Grim Budget backdrop:
Borrowing is £8 billion more than expected so far this financial year.
Over £18 billion borrowed in August, £3 billion more than the same month last year and higher than analyst forecasts of £15.5bn.
Financial year 2026/27 to date, borrowing now £77.3 billion, £8 billion higher than official projections by the Office for Budget Responsibility back in March.
Rachel Reeves left behind £24 billion of ‘headroom’ to meet the fiscal rules, much of it now gone.
Chancellor John Healey will have to find an extra £15 billion to restore that headroom before he thinks about spending more on any of the Bus-Conductor-in-Chief’s various wheezes for even bigger government.
Congrats Andy you’ve already achieved growth in every postcode . Numbers claiming Universal Credit have grown to 7.3million with places like Birmingham having 33.9% of its resident on the benefit.
A third of a city like Brum with their hand out makes you weep for the UK’s future.
And the chances of Labour MPs cutting the benefit are nil as The Times has discovered than in 212 of the 366 Labour constituencies in England Wales there are more people claiming PIP than the number of votes their MP won their seat by.
Pat McFadden, the Works and Pension Secretary, is one of them. We are done for.
If you are feeling poorer since Labour gained power. This is why..
Employer National Insurance increased from 13.8% to 15%.
• The employer NI threshold cut from £9,100 to £5,000.
• Income Tax and National Insurance thresholds frozen until 2031.
• Capital Gains Tax increased from 10% and 20% to 18% and 24%.
• Business Asset Disposal Relief increased from 10% to 14%, then 18%.
• Investors Relief increased and its lifetime allowance cut from £10 million to £1 million.
• Carried interest taxation increased and moved towards the Income Tax regime.
• Dividend tax rates increased by two percentage points.
• Savings income tax rates increased by two percentage points.
• Property income tax rates increased by two percentage points.
• Most unused pension funds brought into the Inheritance Tax net.
• Agricultural Property Relief restricted.
• Business Property Relief restricted.
• Inheritance Tax thresholds frozen for longer.
• The non-dom regime replaced with a more extensive residence based system.
• VAT imposed on private school fees.
• Business rates relief removed from private schools.
• Stamp Duty increased on second homes and buy to let properties.
• The Furnished Holiday Lettings tax regime abolished.
• Pension salary sacrifice benefits capped at £2,000 before National Insurance applies.
• The Cash ISA allowance cut to £12,000 for most under 65s.
• A 22% charge introduced on interest from cash held inside non cash ISAs.
• Restrictions introduced on transfers and cash like holdings within ISAs.
• The Energy Profits Levy increased and extended.
• Investment allowances for oil and gas producers reduced.
• A new Vaping Products Duty introduced.
• Tobacco duties increased above inflation.
• Vehicle Excise Duty increased for many new cars.
• Electric vehicles brought into the Vehicle Excise Duty system.
• A new mileage tax announced for electric and plug in hybrid cars.
• Air Passenger Duty increased.
• Climate Change Levy rates increased.
• Plastic Packaging Tax increased.
• A new Carbon Border Adjustment Mechanism introduced.
• Making Tax Digital extended to more landlords and self employed people.
@StephenMorganMP Bus fares, honestly, this post just shows how inept the political class really are. Yes well done you’ve caped bus fares, mortgages have doubled, utilities have increased by 50%, and unemployment has increased along with taxes…. but ah yes, bus fares have frozen.
@pokeefe1@RKTweets Agreed, but let’s be honest Bergvall may have a few good touches but he has always been “lethargic”, never commanded a midfield. Tel always trying to be “Hollywood”, and Richarlison more concerned about his own emotions than the game.
@pokeefe1@RKTweets What do you expect when some of these lot were part of the disastrous season last year!? I don’t understand how people can’t see that. Why on earth people seem to think Bergvall is worth keeping is beyond me. Richarlison still leading the line
@elonmusk it’s very annoying that I keep having to tell Grok I’m based in the UK when asking questions. Surely if it’s tied to my X account there’s a way of Grok knowing that already?
This has turned into an angry rant. Apologies. I admire you if you get to the end.
But @UKLabour this is all on you.
I am so utterly despairing of the mediocrity, dishonesty, lack of ideology, selfishness, cowardice, self indulgence, and complete incompetence of this government under @Keir_Starmer
400 MPs. A huge majority. But no plan. No idea. No direction. Crisis after crisis. Sleaze, followed by U- turn, followed by lies, followed by scandal. No proactive answers, just reacting day after day to messes of their own making. I'd have respect if they actually *believed* in something. But they don't. They have nothing. No strategy. Just endless platitudes which mean nothing.
Imagine having 14 years to come up with a plan and this is what we get? Imagine this being the best that Britain can do? These wasters are so obsessed with being liked, with pleasing themselves, the back benchers, their unions or other interests, they haven't the backbone or intelligence to do what's right for the country.
And the gas lighting. Starmer having the cheek to tell us yesterday he's "stabilised" the economy. The talk of inflation being "under control". They've made those things worse, under the decisions of the glorified accountant @RachelReevesMP creating utter chaos and a dire economic situation, yet not only do they not take responsibility, they tell us everything is going great.
No one feels it's great. You've raised a different tax every TEN days you've been in government. You're fleecing people until the peeps squeak. Unemployment is up. Business closures up. Borrowing costs up. Debt interest up. You've flailed around with ill- thought out decisions which belong in student politics, and are in such a bubble you don't even realise, or worse you do, and don't care.
The cabinet are a joke, the back benchers part of the lanyard class, there's barely any real world experience between them, and they prefer ideological wars with wealth instead of doing what's best for the country.
Do any of you think any of this will change if Starmer goes? I doubt it. Spending won't be reduced, the back benchers in their gilded gold plated lives will see to that. Taxes won't be reduced. Bills won't be reduced. Benefits will still cost billions. It'll be more of the same with just a different face selling it, and lying to us all.
No wonder people don't vote. No wonder those who do go elsewhere. You'd probably call them the 'far right' as that's easy fodder for you. You're so entrenched in your world view, you can't possibly talk to these disillusioned people. Just call them far- right then stay in your bubble, that's easier isn't it?
Starmer says he wants to 'get on with governing'. What does that even mean? More words. More telling us about 'change' and big ideas, when none are forthcoming. Oh, unless it's a tax rise, or more restrictions on business. Those ideas are easily thrown around. Anything that actually makes the UK economically stronger, or gives those with ambition a chance to thrive, they're nowhere to be seen.
And this is it Britain. We're stuck with them. But as far as I am concerned, and how I am feeling at the moment, @Ed_Miliband@DavidLammy@bphillipsonMP@wesstreeting@AngelaRayner@LucyMPowell@SteveReedMP@YvetteCooperMP@ShabanaMahmood@darrenpjones and all the rest of you can get in the bin.
And now, breathe.