Martin Lewis’s Mini-Budget Instant Explainer

- Stamp Duty cut (Eng & NI) how it’ll work
- National Insurance & Income tax changes, how it affects you
For more information: mse.me/3BHvBhF

[@appoNo1]

Thank god, the bankers will survive the winter 😒

[@alistairmonaghan6515]

burn the bankers to keep warm

[@Whalewraith]

I was worried they might struggle 😕

[@jjefferyworboys8138]

Why worry about something you will never be ? A top Premier Division footballer earns more and you probably won't be one either ?

[@jjefferyworboys8138]

@@alistairmonaghan6515 Better still use Premier Division footballers, they get paid much more.

[@redboyjan]

They'll have a very merry Christmas while the people struggle to eat and stay warm. It's the tory way

[@chrisbluebird5037]

Very well articulated; I wish I had more time for trial and error, but I'll be 56 in October and I need ideas and advice on what investments to make to set myself up for retirement, especially with the looming inflation and recession; my goal is to have a portfolio of at least $500k at the age of 60.

[@joshspring7686]

You’re right! The current market might give opportunities to maximize profit within a short term, but in order to execute such strategy , you must be a skilled practitioner.

[@miawhitlock9140]

@@joshspring7686 Having an investment adviser is the best way to go about the market right now, especially for near retirees, I've been in touch with a coach for awhile now mostly cause I lack the depth knowledge and mental fortitude to deal with these recurring market conditions, I nettd over $220K during this dip, that made it clear there's more to the market that we avg joes don't know.

[@pigsbark4173]

@@miawhitlock9140 that's impressive!, I could really use the expertise of this advisors , my portfolio has been down bad....who’s the person guiding you?

[@miawhitlock9140]

@@pigsbark4173 The advisor I use is Wendy Helene Bennett, she's verifiable.

[@mesutserim1595]

@@miawhitlock9140 I just looked up Wendy Helene Bennett online and researched her accreditation. She seem very proficient, I wrote her detailing my Fin-market goals and scheduled a call.

[@tarana9329]

Thank you, Martin. I hear commentators are taking offence at your bank balance. I can say you are one of the few public figures who deserve whatever it is you have in there. You have served-actually served not just pretend served, us dutifully for years. I'd vote for you any day!

[@chrisreed3929]

I totally agree with you. You can be a critic of unfair fiscal policy that aids the rich even when you have money. Martin earns every penny he makes, which can not be said of a lot of the wealthy.

[@testingtimes7924]

We live in a very corrupt financial system. Martin is trying to tell you some of the truth about that financial system. As he appears on national television in the U.K., he probably has to tone things down ,so that no one is offended. I have no doubt, at all, that he is trying to tell the vast majority of people about the truth of the situation that they find themselves in.

[@dcpayne5264]

Being wealthy is irrelevant. It’s the social conscience you exhibit that makes the difference. If he was a billionaire, but continued to campaign for all, and advocate financial protections for those worse off, I couldn’t care. The problem is always with the mega rich who don’t want anyone else to see a penny!

[@morry427]

If Martin Lewis wasn’t successful with his personal finances, then his advice would be a lot less credible.

[@phild8192]

I find it odd that how someone got their money makes ANY difference. If they’re rich, pay more. Tax doesn’t judge what you do - just what you earn. I would hope Martin would voluntarily pay more, into food banks or something. I’m ok off, and I do, and I’ve got a lot less.

[@patmartin9727]

Thanks Martin, you work so hard campaigning and keeping us all informed in plain speaking.

[@B.L.A.C.K.O.U.T]

Or keeping everyone petrified of everything. This dude used to just be clear speak about how the machine works, with little hacks about softening those hit. Alternatives on how to avoid high rates etc etc. These days it's become scare mongering. Nothing coming from him is new and if you aren't already using commonsense to manage your finances this rhetoric will keep you locked in a horrible cycle. He's made millions from this. Take his advice or don't but don't think for one second he's here for you. All he's done is monetise financial fear. He's part of the machine he's telling you to worry about. No doubt he's intelligent. But his interests don't align with yours. Because as the vast majority of us and hamstrung by the zeitgeist, which is not knew, he is most certainly not.

[@JellyLancelot]

@@B.L.A.C.K.O.U.T Nothing about this is "scare mongering", its reality. He's just informing people of the current reality so they can make the most informed decisions regarding their finances. Nothing has changed. He's rich, so what? Just because you have money doesn't mean you inherently loose morality or cannot aid those in need. He's done nothing so far to raise suspicion and he still remains apolitical, infact he knows his lane very well and is very upfront about how he never wants to move frrom his lane. Your comment has the exact same edgy teenage energy as 'they were so cool before they came mainstream'.

[@B.L.A.C.K.O.U.T]

@@JellyLancelot I'm flattered you think I sound edgy and young. Unfortunately I am neither. And whilst you can, like anyone disagree with my opinion, for some reason you felt the need to take a side swipe? It is people like you that are unable to have a discussion which includes all sides and opinions. Smh

[@b62boom1]

@@B.L.A.C.K.O.U.T cool story Tory boy.

[@135Ops]

@@B.L.A.C.K.O.U.T His reporting of the truth is getting scary you are dead right there, but who's fault is that. You need to learn to not shoot the messenger. Hamstrung by the zeitgeist, do you realise how crass you sound?

