Harkin: Labour Budget Protects Billionaires and Targets the Vulnerable

People Before Profit Councillor Shaun Harkin has claimed that the first budget of the New Labour Government offers nothing to improve the lives of the people of Derry and protects the interests of the wealthy: 

"Despite Labour’s promises to address wealth inequality, the budget falls short in tackling the extreme concentration of wealth among billionaires.

"While there are some cosmetic measures aimed at increasing taxes on high earners, they are mere window dressing and do nothing to address the systemic issues that allow the ultra-wealthy to accumulate vast fortunes. 

"The proposed tax hikes on capital gains and inheritance tax are baby steps in the right direction, but what is needed is a wealth tax. 

"A 2% tax on assets over £10 million, as suggested by some Labour MPs could have raised £24 billion annually. 

"The budget also fails to adequately address the pervasive issue of tax avoidance. 

"While there are mentions of closing loopholes and increasing transparency, the measures lack the necessary rigor to combat the sophisticated strategies employed by the wealthy to evade taxes. 

"The continued existence of non-domiciled status, which allows wealthy individuals to avoid paying UK taxes on their global income, is a glaring omission. This status should be abolished to ensure that all residents contribute their fair share to the public coffers.

"As expected the British Government have not listened to the public backlash in regards to its refusal to remove the Two-Child Limit and the cut to the Winter Fuel Payment. 

"Chancellor Reeves signalled her intent to further reform disability benefits and work capability assessments. What she means by this is a targeting of disabled people to remove the meagre benefits they receive. 

"Reeves claims she will bring those with chronic conditions and life changing disabilities back into work.

"Scapegoating disabled people and portraying people on benefits as making no contribution to the economy or society is disgusting and wrong. 

"We are right to expect more. We are right to demand a Labour government acts to eradicate poverty. 

"We need to build a unified resistance to attacks on older people and disabled people coming from this vicious Red Tory government. 

"Through this budget and by all their actions so far, no one is in any doubt that Newest Labour are very much for the few and not the many. "