Original Broadcast: Thought for the Week
Jeremy Hunt's focus on young working people, by making a further significant reduction in employees' NI, is welcome; but his overall strategy is cloaked in disguise. As Michael Gove made clear in February, young people need direct economic encouragement: for example, the omission of any mention of unclaimed adult-owned CTFs indicates more of a studied indifference from HM Treasury. Background music: 'Hidden Agenda' by Kevin MacLeod - http://incompetech.com/music/royalty-free/index.html?isrc=USUAN1200102
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Original Broadcast: The Financial Outlook for Personal Investors
The full unabridged UK Budget speech as delivered by Chancellor Jeremy Hunt in the House of Commons on Wednesday 6th March 2024, without additional comment.
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Original Broadcast: This is Money
Jeremy Hunt bounced around delivering his Budget on Wednesday, proudly declaring his commitment to tax cuts and supporting working families. Another 2% was chopped off National Insurance and the threshold at which child benefit is removed was raised from £50,000 to £60,000. But you don’t need to be a financial expert to know that the Chancellor’s version of events isn’t quite the whole story. Because Mr Hunt is also presiding over a long-term stealth tax freeze to thresholds that is costing workers dear and his child benefit move merely kicked sky-high marginal tax rates down the road, rather than getting rid of them altogether. Nonetheless, a tax cut and an extra £5,000 Isa allowance – even if it’s a slightly iffy, limited one – is not to be sniffed at. So, was this an escape velocity Budget that puts Britain back on the path to growth? Or was it too little, too late, from a Tory party that has sported successive Chancellors who have been keener to raise our taxes by hook or by crook rather than cut them – or even just keep thresholds in line with inflation? Georgie Frost, Lee Boyce and Simon Lambert look at the winners and losers and go searching for the devils in the detail. What is the National Insurance cut worth to you? Will you get some child benefit back? Did pensioners deserve a tax cut too? With a failure to reverse his capital gains and dividend tax raid, what has the Chancellor got against small investors? And will the British ISA be any good? All that and more – plus a look at why Nationwide is buying Virgin Money, and whether that’s good or bad for us all.
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Original Broadcast: This is Money
Simon Lambert is joined by Charles Stanley Direct’s Lisa Caplan and Garry White for a quick run through what was in the Budget. Investment experts Lisa and Garry talk us through the main Budget points and what they mean for people.
Guests: Lisa Caplan,Garry White
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Original Broadcast: Thought for the Week
Rishi Sunak's call for tolerance in Downing Street on Friday 1st March was couched in terms of hard work and endeavour, which are generally associated with self-interest; but what's really needed is convergence based on generosity of spirit, starting with tolerance and journeying through respect for others, no matter how different they are, towards unconditional love. Background music: 'Resolution' by Wayne Jones
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Original Broadcast: Thought for the Week
The birth rate is falling swiftly, leaving wealthy old folk with their ever greater reserves looking for a home. Meanwhile Professor Eric French and his colleagues ask, 'Why Do Retired Households Draw Down Their Wealth So Slowly?', showing how in the United States 80% of bequests are left to an ever-decreasing number of descendants, and just 2% to charity. It's time for a re-think whose purpose is inter-generational rebalancing. Background music: 'Young And Old Know Love' by Puddle of Infinity
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Original Broadcast: This is Money
With next week's Budget (Wednesday 6th March) tipped to be the Chancellor’s last roll of the dice before a General Election, expectations over tax cuts are growing. But what taxes could Jeremy Hunt choose to cut and why – and is there hope that he will sort out the tax mess that Britain has got stuck in. The higher income child benefit charge creates marginal tax rates above 50%, meanwhile the removal of the personal allowance bakes in a 60% income tax rate between £100,000 and £125,140. Should these tax traps and painfully high stamp duty be removed? Simon Lambert argues that Mr Hunt needs to have a clear out, chuck a load of stuff in the stupid tax box and bin it. Simon, Georgie Frost and Lee Boyce look ahead to what could be in the Budget and what it would mean for you. Also, energy bills are due to fall as the price cap is cut: but how much will this save you? It’s not just tax catching people out, student loans are also proving difficult to shift as interest mounts up due to high inflation. Does the student finance system need a sort out too? And what is Simon’s triple lock for student loans plan? And finally, don’t get spear-phished or tap-jacked, Lee talks us through the new scams you need to know about.
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Original Broadcast: This is Money
It's finally happened. After months of will-we, won't-we speculation, the UK economy has finally succumbed to recession. The ONS revealed this week that a drop in GDP in the final three months of 2023 meant that Britain had racked up two consecutive of negative growth - and thus the dreaded R word is here. But is this a bad one, why does the term 'technical recession' keep being bandied about and do these backward-looking figures mask things already getting better? Georgie Frost, Helen Crane and Simon Lambert look at what recession means for the UK and you. Plus, who are the villains among big banks and building societies when it comes to sky-high standard variable rates for mortgage borrowers, and is it them or the customers themselves to blame if somone ends up paying almost 10% interest? Also — the customer turned down for a switching bonus by HSBC because they had a Midland account 21 years ago. And finally, electric car sales aren't growing as fast as the government or car makers want. Does that mean it's time to drive a bargain?
Guests: Helen Crane
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Original Broadcast: Thought for the Week
Universal provision of free health and social care plus the payment of interest on government debt comprise nearly two-thirds of UK public spending. We need fresh polices underpinned by a new set of principles appropriate for the 21st century, and political advisers and pundits would do well to check our Thought for this week when constructing their manifestos for the approaching UK general election. Background music: 'Everything Has a Beginning' by Joel Cummins
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Original Broadcast: This is Money
The Bank of England held base rate once again at 5.25%, the fourth hold in succession – but this time, it was a genuine split by MPC members. So, when will we start seeing rates fall – and will inflation really be at the target 2% by April? Simon Lambert, Lee Boyce and Georgie Frost discuss what another interest rate pause means for you – and what that means for savings and mortgage rates, along with investors. Where do you stand on the smart meter debate? With This is Money readers getting in touch to say they’re stuck with faulty devices, are they worth having? Lee says he still has no plans to get one of the marmite devices while Simon believes they can be worth it, especially for those who are rubbish at submitting meter readings. We also go back to school and have a maths lesson from Mr Lambert to reveal the six real world calculations you should have in your arsenal to improve your financial health. And we get on the money therapist’s couch to discuss the pitfalls of getting - and over-using - a joint bank account… should a partner ever be made to feel guilty for spending?
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