Professor Mairi Spowage discusses the Scottish government's budget, including higher taxes for higher earners. The MEI highlights the importance of studying core maths. Tips for saving money in 2024 are shared, along with festive music from the City of Lincoln Band.
Higher earners in Scotland will pay more income tax from April, with the top rate increasing from 47% to 48% for those earning over £125,140.
Core Maths, a subject offered to students aged 16 and older in England, teaches practical mathematics related to personal finance, taxes, and loans, bridging the gap between GCSE and A-level mathematics and enhancing students' financial confidence.
Deep dives
Higher earners in Scotland to pay more income tax from April
The Scottish Government has announced that higher earners in Scotland will have to pay more income tax starting in April. The new advanced rate of income tax will be set at 45 pence and will apply to incomes between £75,000 and £125,140. Additionally, the top rate of tax for those earning over £125,140 a year will increase from 47% to 48%. The Scottish Government believes that those with higher incomes should contribute more to the tax system, while lower-income individuals should pay reduced taxes.
Core Maths education helps students understand real-life math concepts
Core Maths, a subject offered in England for students aged 16 and older, focuses on teaching practical mathematics that can be applied in real-life situations. This subject covers topics such as personal finance, mortgages, taxes, and loans, helping students understand how these concepts relate to their lives. Core Maths is designed to bridge the gap between GCSE and A-level mathematics and is equivalent to a half A-level. Students who have studied Core Maths report feeling more confident in handling finances, making informed decisions about loans, and understanding taxes and mortgages.
Moneybox helps listeners with financial issues and scams
Moneybox, a podcast focused on personal finance, has been successful in helping its listeners with various financial issues. Examples include assisting a listener's father who was a victim of romance fraud and securing a full refund of £153,000, helping another listener recover half their money after being scammed, and resolving issues for a listener who acts as the financial deputy for their disabled son. Moneybox has also provided information and assistance with bereavement benefits, resulting in significant back payments for eligible individuals. The podcast's proactive approach in addressing financial concerns has proven valuable to its listeners.
Higher earners in Scotland are to pay more income tax from April. That was one of the headlines from the Scottish government in its budget on Tuesday. We'll discuss that change and more with Professor Mairi Spowage, director of the Fraser of Allander Institute at the University of Strathclyde.
Tens of thousands of teenagers could benefit from studying the subject of core maths once they turn 16. That's according to the charity Maths in Education and Industry. The course was launched in 2014 and currently has around 12,000 teenagers studying it in around 30 per cent of schools across England. However, the MEI says it's vital to get as many students as possible signed up.
We have our top three Christmas crackers – tips to save you money in 2024. We also revisit some of the people we've helped this year.
Plus, festive music from the City of Lincoln Band.
Presenter: Paul Lewis
Reporter: Dan Whitworth
Researchers: Sandra Hardial and Jo Krasner
Editor: Jess Quayle
(First broadcast 12pm Saturday 23rd December 2023)
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