnight, followed by Weather

The broadcast reported hundreds of thousands of students, teachers and parents protesting across France against planned government budget cuts and demanding greater investment in schools. France's borrowing costs were near their highest in a quarter of a century at around 5% as a presidential election approached. A head teacher near Nantes described demonstrations and violence around schools. Economist and former Greek finance minister Yanis Varoufakis said France was too big to fail and not comparable to Greece, but faced a similar crisis of collapsed investment, chronic austerity and an overspending state. He rejected comparisons with Liz Truss's UK episode, said markets were not speculating against French debt, and linked the situation to political gridlock. He proposed eurozone-level debt retirement in exchange for investment and reversing Macron's tax cuts for the very rich. Protesters complained about police tactics, overcrowded classes, low salaries and money going to defence rather than public services.

A panel including Sir Andy Street, Jessica Elgot and Tim Stanley discussed UK lessons. Tim Stanley pointed to social tensions and economic stagnation since 2008, demographic change and asset inequality, and said right-wing parties were combining immigration control with welfare reform. Andy Street said he did not expect French-style scenes in the UK but saw similarities over young people's stake in the country and said the centre ground had failed in France. He said countries must live within their means. Jessica Elgot cited Andy Burnham's comment about being too in hock to bond markets, saying higher borrowing costs could affect mortgages, food and energy bills, and that people felt a lack of control over essentials.

At the Conservative Party conference in Birmingham, there were strong indications Kemi Badenoch would announce an inheritance tax cut, possibly reform rather than abolition, and would say the next election was a battle for the soul of the nation. Nick reported Conservative MPs expected it, that Badenoch had called inheritance tax morally wrong, and that there was no official confirmation. Tim Stanley suggested it targeted the core vote and asked what the party was doing for the poor and young. Andy Street pointed to a national insurance cut for 21- to 24-year-olds and said the choice was between Labour's tax-and-spend approach and Conservative financial discipline with investment. Jessica Elgot said the Conservatives seemed to be focusing on Liberal Democrat-facing seats. Badenoch said she would rather have another general election than deal with Reform if no party won a majority. Panelists debated whether an early election could happen; Nick said the shadow cabinet believed Andy Burnham would call one in May and had prepared a manifesto, while a cabinet minister said no early election. Andy Street said May 2027, and Jessica Elgot said ministers were nervous but poll ratings could make it irresistible.