Labour, as you’ve just heard on the news, wants to tax us into oblivion.
This socialist Government is determined to take more and more of your money in order to fill a black hole that grows bigger with every foolish economic announcement it makes.
Its latest target, the Chancellor, Rachel Reeves, is reportedly considering extending National Insurance to include rental income — a move critics say directly targets landlords.
The plan is part of Reeves’ repeated efforts to fill the elusive £50 billion gap in the public finances, which her mistaken policies have helped to create.
Jacob Rees-Mogg fears what Rachel Reeves might be plotting next
|GB NEWS
Small landlords would inevitably bear the brunt, with many potentially facing extra bills of over £1,000 a year. Around 360,000 landlords earning between £50,000 and £70,000 a year in rental income could lose the most.
As with any tax, higher rates on landlords may push them to sell, shrinking the rental supply. That in turn drives rents higher, making life more difficult for the very people who need help.
This is basically class warfare — punishing private property ownership for the sake of it, achieving nothing but an attack on property and ultimately squeezing renters further. As the late Margaret Thatcher once said: “The honourable member is saying that he would rather the poor were poorer, provided the rich were less rich. That way you will never create the wealth for better social services, as we have.”
And that is exactly what we’ve seen in the last year. Every decision Reeves makes leaves the poor poorer, because she is always trying to squeeze those who actually provide economic activity.
Rachel Reeves is preapring for this year's Autumn Budget | GB NEWS As you would expect, socialists argue that this policy would “broaden” National Insurance rather than raise taxes, claiming it remains within Labour’s manifesto pledge.
But that is nonsense. Voters are unimpressed by nitpicking over the minutiae of manifesto promises. Labour said it would not raise National Insurance — but it has already done it once, already lied once — and now it is considering lying a second time.
It is no secret that Britain is living beyond its means, and the Chancellor’s spending plans are in the red ahead of the budget. If the Chancellor wants to get the public finances back in order, she must rein in excessive public expenditure — not tax citizens into the ground.
What should she do? Cull quangos, shrink the civil service, stop spending on migrant hotels (which I’ll be talking about later), and cut the welfare bill. Only then will she be able to afford tax cuts, which would help grow the economy. People spend and save their own money far better than the government ever can. When it is handed over to His Majesty’s Government, it tends to be frittered away.
To return once more to the great lady: “The problem with socialism is that you eventually run out of other people’s money.” And this Labour Government is running out of other people’s money much faster than even its predecessors managed to do.