Back to all Blog 28 August 2024

October’s Budget ‘is going to be painful’, warns Starmer

'Those with the broadest shoulders should bear the heaviest burden,' said the Prime Minister.

Keir Starmer, has warned the looming Budget will be “painful” – suggesting we could see some significant tax increases targeting wealth and the wealthy in a bid to “fix the foundations” of society.Rachel Reeves will be making “tough decisions”, said the Prime Minister, blaming “14 years of rot” under Conservative rule that’s led to a £22bn “black hole” in the national finances. “There’s a budget coming in October, and it’s going to be painful,” he said, adding: “We have no other choice given the situation we’re in.”

In its election campaigning, Labour ruled out increases to National Insurance, Income Tax or VAT – leaving the door open to raise other levies.

Capital Gains Tax and Inheritance Tax are likely candidates for hikes, and there’s already been talk of raising Stamp Duty for first-time and non-resident property buyers. “Those with the broadest shoulders should bear the heaviest burden,” declared Starmer this week, raising the spectre of a new or additional wealth tax on Britain’s richest citizens.

 
 

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