Budget Man Bell on Sky News, asked if hiking taxes and the minimum wage has contributed to sky high youth unemployment:
“Isn’t your government part of the problem?”
“No, we’re part of the answer…”
He also revealed the country can expect the elusive Defence Investment Plan… when it’s ready.
Budget man Torsten Bell has refused to rule out a tax raid on pension incomes. Not surprising from the high-tax fanatic…
Speaking at the Social Market Foundation’s Pensions Conference last night, Bell was asked about that reports Reeves might cut the tax-free amount people can withdraw from their pension pots. Bell refused to rule it out, saying: “I am not going to start commenting on budgets.” He then went on to slam journalists for “nonsense” reports about the Winter Budget…
Currently, pensioners are able to withdraw 25% of savings tax-free. The tax has been slammed by pension consultants as a raid that would “disproportionately hit responsible savers who have diligently put money aside.” Not to mention Labour guaranteed the allowance would be “permanent” in the election. Now Budget architect Bell isn’t ruling it out, prepare for yet another Labour broken promise…
Resolution Foundation pawns are now co-chairing Starmer’s potemkin ‘Budget board’. Minouche Shafik and Torsten Bell will lead the new group which is tasked with somehow boosting growth and smoothing relations with businesses as Reeves prepares to hike taxes even further at the upcoming Winter Budget. Don’t say Guido didn’t warn you…
As Guido reported, Shafik and Bell both worked on the Resolution Foundation’s high-tax economics manual in 2023, which recommended a slew of hikes which would make any entrepreneur’s blood run cold. These two are now supposed to chair a group which convinces businesses not to panic too much when Reeves stands at the despatch box…
Also on the board is new Number 10 comms chief Tim Allan, business adviser Varun Chandra, ‘Chief Secretary to the Prime Minister’ Darren Jones, and of course Morgan McSweeney. After Reeves’ shambolic first budget, this board will try to mark her homework and ensure a softer landing for the second attempt. Not spotted: any credible business people, just a bloated squad of government officials…
Burnham said in his main conference speech: “For the historic victory he achieved for us, I am here to say: thank you, Keir.”