What does Jeremy Hunt's tax raid budget mean for you?
This is Money Podcast
This is Money
4.1 • 650 Ratings
🗓️ 19 November 2022
⏱️ 37 minutes
🧾️ Download transcript
Summary
That was This is Money editor Simon Lambert’s verdict on the Chancellor’s tax-hiking spree that painted a miserable picture of the years ahead, hit higher earners, and hammered small investors.
In a blizzard of hikes – through threshold drops and stealth tax freezes – Hunt worked his way through a painful Autumn Statement, where good news was thin on the ground.
The silver linings came from the government sticking by the pension triple lock and uprating benefits by inflation but the focus was on painful years ahead.
Was this the right move? Why did Hunt feel the need to inflict tax pain – and spending cuts later on?
How did we go from Rishi Sunak as Chancellor with a margin to hit his fiscal rules to Rishi as Prime Minister with a fiscal black hole?
Georgie Frost and Simon discuss these questions and more and look at what the Autumn Statement means for people’ finances on this podcast.
How much more tax will you pay?
How much will your energy bills rise by?
Who came out best and who came out worst?
And can Simon come up with a note of optimism to end the show on?
Listen to this Autumn Statement tax raid special to find out.
Transcript
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| 0:00.0 | Welcome to This Is Money Podcast. I'm Georgie Frost and joining me today is editor Simon Lambert. |
| 0:07.0 | And coming up, it's the Wealth and Stealth Tax Autumn Statement Special. |
| 0:11.0 | What was announced by the Chancellor and will it get the nation's finances under control? |
| 0:16.0 | The good news then, the energy price guarantee has been extended, minimum wage increased. |
| 0:20.0 | The pension's triple lock continues plus extra money for schools, the NHS and social care in England. |
| 0:26.2 | The bad news comes for those on higher incomes, pay themselves in dividends, drive electric cars, home buyers and those who want to leave something to their loved ones when they die. |
| 0:34.8 | We delve into the details and how it will impact you. |
| 0:37.1 | Don't forget you stay up to date with all the latest breaking money news. |
| 0:39.9 | Just go to this ismoney.com.uk or download the app. |
| 0:44.1 | Market updates and conversations around the financial world don't have to be boring. |
| 0:48.3 | The Digest and Invest podcast by Eatoro is a great way to tune into what's happening in a fun |
| 0:53.0 | and easily digestible format. |
| 0:55.3 | Discover the Digest and Invest podcast at Eatoro.com forward slash academy forward slash podcasts. |
| 1:01.0 | But first, families face real challenges, warned the Chancellor as he delivered his |
| 1:05.6 | autumn statement this week. Government forecasters are predicting the biggest drop in living |
| 1:10.1 | standards since records |
| 1:11.6 | began. The Office for Budget Responsibility says household income will fall by 7% over the next 18 |
| 1:17.8 | months due to soaring inflation. In response, we got tax rises and a spending squeeze. The Resolution |
| 1:23.6 | Foundation says it piles further pressure on the squeeze middle earners. Labor, meanwhile, |
| 1:28.6 | will they reckon it's an invoice for the economic carnage created by the policies of former |
| 1:34.0 | Prime Minister Liz Trust? So what was in there and will it work? Firstly, Simon, how bad is the |
| 1:40.3 | economic situation we find ourselves in? Into what context was this statement delivered? |
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