What does the Budget mean for you - and did Rachel Reeves do a good job?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 1 November 2024

⏱️ 56 minutes

🔗️ Recording | iTunes | RSS

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Summary

Rachel Reeves' maiden Budget this week saw the first-ever female chancellor make £40billion of sweeping tax rises to plug funding gaps, everywhere from the NHS and schools.

While it left many of us with something to be miserable about when it comes to our money, there were also some important dodged bullets, as Simon Lambert, Georgie Frost and Helen Crane discuss on this week's podcast.

Among the losers were landlords, investors and those who have stashed wealth in their pension, as stamp duty, capital gains tax and inheritance tax all came under the spotlight.

The attack on the middle classes was perhaps to be expected from a Government which has told us those with the broadest shoulders must bear a bigger burden.

But aside from a rise in the minimum wage and 1p off a pint, did the Budget give enough of a boost to 'working people' - and will changes to employers' National Insurance Contributions indirectly hit them in the pocket anyway?

Given growth was the buzzword of the Labour election campaign, did Reeves miss an opportunity to get people excited about British industry and entrepreneurship?

We also dig into what wasn't announced in the speech, including a not-so-fond farewell to the short-lived British Isa, and a child benefit change that could have helped parents but found itself on the scrapheap.

Transcript

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0:00.0	Welcome to This Is Money podcast sponsored by Charles Stanley Direct.
0:05.7	I'm Georgie Frost and joining me and Simon Lambert today is Helen Crane.
0:10.1	And coming up, the budget. What else?
0:13.5	Don't forget, you can stay up to date with all the latest breaking money news.
0:16.1	Just go to thisismoney.co.uk or download the app.
0:20.0	Take control of your finances with Charles Stanley Direct. Invest, save, coach or plan.
0:28.1	Using technology where it's helpful and people where it matters.
0:32.5	Our website and app make trading cost effective and flexible.
0:36.2	But we're more than just an online investment service.
0:39.3	We're here for you, regardless of your financial needs, or if your life takes an unexpected
0:44.1	term. Your finances, your way. Take control today with Charles Stanley Direct. Sign up now.
0:52.1	Investment involves risk. But first, we got a big budget on Wednesday.
0:57.0	40 billion pounds worth of tax hikes, businesses, landlords, investors, the wealthy and even growth all hit hard.
1:04.0	Interest rates are expected to stay high for longer, impacting mortgage holders.
1:07.0	But on the plus side, we got one penny off a pint in the pub.
1:13.0	So, Simon, Helen, welcome.
1:15.1	Firstly, before we delve into the details, what do we make of the first female
1:19.6	chancellor's first labour budget?
1:23.0	What was she trying to achieve?
1:25.7	How did she come across?
1:27.3	Helen, what did you make of it? First female
1:29.4	Chancellor? Yeah, so the first Labour Budget in 14 years, the first female Chancellor, a lot of
	...

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