Today Labour are rolling out their local election campaign, with Sir Keir pledging he would freeze income tax “this year if in government” as a “tax cut for the many, not just for the top 1%.” That may sound good on the doorstep – “for the many” is making a comeback, apparently –  although there are a few important caveats: the biggest being Labour aren’t actually in government, and the general election isn’t happening this year. The pledge is entirely hypothetical. Even if Labour win in 2024, they’re still not committing to the freeze in their first year because they don’t want to “pre-empt” the state of public finances… 

Were they to somehow form a government tomorrow, they also claim the freeze would be covered by the seemingly infinite revenues brought in by their windfall tax on oil and gas companies. Last time Guido checked, this money was supposed to cover families’ energy bills, not council tax. Eventually these sums are supposed to add up…

Meanwhile Rachel Reeves has hit the airwaves this morning to undermine Angela Rayner on Labour’s capital gains tax policy. Last week, after Rishi published his tax returns, Rayner hit out at the “Tory tax system where the PM pays a far lower tax rate than working people” because most of his wealth came through investments. Her quotes soon hit the headlines. Now Rachel Reeves says she has “no plans” to raise capital gains tax because, for some families, capital gains “is their retirement” after they have “built up a business”. Has anyone told Angie?