Original Broadcast: Thought for the Week
With aggregate annual licence fee income of £3.7 billion, a degree of self-interest and parochialism which permeates its coverage, and swiftly-reducing interest from young people, the BBC's 100th anniversary poses more questions than answers. Meanwhile the National Health Service, celebrating its 75th anniversary, spends over £158 billion a year in England alone: but still struggles with record waiting times and dismal GP service to patients — yet more evidence of the dysfunctionality of quango monopolies. Background music: 'The New Order' by Aaron Kenny
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The shining towers and ivory walls of the City of London — many of our financial trials and tribulations can be traced back to October 1986, when the clear distinction between self-interest and acting in the interests of customers was abruptly brought to an end in the 'Big Bang'. Among those who saw it all happen was legendary market-maker Brian Winterflood MBE, who died on 29th June. His financial legacy, built over sixty years in the City, is massive. Background music: 'Communicator' by Reed Mathis
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Original Broadcast: The Bigger Picture
On 5th July the Treasury Select Committee held an evidence session on the hot topic of inflation. Their witnesses included: Professor Sir Charles Bean, Professor of Economics, London School of Economics (LSE), Former member, Monetary Policy Committee, Former member, OBR Budget Responsibility Committee; Nina Skero, Chief Executive, Centre for Economics and Business Research; Stephen King, Senior Economic Adviser, HSBC; Dr Sushil Wadhwani CBE, Chief Investment Officer, PGIM Wadhwani, Former member, Monetary Policy Committee. This episode covers the first 50 minutes of the hearing and its conclusion with year-end predictions for interest rates — the full podcast is two hours long and can be accessed via https://www.shareradio.co.uk/podcasts/treasury-select-committee-evidence-session-on-inflation-full-length-07-jul-23/PodcastPlayer
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Original Broadcast: Share Radio Extra
On 5th July the Treasury Select Committee held an evidence session on the hot topic of inflation. Their witnesses included: Professor Sir Charles Bean, Professor of Economics, London School of Economics (LSE), Former member, Monetary Policy Committee, Former member, OBR Budget Responsibility Committee; Nina Skero, Chief Executive, Centre for Economics and Business Research; Stephen King, Senior Economic Adviser, HSBC; Dr Sushil Wadhwani CBE, Chief Investment Officer, PGIM Wadhwani, Former member, Monetary Policy Committee. This full length podcast is two hours long
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Original Broadcast: This is Money
The Bank of England’s bumper 0.5% rate hike this week was the 13th rise in a row. After sitting on their hands for more than a decade, ratesetters have been shaken out of their slumbers by an inflation storm. By historic standards 5% is not high for interest rates, but unfortunately for borrowers we also started from a historic low and have gone from 0.1% to here in just 18 months. The belated headlong rush into raising rates is also the exact opposite of what the Bank of England spent years assuring homeowners would happen: the party line used to be ‘gradual and limited’. The Bank is hiking rates to try to crush inflation but at the same time this affects a much smaller slice of homeowners than it once did and rapid rise in mortgage costs is crushing a generation of homeowners. So, was another rate rise a wise move? How bad is the pain for borrowers? Is this not a patch on the '80s, or just as bad? Has the Bank of England even given its rate rises long enough to take effect? On this rate rise special podcast, Georgie Frost, Lee Boyce and Simon Lambert tackle all that and more.
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Original Broadcast: Thought for the Week
'What is Truth?', were Pilate's last words to Jesus on Good Friday. We all experience being economical with the truth, although the Privileges Committee clearly regards itself as above such a challenge. The result for Boris Johnson is a trashed reputation, alongside others who have experienced a sudden fall from grace. There should, however, be a road back from outer darkness, but not without some serious self-examination first. Background music: 'Confliction & Catharsis' - Asher Fulero Image source: https://rateyourmusic.com/
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Original Broadcast: This is Money
Universal basic income is a controversial idea and not just because it's money for nothing. Paying everyone a set amount every month as a baseline level of income has intrigued economists and central bank geeks for years. Supporters say it has the power to improve physical and mental health and the economy and society, but critics say it's the start of a slippery slope to state dependency and control. A new proposed trial for 30 people in the UK to get £1,600 a month has put the topic back on the agenda. So — is universal basic income a good or bad idea? Georgie Frost, Lee Boyce and Simon Lambert discuss it on this episode. Also — why aren't our energy bills lower if wholesale prices have plummeted? What can you do if you are caught in the mortgage storm? And finally, which UK shares have done best and worst so far this year?
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Original Broadcast: Thought for the Week
Andrew Griffith MP, Economic Secretary to HM Treasury, wants to see a greater appetite for risk to encourage investment in British business. It's good to hear such a positive approach, but let's make it quoted-equity focused; debt and private equity are not the way forward for long-term success. Background music: 'The Nexus Riddim' by Konrad OldMoney
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Original Broadcast: Thought for the Week
“The [Child Trust Fund] scheme has been closed to new entrants for over 12 years. In this time HMRC has been focusing resources on evaluating and improving existing schemes. We will continue to keep the need to evaluate old schemes under review.” So said Andrew Griffith MP, Economic Secretary to HM Treasury in reply to a parliamentary question from John Ashworth MP, Shadow Secretary of State for Work and Pensions. But this is not an 'old scheme' — there is currently over £1.7 billion sitting in mature accounts belonging to over 900,000 mainly low-income young adults throughout the UK who don't know anything about their good fortune! Their Child Trust Fund harvest is seeing too little action at present: but it's not too late to get it sorted, and the current focus from the National Audit Office and Public Accounts Committee will certainly help. Background music: 'Hopeful Freedom' by Asher Fulero
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Original Broadcast: This is Money
Almost five times as many people will soon be paying 40% tax than in the early 1990s, when it was seen as a tax bracket reserved for the rich, the Institute for Fiscal Studies warned this week. It said that fiscal drag triggered by freezing the higher rate tax threshold would pull 7.8 million people into its net by 2027. The study suggested that the threshold would have to be almost doubled from its current level, at £50,271, to almost £100,000 to return the tax band to the level intended for it. Alongside the report, came the IFS’s warning that 40% tax had stopped being the preserve of high-earning professionals and was now hitting electricians, plumbers, teachers, nurses and more. The taxman nabbing 40p of every pound earned from a pay rise rather than 20p comes at a time when workers are running to stand still, with inflation at just above 10%. So, is it time the government stopped taxing by stealth and using tools like fiscal drag – instead raising thresholds with inflation or wages? And is it time to hike the higher rate threshold and pull people back down to basic rate tax? Georgie Frost, Lee Boyce and Simon Lambert discuss the thorny issue of tax and who counts as wealthy. The debate moves on to inheritance tax – another levy designed for the very rich but now hitting the wealthy middle classes. Why is IHT so unpopular when most don’t pay it and does it need reform? Plus, how much have you lost to inflation, will you get Nationwide’s new £100 Fairer Share bung, and finally, would you buy food two years past its best before date for big savings?
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