Pod Save the UK Halloween budget: trick or treat? w/ Torsten Bell MP, Grace Blakeley & Katie Schmuecker
Oct 31, 2024
Grace Blakeley, an economic commentator and author, dives into the chilling details of the new Halloween budget, exploring tax changes and public service impacts. Katie Schmuecker from the Joseph Rowntree Foundation discusses vital reforms for sick and disabled individuals and low-income renters. Labour MP Torsten Bell shares his concerns about potential economic threats lurking in the shadows. This lively conversation weaves together humor, critical insights, and urgent discussions on poverty and economic growth, set against a spooky Halloween backdrop.
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Targeted Wealth And Business Taxes
- Rachel Reeves raised taxes mainly on capital and business while protecting income tax and employee NI thresholds for now.
- Grace Blakeley warns these moves partly target wealth but stop short of a full wealth tax and leave behavioural responses uncertain.
Investment Over Current Spending
- Reeves prioritises capital investment to drive growth rather than large increases in current spending.
- Blakeley cautions investment alone won't fix staffing and service gaps in health and education.
Align Investment With Staffing Plans
- Define what counts as 'investment' clearly before changing borrowing rules or accounting methods.
- Ensure staffing and operational costs are planned alongside capital projects so assets are usable.