The New Statesman: politics and culture Has Labour let down millennials?
Nov 8, 2025
Did Labour fail millennials? The hosts dive into how Labour's policies might have misread public needs and the challenges of taxation. They explore potential tax hikes, including income tax versus national insurance. With alternative revenue ideas on the table, they discuss what Labour's actual offerings are for younger voters, like renters' rights. The conversation takes a dramatic turn when they ponder what would happen to the Commonwealth if Britain cut ties with the monarchy, including possible options for a new head of state.
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Widespread Millennial Economic Squeeze
- Many people on middle incomes still feel squeezed despite promises of change from Labour.
- Rachel Cunliffe highlights a broad feeling of economic strain across income brackets that the party risks misreading.
Tax Promises vs Big Revenue Needs
- Breaking the manifesto pledge on income tax, NI or VAT may be inevitable to raise large sums.
- Rachel Cunliffe explains swapping or repricing tax levers could raise significant revenue but would be politically fraught.
Swap Income Tax For Lower National Insurance
- Consider increasing income tax while cutting national insurance to balance working people's bills.
- That swap would shift burdens toward pensioners and unearned income, raising around £6 billion in modelling.