This Is Money Show

‘Jeremy Hunt’s mini-Budget was like the tax part of the Corbyn manifesto with none of the benefits of the extra spending.’ That was This is Money editor Simon Lambert’s verdict on the Chancellor’s tax-hiking spree that painted a miserable picture of the years ahead, hit higher earners, and hammered small investors. In a blizzard of hikes – through threshold drops and stealth tax freezes – Hunt worked his way through a painful Autumn Statement, where good news was thin on the ground. The silver linings came from the government sticking by the pension triple lock and uprating benefits by inflation but the focus was on painful years ahead. Was this the right move? Why did Hunt feel the need to inflict tax pain – and spending cuts later on?  How did we go from Rishi Sunak as Chancellor with a margin to hit his fiscal rules to Rishi as Prime Minister with a fiscal black hole? Georgie Frost and Simon discuss these questions and more and look at what the Autumn Statement means for people’ finances on this podc

‘If they could tax the air you breathe they’d do it.’ That age-old moan about taxes going up has sprung to mind over the past week, as rumours about pretty much any tax you can think of being hiked were spread about. So many kites were flown about potential tax rises that even taxing selling your own home and bringing back the 50p rate were floated as potential Autumn Statement ideas troubling Jeremy Hunt and Rishi Sunak’s minds. If all this came to pass it would surely become known as ‘the everything tax raid’. But will it come to pass? Probably not. You get the sense this is a massive exercise in softening up the nation, so that when some but not all taxes go up on Thursday, people breathe a sigh of relief. Yet could this bout of not-officially-encouraged-but-definitely-not-discouraged speculation do lasting harm to the economy? Simon Lambert argues that case on this week’s podcast, where he says with sentiment already heavily depressed going into a recession, striking the financial fear of God into th

The tense situation between tenants and landlords is escalating: the former have seen rents spiral but the latter have faced a big jump in costs jump too. Meanwhile regulation has become a bugbear between the two sides, is there not enough of it or too much? What can be done to improve things in the rental market and have we come down too hard on buy-to-let? That’s the question asked on this week’s podcast, as Georgie Frost, Helen Crane and Simon Lambert debate the problems in the rental market. But before that, it’s time for Rishi Sunak. He was once the Chancellor tasked with calming our nerves during the pandemic, but now Rishi is the Prime Minister expected to settle things down after a bout of financial chaos. Will he be able to pull that off, soothe jittery markets, navigate Britain through a painful cost of living crisis winter, and somehow please the nation while taking money off people instead of dishing it out? The team look at what Prime Minister Rishi could mean compared to Chancellor Rishi

There's a new Chancellor in town and he means business. Serious business. After Kwasi Kwarteng tried to spread some joy to get growth going with tax cuts for all, Jeremy Hunt and the fun police have stepped in to stop the markets freaking out. The fallout from Kwarteng's ill-fated mini-budget has now claimed his Chancellorship and Liz Truss's Premiership - with Britain achieving the rare feat of losing two Prime Ministers in less than four months. But with Hunt's stern reversal of the tax cuts in place and a firm commitment to not come up with any more cunning plans that might upset the markets, is Britain now on a firmer economic footing. Or will our quest for yet another Prime Minister spell more trouble ahead? On this podcast, Georgie Frost, Helen Crane and Simon Lambert look at Hunt's rapid reversal of Kwarteng's cuts and whether they will steady the ship and prove a good idea. The team also discuss the decision to stick with the triple lock - an expensive promise the Government decided to keep, but

If you were asked to name a world-class place to surf, a field near Bristol isn’t the first location that would spring to mind. But this slice of the English countryside is home to The Wave, an artificial surfing lake that is one of just a handful in the world to use cutting edge technology and was the first of its kind. The Wave is the fruit of the ambitions of Nick Hounsfield, a pioneering British entrepreneur who wanted to build a unique business that had a positive social impact, with improving health and wellbeing for surfers and non-surfers alike baked in. For this special bonus interview episode of the This is Money podcast, Simon Lambert visited The Wave to meet Nick, be shown around and hear the story of his more than decade-long journey to get waves breaking and people riding them. It’s a fascinating tale, not least because Nick didn’t come from a background in property or business, but was an osteopath, who started with £500 in his bank account and managed to raise £27million to build his dream

When gilts hit the headlines it’s a clear sign that trouble has not only been brewing but has been unleashed. Government bond yields only tend to break through into the mainstream when things aren’t going well and they have been firmly in the spotlight since Kwasi Kwarteng’s ill-fated mini-budget. But what is a gilt, why does its yield matter, what’s that got to do with prices and why do we worry about such things? On this podcast, Georgie Frost, Lee Boyce and Simon Lambert, take a step back from the maelstrom to explain gilts, why investors worry about government bonds, what’s causing ructions in the pensions industry and what this all means for normal people. Chancellor Kwarteng has now departed – in fact, news of his imminent exit from the job while the team were recording the podcast, triggering a breaking news style interruption – but will Chancellor Jeremy Hunt fare any better (and last longer)? The team discuss why the mortgage market is key to the answer to that and also look at what first-time b

