Object doesn't support this property or method, IE8

I am having an error with a script.

The page in question is http://www.scotlanddebt.co.uk

And it is regarding the second step of the debt calculator, when you click calculate.

The error appears on this line:

equity = jQuery( 'div#equity' ).slider('value');

Can anyone advise? It works ok on most other browsers.

The entirety of the script is as follows:

<script>
                    jQuery(function() {
                        jQuery( 'div#equity' ).slider({
                            range: 'min',
                            value: 10000,
                            min: 0,
                            max: 60000,
                            step: 5000,
                            slide: function( event, ui ) {
                                equity = ui.value;
                                jQuery('.ui-slider-handle', this).removeAttr('style');
                                var unknown = '';
                                if(equity == 0)
                                {
                                    unknown = ' or unknown';
                                }
                                var plus = '';
                                if(equity == 60000)
                                {
                                    plus += '+';
                                }
                                    jQuery('#equity-amount').text('£' + equity + unknown + plus);
                                }
                        });
                        equity = jQuery( 'div#equity' ).slider('value');
                        jQuery('#equity-amount').text('£' + equity);
                    });
                    jQuery( 'div#equity' ).slider('disable');
                </script>"

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