Many could be much worse off following the next budget - an expert explains
Politics expert Dr Steve McCabe details who may feel the pinch following the upcoming Labour budget.
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00:00So, if you're asking me to sort of, you know, where should the money go, well, I mean, the
00:05simple answer is everything, you know, all public services are sort of creaking, but
00:09most particularly, of course, the sort of the health service, but, of course, infrastructure,
00:13which of course is really sort of a vital part of sort of, you know, any economy.
00:17If we're ever going to get the sort of the economic upturn that sort of we really need,
00:21then, of course, it has to be sort of by getting sort of people and goods shifted around the
00:24country a lot faster.
00:25But, of course, we need to sort of to invest in sort of the new industries and innovative
00:29technology and so on and so forth.
00:30So, it's, you know, I think the sort of the government have got a really sort of difficult
00:33task.
00:34And who could be most impacted by the effects of this budget, Steve?
00:38Those with perhaps second homes, you know, or those with rental properties, perhaps.
00:43Anybody, of course, invests in terms of sort of capital gains taxed.
00:47There's a sort of view that sort of they're going to sort of be or that's part of your
00:52sort of wealth, maybe sort of more sort of punitively taxed.
00:57Inheritance, sort of there's an issue with pensions in terms of any lump sum up to 75,
01:03you can sort of pass on, you know, tax free.
01:06So that might sort of take a hit.
01:08There is a sort of view the pension age may sort of be raised, although, you know, there's
01:12a lot of debate about that because, of course, there is the sort of the affordability of
01:16the sort of pensions.
01:17And, of course, pensions and pensioners more particularly are sort of a very large part
01:21of this insofar as, of course, there's been the sort of the hit to those who are not on
01:25sort of pension credit who will lose their sort of £300 sort of fuel allowance.
01:30So again, in the bigger scheme of things, the sort of the government sort of come in,
01:35the Labour government in particular, saying, of course, they're not going to sort of target
01:38working people.
01:39They're not going to sort of increase sort of taxes, although taxes covers a wide variety
01:45of sort of of the revenues that they collect.
01:50So I think that there's going to be a sort of wide spectrum sort of of issues and, as
01:54I say, there will undoubtedly be some sort of winners, but I suspect on this occasion
01:58there'll be more losers.