Budget 2024 TORN APART BY Economist - Why Rachel Reeves Won't Fix UK, Paving Way For Disaster

The most important cycle they need to break with benefits is making work pay. that is all down the the thresholds they set.

Time to hand over the hostages yet? 😅

What happened to the fabled “Financial Transaction Tax”? We have to pay £2 to get our own money from an ATM….

Benefits basically always saw a real terms cut under the Tories. By using an inflation number that's 6 months out of date by the time it's implemented, it's always lagging behind.

The budget to pay for the Israel and Ukraine war.
Why does the British ask the question so much we paying for these proxy wars going on as a result of this cheated budget.

This budget didn't target the wealthy as some suggest, it targeted the average employee worker - lower stamp duty allowance removed, freeze on personal tax thresholds and the really big one IHT allowance frozen for another 2 years and pensions now in IHT, plus another big one increased NI for employers will lead to reduced wage growth and redundancies - a grotesque budget

Increasing employer NI just means business's won't give pay rises.

Pretty simple to understand. This is not a victory for employees. This is disastrous. All business are now going to do is raise their prices which mean we all continue to pay more!!!!!!!!!!!!!!!!. Government then gets more in VAT and corporation tax.

Nothing for social care again. Why do successive govt's ignore the fact that we have an ageing population and more people will need care at home. Also there's the problem of bed blocking.

You need to have more discussions with people who you do not agree with on this channel. I enjoy your appearances on TV when that happens. I am not so keen on the echo chamber stuff. As for the budget, I sit here thinking that for me it was not as bad as it could have been. Some spending plans targeted in the right place but as with all things it is the impact that will matter.

I laughed hard and felt sorry for you Owen. Budget gone well with public, well with markets and its a great start/ You were never going to support Rachel Reeves.

Really useful interview. Thanks for uploading

Reeves budget - the helmet has landed.

Never ever trust a woman with money😢

Hmmm... I thought Owen kept saying that this Labour are just like the Tories... would the Tories have ever delivered a budget cancelling Non-Dom, raising Capital Gains, raising employers NI, making real terms increases to NHS budget... nah, now rather than admit hes wrong, he'll double down. Starting to think he's on a grift.

We need to keep pushing back against the minimal investment and growth en masse. We need to increase the visibility of progressive MPs and people on channels like this. At the next GE we need more greens and other progressive MPs in Parliament and to push for a change to the voting system in the meantime.

Conservative and Labour are disappointing.

Sadly the Labour Chancellor doesn't understand that the poorest in society are being robbed by the employer NI tax increases.

Workers in the agency labour supply industry are paid an assignment rate that incorporates employer's NI!!! It is processed by third party payroll companies. Both Agency and Payroll companies have been colluding for many years now over paying the worker an assignment rate where the worker foots the employer's and the employee's national insurance tax.

This is blindness by the Labour Party. The result is a tax on the poorest.

Growing budget deficit over the years which remains unsolved by consecutive Conservative governments needs to be tackled. It's not the toughest measures anyways, they need to raise tax and they're taxing those who can afford it. The taxes on houses are for those buying 2nd homes for example, which I think won't hurt the people who are on low or middle incomes. Additionally, other increases such as increase in passenger air duty for private air planes, increase in private school VAT, all helps. The wealthiest bracket of the population should be paying more toward the taxation revenue, they certainly earn enough. Furthermore, EMPLOYER's NI contributions have been increased, so to not bear the brunt on majority of workers unless self-employed contractors. Finally, inheritance tax revenue has also been increased, which is great, as there is vast amounts of wealth being passed down from families, it is rightful they pay into the community in the process - that is just common sense and decency.

However, the Labour government has certainly tilted the taxation schemes in the correct way to start reducing the budget deficit, more effective action will likely need to be taken for a more significant impact but let's see what happens.

Owen, before I consume another 14 minutes of my life could you advise whether or not James Meadway spells out his solution to the problem of apart from the need to restore public services and fill in potholes, at the end of 2023 the UK had an annual deficit of £40bn and a national debt of £2.7tn (trillion) which cost £102bn in interest?

Ann Widdecombe, could have said about Rachel Reeves,there is "something of the night" about her.

Claims but no explanation or justification! Who is this James? Does he even understand economics, he certainly doesn't seem to he gifted at explaining. He can definitely make some claims though, that's for sure!

I know they have raised the minimum wage but haven’t they frozen the thresholds for tax. So some people will be worse off because they will now go over the thresholds? For both tax exemption and higher rate. Or have I been misled about this?

Why isn’t capital gains tax on a par with income tax ? The bus fare hike is totally immoral

REEVES was dangerously ROBOTIC, It's clear all the numbers are precisely THAT, Just numbers to her, she has removed herself far beyond real living people, I now call her PSYCHOREEVES (with accompanying Hitchcock shower music) except SHE IS THE KILLER

Save your money Owen, stay in England and cover the end of Gaza. Trump or Kamala it’s the same same. Barb

Absolutely no talk of the continuing freeze on income tax thresholds and nothing about Social Care, the underfunding of which has a huge impact on the NHS. A very, very disappointing budget, but pretty much what was promised by Starmer & Reeves...

