Is there a stealth tax hidden in the spring statement?

Coffee House Shots

The Spectator

News, Politics, Government, Daily News

4.4 • 2.1K Ratings

🗓️ 23 March 2022

⏱️ 17 minutes

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Summary

While on the surface there might seem like a lot to like in Rishi Sunak's spring statement. Yes, the NI tax increase is still there, but the tax threshold to pay it is being raised. And there is even a promise of an income tax cut coming in 2024. But does the spectre of inflation mean that many of these supposed benefits won't be felt tangibly for the average taxpayer and may even see the amount they give to the government go up?

Katy Balls is joined by James Forsyth, Kate Andrews and Fraser Nelson to discuss.

Transcript

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0:00.0	This podcast is sponsored by Canacord Genuity Wealth Management,
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0:09.1	Visit candewelth.com to start building your wealth with confidence.
0:21.0	Hello and welcome to Coffee House Shots,
0:22.8	this is Fettator's Daily Politics Podcast.
0:25.3	I'm Katie Balls, and I'm joined by James Simon K. Andrews,
0:28.2	Economics Editor, and is the Day of the Spring Statement.
0:32.3	We just heard from Richie Sunak, and despike calls from various Tory MPs and some
0:38.0	anonymous cabinet ministers. He is stuck with his national insurance hike,
0:42.1	but he did do some things to caveat and soften the cost of living crisis, including on N.I.
0:47.0	And he also announced an income tax, but you'll have to wait for it probably until 2024.
0:52.5	Kate, before we start to go over the analysis, can you give us some of the headline
0:57.0	and that's been some policies we had today?
0:58.9	Gosh, where to begin? As you said, Katie, he is going forward with the national insurance
1:04.0	levy, and his point was if you want the spending, then you have to fund it.
1:08.1	And this is his personal ambition, actually, to connect in people's minds that when you
1:13.5	call for more money for the NHS, which has been going what happens every single year,
1:17.9	then you're going to have to fund that in some way, and if it's long-term spending,
1:22.0	you're not going to be borrowing it, it's tax increases.
1:24.4	However, he has lifted the threshold at which point you would start to pay N.I.C.
1:29.6	by nearly £3,000. So that is a significant sum, I think it's going to be over £300 per worker
1:36.5	that you're going to get back because of that N.I.C. tax lift.
	...

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