In the latest damning analysis of Reeves’ IHT hike, CBI Economics calculates that the Treasury’s changes to BPR will actually cost the Exchequer over £1 billion more than it brings in. Something something Laffer Curve…
The economists say 125,678 jobs will be lost as a result of the tax, with a £2.6 billion reduction in tax revenue from economic activity as a result. 85% of family businesses surveyed plan to decrease investment and 54% say they will cut jobs. Cutting BPR is only projected to raise £1.38 billion…
This comes as 160,000 family firms represented by 32 trade associations write to Reeves over the weekend to demand a consultation on the IHT relief changes. Badenoch will brandish the new analysis at a BPR conference today while Farage says “Rachel Reeves is no economist.” Reeves is taking fire from all sides on this one: the Tories, Reform, LibDems – not to mention DEFRA…
Kemi Badenoch at the 1922-ConHome bash last night:
“I did praise [Burnham] for his stamina, it was amazing. All I had to do was sit back and lie there. I didn’t have to do anything at all…”