|
Hi John,
What does inheritance mean to you?
For Rachel Reeves, it means the worst receipt of any Chancellor in
modern British history. The only heirlooms this government received
after 14 years of Conservative chaos are the highest tax burden since
the 1940s, decimated public services, sluggish growth, and public debt
at an all-time high.
This isn't normal. In 1997, Labour
inherited a good economy, but bad public services. In 2010, the
Conservatives inherited a bad economy (due to the 2008 financial
crisis), but public services had been restored. In 2024, after more
than a decade of austerity, pandemic mismanagement, that infamous
mini-Budget, and, as the Chancellor herself
mentioned, Brexit, we have
the worst of both worlds.
Rachel Reeves laid out her plans
today to start our country back on the road to growth,
including:
- An
increase in annual borrowing of £32 billion for investment
- £22.6
billion increase in day to day spending in the NHS over this year and
next
- Boost to
the minimum wage for millions of workers
- Increase
in capital gains tax, air passenger duty for private jets, and non-dom
status scrapped
- 19%
real-terms spending increase for education to fix school buildings and
provide free breakfast clubs
The OBR predicts better GDP growth than expected for 2024 and 2025, but a drop
from the previous forecast from 2026 onwards. Longer-term growth will
be held back until we fix the problems Britain faces
after Brexit. To date, Brexit
has:
We've pulled the full list of costs
together in one handy reference page for you to read and
share.
|
