Today Rachel Reeves announced her plans to fiddle with her fiscal rules and borrow up to £50 billion more to fund further reckless spending. She made this announcement not to Parliament, but to the IMF in Washington!
She's treated the public with contempt by breaking her promises during the election. And she's treated Parliament with contempt by making an important announcement about our country's future to citizens of another country.
Let's be clear; the advice that Jeremy Hunt received consistently whilst Chancellor was that any additional borrowing would mean higher interest rates for longer. Meaning if the Chancellor goes ahead with £50 billion of extra borrowing there will be misery for millions of mortgage holders across the country.
You shouldn't just be worried about the Budget next week if you have a mortgage.
- If you own a small business with employees you'll be taxed more if Rachel Reeves hikes Employer National Insurance.
- If you use a car for your work or weekend plans, you'll be taxed more if the Chancellor hikes fuel duty.
- If you have investments to supplement your retirement you'll be taxed more if the Chancellor hikes Capital Gains Tax.
- And if you meet friends for a drink on the weekend you'll be taxed more if the Chancellor hikes alcohol duty.
