The UK is in recession – but for how long?
Spectator (UK)Feb 22
The Facts
Chancellor of the Exchequer Jeremy Hunt has announced a two pence (p) reduction in employee National Insurance as of April 6, from 10% to 8% of annual income, as part of the UK Government's 2024 Spring Budget.
The High Income Child Benefit Charge threshold will be raised from £50K (US$64K) to £60K ($76K), and repayment halved until an individual earns £80K ($102K) or more. Fuel duty's temporary 5p cut is extended by 12 months and the Energy Profits Levy is extended to March 2029.
The Spin
Pro-establishment narrative
While Jeremy Hunt's budget lacked surprises and promises of an economic revolution given current financial circumstances, the Chancellor's message was certainly clear. The UK, despite all the ups and downs, is back in safe hands — slowly but surely rebounding from years of turbulence. Hunt remains a staple of professionalism and trust within the Conservative Party.
Establishment-critical narrative
Hunt's budget can only be viewed as devoid of reality and deeply out of touch. While children remain hungry and public services continue to be desperately underfunded, the Chancellor instead attempted to portray light-touch changes in taxation as the solution to a cost of living crisis. The budget merely reaffirmed what's already well known — the Tories are on their last legs, and it is time for a change in government.