scrapping, £2 billion. that s about £115 billion in tax cuts, and on top of all of that, don t forget the household energy scheme. £62 billion for a full year, and the business energy scheme, £29 billion at six months more if it s extended. so, who benefits? this is the type of analysis the government says it is not very interested in. we ve split the country into income groups. there is a clear pattern. the assumption from government is that giving the richest section most of this money back will help the economy grow for everybody. so there are big choices here. but let s give it some historical context. let s get all the biggest tax cutting budgets.
scrapping two billion. that s about 45 billion in tax cuts and on top of all of that, don t forget the household energy scheme. 62 billion for a full year and the business energy scheme, £29 billion, six months more if it s extended. so, who benefits? this is the type of analysis the government says it is not very interested in. we split the country into income groups. there is a clear pattern. the assumption from government is that giving the richest section most of this money back will help the economy to grow for everybody. so there are big choices here. let s give it some historical context. let s get all the biggest tax cutting budgets, you ll note there s none on here and look at where today s announcement fits in. the biggest cut since 1972,
corporation tax, 12 billion and rising. income tax cuts worth five billion and that higher rate tax and scrapping to billion. that s about 45 billion in tax cuts and on top of all of that, don t forget the household energy scheme. 62 billion for a full year and the business energy scheme, £29 billion, six months more if it s energy scheme, £29 billion, six months more if its extended. so, who benefits? this is the type of analysis the government says it is not very interested in. we split the country into income groups. there is a clear pattern. the assumption from government is that giving the richest section most of this money back will help the economy to grow for everybody. so there are big choices here. let s give it some historical context. let s get all the biggest tax cutting budgets,
broad brush because there is a lot of differences across income groups, lower income groups clearly are more under pressure. the american consumers are in a good spot, lots of jobs, low unemployment and a lot of cash in people s accounts built up during the pandemic because they were sheltering in place and not able to spend. there was a lot of government support provided, too. i think the american consumer can hang tough. if they do, the u.s. economy can navigate through this despite what s going on overseas. the federal reserve, it has been raising strinterest rates reduce inflation. do you believe that strategy is working? yeah. i think it is. you know, inflation is, obviously, painfully high, but moving in the right direction and top line inflation is down from the peak back in june/july. i think it will continue to move lower. and i think the federal reserve does need to raise interest rates to slow the growth rate in the job market. the job market is just rip