Senedd member for Carmarthen West and South Pembrokeshire has ripped into the Labour Government after what he has called a horror budget on the eve of Halloween!
On October 30, Chancellor Rachel Reeves delivered Labour’s first Budget since 2010; and announced tax rises worth £40bn, which she argued would rebuild public services and stabilise public finances.
“Today, Labour Chancellor Rachel Reeves delivered the first Budget in 15 years - and it’s packed with tax hikes that could hit businesses and families hard!” said Welsh Conservative Member of the Senedd Samuel Kurtz, who is also the party’s Shadow Cabinet Secretary for the Economy.
Highlighting ‘billions of pounds of tax rises’ - Mr Kurtz pointed to what was going on up after the UK Government’s Autumn budget - such as - National Insurance; Capital Gains; Inheritance Tax; Energy Taxes.
“This Budget brings devastating tax rises that will hit businesses and individuals across west Wales hard,” remarked Mr Kurtz.
“With £25 billion in new taxes for businesses, economic growth will be stifled. The economy is now only forecast to grow by 1.5% by the end of the decade — lower than under the previous Conservative Government.”
And, for Welsh farmers, Mr Kurtz said things would now be even tougher, with Labour confirming they’ll slash Agricultural Property Relief, putting thousands of family farms ‘at risk’ he stated.
“Our farmers also find themselves under Labour’s axe as they slash Agricultural Property Relief, putting thousands of family farms at risk,” he continued.
“Coupled with cuts to the Winter Fuel Allowance for thousands of pensioners, this Budget is deeply damaging and exposes Labour’s broken promises from the General Election.
“So, how are businesses supposed to grow if they’re taxed to the hilt? With £40bn in tax rises, including £25bn on businesses, that means less investment in wages, job growth, and innovation.
“The economic outlook? Revised down, with growth at only 1.5% by the end of the decade. Government doesn’t create growth—it can only set the conditions for the private sector to succeed.
‘Is this the future we want for Wales? Budget 2024: The Nightmare Before Halloween!” added Mr Kurtz.