It takes Inflation of Billions to Hold us back

Inside Briefing with the Institute for Government

Institute for Government

News, Politics, Government

4.6 • 252 Ratings

🗓️ 6 January 2022

⏱️ 47 minutes

🔗️ Recording | iTunes | RSS

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Summary

As 2022 kicks off with rising inflation, soaring energy bills and taxes set to increase, what sort of state is Britain’s economy in - and how bad are things for the Government? Another issue is levelling up, is it the answer to the Number 10’s problems? And as Liz Truss takes over the Brexit reigns, how will she be different to Lord Frost? The FT’s Economics Editor CHRIS GILES joins us this week. “Inflation means a lot of things for this Government, none of them good.” - GILES WILKES “Inflation is every bit as dangerous for Governments as unemployment because it’s so broad-based.” - GILES WILKES “The promise of higher wages is going to look a little thin.” - CHRIS GILES “This government has demonstrated a desire to loosen the purse-strings when it comes to public services, that means higher taxes.” - GEMMA TETLOW “Departments do seem to have an incentive in delivering levelling-up, but it’s not entirely clear what it is.” - GEMMA TETLOW “The most immediate issue in Liz Truss’s in-tray is the Northern Ireland protocol.” - JOE MARSHALL Presented by Bronwen Maddox with Gemma Tetlow, Giles Wilkes and Joe Marshall. Audio production by Alex Rees. Inside Briefing is a Podmasters Production for the IfG. https://www.instituteforgovernment.org.uk Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hello and happy new year, very chilly New Year, if you're in Britain.
0:13.8	Welcome to Inside Briefing, the podcast from the Institute for Government.
0:17.1	I'm Bronwyn Maddox.
0:18.8	Boris Johnson giving press conferences about COVID restrictions.
0:21.6	Kirstama, self-isolating due to COVID restrictions.
0:24.6	Conservative MPs angry about COVID restrictions are delayed levelling up white paper and the EU and the UK at loggerheads about Brexit.
0:33.6	Well, in those respects, 2022 is feeling a lot like 2021, but it's not going to do for much longer.
0:40.3	We've got a whole new set of things to talk about. Inflation is rising. Taxes will too. Energy bills are soaring.
0:46.2	What does that mean for people, for the economy, for the government? We're going to look hard at the numbers.
0:50.8	And what about that leveling up white paper? Why is it delayed?
0:54.3	Again, what's going to be in it?
0:56.1	And will the government show that it can indeed level up Britain?
0:59.9	We'll take a look.
1:01.5	And then, with a sense of inevitability, we'll turn to Brexit.
1:04.5	New rules, new minister, same old obstacles, all that to come.
1:08.9	So joining me in the virtual studio, fresh from a festive break,
1:12.1	full of the joys of January, our IFG senior fellow, Giles Wilkes. Hi, Giles. Good afternoon, Bronwyn.
1:19.0	Happy New Year. Happy New Year to you. And we've also got IFG chief economist Gemma Tetlow. Hi, Gemma.
1:24.5	Hi, Gemma. Hi, Bronman. And I'm delighted to be joined by the FTs economics editor, Chris
1:28.7	Giles. Hi, Chris. How are you? I'm very well. Thank you very much, Bronwyn, and happy new year.
1:33.8	Thank you very much. You said you've just been writing a piece on how miserable we're all going to be in
1:38.0	April. Yes, I think it's a piece I'll write many times in the next three months. It is going to be quite the remarkable squeeze on household incomes. I think it's a piece I'll write many times in the next three months.
	...

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