Thinktank Niesr warns Reeves she must put up taxes left by the 41 billion pound black hole. But the billionaires won’t be paying for it – we will. 

The National Institute for Economic and Social Research has warned that a combination of poor economic growth, lower tax receipts, higher borrowing, will mean the government will have no choice but to raise taxes come Autumn. 

Labour’s 2024 manifesto promised no tax rises for “working people” and no increases to National Insurance, or the basic, higher or additional rates of income tax or VAT, but now, Reeves will have to significantly cut public spending for an already broken system or raise taxes. 

She could just tax the rich…

A 2% tax on those who own assets worth more than £10 million (affecting 0.04% of the UK population) would raise £24 billion a year.

A global levy on the top 0.5% could raise about $2.1tn – roughly 7% of national budgets. 

That revenue could transform and revolutionise the NHS, housing, education, and long-term care for everyone.
It is time everyday people stop paying for a broken system that does not benefit them. No more austerity. No more tax raises for everyday workers. Tax the rich.