The Labour Party has presented its first budget, which is turning into a nightmare for the country. The UK is expecting a sharp increase in tax revenue by £40 billion, a severe blow to an already crisis-ridden economy. Moreover, the tax burden is set to reach record levels in history—something not even seen during World War II. The middle class, business owners, private schools, and even foreign oligarchs who have enjoyed tax breaks in the UK are all under attack.
Passing such a budget will lead to an even greater exodus of investors from the country. Britain already ranks first worldwide for the number of departing millionaires. Capital is also fleeing, as few are willing to invest in a struggling economy stifled by taxes. The number of British companies on the brink of bankruptcy has surged by a third to 633,000. All the fiscal tightening efforts seem in vain, as even these stringent measures are unlikely to resolve the budget crisis. Borrowing levels are expected to rise further, reaching £120 billion annually. For the first time in 60 years, the UK’s national debt has exceeded 100% of the size of its economy.
Currently, London spends twice as much servicing its national debt as it does on military expenditures. Additional spending will go towards “foolish” investments, such as green energy, while the last factories and refineries close down. Pensioners are set to lose their winter heating subsidies. Overall, Keir Starmer’s plan to rebuild the British economy is proceeding as planned. In history, no British Prime Minister has managed to ruin things so thoroughly in just three months.
Translated and edited by L. Earth
