Budget: Rachel Reeves WILL raise National Insurance | Andrew Marr | New Statesman
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- เผยแพร่เมื่อ 16 ต.ค. 2024
- Are Labour going back on their manifesto pledges already?
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Andrew Marr interviewed Rachel Reeves for the New Statesman, in which, he says, the chancellor gave him “as clear an acknowledgement of what’s going to happen as I have heard”.
Here Andrew Marr explains what he learned from the Chancellor about the upcoming budget, and why Reeves is so terrified of another “Liz Truss meltdown”.
Andrew Marr joins Hannah Barnes and Will Dunn on the New Statesman podcast.
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Reeves's make-or-break budget, by Andrew Marr
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Andrew Marr is Political Editor for the New Statesman, and is one of the UK's most senior political journalists. He spent over 20 years at the BBC where he was Political Editor and hosted the wildly successful Andrew Marr show. He is now based in Westminster where he brings his deep experience of political reporting to his analysis of the most important events in UK politics. He also hosts Tonight with Andrew Marr on LBC Radio.
Watch more videos from Andrew Marr in this playlist: • Andrew Marr
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The New Statesman brings you unrivalled analysis of of the latest UK and international politics. On our TH-cam channel you’ll find insight on the top news and global current affairs stories, as well as insightful interviews with politicians, advisers and leading political thinkers, to help you understand the political and economic forces shaping the world.
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Older I get, The more I get Andrew Marr. Never thought I'd say that.
11:49 my understanding of Pefsnuffle is that you can count assets against debt. So if we borrow money to build council houses, the houses count as assets that balance out the debt. The current system just counts the debt. It’s why we got into the stupid system of getting private companies to build prisons, hospitals and roads for us and then charging us inflated prices for using them.
You can, but the risk of that approach is how you assign value to assets vs. their actual productivity. I could build something completely useless, that produces no boost to GDP or tax revenue, but argue its worth £XB because it costs that much to built.
Fool. You miss the requirement of income to pay back the cost of building
@@PJH13 agreed. Both have flaws but you need realise that when making policy. The current system has allowed some companies to rip off the country because politicians have been happy to sign up for ruinous projects. Currently you have a situation where councils are paying rogue landlords ridiculous rents because they can’t build their own houses.
@@butlerpa100you charge rent on the housing. Doh!
and so who builds everything? Nationalise the builders - i dont think they even do that in China anymore maybe North Korea.
My company is outsourcing lots of UK jobs to India at the end of the month. If you make it too expensive for companies to hire UK workers they will simply outsource.
i work with companies that have done this and outsourced to India, a lot of them are absolutely useless employees,(i work in IT and functions that should take 30 minutes (ie patching servers) can take 3 hours and tie up multiple people rather than one decent well paid employee also the attrition is over the hill, I've seen people quit before they even start as the only way they get pay rises over there is to job jump , lucky to get 12 months out of an employee
your company is the problem. When minimum wage came in companies threatened to outsource or leave. Few did. Big companies will do that for cheap labor regardless
Yes - the government has rocks in their head.
Maybe this is the intention. To kowtow to India that is. Brit jobs going to the wall under pressure of outsourcing threat.
Of course you can if you want. That's your perogative. However, it's the perogative of customers to stop using companies that do this. Some Indian call centres, for example, have shredded UK customer relations and we've dropped two suppliers, simply because their service is no longer usable. There's also the tiny issue of loyalty: If you signal that you have no loyalty to the UK, you can expect your UK customers to cease being loyal to you in return.
Do employers not work?
Many of them no. The execs do f all in many cases
@@glostergloster6945And what about SMEs? Daft comment. Millions of working people will be affected by this, from a centrist Labour voter here too. I'm not against it per se, but they've definitely been sneaky here
@@greendegenerationx I think “sneaky” may be a gross understatement!
The, very technical, point is most employers are "corporate entities", legal vehicles for conducting business rather than actual people. While taxing a company reduces the amount of money that is available for salaries, those personal incomes are not being taxed any further. Sneaky? I dont think so!
Everything I hear in this episode is, in my view, consistent with the messages that Labour (and Reeves) have been using since the start on 2024.
