{"id":167846,"date":"2025-09-29T10:09:11","date_gmt":"2025-09-29T10:09:11","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/167846\/"},"modified":"2025-09-29T10:09:11","modified_gmt":"2025-09-29T10:09:11","slug":"all-the-signs-now-point-to-one-thing-robber-reeves-is-gunning-for-your-money-jeff-prestridge","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/167846\/","title":{"rendered":"All the signs now point to one thing – Robber Reeves is gunning for YOUR money: JEFF PRESTRIDGE"},"content":{"rendered":"

Increasingly, it looks as if November\u2019s Budget will herald a savage attack on our personal wealth \u2013 a financial assault more vicious than last year\u2019s spiteful affair. Tin hats at the ready.<\/p>\n

Over the past 24 hours, all the signals confirm this bleak prospect awaits us on November 26, Budget Day \u2013 or more like Financial Doomsday.<\/p>\n

First, we woke up yesterday to news that the economic revival of the country promised by Labour isn\u2019t coming any time soon. No surprises there, then.<\/p>\n

According to respected economists at the Organisation for Economic Co-operation and Development (OECD), the UK economy is beset by anaemic growth.<\/p>\n

This year, they forecast that growth will limp along at 1.4 per cent before dropping to 1 per cent next year \u2013 with Labour\u2019s \u00a325 billion National Insurance (NI) tax raid on businesses largely to blame.<\/p>\n

In light of these underwhelming forecasts and the Chancellor\u2019s focus on elusive growth, it is highly unlikely that Rachel Reeves will risk targeting UK businesses as a source for much-needed tax revenues a second time around.<\/p>\n

\"A <\/p>\n

A tax raid on household wealth is coming as Chancellor Rachel Reeves looks to tackle the \u00a351bn black hole in the nation\u2019s finances<\/p>\n

It would be the equivalent of economic suicide, resulting in more workers losing their jobs and swathes of small firms going out of business.\u00a0<\/p>\n

This all means there is only one way for Ms Reeves to go in order to tackle the \u00a351 billion black hole in the nation\u2019s finances \u2013 and that is to loot our household wealth (welfare reform is beyond free-spending Labour).<\/p>\n

So, a tax raid on our pensions, investments and savings \u2013 and maybe on our homes \u2013 is coming, and will be so fierce it is likely to burn a hole in our wealth unless we are thoroughly prepared.\u00a0<\/p>\n

(Yes, readers, I urge you to pore over Helen Crane\u2019s splendid report<\/a> on how to ensure your finances come out on top, irrespective of what the Budget throws at them).<\/p>\n

This leads me nicely on to my second point. Yesterday, right on cue, the Resolution Foundation (a fertile breeding ground for both future Labour MPs and Treasury economic advisers) weighed into the Budget debate with its own proposals for raising extra tax revenues.<\/p>\n

Not surprisingly, in light of what I\u2019ve previously said, the ideas were focused on households rather than businesses \u2013 although they did mention imposing NI on employer contributions into workers\u2019 pensions and a curbing of salary sacrifice pension schemes (tax-efficient for both firms and employees).<\/p>\n

\"A <\/p>\n

A tax raid on our pensions, investments, and savings \u2013 and maybe on our homes \u2013 is coming so fierce it is likely to burn a hole in our wealth unless we are thoroughly prepared<\/p>\n

Given that what the Resolution Foundation says usually ends up as Labour policy \u2013 think inheritance tax<\/a> on agricultural assets, family businesses and unspent pensions \u2013 its recommendations cannot be dismissed as the rantings of a think-tank madhouse.<\/p>\n

They\u2019re both radical and bad news, especially for pensioners. Most controversial of all is a call for Labour to break its pledge not to raise income tax<\/a> by applying a 2p in the pound increase across all tax bands.\u00a0<\/p>\n

This tax rise, it suggests, should be softened (for workers, not pensioners or those with unearned income) by a corresponding reduction in the rate of National Insurance.<\/p>\n

Although I would be surprised if Ms Reeves opted to adopt this idea in November\u2019s Budget, you\u2019d be a fool to rule it out altogether given the fact that Labour and the Resolution Foundation are joined at the hip.<\/p>\n

After all, in the report\u2019s acknowledgements, the author thanked HM Treasury officials for \u2018helpful conversations\u2019.\u00a0<\/p>\n

So, maybe not this Budget but next year\u2019s if, as expected, the UK economy remains in the doldrums and desperate measures are required.<\/p>\n

The report suggests other tax measures such as a hike in dividend tax<\/a> rates for basic-rate taxpayers and a prolonging of the freezing in personal tax thresholds into 2028 and 2029.\u00a0<\/p>\n

All, in their own way, horribly corrosive, especially with inflation<\/a> predicted to average 3.5 per cent this year.<\/p>\n

So, please read Helen\u2019s report and, where appropriate, take heed of her Budget-beating advice. Ignore her words at your peril. Labour is gunning for your money.<\/p>\n

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