Stephen Flynn tells Keir Starmer to ‘listen to voters’ on upcoming budget: Should he be concerned?
Stephen Flynn has urged Keir Starmer to ‘listen to voters’ and block the Chancellors plans for cuts in the Autumn Budget.
The SNP leader said how public services will be affected, but took direct aim at the winter fuel payment, which is to be means tested.
Rachel Reeves is looking to raise £40b through tax hikes, which has caused backlash from some ministers in her party – unhappy that spending is to be reduced by 20%.
Angus Davie, Master Economics Student from University of Strathclyde, also believes that the proposed plans for the budget will cause austerity, but more so due to a lack of foreign investment.
He said: “Rachel Reeves’ new budget looks to disregard increasing taxes on national insurance, income tax or VAT which leaves only 25% of the economy to increase in tax.
“This will most likely lead to a lack of investment from foreign countries and foreign businesses into the UK. That will lead to less growth in UK foreign investment.
“Comparing us to other countries with similar economies like Germany which has seen financial growth from foreign investment as high as 12%, these new measures expected to be brought in by the Labour government will just see foreign investment decline.
“Whist in the short run for the man on the street, the working class, because it won’t be raising taxes on their own income there won’t be an immediate effect on austerity measures.
“A lack of foreign investment will lead to austerity measures developing over time because essentially taxes will have to be raised for the man on the street.”
The new budget will be delivered on Wednesday 30 October.
