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Who’d have guessed?
I won’t sugarcoat it, this was a bad week for Brits. Barely a day seemed to go by without some new statistic underlining just how terrible the UK’s situation is.

So let’s dive straight in.

Borrowing is up. Despite April seeing things like the national insurance rise taking effect, government borrowing was still higher than expected, coming in at a whopping £20.2 billion! ([link removed]) With a record tax burden, it is simply absurd that ministers can’t get a handle on their budgets and are continuing to add to our national debt ([link removed]) .

But it didn’t stop there.
Inflation in April surged to 3.5 per cent ([link removed]) , adding to the misery faced by hard-working households across the country. But Rachel Reeves can’t pretend that this wasn’t likely. As businesses struggle to stay afloat thanks to her tax hikes, prices are rising to compensate. It’s almost as if it’s consumers who pay when taxes on businesses rise. Go figure.

And to top it all off, Keir Starmer couldn’t rule out even more misery for taxpayers ([link removed]) . When given the chance at prime minister’s questions in parliament, the occupant of Number 10 spoke but gave no answer. Like a true politician words came out of his mouth but he didn't actually say anything. No wonder so many people have such little trust in our representatives. The prime minister had a chance to reassure taxpayers that there was no more pain to come and he refused to do so. Read into that what you will.
As John O’Connell told the Daily Express ([link removed]) : “Taxpayers will be rightly nervous to hear the prime minister refuse to rule out further tax rises this year. After clobbering small businesses and farmers, this government is now eyeing up a tax raid on savers and freezing the additional rate income tax threshold.”

While ministers find the cash to dish out inflation-busting pay rises for public sector workers ([link removed]) , those in the private sector, the part that pays for everything else, are now staring down the barrel of even more tax rises.

The TPA will never shy away from confronting reckless politicians of all stripes. We’ll fight tooth and nail for taxpayers and call out any government that seeks to treat hard working Brits as cash cows. Enough is enough!

Help us take a stand for taxpayers by clicking here to donate ([link removed])
Toby Young talks freedom of speech and Lucy Connolly
For this week’s episode of a nation of taxpayers, podcast host Duncan Barkes is joined by William Yarwood, and Toby Young - Baron Young of Acton.
Toby is founder and director of the Free Speech Union and an associate editor of The Spectator. They talk about the Lucy Connolly injustice, freedom of speech and the threat of a 'banter ban'.

You can catch this must listen episode of a nation of taxpayers on Apple Podcasts ([link removed]) , Spotify ([link removed]) , and YouTube ([link removed]) .
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Goodbye Gary!
It’s finally happening. Perennial embarrassment, Gary Lineker, will bow out of the BBC later today when he hosts his last episode of Match of the Day. Aunty’s top earning ‘talent’, who enjoyed a salary of £1,352,500 ([link removed]) in 2023-24, found himself in hot water last week after sharing an anti-semitic post on social media ([link removed]) and is leaving the beeb by ‘mutual agreement’. About time.
There will be no last hurrah for Lineker who had been slated to front next year’s world cup. Which also saves payers of the TV tax a whopping £800,000! ([link removed]) That’s the equivalent of 4,584 licence fees.

We won’t be shedding a tear for Gary. Indeed, Elliot Keck put it perfectly ([link removed]) when he heard the news: “Licence fee payers will be breathing a sigh of relief at the departure of Gary Lineker from their TV screens. For too long, Lineker has been an embarrassment for the BBC, flouting guidelines and ignoring the impartiality rules others are expected to follow, whilst receiving an eye-watering salary. To avoid a repeat of this sorry saga, the BBC must ensure that all of its staff and presenters adhere to impartiality rules and not let overpaid ‘talent’ break them with impunity.” Quite right!
The Tax Trap: Why Britain’s Wealth Creators Are Giving Up
John’s been in high demand from podcasts recently (check out his appearance on the Peter McCormack Show here ([link removed]) ) and his latest appearance with Jasmine Birtles for an episode of MoneyMagpie isn’t one to miss ([link removed]) .
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Together they discuss the UK’s soaring taxes, stealth tax hikes, NHS spending, welfare costs, and how Britain’s productivity crisis is being fuelled by a broken system. John also talks about the exodus of wealth from the UK and offers a compelling case for tax reform, smaller government, and restoring fairness to the economy.

Give it a watch here ([link removed])
Is It Time to Rethink Ring-Fencing?
When the financial crisis hit in 2008, ministers sought to protect retail banking services (the current accounts you and I use, that sort of thing) from the investment activities of major banks. Ring-fencing created legal separations between the two but, in this week’s blog ([link removed]) , Jonathan Eida asks whether these rules are not more of a hindrance than a help and looks at how they might be reformed.
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Jonathan argues that a rethink of ring-fencing is overdue and that there are better ways to protect savers. As he writes: “To be clear, no one is calling for a return to the regulatory laxness of the pre-crisis era. But a growing number of voices are asking whether ring-fencing, in its current form, is fit for purpose. The UK needs banks that are not just stable, but also agile - capable of funding innovation, supporting businesses, and responding to global competition… Unlike the chaotic collapses seen during the 2008 crisis, modern resolution regimes are designed to protect taxpayers from footing the bill - losses are absorbed by shareholders and creditors through mechanisms like “bail-ins,” rather than government bailouts.” Read Jonathan’s insightful blog here ([link removed]) .
One more thing
I mentioned at the top of this email that borrowing in April was more than £20 billion. That’s money that is going onto our enormous national debt ([link removed]) which now stands at over £2.8 trillion!

To put that debt figure into a little bit of context, that’s the equivalent of the lifetime tax contributions ([link removed]) of more than 2.3 million taxpayers.

It’s not a cheery note to end on so I’ll just say that I hope you enjoy the bank holiday weekend.

Benjamin Elks
Grassroots Development Manager

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