[@johnbhoy2489]

Martin you are the only person working in media that is honest and has a conscience,such a shame the vast majority of Media do not possess the same qualities

[@jjefferyworboys8138]

He has a net worth of £123m, so he can afford it !

[@johnbhoy2489]

@@jjefferyworboys8138 True,but he doesn't have any of the Fascist traits his fellow media professionals possess,it is not immoral to be successful,it is immoral to be successful and piss on societies most vulnerable

[@ozzie2612]

@@jjefferyworboys8138 i don;t know what his wife sees in him

[@sharona5646]

Who cares what he earns, or what his wife sees in him! Jealousy is an ugly trait!

[@garrym5682]

Martin Lewis advised people not to look for new energy deals last winter and doesn’t seem to bear any responsibility for that.

[@nb6711]

Thank you Martin. You are the only person in the Media I trust, and understand. You have saved me so much money over the years. Keep up the great job.

[@Alibo400]

Be careful who you trust lol

[@irenemorley75]

@@Alibo400 That's why we trust Martin.

[@Alibo400]

@@irenemorley75 really 🤦‍♀️

[@Alibo400]

@Richard L great 👍

[@XeNeXX]

@@Alibo400why shouldn’t you trust Martin? Who do you trust? Boris Johnson and lizz truss 😂

[@JellyLancelot]

Thanks as always Martin and the lovely folks on the MSE team working hard to keep us all informed!

[@mikeroyce8926]

Martin, I wish we had a system that allowed you to be our constant Chancellor of the Exchequer regardless of which political party wins the elections. Somehow this feels worse than watching both Norman Lamont in 1992 and Alasdair Darling in 2009. Like you, I have studied economics at uni and although I genuinely hope the government succeeds in increasing growth, I am very concerned that the plummeting pound does not bode well. When mortgage rates rise, the number of unfortunate people having their homes repossessed increases.

[@patmartin9727]

Totally agree Mike, let’s start a campaign Martine Lewis for Chancellor 😀😀😀😀😀😀

[@reasonerenlightened2456]

Did he say that the government gambles with our money? Do they not know how to "grow the economy"? (The economy only grows when the human-consumer has money to spend!!!)

[@johnelliott9415]

It’s best not to watch MSM as it’s very biased and very lefty organisation cancelled my license ages ago just don’t watch TV far better that way, too many hypocrites to listen too 👍

[@Brodo007]

Martin, u are such a good man. I am nobody special, no opinions to give but my own. U genuinely fight for us all with passion and fire in ur very soul. From one existence to another, thank u so much. Its amazing there are people like u in this world and wish there were more like u. All this is meant for the team behind u too. Ure all awesome xx

[@salus1231]

Basically if you're well off, this budget has been tailored for you

[@DanTheStripe]

That's what you get when you vote Tory.

[@MinkieWinkle]

If you're a tax payer, contributing to the system. You are benefiting from the budget. What's wrong with that? You pay nothing in, then obviously you get nothing back when taxes are reduced. Don't like that, then start paying in. If can't pay in, then be grateful that there are those that pay so much, so you can pay so little. 🤷

[@liamjohnhawkins4212]

@@MinkieWinkleyou think only employed people pay into the system lol.... vat, council tax. Petrol duties the list goes on and on. Giving a higher percentage cut to the wealthy is not going to help the economy as can be shown by the reaction by the markets. And all he's doing is increasing the deficit. So more money will have to go to paying debt.

[@melgrant7404]

@@liamjohnhawkins4212 true

[@salus1231]

@@MinkieWinkle I know you probably value your Tory membership card above everything else, but this budget is still a naked exercise in redistributing wealth upwards

[@macartancaughey9993]

Martin you are working hard keeping us all up to date Thanks

[@reasonerenlightened2456]

Did he say that the government gambles with our money? Do they not know how to "grow the economy"? (The economy only grows when the human-consumer has money to spend again and again , in perpetuity !!!)

[@daz1uk]

A budget for the already wealthy, sickening really.

[@usynnstradler]

So they can create more jobs for the less fortunate

[@migsteele]

@@usynnstradler oh yeah because that's how it works... nonsense.

[@wesleywyndam-pryce4081]

Literally made Labour look like the good guys 😂 I agree it was the most sickening budget I have ever seen and even the whole world is laughing at it

[@wesleywyndam-pryce4081]

😂

[@Aco747lyte]

Thank you Martin, because you made this mini-budget easily understandable, explaining easily so we can all understand and, whatever age. Even my teenage daughters who have a loathing for mathematics enjoy listening to you. Your channel is a massive blessing to my family and doubtless many others. Very best wishes, with grateful thanks, Wendi UK 🌻

[@BB992]

thanks as always for clarifying things, infuriating changes, especially reducing the taxes on high eearners by 5%, but only 1% for the lower earners. Absolutely criminal.

[@evalon9129]

Yeap- or middle earners get squeezed most 🤦‍♀️

[@BB992]

@@evalon9129 yeah basically. It's so typical of this party. Give scraps to the masses and additional fortunes to the wealthy.

[@kaz555]

Tory's helping out their friends again 🙄

[@april-tui3524]

I think taking half of someone’s income is criminal tbh

[@BB992]

@@april-tui3524 that's a seperate discussion, one of which I'm actually closer to your line of thinking than you think. That's not what's being said though. Giving more back percentage wise to the rich than those barely living paycheck to paycheck is in my opinion, disgusting

[@DanTheStripe]

90% of the stuff you talk about doesn't apply to me, but as an Economics student I'm absolutely engrossed in it. You're a top man Martin.

