The Budget, the base rate cut and the stock market crash

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 13 March 2020

⏱️ 64 minutes

🔗️ Recording | iTunes | RSS

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Summary

Well, what a week. We've had a Budget, a 0.5 per cent base rate cut and stock markets going haywire thanks to coronavirus and oil price crashes.

Why did the Bank of England cut rates to 0.25 per cent on the morning of the Budget and what are policymakers hoping to achieve?

How did Rishi Sunak perform in his first Budget as Chancellor and what was announced in his speech?

On Thursday, the FTSE 100 saw its second biggest dive on record. What is happening to the markets and where does it end?

On this week's podcast, Simon Lambert, Lee Boyce and Georgie Frost, dissect what has been one of the most turbulent weeks in living memory.

In the Budget, we had a number of coronavirus measures – but also some titbits of personal finance news that could hit the pound in your pocket.

We also look at what coronavirus means for travel insurance and your refund rights to events

Transcript

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0:00.0	This Is Money's podcast is brought to you in partnership with the financial services compensation scheme.
0:04.9	Check your financial products at FSCS protected at fscs.org.uk forward slash this is money.
0:11.3	Welcome to This Is Money. I'm Georgie Frost and alongside me and editor Simon Lambert today is assistant editor Lee Boyce.
0:18.5	And what a week. We're facing the worst public health crisis for a
0:23.3	generation as coronavirus has declared a pandemic. It triggered the biggest one-day fall in stock markets
0:28.9	around the world since 1987. Interest rates were cut in amongst all that. We had a budget. Fags,
0:35.2	potholes and pensions were. I can tell you, not top of the agenda,
0:39.2	though they were in there. So what else was? We'll take a look. Also, what you can do to
0:43.7	protect your pension and investments, ask what businesses will be most affected by coronavirus
0:48.7	and encourage you to get travel insurance now. Simon Lee dissect the week that was and explain what it means for you and your money.
0:57.3	And don't forget you stay up to date with all the latest breaking money news.
1:00.4	Just go to this ismoney.com.uk or download the app.
1:04.9	But first, it was meant to be all about the Boris Bounce, life out of Europe, the levelling up of the economy, but instead
1:12.4	coronavirus and battling its effects took centre stage in Rishi Sunak's first budget. The new
1:18.7	Chancellor promised a huge wave of support, particularly for small businesses. While not many,
1:24.4	there were still some other, perhaps more traditional budget measures in there,
1:28.4	though not the hope for stamp duty cut, nor feared raid on pension tax relief and a mansion tax.
1:34.7	So what was in, what was not.
1:36.8	But firstly, the morning of the budget, we saw a move from the Bank of England,
1:42.0	cutting interest rates by 0.5%.
1:46.0	Simon, Lee, welcome. What did you make of that move, Simon?
1:52.0	I think the Bank of England thought it had to be seen to be doing something. It had to be seen to be doing something big.
	...

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