LONDON, Oct. 30 (.) – Former British Prime Minister Rishi Sunak will present a budget with major tax increases this Wednesday as the Labor government faces “one broken promise after another” and massive tax increases. He accused the government of resorting to a “cynical political strategy” to do so. The budget deficit is 22 billion pounds (26.34 billion euros).
Rachel Reeves, the UK Economy Secretary, today presented the New Labor Executive’s first Budget in the House of Commons, which includes tax increases to raise £40bn (about €50bn).
Following the minister’s intervention, Mr Sunak said the proposed budget for the 2025-26 financial year would show that Prime Minister Keir Starmer’s Labor party would spend significantly more than it promised before the July 4 election. He said he listed the announced budgets one by one. Tax increase.
A new leader was announced this Saturday, and his successor, the acting Conservative leader, also accused the government of manipulating budget deficit figures, which are said to have been inherited from the Conservatives, and which are in fact indicative of a healthy economy. He emphasized that he had come. Year-on-year inflation is 1.7% (below the Bank of England target of 2%) and unemployment is low (4%).
Mr Sunak said the so-called “Exchequer” and the Prime Minister believed they had no choice but to increase taxes, but this was a “cynical political strategy”.
“Today ministers will launch a huge wave of debt, burdening our children and grandchildren with billions of pounds more in debt. This will drive up interest rates and put our economy at risk for future crises. “This will lead to further exposure to inflation,” he added, predicting higher inflation.
“His decision to allow borrowing to spiral out of control renders his claims about the state of the public finances complete nonsense, because if the public finances were really in such desperate straits, , because, as he said, what we should be looking at today is a reduction in fiscal “not the waste that has just been released, but the debt to repair them,” he continued.
Mr Sunak said the Office for Budget Responsibility (OBR), which oversees public finances, did not support the Labor government’s claim that there was a £22bn (€26.34bn) hole.
Among the measures announced, Reeves announced that from April, companies’ social security contributions will increase from 13.8% to 15%, and the salary threshold at which payments begin will also be lowered, thereby increasing the 25% increase. He said he was looking forward to it. 1 billion pounds (approximately 30 billion euros) per year.
