The Tories have crunched the numbers on Rachel Reeves’ jobs tax, and it’s grim news for ‘working people.’ As the NICs hike kicks in next week, CCHQ calculates that the average household will be hammered by a £3,536 tax rise by the time of the next election. This isn’t an April Fool’s joke…
The Tories estimate firms will pass on 60% of the ‘jobs tax’ costs through lower wages and higher prices (based on OBR numbers). Kemi Badenoch, who’s giving a press conference on the sums today, said:
“Rachel Reeves has gambled with the economy, leaving us dangerously vulnerable to American tariffs. Labour’s unprecedented borrowing spree and record levels of tax mean she has pulled the handbrake on economic growth. The Prime Minister might think this is all just pocket money, but Britain’s working families will certainly notice the £3,500 Labour ministers have cost them.”
Paula Barker, Liverpool Wavertree MP backing Andy Burnham, told Times Radio there wouldn’t be trouble from the markets under Burnham:
“The markets will have to fall in line.”