Liz Truss's great growth gamble
The Rundown by PoliticsHome
PoliticsHome
4.1 • 105 Ratings
🗓️ 22 September 2022
⏱️ 28 minutes
🧾️ Download transcript
Summary
Can the new prime minister cut taxes and spend big to curb soaring energy bills and get people through the cost of living crisis this winter? Conservative MP and chair of the treasury select committee Mel Stride and leading economist Paul Johnson from the Institute of Fiscal Studies join PoliticsHome's Alain Tolhurst to discuss how Liz Truss might seek to square this seemingly impossible circle as Chancellor Kwasi Kwarteng prepares to lay out his first big spending plans.
Presented by Alain Tolhurst, produced by Nick Hilton for Podot, edited by Laura Silver
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hello and welcome to The Rundown, a new podcast from Politics Home. |
| 0:10.1 | I'm your host, Alan Tolhurst, and here with me to discuss another huge week of politics and news |
| 0:14.6 | is the Conservative MP and chair the Treasury Select Committee, Mel Stride, and directed at |
| 0:18.6 | the Institute of Fiscal Studies, Paul Johnson. |
| 0:26.6 | A somber period of 10 days of morning after the Queen's death politics is back with a bang this week. We've had some massive announcements from the business secretary, Jacob Breesamog, |
| 0:31.2 | on energy support for businesses. The health secretary, Therese Coffey, has announced a plan |
| 0:36.2 | for tackling problems in the NHS. |
| 0:38.5 | And on Friday morning, we have the new Chancellor quasi-quartain delivering what we're not allowed to call a budget or even a mini-budget, although it looks like it's going to be a rather large fiscal event, which we're going to be discussing now. |
| 0:49.6 | Obviously, as well, Liz Truss has been in New York at the UN General Assembly, having bilateral talks with |
| 0:55.2 | Joe Biden and discussing Putin's not-so-veiled threat of using nuclear weapons. She's back in the |
| 1:01.5 | country now and is going to be sitting next to her chancellor when he delivers his first |
| 1:05.6 | kind of major fiscal event. It does look as though it's going to be much more than the kind of |
| 1:10.4 | emergency, small |
| 1:12.1 | budget that we expected when the Prime Minister first took over. It looks like not just tax cuts, |
| 1:17.3 | but things like planning policy changes, big changes to the welfare system, universal credit, |
| 1:21.7 | a stamp duty cut, things on investment zones. Paul, you, I think, have described it as the |
| 1:27.1 | biggest tax cutting fiscal |
| 1:28.2 | event since Nigel Lawson's budget of 1988. Can you just lay out for us a little bit why it's |
| 1:33.8 | actually going to be a rather large fiscal event on Friday? Well, this is on the assumption that |
| 1:38.8 | what we see announced is cut in national insurance contributions as promised by the Prime Minister and the |
| 1:47.2 | rowing back on the intention to increase corporation tax, which is supposed to come in next April. |
| 1:54.6 | If you undo both of those, then this will be a 30 billion pounds or so tax cut relative to what we were expecting from |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from PoliticsHome, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of PoliticsHome and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.