Damien Talks Money 
I break down the Budget with Paul Johnson, Director of the Institute for Fiscal Studies (IFS), and Claer Barrett, Consumer Editor at the Financial Times.
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Timestamps:
00:00-03:01 – What it’s been like to cover the Budget?
03:01-05:07- Was the 22 billion black hole over-stated?
05:07-17:50 – National Insurance
17:50-22:38 – Stamp Duty
22:38-31:03 – Pensions
31:03- 39:11- What did they do right?
39:11-49:11 – Inheritance tax and farmers
49:11-01:01:21 – Which areas will get the most money?
01:01:21-01:04:53 – Devolution?
01:04:53-01:11:15 – Will the money be wasted?
01:11:15-01:19:54 – Will the UK economy grow?
01:19:54-01:22:45 – Are more taxes coming?
01:22:45-01:26:23 – Are you better off?
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About The Author
This is an upload of today's live chat. We had to cut the end off and repost it as I didnât realise I was still liveâand I scratched my nuts on air… We live and learn
Incredible what communists are here talking.. you make me sick
Pension iht?
Ok. My dad was hard working all life and saved to oension to make sure future generations will benefit. He sacrificed his tkme on this planet with me to make sure my future will be brighter than his. I never had father. He was already at work when i woke up, he was still at work when i was going bed.
Now government unlawfully makes worst law break – law doesn't work backwards, and change rules of game destroying my father's plan, his work, his sacrifice, mine single parent childhood and you dare to speak its ok to tax it now?
Disgusting red communists. Shame on your mothers for breeding such a creatures
Great video – more of this please
Spending on healthcare does lead to growth, as it reduces loss of workers to sickness over time. I do feel sometimes accountants look at numbers as accountants. When it is important to look at financial policy as a strategist and tactician. Justice spending helps to support contract law which is business. Health spending will go down overtime, the high upfront is due to just how behind healthcare is, a lot of people need care. We see spending everywhere on road works, that will be over by years end and the money can be rediverted in following years to other elements. – Denning New Economic Policy – Healthcare will always look like a cost, but if the groundwork is covered, actually it will get cheaper as the less expensive treatments will be less common.
This whole argument that "people pay tax" is so disingenuous when company directors can access the value of their company without directly drawing as a taxable revenue, or via "tax efficient" methods like dividends. We need to see legally enforced indexation for PAYE like Belgium has.
Also the idea that salary sacrifice would be a "win win" doesn't make sense as the only people who can afford to accept salary sacrifice are already earning above the upper limit for NIC anyway.
19:27 stop the madness, landlords houses dont vanish its a bullshit lie that landlords tell.
Great Job we need these people to be publicly available like this…
So nice to hear three incredibly smart individuals discuss this important subject without talking over each other and trying to score points, as they do on political programs. I also agree with Paulâs comment at the end re a penny off of beer – Clearly a complete smoke screen by the government and attempt to win over those not remotely interested in the broader economy.
Lefty speaks to lefty and further lefty. How novel.
If "we" new about that black hole, than please provide some evidence. I didnt see anyone from the IFS warning about that black hole, the OBR said they did not know, but "we" all knew. How can such a claim stand.
Good interview, that guy is very funny.
A lot of sense, apart from the green bollox.
Pensions are a scam. The government encourages you to pay into one for 40 years, then they tax it for inheritance purposes, and lastly they raise the Pension age (helping you to die earlier In retirement). So a lot of people will probably die off early and end up handing over a chunk of their estate in taxes.
No one can choose their parents đ¤Ŗ
Great insight, so only 24 more Rachel Reeves budgets before we reach net zero!
This is undoubtedly the best financial channel in the UK! Thanks Damien for keeping us so well informed.
My partner sheâs a part time teacher in a private school for kids with special needs and mental health.
So sheâs been backstabbed twice by this government with this budget and the VAT of private schools.
Immigration more and more is becoming part of the conversation. It just isnât nice to live in this country and itâs getting harder and harder too.
Sadly tied with a 30+ year mortage, family and a 2 year old.
The UK needs to improve, NOW.
4:40 totally agree, if she didn't know about the deficit then she must not have been doing her job as shadow chancellor, a position that gave her access to privileged information.
90% of ppl don't take responsibility for their pension and just do the same thing regardless of the changes so locking it to stop noise seems just politics
Oh Paul's house has made more than him and he's bitter to the farmers. Get a grip, farming is dieing out and covers and enormous proportion of our land and protects food security, most people ruin the country and farmers generally keep it green and pleasant for the 99% of the rest of the country to throw their McDonald's wrappers into their working land
Both our parents will pay inheritance tax and they are both vehemently against their very hard worked for savings to give for us… Problem I have is saying – spend it don't give it to me
There's one thing I still don't quite understand. Making it harder/more expensive for landlords, decreases the amount of houses in the renting market. But it also frees up houses that people can buy as homes and not assets. So why does it seem like it only ever drives rents up?
Governments only make it harder for landlords by raising costs that they pass on to renters… who need the house to live.
Why can't they limit who can buy second homes, like, non residents. or create pockets around the country where they can only be bought for occupation?!
It just drives me insane that renters always end up paying.
