In the social media world Rachel Reeves is already known as Rachel Thieves and that’s even before she has done her worst in the Budget on October 30. Trust me, if you have made anything of your life, or your children have, they will be forced to subsidise the SIDS (Skint, Idle, Dim, Socialists)
The socials have got Ms Thieves moniker right. And that will be shocking news for anybody who has ever taken a financial bet i.e. going down the buy to let route, taking a punt on shares or even starting a business they wanted to sell one day.
Magnanimous as ever, Ms Thieves has announced that she is not going to introduce a wealth tax (thank you for that) which I presume, she did to stop any more of our wealthy fleeing the country.
Luke Johnson, a successful entrepreneur, wrote a piece for The Telegraph the other day saying he knew three billionaires who were quitting our shores. Even I know one. The reality is that Ms Thieves much vaunted growth and her planned tax increases are mutually exclusive.
Rachel Reeves at the Labour party conference
GB News
How on earth can it be worth risking good money as a landlord when Labour wants to protect every scumbag tenant who will take a year to evict and at the same time increase capital gains tax so if the house price does go up the government do better out of it than you do.
Why take a risk where you might be wiped out when more easily as you could simply leave your money in the bank. It’s simply not equitable. Not all house prices have risen. I happen to know examples in Hull where more than a decade back a landlord bought flats at £95,000 and today is having to sell them for £85,000.
Why should a government only be rewarded if the investor guessed correctly. Perhaps the government should have to pay reverse CGT if they get it wrong. Now that would certainly encourage investment. Am only half joking.
On Radio Four’s Today programme, Ms Thieves went down her tried and tested route that a £22billion hole was left in the nation’s coffers by the Tories. I have no time for the previous administration. Boris in particular was a disaster handing out money to anybody who knocked at the door of No.10.
What has surprised me is that no Conservative Chancellor (and there’s been enough of them) has pointed out that if the coffers are empty, it’s almost exclusively due to the £400billion that Covid cost us.
We were in bad enough shape prior of the pandemic, but Lockdown and the 80% payments to subsidise wages saw us into the poor house. The odd thing is that that the voters didn’t thank the Tories for the subsidy, they kicked them out.
Secondly, having tasted living off the taxpayer, more decided working was a mug’s game and claimed they were actually disabled. You receive double in benefits for being disabled compared with just jobless handouts. Much of the new disabled is around mental health, sometimes difficult to analyse.
The effect is unbelievable with 2.5million on long term sick, up 400,000 on pre Covid. So, there’s less prepared to work but we now have a Labour government prepared to pay any state worker whatever they demand.
An example is the train driver now making £73,000 a year on average for a 35-hour week and no weekend work unless they want to. That for a 7-day industry. Why do we put up with it? Be interested to know how many of those hours he/she actually works.
How can Ms Thieves square this circle? What became clear in the BBC interview this morning is that Ms Thieves is going to allow councils to increase the council tax for larger houses.
Nobody will drop a tear for the owners of larger houses in the same way as they didn’t for VAT on private schools. You can be sure the same class war attitude will apply to inheritance tax and CGT.
Ms Thieves hates people like you but loves your money. See you at Terminal 5 tomorrow morning.