The Rest Is Money 222. The Four Budget Priorities For Rachel Reeves
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Nov 6, 2025 Jim O'Neill, a seasoned economist and former Treasury adviser, dives into the UK's fiscal landscape. He critiques the Chancellor’s pre-budget speech and discusses essential reforms like the pension triple lock. O'Neill proposes four key priorities for growth: pension reform, property taxation, welfare devolution, and enhancing NHS productivity through technology. He emphasizes the importance of credible actions to tackle debt and argues that merely raising taxes isn't a long-term solution for growth.
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Speech Raised Market Expectations
- Jim O'Neill warns the Chancellor's pre-budget speech raised expectations that something big must happen on budget day.
- He argues markets will only be satisfied by credible action on debt and growth, not temporary measures.
OBR Downgrade Signals Supply-Side Problem
- The OBR's downgrade reflects a deeper supply-side problem: weak productivity and lower growth prospects.
- O'Neill says fixing debt without a growth plan will only temporarily placate markets.
Reconsider The Triple Lock
- Do reform the state pension 'triple lock' because O'Neill calls it unaffordable and generationally unfair.
- He urges policymakers to consider abolishing or altering it to relieve long-term fiscal strain.