known to the bank of england, which is actually most of the money loaned during the during the pandemic. the second fiscal rule is all about boring, you only borrow to invest. you may be familiar with that phrase, it echoes back to when gordon brown was chancellor, the last chance to get the budget. , it hasn t happened since then. this is to invest in the day to day spending. overall, if you look at what is happening to tax levels, taxes under this conservative chancellor are now up at 36.2%, which is a higher level than we have had since way back in the 19505 and thatis had since way back in the 19505 and that is not really because he wants to raise taxes that much, it is dictated by demographics. with an ageing population, more money has to be spent on social care and health care, for example, so that is just something he is driven to do, but if you look at what is happening in this budget, overall, you have got spending commitments of some additional £38 billion, you have also got
last for months. but the economic picture is brighter than many had predicted and that means extra money for the government to spend. today s budget increases total departmental spending over this parliament by £150 billion. if anybody still doubts it, today s budget confirms that the conservatives are the real party of public services. jeering. there will be cash for the nhs to recoverfrom the pandemic, money to fund a wage increase for public sector staff, though no details yet, and money for transport projects, including a cut in tax for flights around the uk. controversialjust a few days before the climate summit in glasgow begins. this budget is a chance for the treasury to set out its vision of the economy after the pandemic and the chancellor wants us all to know that he is still prepared to spend money on big political priorities.
out of the pandemic particularly worse. they were more likely to see their incomes hit, more likely to lose theirjobs or be furloughed. those people are being hit at a time when their finances have not had the time to recover from the when their finances have not had the time to recoverfrom the pandemic. that is very interesting, isn t it? it is a question of what is fair between the generations and ensuring people are broadly paying a fair amount reflective of what they are getting out of society, what they may get in the future and we have talked about the benefit of higher education, but paying for it later on. the chancellor has a bit of a bonus because the post covid recession has not been as bad as predicted and the bounce back has been quicker. in terms of the question, what concerns you about who pays the bills for the extra
like it have bills. but obviously i would like it to have bills. but obviously i would like it to level off and get back to some like it to level off and get back to some sort like it to level off and get back to some sort of normality. people coming some sort of normality. people coming back into the offices is helping coming back into the offices is helping because a lot of the markets, we do our lunchtime and office based. but that s certainly not where office based. but that s certainly not where it was at before the pandemic not where it was at before the pandemic and it is only gradually improving pandemic and it is only gradually improving back to those kinds of levels just a quick word about housing, we have seen the budget announcements for building site. that has affected bristol for a long time, it is an expensive place to live and they have yet to build enough affordable housing. a lot of people keeping their eyes on that to see how it will change for peop
changes as you have student loans are repaid. just because it wasn t mentioned in the budget doesn t mean it isn t completely off the table. we will have to keep an eye out in the last daily macro next couple of months. the last daily-macro next couple of months. . the last daily-macro next couple of months. , ., , , .., ., , months. the budget has become a bit of a misnomer months. the budget has become a bit of a misnomer hasn t months. the budget has become a bit of a misnomer hasn t it? months. the budget has become a bit of a misnomer hasn t it? we - months. the budget has become a bit of a misnomer hasn t it? we have i months. the budget has become a bit of a misnomer hasn t it? we have a i of a misnomer hasn t it? we have a fixed point then it was shifting round to the spring and then the autumn, then we have the spending review thrown in. budget for spending, tweaks and changes here, like the duty on spirits and other alcohol and then change to universal credit with mateta