firstlabourbudget

🧵Watching #RachelReeves doing the budget. All the background sheep making the usual noises. #Starmer looks bored off his twig. So far all she’s done is attack the past. This will probably evolve into a much longer post as I edit it and if I don’t get completely pissed off with whatever she’s saying. 1/ Raising taxes by £40 billion.
2/ already predicting all the figures for actual growth, and going through weird ‘they didn’t borrow enough, we are borrowing more’ stuff at the moment.
3/ efficiency, technology to be used more efficiently…
4/ Crackdown on benefits fraudsters - direct access to benefits recipients bank accounts
5/ reduce benefits bill, by getting people into work
6/ more HMRC staff; go after promoters of tax avoidance scheme
7/ increase natl living wage, for all
8/ carers allowance - increase weekly allowance so carers can earn up to £10K pa without penalty
9/ reducing how much can be taken as rent from benefits.
10/ triple lock on pensions - extra £450pa for lowest paid pensions & rise of about 4%
11/ fuel duty - freeze duties next year.
12/ No increase in Natl Ins, VAT or Income Tax for employees - Employers must pay more. Reduce the threshold for employers to be obliged to pay.
[It’s all the Tories fault, that I’m making these decisions]
13/ Capital Gains Tax - up to 18% and to 24%.
14/ Inheritance Tax - freeze kept to 2030. reform ag & business tax -
15/ Keeping EV incentives
16/ Air Passenger Duties - Private jets passengers are going to pay 50% more
17/ 40% relief on small business rates
18/ Alcohol - Non draft duty raised; draft duty cut.
19/ Non-dom tax regime being abolished! WIN.
20/ stamp duty land tax being increased from tomorrow
21 Income tax and NI thresholds - from 2028 personal tax threshold will be raised again. Frozen by previous government.
22/ No return to austerity but difficult choices… [austerity]. Using technology [AI etc?]. Tripling investment in Breakfast clubs. More teachers . SEN provision - £1bn.
23/ Defence review - 2.5% of GDP on MOD +£2.9bn
24/ More money for remembrance events incl Nazi survivors [#Gaza #Israel not mentioned]
25/ Shoplifters will be prosecuted more, and no immunity for low level.
26/ City & Growth deal in NI, in Scotland and in Wales. £3.4bn to Scotland; £1.7bn to Wales and £1.5bn to NI
27/ Schools and Hospitals need more public investment -[from US info last week]
[Missed a few bits because of life…]
28/ Green Hydrogen getting a boost - also - aerospace, automotive, EV, manufacturing, TV & film - much of this to NorthEast and Midlands.
Most of these are polluting industries, esp ‘Green hydrogen’ more broadband,
29/ Affordable homes - support small house builders, renovate sites including Liverpool Docks for 2K houses. Local authorities retaining full receipts. Hiring new planning officers to get 1.5 million houses build. Finish removing Grenfell etc cladding.
30/ Transport - transpennine upgrade; electricrification; more trains, train and station upgrades. HS2 - Oldham Common and Birmingham, and London Station. Potholes in roads - £500 million to repairs.
31/ - Clean energy superpower by using Carbon Capture in 11 green hydrogen projects - UTTER RUBBISH Green hydrogen is a Fossil Fuel., 🤬. GB energy - distraction and waste. 🤬🤬
32/ 6.7bn for new school buildings and essential repairs.
33/. NHS. 10 year plan in Spring. Analogue to digital; hospital to community; immunity; [Hunt is angry and Streeting looks smug] new beds, new capacity for diagnostic tests - no mention of staffing etc.
THE END
#FirstLabourBudget #UKPolitics