The millionaires Labour needs to fund their economic plans might just leave the UK, says Patrick Christys

The millionaires Labour needs to fund their economic plans might just leave the UK, says Patrick Christys

WATCH NOW: Patrick Christys shares his thoughts on Keir Starmer's economic plan

GB News
Patrick Christys

By Patrick Christys


Published: 19/06/2024

- 22:14

But is it too little, too late, or could tax turn the tide on a Labour landslide?

So a bombshell poll has shown that Rishi Sunak could become the first Prime Minister in history to lose his seat at the election on July 4.

But have the tax gods just provided him with a miracle?


This morning it emerged that there are apparently six Labour stealth taxes that might be on the table.

They are, number one, extend National Insurance to all sources of income except on pension payments, so working pensioners will still be made to pay. Number two, remove the cap on National Insurance, so higher earners, those earning more than £50,270, pay the main rate of 8 per cent all the way up the income scale raising, they say, £20billion.

Patrick Christys

Patrick Christys shares his thoughts on Keir Starmer's economic plan

GB News

Number three, equalised capital gains tax, with income tax rates raising an estimated £16billion. Number four, plug gaps in inheritance tax by ending reliefs that allow farmland, business, property and pension pots to be passed on tax-free. This would raise £4billion they say.

Number five, reform property tax to make it fairer. While those in low-cost homes would see bills cut, those living in more expensive areas could see charges more than double. And number six, introduce what's called a jackpot tax on extreme wealth, raising £10billion a year.

But here's the kicker, though, isn't it? Because a lot of that might sound okay to people - oh, it's not going to apply to me, it doesn't really matter. Who is going to actually end up paying this stuff though, because today it's emerged that 9500 millionaires left the UK last year. More millionaires left Britain than any other country apart from China. So they won't be paying it, will they?

What does that mean for the middle classes? What does that mean for anyone with savings? Is this the fatal flaw with Labour's economic plans? The people that need to pay for everything might just leave. Keir Starmer's definition of working people certainly raised some eyebrows as well.

The Tories say that that means more tax rises, so Starmer was forced to deny that again today. But is he not talking enough about the fact that a lot of the people who will need to fund all of this might again, just leave?

And with inflation hitting Rishi Sunak's pledge target of two per cent today, the prime minister went on the offensive, promising more tax cuts.

There is, of course, the credibility gap, though, isn't there?

So some clear dividing lines seem to be emerging now between Labour and the Conservatives. But is it too little, too late, or could tax turn the tide on a Labour landslide?

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