Was that a good Budget – and is austerity really over?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 2 November 2018

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Is austerity really coming to an end? And are the rich getting richer thanks to the Government?

In the This is Money podcast this week, editor Simon Lambert, assistant editor Lee Boyce and host Georgie Frost analyse the 2018 Budget.

Money for the NHS, little extras for schools, cash for roads, help for the High Street and the baby rabbit in the hat - pulling the rise in the basic and higher rate tax thresholds to £12,500 and £50,000, respectively, a year earlier than promised.

We also talk about what a no Brexit deal means for interest rates?

We heard from the Bank of England this week about the likely impact such a scenario could have on interest rates and how quickly they will go up – or not.

Despite sticking this week to 0.75%, the decision came with a few notes of warning – largely that it was based on a 'smooth transition' for Brexit.

We talk about the latest in the easy-access savings war in which a small building society trumped Marcus by Goldman Sachs – but only for a short stint.

And finally, we report on the latest in our 'stop the private parking sharks' campaign - how the good people of Essex town Basildon have taken to the streets to protest about one firm running a car park and dishing out charges.

Enjoy.

Transcript

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0:00.0	Welcome to This Is Money podcast in partnership with NS&I.
0:05.3	I'm your host, Georgie Frost, and alongside editor Simon Lambert and I today is Assistant Editor Lee Boyce.
0:11.6	And coming up, is austerity really coming to an end?
0:15.5	And are the rich just getting richer, thanks to the Chancellor's latest budget?
0:19.6	We ask, what will a no-deal Brexit mean for
0:21.9	interest rates? Can anyone rival Marcus? Spoiler alert? Maybe, but not for very long. And the only way
0:29.3	is Essex when it comes to fighting the private parking sharks. Don't forget you to tap today
0:34.3	with all the latest breaking money news. Just go to this ismoney.co.uk or download the app.
0:40.7	This is Money, brought to you in partnership with Ennis and I.
0:43.8	For a gift, your little ones will appreciate even when they're not so little.
0:47.0	Give them premium bonds at NS&I.com.
0:49.4	But first, less spreadsheet fill, more spread it around, Phil.
0:54.1	In the last budget before Brexit.
0:56.5	A £13 billion tax boost meant the chance that had more cash to splash and splash it.
1:01.9	He did 97% of it, apparently.
1:04.9	Lots to the NHS, little extras to schools, some for roads and loos, help for drivers, the high street and first-time buyers.
1:12.5	Nothing much about pensions or savings, really, and the pronouncement that austerity is finally
1:19.0	coming to an end. The semi-rabbit in the hat, and if you can call it that, was the pulling
1:24.1	forward a year early of the rise in the basic and higher rate tax thresholds to £12,500 and £50,000 respectively?
1:32.9	But even ignoring the stealth national insurance trick for higher rate taxpayers, the move has been called a tax cut for the rich, which Simon you have been writing about.
1:43.9	But first, I'm going to go to Lee. Is austerity
1:46.7	coming to an end? Hi, Georgie. Well, that was an interesting budget, wasn't it, on a Monday afternoon?
	...

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