Tax hikes: Labour ‘will raise’ the ‘less obvious’ taxes to fill £20bn black hole | Michael Jacobs 

Disgraceful state the country has reached because of greedy politicians and their lifestyle...

How about starting with billionaires and millionaires sitting under our noses in Westminster, the poorest and the just getting by always gets hammered.

Same old story with Labour. They say they won't do it but go and do it. Those of us who have a good memory will remember that it was Tony Blair's election manifesto promise which proved false. I used to be a Labour supporter but when My tax bill increased I knew what liars they are. The conservatives reduced my tax bill twice as a self employed care assistant which was extremely useful, it was then I realised how Labour were useless with finances. Every time they've been in power it's always been increased in taxes and leave the country in debt, it happened under Harold Wilson's government and subsequent Labour governance and the Conservatives had to somehow rebuild the bank balance. Under Gordon Brown the coffers were empty after they sold off the family silver and gold and again the Tories had to try and redress the country's balance back into the black which takes time. We all have to cut back you can't spend money you don't have. Unfortunately after a pandemic which cost billions any reserve built up was soon used up and the economy faltered and was just beginning to recover but then the illegal immigration issue and lack of action and the cost of living which is happening right across Europe back footed the Tories. I lost faith in the Conservatives and voted Reform and I'm not right wing before the left wing narrative of the media judges me. 9:20

Imagine being a government and thinking the UK population can afford higher taxation. Meanwhile we can give 11 billion in overseas climate aid. Public sector wanting 5.5% which is more than double what many in private sector are getting in reality. People are getting very angry, they should be.

doesn't Britain give away a lot of money to third world countries? just cut all of that aid.

The NHS doesn't need more money, it needs radical reform. We could spend our entire GDP on the NHS and still get no better service.

£20 billion?…is that how much all those new migrant houses are going to cost to build.

The NHS needs to learn how to manage money properly before we give them more money

TOO MANY PEOPLE BENEFITING AND NOT CONTRIBUTING .

Scap overseas aid. We cant look after our own.

Labour raising taxes. No. I didn't see that one coming. No Sir, not at all. It's not like they've ever done anything remotely close to that before.

The biggest cut they need to make is all the money they’re sending out of the country…

Anybody who didn't realise that Labour in government would raise cost of living and taxes should question their eligibility to vote!

Fresh air tax and a window tax soon and you have to take in a migrant if you have a spare room ,what a repulsive party , I thought the Tories were bad enough but Labour have taken it to a new level

In 2023 we received £10 billion in Tax Revenue from North Sea oil so surely we should be maximizing oil exploration in the North Sea rather than shutting it down.

Cut funding for the bbc. Every household will get 169 quid.

This money will go to support more illegal immigrants.

How about scrapping the £28b green policy

The cost of keeping migrants must be growing at an alarming rate.

Best they roll back on the 5.5% public sector pay rise which clearly cannot be afforded

Rishi Sunak paid an effective tax rate of 23% on £2.2m income last year. Low capital gains rate and US location of funds mean tax bill of £508,000 much less than under top income rate of 45%. The system is designed to tax workers not the wealthy who get most of their income from living off their assets.

Adviser to GORDON BROWN, that tells me ALL I need to Know!!! 😡Brown by name, brown by nature🤣😂😂🤣

Why are we paying so much money in foreign aid and then just allowing the Third World to migrate here. IF you're going to allocate such resources, shouldn't it be an either or arrangement?

Could get 20billion back from the Oil and Gas companies. They have made a fortune putting their prices up.

Anyone remember fully costed and funded,oh no we’re Labour lying,what are the chances,but plenty of money for illegals and the Ukraine,well done Labour voters.

This is the reward for voting Labour millions more immigrants and much higher taxes to pay for their benefits, no difference than the Tories.

LABOUR WILL Be OUT BY 2029

And yet the number of public sector jobs increases year on year. Unless you tackle the question of value for money and what should a government actually do, this problem will not be resolved.

Stop the foreign Aid and use it on national Aid, just an idea,

Are MP are useless

I changed the Labour Party to put it back in the service of the British people. Now I’m ready to change the country and fight for you. That’s Starmer recently , what a liar he is , a complete and utter liar

Guys a disgrace didn’t even come out and condemn the attack on a soldier. Disgusting

People hate on the rich for living off assets... but then literally every young person with any financial sense is working hard to get to the position where they live off assets. Are we just supposed to hate the people we want to be, until we finally become them and become the hated?

