What does the tax-cutting mini-Budget mean for you? This is Money podcast

Economy
By Liam

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What does the tax-reducing mini-budget mean to you? This is Money podcast about Kwasi Kwarteng ‘betting on the house’

Because of this is money

Published: 18:56 BST, September 23, 2022 | Updated: 18:56 BST, September 23, 2022

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New British Chancellor Kwasi Kwarteng delivered a blistering mini-Budget this week that was so small.

There was a wave of tax cuts. Some had been heavily pursued, such as the increase in National Insurance and a cut in stamp duties, but there were also two rabbits out of the hat: a cut in the basic income tax rate to 19 pence from April, and also the abolition of the 45p tax. income tax rate.

Those tax cuts joined a wave of spending commitments, most notably the massive energy price guarantee bailout for UK households and businesses.

Paul Johnson, of the IFS, said, “Mr. Kwarteng isn’t just betting on a new strategy, he’s betting on the house.”

In this week’s podcast, Georgie Frost, Lee Boyce and Simon Lambert discuss what the mini-budget for growth means for people, how much they can save on tax and whether it will work or the UK economy will have more problems over time. will deliver. .

One thing was clear in the aftermath: the markets didn’t like the break from orthodoxy they saw: the pound plunged below $1.10 and UK government bonds rocketed.

But how much does that have to do with the mini-budget and how much does it have to do with the Bank of England’s interest rate decision that caused a bumper increase of 0.5 percentage points, which was still considered small next to the 0.75 of the US Federal Reserve? percentage point bazooka?

And finally, we have heard many half-full statements about our current economic situation, but what is the glass half-full? Simon has a crack.

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