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Has the chancellor just raised the most painful tax of all ?
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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Quick takeaways
- The Chancellor's budget reveals a significant £40 billion tax increase that contradicts previous promises not to burden working people.
- Concerns arise over the sustainability of economic growth as tax changes may stifle investment and impact businesses amid ongoing uncertainty.
Deep dives
Broken Promises in the Budget
The Chancellor's budget reveals a series of broken promises, highlighting significant tax increases that contradict previous commitments to avoid raising national insurance for workers. A notable feature of the budget is the £40 billion increase in taxes, which is described as the largest since the 1970s. Specifically, changes to employers' national insurance contributions and increases in capital gains and inheritance taxes are emphasized as major points of concern. Critics argue that these measures disproportionately impact workers and businesses, raising questions about the government's transparency and trustworthiness.
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