In this wall-to-wall budget special, Tom Clougherty, Daniel Freeman, and Dr. Kristian Niemietz break down Chancellor Rachel Reeves' first budget. They examine the major tax increases, including the significant rise in employer National Insurance contributions, changes to capital gains tax, and new measures affecting private schools. The team analyses how these changes impact Britain's economic competitiveness and discusses whether the budget's pro-growth rhetoric matches its actual contents. The discussion delves into the concerning trajectory of Britain's public finances, with both tax and spending set to be five percentage points of GDP higher than pre-pandemic levels by the end of the decade. The panel explores why this dramatic expansion of the state has occurred and whether it can be reversed, considering the limitations of previous attempts at spending restraint and the pressing need for meaningful public sector reform. Looking at the bigger picture, the team questions whether this budget represents a missed opportunity for comprehensive tax reform and meaningful economic change. They examine the similarities with previous Conservative budgets and discuss why the focus on public spending might not deliver the growth the government hopes for, particularly without substantial supply-side reforms in areas like planning and energy. We bring you a public affairs podcast with a difference. We want to get beyond the headlines and instead focus on the big ideas and foundational principles that matter to classical liberals. This is a public episode. If you’d like to discuss this with other subscribers or get access to bonus episodes, visit insider.iea.org.uk/subscribe