On 30th October 2024, Rachel Reeves delivered the Labour Government’s first Budget. Today Labour revealed that they did not tell the truth to the British people, with the Budget containing broken promise, after broken promise and unleashes an enormous tax and borrowing spree.
Labour promised they would not raise taxes on working people, but they have imposed £25 billion tax on working people by increasing National Insurance. In response to the latest Budget, Joe Robertson expressed deep concerns regarding the Government’s fiscal strategy, calling it a “high tax, high borrowing Budget” that he warns will place a significant burden on small businesses, working families, pensioners, and social care providers. Speaking to ITV Meridian News, Robertson highlighted the negative economic implications outlined by the Treasury and the Office for Budget Responsibility (OBR).
“The Treasury’s own projections show a troubling decline in economic growth, dropping from 2% next year to just 1.5% by 2027,” Robertson stated. “Meanwhile, the OBR has indicated that the Budget’s measures are likely to be inflationary—a development that will strain household budgets and make everyday costs more challenging for working people and pensioners alike.”
Robertson also voiced particular concern for the social care sector and charitable health providers, such as hospices, who will face higher employment costs due to an increase in National Insurance Contributions (NICs). Unlike the NHS, which will be exempt from these additional costs, social care providers will have to absorb these expenses, which he warns could exacerbate financial pressures on a sector already struggling to meet growing demand. Joe said, “This is a grim day for social care providers and health care charities."