Singapore-on-Thames by stealth

Thought this starmer govt was going to be the greatest ever a major let down don’t you think

Lets see ? Boom or Bust , Boom or Bust !! Labour Versus Tory,s !! Lets have Real Change ? Lets make Britain Great Again ? Lets Control Our Borders ? We Are All in it Together ? Are We Really In it Together ? You Could have Fooled Me !! Oh, Of Course We Are !! 1 Penny Off a Pint ? So it will cost us £1 Extra to get to work every day !! So that is approx £20 extra per month !! So if we all Drink 2,000 Pints in a Month then we will get that £20 Back ? But, We will need to attend AA to help us back into Work Again ? Possible the New Labour Party could have put a Cap on Rents ? Enabling Younger People to save up a Deposit to invest in a Home ? Actual Targets for Social Housing Providers to Build Affordable Housing for Family,s and Young People !! With Rent Cap !! Council Tax Bands what Decade were they last looked at ? Millions of Homeowners whose Homes are worth Millions .Just paying the top rate of the C/T Banding !! Universal Child Benefit for the Rich ? Please , Needs to be Means Tested !! Then the Family,s that need it can receive an increase !! If More People had More Money to Spend then that will generate more wealth which would generate the Economy !! Want Change ? Then Vote Green or Independent at the Next Election !!

Labour cultists are not liking all the economists opinions!

Basically the budgets indicate one thing and that is the UK is in a deep hole dug by all governments since Thatcher and North Sea Oil and Gas is running out along with Brexit, the greatest con inflicted on a Nation since Germany 1933.

Crikey, so Labour haven't put up income tax (to protect working people), have scrapped non-doms, taxed private schools and have set aside 10s of billions for the NHS and schools and yet people are saying this is austerity 2.0 - are you kidding? This is a huge shift from the last 13 years. Sure, it won't go far enough given how screwed everything was after the Tories, but if you look at the budget in its totality, Labour will be investing a huge amount more than any Tory government has done in recent times.

The rich got away with murder in this budget. CGT should have been pegged to income tax rates for a start and ISAs limited to no more than £250k. This would have been fair and moderate. IHT should have been increased to 50% and the 45% income tax band lowered to £100k.

Google Data’s daughter. I’ve always felt there was something a little robotic about Rachael Reeves.

At base level, this just comes down to holistic modular projections.The solution can only be three-dimensional asset contingencies..

It is vital that labour's first budget is also their last.

It seems clear that Starmer, Reeves and co do not have the same kind of mindset of previous Labour governments. Even those not considered particularly left-leaning seemed to be more determined to confront and tackle the hardship experienced by many. This lot seem to have been beamed down from another planet, colonised the Party, and vaporised all remnants of socialism.

If inflation is 'a little over 2%' in April, I'll be surprised. Mind you, I'm not an economist but neither is Red Rachel.

This is a job for Zarah Sultana (the conscience of Great Britain 🇬🇧).

Zarah Sultana will be furious w.r.t. this budget.
Zarah Sultana for PM!

I think no matter what decisions were made in the budget, it would have been lambasted.
For me personally, Labour boxed themselves in by making a manifesto commitment not to raise income tax or NI for "working people", I think dividing society between "working people" and "capitalists" (employers, investors, etc.) isn't particularly helpful. Although they wouldn't have been elected had they done so, I would have preferred Labour to say in the election that everyone had a responsibility to contribute to getting Britain back on its feet, and that we'd all pay a bit more in to receive better services, exempting some people while punishing others is why they've been so heavily criticised.
I think people in Britain need to realise, you can't have things like an NHS unless you're willing to pay commensurately in taxation for it, and for that to happen, we all have to pay more - it's really that simple. To push the burden onto employers (who will ultimately pass it onto customers, make redundancies or freeze recruitment) might seem fair to some, but it won't lead to sustainable improvements in public services and will lead to unemployment. Perhaps more of a realisation that we all have to pay our part, while not popular, is what ultimately needs to happen, with those with the broadest shoulders carrying the heavier burden.

The future of the NHS is non existent, any political parties who tell you it can be saved are wasting tax payers money, the is more people using it then paying in to it at a 10-1 ratio forecast to rise to 12-1 in the next 2 years. It’s completely unsustainable we need to abolish it and have a paid system JUST LIKE THE MAJORITY OF THE WORLD!
Tell the British public the truth!

COW OF THE UK

I love Owen Jones.

CGT involves only wealthy people?? Utter bo11ox

40% of GDP is taxation

That is not a way to run a country. It won’t create growth. It won’t create jobs. Things will get worse under Labour. The Working Person will pay for this budget

You know what amazes me? Back in 2008 the Bank of England produced 700 BILLION new pounds sterling to bail out the bankers, but now we're tripping over a 22 billion hole (in an economy ostensibly worth 3 TRILLION a year). Impressive how money is all of a sudden nowhere to be found.

REEVES is now exposed as of 24 November 2024 as the EMPRESS WITH NO CLOTHES : Not a pretty sight believe me, her policies are as paper thin as her multiple CVs but it's low income people and the poor she batters 😢