Budget 2025: A world of taxes, benefits and leaks. Mostly leaks.

Tune in to find out what Alex Andreou and Naomi Smith make of it all. And they are joined by economic heavyweight Vicky Pryce to ensure that the economics aren't overshadowed by the theatrics (of which there were many).

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“Upgrading this year’s growth and slightly downgrading the next four years, I’m not sure that’s a big problem for Reeves. She would rather be in a position where she is beating the forecast than falling behind.”

“The OBR went back and looked at the productivity figures. What all those things, including Brexit, brought was a lowering of the productivity curve. You can’t get to the trajectory you were on before. You become stuck at the low growth phase.”

“We had a woman Chancellor, a woman Deputy Speaker keeping people in check and a woman Leader of the Opposition and, much as none of us have any time for Badenoch, that was a remarkable moment.”

“The last time income tax was raised was 1975 - that’s 50 years ago. This has led to a ballooning of the number of measures in a budget from a few with a big impact to hundreds with small impacts. It is deliberate confusion.”

“The advantage of income tax is that it is progressive and you are pretty sure you will get money from it. Tinkering with many small measures can induce changes in behaviour that completely offset what you’re trying to do, so then you have to tinker more.”

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Brought to you by Naomi Smith, Alex Andreou and Kenny Campbell.

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