Labour Accused of Betraying Businesses, Raising Income Tax

Labour stands accused of a major betrayal, with Chancellor Rachel Reeves reportedly hiking business rates despite manifesto promises. This comes as official forecasts reveal a staggering increase in income tax receipts, set to nearly double by the end of the decade.

Sir Mel Stride, the Shadow Chancellor, launched a scathing attack on the Labour government, telling GB News that Ms Reeves is doing the “opposite” of what was pledged to business owners. This direct contradiction of their own manifesto commitments raises serious questions about the party's credibility on economic policy.

“They said that they were going to be the party of business,” Sir Mel Stride stated, “but now they are hitting them with higher taxes.” He continued, “It’s no wonder businesses are struggling under this Labour government, they’ve been completely betrayed.”

For ordinary British people, the implications are stark. Analysis of official forecasts, cited by GB News, projects income tax receipts will soar to £430 billion by 2030-31, a dramatic increase from £220 billion in 2021-22. This means millions will be paying substantially more income tax, directly impacting household budgets across the country.

This doubling of income tax receipts, coupled with new business rate hikes, paints a clear picture: the Labour government is set to extract significantly more from both workers and enterprises, leaving families and businesses with less disposable income by the end of the decade.