‘You’ve got to pick a pocket or two’ by Rachel Reeves
A wrecking budget for business, savers and pensioners
It happens slowly, the drip, drip, pace of confiscation of private wealth, to pay for a socialist philosophy but it is becoming onerous and with no hint of economies visited upon our bloated public services
Inheritance tax, its threshold stuck at £325,000! What is so wrong with passing your prudence onto your family? And all tax thresholds have been frozen for a few more years. Our nation with inflation boosted by Ed Milliband’s net zero energy obsessions will be fiscally dragged into parting with ever more of their pay packets.
Government waste is legendary, the next HS2 is mooted with Rachel Reeves’ budget fantasies for Heathrow’s third runway.
Until somebody gets a grip, cuts public sector extravagance, links all public sector pay rises to the UK’s growth in GDP and all their pensions to money purchase schemes, then Reeves, and her successors, will continue to have their hands in your pocket for ever more of your hard earned, and saved, cash.
The top 10% of earners that pay 90% of all income tax are leaving because of IHT, along with bright youngsters for a better future elsewhere. So the tax burden on those remaining will just grow.
IHT now even penalises those that invest in their family businesses and business pays for everything.
How mad is that?
Robert Lefroy, Business Money group editor