00:00Thank you. Good afternoon. One thing that was very clear to me watching the budget was that we are in an economic doom loop and no one seems to recognise it. Neither the last Conservative government nor this Labour government.
00:17She's managed to increase taxes in the space of just over a year, nearly more than any other Chancellor in history and they had much longer to do this.
00:28Well, we're very, very clear that we genuinely are on the side of alarm clock Britain because here's the problem.
00:36Who is going to pay all these increased taxes? Not just the frozen thresholds, they're bad enough, but all the other taxes, whether it's on taxes on taxes or whatever else it may be, basically working people are going to be subsidising a welfare bill that shows no sign of going down whatsoever.
00:58Indeed, I would very much sum up this budget as an assault on aspiration and an assault on saving.
01:07What she's done with voluntary contributions to pensions will, I think, kill off the SIP market, the self-invested pension plan.
01:16I think today's budget will literally kill that off and do damage to the private pension market, pretty much equivalent to what Gordon Brown did 25 years ago when he put tax on dividend earnings, which then couldn't be fully reinvested.
01:32Unnoticed, perhaps in some areas, dividend taxes up yet again. And, you know, why would you invest if you feel there's a never ending cycle of taxes on profits going up?
01:46My big prediction from this budget is that the exodus will continue. They've got rid of the non-doms. Well done. People that spend vast amounts of money in this country, that employ people, invest in people. They've gone.
02:02Many of our highest taxpayers. And bear in mind that 1% now pay 30% of all income tax. They're going. But worst of all, all of these signals from a government that literally doesn't understand business because none of them have ever been in business.
02:21And frankly, there are a few in the opposition who tick that box either. Don't be deceived by being told that bills will go down. The big reach out pledge of this budget, frozen train fares, yes, for those that commute.
02:37But energy bills, that's the big push for the government in this budget. Your energy bills will go down by £150. Bear in mind, this is the government that said they'd reduce energy bills by £300. And they're up almost exactly £300.
02:53Energy, clearly, is going to be at the centrepiece of everything we fight for and stand for over the next couple of years. We cannot have an industrial strategy. We cannot re-industrialise. We cannot invite significant investment, be it British or be it foreign, until first we crack the nut of energy.
03:14So we will come in with people that actually know what they're doing, the people who have worked in the private sector, and we will attempt to turn around attitudes in this country towards hard work and success.
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