Are we entering Austerity 2.0?
The Story
The Times
3.9 • 1.6K Ratings
🗓️ 16 November 2022
⏱️ 29 minutes
🧾️ Download transcript
Summary
Tomorrow, our newest Chancellor Jeremy Hunt will announce his Autumn Statement. In previews, he's prepared the country for 'some pain' to fill a £50 billion 'black hole' in the public finances. If this means Austerity 2.0, what have we learned from the first one?
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Guest: David Smith, Economics Editor, The Sunday Times.
Host: Manveen Rana.
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Transcript
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| 0:00.0 | It's less than two months since the now infamous mini-budget, which shopped financial |
| 0:10.4 | markets, sent the pound tumbling to a historic low, sent out debt repayments soaring and |
| 0:17.5 | brought down both the Chancellor of the Exchequer and the Prime Minister. |
| 0:25.0 | The government's still picking up the pieces. All eyes are now on the new Chancellor who |
| 0:30.9 | will address the House of Commons tomorrow with the not-so-many autumn budget. |
| 0:36.8 | Jeremy Hunt may have reversed many of his predecessors' disastrous policies only three days |
| 0:42.8 | into the job, but he still faces a deficit so huge that many are calling it... |
| 0:50.0 | Black Hole, Financial Black Hole, Black Hole. |
| 0:54.0 | There's an eye-watering black hole in the public finances. |
| 1:03.0 | We're told the size of that black hole is around 50 to 60 billion pounds. |
| 1:10.0 | So what can the Chancellor do to fix our finances? |
| 1:14.0 | With talk of tax rises and spending cuts looming, |
| 1:18.0 | should we be looking back to an earlier version of this government |
| 1:22.0 | to learn from the mistakes of austerity? |
| 1:31.0 | You're listening to stories of our times from the times and the Sunday times. |
| 1:36.0 | I'm Manvina Rana, today, the budget. |
| 1:40.0 | Are we about to get austerity 2.0? |
| 1:49.0 | I'm David Smith, economics editor of the Sunday Times. |
| 1:55.0 | I occasionally take part in pub quizzes and usually it's all about naming African capitals |
| 2:09.0 | and things like that, but the question came up. |
| 2:11.0 | Can you name the last four Chancellor of the Czech Republic? |
| 2:15.0 | This was a question made for me, which I could answer. |
... |
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