Let's buy a flat in Germany… Isn't worth anymore living in the UK
Really like this style of video!
An interesting na informative chat đ°
Despite challenging times for most businesses, the Information Technology sectorâespecially Managed Service Providers (MSPs)âcontinues to thrive. Our income đ¤đĨŗđfrom selling IT support services remains strong, even as other industries struggle.đ
35:02 Well that's them and the financial media's fault for scaremongering rather than just waiting for the facts.
It's the taxation equivalent of trying to time the market
How much government debt is actually owed to the Bank of England?
You need a better internet connection @damienTalksMoney
I love how Claer would sneakily eat a biscuit and have a cheeky grin.
A great dive into the budget with really knowledgeable commentators. Cheers Damo!
What an insightful video. I have been waiting for someone to discuss the budget in detail and at the same time easily digestible since…the budget (haha). Also I have to complement your guests . Such lovely and professional characters . Amazingly informative and useful video. Thank you
Really enjoyed this, especially Claer's comments on education!!!!!
Thank you for a wonderful pod with some really balanced views from some well informed people. Thanks again Damien, from a Brummie who has most of his family from Southport and Liverpool đđŧ
As a contractor paid via umbrella company, employer national insurance is deducted from my wage (and my wage is average). So my pay from april will be significantly less..but us contractors are the forgotten few who are directly effected by employers NI
Very informative, brilliant podcast đ
Paul's take on landlord taxes is so incoherent and he nearly reaches the point then drops it. He acknowledges that some landlords will be forced to sell their homes which will free up houses for the market, and then points to how the people renting will feel the effects in hightened rent prices because there will be fewer houses available to rent. What's the common denominator there Paul? Did the rent prices raise themselves? Was it magic? Oh wait, the landlords raised them. Private landlords should not exist, they're just leeching off of the working class. You can point to the higher occupation of rented housing all you like to solve the problem all that really means is you're arguing for societies poorest to be living in s*** appartments and house shares forever.
Farms will just be owned by big corporates. Hardly a great outcome
Iâm a low turnover company with a large number of employees. My directors income has been taken by the government. I have no choice but to shut up shop.
If a lot of jobs are going to be taken over by AI, what's going to happen to all those workers (often lower-paid workers) that just got displaced? Are they all going to now have to survive on benefits? Because this isjust going to get worse in the future.
Very interesting conversation thanks!
It sounds silly and Iâm not an economist but cutting jobs might be a good thing? We have a tremendous number of low skilled, low productivity jobs dragging us down because employers arenât incentives to change there hiring practices? Would increasing there costs force them to adapt and potentially be more productive? What Iâve said is probably rubbish but Iâm wondering if any of that is true. Like for example could these supermarkets look at investing in new technology, or systems to handle there warehouse stock? Insteading of employing 5 8 hour staff
Some interesting points.
The minimum wage especially for the younger has risen by a huge amount, I get it everyone wants a pay rise, but letâs see if youth unemployment rises. I fear it will have long term effects on the low skilled and the young getting their first jobs.
The bank of mum dad would be less important if it was easier to just build houses, itâs the planning restrictions that cause this wealth inequality.
Agree stamp duty is stupid, it should be abolished, Iâd hate to say it but maybe just put up council tax slightly at least I wonât face a tax build if I want to move house itâs ridiculous, buying and selling houses is already expensive enough.
They wonât provided the right incentives in the NHS itâs too big, it needs splitting up, or allowing for private competition to enter the entire health sector where consumers can choose for themselves, we need small nimble agile startup health providers which can disrupted the industry and innovate and produce that productivity enhancement without the interference of bureaucrats and committees.
The government spends nothing on wind and solar itâs all private investment? What about the contracts for difference subsidies for renewables? And Iâve had to pay for it through my bills in the renewable obligation certificates?
Electric cars all private investment? The main reason for this was the huge reduction in Benefit in kind tax on these vehicles, the reduction in congestion and clean air zones, etc these are hidden subsidies, but itâs real revenue the government didnât get by waving these charges on electric vehicles. Then add to that the ÂŖ15K fines car dealers will have to pay if they donât sell more the 22% electric vehicles.
Heat pumps are also ridiculously expensive and so thatâs a huge cost the tax payer is going to have to pay if weâre forced into them. I would argue whether the capital co2 costs are outweighed by the potentially low co2 costs in running them, but again that all depends how much renewables we can actually introduce into the grid without making it unreliable.
These are especially huge costs for the least well off.
Thx everyone fantastic education video
Like this format
Why did Paul Johnson feel the need to chuckle when Clare Barrett stated that redundancies may be an outcome of the Employer's NIC increase ? Perhaps because more people will have little choice but to try and survive as independent workers…the very workforce group that he has been advising government to persecute for years (IR35) and crush out of existence.
Maybe he'll laugh out loud when inherited estates are robbed as a a result of pensions being included in IHT (the double taxation, IHT plus income tax on drawdown, is scandalous).
No matter. He was clearly so bored by financial state of working people's lives that he clearly fell asleep, more than once.
This will be proven to be a disastrous budget, on multiple levels, especially the outcome of low growth and reduced employment which are the opposite of what the UK desperately needs.
I've just grabbed Claers book now.