Andrew Neil issues stark warning of ‘tax-bomb surprises’ if Labour wins

Andrew Neil grills Streeting on cost of abolishing top rate of tax

Andrew Neil has warned of “tax-bomb surprises” if Sir Keir Starmer takes the keys to No 10 at the next general election.

The veteran broadcaster conceded that the tax burden is at a 70-year high under the Conservatives.

But Mr Neil said it is certain that “however high taxes have risen under the Tories, they will rise even higher under Labour”.

The broadcaster said Sir Keir’s party has so far been “coy” about what taxes it would put up.

He said Labout has focused on those that “don’t affect the majority of taxpayers but stick it to traditional Left-wing hate targets” such as private schools and the non-dom tax status.

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Writing for the Daily Mail, Mr Neil said: “But taxing Labour’s usual suspects will pay for only a fraction of the spending spree on which Labour will embark should it win the next election.”

He highlighted how the party has promised £28 billion a year on green investments, £8 billion for a National Wealth Fund and a GB Energy Bank which would “which will doubtless squander billions”.

Mr Neil also said Labour would “almost certainly” pump out billions more for schools, hospitals, social care and welfare benefits despite being “vague about its intentions”.

He warned that announced tax rises on non-doms and private schools would not cover the cost.

The broadcaster said: “It’s clear Labour spending will have to be financed by massive, as yet unspecified, tax rises and, for all the promises to be transparent with a properly-costed programme, are unlikely to be much specified this side of an election.

“So prepare for some tax-bomb surprises should Labour win.”

It comes after analysis by the Institute for Fiscal Studies found Labour’s spending pledges would cost the equivalent of a 3p rise in income tax.

Meanwhile, Rishi Sunak is eyeing up tax cuts in the autumn as he puts the Tories on an election war footing.

The Prime Minister believes letting hard-working people keep more of their money would help ease the cost of living pressure and keep him in Downing Street.

Treasury officials have been told to draw up a package of giveaways to be announced within months.

On Saturday night, a government source said: “The Treasury is looking at what it can do in the Autumn Statement.

“Are taxes too high? Yes. I think we will do something provided inflation comes down and the economic uptick continues. We have got to earn money to give it back to people.”

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