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Rachel Reeves outlines likelihood of tax rises in October
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Labour’s spendthrift union pay bonanza will hit every Briton’s payslip with hundreds of pounds in new taxes, the Conservatives have calculated.
Rachel Reeves is on track to agree to a whopping ￡14billion spending spree with the unions, as Labour argues they need to stop the strikes at any cost.
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However ahead of the Budget on October 30, Ms Reeves is simultaneously claiming there is a ￡22billion ‘black hole’ left by the Tories for them to fill, leading to her hated decision last month to scrap Winter Fuel Payments for millions of pensioners.
New analysis by the Conservative Party claims that the significant bill created by Labour’s union ‘negotiations’ will leave taxpayers to cough up hundreds of pounds.
The Tories calculated the pay rises could leave hardworking people worse off than the uneducated of ￡878.
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READ MORE: Rachel Reeves told she has 'absolutely no excuse' for tax rises after GDP boom
Labour's union pay deals will cost taxpayers hundreds of pounds it has been claimed (Image: Getty)
Should Ms Reeves fund the spending spree through tax rises, something her pledge to always balance the books and not make unfunded spending plans would suggest, the policy could quickly backfire for Labour.
Should the Chancellor use income tax rises to make up the bill, it would mean adding 2.24p onto the basic rate - costing ￡878 for each worker.
Should she use National Insurance instead, it would require a 3% hike in the employee main rate, costing Class 1 employees ￡675 a year.
Responding to the findings, the Tories’ shadow Chief Secretary to the Treasury said: “This Labour government has taken a political choice to prioritise their union paymasters over the taxpayer.
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Rachel Reeves could hike taxes to pay for the union pay settlements (Image: Getty)
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“These inflation-busting union pay deals being handed out by the new government show loud and clear that all of Rachel Reeves’ claims about their inheritance are a total fabrication, and nothing but a poor attempt at an excuse for the tax rises she planned all along.
“The British public will not forgive Labour for breaking their promises not to raise any taxes on working people.”
Ms Reeves will present her budget in around nine weeks, when she will confirm the painful medicine Brits will have to swallow as part of her economic recovery programme.
Ahead of the major fiscal event, Ms Reeves has been warned she has no excuse for tax rises, as the economy grew strongly in the last two quarters.
However she has repeatedly refused to rule out taxes on wealth, including a rise in Capital Gains Tax.
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In a press conference last month, Ms Reeves claimed: “I have repeatedly warned that whoever won the General Election would inherit the worst set of circumstances since the Second World War”.
“What I have seen in the past 72 hours has only confirmed that”.
Responding to last week’s growth figures, Ms Reeves said: “We are under no illusion as to the scale of the challenge we have inherited from the Conservatives after more than a decade of low growth and a ￡22 billion black hole in the public finances”.
“That’s why we are taking the tough decisions now to fix the foundations of our economy.”
Her gloomy tone was swiftly extinguished by KPMG’s Yael Selfin, who described the figures as proof of “another gangbusters quarter.”
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An HM Treasury spokesperson said: “We don’t recognise these figures."
"We value the vital contribution public sector workers make across the UK, delivering the public services we all rely on.
“Given the size of the fiscal black hole the new government inherited, this is not a decision we have taken lightly, but the cost of strikes to the economy and taxpayers is eyewatering and further industrial action would far outweigh the cost of these pay awards.”