RE: WINDFALL TAX THE BANKS REEVES ?8 Sep 2024 13:02
The £22bn
(for STP 🤡 and his followers as they're having trouble finding answers to this).
The Treasury published an audit at the end of July, just a few weeks after Labour came to power.
They looked at areas of public spending which are set to go over budget this year, including:
Public sector pay rises….
Labour's clearly at fault here.
Overspending on certain projects, such as supporting the asylum system….
This is ongoing and getting worse under this present government.
Unforeseen costs, such as inflation being higher than expected….
Labour inherited the 2% inflation target set by the BoE.
Military assistance to Ukraine…
These are unexpected but as yet unknown and
ongoing costs, necessary to support this war in Europe.
“To put the figure into context, in the Spring Budget, it was expected that total public spending this year would be £1,226bn. The £22bn is a small proportion of that.”
You've been conned.
A point made by IFS director, Paul Johnson, the overall picture over the next four or five years is very, very similar to what we knew before the election.”
The Leader of the House of Commons, Lucy Powell, said “If we hadn’t taken that action we would have seen a run on the pound, we would have seen the economy crashing.”
Who believes this waffle? Does anyone believe there would be a run on the pound if they hadn't introduced the withdrawal of the winter fuel payment?
You've been conned.
Nina Skero, chief executive of the Centre for Economics and Business Research said "It is hard to find any evidence to support the claim that there is an imminent risk of a run on the pound."
She added that the size of any hole in the public finances is "highly speculative, subject to forecasts, and there are no alarm bells going off at the moment among investors looking at the UK".
You've been conned.
The labour backed OBR will report their findings on the day of Reeves budget 30 October. Expect more Doom and gloom from them to counter and justify the rise in tax take.
You've all been conned.