I dont see any problem with the strategy or the handling of the messages if you accept the timetable for the budget is shaped by the need to set expectations and deal with the reaction of financial markets.
I hope Labour use the technicalities Willl explored to maximise investment in this country - its what the UK really needs.
Those broad shoulders will be doing a bunk disappearing into the sunset they won't be supporting naff all.
The quicker Scotland gets out of this mess the better.
So the Govt is taxing jobs and investment and taking from Pensioners… Odd strategy…
Who is working people, every one works and pays taxes unless you live on Pluto. Politicians lie period 😮
UK *is* in a good position economically. In France and Germany, the far right are getting too close to power for comfort. Here in the UK, our far right party has no chance of winning power thanks to our first past the post system.
Employers NI. They never said they wouldn’t raise that.
They never said they will either.
@@bluelit4830 yeah, that's not how reality works
They said they wouldn't raise NI, full stop. If they meant employee NI they should've said that; not making that clear was deliberately misleading.
@@PJH13 they said they wouldn't raise taxes on working people. I'm comfortable on that delineation to be honest. Almost no one is going to notice if employers NI goes from 13.8% to 15%, say. Take home pay at the bottom of the payslip will remain unchanged for PAYE earners, which is most of the workforce.
@@PJH13 They said they won't raise NI for working people. Inference is that it will be raised for employers.
They are such liars. Do they think we'll forget? Nah. Dead in the water narcissists.
You voted for labour. Lol
And some form of copayment is coming for certain visits for MD visits is coming. It has too if they want any more funding.
"As a bonus, it lets us borrow more money".. I dont see this as a bonus. Maybe I am old school in thinking government should be borrowing less money.
She will simply raise unemployment. That’s all she is capable of. Every labour government has raised unemployment EVERY TIME.
I might suggest that you don’t waste money on Carbon Capture over the lifetime of this government and spend the money on good programmers for the increasingly digital NHS.
We need to stop people being added to the bottom of waiting lists as well as taking them off the top
Careful you are talking sense, i think maybe you are NOT Labour voter, so on the wrong site
Right, let's be clear....the amount raised by the winter fuel cut would not in any scenario have that much of an effect on an apparent 'market panic' of a scale similar to the Truss announcements - that just does not stack up.
National Insurance is insuring against what ? It does not go into a pot to make sure you get a pension and good healthcare. It is a tax !
The grown ups are back in charge!!!!
If all this proposed infrastructure investment is such a no-brainer, why can't ordinary people just raid their own bank accounts and invest directly themselves?
Ordinary people dont have the power to raise income through taxation but they are are indeed free to "raid their own bank accounts" to invest in assets or developnew skills.
Noone cares about fiscal rules, like noone
Ignoring fiscal rules - if/when swap rates rise and hence mortgage borrowing rates rise, a lot of people will care 😊
Afraid have lost interest what Marr has to say these days .
The public private partnership model failed. The government pays less a rate than anyone else, they can run an overdraft with BoE. This is a fundamental misunderstanding of how government funding works.
Labour must think the country of full of bodybuilders the way they think everyone can take it. Although lockdown and furlough was way too leniwi and we will pay for it for decades
All she has to do is make NI proportional tax rather than the regressive tax it is.
Title is total click bait. Nowher did it ever say taxes for companies wont rise. It simply stated that "workers" taxes wont in the key areas
Not for working people
Explaining how businesses work to a labour zombie is futile exercise but let’s try again.
Working people are hired by EMPLOYERS. Increasing taxes on said employers means less money for them to expand their businesses or pay their employees higher wages. Now tell me labour zombie - do you think employers grow money on trees?
Disappointing clickbait from New Statesman here.
Not for anyone except migrants
The OBR did some analysis and found 80% of employers NI gets passed on to employees in lower wage increases. So even if you believe that only employees are 'working people', and that there was nothing dishonest about saying NI when they meant employee NI, this is still a tax on working people.
I wouldn't even care if they put it back to 10% like it was at the start of the year. We all know Hunt only lowered it to create an election campaign trap for Labour (which they refused to walk into, because it wasn't very hidden).
A frank conversation with the country about what Hunt did, why he did it and what putting it back up will achieve is all that's needed. Ignore the media and the pollsters, stirring it up.
