Taxing landlords and pensioners is Marxist nonsense ...Middle East

It is striking that all of the ideas are on the tax raising side. Few policies, if any, address the need to reduce spending.

The most conspicuous example of this was the debacle over ending the winter fuel payment. The idea that this would be simply removed was shelved after 10 months. The political damage, however, had already been done, as Reform UK romped home to victory in the local elections in May.

Only in March this year, it was reported that the Prime Minister had condemned the benefits system as “unsustainable, indefensible and unfair”.

So, expenditure restraint is now out – and tax raising is in. That is what the Chancellor is seeking to do. Last week we heard about a potential alternative to council tax, in which house sales would be taxed. This was clearly, as many noted then, a gateway to the introduction of a mansion tax.

So the idea is that landlords will pay national insurance on rental income. Labour insiders, reportedly, have claimed to The Times that such a measure would provide “a significant potential extra source of funds”.

Of course this sounds like an impressive revenue raiser, but it pales in comparison, however, to the alleged £50bn black hole. More sources of revenue will have to be found. We have already read stories of a potential pension raid in the Autumn Budget.

square ALISON PHILLIPS

Trumpism has come to a quiet Nottinghamshire town

This is exactly the kind of thinking that concerns many retirees. Anyone who has acquired capital or has any kind of wealth in the form of property and pensions is rightly concerned about the Government’s direction of travel.

The accumulators of capital, in the old Marxist nomenclature, were deemed “expropriators”, on the grounds that they exploited workers. According to this view, it seems only fair that people with wealth should pay more for the welfare state. “Expropriate the expropriators” was the rather ungainly phrase Marxists adopted as a rallying cry.

I don’t think this is a good development. Britain will then be viewed, rightly, as hostile ground for wealth creation and entrepreneurial endeavour. That would be a bad outcome.

Kwasi Kwarteng is a former Conservative MP. He served as chancellor between September and October 2022 under Liz Truss

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