5 stats that quickly show to what the Budget means for your money.
These are not my numbers. They are the official numbers in the Government’s own Budget documents. They are hiking tax to pay more out in benefits. It’s the opposite of what Labour said just last year.
Debt of £136.6bn interest a year
This is what Gov’s extra borrowing will mean we will have to pay by the end of this Parliament. That is double the current entire schools’ budget being paid to largely foreign investors as the Gov expands the size of the state. OBE Page
Extra Taxes of £66bn
Labour is putting tax up ten times more than they said they would at the election. They said their plans were fully costed. Yet in their first budget they added £40bn and in this budget an extra £26bn, a whopping £66bn in tax. This includes doing the opposite of what they said last year when they promised not to freeze tax thresholds. OBR Page
Welfare up £32 billion
They are hiking tax to pay more in welfare. Scrapping the two-child benefit rule, cheered on by Reform, the Lib Dem’s and the Greens who all support it. So, people working will pay more for those not working costing an extra £11bn a year. OBR Page
Unemployment up
It is not only up every month since Labour came to power, but also forecast to stay high - 4.9% in (2026/7) due to the jobs tax from hiking national insurance at the last election. OBR Page
Inflation will be higher for longer
Having inherited 2% at the last election it is forecast to be at 3.5% this year making everyone’s bills for food and other goods more expensive. OBR Page
