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Labour's low growth Budget
Oct 30, 2024
Katy Balls chats with Kate Andrews, an economic analyst known for her sharp insights on fiscal policy, and Michael Gove, a veteran politician with a wealth of experience in government. They unpack Rachel Reeves' first Labour budget in 14 years, which includes a staggering £40 billion tax increase. Key discussions focus on the hike in National Insurance, changes to capital gains tax, and the freeze on income tax thresholds. The duo critiques whether these measures will truly stimulate growth and how public trust might be eroded amid these tough fiscal decisions.
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Quick takeaways
- Labour's first budget in 15 years includes a £40 billion tax increase, raising concerns about public trust amid rising taxation.
- The budget's focus on public service funding over business growth strategies may hinder job creation and contradict Labour's labor market commitments.
Deep dives
The Impact of the First Labour Budget
The first Labour budget in 15 years, presented by Rachel Reeves, marked a significant moment for the government, though it lacked surprises. Key changes included an increase in employer national insurance to nearly 15% and a reduction in the threshold for payments, dropping from approximately £9,500 to about £5,000. Despite complaints about tax burdens, the budget was framed as necessary funding for public services, as it included measures like implementing VAT on private school fees and raising the windfall tax on energy companies. While these actions were expected, they raised questions about who truly controls the fiscal narrative, as the Labour government continued tax practices previously criticized when the Tories were in charge.
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