New analysis from Medway Labour following the budget – building on research from the Resolution Foundation –reveals the staggering tax burden facing families in Medway.
Taxes are set to hit a 70 year high – up to almost 38% of GDP by 2027/28. Each household faces paying an additional £4,200 in tax. Across Medway that’s £500million per year.
The analysis comes following a budget in which the Chancellor provided a huge hand out to the richest 1%, while retaining tax hikes for the rest of us.
Publishing the analysis, Leader of the Medway Labour and Co-operative Group Cllr Vince Maple said:
“Taxes are rising higher and higher and higher at the worst possible time. People in Medway are really struggling – bills are up, rents and mortgages are rising, and prices are soaring. Yet instead of the support people need, the Conservatives are giving a £1billion hand-out to the richest 1% in the country, whilst leaving the rest of us with low growth, falling wages and higher tax bills.
“There is a better way. The first mission of a Labour government will be to secure the highest sustained growth in the G7 with good jobs and productivity growth in every part of the country making everyone, not just a few, better off.
“After a budget that prioritised a give-away to the richest people in the country, and 13 years of failure the question families in Medway are asking is simple – are me and my family better off with a Conservative Government? The answer is no.”
Ends
Notes to Editors
The average household faces a tax hike of £4,200.
https://www.resolutionfoundation.org/press-releases/budget-succeeds-in-boosting-employment-but-leaves-household-incomes-stagnant-as-citizens-pay-higher-taxes-to-see-many-services-cut/
There are 118,000 households in Medway – meaning across our area families will be paying an eye-watering additional £500million in tax under Conservative plans.
ATTACH SPREADSHEET
At last week’s budget the Chancellor gave a £1billion hand out to the richest 1%.
https://www.theguardian.com/uk-news/2023/mar/15/hunts-budget-for-growth-gives-top-1-a-pension-bonus-ignores-public-services
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