Budget Countdown and 'Finfluencers'

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 23 November 2024

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

There are just a few days to go until Rachel Reeves stands up in Parliament to deliver her first Budget as Chancellor. Since the Labour Party won the election in July, there's been a huge amount of speculation about what she might do to plug what she calls a 22 billion pound black hole left by the previous government. The Treasury says it does not comment on speculation around tax changes outside of fiscal events. But what tax changes might she make and how are people already preparing?

Figures seen by this programme suggest 2.5mn households will face tough decisions this winter about choosing whether to heat their homes or put food on their table. That's an increase of 400,000 in just a few months. The numbers come from official data modelled by the consultancy firm Baringa and indicate many of those who will be affected this winter are middle aged people struggling to get by.

What do changes to Premium Bond rates mean for savers and where are the best deals at the moment?

And, as the Financial Conduct Authority cracks down on some so-called “finfluencers” – for potentially giving money advice illegally – how can you spot the good from the bad?

Presenter: Paul Lewis Reporters: Dan Whitworth, Jo Krasner and Emma Smith Editor: Jess Quayle

(First broadcast 12pm Saturday 26th October 2024)

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.
0:43.1	Hello, welcome to this Moneybox podcast.
0:45.9	An analysis of official data indicates that the number of households who will struggle to buy enough food and keep warm this winter has grown to two and a half million.
0:55.3	National savings cuts prizes on premium bonds and reduces the interest paid on some deposit accounts.
1:01.2	And people giving dodgy financial advice on social media are cautioned by the regulator.
1:06.4	But how can you sort out the good from the dangerous?
1:09.7	But first, there are just four sleeps before
1:12.6	Rachel Reeves stands up in Parliament and ends 93 days of budget speculation. This morning
1:19.4	brought what appeared to be a confirmed leak that the main tax rise would be in the national
1:23.8	insurance contributions paid by employers, raising at least £20 billion a year.
1:29.5	But that would fill only half the gap of $40 billion in her accounts, which she's identified.
1:34.5	The rest must come from somewhere else.
1:37.2	She's promised repeatedly not to increase taxes on what she and the Prime Minister call working people.
1:43.1	So most sorts have turned to inheritance tax, capital gains tax,
1:47.3	and the tax advantages of pensions.
	...

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