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Budget to match greatest moments in Labour history
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Reeves to announce £40bn of tax rises and spending cuts that will include an increase of up to 2% in employer national insurance contributions and a likely further freeze in income tax thresholds beyond 2028.
Such a freeze on thresholds – which Reeves described last year as “picking the pockets of working people” when the same policy was reannounced by the Tories – will drag 400,000 people into paying tax for the first time and 600,000 into doing so at a higher rate.
Tories have already increased taxes to the highest rates since 1948, now Reeves looking like going for the throat of anyone with any money.
What will it achieve? And are the markets in for another Truss budget. |
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All tax rises pass through to additional consumer costs at the end of the day. So it's hard to see how tax increases at this level will do anything other than stifle the economy - the very opposite of what Labour promised. |
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Interviewed today by Laura Kuenssberg, Bridget Phillipson said the manifesto pledge referred to people "whose main source of income is the income they earn from going out to work".
Asked repeatedly about businesses she can’t answer
We assume the 4.2 million self employed “business owners” are not working people |
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By *CExeCouple 3 weeks ago
Lincoln/Exeter |
"Interviewed today by Laura Kuenssberg, Bridget Phillipson said the manifesto pledge referred to people "whose main source of income is the income they earn from going out to work".
Asked repeatedly about businesses she can’t answer
We assume the 4.2 million self employed “business owners” are not working people "
Phillipson is, like so many modern politicians, way out of her depth. Having been a business owner, I can't think of a single current cabinet minister I'd have employed. |
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"All tax rises pass through to additional consumer costs at the end of the day. So it's hard to see how tax increases at this level will do anything other than stifle the economy - the very opposite of what Labour promised."
I suspect the markets will be ok ish as she is not giving money away like under truss. The problem, as you mention is increased costs for business has a habit of filtering through to the consumer. So instead of seeing the hit in the wage package, workers will see it when buying stuff. Also as others,say, where do self employed people stand on this who are often the hardest workers about. Still Labour said they will be for business so no need to panic  |
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By *lfasoCouple 3 weeks ago
South East |
"Let’s face it … labours greatest moments is a pretty low bar …
Did you forget that they have just won a huge majority at the last election? 411 seats, thrashing the opposition
 "
Achieved with fewer members of the tax paying public voting for them than voted for Jeremy Corbyn. That is quite an achievement for sure. |
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"Let’s face it … labours greatest moments is a pretty low bar …
Did you forget that they have just won a huge majority at the last election? 411 seats, thrashing the opposition
Achieved with fewer members of the tax paying public voting for them than voted for Jeremy Corbyn. That is quite an achievement for sure."
They got 411 seats, that is indisputable, they will be in government for 5 years, they inherited a shit show |
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By *irldnCouple 3 weeks ago
Brighton |
A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
|
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"A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
"
Can’t hide the £1.7 trillion pounds of national debt his party amassed over 14 years, with which the £400 odd billion Labour added, is costing us £300 million a day in interest |
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"A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
Can’t hide the £1.7 trillion pounds of national debt his party amassed over 14 years, with which the £400 odd billion Labour added, is costing us £300 million a day in interest "
And those years of historically low interest rates. |
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"A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
"
You also had Mervyn King coming out criticising Hunt for the last two 2% employee NI cuts. |
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By *irldnCouple 3 weeks ago
Brighton |
"A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
You also had Mervyn King coming out criticising Hunt for the last two 2% employee NI cuts."
At the risk of being accused of defending Labour (I’m not and if I were I am a big boy and would stand my ground) it will be interesting to see what comes out because plenty of people, inc many on here, have been claiming the black hole is fictitious. |
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By *otMe66Man 3 weeks ago
Terra Firma |
"A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
You also had Mervyn King coming out criticising Hunt for the last two 2% employee NI cuts.