[@peterclarke7240]

Unless you're very wealthy, it DOES apply to you- who is going to be paying off all this national debt the tories are recklessly getting? Why... It'll be YOU! Also, unless they're going to match every pound they lose from tax, NI and stamp duty (and we have no idea how they're going to pay for this, because they haven't told us how it's costed, and that's ASSUMING it's been costed), then that means less money going into the public purse on a recurrent level. That means less money for public services, which includes the NHS and the councils, which means rises in council tax or cuts to services. Also Also, The stamp duty duty won't encourage regular people to buy houses, because they're already beyond their means... But it WILL encourage the wealthy to buy more property as assets, which means a property bidding war with people who can always afford to bid that little bit higher, which means property values will shoot up, making home ownership, even for first time buyers, all the more expensive WHILE AT THE SAME TIME making sure that money doesn't go into the public purse in the form of stamp duty. So unless you're planning on walking into a £100,000 job straight out of uni, good luck with your future- you're going to need it.

[@twistsouth514]

To be honest, at this point you’re better off dropping out of uni and becoming a criminal. Playing by the rules will get you nowhere anymore. Society is over and the real life hunger games have begun, most people just don’t realize it yet.

[@themightytitan4157]

Studying economics but getting into debt to do it?

[@ennesshay5040]

the 2.52 vid 'Why Do Banks Make So Much Money?' and the 3.19 'How money gets destroyed - Banking 101 (Part 6 of 6)' by Positive Money [uk] plus the 3.25 'The Banker' by RobinHoodTax [with Bill Nighy]

[@MUFC1933]

Clown it will concern you

[@thisispw]

I think the country is grateful for all your work. It is much appreciated.

[@deborahwhatford9831]

Thank you for being the voice for the majority of the population. I'm dreading this winter.

[@april-tui3524]

Gas prices are falling so don’t despair too much, we only ever hear about the negative stuff.

[@TimelordUK]

Thank you again for being more concise and understandable than the government website

[@garyrobertshaw2202]

Cheers Martin and thanks for all you do to keep us upto date. Keep on at the government

[@garycarmichael8432]

So all these tax cuts are going to mean cuts in services. Hospitals, schools, public transport etc are all going to see more cuts.

[@russell.s4771]

The government’s tax receipts are currently far higher due to the increases in costs for fuel, goods and services.

[@garycarmichael8432]

@@russell.s4771 but they don’t want the public to scrutinise that. I’m sure that these receipts will be filtered off into other projects, you know, like Unboxed, or repatriation to Rwanda. I think the government are complicit in the steep charges for fuel and energy. They could have cut VAT but have chosen not to. The 5p cut in fuel duty earlier in the year was laughable.

[@russell.s4771]

@@garycarmichael8432 They definitely don’t want people to know that. They also definitely could of used the higher tax receipts on fuel to reduce the cost instead of handing out lump sums to all in panic because the media were screaming. I also agree that they played a significant part in this crisis although other governments have also created their own messes.

[@Gius3pp3K]

No, because there will probably be a massive rise in Council Tax

[@eleanorkidd5840]

Of course no mention of a cut in VAT, the only tax cut that might be helpful to low and no earners!

[@MrDazTroyer]

Well done Martin. Clear, concise and to the point as always. 👍

[@bigpants6121]

I'm sure the people who cant afford to eat or pay their energy bills will be delighted at the new stamp duties!

[@davefranklin9372]

It would be nice to see you on Charlie’s first honours list Martin - I feel your service to the British public more than warrants it!

[@dylanmckeith5500]

Thank you very much for your contributions to our nation Martin! And for such a quick response explanation video, very useful as always

[@mathewnicholls5881]

The Mps just basically gave them selves a 5% pay rise

[@jjefferyworboys8138]

Mick Lynch too !

[@jasonuk8333]

@@jjefferyworboys8138 Pretty sure Mick had no say in this budget.

[@edwinromilly4645]

Yes and don’t forget their lavish pensions !!!oh and claims when there away from their main residency in expense claims!!! Now this may come as a shock to you, but it turns out that some of the chappies running England may be on the fiddle. Union group UNITE have released a list of 70 MPs with proven links to private healthcare providers - and here’s the rum bit - all of these MPs voted in favour of the recent Health & Social Care Act, a bill that went a long way towards privatising swathes of the NHS. mmmm🤔🤔🤔

[@edc1569]

that's not even keeping up with inflation, we need to pay our hard working MPs better.

[@alfsmith4936]

@@jasonuk8333 No but you're supposed to dislike him because hes got a few quid. I'm not sure where the logic is either.

[@oldcodgerplaysgames9610]

Germans spend 8 billion to nationalise a supplier. Kwarsi spunks 60 billion to keep the energy bosses bonuses up for 6 months.

[@Durnyful]

& it's our debt... & our children's debt, & their children's debt. No time to stop digging the hole.... Best fill it & cover it in blood with a big war 👍

[@vinnparaffin6082]

Shovelling taxpayers money into private hands (and others),it's plain to see!

