A recession risk, a volatile pound, the Bank of England stepping in... the state of the economy and what it means for us can be very confusing.

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If you're just joining us or need a recap, Prime Minister Liz Truss has been taking her first PMQs since the mini-budget sparked market turmoil. It goes without saying that it was dominated by questions relating to the economy and the cost of living.

Here are some of the key points:

• Truss said she would "absolutely" stick to a pledge made during her leadership campaign that she is not planning public spending reductions. She said the government would make sure that "we spend public money well"
• Truss and Starmer sparred over the government's economic policy, with Starmer saying people were "worried sick" and asking when she will reverse the government's "kamikaze budget"
• Truss hit back asking whether that meant Labour would reverse the government's support for energy bills - which Starmer then said was Labour's idea in the first place

• SNP leader Ian Blackford said the scale of the "Tory crisis" was "frightening", noting the large rises in mortgage payments people are facing - to which Truss said interest rates were rising globally and are set by the Bank of England
• Asked by Conservative MP Guy Opperman about a public service energy reduction campaign, Truss says the energy secretary is "working on a plan" to help companies and individuals to use energy more efficiently
• Asked about fracking by Labour MP Rosie Cooper, Truss said she could give assurance that fracking will only go ahead in areas where there is local support
• Labour MP Matt Weston said polls suggest the population want a general election - Truss said "I think the last thing we need is a general election"
• Truss said she would commit to going ahead with the ban on no-fault evictions which is due to become law next year, after being promised by Boris Johnson at the 2019 general election

Chair of the treasury select committee Mel Stride says he thinks the chancellor will "simply have to come forward with a further rowing back of the tax announcements" included in the mini-budget, and asks whether the possibility is still "on the table".

Philp says "there are not any plans to reverse any of the tax measures announced in the growth plan".

"But we do of course... need to make sure we do this in a way that is fiscally responsible.

"And the strategy... will lay out exactly how that will be achieved to the House in detail, scored by the OBR, on 31 October."

SNP Treasury spokesman Alison Thewliss says that the treasury select committee took evidence this morning from a range of economists, one of whom argued that the UK has particular characteristics that are making the current crisis worse.

"This is chaos" that the government has "deliberately created", she says, and asks if the devolved administrations will get more funding to deal with the situation.

Chris Philp says the Scottish government is receiving record levels of funding and that will continue. He also says the SNP has a "terrible" record in terms of drug deaths in Scotland. As for the IMF growth forecast, Philp says the UK still has the highest growth of the G7.

Rachel Reeves asks what guarantees will the government give that the currency slide will stop and that pensions are safe? She also asks how much more is the government borrowing on debt interest because of higher borrowing costs?

Chris Philp replies by saying that mortgage rates around the world "have been on an upward trajectory all year" and says US base rates are a full percentage point higher than the UK.

Referencing borrowing rates and currency, Philp says the two year government bond yields are about the same in the US as they are in the UK, while the dollar has shown strength against a "basket of currencies throughout the year"

He says the government is very mindful of the cost of living and that is why they have introduced a £37bn package "to help people disproportionately targeted on people on lower incomes".

Reeves says people are facing "insecurity, instability", "deep anxiety" and says they deserve answers.

She says conservative economic policy has caused mayhem with markets, pushed up mortgage costs and put pension funds in peril.

Reeves says this is directly caused by the government and blames the mini-budget.

Reeves says the country faces a "very serious situation" and asks what the government will do to ensure financial stability.

She concludes by saying ordinary working people are paying the price and says the government must "put aside their pride" and reverse their "catastrophic mini-budget".

Image source, House of Commons

Chief Secretary to the Treasury Chris Philp answers on behalf of the chancellor, who is currently in Washington.

"As we know, the world has faced surging energy prices since Putin's illegal invasion of Ukraine, we've seen high inflation across the Western world, and we've seen a cycle of increasing interest rates across [many] Western economies as well," he says.

"Let me reassure the House that the fundamentals of the United Kingdom's economy remain resilient.

"Unemployment at 3.5% is the lowest it's been in my lifetime, economic growth last year... was the highest of any G7 country, and just yesterday the IMF forecast that GDP growth this current year in the UK would be 3.6%.

"But I know that many families are worried about the challenges we face, and that is why... we introduced the energy price guarantee.

"And we also introduced a growth plan to get our economy growing."

Image source, House of Commons

Labour's Shadow Chancellor Rachel Reeves has been granted an urgent question in the House of Commons on the state of the economy.

She is now on her feet and asks for the chancellor of the exchequer to make a statement on the financial crisis.

Reality Check

Defending the mini-budget, Prime Minister Liz Truss told Parliament that it has been “independently corroborated” that the government’s actions will lead to "higher growth and lower inflation".

Market analysts have estimated that cutting energy bills - through the government's Energy Price Guarantee scheme - will bring down inflation in the short term, from a projected peak near 14% to 10%.

