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How to fill the Chancellor’s hole - with Dan Neidle

The Rest Is Money

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Is a Smorgasbord of tax rises the best way to raise money? Should the capital gains tax rate be aligned with income tax? What about increased taxes on banks?

Dan Neidle is back to tell Robert and Steph what he’d do in the upcoming Budget. Plus, how Reeves was punished by the ONS’s crazy estimates of how much holiday we take.

The Rest is Money is brought to you by Octopus Energy, Britain’s smart energy pioneer.

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Video Editor: Dylan Bonham
Exec Producer: Bella Soames
General Manager: Tom Whiter

20 Comments

@akhil090579 4 hours ago

did anyone read the title and think wait...

@Anzo285 9 hours ago

I think Dan meant Mancini not Guardiola at the end there. Would love to see a guy like James Sinclair talk about tax with Dan Neidle. See what crazy ideas they could cook up to get the economy going again.

@davideyres955 54 minutes ago

another champagne socialist with their 100% inheritance tax like the little weasel on LBC. “Because it’s not fair and they’ve don’t nothing to earn it”

Well how about we close the loophole that lets these celebrity media types earn large wages and pass it off as a personal service company. All of them do it and ALL of them are avoiding massive chunks of income tax and NI. Over £150k salary at PAYE and you have no tax free allowance at all. Your marginal rate is 45% you’ve paid 40% tax from 50k to 100k and an effective tax rate of 60% on 100-125k.
These media types pay themselves £12570 tax free and then take money via dividends taxed at 10.75%. The people employing them avoid 15% employers national insurance. They are all millionaires because they pay substantially less tax that PAYE employees and they have the gall to say people who’ve worked for their money don’t get to give it to who they like because they’ve done nothing to earn it??? As if sitting on your bum for a couple of hours means you keep over 75% of your salary vs someone who picks up rubbish? I know who “earns” their money and who doesn’t.

@DavidBrown-ts2us 5 hours ago

They should get rid of the 60% marginal rate and replace with a tapered rate to get rid of the cliff edge

@bobsworth7082 3 hours ago

Steph's position on inheritance tax is hopelessly naïve at best and frankly idiotic at worst.

@Mute_Nostril_Agony 1 hour ago

A cross over between The Rest Is... crews on the Man City scandal and its sport, political, historical and tax/money implications would be great

@minimad8793 43 minutes ago

Such a straight laced guy is Dan, he is rather believable and knows his stuff.

@andyevans8585 1 hour ago

My biggest issue with economists today is that for 15 years they didnt believe distribution of wealth would be a problem and when others tried to raise it they insisted it wasn't going to be a problem. Now they all accept it and pretend they knew all along.

@CleanerMark 2 hours ago

If I buy stocks and shares, I’m investing money that has already been heavily taxed through income tax. So there shouldn’t be any capital gains tax on the returns from that investment when I’ve already paid income tax on the money I used to invest

@Stevenc1984 2 hours ago

Have you ever considered the phrase 'If you find yourself in a hole, stop digging'?

@rjstall3807 2 hours ago

Were the Tories wrong to reduce employees national insurance from 12% down to 8%, strangely enough that's 20 billion!

@hernebaybob 5 hours ago

I’d apply the 1892 Ricardo-Harcourt Capital Efficiency Method, prioritising investment retention, entrepreneurial incentives and productive capital formation over short-term tax yield.

@northeastern222 40 minutes ago

The chancellor should set up a Podcast called The rest is Government and get it sponsored by Fuse Energy...they seem to have a lot of money to chuck about!! 😁😁😁😁😁

@PJPJ1990 38 minutes ago

Everytime we come to the budget there is always is a black hole. What happened to reeves chat about creating a buffer. Labour need to cut spending. We need more people back into work. I would start with working aged benefits.

@Garry-o5x 1 hour ago (edited)

It's unbelievable that all the way through this it goes on about raising capital gains tax on big business and corporate, but always give an excuse why it wouldn't work as they leave.
But when it comes to small white van business it would be easy and they are costing the economy.
How about we raise the tax on big corporate and if they leave stop them from doing business in UK and all physical assets seized.
Would Amazon stop trading if they were making 20 billion a year instead of the 40 billion they make now plus the millions of infrastructure
Being seized?
Realise there's certain business models this could not be applied to but in the main it would.
If these businesses left it could be replaced by British firms who would take up the mantle.
Most of the country is run by foreign corporate who are draining the country dry from supermarkets to farming to tech, they are locusts who will devour everything and move on.

@PradeepMagan-i9w 10 hours ago

National insurance is a payroll tax and this is a tax on labour, this should be abolished and all taxes simplified so fist £20K is tax free snd you pay s maximum of say 30% tax

@fabioq6916 5 hours ago

The problem is not bankers or high salary people. It is mega asset owners who have no taxable income buy massive loan income

@froztbyte85 1 hour ago

27:00 Thankfully Dan is humble enough to admit he doesn't really know what he's talking about in regards to paying interest on reserves.
Superficially it sounds good, why are we paying banks all this money for nothing?
But in a supply-driven rates regime, which we've had since QE, you need a ceiling and floor policy to control short term rates - the floor policy being interest on reserves and the ceiling being the short term repo.
So while it may be an "expensive" policy, you risk losing control of short term rates which is antithetical to the Bank of England's primary goal.
And I'd rather not have the BoE lose control of overnight rates during a combined rates and inflation crisis.

@Cassp0nk 3 hours ago

The reason they set CGT at that level was to remove the need for complex indexation.

@blackbirds1983 1 hour ago

13:25 Most of the arguments about wealth taxes are based on vibes and jealousy about others having more than you. Dan is excellent on the subject as he brings facts, data, evidence and thinks about the second and third order consequences of different policies.