Labour is carping on about the large tax intake reported by the ONS this morning – a large quantity of which derives from a mass asset sell-off. This is the month of the self-assessment tax return…
Exchequer revenue was £30.4 billion higher than public spending last month which is the largest surplus since records began back in 1993. Partially driven by lower debt interest payments, National Insurance revenue is also up 15% year on year. A rise dwarfed by that of Capital Gains Tax revenue…
CGT revenue is up a whopping 42% on the 23/24 tax year, up to £17 billion. This is entirely thanks to pre-Budget speculation as to which taxes Reeves would raise and the extent to which CGT would be hiked, which it was. Needless to say that’s one-off revenue which ain’t recurring…
Starmer was read out a list of his 13 U-turns on BBC Radio 2, to which he responded:
“Well, I am a common sense merchant.”