ANDREW NEIL: Brace yourself! If you're saving for a pension or nursing a nest egg or living in a valuable home, you can be pretty sure Labour is coming for you
Daily MailThough it will do nothing to derail Labour’s unstoppable journey to a famous victory on July 4 — as certain as anything can be in these febrile political times — nobody can now doubt that hefty tax rises will inevitably follow. Not so much the usual Tory scaremongering of ‘Labour’s secret tax bombshell’ as a huge red neon sign, hidden in plain sight, saying ‘Labour tax rises this way’. Labour will inherit a tight fiscal straitjacket in which ‘unprotected’ departments like the Home Office and Justice face cuts of £10 billion to £20 billion, writes Andrew Neil When Gordon Brown became Chancellor in the last Labour government 27 years ago he immediately made the Bank of England independent of the Treasury and abolished dividend tax relief for pension funds, a move which marked the beginning of the end of Britain’s world-class private pension provision. If the tax relief was confined to the basic rate for everybody — or even a standardised 25 per cent — then billions more would flow into the Treasury’s coffers. Add in some smaller tax rises — a billion here, a billion there — and it’s perfectly possible Reeves could raise an extra £20 to £25 billion in an autumn budget, none of which Labour will tell you about now.
History of this topic
MPs support national insurance hike for employers amid ‘jobs tax’ warning
The Independent
Labour plans to pin its tax bombshell on the Tories… and it might just work
The Independent
Labour ‘drawing up plans for £10bn extra wealth taxes’
The Telegraph
Labour's secret tax rise plans revealed
Daily Mail
Labour capital gains tax rise speculation grows as top aide likes post
The TelegraphUK’s glum Conservatives try to shift the mood with a promise of tax cuts as polling day nears
Associated Press
Labour WILL need to raise taxes if it wins the election and wants to avoid cutting public services, according to experts who say the current situation is 'unsustainable'
Daily Mail
Labour plans could leave pensioners worse off if other levies are hiked to pay for a cut in income tax or national insurance, leading economist warns
Daily Mail
Labour plots tax raid on savings and investments
The TelegraphDiscover Related