[@petercrane2560]

The UK could have spent 11 billion to re-open the closed power stations and have them up and running within a year...imagine the jobs n more taxes going to government eh!! Instead...our new crime minister has decided to conjure up 18 billion out of thin air to help 'we the people' pay our bills for the next 2 years and line the pockets of said energy companies, so I guess we'll be in the exact situation we are in now, only then!!! This will lead to economic collapse even sooner mate!!!

[@JK-gm3ej]

@@petercrane2560 I’m not sure it’s the money stopping nuclear plants being turned back on. I think it’s a bit more technical than that. I did hear that there was a plan to build a lot more over the coming years though, if that helps.

[@AnthonyWilliams-ew3wp]

I don’t believe it is the business of government to have a say in the remuneration of employees of a private business

[@stephaniehenderson6631]

Very well explained, thank you. Just a note to say that tax is not a bad thing, it goes to pay for essential services and protections that we in this country benefit from. The distribution of the tax burden will always be controversial, as will any government borrowing necessary when taxes are not enough to pay for those services and protections, but tax itself is a great thing.

[@europainvicta3907]

At last! A brexthick benefit. The bankers get uncapped bonuses. It was worth it after all.

[@inderjitchander1229]

Thanks for this summary Martin. Really appreciated.

[@Tdr-jv2nc]

Was so worried about the rich people so pleased they are going to be ok

[@caz2634]

Haaaaa funny, sarcastically said ... great sense of humor

[@christinecraig7473]

It's such a comfort isn't it. Knowing that they will be ok.

[@april-tui3524]

Well they pay most of the tax so don’t you want them to stay, keep their jobs? These new tax rates are the same we had under Labour.

[@naureen4justice991]

What an angel you are Martin! Thank you. Well, I am over the moon about the budget. I’m living the here and now and praying for the future.

[@alapone9996]

The best and only place to come, straight-to-the-point breakdown as always.

[@prodriveress]

Thank you for all your efforts to not only keep us informed, but to also try and get the politicians to see sense! ! We all very much appreciate it.

[@roberthuntley1090]

Many thanks for the support you provide to us all. One extra change I noticed (seems to be buried in the small print, you have to search for it) - the additional 1.25% added to dividend tax this year (another part of the Social Care Levy) will be scrapped from next April.

[@reasonerenlightened2456]

Did he say that the government gambles with our money? Do they not know how to "grow the economy"? (The economy only grows when the human-consumer has money to spend!!!)

[@april-tui3524]

Don’t you mean national insurance? That’s not the same as ‘dividend tax’

[@roberthuntley1090]

@@april-tui3524 No. As well as the National Insurance increase, they also added a 1.25% supplement to dividend tax as part of the Social Care levy.

[@april-tui3524]

@@roberthuntley1090 oh so they added it there to make sure those avoiding NI by taking larger dividends and small salaries didn’t avoid the levy? If they’re taking it away from NI seems fair to take it away from the dividends taxes too though. The levy itself is wiped, right?

[@roberthuntley1090]

@@april-tui3524 I guess that's the reason. Also to target wealthy pensioners since you don't pay any NI on pension income.

[@charlievernon4064]

The threshold for income tax should be raised to a minimum of £20,000 to £25,000

[@jjefferyworboys8138]

That would be nice.

[@AnthonyWilliams-ew3wp]

Why should 50% of the population be freeloaders on the back of the rest of us?

[@ThatGuyThanus]

Be better to tax rich people more..

[@AnthonyWilliams-ew3wp]

@@ThatGuyThanus why? We already pay 98% of the total tax rake. How about pulling your weight?

[@manofbeard]

@@AnthonyWilliams-ew3wp your paying 98% of the total tax rate? 🥺…… 🤣

[@beverleyhirst9380]

Does nothing for people who are not earning or don't owe or are likely to own a house, those that need help the most. Thanks Martin

[@Thirdfish]

Those on benefits get enough, most are sat on their arses all day watching TV,

[@bluesdoc737]

@@Thirdfish Typical Tory response, hope you have a tough winter..... though would doubt that.

[@Onidax]

Of course changes to income tax won't help people not working, because, err... they don't pay any tax to start with

[@ivanhoe6366]

Agree. A vat cut would be nice.

[@ivanhoe6366]

@@Thirdfish maybe referring to retired. 🤔

[@alifelessordinary8935]

Thanks Martin - you are the best chancellor of the exchequer we have never had! You have the people's backs more than any MP ever has.

[@lisaduffy8224]

Thanks Martin, now to hope that the rate will go up to £15,000 before we start paying tax

[@martynsmith8120]

It should be £50,000 given the cost of living increased and paid for by taxing people earning over £100,000 at 100%.

[@dazmurph]

They froze the amount before tax for 5 years when we was in COVID times. The personal allowance was increased to £12,570 for 2021/22, up from £12,500 for 2020/21. It will remain at this level for the following four tax years, up to and including 2025/26.

[@alan_davis]

@@martynsmith8120 then why would someone being paid 200k go to work for the 2nd half of the year? Don't quit the day job...

[@dianehosler2552]

Martin, just seen you win the award on tv, WELL DONE!!!!

[@kelllefae3026]

Martin never knew he'd be a hero of our times....

[@stewartwallwork6505]

He isn’t

[@TheMillieBurton]

This is a relief! I was pretty worried about how those rich people were going to cope!

[@nearlythere9443]

Phew, what a relief. I earn over £150,000 a year and am just buying a new 6 bed house. The money I am going to save will let me buy more champagne for the house warming. You are of course ALL welcome.

