Can Jeremy Hunt fix this mess? – with IFS director Paul Johnson

The Bunker – News without the nonsense

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News, Government, Politics, Society & Culture

4.6 • 1K Ratings

🗓️ 10 November 2022

⏱️ 26 minutes

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Summary

Jeremy Hunt’s key task is fixing the damage of Truss and Kwarteng’s mini-budget – can he get us out of this mess? From freezing the wages of nurses and teachers, to adding VAT to Jaffa Cakes – what options does the Chancellor have? Paul Johnson, director of the Institute for Fiscal Studies joins Ros Taylor to look at what taxes might increase, how the Government can tempt the over 55s back into the workforce – and if there’s any cause for optimism. “Hunt probably has to look at the serious taxes… though it remains to be seen if this is politically feasible.” “You can’t raise very large amounts of money from inheritance or capital gains tax.” “Younger people have seen very poor earnings growth – the last 15 years have been pretty much the worst since the industrial revolution.” Support us on Patreon: https://www.patreon.com/bunkercast Written and presented by Ros Taylor. Lead producer: Jacob Jarvis. Producers: Alex Rees and Jet Gerbertson. Assistant producer: Kasia Tomasiewicz. Audio production by Jade Bailey. Music by Kenny Dickinson. Group editor: Andrew Harrison. THE BUNKER is a Podmasters Production. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	My name is Stan. I'm at. Nice to meet you. So you took up photography where? I've always loved
0:05.5	photography but I turn it into earning a living at 60. I enrolled on a day course.
0:11.8	Well college. I loved going to college. It's good you can retry. I'm enrolled on the day course. But college?
0:13.0	I loved going to college.
0:14.0	It's good you can retrain and do something.
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0:55.9	theirs with dental life. Pick up dental life in the pet food aisle. Hello and welcome to the bunker I'm Ross Taylor. When it comes to budgets and autumn statements, the word of the
1:14.4	Institute of Fiscal Studies is the word of God. Not my phrase, but Nick Robinson's.
1:18.9	And joining me today is Paul Johnson, the director of the IFS. Welcome to the bunker Paul.
1:24.0	Thank you. The Chancellor Jeremy Hunt reportedly quoted Barack Obama recently and he said
1:29.4	this would be really interesting shit if I wasn't in the middle of it.
1:32.0	Just how bad a situation are we in
1:35.2	compared to previous crises in Britain? Well we've come through the immediate crisis
1:40.0	which was precipitated by the mini budget back at the end of September and thankfully with a new
1:47.2	Chancellor and most of those policies got rid of and the Bank of England having sorted out the immediate crisis with pension funds.
1:55.2	I think it's probably a little overstating it to say we're in an immediate crisis in the way that we were in COVID or the way we were during the financial crisis.
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