The Chancellor unveiled her Budget today, breaking her promise not to increase taxes on working people. The proposals include a smorgasbord of tax raids that will cost working people, businesses, young people, savers, and pensioners £26 billion to pay for more welfare handouts.
Louie French MP said: "Rachel Reeves’ budget is a disaster for the country and is going to cost Old Bexley and Sidcup residents a fortune. The Chancellor chose a high-tax budget that will deepen Britain’s decline. Last year, Rachel Reeves promised she wouldn’t come back for more taxes. She lied.
"There is barely a sector or person that will be unaffected by the Chancellor’s disastrous policies. Income tax thresholds will be frozen, dragging more than 1.5 million people into paying the higher tax rate. Salary sacrifice pension contributions will be taxed, cutting the retirement funds of those who are responsible and saving for later in life.
"A dividend tax raid will hammer entrepreneurs. A gambling tax hike will punish honest bets. A mansion tax will squeeze asset-rich households – even those that have seen their property value rise through no action of their own. A savings tax, as the cash ISA limit will be slashed by 40%. A milkshake tax will push up the price of a lunchtime drink. And the pay-per-mile electric car tax will push up the cost of going green – a goal the government supposedly supports – by an average of over £250 per year.
"At a time when households and businesses were already under pressure by the decisions made by the Chancellor last October, she has decided to come back and punish us even more this year.
"Rather than getting a grip on public spending, the government are going for even more reckless borrowing and even higher taxes. All of us are going to be paying the price. As Mrs Thatcher said, the problem with socialism is that you eventually run out of other people’s money.
"What the Chancellor delivered is not a budget for hard working people but is a budget to bankrupt Britain."
