Pod Save the UK

How Can We Fix The British Economy? With Paul Johnson From The IFS

Aug 1, 2024

Paul Johnson, the director of the Institute for Fiscal Studies, joins the hosts to tackle the UK's £35 billion budget deficit. They discuss the implications of austerity on public services and pensions and propose innovative solutions for tax reforms without burdening working individuals. The conversation also highlights the complexities of inheritance tax and wealth inequality, while reflecting on pressing housing issues and the need for responsible media in community tragedies. Humor and sharp analysis intertwine throughout, making the serious topic more approachable.

50:35

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Episode guests

Paul Johnson

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Episode notes

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Quick takeaways

The significant £35 billion budget shortfall from the previous government highlights the urgent need for transparent fiscal planning and accountability.

Rachel Reeves's proposed pay increase for public sector workers underscores the complex challenge of balancing fair wages with the sustainability of government finances.

Ongoing debates about austerity versus rising public spending raise important questions regarding budget priorities and their long-term implications for essential services.

Deep dives

Rachel Reeves' Budget Challenges

The financial issues highlighted by Rachel Reeves in her recent statement reveal a significant inheritance from the previous government, characterized by a £35 billion budget shortfall. This shortfall pertains to several essential areas, including asylum plans and military support, which were unaccounted for in the prior budget estimates. The considerable pressures on public spending come at a time when the government must make critical decisions about resource allocation, impacting public services and workers' pay. A notable takeaway is the need for improved transparency and forward planning in fiscal policy to avoid such discrepancies in future budgets.

Intro

2min

Budget Blues: A Musical Take on Financial Struggles

4min

Navigating Financial Challenges and Austerity Implications in British Politics

4min

Navigating UK Fiscal Policy Challenges

29min

Addressing Housing Reform and the Impact of Recent Tragedies

4min

Due Process and Political Chaos

6min

Political Games and Cultural Commentary

2min

Exploring Foreign Policy and Creative Figurines

2min

It’s been a tough few weeks for new Chancellor Rachel Reeves. In a speech to the House of Commons on Monday, Reeves declared that despite going in to government with gloomy prospects, the financial inheritance was much worse than she had expected. Naturally, this didn’t go down particularly well with the now Shadow Chancellor Jeremy Hunt, as the two traded barbs whilst invoking the opinions of THE name in British economics - Paul Johnson.

Nish and Coco sit down with the man himself, Paul, to talk about how deep the budgetary black hole goes and solutions for how the Government might tax their way out of it, whilst still meeting the difficult manifesto commitment of “no new taxes on working people”.

Pod Save the UK is a Reduced Listening production for Crooked Media.

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Guest;

Paul Johnson, Director of the Institute for Fiscal Studies.

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