PoliticsJOE Podcast Economist unpicks Rachel Reeves' Budget | Richard Murphy interview
Nov 27, 2025
In this engaging discussion, Richard Murphy, a former chartered accountant and tax campaigner, dissects Rachel Reeves' latest Budget. He argues that the budget is incoherent and fails to adequately tax wealth, with changes favoring the wealthy. Murphy highlights the impact of frozen tax thresholds on low earners and advocates for alternative funding measures like CGT equalization. He emphasizes the importance of targeted support for the hospitality sector, underscoring its role in youth employment and social wellbeing.
AI Snips
Chapters
Books
Transcript
Episode notes
Budget Lacked Coherent Ambition
- Richard Murphy argues Rachel Reeves' budget had no coherent plan and lacked ambition.
- He says it mainly aimed to appease City, Labour backbenchers, and voters without delivering meaningful change.
Wealth Measures Were Symbolic
- Murphy says measures touted as taxing wealth were negligible and missed core injustices like council tax regressivity.
- He highlights the tiny 2% investment income rise and failure to address council tax based on 1992 values.
Budget Biased Toward Older Wealthy
- Murphy notes ISA and pension changes mainly affect the wealthy and older people, worsening generational bias.
- He criticises retention of higher-rate pension tax relief that costs the state ~£28bn.