[@daniel.wilkinson]

You must be an NHS consultant, well deserved.

[@kevinsyd2012]

At least you will stay in the UK to buy your house and not relocate to a low tax country and then pay zero in UK tax

[@johnw2758]

Don't forget the 1.25% on the NI you're saving.......every bit helps 🙂

[@gwarlow]

@Nearly There Cheers. What’s your address? ;-)

[@Chills124]

@@kevinsyd2012 Still waiting on Ireland to be richer than the whole of Europe with all their tax incentives, oh wait.... Having moderate taxes is the way to go, which in fairness is probably what we had before this, you would have more of a point if you were looking at tax rates in the 50s, 60s & 70s.. 5% cut at this moment in time is irresponsible especially for high earners, they are more likely to shovel this into stocks and shares whilst at least cutting taxes for the middle and lower brackets encourages spending on everyday essentials, phones, recreation, holidays all of which would better help the economy than 5% more going into buying up US shares

[@abnwtfwc07]

Martin, you are a King, and I won't have anyone tell me any different.🙌

[@SevenEllen]

That's nice. :-) Martin, the REAL king of England.

[@erakelly]

Good morning @Martinlewis I was just in spotify and listened to your podcast. It's a great learning podcast. Hopefully the next few episodes will not music on as I can't hear your voice very well.... I really just love to listen to what you have to say without the noise of the music. Just hoping. Thank you for all your advices you are doing us your followers a massive favours. It's because of you why I am in NS&I now and looking forward to your emails every week for the best interest paying bank! 😉

[@JJ-zo8sh]

Why did they not just increase the annual allowance. If that was increased to £20k then it would save people who need the money just under £1.5k a year. Instead they have helped the best off. It’s a disgrace. Cutting additional rate tax is going to hit the government budget harder than it would’ve to raise the allowance or reduce basic rate by 5%

[@kevinsyd2012]

The tax cut from 20% to 19% will benefit the lower paid more than the wealthy. Why complain? Abolition of the 45% rate means that the wealthy stay in the UK to pay tax rather than moving elsewhere and pay zero tax in the UK

[@wesleywyndam-pryce4081]

Should have known as soon as Therese Coffey was promoted to Deputy minister we would be seeing a government only for the most rich in our society it's an utter disgrace this budget and almost collapsed out whole economy just to make a few bankers get a bigger bonus this winter is going to be hell for this country

[@johnellison3173]

I honestly don't know how anybody can afford to buy a house. I work full time and its never going to happen.

[@MrShell311]

Work harder

[@johnellison3173]

@@MrShell311 Did you not read my comment. I already work full time you pleb!

[@johnellison3173]

@phillip wareham At least it gets done. Ive been waiting for the council to fix my windows going on 2 years.

[@kevinsyd2012]

Work harder. You either earn to little or spend too much on crap.

[@johnellison3173]

@@kevinsyd2012 Ofcourse. Jusy get a better paid job. Why didnt I think of that.

[@ankurkaushik7205]

Really crisp and well explained. Kudos !

[@anndarling9102]

Thank you Martin for all your good trips we paid off our mortgage before we took early retirement so we didn't have any big bills and enjoy ourselves now .

[@owent1166]

Thank you Martin. As you know the people at the bottom of the financial ladder are going to be ruined. These people are dependent on public services and are presently experiencing 11% inflation (which may increase further or be sticky) and they have the least window of financial surplus to absorb such increases in prices. Even if this Tory plan works by the time growth is seen and money begins to come back into the communities where people need it most then the poor will have already been decimated. Sure it will be better for the middle to high income earners as their salaries may increase however by the time that money begins to ‘trickle down’ to the poor then the poor already will be without a home, in a even deeper hole to climb out of and utterly demoralised. Honestly a hunger games society is looking increasingly realistic by the week.

[@stewartwallwork6505]

Gobbledygook

[@jamescaley9942]

There has been a long term trend to move away from direct taxes to indirect taxes, i.e. taxes on consumption. Or "sin taxes". This is what disproportionately hits the least well off. What we need is a core inflation measure for the essential items only: food, energy, housing. I.e. the spending we cannot avoid.

[@owent1166]

@@jamescaley9942 That’s why the RPI in a better measurement as it incorporates those costs. The BOE previously used this as the metric for consumer inflation however they changed to CPI a few years back. The RPI is more representative of what the average person experiences and at present it’s 12%+… I wonder why they don’t focus on that…

[@eskimo4130]

My thoughts exactly. It seems like a roll of the dice, and even then it requires this plan to be adhered to by following governments which i doubt will happen.

[@owent1166]

@@eskimo4130 I agree, I think that’s exactly what it is, a roll of a dice. They have to gamble with this because if it hits then they will remain in power, they already know if they don’t then they will lose the next general election because it will be a miserable time for everyone and they will be blamed for having gotten everyone into this mess. If they can roll the dice now and hit then it may very well salvage them and people might be willing to give them a few more years to see their plans unveil.

[@Andy.Gledhill.Models.]

