What does the Budget mean for you... and how bad was it?

In this episode of This is Money Podcast, hosts Georgie Frost, Simon Lambert, and Lee Boyce unpack the recent UK budget announced amid chaos characterized by an embarrassing leak from the Office for Budget Responsibility (OBR). They discuss the overall vibe leading to the budget, which Simon describes as having been chaotic and devoid of a clear direction. The hosts express concerns over the measures introduced, particularly how tax burdens appear to rely heavily on 'stealth taxes', with many rates frozen rather than raised outright, yet still affecting people's finances profoundly.

The hosts reflect on the mixed reactions from markets, the public, and businesses post-budget, noting that while there was a notable rally in UK assets, many remain skeptical about how changes will affect everyday citizens. Tax rates on savings, along with a shift to steep thresholds in inheritance tax and pension contributions, are discussed thoroughly, with emphasis on the long-term implications for higher-rate taxpayers and those investing in stocks. The podcast further canvasses the presentation of the government's mixed messages regarding taxation of investors and general economic growth.

Towards the end of the episode, the hosts dig into specifics such as the council tax changes, the new taxation for electric vehicles, and the measures aimed at landlords. They express regret over the lack of coherent strategy seen in the budget presentation, citing confusion and disappointment among financial journalists and taxpayers alike. In conclusion, listeners are encouraged to stay informed about their finances and consider proactive approaches to managing their financial wellbeing in light of upcoming changes.