The International Monetary Fund (IMF) also said yesterday that their actions are “expected to lift growth somewhat above the forecast in the near term” (it had made a growth forecast of just 0.3% next year, before the mini-budget).

But the long term picture is less clear. Inflation of 10% would still represent a cost-of-living crisis and would need to be brought down further in the long run. The IMF has added that the government’s measures are “complicating the fight against inflation.”

Labour MP Matt Weston says he doesn't know how you measure a good honeymoon, but after five weeks of a disaster "conceived in Downing Street", the country's been left wanting a divorce.

Polls suggest people want an election, he says, and then asks if the PM will grant that wish.

Truss: "I think the last thing we need is a general election."

Image source, House of Commons

Lib Dem MP Sarah Olney says that "any expansion of Heathrow would be disastrous".

Yet the PM has previously said she would support a fourth runway. Does she stand by this comment?

Truss replies: "What we need to do is make sure industries like the air industry become more environmentally friendly.

"I support the development of low-carbon technology in the sector."

Labour MP Rosie Cooper says that her constituents in West Lancashire were "delighted" that a fracking application was withdrawn.

She says "we haven't seen evidence fracking is safe" and the government has said it will revoke moratoriums only in areas that have local consent to fracking.

Can the PM reassure locals that licences won't be forced on communities who don't want it?"I can absolutely assure her and colleagues that fracking will only go ahead in areas where there is local support," Truss says.

Conservative MP for Dover Natalie Elphicke raises the issue of migrants crossing the channel from France.

She asks whether the prime minister renewed an offer for joint British-French patrols of beaches when she met recently with French president Emmanuel Macron.

"The home secretary is committed to dealing with this very, very difficult issue," says Truss. "We're also committed to getting an agreement with the French government."

"I did discuss it with President Macron last week and the home secretary is following up."

Conservative MP Guy Opperman says the energy price guarantee is "a key part of the growth plan" but says "too few businesses and households know about it".

He urges Truss to have a nationwide mail-out campaign to communicate "what the government is doing to assess people on reduction of energy".

Opperman also asks for a public service energy reduction campaign so the UK can "reduce supply".

Truss replies saying Opperman is "absolutely right" and says the energy secretary is "working on a plan" to help companies and individuals to use energy more efficiently.

Chris Mason
Political editor

This is Liz Truss’s second outing at Prime Minister’s Questions.

She arrived to cheers - from the Labour benches.

The exchanges between Liz Truss and Keir Starmer still feel novel.

They are more direct and more punchy than when Boris Johnson was PM; his answers would last longer.

Keir Starmer and Ian Blackford of the SNP want to entirely pin the blame for rising mortgages on the Prime Minister.

Liz Truss did what she’s been doing for over a week now - focusing on the energy support package that was never properly announced because of the death of the Queen, rather than the mini-budget.

Labour MP Ian Lavery tells the PM says that nurses have quickly gone from "heroes in lockdown to this government's villain's, offered a rise of 72p per week pay rise and painted as militants for daring to have the audacity to ballot for industrial action".

"Claps don't pay the bills and neither does 72p pay rise.

"Surely the prime minister the government has it's priority wrong?" he says.

Truss responds saying "the figures he's quoting are simply wrong".

"The independent pay review body recommended a £1,400 rise on average and that's what the government is committed to delivering."

She points out the "brilliant job our fantastic nurses do".

DUP leader Jeffrey Donaldson asks whether the prime minister joins him in "welcoming the renewed negotiations with the European Union about the Northern Ireland protocol".

He says the success of the negotiations is the "key to unlocking the door to political stability in Northern Ireland".

Truss says: "We need to deliver for the people of Northern Ireland."

"That means making sure that we can have free-flowing trade east-west as well as north-south. It means making sure that the people of Northern Ireland can benefit from the same tax benefits as people in Great Britain. And it means resolving the issues over governance and regulation.

"I would prefer to achieve that through a negotiated solution with the EU."

Image source, House of Commons

We're hearing from other MPs, now, and John McNally from the SNP begins by telling Truss her government is "flirting with disaster - financially and socially".

How will you cope with the inevitable rise in homelessness, he asks?

Truss replies: "We've acted decisively as a government to deal with the severe energy crisis. We're also facing a global economic slowdown and not acting is not an option."

Chris Mason
Political editor

One line that stood out from the Prime Minister was when she claimed there wouldn’t be any cuts in government spending.

And yet senior figures in government acknowledge that cuts are coming.

How do these things match up? Well — I’m trying to find out. It may be that budgets don’t keep up with inflation and so shrink in real terms but the actual number doesn’t.

That said, given the scale of cuts some, such as the Institute for Fiscal Studies, have suggested may be needed, it’s hard to see how these numbers add up.

Truss responds to Blackford by saying the government has taken action on helping families heat their homes and would like to see more support delivering energy security.

"Interest rates are rising globally and they are a decision for the independent Bank of England."

She says she wants to do "all I can to help families across Britain by delivering economic growth".