British Labour Party Doing the Dry Run for Harris Tax Policies

AP Photo/Kin Cheung

Oh, NOT to be in England - or become her ourselves (apologies to Robert Browning).

Keir Starmer, he of the new occupancy of the prime minister's 10 Downing Street pad. Also, owner of one of the earliest and most precipitous drops in popularity, EH-VAH, for a shiny, new PM...

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...(...no word on whether they rescued the kitteh before he ate it...) is working hard to make sure to wipe out the remaining 26% of favorable impressions.

Along with destroying what's left of the British economy.

Let's take a quick peek at what's gotten Two-Tier Keir here, shall we?

First of all, obviously, the immigration and blatant bias in prosecution against British citizens who take issue with Labour's pro-illegal immigrant policies. He and his minions are now going so far as to hunt down and jail social media users for "mean tweets" (they determine the "mean" part), and are busy releasing actual criminal criminals to have enough space to clap the typists on X into irons.

But Keir has many authoritarian fingers in many pots. He's also busy trying to balance the budget on the back of British "pensioners." These folks receive a princely retirement sum from the government that is often their only income in their dotage and may be as little as £11,500 a year.

To help them survive the mad government Green schemes and consequent skyrocketing costs of British electricity, the UK government has been forking over a "Winter Fuel Payment" subsidy for the least among them of some £300 a year. 

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In a classic election bait and switch, what Starmer once promised? The opposite was done when elected.

People are pissed.

The problem for Starmer is, very much like the optics here in the U.S., citizens are doing the #mathz. 

Letting old folks freeze to death this winter is going to save Labour £1.4B. 

That will help offset the £10B in public sector raises they just approved, the £11B they're sending to Africa and such places to fight climate change, and a 20% pay hike for 'junior' doctors. God knows how much to Ukraine.

Oh! And £7B on the Green National Wealth Fund for cult projects at home.

IT'S ONLY MONEY

Where, oh, where does Keir cough up some more dough to pay for all this, you ask? He's going to follow the classic progressive playbook that every single one of them eschews until they get elected - soak the people, especially 'the rich.' some more.

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SQUEEZE BLOOD FROM THE TURNIPS

This is very much what Kamalanomics is all about, as rational, sane people patiently keep trying to point out.

Your money always winds up footing the bill for their whacko plans and wars.

Much as oleaginous Gavin Newsom's rich and business-sapping policies have driven capital out of California - damn near to a critical state - Labour has such plans now in the works for the well-heeled in England, specifically for the denizens of London's legendary juggernaut financial district.

You thought England had high taxes before?

You ain't seen nothin' yet. This is gonna have Harris and the progs licking their chops without any regard for the downside.

In Mayfair’s financial enclave and the sleek offices of advisers to the ultra-rich, the talk is getting louder: everyone knows someone who's thinking about their exit strategy — or already gone.

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These people, unlike cranky pissant American celebrities, are actually beating feet OUT of the country. The problem is that the Labour Party's budget #mathz depends on them being IN the country.

Well, say you have the wherewithal to leave - why would you stick around for this kind of abuse?

...“People are just leaving,” said Bassim Haidar, a Nigerian-Lebanese entrepreneur who is moving to Greece after two stints living in London. “A brain drain is one thing, but a wealth drain is a completely different game.”

For the wealthiest, the UK’s most contentious plans include 40% inheritance tax on offshore wealth, and having carried interest — a portion of investment returns, shared between fund managers — taxed at a rate as high as 45%, rather than 28% currently.

I never knew the UK was so larded with millionaires, to begin with, but it makes sense when you look at how stratified their society is. We are far more egalitarian and thank God.

But it also means that when the upper crust pulls chocks and departs the island, the engine exhaust upsets the apple cart.

...The UK punches far above its weight when it comes to wealth and has the third-biggest number of dollar millionaires in the world — more than three million people in total, according to UBS Group AG.

The relative overpopulation of wealth is about to start correcting itself. The UK is on track to lose 9,500 millionaires this year, the most in any country except China and more than double the number that left the country in 2023, according to Henley & Partners, which advises rich clients on migration. Their financial clout means that even a small number of the ultra-rich leaving rather than paying more tax has the potential to upset the government’s revenue projections on their new policies.

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And these so-called "non-doms" even more so.

...The median investment in the UK of almost 75 non-doms recently surveyed for the research commissioned by Foreign Investors for Britain was between £10 million and £30 million. They “are a tiny sector of the population, but they are economically significant,” said Dominic Lawrance, a London-based partner at global law firm Charles Russell Speechlys.

But hang on. Labour is not just going after inheritance, investments, et al. They've been so thorough in fleecing the sector as to slap a value-added tax on those pricey private British schools that all the best people's kids attend.

...Even the classic anchors of education and lifestyle in Britain may be less compelling than they were. Many families with children at elite schools are about to face 20% value-added sales tax on top of education costs that can already reach more than £55,000 a year.

This isn't killing the Golden Goose - this is gutting, roosting, and tearing it into teeny, tiny chunks.

If Labour doesn't take a deep breath soon, what they may well wind up with is roadkill.  

As history invariably repeats itself, they'll soon be poaching on bones and will never be the wiser when the worst hits them.

This is precisely the stark choice we are facing here, for all the joyful lipstick being smeared.

Ironically, the vice president's running mate couldn't have been clearer or more correct for once in his mendacious existence - we can't afford four more years of this.

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Oh, hay-yull, no, we can't.

And if our own eyes can't see what's right in front of them, all we have to do is lift them to the unfolding disaster across the pond.

Yeah. Just like that.

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John Stossel 8:30 AM | October 12, 2024
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