Excess Profits, Windfall Taxes and Incentives
The Bottom Line
BBC
4.6 • 615 Ratings
🗓️ 29 September 2022
⏱️ 29 minutes
🧾️ Download transcript
Summary
Is it right that businesses making what look like windfall profits pay windfall taxes? And do the recent announcements from the government to lower taxes in general lead to economic growth? Evan Davis and guests discuss.
GUESTS
Irem Guceri, Associate Professor Economics and Public Policy, Blavatnik School of Government, Oxford
Professor Michael Jacobs, Professor of Political Economy, Sheffield University
Charlie Mullins, Businessman and Founder, Pimlico Plumbers
Dan Neidle, Founder, Tax Policy Associates Ltd.
PRODUCTION TEAM
Producer: Julie Ball Editor: Richard Vadon Sound Engineers: Graham Puddifoot/James Beard Production Co-ordinators: Siobhan Reed and Helena Warwick-Cross
Transcript
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| 0:00.0 | Hello and welcome to the first programme of a new series coming the week after a new chancellor, |
| 0:11.3 | Quasi Quarteng said we're in a new era. Well, that was his line in his big fiscal statement, |
| 0:17.8 | but as anyone who's not been isolating in a remote cave will know, |
| 0:21.7 | his new era has got off to a somewhat rocky start. |
| 0:25.2 | Chapters of economic history books will be written about it and the financial market reaction. |
| 0:30.3 | But we're not looking at the bond and currency markets today. |
| 0:33.8 | It's hard for a weekly programme like this to keep up with developments there. |
| 0:37.7 | So what we thought we should do is examine an important argument of economic principle built into the mini budget, all about the argument on low taxes and economic growth. |
| 0:48.8 | And we want to ask whether businesses should bear more of the tax burden, and in particular should businesses, making |
| 0:55.2 | what look like windfall profits, pay windfall taxes. The Chancellor says no, it's a massive |
| 1:01.2 | political dividing line. Can we shed any light on the case for or against? Now, we had originally |
| 1:07.9 | thought we would focus on profits, excess profits and windfall taxes, |
| 1:12.1 | but we will, of course, discuss the whole government philosophy that lower taxes in general give more growth. |
| 1:18.6 | And we've convened a panel comprising brains and experience. |
| 1:22.7 | Irem Gucherry, Associate Professor of Economics and Public Policy at the Blavatnik School of Government |
| 1:27.9 | at Oxford University. Michael Jacobs, professorial fellow at the University of Sheffield, |
| 1:33.5 | Political Economy Research Institute there. Joining us from our studio in Liverpool is Dan Needle, |
| 1:39.1 | former head of tax at a city law firm, now running a think tank, tax policy associates. And also with us |
| 1:46.4 | an entrepreneur, Charlie Mullins, who founded a company called Pimlico Plumbers, sold it for a very |
| 1:53.8 | comfortable amount. Charlie, we're thinking 145 million or there. So you made a tidy sum out of the |
| 1:59.4 | creation of your... Yeah, I mean, yeah, it was around about the 145 million and 40 years of experience and |
| 2:06.3 | worked there. And it was a very successful company. It was indeed. Now, Charlie, let's just |
... |
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