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Money Box

A not-so 'mini budget'

Money Box

BBC

Business

4.2825 Ratings

🗓️ 22 October 2022

⏱️ 28 minutes

🧾️ Download transcript

Summary

Paul Lewis has full details of what the mini budget will mean for your finances including changing tax rates, stamp duty alterations and support for those on low incomes. Presenter: Paul Lewis Reporter: Dan Whitworth Researcher: Sandra Hardial Editor: Clare Worden (First broadcast Saturday 24th September 2022)

Transcript

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0:00.0

You are about to listen to a BBC podcast and I'd like to tell you a bit about what goes into making one.

0:06.5

I'm Sadata Sese, an assistant commissioner of podcasts for BBC Sounds.

0:11.2

I pull a lot of levers to support a diverse range of podcasts on all sorts of subjects,

0:16.0

relationships, identity, comedy, even one that mixes poetry, music and inner city life.

0:22.4

So one day I'll be helping host develop their ideas, the next fact-checking, a feature,

0:28.3

and the next looking at how a podcast connects with its audience, and maybe that's you.

0:33.6

So if you like this podcast, check out some others on BBC Sounds.

0:39.5

BBC Sounds, music, radio podcasts.

0:43.4

Hello, the government would not admit it was even a mini budget.

0:47.0

But in truth, Friday's plan for growth by the new Chancellor, Kwazi Qwa Teng, was more like a budget on steroids.

0:53.7

Cuts in income tax, cuts in national insurance,

0:56.7

cuts in the tax on buying a home for some people, and cuts in the taxes paid by businesses.

1:02.2

Altogether, the Chancellor announced or confirmed tax cuts of around £45 billion.

1:08.2

And the cost of the energy bill subsidy for households and businesses will be even

1:12.3

more. 60 billion, he said, in just the first six months. It was the biggest tax-cutting budget for

1:19.2

50 years. And who will pay for it? Well, partly the hope is increased economic activity will

1:25.0

bring in extra tax, but mainly the cost will be borrowed,

1:29.2

taking the government's total debt further towards £2.5 trillion. That's a lot of noughts.

1:36.0

Well, today, Moneybox is devoted to looking at the Chancellor's statement, what it means for the

1:40.3

money we earn and the taxes we pay. We have our experts later, of course,

1:44.5

but our reporter, Dan Whitworth, has been to the hairdressers.

1:47.2

Not a day off, we don't give him those,

...

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