Sir Keir Starmer has warned that the upcoming autumn Budget “will be painful,” hinting at potential tax increases in October.
In a Downing Street speech on Tuesday, Starmer said the government would need to make “big asks” of the public, especially the wealthy, to address a £22 billion “black hole” in public finances left by the Conservatives.
He cautioned that “things will get worse before they get better” and stressed that economic growth remains his government’s priority, despite inheriting a difficult situation from former Prime Minister, Rishi Sunak.
While Labour has ruled out raising income tax, national insurance, and VAT, Starmer didn’t specify which taxes might be increased.
Alex Phillips speaks with geopolitical analyst, Roger Gewolb.
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Throughout his time in opposition, Starmer wore a pained expression. Now he seems to do nothing but grin.