The Rest Is Politics 
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Is Labour’s first budget a success or failure for the new government? How does it compare to previous budgets? Did Rachel Reeves alter her proposals from pre-election?
Rory and Alastair come together to answer all your budget related questions in today’s emergency budget episode.
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00:00 Fuse
01:30 The Budget
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About The Author
The Rest Is Politics is powered by Fuse Energy, a green electricity supplier powering homes across the UK. Use referral code POLITICS after sign up for a chance to win a signed copy of Rory and Alastair's books with personalised messages. Learn more at getfuse.com/politics ⚡
Particularly agree with Alistair's comments on Truss at 36 minutes. Actually now more than 200 deaths in the tragedy in Spain.
It's not bold for average person. It's extremely disappointing.
I am happy for other people to pay for the Unproductive UK Public Sector & to emigrate to low tax, high Growth & zero busybodies Florida.
Does Fuse do a variable "standing charge levy" 50% of my bill is standing charge. This is grossly unfair to one person households, who already pay 50% extra on their council tax, have to pay more for food etc etc etc.
Margaret Thatcher, the UK’s most economically successful PM, prioritized market-driven strategies, while Keir Starmer advocates for a more active state role in economic development.
Not good gentlemen. Both parties have had no problem attacking small family farms – when are you going to examine how supermarkets exploit people living on small farms in poverty for profit? Importing low quality food isn't the answer. Clarkson has explained some of the problems but you're pretending you can't hear! And here you are talking about what Rishi Sunaks reply was – just bitter mewlings of the non-opposition. It's surreal to see Rishi laughing.
two comedians who aint got a clue
There’s been much uproar about the reduction in inheritance tax exemptions for farmers. However, I thought it might be helpful to share the key details. If a couple owns a farm, each person is entitled to a £1 million allowance for the farm, in addition to personal allowances. If the estate includes a residential property, this raises the total allowance to £3 million, which covers most small family farms. Any remaining value is taxed at 20%, half the rate for other assets, and this tax can be paid over 10 years. Alternatively, ownership can be passed on to children, and if the original owners live for another 7 years, the tax is avoided entirely.
The recent budget measure primarily targets individuals like Jeremy Clarkson, who openly bought a farm to reduce tax and doesn’t rely on farm income. Only 44% of those claiming agricultural relief had farming income in the five years prior to their passing. Those benefiting from this relief include James Dyson, who owns 14,600 hectares of farmland, and Danish fashion investor Anders Holch Povlsen, who holds over 89,000 hectares in Scotland. These individuals may need to reconsider estate planning and could be contributing to higher agricultural land prices, complicating expansion for small farms and entry for new farmers. Many farmers are also tenant farmers without assets to pass on. The current rhetoric (encouraging farmers to protest with tractors, for example) largely overlooks these facts.
Rory's maths isn't good: 250 x 4500 (his figures) is barely over £1m and once the Clarkson's of this world no longer have tax-avoidance motives to buy land, it's price might actually come down, helping old farmers not to pay inheritance tax, and young ones to get on the ladder ( as would local authorities buying up inheritance tax induced sales and letting them to young tenant farmers). A gentle drive towards having farms in the hands of more efficient and diversified farmers: farms can be viable on smaller acreages with, say, tourist related side-lines.: shouldn't be difficult in Cumbria.
Omg seriously how did this budget have u fooled,i suppose ur the ones who voted labourbour in
All I see here is a bunch of idiotic loony left labour communists commenting
16:00 spending 5 minutes congratulating himself on his back of the napkin maths
It is so refreshing to see a grown up conversation between two people on opposite sides of the UK mainstream parties. Thank you for setting an example for all of us,
What a pair of muppets
I suspect that we're in a lot of trouble in the UK. It feels like we've reached the end point of the policies of the past 40 years where the present has been funded by borrowing from the future, both government and personal. The house price ponzi scheme has finally stalled, no longer providing billions in new money magick'd out of nowhere to fuel the present and make it seem better than it actually is. It seems that there are two places that this can go: 1) A massive debt jubilee or stealth inflation to erode the debt which will leave huge wealth inequality as those who speculated will be left very wealthy, or 2) a long-term Japan-style stagnation/depression as prices slide/crash to meet the new affordability. Labour and The Conservatives have both been equally complict in dragging the country into a painted corner from which it is very hard to reverse. And we're not alone globally but we are perhaps the most obsessed on a country-wide level with things like house-price wealth rather than investing in business. Goverments have helped keep this all going by encouraging cheap labour from abroad, prepared to live in living-conditions the British would no longer find acceptable whilst turning a blind-eye to monopolostic corporations such as Asda/Amazon to keep prices low (in the short-term) so the electorate can keep affording ever larger mortgages. Interesting times… I suspect Labour will crash and burn and I hope it results in an angry electorate no longer prepared to elect either Labour or The Conservatives and to give alternative views a go… the growing demographic of young will likely demand politicians who crash the housing prices and it'll be interesting to see future politicians on all sides being forced to adopt very different policies as they appeal to the inverse of The Guardian and The Daily Mail… watch this space I guess…
I’m getting very concerned. Will someone from the Blair era please explain to Starmer/ Reeves et al the difference between opposition and government. Clothing, tickets, ministers refusing to enter buildings and attend meetings because security staff are in dispute. They are screwing it up for the want of some real world experience
Couldn’t listen to anymore of this total nonsense. This budget will lead to stagflation not a Scandinavian type economy. What planet are these guys on? They certainly seem to be unaware of the bigger picture, a picture of an aging population, an increasing dependency on welfare and the rise of Brics.
