Budget

It’s Budget week (finally)! How this week goes will set the tone for Labour’s first year in office. It’s fair to say that expectations are relatively low – with the Prime Minister himself warning of ‘painful decisions’ ahead. We know a lot of what will likely be included and Treasury sources are keen to play down talk of any Budget rabbits – suggesting a mix of the measures currently being discussed in the media. So what should we expect? And can Labour ride out the week unscathed? Also on the podcast, Labour have suspended the whip for Mike Amesbury, MP for Runcorn and Helsby, after he appeared to threaten a

Who exactly are ‘working people’? The Labour party’s use of this phrase during the election raised questions over who they will really be levying taxes upon. With less than a week to go until the Budget, Labour in government is now again struggling to give a clear definition of what they mean. James Heale talks to Katy Balls and Kate Andrews. Produced by Cindy Yu.

This week: the Chancellor’s Budget dilemma. ‘As a former championship chess player, Rachel Reeves must know that the first few moves can be some of the most important of the game,’ writes Rupert Harrison – former chief of staff to George Osborne – for the cover of the magazine this week. But, he says, the truth is that she has played herself into a corner ahead of this month’s Budget, with her room for manoeuvre dramatically limited by a series of rash decisions. Her biggest problem is that she has repeatedly ruled out increases in income tax, national insurance and VAT. So which taxes will rise, given that the easy

The Budget is not due for a fortnight, yet with every day that passes its contents seem to become clearer. This morning Keir Starmer gave an interview to the BBC where he twice refused to rule out a rise in employer’s national insurance contributions in the Budget. Instead, he repeatedly stressed that Labour’s manifesto promise was specifically that it would ‘not raise taxes on working people’. Can Rachel Reeves afford a national insurance hike?  Oscar Edmondson speaks to Katy Balls and Michael Gove.  Produced by Oscar Edmondson. 

The Institute for Fiscal Studies has published its yearly Green Budget, weeks ahead of Chancellor Rachel Reeves’s first fiscal event. It’s grim reading, for both the government and the public. For Labour to make good on its promise to avoid ‘austerity’, taxes are going to need to go up significantly: by £25 billion, the IFS’s reports, and that’s just to ‘keep spending rising with national income.’ Can Reeves square the circle?  James Heale speaks to Katy Balls and Kate Andrews.  Produced by Oscar Edmondson. 

Liz Truss continues to haunt Rishi Sunak. Labour leader Keir Starmer took aim at her recent exploits at CPAC in the US during prime minister’s questions today. Starmer called on the prime minister to remove the whip after Truss claimed that her premiership was sabotaged by the ‘deep state’. What’s Truss up to this time?  Also on the podcast, chancellor Jeremy Hunt will deliver his budget next week. We expect that he will have made his final decision on the March 6th budget by the end of the week. What do we know so far?  Oscar Edmondson speaks to Katy Balls and Kate Andrews.  Produced by Oscar Edmondson.