It was reported for months that the Civil Service has been briefing Labour for months about the state of the finances and much else. This 'black hole' was known by Labour throughout the election campaign. Furthermore the contributor is fibbing when he says that every economist will tell you raising Capital Gains Tax is a good idea.

I voted for Reform party and I so wish they had got in . Now the Labour government are going to take my winter fuel allowance from and as I do not claim benefits and work a small part time job to help pay my bills this is an insult to me and thousands of other pensioners who have worked and paid their way all their life’s . So now the labour government give our tax payers money to migrants and look after them yet the British working tax payer continues to be persecuted by the government…A bloody disgrace ….we need a government that cares not one that treats its own country folks like s-t …

REFORM!

Starmer set up for himself and himself alone a Tax Loophole where he pays no Tax on his pension payments. Hypocrisy does not cover his actions.

Amazing video, you work for 40yrs to have $1M in your retirement, meanwhile some people are putting just $10K into trading from just few months ago and now they are multimillionaires..

Why are we paying when they The MP just got a pay rise yet again for not doing their jobs right? Get subsidised on everything it should come out of their pocket peoples

But ukraine get 3 billion per year. God knows how many other countries get "aid"

Thats all these goverments do...raise taxes more and more eaxh year and blame previous govermennts for the hikes..been doin it since 80s

The tax system is not fit for purpose. The economy is at least 25% smaller that it would otherwise be because of the harm done by the tax system. This in an important cause of the government's massive welfare bill. The system is in a death spiral.

Labour--the party of the people---maybe not hey

I wondered how long it would take labour to backtrack on their tax promises.

Let's face it, anyone who thought that Labour wasn't going to raise taxes needs to wake up.

If MPs did their jobs properly this country wouldn’t be in a mess.

Council tax rises and personal allowance reduced will be the way Labour will go just you watch. So glad i didn't vote for Labour.

Old people such as myself are the biggest drain on the NHS, as most people require expensive healthcare in their old age. I see Rachel Reeves is solving that one by cutting winter fuel payments. Well done, that will shorten the NHS waiting lists. Outside the box thinking is what we need, and Labour are indeed out of their box.

Three weeks in power, and the Labour financial lie is unraveling.

Cobblers point about only the very wealthy pay inheritance tax. My dad who basically worked for the Government well into his 70s as an employee of various local councils and died at the age of 97 lived in a terrace house in a rundown area in a small town near Doncaster. We had no idea how much he had saved up and due to him passing some of his savings to his children his estate ended up paying £40,000 in inheritance tax.

Inheritance tax is only paid by 4% of estates? House prices are so high it should already reach inheritance tax threshold? That does not including savings either...

Labour voters will not mind paying more tax.

people talk nonsense about tax. They make an assumption that for example you can raise stampt duty rates and that just creates extra income. In the real world it doesn't work like that, as Starmer is about to find out with VAT on private school fees. And as Gordon Brown demonstrated when he added an extra top rate to income tax, which actually reduced the overall income tax take. And as we will see with the non-dom rule changes that has caused many mobile wealthy people to leave these shores.

Stop throwing millions into that bottomless pit, called Zelenskiyy's back pocket.

1997 financial position was best ever and gordon brown took us to the depths of armageddon

Starmer keeps saying his father was a TOOL MAKER, LOOK WHAT HE TURNED OUT.

Stop with this net zero plan, we can't afford it and giving our money to other countries. They shouldn't have said no tax rises, who would have voted for this

£20 billion would just about cover housing for the recent illegal amnesty. But what about the illegals in hotels and Infrastructure: # Schools, Hospitals, Tide and Solar power, Reservoirs, Water and Sewage works, Motorways and widening, larger Mway Bridges, A Roads, etc etc. Has all this been costed ?

Who voted for them, not me.

If there is a £20 billion black hole in the finances it is obviously the fault of the tories, and they shouldn't be complaining about labour now for trying to fix it.

The Prime Minister has his own special tax bill, passed by parliament, just so he can dodge taxes. The Pensions Increase (Pension Scheme for Keir Starmer QC) Regulations 2013 ========== Remember that when your taxes go up

Ed Miliband says Labour will honour pledge of £11.6bn in overseas climate aid 🤬

No idea how they get away with it.and how they could once again come into power?

NO point in complaining THAT IS WHAT THICK people chose to have in power!! She knew the SCORE did REEVES before they even got into power!! so who IS FOOLING WHO HERE????

