Keir Starmer has faced scrutiny over his definition of “working people” and his pledge not to raise taxes on them in next week’s budget. The confusion arose when he suggested that individuals with income from assets such as shares or property may not fall under his definition of working people. However, Downing Street clarified that individuals with a small amount of savings in stocks and shares still count as working people.
The debate over who qualifies as a working person has highlighted the importance of understanding where people get their income from. Treasury minister James Murray emphasized that working people are those who primarily earn their income from work, rather than assets like shares or property. This distinction is crucial in determining which taxes may rise in the upcoming budget.
Meanwhile, the issue of slavery reparations has also come to the forefront, with Keir Starmer refusing to discuss reparations and focusing on addressing current challenges like climate resilience and trade opportunities. This stance has put the government at odds with institutions and countries that have issued formal apologies and proposed reparatory justice measures.
In other news, the EU has triggered an arbitration process over the UK’s decision to ban industrial fishing of sandeel in the North Sea, citing a breach of the post-Brexit Trade and Cooperation agreement. On a different front, Downing Street is set to announce five new freeports in next week’s budget to drive economic growth.
Looking ahead to the budget, NatWest CEO Paul Thwaite has warned that Rachel Reeves must strike the right balance in announcing changes to Britain’s debt rules to avoid negative impacts on borrowing and mortgage rates. The announcement of extra government support for businesses importing critical minerals aims to counter China’s dominance in the market and ensure a stable supply of key raw materials for various industries.
As the government navigates these complex issues and policy decisions, it is essential to prioritize economic stability, clarity, and fairness to ensure a prosperous and sustainable future for all.