The Institute for Fiscal Studies has issued its typical doom-laden “Green Budget,” sounding the alarm that Reeves will need to launch a £25 billion tax raid if she hopes to stave off austerity. Cue the mass exodus of wealth creators, who are already eyeing the exit signs from the UK…

A key factor fuelling the ‘black hole’ Labour loves to shout about is the smoking ban. Freedom-loving think tanks have consistently lambasted the Tobacco and Vapes Bill since its inception for stripping Britons of their right to choose. And the IFS’s latest report highlights how this ban is turning into a significant drain on the Exchequer…

The IFS is clamouring for tax hikes to bridge the gap left by “the predictable disappearance of tax bases for… tobacco duties,” as revenue from tobacco taxes still stood at a staggering “£9 billion in the last financial year.” If the generational smoking ban gets the green light, tobacco revenue is set to “decrease faster than it otherwise would,” with the OBR predicting that “revenues for tobacco duties decline to approximately zero by 2060.”  You don’t say…

Meanwhile, the report further reveals that “vaping duty…will be insufficient to replace lost revenue from tobacco duty.” It also notes that ‘sin taxes’ can actually lead to a decline in revenue if they work as intended. So, this nanny-state, hell-bent on taxing wealth creators and restricting freedoms, is paradoxically driving down revenue for the Treasury. Maybe Reeves should consider that the £9 billion a year from tobacco duties could help fill part of the alleged £22 billion gap instead of resorting to more tax raids…