Starmer and Reeves couldn’t have made their position clearer.
Rather than slashing the enormous benefits bill or pushing back the Channel migrants, they have decided they must be funded in full and that money, unbelievably, must now not only come out of your pay through record income tax but will also, for the first time, come out of the value of your house.
For most, the best thing financially we ever did was buy a house. Two reasons. Over the past 25 years, the mortgage turned out to be cheaper than rent (plus offering more security), and secondly, thanks to inflation, the value went up.
It meant you would be leaving a few bob to your children. That old certainty will be gone forever when Reeves reveals her hand in the October Budget when, according to her people who briefed The Times, she will be introducing a capital gains tax of 24 per cent on your house sale.
The suggestion is that it will start at houses over £ 1.5 million. Let’s be clear, if you bought a house in London or the South East for £500,000 thirty years ago, that house will almost certainly be worth over £1.5million.
Completely unfair to be taxed when you had no control over prices. The purchasing power of £100 is about £290 today. Will that be taken into account by these Socialist twerps?
Taxing your home so benefit claimants can live in style is a socialist nightmare turned reality - Kelvin macKenzie
Further, will the money you invested in the house, an extension or adding rooms to the roof, be allowed against the tax you might pay? None of this is made clear, which makes me enormously concerned that none of this is to be taken into account.
The reality is that it may start at £1.5million, but you can be sure that as Reeves wrecks the economy, she will lower it to £1million. In London, you will be lucky to buy a rabbit hutch for £1million.
Just introducing the ‘’mansion’’ tax (these houses are not mansions) will kill the property market stone dead. Who in their right mind will want to get caught up in funding Socialism as part of the biggest financial bet they will make in their lifetime?
With the market collapsing, you will find a number of older people unable to sell their homes at a time when their earnings will be at their lowest and their outgoings at their highest.
It’s clear that this government, the worst of all time, will also allow councils to increase council tax to pay down the debts incurred through absurd punts into property or in one dreadful case in Essex, solar panels.
The council debt is staggering, but what would make councillors with no experience in investment (many without enough brains to hold their bum cheeks apart) think they knew enough to spend hundreds of millions on property? Arrogance plus stupidity equals a huge jump in council tax for the totally innocent voters.
I am beginning to wonder if all these new taxes are aimed at reducing the power of London and the South East. If so, Starmer and Co. would be even more stupid than I took them for.
This region has created the wealth which has subsidised much of the United Kingdom since the Second World War.
But with a mixture of the new property tax, the suggestion of a new inheritance tax, an increase in council tax, you would be mad to hang around an area which is simply being exploited by Labour to keep those on benefits, those claiming mental health issues and those popping over from France for a new life in free food and accommodation.
I am optimistic by nature, but these are dark days. Inflation is moving upwards against a trend in Europe, more industrial trouble lies ahead with those overpaid and unskilled workers in Tube and railway planning to strike and a sense that the country is changing before our eyes.
Clearly, 2029 can’t come soon enough. Will Farage be our saviour? I certainly hope so.