What does the tax-cutting mini-Budget mean for you? This is Money podcast on Kwasi Kwarteng ‘betting the house’

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Britain’s new chancellor, Kwasi Kwarteng, presented a brilliant mini-budget this week that contained nothing of the kind.

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A wave of tax cuts began. Some of these were heavily tracked, such as the sharp increase in National Insurance and the reduction in stamp duty, but there were also two rabbits in the hat: lowering the base income tax rate to 19p from April and removing the 45p income tax rate.

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These tax breaks have joined a wave of spending commitments, most notably huge energy price guarantees for UK households and businesses.

Paul Johnson of IFS said: “Mr. Kwarteng isn’t just betting on a new strategy, he’s betting on the house.”

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In this week’s podcast, Georgie Frost, Lee Boyes and Simon Lambert discuss what the transition to a mini growth budget means for people, how much they can save in taxes and whether it will work or cause more problems for the UK economy going forward. .

After that, one thing became clear: the markets did not like the break with orthodoxy that they saw: the pound fell below $1.10, and the yield of British securities jumped.

But how much of that has to do with the mini-budget, and how much of that has to do with the BoE’s interest rate decision, which delivered a sharp 0.5 percentage point hike that was still considered small compared to the US Federal Reserve’s 0.75 percentage point. percentage bazooka?

And finally, we’ve heard a lot of half-full verdicts about our current economic situation, but what is a half-full glass? Simon has a crack.

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