The PM fuelled alarm at the looming raids by Rachel Reeves as he suggested those with assets do not count as 'working people' and will by targeted by Labour. The Chancellor is expected to impose the biggest tax hikes in three decades on Wednesday.
Are you a working person with shares or a second property? Email [email protected] Keir Starmer has been accused of 'straight up lying' to Brits as shareholders, landlords and savers face being battered with tax rises at next week's Budget.
He has already ruled out putting up rates of income tax, employee National Insurance and VAT, leaving Ms Reeves scrambling to target areas such as capital gains and inheritance tax for revenue. 'Keir Starmer went into an election saying he'd protect working people only to define that as a subset of people with jobs once he won,' Tory frontbencher Claire Coutinho posted on X.Other critics pointed out that many people had shares in the companies they worked for, or might have invested in second homes for their pension.
The spokeswoman added: 'He was speaking about who is at the forefront of his mind's eye in terms of the priorities and the decisions that the Government takes when it comes to economic stability.' Labour former home secretary Lord Blunkett gave a stark warning today that will hammer already-stretched retirement savings.
Asked if Labour was engaging in a form of class warfare, Lord Lamont said: 'I think it is a bit of a class war thing, although I have noticed it's also a term that's been used by the Democrats in America.' 'All the feedback back to us has been that it was very well received by a significant number of global investors.'
Hundreds of thousands could be dragged deeper into the tax system by extending the freeze on thresholds again. And inheritance tax, pension pots and capital gains could also be milked to bolster the government's books. Attending IMF meetings in Washington DC yesterday, Ms Reeves confirmed that she is bending fiscal rules to splurge billions more on infrastructure.
Touring broadcast studios this morning, Treasury minister James Murray told Sky News that 'a working person is someone who goes out to work and who gets their income from work'. Sir Keir has said the Budget will aim to 'fix the foundations' and 'rebuild' the country as he insisted that the '£22billion black hole' is 'for real' and not 'performative'.
'I said that in the campaign, we're going to keep to those promises. We are going to have to make difficult decisions in this budget, I'm not going to preempt the budget you know that. 'What I mean, who I have in my mind's eye when I'm making the decisions as Prime Minister are the sorts of working people who go out, work hard and maybe save a bit of money but don't have the wherewithal to write a cheque to get out of difficulties if they or their family get into difficulties.
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