Rocketing rates have sent the average two and five-year fixed rate mortgage through the 6 per cent barrier. This is a level that would have been considered unthinkable a year ago, when there were 50 mortgage deals on the market at below 1 per cent. The Bank of England belatedly playing catching up with inflation has sent base rate from 0.1 per cent last December to 2.25 per cent now - and with inflation far from tamed and the US Federal Reserve going in all guns blazing on monetary policy, rates are likely to keep going up from here. But the catalyst for the past month's big jump in mortgage rates has been the turmoil triggered by the Chancellor's ill-received mini-Budget and the flurry of borrowing Britain will have to do to fund it. So, what happens next to mortgage rates, what should people who need to fix now do, and will this send house prices sinking? On this week's podcast, Georgie Frost, Helen Crane and Simon Lambert dive into the mortgage market to look at what is happening and why - and what bo

As markets went haywire and the Bank of England staged a bond market intervention earlier this week, it felt like a mini-financial crisis had been triggered. It has been an incredibly turbulent week for the UK economy as the Bank of England stepped in to protect pension funds, the pound hit a record low against the dollar before rebounding and lenders pulled mortgage deals to re-price them at far higher rates. So, is the UK economy in crisis… again? How much is the Chancellor's 'mini' Budget to blame? Or was this the culmination of problems that stem from the Bank of England? And what can the Government and Bank do now? This week, Georgie Frost, Simon Lambert and Lee Boyce tackle what has been a truly remarkable one in the world of personal finance with a message of: don't panic. Simon gives an economics 101 on why the pound fell and why the Bank of England stepped in, seemingly with a u-turn on plans for quantitative tightening. What is happening to mortgages? With lenders pulling deals and replacing th

In this excerpt from the This is Money podcast, Simon Lambert and Georgie Frost discuss why the mini-Budget has combined with last week's interest rates decision to send the pound tumbling and UK government borrowing costs spiking. Find the This is Money podcast's full look at the mini-Budget and what it means for you here

Britain's new Chancellor Kwasi Kwarteng delivered a blistering mini-Budget this week that was anything that small. A wave of tax cuts were unleashed. Some had been heavily trailed, such as spiking the National Insurance hike and a stamp duty reduction, but there were also two rabbits out of the hat: a cut in basic rate income tax to 19p from April and abolishing the 45p income tax rate too. Those tax cuts joined a wave of spending commitments, most notably the huge energy price guarantee bailout for Britain's households and businesses. Paul Johnson, of the IFS, said: 'Mr Kwarteng is not just gambling on a new strategy, he is betting the house.' On this week's podcast, Georgie Frost, Lee Boyce and Simon Lambert discuss what the going for growth mini-Budget means for people, how much they may save in tax, and whether it will work or cause the UK economy even more problems down the line. One thing was clear in the aftermath, markets didn't like the break from the orthodoxy that they saw: the pound tumbled b

The Bank of England is tipped to raise interest rates by at least 0.5 per cent this week, but the pound fell to a 37-year low last week - reaching $1.351, a level not seen since 1985. That comes against a backdrop of inflation edging down slightly to 9.9 per cent - taking Britain out of the double-digit inflation club - with a colossal rescue plan to save households and businesses from spiralling energy prices about to kick in. The details on that energy price guarantee rushed out by new Prime Minister Liz Truss - and how it's potential £150billion cost will be paid for - are still sparse, but are expected to be sketched out in more detail this week. Meanwhile, on Friday a mini-Budget is due to arrive with a rumoured round of tax cuts as Truss and her new Chancellor Kwasi Kwarteng go all out for growth. On this podcast episode, Georgie Frost, Helen Crane and Simon Lambert look at the pound, energy bills, inflation and interest rates, how all these issues connect and what could happen next? Also on the ag

This is Money's pensions guru Steve Webb racked up his 300th column answering readers' questions this week. Over the past six years, Steve, with the help of pension and investing editor Tanya Jefferies, has been guiding readers through the retirement maze - with his column regularly among the most popular stories of the week. To celebrate his 300th column, Steve joins Tanya, Georgie Frost and Simon Lambert for a special podcast episode to answer your questions. It's a dive into much of what you need to know about pensions, ranging from saving for retirement, to investing in your pension years and, of course, the state pension and triple lock. Among the questions on the agenda are: Is it better to put money into my pension or pay my house off quicker? Why do people retiring under the new post-2016 system get higher payments than me? My 41-year-old son has started a new job on a four year contract but there is no pension scheme, is that legal? My pension was valued at £94,000 last year now its worth £74

