New Economics Podcast
Spring budget reaction
Mar 8, 2024
Analyzing the recent spring budget, the podcast delves into the disproportionate impact of national insurance cuts favoring the wealthy. Criticisms of lack of action on public services and inequality, along with discussions on political strategies and housing crisis, make for an engaging episode.
31:14
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Quick takeaways
- The spring budget cuts to national insurance heavily favor the wealthiest households over the poorest, with benefits skewed 12 times more towards the rich.
- The reduction in public investment resulting from tax cuts in the budget will disproportionately affect essential services and exacerbate inequality, especially in regions like London and the Southeast.
Deep dives
Chancellor's Budget Cuts: Impact on Inequality
The recent budget announced by Chancellor Jeremy Hunt includes a 2P cut in national insurance, favoring wealthier households. The wealthiest 20% stand to gain an average of £1,700 more annually compared to only £136 for the poorest 20%. This results in a 12 times difference in benefits received. The effects of these cuts are geographically skewed towards London and the Southeast, deepening inequality and reducing public investment.
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