The Peter McCormack Show PMQs #002 - Labour's Budget: Another Tax Raid on Working People
Nov 26, 2025
Labour's latest budget has faced criticism for its heavy tax burden on workers, savers, and businesses, leading to fears of economic decline. The discussion highlights the government's record borrowing and perceived authoritarian tendencies, including digital IDs. There are concerns over the impact of rising minimum wages on youth employment and a chilling effect on business decisions due to budget delays. Amidst claims of fairness, the implications of targeted taxes and welfare changes raise questions about fostering dependency versus alleviating poverty.
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Tax Rises Despite Manifesto Promises
- Labour's first budget raised multiple taxes despite manifesto promises, hitting savers and school families.
- Peter argues these measures shifted costs onto middle-income people and reduced access to private schooling.
Seeing Schools' Funding Gaps Firsthand
- Peter describes donating sports equipment and seeing firsthand how underfunded schools are.
- He uses this to argue that pushing children from private to public schools increases strain on already thin resources.
Business Taxes Become Hidden Consumer Taxes
- Peter explains business taxes flow into consumer prices because firms pass higher costs to buyers.
- He uses Ronald Reagan's point: business taxes are a hidden sales tax ultimately borne by workers.