Belts are already being tightened but as bills head even higher more people will look to save where they can. But are there some things that you should avoid doing or cutting back on at all costs? Campaigns to get people not to pay their bills have obvious flaws, but what about only paying for the energy you use, diverting your pension saving elsewhere or cutting back on ditching saving or investing. Some are at breaking point and will have little choice but to do some of these things, but what about those who are still heading off on holidays, going out for dinner and drinks, or getting takeways in - should they hammer down on discretionary spending before stopping saving? In his column this week, Simon Lambert came up with his five false economies to avoid, but was he right to pick them? Simon, Georgie Frost and Lee Boyce discuss them on this podcast episode. Also this week's episode, are buy-to-let landlords all bad or a crucial part of the property market, will an electric car still save you money af

Inflation is soaring and if predictions are correct, it would result in the Consumer Prices Index measure hitting 13 per cent this autumn. That could result in a state pension rise of around £1,000 a year to £10,900 while even at the current level of 10.1 per cent it would be upped to £10,600. However, last year, the triple lock was scrapped. Would a new Prime Minister dare do the same this time around? Lee Boyce, Tanya Jefferies and Georgie Frost discuss. Inflation is hitting those with pensions in different ways, we explain how and Tanya unearths yet more errors at the DWP. She explains why – if you, or someone you know, was refused a state pension or given an unexpectedly low award when you turned 66 – it could be worth challenging.  Data also suggests that some workers are opting out of private pensions or reducing contributions thanks to the rise in the cost-of-living. Is that a wise decision? Outside of pensions, we had calculations this week that inflation predictions are undercooked and could ac

 Inflation is up again with CPI now measured at 10.1 per cent, the highest since February 1982, when Margaret Thatcher was Prime Minister.  How does this bout of inflation compare to then? Lee Boyce, Helen Crane and Georgie Frost discuss the higher than forecast inflation rate and what is driving it. With that rate of inflation soaring, a majority of economists believe another 0.5 percentage point increase in base rate is on the cards next month. But what would a base rate of 3, 5 or 7 per cent do to mortgage rates and property prices? Britons are estimated to have billions 'lost' in pension, investment and bank accounts – how do you go about tracking it down? And with thousands of students opening their A Level results this week, Lee reveals how he has already built a £10,000 investment pot for his three-year-old, in case she decides to go into further education.

Rising bills and the cost-of-living crisis are forcing many to dip into savings pots, if they have one to begin with. At the same time, with base rate rising to try and curb inflation, savings deals have become far better than they have been in the last decade. This week, Georgie Frost and Lee Boyce are joined by a special guest: James Blower, AKA The Savings Guru, who gives his take on where savings rates are heading next. With lesser known challengers paying the best rates, how do you know they’re any good? And should you fix now or wait? He explains how savings rates set, why big banks are slow to pass on base rate movements and with savings deals improving, James explains why a cash Isa might be a good home for your money once more. Elsewhere, times are tough with plenty of misery on the horizon thanks to rising energy bills. Latest predictions suggest the price cap could land somewhere between £4,000 and £5,000 a year. Much has been said this week about households, but what about businesses which a

The idea of the Bank of England raising base rate by 0.5 percentage points at the same time as warning about a long and painful recession would have been unthinkable a year ago. But things have dramatically changed and central banks are desperately trying to get a grip on runway inflation that just seems to keeo getting worse. Base rate has risen from 0.1 per cent in December to 1.75 per cent now and is set to keep climbing, but why trigger a recession to get inflation driven by outside forces under control. On this podcast, Georgie Frost, Tanya Jefferies and Simon Lambert discuss the rate rise and potential recession and what it means for borrowers, savers, the economy and our financial near future. Also on this episode, how can you prepare for the mortgage crunch as rate rises hit homeowners and Simon gives his tip on how to take the temperature of the property market... by looking at what's not selling. And Tanya gives an update on two important pensions issues: women's lower retirement savings and ho

This summer has seen travel demand rebound and for many, it could be their first overseas jaunt since before the pandemic. For that reason, there may be some rusty holidaymakers out there. But fear not, Lee Boyce, Helen Crane and Georgie Frost are at hand to help get you in the holiday mood (kind of). They talk about what you need to think about before a trip, from sorting out your passport with plenty of time to why it is imperative to have good quality insurance. It may not be sexy, but it is vital. Then, while you're away, what to think about in terms of spending money and little tips and tricks to save cash. We also ask if the days of cheap flights are over thanks to fuel price rises, whether chickenpox just before you go away means an automatic refund and more pearls of wisdom from decades of travel experience. Elsewhere, there are dire pension warnings linked to inflation. A new study believes that fewer than two in five households will be on course for a decent retirement due to the soaring cost o

In this special bonus This is Money podcast interview, Simon Lambert speaks to Barney Whiter, whose The Escape Artist blog helps others to try to achieve the same financial independence he has. Barney tells Simon what financial independence means to him, relates how he got there and his successes and mistakes along the way, gives some tips for budding FIRE savers, and explains why he still choses to do some work.