Starmer is only been in a few wks and I fukn can’t stand him

Obviously or not. The rich will avoid them the poor can’t pay them so as usual they attack the few that try to better themselves. Ridiculous stupidity, attack those that struggle to do better.

In for five minutes and likely to break away from manifesto

Can't say you weren't warned! 😂 😂 😂 😂 😂 😂 😂

I think the promise of huge public services wage rises will be the real problem. 🤔

I think this was the guy who advised Brown to sell the UK's gold reserves when gold was at an all time low. 6 months later, gold quadrupled in price. The UK effectively lost £7 billion

What happened to "fully costed and fully funded" ?

Didn’t Gordon brown let the world know the uk was selling its gold assets so the price tanked and he sold our gold for very cheap. Did this special advisor tell him to sell our gold reserves? If so, he’s not worth the shirt on his back

No one saw this coming lol

Why is it that we pay VAT when that was for the membership of the EU. This theft has not gone un noticed

Venal, lying, corrupt politicians. What a shock.

Most understand as a Nation we are skint, yet we can still carrying on with the Green madness that is adversely affecting the economy, refusing to halt the illegal migrants invasion, overseas aid. Basically Westminster as a whole is refusing to tell the truth, refusing to form a coalition of Parties to get us out of this fiscal mess, in short we need a Government of all the talents not political dogmatic stupidity.

Here we go glad I did not vote Labour

I hope the first thing is getting money back from those that ripped the country off. If not 15 years because that is what you get for bank robbery. They ripped the people off time for pay back.

I AGREE WE NEED A WEALTH TAX PLZ ITS DISGUSTING WE WORK ALL HOURS IN MONTH AND TAX MAN TAKES MOST OF WAGES WHAT ABOUT THE RICH AND THE POLITICIANS NEED TO BE TAXED MORE ENOUGH IS ENOUGH

20 billion doesn't sound much of a black hole to make such a fuss about, considering wot they spend on immigrants

They take from the tax payer 52 million a week for the boat people

Imagine aspiring all my life to do the best I can do 2 own a home maybe another one or 2 as a pension and then these lot think ow let’s tax the very few that aspire to have more in life. My brain can’t comprehend. I don’t understand what I need to work hard for in life if that’s not the case.

Is there any wonder that trust in politicians is on the floor?

Petrol will definitely go up as they remove the fuel duty freeze. Course Starmer didn’t mention this when he was chasing votes. As I said many times, with Labour your vote counts , but you don’t.

20bn black hole... Maybe that 20bn shouldn't of went to Ukraine? 🤷

One of the fist payments Labour made within 2 weeks, £ 7 - 3 billion for greens ? ?

Shame on labour supporters, shame shame shame.

Miliband is giving away 11.6 billion to 3rd world countries get a grip Miliband you can’t afford to give that amount of money away the country cannot afford it don’t come to us for extra tax simple as that 😮

It is quite a novelty for Labour to inherit a deficit. They should at least be honest about the fact that it was caused by the unprecedented event of the Pandemic.

It's like you think taxes can be raised with no consequences. Why should the public give so much to the self-interested liars and thieves that call themselves politicians?

You can't take any more money We haven't got it

well in that case, i am quiting my job and going on benefits. everyday on my way to work and back to home, i see these big cars parked outside council houses. Never see those people working? it seems you get more money in this country for not working. for working class, it is just about paying taxes, bills, national insurance.

There is no black hole it's all lies.

An advisor for Gordon Brown ! wow he must be good

Brace yerselves people, hit the average hard working targets as usual. Daylight feckin robbin Starmerites.

Maybe Tory voters could have a wip around and put in 20 Billion in.

Conservative austerity and corruption is absolutely to blame. We need a wealth tax on the super rich, higher corporation tax rates on large businesses, and to raise capital gains tax to meet income tax rates. Take the tax burden off the working class

Government cost is something like 45% of GDP, to say we need even more money is irresponsible. Government control is non existent you would have to be completely useless to not be able to find massive overspend and wastage. Government pension contributions to employees is around 26% of salary ....... non Government workers could never afford this yet now they want to tax private pensions more, it's disgraceful.

How about having an understanding with the wealthy to hand back their state pensions. let's be honest it's absolutely peanuts to them.

How many times is this money taxed. When you earn it ,when you spend it,when you give it away, when you die etc etc.