Brits seem curiously untroubled by Labour’s Budget – at least for now
Spectator (UK)OCT 20 2024
UK Chancellor Rachel Reeves has announced the Labour Party's first budget since 2010, including £40B (US$52B) in tax rises and £22.6B ($29.5B) in extra day-to-day spending for the National Health Service (NHS).
Speaking in the House of Commons, Reeves – the UK's first female Chancellor of the Exchequer – stated the "only way" to achieve economic growth was "invest, invest, invest," and claimed she was "restoring stability" public finances and "rebuilding" public services.
Employers' national insurance contributions have been raised by 1.2 points from 13.8% to 15%, effective from April 2025, whilst the contribution threshold has been reduced from £9.1K ($11.8K) to £5K ($6.5K).
Albeit unpopular for the wealthy who will have to fork the bills, Reeves's budget was a strong and fair approach to finally putting the working people of Britain first. Having left the state of the UK's finances in disrepair after 14 years of self-centred short-termism, the Conservative Party have little right to complain about the painful yet necessary decisions made by the new Government.
Labour's socialist budget exposes Reeves and Starmer for their continued misleading of the British public. Having promised a changed party during the general election, Labour have returned to their high-spending, high-borrowing, high-taxation dogma that history has shown to fail time and time again. This anti-business and anti-growth approach will not succeed.