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Planet Normal

Mini-budget, big problem

Planet Normal

Louisa Wells

News And Current Affairs, Current Affairs, Society & Culture, Telegraph, News Commentary, News, Planet Normal

4.72.9K Ratings

🗓️ 28 September 2022

⏱️ 58 minutes

🧾️ Download transcript

Summary

Strap in for an economic rollercoaster on the rocket this week. Fresh from his perch outside the Bank of England, co-pilot Halligan is here to break down why the mini budget has caused such big waves.


Liam thinks that the markets have overreacted, but the decision to cut the top rate of tax during a cost of living crisis was ‘venal’ and 'indulgent.' Allison agrees the move was an act of 'dumbfounding stupidity' so close to the Labour Party conference. She's frustrated that the new PM has been 'hiding behind the sofa' at such a crucial time. 


Also joining our co-pilots on the sanctuary of sweet reason is leading economist Dr Gerard Lyons, who helped advise Liz Truss during her leadership campaign. Dr Lyons tells our co-pilots the Government 'mishandled communication over the mini budget,' and takes aim at the Bank of England over its failures on inflation.


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Transcript

Click on a timestamp to play from that location

0:00.0

The Telugu...

0:02.0

The Telugu...

0:03.0

...podcasts.

0:10.0

Cutting the top rate of tax just before the Labour Conference wasn't just stupid, it was venal.

0:17.0

I heard yesterday from a friend in the city that traders were calling Liz Trost daggers

0:23.0

because daggers and his two steps after barking.

0:26.0

It's as close to a certain crisis as one can get, let's see how it pans out the last few days.

0:33.0

What's vital now is that the government and the Bank of England are seen to be working in a coordinated and harmonious manner

0:42.0

and not trying to outdo each other.

0:50.0

And welcome once again to Planet Normal, the Telugu-ov podcast with Alison Pearson.

0:55.0

Hello and me Liam Halligan.

0:58.0

Thank goodness for Planet Normal, Alison, because it seems Planet Earth is losing the plot.

1:04.0

It's less than a week since the government's mini-budget, the implications of which have been anything but.

1:09.0

Since last Friday the £1 been all over rollercoaster ride, falling to its lowest level ever, $1.3, before partially recovering.

1:18.0

The Bank of England on Wednesday the day we're recording Planet Normal has stepped into the guilt market,

1:23.0

moving from quantitative tightening back to quantitative easing.

1:27.0

In terms of Nora Batti's Nicaralastic Alison, the major analytical benchmark in your growing armory of economic tools,

1:34.0

the nickers were falling down and a rear guard action was needed to keep them up, not emergency interest rate hikes,

1:41.0

but a technical operation to make investors view government debt as more attractive to buy.

1:47.0

Meanwhile Italy's elected its first female prime minister, Keir Starma may have discovered some charisma

1:52.0

and the Labour party's moved to a commanding lead in some opinion polls.

1:57.0

It's all happening on Planet Earth Alison and all you're worried about is kitchen design.

...

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