Politics

Tories branded ‘party of high taxes’ amid warnings households will see £3k tax hike


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Labour’s evaluation of the OBR figures discovered that on common, households will nonetheless be hit by the Chancellor’s tax rises of £3,000 by 2026/27 – even with the minimize in earnings tax of 1p in 2024

Labour branded the Tories “the party of high taxes” – and warned the typical family would nonetheless see a £3,000 improve, regardless of the Chancellor’s 1p minimize in earnings tax.

Labour ’s evaluation of the OBR figures discovered that on common, households will nonetheless be hit by the Chancellor’s tax rises of £3,000 by 2026/27 – even with the minimize in earnings tax of 1p in 2024.

Shadow Chancellor Rachel Reeves stated: “The Conservatives are the party of high taxes, because they are the party of low growth and wasteful spending.

“That the Chancellor thought he could fleece everyone with his promises of jam tomorrow – while loading £3,000 more in taxes on families – tells you just how out of touch he is. He’s giving with one hand and taking with two.”







Shadow Chancellor Rachel Reeves
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Picture:

PA)

However a Treasury spokesperson argued Labour’s evaluation was unfair as a result of it considers the nation’s general tax take – which incorporates tax paid by companies.

They added: “Exceptional levels of borrowing not seen since the Second World War to support jobs and livelihoods through the pandemic meant we had to make to make tough decisions to repair the public finances – as well as investing billions in tackling the NHS backlog, reforming social care, and continuing the fight against covid.

“Despite this, the Tax Plan announced at Spring Statement delivers the biggest cut to personal taxes in over a quarter of a century, reducing the tax burden on working families, driving growth through cutting business taxes, and sharing the proceeds of growth.”

Ms Reeves added: “He made an historic mistake on Wednesday – instead of scrapping the National Insurance rise and backing a one-off windfall tax on oil and gas producer profits to take up to £600 of people’s energy bills, he chose to leave working people paying the price.

“Labour will get our economy firing on all cylinders – taxing fairly, spending wisely and growing our economy.”

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