..perhaps someone could explain how tax rises of any description actually stimulate growth. Starmer's talking down the economy isn't helping. And anyone notice Barnier in France has just announced large tax rises (and spending cuts) to try and raise 66 bn euros. So it would appear whether right or (so-called) left, fiscal policy is the same ...
Mant elderly pensioners do not have broad financial shoulders.
Taylor Swift should offer Keith Starmer and Rachel Reeves more free concert tickets and a TWENTY minute sit-down meeting in exchange for financing national insurance via a hike in the capital gains rate and tax on unrealized stock and real estate gains.
None of the self promoting 'expert journos' know what's in the budget so the make it all up to give them something to write about!!!!!
So why no breakdown of 22bn blackhole and train drivers pay increases when you're in a crisis?
As a high rate tax payer who is raising a family, I am absolutely flat broke with no margins month to month. More tax rises even if shouldered by employers will be reflected back on employees for example by not pushing up wages in line with inflation. It will be a tax on employees in the end it always is. I despair with this country.
How?
Thank god the grownups are in charge
So there’s going to be a lot of investment-who’s gonna do all this blue collar/trades kind of work? Isn’t part of the problem with the lack of housing is the lack of tradesman to do it? I think the UK needs more housing than just about any of the infrastructure project.
Yep, need to set-up a funding structure to support their training. Atm university students get enormous funding, whilst apprentices get very little at all so why would you do the latter.
It's almost as if Jeremy Hunt saw what happened to Liz Truss and Kwasi Kwarteng, and thought, "Hmmm, I could weaponize this and lay a trap for the next Chancellor".
Yes, get the bad news out as early on in the Parliament as you can. Five years is long time in politics, voters forget most of the details.
The bond market doesn't matter. Borrow from the bank of England instead.
Finally some that understands the system
Ah yes, because the financial markets will definitely not react in any way to you deciding you don't care what they think. That approach worked out so well for the lettuce.
@@PJH13 clearly you don’t understand the sovereign bond markets and how Central banks control the yields.
The BOE have just given back £10 billion.
@@waikanaebeach please, enlighten me. I do love to be patronised by someone who assumes I clueless.
I suspect a misleading headline. Wonder why?
She will tax kids pocket money next 💰💰 next im not surprised she hasn't put tax on school dinners 😞😞😞😞 and anything els she can tax tax on breathing 😂😂😂😂😂😂😂
Again, incompetent comments on the Guild Bond market dynamics. The bonds interest rate component is related to risk of economic mismanagement and consequent economic crash, even default as a remote possibility, and forecast on inflation (the value of the goes down on the secondary market). Another important consideration, for foreign investors, is the currency (GB pound) stability and strength.
Surely they won't raise taxes after promising not to. After all, they've always kept their promises.
Ding domg
£22 billion pound of bull crap. Never existed and they still cant find it and tell us where it is
It's was 22 of Billion of unfunded spending... And 20 Billion of unfunded national insurance cuts .... It's easy to fact check ...do your homework or you look stupid !
You dont "find" a a solution to a funding shortfall by suddenly realising its down the back of the sofa!!
Tax. Tax. Tax. Then Tax more. Its time we start thinking about the future of those just starting out. Shame on those pensioners who continue to take without interest in giving their fair share. Tax some more. Tax yo momma and yo daddy.
Andrew you supported these labour muppets. Now your rhetoric is changing.
Is it a manifesto breach? Debatable. It can only be said to not be a tax on working people by the entent to which it is not a stealth tax.
If employers do not actually pass through payroll taxes (economists think they do), then it is a tax on business. If employers do pass the tax by reducing wages, then it is a stealth tax and workers' wages will be suppressed by this national insurance increase.
Labour voters....HG Wells's Eloi in action...oblivious to their own folly .
If they screw this budget up and the economy flatlines or goes into recession they may need to raise more money next year. Doom talk destroys confidence!
Talk about Brexit. Labour are climbing a mountain left by the incompetent tories.
Labour want the old days back the winter of disconnected i can rember 4 day week power cuts i stood on the strike gates at fords halewood on strike soon there will be no factory s left