New analysis from the Labour Party
revealing that the typical household is now £5,883 worse off
since 2019.
This comes after presided over sky rocketing
inflation while Chancellor and Prime Minister, leaving Brits
poorer while he has become richer than the King.
The analysis of regular household expenses and taxes including;
energy prices, mortgages, groceries, motoring, personal tax and
council, tax flies in the face of Rishi Sunak's suggestion that
the economy is turning a corner, with households impacted after
years of Tory chaos and decline.
The cost of and the Tories:
-
Energy price cap: £479 increase
-
Groceries: £1,040 increase
-
Council tax: £421 increase
-
Mortgages: £2,880 increase
-
Personal tax: £874 increase
-
Motoring: £189 increase
-
Total: £5,883
This comes as two months ago, announced that he wanted to
abolish national insurance. He confirmed to the House of Commons
this month that it is “our policy is to abolish employees'
national insurance, and that means we want to bring it down to
zero”. However, two months on from the Spring Budget, the
Chancellor has refused to explain how it will be funded, what the
timeframe will be and what the implications will be on the future
of the state pension.
Labour's ‘First Step to Change Britain', is squarely
focussed on delivering economic stability with tough spending
rules, so we can grow our economy and keep taxes, inflation, and
mortgages as low as possible.
On this foundation of economic stability, Labour's plans for
growth include building 1.5 million homes with the biggest boost
to affordable, social and council housing for a generation,
making work pay with a new deal for working people and creating
650,000 good jobs across the country through the National Wealth
Fund.
MP, Labour's Shadow Chief
Secretary, commenting on the cost of the Tories, said:
“Rishi Sunak's economic failure has meant soaring
costs for regular expenses leaving families almost £6,000 worse
off since 2019, while he personally has become richer than the
King.
“The Labour Party has changed, but once again it is the
Conservatives that haven't learned any lessons and are ploughing
ahead with a style £46 billion unfunded tax plan to abolish national
insurance. Britain can't turn a corner with the people who drove
us into a dead end in the first place.
“The only way to turn the page on this decline is by voting for
change at this general election. The Labour Party will deliver
the economic stability that can underpin keeping taxes, inflation
and mortgages low while finally getting growth back into our
economy.”
Ends.
Notes:
Energy Price Cap:
Groceries:
- Soaring energy costs and red tape from the Conservatives'
bungled Brexit deal have caused the cost of food to soar.
- This Parliament the price of food has gone up by 31%,
comparing latest food and non-alcoholic price index referring to
March 2024 with the average of the 2019-20 financial year.
- In 2019-20 the average UK household spent £60 a week on food
and non-alcoholic beverages. That means paying for the same
weekly shop now costs £19 a week more.
Source: https://www.ons.gov.uk/peoplepopulationandcommunity/personalandhouseholdfinances/expenditure/bulletins/familyspendingintheuk/april2021tomarch2022, Table
A33
Council Tax:
Mortgages:
- The Conservatives crashed the economy and sent interest rates
to their highest levels in 40 years.
- The Bank of England in December 2023 said: For the typical
owner-occupier mortgagor rolling off a fixed rate between 2023 Q2
and the end of 2026, their monthly mortgage repayments are
projected to increase by around £240, or around 39% https://www.bankofengland.co.uk/financial-stability-report/2023/december-2023
- That is equivalent to £2,880 per year
Personal Tax:
- The Conservatives have frozen thresholds for Income Tax and
National Insurance, dragging more people into paying higher
taxes.
- OBR figures show that Income Tax and National Insurance
Receipts have gone up from £336bn in 2019/20 to an estimated
£471bn in 2024/25. As a share of the economy that is equivalent
to a rise of 1%, or £25bn, equivalent to £874 per household.
Motoring:
