Graham has branded the first Labour Budget delivered since the election as a Budget of Broken Promises, which will create new burdens on working people despite Labour’s repeated promises not to.
Chancellor Rachel Reeves used today’s Budget to u-turn on many promises made in their manifesto and make life harder for the working people many voted for them to protect.
The Chancellor announced £40 billion of tax rises – the highest increase in over thirty years.
Labour has let down farmers by removing family farms from inheritance tax, potentially leading to the end of the family farm.
Through measures such as increasing employer National Insurance Contributions, Labour is throwing away the legacy of 4 million jobs created under the previous Conservative government.
Hard-working people face a 1.2% rise in Employer National Insurance Contributions, which the Office for Budget Responsibility says will be passed on ‘entirely’ to working people.
Capital Gains Tax will increase by 8% - hitting working people’s hard-earned savings and investments hard.
The Prime Minister, Sir Keir Starmer, had previously pledged, on the floor of the House of Commons, that Labour ‘Made an absolute commitment not to raise tax on working people’.
This has now been comprehensively broken with £40 billion in tax rises.
The government had already announced, that the Winter Fuel Payment will be cut for tens of thousands of pensioners across Beverley and Holderness.
Labour had pledged not to cut pensioner benefits during the election campaign.
Labour promised not to increase borrowing and to follow the strict borrowing rules put in place by the Conservatives – a promise now broken by Rachel Reeves, who has created a new set of fiscal rules, enabling Labour to borrow more – a clear broken promise.
Bus fares will increase by 50% - meaning working people who use the bus will now have to find an extra £500.
The Office for Budgetary Responsibility has been clear in its view of the Budget – downgrading growth forecasts until 2029.
Graham has been at the forefront of opposing the worst of the Government’s plans, including campaigning against the cut to the Winter Fuel Payment and this week’s announcement that the government will hit bus users with a 50% fare hike – a £500 cost to bus users.
Graham Stuart MP said, “This Budget will go down in history as the Budget of Broken Promises.
“People didn’t vote Labour to hike National Insurance Contributions, abolish the family farm, make pensioners freeze or add a £500 extra expense to anyone who takes the bus.
“It’s just wrong for Labour to play fast and loose with the public finances, targeting working people, older people, farmers, bus users, drivers, and so many more besides.
“The mask has slipped in this Halloween Budget. Sir Keir Starmer and Rachel Reeves always planned to raise taxes, let borrowing rip and break their promises.
“It’s the working people of Beverley and Holderness who will pay the price.”
