Labour have already u-turned on their promise to not raise taxes on “working people”. Reeves is saying she needs to fill the “surprise” £22 billion black hole by whacking up tax. Though if they are to commit to their promise of not raising income tax, VAT or NI, it’s simply a question of which sectors of life Labour will target. Tax lawyer Dan Neidle has done some research into which taxes they could raise:

Pension Reforms:

• Scrap the pension tax relief.
• End the pension tax free lump sum.

Inheritance and Wealth Taxes:

• Limiting inheritance tax reliefs.
• Increase inheritance tax on trusts.
• Wealth tax – targetting those with assets.
• Gift tax.

Capital Gains and Investment Taxes

• Increase capital gains tax. Something that would drive out investment and investors…
• Abolish business asset disposal relief.
• Cap tax relief on ISAs.

Property and Real Estate Taxes

• Eliminate the stamp duty “loophole” for enveloped commercial property.
• Increase ATED.
• Council tax increases for valuable property.

Consumption Taxes

• Reverse the Tories’ cancellation of the fuel duty rise.
• Increase vehicle excise duty.
• Tax gambling winnings.

A reminder that Neidle is not just a tax lawyer, but a senior Labour activist, who currently sits on the Party’s senior disciplinary body. He may be very well informed…

Labour campaigned on the economy during the election and took the line: “no tax rises for working people“. Reeves and party spokesmen said:

• “Working people are those people who go out and work and earn their money through hard work.”
• “There are people who do have savings, who have been able to save up & those are working people as well.”
• “Working people are also pensioners that have worked all their lives and are now in retirement, drawing down on their pensions.”

Labour constantly attacked the Tories for raising taxes and pledged not to raise them “on working people“. Three weeks later that one’s dead in the water…

Rachel Reeves tells The News Agents that “we will have to increase taxes in the budget“. According to their own definition the taxes Labour is teeing up will break its manifesto promise…

Rachel “I can’t become Chancellor then claim things are worse than they looked” Reeves is on the airwaves this morning defending her decision to spend billions on jacking up the pay of the unproductive public sector because things are worse than they looked. Nothing screams “sound money” like junior doctors get rewarded for striking all while NHS productivity was 6.6% lower in 2022 than in 2020…

Haughty Reeves came out and called Jeremy Hunt a liar in a soft-touch interview on Sky News thanks to the fact that one of the entirely predictable “independent” pay review recommendations wasn’t public during an election campaign in which Labour spent its time promising not to raise taxes on “working people“. A definition Labour was forced, obviously, into applying to people who have savings…

Now Reeves’ line is “this is not the end of the difficult decisions”. Long-planned growth-killing tax hikes here we come…

Reeves is preparing to deliver a speech on the supposedly “surprise” £20 billion black hole Labour have found after looking at the books. Reeves is still pushing the narrative that Labour is “shocked” by the numbers, despite the head of the Institute for Fiscal Studies blasting the claim as “not credible”. Now key ally and Cabinet Office minister Pat McFadden is paving the way for surprise additional tax rises, u-turning on their “no ifs, no buts” election promise not to do so…

Speaking on Times Radio this morning, McFadden said:

“We also said there was nothing in our plans at the election that required increases in taxes. That was the case during the election and today what you will hear is how we are going to have to respond to that opening of the books and I think what people should expect today is not tax measures but a Chancellor that is prepared to take some very tough decisions in spending.”

It looks like cuts in infrastructure spending – despite claiming to be ‘pro-growth’ – and increases in taxes on savings and investment will be the theme of this Labour government. They can’t blame the Tories forever…

Rachel Reeves is set to reveal a so-called ‘surprise’ £20 billion black hole in the UK’s finances, paving the way for what Labour do best: tax raids in the upcoming Autumn Statement. Despite her election pledges, Rachel Reeves refused to commit to no new tax rises on wealth, property, inheritance or capital gains as she prepares to splash the cash on the public sector. Asset-holders will be preparing to pack their bags…

Labour are pointing fingers at the Tories, incorrectly claiming finances are in the worst shape since the Second World War, and blaming the state of welfare, prisons, asylum systems and defence for what will likely see huge tax rises. With GB Energy also set to rake in at least £8.3 billion from the taxpayer – a scheme that if were actually viable, would see the private sector itching to jump in without needing a government handout – the black hole will likely be higher. The public will quickly forget about the Tories’ record if Labour are the ones to hike up rates…

Sir Tony Blair has sounded the alarm: Sir Keir Starmer will have no choice but to slap the public with a tax hike of £53 billion, according to a report from the Tony Blair Institute today. Labour’s tax-and-spend tendencies are laid bare, with forecasts predicting taxes must rise by 1.9% of GDP by the end of the Parliament just to keep debt in check. Meanwhile, Starmer has appointed two Blair-era cabinet ministers into his government. This latest move only makes Blair’s involvement more evident…

Tony himself doesn’t think Keir’s growth agenda will cut it against future challenges. Even speeding up house-building, reforming infrastructure planning, and cosying up to the EU won’t spare taxpayers from the inevitable raid. Blair letting the cat out of the bag…