Budget: Rachel Reeves WILL raise National Insurance | Andrew Marr | New Statesman

Are Labour going back on their manifesto pledges already?

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.

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The New Statesman brings you unrivalled analysis of of the latest UK and international politics. On our YouTube 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.

With regular contributions from our writers including Political Editor Andrew Marr, Hannah Barnes, Rachel Cunliffe and George Eaton we’ll help you understand the world of politics and global affairs from Westminster to Washington and beyond.

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[bogster]

Older I get, The more I get Andrew Marr. Never thought I'd say that.

[shaneintheuk]

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.

[joshualegg]

I run a small business. Margins are tight, we try to pay our staff as much as we can. Won't increasing NI for small businessess put them at risk and stunt wage growth for those companies?

[waikanaebeach]

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.

[cobbler]

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 !

[waikanaebeach]

All she has to do is make NI proportional tax rather than the regressive tax it is.

[mattwoor]

Never seen three people so positive and excited about raising taxes...

[JP-rvhg]

So the Govt is taxing jobs and investment and taking from Pensioners… Odd strategy…

[noonecaresaboutgoogle]

"Taxing multimillionaires is harder than i thought. I'll have your grandparents' house and pension instead, thank you very much!"

[Wouldntyouliketoknow]

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.

[sunshine]

It's amazing that we just had a General Election in July and nobody has any clue about which tax changes are coming.

[ianworley]

It's not the fact that she ended the WFA, it's that she introduced it immediately, rather than giving people time to adjust their budgets. Worse than that, was not putting measures in place first to protect the financially vulnerable. Not all pensioners are comfortably off. For me personally, it was the optic of announcing that as your very first cut, rather than targeting first those millionaires and billionaires whose wealth increased exponentially under 14 years of privileged treatment under the Tories. Amateurish politics at best, heartless indifference towards ordinary people at worst. Not what I would expect from any Labour Chancellor.

[simonpapworth]

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.

[jona]

The company I work for 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.

[janeknight]

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

[paulgilliland]

And some form of copayment is coming for certain visits for MD visits is coming. It has too if they want any more funding.

[gleeart]

Those broad shoulders will be doing a bunk disappearing into the sunset they won't be supporting naff all.

[Fernandosasx]

Waking up every 14th of each month to *210, 000 dollars* it's a blessing to I and my family... Big gratitude to *Janice Isaac*

[stevec]

So why no breakdown of 22bn blackhole and train drivers pay increases when you're in a crisis?

[dsmith]

Does tax actually fund spending? The answer surprisingly is no: since 1866 an act of parliament says once the budget is past by parliament the bank of England is legally required to make any payment parliament required.
Put simply all government spending is money creation.
All taxation is money destruction.
The correct legal sequence is-
1. Government set a legal taxation
2. Government spends to enable taxation requirements to be met.
3. Tax is collected