At the risk of being accused of defending Labour (I’m not and if I were I am a big boy and would stand my ground) it will be interesting to see what comes out because plenty of people, inc many on here, have been claiming the black hole is fictitious. "
I have not read any comments that say it is fictitious?
I have said on here that they have refused FOI to show the debt and how it is made up, as have others. I have also called out that the mantra of a 22 billion blackhole was a surprise is a bit of a stretch when they were told about the finances.... |
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By *irldnCouple 3 weeks ago
Brighton |
"A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
You also had Mervyn King coming out criticising Hunt for the last two 2% employee NI cuts.
At the risk of being accused of defending Labour (I’m not and if I were I am a big boy and would stand my ground) it will be interesting to see what comes out because plenty of people, inc many on here, have been claiming the black hole is fictitious.
I have not read any comments that say it is fictitious?
I have said on here that they have refused FOI to show the debt and how it is made up, as have others. I have also called out that the mantra of a 22 billion blackhole was a surprise is a bit of a stretch when they were told about the finances...."
Some on here think the £22bn black hole is made up and not true. Some have implied it while carefully wording posts to give themselves wriggle room and avoid embarrassment. I’m just curious what will be revealed and why Hunt seems so nervous? |
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By *otMe66Man 3 weeks ago
Terra Firma |
"A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
You also had Mervyn King coming out criticising Hunt for the last two 2% employee NI cuts.
At the risk of being accused of defending Labour (I’m not and if I were I am a big boy and would stand my ground) it will be interesting to see what comes out because plenty of people, inc many on here, have been claiming the black hole is fictitious.
I have not read any comments that say it is fictitious?
I have said on here that they have refused FOI to show the debt and how it is made up, as have others. I have also called out that the mantra of a 22 billion blackhole was a surprise is a bit of a stretch when they were told about the finances....
Some on here think the £22bn black hole is made up and not true. Some have implied it while carefully wording posts to give themselves wriggle room and avoid embarrassment. I’m just curious what will be revealed and why Hunt seems so nervous? "
There is debt, it is a given but what it is made up of is my interest.
The other issue I have is the debt that is the pipeline, and the new debt the government has now saddled us with. That is 3 debt fronts, they are only complaining about 1, my thoughts are don’t let this 1 item cloud the vision of the other 2 which will be far more substantial in total |
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By *irldnCouple 3 weeks ago
Brighton |
"A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
You also had Mervyn King coming out criticising Hunt for the last two 2% employee NI cuts.
At the risk of being accused of defending Labour (I’m not and if I were I am a big boy and would stand my ground) it will be interesting to see what comes out because plenty of people, inc many on here, have been claiming the black hole is fictitious.
I have not read any comments that say it is fictitious?
I have said on here that they have refused FOI to show the debt and how it is made up, as have others. I have also called out that the mantra of a 22 billion blackhole was a surprise is a bit of a stretch when they were told about the finances....
Some on here think the £22bn black hole is made up and not true. Some have implied it while carefully wording posts to give themselves wriggle room and avoid embarrassment. I’m just curious what will be revealed and why Hunt seems so nervous?
There is debt, it is a given but what it is made up of is my interest.
The other issue I have is the debt that is the pipeline, and the new debt the government has now saddled us with. That is 3 debt fronts, they are only complaining about 1, my thoughts are don’t let this 1 item cloud the vision of the other 2 which will be far more substantial in total"
I’d say this is partially correct except that you also aren’t factoring long term debt vs in year debt. The £22bn black hole is for FY24/25. |
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"Interviewed today by Laura Kuenssberg, Bridget Phillipson said the manifesto pledge referred to people "whose main source of income is the income they earn from going out to work".
Asked repeatedly about businesses she can’t answer
We assume the 4.2 million self employed “business owners” are not working people "
Given how central the term “working people” was in their election promises, it’s quite staggering that they still won’t answer the question as to who exactly they mean.
I suspect it means a fairly narrow band of workers. |
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"A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
You also had Mervyn King coming out criticising Hunt for the last two 2% employee NI cuts.
