The News Agents Has the chancellor just raised the most painful tax of all ?
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Oct 30, 2024 Rachel Reeves, the new Chancellor of the Exchequer, discusses her first budget, which has sparked controversy due to a £40 billion tax increase that threatens working people. She explores the implications of rising National Insurance, its effects on hiring and wages, and the lack of support for vulnerable groups, like pensioners facing cuts to winter fuel allowances. The conversation also touches on the broader challenges of economic growth forecasts and the balancing act between taxation and public investment.
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Broken Promises
- Rishi Sunak criticized Rachel Reeves' budget for broken promises and betraying the British people.
- He accused her of not being straight with the public about the tax rises.
Key Budget Measures
- The budget includes a £40 billion tax rise, the largest in decades.
- Key changes include increased capital gains and inheritance taxes, but income tax thresholds will rise with inflation.
Criticism of National Insurance Hikes
- The increase in employers' national insurance contributions is criticized for discouraging hiring and depressing wages.
- The hosts question why this tax was chosen despite potential negative consequences.