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. |
Japan's lunar craft lands successfully but can't generate solar powerNational stadium getting closer to becoming reality as assessor views optionsKiwiRail seeks advice to extend life of Interislander Kaitaki ferryMinistry of Ethnic Communities, set up to 'heal wounds' of 15 March, faces job cuts'No realistic possibility' foreign agency will reveal if spy system used for warRSV immunisation for babies: Doctors call for urgent accessVideo shows chaos at aid delivery on Gaza beachSouth China Sea News: Naval base expansion 'gives China more power in disputed sea'Health Ministry admits failings in handling contracts it awarded to firm with links to Peeni HenareMinistry of Ethnic Communities, set up to 'heal wounds' of 15 March, faces job cuts