The UK is set to lose 9,500 millionaires, second only to China, due to fears of an incoming Labour government. Concerns are rising over Labour's potential plans to increase capital gains taxes to fund public services. Leading economists widely agree that Labour will raise taxes if it wins the general election on July 4, 2024. The Institute for Fiscal Studies (IFS) has criticized both Labour and the Conservative Party for not providing clear plans on how they will fund their spending commitments, leaving voters uncertain. The IFS warns that the next government, whether led by Keir Starmer or otherwise, will face a trilemma of raising taxes, cutting services, or borrowing more. The IFS's Paul Johnson highlighted that 14 top City economists have expressed similar concerns.
Smaller parties making "wholly unattainable" promises, @TheIFS says, helps "poison the political debate." "We saw the consequences of massive tax cuts with no detail on how they'd be paid for in September 2022. What Reform offers is on a much bigger scale." ~AA #TrussOnSteroids https://t.co/xklDtGzUbX
The next government will have to raise taxes, cut services or borrow more, IFS warns as they slam Labour and Tories' 'conspiracy of silence' https://t.co/qZWTWJkoN9
The IFS had accused Reform and the Greens of ‘poisoning’ the debate over the painful economic choices ahead - with unattainable tax cut pledges. Story here 👇 https://t.co/dQFiogrpVq
"Raw facts are largely ignored by the two main parties in their manifestos" @TheIFS director Paul Johnson says Labour and the Conservatives are in a "conspiracy of silence" about the tax, debt and spending trilemma facing Britain's next government https://t.co/TIAZPu5Lhf
Looks like the IFS is calling bullshit on all the main UK manifestos: “Both the Conservative Party and the Labour Party have made a lot of their “fully funded” pledges in the manifestos this election campaign. But, in practice, these pledges mean almost nothing for the funding…
This from the IFS's Paul Johnson unpicks why, despite Labour and the Tories both implying spending restraint after the election, the spending pressures will actually be zooming upwards. And thus (his phrase) the "conspiracy of silence" on the spending challenge in the campaign. https://t.co/T1y9llVQ7G
"We've been left guessing". Voters have been left in the dark over how the major parties will be able to fund their spending commitments, The Institute for Fiscal Studies (IFS) has said. https://t.co/CPrnsQYI5z 📺 Sky 501, Virgin 602, Freeview 233 and YouTube https://t.co/gISNYoyW8Y
BREAKING: Voters have been left in the dark over how the major parties will be able to fund their spending commitments, a respected thinktank has said, offering just "thin gruel". 🔗 Read more https://t.co/ngo5nVTuP0
Incoming! @TheIFS accuses the main parties of not being straight with voters. IFS warns we face “either higher taxes or worse public services” whether Labour or the Tories win the election but “you would not guess from reading their prospectuses or listening to their promises”… https://t.co/Y5LA3VaqNy
The public finances have “a toxic mix” says the #IFS and “ the raw facts are largely ignored by the two main parties in their manifestos” #GE2024
Not only are the manifestos not "costed", they leave us with no sense as to how the parties will tackle the big problems they'll face in government. On a whole range of tax and spending issues, we really won't know what we are voting for on 4 July. https://t.co/X25I3fY98n
"The parties have been very keen to say their policies are fully costed, but overall, are they?" @amolrajan asks Institute for Fiscal Studies Director Paul Johnson who argues they're not and says as a result, voters are 'left guessing'. #R4Today
The #UK’s leading economists widely agree that Labour will put up more taxes if it wins the general election on 4 July, a City A.M. poll suggests, as the party comes under pressure to explain how it will fund its plans. Read more ⤵️ https://t.co/QDdIMKpIdH
The UK’s leading economists widely agree that Labour will put up more taxes if it wins the general election on 4 July, a City A.M. poll suggests, as the party comes under pressure to explain how it will fund its plans. Of 14 top City economists surveyed, all said that if… https://t.co/y6SIwvOod3
If Keir Starmer is Prime Minister after the General Election then British business will face punishing tax rises and new red tape. Labour will revert to type, declare war on enterprise and bankrupt Britain. Read more in my piece for the Sunday Telegraph.… https://t.co/KF1wzY75Pw
ICYMI: 'The UK is set to lose 9,500 millionaires, second only to China, because they are so fearful of the incoming Labour government.' The panel discuss rumors that Labour is tabling plans to increase capital gains taxes to fund the public services. https://t.co/8zF5JzXYbs
'The UK is set to lose 9,500 millionaires, second only to China, because they are so fearful of the incoming Labour government.' The panel discuss rumors that Labour is tabling plans to increase capital gains taxes to fund the public services. https://t.co/yCdXYCDtAg