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This Is Why

Budget: Sky's Beth Rigby and Ed Conway on what it means

This Is Why

Sky News

News, News Commentary, Daily News

4.0552 Ratings

🗓️ 15 March 2023

⏱️ 24 minutes

🧾️ Download transcript

Summary

The Chancellor Jeremy Hunt has delivered his spring budget, telling MPs his priority is to get people back to work.

Free childcare for working parents in England, pensions breaks and tax cuts for businesses were among the announcements made.

On the Sky News Daily Liz Bates is joined by Sky’s Political Editor Beth Rigby and Economics and Data Editor Ed Conway to go through the budget and assess what it means.

Podcast producer: Rosie Gillott
Editor: Philly Beaumont

Transcript

Click on a timestamp to play from that location

0:00.0

Call the Chancellor of the Exchequer.

0:03.0

It's Budget Day, a big moment for the Chancellor Jeremy Hunt and for Rishi Sunak, his first as Prime Minister.

0:12.0

It will set the tone for his premiership and could even decide the next election.

0:17.0

We were expecting big announcements on childcare, pensions and the energy price cap,

0:23.1

and we got them.

0:24.8

For families feeling the pinch, fuel duty frozen, beer duty cut, energy bills capped,

0:30.7

and for parents, 30 hours of free childcare for all under fives.

0:35.2

Today, we build for the future. I'm Liz Bates, and on today's Sky News Daily,

0:42.3

I'm in Westminster, bringing you all the analysis and reaction you need. So, lots of things were announced

0:49.4

in the hour-long budget, but there were four big ones. Free childcare for working parents of young

0:55.4

children. I don't want any parent with a child under five to be prevented from working if they

1:00.9

want to because it's damaging to our economy and unfair mainly to women. So today I announce

1:07.6

that in eligible households where all adults are working at least 16 hours,

1:13.5

we will introduce 30 hours of free childcare, not just for three and four year olds,

1:18.9

but for every single child over the age of nine months.

1:22.5

An extension of the energy price cap.

1:25.7

I today confirm that the energy price guarantee will remain at 2.5,000 pounds for the next three months.

1:32.3

Tax cuts on pensions.

1:35.3

No one should be pushed out of the workforce for tax reasons.

1:39.3

So today I will increase the pension's annual tax-free allowance by 50% from 40,000 to 60,000.

1:50.7

Some have also asked me to increase the lifetime allowance from its £1 million limit.

1:57.1

But I've decided not to do that.

...

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