• 22. What does the Budget mean for living standards?

  • Nov 8 2024
  • Length: 46 mins
  • Podcast

22. What does the Budget mean for living standards?

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  • Mubin and Carl drill down into what was announced in October’s budget. What does it mean for people's living standards, the British economy, and whether we will see an end to stagnation? The interview Mubin asks Carl Emmerson, Deputy Director of the Institute for Fiscal Studies, about the October 2024 Budget. On taxes, the Chancellor raised an extra 40 billion pounds a year. Did she go far enough or did she go too far? And how coherent was it as a tax plan? On fuel duty, it was quite a surprise there was no change. Does Carl think that showed some of the risk averseness that the government has? Carl discusses big tax rises. The Chancellor pledged to no return to austerity. What does this extra tax and borrowing mean for public services? Some departments, like the NHS and overseas aid, are going to be getting 4-5% increases in spending. And that's going to mean a lot less for other departments, particularly given how much the NHS takes up as a percentage of public spending. What's actually happening in terms of growth? What are the changes on employer's National Insurance contributions. Who will be affected and how? Has the government effectively raised taxes on working people? Did the government get it right on the changes made to inheritance tax? Capital gains tax. We saw the rate increase and it was a modest increase. Was that the right level? Will the changes to wealth taxation have any significant impacts on people migrating? Was there really a fiscal black hole of £22 billion? The next fiscal event is going to be the spending review. What are we expecting in relation to that?
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