Budget 2021: Party like it’s 1969?

Inside Briefing with the Institute for Government

Institute for Government

News, Politics, Government

4.6 • 252 Ratings

🗓️ 5 March 2021

⏱️ 46 minutes

🔗️ Recording | iTunes | RSS

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Summary

The highest level of public debt and highest tax burden since the late 1960s, the first increase in corporation tax since 1974, the largest net tax rise since 1993… In this special edition of Inside Briefing, IfG chief economist, Gemma Tetlow, is joined by IfG senior economist Tom Pope, and IfG senior fellows Jill Rutter and Giles Wilkes to trawl through the details of Rishi Sunak’s second budget. Did he do enough to support businesses and households as the lockdown lifts? Will the plans for large future tax rises and cuts to benefit payments stick? What did the budget reveal about the government’s strategy for UK growth? Audio production by Candice McKenzie #IfGBudget2021 See acast.com/privacy for privacy and opt-out information. Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	Hello and welcome to the Inside Briefing Extra, the podcast from the Institute for Government.
0:16.0	I'm Gemettetto, chief economist at the IFG, stepping briefly back into the presenter's chair to bring you this bonus
0:21.3	episode to discuss Rishie Sennak's second budget. This might have been the chance of the second
0:26.1	budget, but in many ways it was also a budget of firsts. First increase in corporation tax since
0:31.5	1974, the highest level of public debt and highest tax burden since the late 1960s, the largest net tax rise since
0:38.7	1993. To chew over all the fiscal events of this week, I'm joined by Tom Pope, IFG Senior Economist.
0:45.3	Hi, Tom. Hi, Gemma.
0:47.4	Jill Rutter, IFG Senior Fellow and one-time Treasury Press Secretary is also with us. Hi, Jill.
0:52.8	Hi, Jimmer. And Giles Wilkes, another
0:55.5	IFG Senior Fellow and former Special Advisor to both Finns Cable and Theresa May is also joining us
1:00.6	again. Hello, Giles. Hi, Gemma. Richie Seneck build the budget as a three-part plan,
1:06.5	continuing to support British people and businesses through this moment of crisis, fixing the public
1:11.0	finances once we're on our way to recovery, and beginning the work of building our future
1:15.5	economy. But before we dive into those details, let's start by looking at his announcements as a
1:20.4	whole. Jill, I came across a lovely quote recently from Ken Clark when he presented his first
1:26.1	budget, saying that it was like a lion tamer trying out his act for the first time.
1:31.1	If last year was Sunak's practice run, what did we see this year? Now he's had time to hone his act.
1:36.9	Well, it's quite interesting that you just referred to it as Rishi Sunak's second budget, because I think by other counts, it's his 14th or 15th attempt to reset the sort of,
1:46.8	you know, overall economic support framework during the pandemic. So it's not that unfamiliar
1:52.1	income to it. It was, of course, his sort of second go at doing the big sweep of the budget
1:58.4	that we just have his sort of, you know, not quite one year spending review before.
2:05.0	I think he's developing a bit of a style. I mean, you know, he seems to go lighter on the jokes than
	...

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