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What does the tax-cutting mini-Budget mean for you? This is Money podcast

What does the tax-cutting mini-Budget mean for you? This is Money podcast

What does the mini tax budget mean to you? This is the Money Podcast on Kwasi Kwarteng ‘bet the house’

Britain’s new Chancellor Kwasi Kwarteng presented a stunning mini budget this week that was just as small.

A wave of tax cuts is unleashed. Some had been dragged heavily, such as the hike in the National Insurance hike and a reduction in stamp duty, but there were also two rabbits out of the hat: a reduction in the basic income tax rate to 19p from April and the abolition of the 45p income tax rate as well.

These tax cuts joined a wave of spending commitments, including the huge Energy Price Guarantee bailout for British households and businesses.

Paul Johnson of the IFS said: “Mr Kwarteng isn’t just betting on a new strategy, he’s betting the house.”

In this week’s podcast, Georgie Frost, Lee Boyce, and Simon Lambert discuss what the mini-budget for growth means for people, how much they can save in taxes, and whether it will work or cause even more problems for people. British economy all the way.

One thing was clear in the aftermath, markets didn’t like the break from orthodoxy they saw: the pound fell below $1.10 and UK gilt yields surged.

But how much does that have to do with the mini-budget and how much does that have to do with the Bank of England’s rate decision that resulted in a one-off 0.5 percentage point, which was still considered low next to the US Federal Reserve’s 0.75. bazooka in percentage points?

And finally, we’ve heard a lot of glass half full verdicts about our current economic situation, but what is glass half full? Simon has a crack.

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