What will Boris's downfall, a new Prime Minister and Chancellor mean for the economy and our finances?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 8 July 2022

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Boris Johnson finally came unstuck this week and resigned as Prime Minister after one scandal too many caught up with him.

Whatever you thought of the PM - and he certainly has the ability to divide a room almost as well as he can entertain it - there is no doubt that this ushers in another bout of 'what next?' instability for Britain.

The economy is struggling, an inflation crisis is in full swing and the Bank of England is raising rates into a recession, yet at the end of a tumultuous week we are not just down one Prime Minister but a Chancellor and aren't quite sure if the new man in the job will be sticking around very long.

The new Chancellor, Nadim Zahawi, reportedly has designs of his own on the job next door at Number 10 and even if he makes an unsuccessful leadership bid, will a rival want him sticking around.

On this week's podcast, Georgie Frost, Tanya Jefferies and Simon Lambert look at what the change in Prime Minister could mean for the UK's economy, businesses and households - and what a new Chancellor might do and the challenges they will face.

Also, on this week's show, some big UK name household shares have taken a beating this year, but which would the experts pick as having fallen too far and are ripe for a bounce back.

The team look at whether with rates rising, a ten-year fixed rate mortgage is a good move and Tanya talks us through the latest round of state pension mistakes and what the DWP is doing.

And finally, will you end up with a bit more cash when you get paid this month. Yet, another National Insurance change is kicking in, here's what it means.

Transcript

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0:00.0	Welcome to This Is Money Podcast. I'm Georgie Frost and joining me and editor Simon Lambert today is Pensions and Investments editor Tanya Jeffries. And coming up, they say a week is a long time in politics. We'll try 24 hours. But what does the turmoil at the top mean for our finances? Simon and Tanya attempt to make sense of the madness.
0:22.6	From a day to 10 years is fixing your mortgage for that long, a sensible idea. We've talked
0:27.9	about some of the big-name shares that have taken a tumble this year, but which, unlike Boris,
0:32.5	look most likely to make a comeback. We take a look as well at a bit more state pension bungling that's
0:38.7	been going on and help you work out if you'll pay more or less tax this month. Don't forget
0:43.8	you stay up to date with all the latest breaking money news. Just go to this ismoney.co.com
0:47.8	or download the app. Market updates and conversations around the financial world don't have to be
0:53.5	boring.
1:00.7	The Digest and Invest Podcast by E-Toro is a great way to tune into what's happening in a fun and easily digestible format.
1:06.5	Discover the Digest and Invest podcast at E-Toro.com forward slash academy forward-slash podcasts.
1:11.6	But first, where on earth do we even begin with this one? There have, of been rumblings for some time, but those rumblings turned into an earthquake on Wednesday evening,
1:16.6	when within minutes of each other, the Chancellor, Rishi Sunak and the Health Secretary, Sajad Javid, resigned.
1:22.6	The firing gun had been started, dozens of MPs followed suit, even Nadim Zaharwe, who'd only moved to the
1:29.1	Treasury to replace Rishi less than 48 hours previously was calling for his boss to go. The pound
1:34.6	fell even further. Like an abusive drunk at the party, Boris refused to leave and technically
1:39.6	is still not gone, though he did finally announce his resignation, Sterling Rose again. Is this the famed
1:46.4	Boris Bounce finally? But what does it all mean for our money now and in the longer term? We are,
1:52.0	after all, still in the middle of a cost of living crisis. Simon, what a week in politics. What do
2:00.7	you make of it all?
2:02.7	Well, it was inevitable, really, wasn't it?
2:04.8	But quite so spectacularly?
2:08.4	Yeah, I don't know.
	...

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