What does a tax-cutting mini-budget mean for you? This money podcast about Kwasi Kwarteng is ‘Betting the House’
Britain’s new Chancellor Quasi Quarteng this week delivered a horrific mini-budget that was far from small.
There was a wave of tax cuts. Some have been sharply scaled back, like the Social Security increase and the stamp duty cut, but there have also been two snags from the cap: a 19p property tax cut from April and also the removal of the 45p income tax rate.
They are joining a wave of spending commitments for tax cuts, notably the massive Energy Price Guarantee bailout for UK households and businesses.
IFS’ Paul Johnson said: “Mr Quarteng 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 mini-budgets for growth mean for people, how much they can save on taxes and whether it will work for the UK economy. will cause even more problems down the line. ,
One thing was clear afterwards, markets didn’t want to be broken by the conservatism they were seeing: the pound fell below $1.10 and UK gilt yields soared.
But how much does it have to do with the mini-budget and how much does it have to do with the Bank of England interest rate decision that delivered a record 0.5 percentage point hike, still considered small next to the US Federal Reserve’s 0, 75? was. Percentage point bazooka?
And finally, we’ve heard many judgments about our current economic situation with a glass half full, but what is a glass half full? Simon has a crack.
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