Thanks for the update Martin. I have also just heard that the government has announced that from April 2023. They will be rolling back the IR35 legislation that came into force in 2017 & 2021. They will be reverting to the old rules. I am a HGV driver. I work for an agency. I used to have my own limited company. I was allowed to claim certain expenses. These expenses were off set against my pay, and I paid less tax as a result. But last April I was forced to close down my limited company due to IR35 and move onto being employed by my agency. This was because I only work for one client, and nobody else. This change meant I can no longer claim expenses. But I do now get some form of holiday pay and statuary sick pay. But I still have to pay for my own equipment such as Boots, Gloves and Driver CPC Courses. So I am not sure that I am better off. This change in IR35 could have serious consequences. I don't know if we will be able to go back to having a 1 man limited company again.

[@tristandrew5903]

Great video, love the work Martin does. I'm hopeful he'll do a programme soon on what I believe to be as big a potential medium term issue as the immediate energy cost crisis; mortgages for existing owners. A lot of middle earning and working families will see their fixed deals with 6 figure balances outstanding expire over the next couple of years and based on forecast interest rates (4% 2022 base level) could see their monthly repayments increase by as much as the energy would have before the cap - £200+. A middle earner on £30-50k might see c.£60 per month back from tax cuts but are most likely faced with being net £150-250 further out of pocket than now when this happens but everybody is focussing on the here and now. I sympathise this generation has enjoyed rates far below historical averages and should do affordability stress tests, but you also consider that it was only the interest rates being low that enabled many younger generations to finally get on the ladder as house prices are so high, also assisted with H2B scheme to combat part of the mega deposit needed. Some of these people will invariably end up out of homes as the monthly repayments becomes unaffordable, now in addition to the deposits and are back to square 1 or -1. It all hinges on how inflation pans out and whether interest rates can be kept low but it's a very worrying outlook for the next 5 years for all lower and middle (which will become lower as planned) living standards. They say it's about 2.5% gdp growth in future but that needs to come from demand as well as supply in med-term and if the people with a high propensity to spend disposable income have a decade of that being redirected only to their bank to fund bonuses I think it's goin to be a bit of a constraint!

[@repentmaster2842]

Many thanks for the explanation. This is super helpful!

[@grahamsmith2022]

Just what we need,Reaganomics from this lousy government because it worked so well in the 1980's................

[@hmq9052]

Thanks to all the northerners who voted Tory. The Surrey stockbroker belt salutes you 🖖

[@redboyjan]

Yeah and the SNP bellends too

[@dekmackie]

@@redboyjan the SNP look after scotland very well thanks 😘😘👌👌

[@redboyjan]

@@dekmackie yeah but undrr the tories you get far far far less than you would without the tories. And it hands them the keys too. Stupid

[@firstknight6057]

What and liebour would screw us even more while giving everything to the black n tans including your daughters

[@carlospagi]

Thanks for all you do Martin. Top man. :)

[@suenettleton2286]

Thanks Martin well done keeping us informed keep up the good work

[@karlmoore1837]

As always we hope for the best but prepare for the worst. Appericate your work Martin, I feel like we would all be better served if you were in No 11 or the Bank of England.

[@jjefferyworboys8138]

I thought you didn't like rich people ? Martin Lewis appears on the Sunday Times Rich List with a worth of £123m ! Did you know that ?

[@onlyme9254]

Can't wait till next April when I'll have a pocket full of pennies! Thanks kwasi!

[@sue9545]

Excellent explanation, thank u.

[@train2203]

Thank you for explaining, you make it easy to understand :)

[@K4rmaRules]

Punishment for disabled and single parents because of UC changes. Nothing for people on legacy and everything towards trickle down economics. Madness.

[@peterconway8442]

get a job.

[@wilmaflinstone7650]

@@peterconway8442 Get a 🧠.

[@fatbelly27]

@@peterconway8442 I've got two. Still can't afford to pay my electricity bill

[@redboyjan]

It's not madness for the rich, the best mates with the tories. It's what the people voted for once again

[@petercrane2560]

@@peterconway8442 Wished I could...I'm laid on me back asleep for most of every day after being vaccine damaged and acquiring Narcolepsy. 23 years a registered nurse for the NHS where I got the flu jab to protect the NHS. Been on sickness benefits since as I had to leave my lifelong nursing career...contract terminated as I was a liability (the NHS's words not mine). I was 46 years old with kids, a mortgage, debt etc!! Everyone has a story mate..ya just need to start listening instead of standing in judgement!!!!

[@WringtonGamer]

Good to see that the Tories are looking after the already well off and saying tough luck to the common person. :(

[@CD62887]

Thank you. Great explanation 👍🏻

[@davidmalpass7129]

Sir Martin Lewis Thank you.

[@debbiecclark6538]

Thank you for saving me from listening to the whole clap around this. The NI will help me to slightly offset my huge fuel bills. But feel the wealthy are still better off !!! Where do the pensioners gain here?

[@johnw2758]

I'd rather pay the NI and have the energy bill I had last year. They have actually given us nothing. The NI was going up 1.25%. so by not putting that on they haven't 'given' it us. It's a financial con trick.

[@mr.afrikaans1747]

Next year is too late. Any changes taking place/are being announced should happen imminently. What a horrible tease it is when you hear that the tax rate is being lowered yet it won't be until next year. We're all suffering now! Nonetheless. Thank you, Martin & MSE Team.

[@darrenlamb6279]

The savings most people will make are minuscule anyway

[@glennwhitlock1272]

And what are the chances that Truss and Kwarteng will be out next year and their replacements will be reversing the reversals

[@jananilcolonoscopu4034]

Perhaps you're one of the super rich that will benefit from these appalling tax changes then?

