Was the Budget too little, too late
Jeremy Hunt bounced around delivering his Budget, proudly declaring his commitment to tax cuts and supporting working families.
Another 2p 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.
On this week’s Budget special This is Money podcast, 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 NI 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.
Related articles
Storms damage homes in Oklahoma and Kansas. But in Houston, most power is restored
WICHITA, Kan. (AP) — Fast-moving storms with strong winds, large hail and apparent tornadoes swept O2024-05-21Chinese company says coronavirus vaccine ready by early 2021
Your web browser is no longer supported. To improve your experience update it here2024-05-21Communist Party anniversary will be the 'elephant in the room', expert says
Your web browser is no longer supported. To improve your experience update it here2024-05-21Better funding could prevent more drownings
Surf Life Saving staff on a rescue raft. Photo: supplied / Surf Life Saving New Zealand2024-05-21Sale continues dominant run as Braves beat Padres 3
ATLANTA (AP) — Chris Sale allowed only five hits in seven innings to continue his strong run and the2024-05-21US and UK launch fresh strikes on Houthis in Yemen
By Ruth Comerford & Frank Gardner, security correspondent for BBC NewsUS Central Command forces2024-05-21
atest comment