Make no mistake, the Labour regime’s catastrophic budget was made out of choice, not necessity. The globalist fanatics, who prefer Davos to Westminster, chose to lower living standards, chose to drive out wealth creators, chose to continue the drive to turn Britain into a low-wage, low-skilled high-tax economy, dominated by a privileged class of well-remunerated public sector apparatchiks determined to put the net zero lunacy and the UN/WEF’s ‘you will own nothing’ Agenda 2030 above all else, at any cost.
This utterly vindictive and ideologically motivated regime has hit us with the biggest tax rise ever and will take the tax burden we labour under to over 38% - the equivalent of an extra £2,340 per year for a family of four, the biggest tax burden since 1948 when broke Britain was struggling to recover from a catastrophic war.
They lied when they said there was a £20bn black hole – but have deliberately created a £40bn black hole for taxpayers – this is a government that thinks tax is a good thing in itself and believes in punishing hard work and risk-taking.
The extension of inheritance tax (IHT) to farms will increase the trend of large corporation buying up land, like Gates in the US, by forcing small and medium sized family farms to be sold to pay this truly evil tax. Yes, the propaganda is that small farms will be protected, but by small they mean very small, as the scaling back of the relief on agricultural land begins at only £1 million and, in effect, means a 20% tax charge. As IHT must be paid before probate is granted many family farms will have to be sold to meet this act of theft – and the banks and corporations Labour is comfortable with will snap them up, no doubt to be compensated by the taxpayer to ‘re-wild’ them, seriously jeopardising our already seriously fragile food supply chain.
Exactly the same argument applies to family business, also hit by IHT with the same result: they will be forced to sell up, no doubt to be bought by large corporations, who are the intended beneficiaries – under State control – of the ‘by 2030 you will own nothing’ agenda. Limiting business property relief to £1m will make it much harder to pass family businesses onto the next generation thereby stifling investment, entrepreneurship and hindering future economic growth – exactly what it is intended to do.
In the same vein the Socialist/Corporatist regime (the same political arrangement invented by Mussolini and followed by Hitler) has reduced the relief on share holdings previously free from inheritance tax if held for two years or more, like those in the Alternative Investment Market which will now attract a 20% tax, which will also have the effect of making it much more difficult for small companies to raise money. Again, expect to see a lot of small companies sell out to big corporations.
The rise in employers’ National Insurance contributions is a tax on jobs and will raise inflation – the most hideously cruel tax of all – as it will force companies to raise prices and/or cut jobs, which will in turn increase the State’s borrowing requirement, already huge because of the increased spending on the bloated, incompetent and highly unproductive public sector, the Labour regime’s core vote.
The binge-spending on the public sector will also mean interest rates are kept higher for long, making mortgages more expensive – another attack on property ownership. Robbing Reeves has also made the buying of council houses more expensive and difficult and, of course, the increase in corporation tax continues the attack on small landlords, also selling up at discounted prices, with banks like Lloyds hoovering them up.
And make no mistake, this is just the beginning. We are only halfway down the Road to Serfdom, so be in no doubt, Labour will raise taxation again and again – in lockstep with the EU we are supposed to have left – until the economy is on a life support machine controlled entirely by State apparatchiks and closely aligned big corporations – the vision behind the sinister 2030 agenda.