[@chrisharperbpool]

So far no one on my friends list if going to better off after this .. it's all noise.. helps no one at all on low incomes, renting properties.. complete bullshit from the tories again !!

[@Andy.Gledhill.Models.]

@@chrisharperbpool It depends what you class as low income. My personal allowance is £13830 because I get the marriage tax allowance transfer. These changes mean I will pay less tax from next April. I will also pay less National Insurance. Plus I can earn a lot more before I have to pay National Insurance in the first place. It means that you do not have to pay any tax until you have earned £12570. Plus I will not have to pay National Insurance until I have earned over £12570 either. The rate at which you pay National Insurance has raised by over £2000. I fail to see how that does not help someone on low income.

[@royquatermass7593]

Well put in an easy to understand way many thanks

[@javaxcoreable]

Thanks for this breakdown.

[@time4leasing]

Thank goodness we have Martin to explain this in simple terms.

[@johnmccann5104]

Definitely a TORY budget 😉🇬🇧

[@time4leasing]

@@johnmccann5104 If you were the Chancellor for a day, what would you propose?

[@johnmccann5104]

@@time4leasing A budget for the majority not the minority... Why they haven't put a windfall tax on energy companies (as the rest of Europe has) seems an oversight.... Scrapping the 45% tax rate will only benefit the mega rich... And cutting tax by 1% but bringing it in in the spring when people need every penny now seems odd... And the red herring of capping energy at £2500 is better but still double what it was last winter...

[@time4leasing]

@@johnmccann5104 You made some good points and it does make one wonder about these energy companies.

[@johnmccann5104]

@@time4leasing In truth most budgets are the same... What they give with one hand they take back with another... I think many will seriously struggle this winter unfortunately

[@imagecollections6665]

You say these measures are putting money back in people's pockets....energy costs are double what they were last winter.

[@gerry2345]

I like this vid.. Good insight and Good explainer..

[@valerierooney1299]

Thank you Martin for explaining 😊

[@georgeholmes1837]

Is anything for pensoners as we are on fixed income but our costs still go up. any help on the horizon.?

[@markhamilton8491]

Martin, you are a legend

[@davidfellows1650]

Thank you Martin for educating us

[@shaunfinch6013]

Thanks for the update

[@thomasewen6108]

Why doesn’t the Gov increase the minimum wage? £9.50 for those aged 23 + The Gov should pressure on industries like catering & hospitality which pay low wages and avoid paying full tax.

[@fatbelly27]

Because that would help the lower paid and remove them from Universal Credit

[@mrg8537]

The minimum wage has generally increased above inflation for a number of years

[@appoNo1]

This is class warfare. Plain and simple.

[@alexanderfosterdesign1608]

It is an economic act of self harm. Even high earners will be affected as the falling pound will erode their purchasing power massively.

[@jjefferyworboys8138]

Reducing income tax is class warfare ?

[@redboyjan]

It's the tory way. Still, the gammons love em coz they hate foreigners. So we are stuck with them yet again

[@jananilcolonoscopu4034]

Yep. Nobody seems to give enough of a hoot to do anything about it though, so I suppose you could say people in this country have gotten exactly what they deserve

[@redboyjan]

@@jananilcolonoscopu4034 oh its well deserved. Brexit made sure it'll continue regardless

[@richardh8082]

Always with integrity thank you Martin

[@oasis4life014]

Thank you Martin ❤

[@johnparton2209]

Thank you very much Martin, most appreciated. As I see it, the higher earners will be much better off than the lower earners, anyone not paying tax or national insurance eg. Pensioners will be no better off whatsoever, so the people who need it more will get no help at all, so thanks for nothing chancellor

[@april-tui3524]

As he said, the issues around energy bills have been addressed and that WILL put more money in your pocket and all of us on lower incomes. Everyone will have more in their pockets since Truss announced all these things, including the poorest. That includes those with much more money too though. Let’s hope they spend it rather than save it. The top tax rate is the same as it was under Labour.

[@Jerec]

Its always the middling people like myself that seem worse off when it comes to these cuts, earn too much to not benefit one end, and dont earn enough to benefit at the other.

[@-Rickster-]

A friend is on tax credits and is facing the exact same problem as us. The more they earn the less effect it has as it goes in tax credit/taxes as our family are now in the 40% tax threshold

[@lj86johnson24]

Agree 100% - i've just commented saying that this is the first announcement to actually have any benefit to middle-earners (other than the £400 rebate that all households received). My partner and I bought our house 2 weeks after the COVID Stamp-Duty exemption ended, so paid full whack. That house is Council Tax band E, so doesnt qualify for any additional help. Our bills have risen as much as anyone elses. I find it funny how one of the founding principles of the Conservative Party is meant to be to reward those that work and contribute, yet those in the middle have been neglected up until now. There's a massive gap between someone who earns £50k and someone in the City who earns Millions, but sometimes I think the broader public perception is that anyone on more than £30k is much more comfortable than they actually are.

[@alfsmith4936]

That's the point.. Nobody will feel sorry for you and hopefully you will blame people further down the ladder, while you aspire to drink Champagne and laugh at people like you.

[@adamboots1]

Thank you so much for your help. Quick suggestion for you tube blog volume/sound quality, use Shure SM7 (all the other podcasters use it it seems)

[@crumbschief5628]

Oh dear, 4 days in and the increase in government debt has made the markets nervous with knock on effects. You are right in some ways to stay out the economics, but I think hindsight is going to throw a curve ball. PS, thank you for every thing you have done over the years, I wish our politicians were was thoughtful as you!