It is an awful budget. Instead of taxing the wealth of the super rich they have increased taxes on normal working people and business owners. Increasing employer’s NI was a terrible decision. Many businesses will be hit really badly by this. It will have a knock on impact on worker pay rises, jobs and prices. Why do governments never tax the super rich?
"They've got away with it!"
Says it all!
Mark my words – your Labour Government will be out on its rears by Christmas 2025!
Real Actual "Workers" – not champagne socialist political snakes in the grass – will simply find ways to avoid the worst of this Blatantly Political Attitudinal Budget – which will take Britain from its current last place position in the 'developed' economies of the world – to a near to last placed position in the 'third world' economies of the world – – and the problem is that the damage it will wreak before it gets BOOTED OUT will impact all of our kids, grand kids, great grand kids and regrettably even great great grandkids living standards.
This is a truly awful thought and will probably be criticised up and down the comments – but frankly- the next European/ Asia-Pacific / Global war which is just around the corner – will either put us all out of our misery in this sad and boggy place … in a few blinding, searing terrible flashes …. or alternatively grind us down to submission over a few horrific years of conventional war because we've spent the last 74 years pissing money into what has become the laughing stock of the Western World – namely the NHS as a Universal Health Care system -while we as a country have all become progressively less and less fit and healthy – mentally and physically.
Our elected politicians on both sides of the political divide have done so over that same period to the detriment and failure of their prime responsibility – namely to maintain the defensive capabilities by which we can robustly defend our country and its people from aggressors like Putin / Xi / Un – [reminds me of Hitler/Mussolini/ Hirohito].
FACT: During WW2 – with Britain on tight carefully managed rationed food, and recipes to make it out of virtually nothing- we were the healthiest and fittest we have ever been as a society!
We also understood that we needed to WORK – all of us – to survive – and Hard Honest WORK and Working were not "dirty words" !
Those of us who still believe in the importance of working for a living – & being of the view that – if we put in the hard yards – take the initiative and take and manage the risks od creating and building businesses (small ans large) – as a society we should be encouraged and thanked for doing so – and not crticised or have our accrued 'wealth' COVETED by those who haven't worked or worked as hard or smart and taken those big business start up risks – but rather – should be rewarded for our efforts and permitted to enjoy (& pass on to our kids) the financial 😮😢but neverthlewill be leaving this sinking ship in droves over the next 5 years, so perhaps that might help the illegal migration problem … with a twist!
All those illegal immigrants we are letting come in and stay in ever increasing numbers day by day – are not refugees seeking political or safety asylum – but rather are economic refugees (abandoning their wives and kids and countries (where they are needed) to come here because they foolishly think that they will live better lives here than in their own countries which they have abandoned.
Well – they will be the final death knell for this country – and will find themselves back in a worse Third World political and economic mix of lying cheating corrupt politicians.
As you both jokingly point out – Labour has basically proceeded to blame the outgoing government for leaving a massive unfunded debt – (when the OBR has itself acknowledged that to be a politically convenient Stretch and merely an excuse for justifying this blatant Labour Manifesto BIG STATE project. )
But – hey – they seem to have "gotten away with it!".
I guess the sin as a Politician is only to be caught in your lies!!!
😮😮😮😮😮😮😮😮😮
12:41 Labour didn’t say they wouldn’t raise taxes!!! They said they wouldn’t raise taxes on working people! Ie employees. Which they haven’t!!!!!!
