Is the UK economy heading for stability or just more trouble?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 21 October 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

There's a new Chancellor in town and he means business. Serious business.

After Kwasi Kwarteng tried to spread some joy to get growth going with tax cuts for all, Jeremy Hunt and the fun police have stepped in to stop the markets freaking out.

The fallout from Kwarteng's ill-fated mini-budget has now claimed his Chancellorship and Liz Truss's Premiership - with Britain achieving the rare feat of losing two Prime Ministers in less than four months.

But with Hunt's stern reversal of the tax cuts in place and a firm commitment to not come up with any more cunning plans that might upset the markets, is Britain now on a firmer economic footing.

Or will our quest for yet another Prime Minister spell more trouble ahead?

On this podcast, Georgie Frost, Helen Crane and Simon Lambert look at Hunt's rapid reversal of Kwarteng's cuts and whether they will steady the ship and prove a good idea.

The team also discuss the decision to stick with the triple lock - an expensive promise the Government decided to keep, but did it really have any choice after ripping up the guarantee for pensioners last year.

Plus, will the rapid rise in mortgage prices sink house prices? Many think so, but our 18 year property cycle guru Fred Harrison says otherwise.

And finally, how much does it cost you to use your cooker vs an air fryer or a slow cooker and if you really want to save money is it an energy saving dad you need?

Transcript

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0:00.0	Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and editor Simon Lambert today is Assistant Editor Helen Crane.
0:08.8	And coming up, last week we lost Chancellor during the show. This week, we got the tearing up of his economic plan, which resulted in the Prime Minister falling on her sword.
0:17.4	What has changed? What hasn't? Did Jeremy Hunt go too far? And what does it all mean
0:22.2	for your money? Plus, it looks like the pension triple lock is here to stay. Is a house price
0:27.1	crash on its way? And how do you work out how much energy stuff uses to run? Don't be getting
0:32.7	to step today with all the latest breaking money news. Just go to this ismoney.com.com.
0:38.9	Or download the app.
0:43.2	Market updates and conversations around the financial world don't have to be boring.
0:50.1	The Digest and Invest Podcast by E-Toro is a great way to tune into what's happening in a fun and easily digestible format.
0:55.9	Discover the Digest and Invest podcast at E-atoro.com forward slash academy forward slash podcasts.
1:01.5	But first. So in the space of a week, we've lost a chancellor, the prime minister, an entire economic plan and our national dignity. I think we were losing that before, though, to be fair.
1:07.5	Jeremy Hunt came in to rip up his predecessor's mini budget in one of the most
1:10.9	astonishing about turns in political history. Changes to the energy price guarantee, income, corporation
1:17.1	and dividend tax, IR-35 and tax-free shopping, but stunt duty and national insurance remain
1:22.9	unaffected for now. How have the markets reacted? What is happening to mortgage rates and what does this
1:29.0	mean for our money, Simon? Dare I ask, your appraisal of the week that was? Well, Monday seems like
1:38.8	a long time ago. We're recording this on Friday and Monday definitely seems like a long time ago.
1:44.8	But we got the news that Jeremy Hump was going to be making an emergency statement.
1:48.5	So we sat there with the TV on in the office, ready to listen.
1:52.9	What was he going to do?
1:54.4	What was the damage going to be?
1:56.7	And then he didn't make an emergency statement.
	...

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