A money guru has given the UK a tax warning and said that "you can't look away" from the UK's national debt.
The TaxPayers’ Alliance has launched a ticking debt clock, publicising the extent of the national debt in Britain.
Elliot Keck, Head of Campaigns at the TaxPayers' Alliance explained that "Labour have been pretending that the debt doesn't exist" and "we are now paying for the consequences" of politicians "ignoring" the figures.
He said: "You really can't look away. And the reason why you can't look away is it goes up every single second. It's completely without respite.
The TaxPayers’ Alliance has launched a ticking debt clock
GB News
"One of the things that really jumps out to me is that little ticker at the bottom [of the clock] which shows exactly what that national debt could pay for. It could pay for the NHS's budget four times over.
"So when we think about the consequences of politicians ignoring the public finances, for not just years but decades, the result is that there's a huge range of things that we'd love to pay for, a huge range of taxes that we'd love to cut that we can't as a result of this national debt."
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Speaking about the Labour government he added: "They're doing what every government before them have done, which ultimately to pretend that these figures don't actually exist and ultimately hope they're going to find the money from somewhere.
"We know that Labour and the public sector are incredibly close. We know that Labour normally does prioritise the public sector and so they are taking that massive democratic mandate that they have and using it to pay public sector workers more.
"But the reality for taxpayers is that public sector workers get better pay, pensions and perks than those in the private sector.
"It's of course private to taxpayers. They're going to end up paying for that. And it's all of us that will end up paying for the national debt."
He said that you "can't look away" from the national debt
PAThe debt clock uses OBR (Office of Budget Responsibility) figures which forecast that in 2024-25 an additional £139.1billion will be added to the national debt, which equates to a daily increase of £381.09million.
The figures do not include the Bank of England debt.
This comes as Chancellor Rachel Reeves has warned the public to expect tax rises in her autumn Budget, as a row erupted over how much she knew about the £22bn fiscal hole she claims she inherited from the last Conservative government.
A money guru has given the UK a tax warning
GB News
“I think that we will have to increase taxes in the Budget,” Reeves told the News Agents podcast on Tuesday.
Labour has already confirmed some tax rises and the Chancellor has previously alluded to "difficult decisions" that need to be made.
On Monday, Reeves also announced a windfall tax on oil and gas companies, in addition to the VAT on private school fees - both of which were manifesto commitments.