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Many Happy Returns
Bracing for the Budget: Tax Rises, Black Holes & Growth, with Paul Johnson from the IFS
Oct 9, 2024
Paul Johnson, Director of the Institute for Fiscal Studies and author of "Follow the Money," dives into Britain's pressing economic issues. He discusses the £22 billion deficit threatening public services and the unfair burden of tax increases across income groups. The conversation covers the crucial need for planning reforms to boost productivity and the pitfalls of current tax policies. Johnson emphasizes the impact of wealth concentration on young people's mobility, highlighting potential tax reforms to create a fairer financial landscape.
48:11
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Quick takeaways
- Britain's public services face severe budget cuts without substantial tax increases, highlighting the urgent need for effective fiscal strategies.
- The generational divide in wealth distribution exacerbates feelings of disadvantage among younger individuals, raising questions about equitable tax policies.
Deep dives
Concerns Around the Upcoming Budget
As the Chancellor prepares to deliver the autumn budget, there is significant concern regarding potential tax increases and their implications for public spending. The Director of the Institute for Fiscal Studies highlighted fears that if taxes are not adequately raised, public services and benefits could face severe budget cuts. Amidst these uncertainties, the government has ruled out numerous significant tax options, creating complex decisions around raising revenue that could lead to risky adjustments in areas such as pensions and capital gains tax. The challenge is that most available options could potentially exacerbate existing difficulties in the public finances.
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