Conservatives' Cost of Chaos Budget

November 17, 2022 5:14 PM
Originally published by UK Liberal Democrats

After crashing the economy and sending mortgage bills spiralling, the government is now inflicting eye-watering tax hikes and real-terms cuts to our public services.

This is the cost of chaos budget. Everyone is being forced to pay the price for this Conservative government's incompetence. The country shouldn't be forced to clean up their mess.

Underneath the surface of this terrible cost of chaos Budget are yet more hidden horrors. Everything from police to social housing to our crumbling schools is being left in the dust by this Conservative Government.

1. Bank tax handout

This Conservative Government is cutting the bank levy and bank surcharge. This is a staggering £18 billion tax giveaway to big banks over the next five years.

After all his u-turns, the one thing Rishi Sunak seems determined to press ahead with is cutting taxes for the big banks. He's got his priorities completely wrong and he is totally out of touch with the British people.

2. Police cuts

Home Office spending is set to be slashed by £100m in real-terms by 2024-25 putting community police services at risk. The cuts come after this Conservative Government has fallen behind on its promise to recruit 20,000 more police officers.

People across the country will now be worried about what further police cuts could mean for them and their family's safety. Liberal Democrats are calling for proper community policing, where officers are visible, trusted and focused on cutting crime.

3. Crumbling schools

Conservatives are cutting £1 billion in real terms from capital spending on education in 2024-25. Crumbling schools and run down classrooms are only set to get worse under this Conservative Government.

4. Stealth tax

Almost six million people are being dragged into a higher tax band by the freezing of tax thresholds. After inflicting so much chaos, the Conservatives are making the rest of us pay to clear up their mess.

5. Social housing

A new £630 million stealth tax on social housing providers will mean lower investment in existing and new social housing.

We need a fair deal

The government should bring in a proper windfall tax and make sure banks pay their fair share, instead of imposing years of painful stealth taxes on ordinary families as living standards drop and public services face real-term cuts.