Please, please guys, pack it up. The pod needs to be shut down.
These prats really over rate themselves 😅😅😅😅
Anything Brexit, including a customs union, is a non-starter in the EU as long as the Conservatives are not on board. Sure there is a Labour government now, but as long as the majpr opposition is not supporting it, which could be in power in a few years, there is no point in discussing it with the EU.
Spain was bad managment of waterways in Valencia, dry land , unchecked building work using ground materials that dont permeate water. This was from a Spanish report of a local engineer, this is not global warming.
70bn divided by a 25k salary = 2m 800k jobs. Now take a pause for thought.
How much of the decline in growth is the increasing drag of climate change, now rising on track for 10-30% GDP by 2050?
Did you think Labour could be so stupid. Not Bold Truss Budget on Steroids., they got rid of her, mostly rousted by Lefty media. This is a huge gamble, and you didn't mention Net Zero. When they said growth, did they mean negative growth
While the government is paying for migrants, nothing will ever be fixed.deport deport deport.
Just annoyed there isn't much on big infrastructure projects such as building HS2 to Manchester and Leeds or funding wide ranging public transport changes.
For several weeks there is a recurring patern where Rory,while on his travels,hasn't done his homework. Sunak had read the OBR report and the very 1st thing he did was make mention of this and the non existent black hole. He went on to clinically discredit Labours ' tax,borrow and spend' economic policies and quite rightfully point out he had predicted this would happen. He brilliantly broke down Labours economic illiteracy. Rory can't have listened to the speech in full .
1 in 10 off sick is actually a low rate. In any working population 25% will have a disability. 16% of a working age population will have severe disability. So the correct rate long term sick should be 1.6 in 10 or 16 in 100. That's a perfectly acceptable rate. The unemployment rate could be anything from 20-25% & be perfectly acceptable. Because that includes many short term sick awaiting postponed NHS appointments/treatment. As well as family forced to become full time carers because benefits are far too miserly to even consider employing carers. Which the benefits were meant to cover. And now that universal credit has in effect cut/frozen benefits for those already claiming, expect more unemployment. As more disabled peoples family are forced out of jobs and into family carer roles.
Yeah…… Lets increase the most regressive tax on the books…. that'll fix things. Idiots!
Nice to see Alastair is in full on sycophantic mode, never mind the working people are all going to get their wages cut to pay for the ni increase and the OBR has said growth won’t go past 2.5% for five years.
May God save us from this pair of planks. See PoW. Bold? Inane, bald hogwash, more like.
The word "BOLDER" is totally feeble and inadequate
Budget was "bolder" ? The boulder is between your ears 🙁
Why am I watching 2x 2 minute ads about the same thing before the video even starts
On your point about what may happen 2-3 days later, I think this budget's problem will be the farmers and IHT. It won't go away as an issue, and I think generally there's support from the public.
Farmers and the change to inheritance tax, all Reeves is doing is returning to the situation that existed under Mrs Thatcher. Family farms existed and were passed on before the introduction of the exemption in 1992. If the farm is highly leveraged (due to those low incomes Rory mentioned) then the net value if the farm will be less than £1 million. Ax the calculation is after debt deducted and the 20% business inheritance rate applied.
'What we didn't see coming?' Higher taxes by a Labour government? Please.
They lied. If they had been honest before the election then they would never have been voted in. One five year term for Free Gear as growth will not be spectacular and they will not have factored in the huge growth in continual immigration which will continually put future pressure on public services. More tax rises coming soon kids.
Personally, really quite angry by Labour behaviour. I specifically remember Kier Starmer saying the following on an interview on BBCs Newscast about 18-24 months ago. Regarding the election, he said, "Win at all costs", the moment he said that I knew his rhetoric about what they planned to do was going to be nonsense. I'm even more angry that what I thought has turned out true. He lied. They lied. Blatendly. It is so hypocritical. And even worse, they are trying to spin this as their decisions being driven by Conservative failings! Narcissist springs to mind. Treating us like fools. Patronising the electorate. No, no, no.
What planet are this pair on??
A relative said to me at the weekend: "Taxing second homes isn't a tax on the richer people, if you have a second home that doesn't really mean you are rich". I kept well out of that discussion, but ridiculously short-sighted tbh. She then also claimed that the last US election had significant evidence of voting fraud 🤦♂
Labour has to learn the lessons from the fall of the Biden Administration. Its fine balancing the books etc, but if people dont feel it, you are out.