At the risk of being accused of defending Labour (I’m not and if I were I am a big boy and would stand my ground) it will be interesting to see what comes out because plenty of people, inc many on here, have been claiming the black hole is fictitious.
I have not read any comments that say it is fictitious?
I have said on here that they have refused FOI to show the debt and how it is made up, as have others. I have also called out that the mantra of a 22 billion blackhole was a surprise is a bit of a stretch when they were told about the finances....
Some on here think the £22bn black hole is made up and not true. Some have implied it while carefully wording posts to give themselves wriggle room and avoid embarrassment. I’m just curious what will be revealed and why Hunt seems so nervous? "
The 22bn figure is made up. They have been asked many times to explain it and they can’t / won’t.
Then again, they can’t explain what a “working person” is either |
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By *irldnCouple 3 weeks ago
Brighton |
"A row has broken out between the UK's financial watchdog and former Conservative chancellor Jeremy Hunt over a review into the so-called £22bn "black hole" in the public finances Labour claims it has inherited.
Rachel Reeves, the chancellor, is expected to raise several taxes in her Budget on Wednesday to cover the claimed shortfall.
But Hunt says a report to be released on the same day by the Office for Budget Responsibility (OBR), which is independent of the government, will criticise his party and help make the case for Labour's tax rises.
The OBR will publish its assessment of the chancellor's economic policies and also release forecasts of their impact on the UK economy over the next five years.
But it is also preparing to release an additional report, commissioned earlier this year, on the "adequacy of information" supplied to it by the previous Tory government.
++++++
Sounds like Hunt is worried! Got something to hide?
You also had Mervyn King coming out criticising Hunt for the last two 2% employee NI cuts.
At the risk of being accused of defending Labour (I’m not and if I were I am a big boy and would stand my ground) it will be interesting to see what comes out because plenty of people, inc many on here, have been claiming the black hole is fictitious.
I have not read any comments that say it is fictitious?
I have said on here that they have refused FOI to show the debt and how it is made up, as have others. I have also called out that the mantra of a 22 billion blackhole was a surprise is a bit of a stretch when they were told about the finances....
Some on here think the £22bn black hole is made up and not true. Some have implied it while carefully wording posts to give themselves wriggle room and avoid embarrassment. I’m just curious what will be revealed and why Hunt seems so nervous?
The 22bn figure is made up. They have been asked many times to explain it and they can’t / won’t.
Then again, they can’t explain what a “working person” is either "
Let’s see what the OBR say in their report  |
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By *irldnCouple 3 weeks ago
Brighton |
"Interviewed today by Laura Kuenssberg, Bridget Phillipson said the manifesto pledge referred to people "whose main source of income is the income they earn from going out to work".
Asked repeatedly about businesses she can’t answer
We assume the 4.2 million self employed “business owners” are not working people
Given how central the term “working people” was in their election promises, it’s quite staggering that they still won’t answer the question as to who exactly they mean.
I suspect it means a fairly narrow band of workers. "
I heard “working people” meant just John in Macclesfield  |
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"Interviewed today by Laura Kuenssberg, Bridget Phillipson said the manifesto pledge referred to people "whose main source of income is the income they earn from going out to work".
Asked repeatedly about businesses she can’t answer
We assume the 4.2 million self employed “business owners” are not working people
Given how central the term “working people” was in their election promises, it’s quite staggering that they still won’t answer the question as to who exactly they mean.
I suspect it means a fairly narrow band of workers.
I heard “working people” meant just John in Macclesfield "
I’ve spoken to John and he’s just been signed off on the sick |
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"Interviewed today by Laura Kuenssberg, Bridget Phillipson said the manifesto pledge referred to people "whose main source of income is the income they earn from going out to work".
Asked repeatedly about businesses she can’t answer
We assume the 4.2 million self employed “business owners” are not working people "
(Insert very angry emoji here) |
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