[@ajtame]

So 1% for the poor and 6% for the rich, seems normal.

[@jjefferyworboys8138]

Do you realise that 90% of all income tax is paid by the top 50% of earners ?

[@kevinwall795]

No. Poor pay NO tax. Middle earners 19% income tax and 'rich' will pay 40% income tax.

[@vinnparaffin6082]

@@jjefferyworboys8138 ........now where did I put my violin?!

[@dekmackie]

@@jjefferyworboys8138 how about they pay 100%?

[@DianeD862]

Give this man a Knight Hood.😊

[@ianbird6997]

Thanks Martin for the update 👍

[@battmarn]

Thanks for explaining this Martin I can't wait to spend my extra £300 on fuel

[@roxammon5858]

Martin, many thanks. But what about the Stamp Duty on second homes? I assume this will still attract the 3% surcharge?

[@wesleylang172]

Exactly how does this affect people just rushing out to buy a second home.

[@AnthonyWilliams-ew3wp]

Unfortunately we are still hit with the 3% from £1. Never mind. Just build it into the rent calculation to ensure you achieve the required yield.

[@roxammon5858]

@@AnthonyWilliams-ew3wp Yes, thanks.

[@kelbee8974]

Lots of help for the RICH, nothing for the POOR..... disgusting

[@akz4634]

Thank you for this !

[@alanhat5252]

Thank you, that Parliamentary session was very confusing.

[@gordonglass8756]

Insufficiently taxed banker bonuses caused the 2006-10 crash. We've learned nothing.

[@mrg8537]

But now we have bankers where there basic salary has increase 3 or 4 times what it was. The bankers weren’t receiving less pay, it was just more was guaranteed no matter how well they performed

[@mellisabakker8524]

You're correct Martin but the best way to save money is going into investment and to be successful in markets, traders should understand the crossover between asset classes & liquidity flow. Paula David focuses on Multi-asset trading, a single strategy to manage risk, profit, and the code or the actual decision-making across multi-asset classes. Her skills set is top notch.

[@henrysimon7213]

I'm a bit perplexed seeing Paula been mentioned here. Didn’t know she has been good to so many people.

[@michaelparas1499]

Great to see you guys talk of Paula, while trading with her i learnt how to utilize the volatility in trading and i make gain despite the price chart.

[@marklingard7705]

Have heard so much about Paula and her exploits in the world of trading but i have no idea how to reach her

[@mellisabakker8524]

@@marklingard7705

[@mellisabakker8524]

*investwithpaula*

[@psmuk19]

its always been good how you have kept us informed, even more so now we are in the global cost of lockdown crisis

[@peetthefeet]

useful practical advice as ever from the MSE. . But its worth pointing out that the Mini Budget mainly simply mirrors inflation by its enshrinement in thresholds. No wonder the £ has dropped so sharply.

[@ascgazz7347]

How many houses are there available for under 250k though? …like, houses/places you actually want to live in?

[@paulwood5803]

Just how much more superior and supercilious can you be? This is aimed at those with the least disposable income, if you are in the market for houses over £250k then you are not exactly struggling. Obviously you are all about me, me, me.....

[@edc1569]

loads up north, but supposedly the south gets everything....

[@ascgazz7347]

@@paulwood5803 how on earth did you get to your conclusion from my comment? 😂😂😂🤷🏼‍♂️ Bizarre. You totally misunderstood my words, and then got angry at me about your own ill perception. Amusing but odd. I’m on disability benefits mate. TELL ME HOW IM ALLOWED TO BUY ANY HOUSE OF ANY VALUE you absolute clown. Tell me how I’m supposed to even save for a flat. What a muppet.

[@ascgazz7347]

@@paulwood5803 seriously. I still can’t work out what you THOUGHT I said…? Can you try again, maybe this time address me like I’m somebody you want to talk to, rather than scrape off your shoe. 😂😂😂😂 After all, you did hit “Reply”. I just don’t know why. Seems like you’re in a bad mood, and it wasn’t my comment that got you there… you didn’t understand OR ASK ME TO EXPLAIN, just got abusive instead. You’re awesome. I hope you don’t have kids though.

[@ascgazz7347]

@@paulwood5803 “how superior and supercilious” can YOU be? 😂😂😂😂😂😂 I can tell you how wrong you can be… VERY. 😂

[@karazor-el9596]

any explanation why the £324 autumn payment has been shelved i asume it's because they went with the £2500 freeze or beacuase it was a sunak policy

[@wilmaflinstone7650]

Mark H it shouldn't be shelved.

[@bobbob-wz7tl]

@@KD-os7kv October 1st is when they payout.

[@karazor-el9596]

@@KD-os7kv payment dates have to be 2 months in advance so even if it isin't shelved the earliest date is end of january

[@karazor-el9596]

@@KD-os7kv the qualifying pereiod would have to been announced last month for any autumn payment

[@karazor-el9596]

@@bobbob-wz7tl lol they haven't even released the qualafying date yet there is no COL payment in autumn

[@cobrafinancialsolutions1039]

Great video!

[@dearone1]

Thanks as always Martin, it's always nice to hear proper discussion of actual facts. Your work is so vital right now.