Economist Podcasts Owing to the pandemic: Britain’s budget
Mar 3, 2021
Duncan Weldon, Britain’s economics editor for The Economist, and Guy Scriven, the climate risk correspondent, delve into some pressing issues facing the UK. They discuss Chancellor Rishi Sunak's strategy for navigating Britain's financial recovery post-pandemic. The conversation shifts to cost-effective climate solutions, emphasizing the importance of selecting policies that maximize benefits while minimizing costs. They also explore the fascinating ownership system of coconut trees in Zanzibar, highlighting its economic and cultural implications.
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Britain's 2021 Budget
- Rishi Sunak, Britain's Chancellor, will deliver the 2021 budget, outlining tax and spending plans.
- This budget will address the economic challenges posed by COVID-19 and the need to repay borrowed funds.
British Economy and Vaccine Rollout
- The British economy is currently 10% smaller than it was a year ago due to the pandemic, and several economic indicators are down.
- However, the vaccine rollout offers hope for a rapid economic bounce in the latter half of 2021.
Two-Part Budget
- The 2021 budget will likely have two parts: extending support schemes and raising taxes.
- Corporation tax increases and frozen income tax thresholds are expected to generate revenue.