'Labour are coming for your money!' | Patrick Christys rages at new tax measures punishing Britons

Good evening. Labour announced today that they're coming for your money, your children's money and your grandchildren's money. Are we being led by a Labour government made up of horrific spiteful morons? They are reducing the maximum amount a person aged under 65 can deposit into a cash ISA each financial year from £20,000 to £12,000 and they're going to charge a flat 22% tax on interest earned from cash held in stocks and shares ISAs. This idiotic money grab is being introduced by a Chancellor who is about to be sacked and a Prime Minister who has already resigned. Now I know lots of people watching this will be thinking, hey look this doesn't really affect me, I'm not putting that much money into ISAs. Look, fine, but let me tell you why I think it matters. Firstly, it wasn't in the Labour Party manifesto and that is actually quite a big deal. Secondly, it's your money. You've already paid tax on it. Labour has already introduced or increased around 60 taxes since coming into office and now they want to come for your savings and reduce the amount that you put away for your nest egg. Thirdly, these are the people who it's going to impact most. A mid to late career professional, a small business owner, someone trying to accumulate a deposit for a home. It's the middle classes, isn't it? It's people who want to do the right thing. It's people who work hard, who haven't had a leg up, who abide by the law, who just want to put some money away for a rainy day so they feel like they've got a little bit of security. Fourthly, where's this money actually going to go? Why do Labour say they need your money? Why are you going to have your savings reduced or taxed more? Yeah, benefits for people who shouldn't be on them and illegal immigrants. That's where your money's going. So what's going to happen? People will stop saving entirely. People will turn to gambling potentially as well because you might be able to get a better return or at least you think you can until you get yourself into a world of trouble. People will move abroad and pay no tax here at all. And this is what gets me. The people doing this to you are all people who have benefited from the system as it is today or from the Britain that we've had for the last 30 or 40 years. Just look at Rachel Reeves. Salary of £171,000 a year plus taxpayer-funded expenses. Reeves reportedly owns a four-bedroom house with her husband in Southwark. He owns a two-bedroom flat in central London which he reportedly could rent out for about £3,000 a month. To carry out her duties as an MP, she also rents a property in her Leeds constituency, the accommodation and council tax costs for which are paid for by you, the taxpayer. And she lives rent-free in number 11 Downing Street. Keir Starmer, between his top-tier legal earnings, the massive appreciation on the value of his North London home and the sale of his inherited land, his net worth has reportedly grown significantly over the last couple of decades. And depending on which news article you read on this, he's worth somewhere between £7 and £15 million. Well, I bet they've both got great accountants, but they've got money squirrelled away. I bet they've set their kids up for life because they've been able to do that in a free and easy way for most of their professional lives. But not the man or woman in their mid-thirties who's just started earning a decent salary. The bloke who started out working up scaffolding but just set up his own business a couple of years ago. The person who worked hard for 30 years and finally, finally got that promotion at work that gets them off the office floor and into the boardroom. Labour are going to pull the ladder up and clobber those people. Meanwhile, Andy Burnham is rumoured to be scrapping plans to make it harder for legal migrants to claim benefits. Pathetic Labour MPs turned on Kemi Badenoch today because she said this. It turns out appointing a spiteful class warrior as education secretary was a disaster. Well, they can just dry their tears, can't they? Because that's exactly, that's exactly what they are. Who are the big losers under this spiteful Labour government? Mid to high income earners. Then we've got private landlords, farmers with land, business owners and employers, pensioners with outside income and private school parents. That is the definition of spiteful politics, isn't it? Punishing those people. And again, for people watching this who think that doesn't apply to you, look, fine, fair enough, absolutely. But what about ambition? Would you not like to be or like your kids to be mid to high earners? Maybe own a couple of properties, maybe run a business or maybe send their children to a private school. And trust me, when they've run out of those people to tax, they are going to come for you too anyway. OK, perhaps, perhaps they already have. Their policies mean that there are around 300,000 more unemployed people since Labour came to power. I just absolutely hate this. Now, death can feel like a taboo subject when in reality, it's a certainty for all of us. I'm Andrew Pearce and I'm joined by Zak Sullivan, who's managing director of Simplicity Cremations. How does a Simplicity cremation funeral plan actually work in practice? The funeral plan ensures that you have arrangements in place for your funeral. It's a direct cremation. And that means that when the time comes, you're able to make a call to one of our team and they ensure the collection, care and cremation of the individual and then the return of the ashes to the family. And all of this is done with clear and transparent prices by our UK based teams. 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It also ensures that the costs are all taken care of, alleviates financial pressure so that they can get on with planning the service and the celebration that they really want. To find out more, click the link below or scan the QR code for an exclusive GB News offer. What's my panel? We've got former Conservative Special Advisor James Price, former UK councillor Jamie McIver, journalist and broadcaster Nina Mishkoff. Yeah, James, to me this just seems just utterly, utterly spiteful. I think that's the best way to put it. Let's remember Rachel Reeves has more private sector experience than anybody else around that cabinet table and she seems this economically illiterate. So whoever replaces her, if Andy Burnham does come in, it's probably going to be even worse about this. And I think that we can debate about the niceties of the ISA changes or any of these sorts of things. What people at home need to understand is that this is in many respects no longer a rich country because we are in so much debt and we have so much low economic growth for so long. To try and put it into context, go and Google how much the national debt costs for every man, woman, child here. It's so enormous that we are putting debt onto our children, our grandchildren, our great-great-grandchildren at this point. And for Andy Burnham to say, oh, we've got to stop being so in hock to the bond markets, those being the people from whom we borrow this money, well, that's great, but you're the one coming and promising to spend all this money, which is going to mean higher taxes for everybody else or more borrowing from those bond markets. And we've got to a position now, and this might be a bit technical, where we spend so much money every year just to service that debt. So it's money that goes as interest basically to these bond markets and all the rest of it. That number is getting higher every year because we're borrowing more and more money. And it's just going to the point now where we spend an awful lot more just servicing that debt than we do on our entire defence budget at a time when the world is getting more dangerous. And that compounds every year as that debt goes higher and you have less and less options to go whilst there is no economic growth either. It's a really, really serious problem to the point that I think we're underpricing some kind of sovereign debt crisis that may land at the feet of Andy Burnham who doesn't understand any of this stuff at all. Well, quite. I mean, the thing, again, one of the things that gets me is they're not going after the billionaires here, right? They're not going after, you know, Warren Buffetts of this world. We are talking about a lot of hardworking ordinary people out there who make a life decision. They might have made a decision to not move into a bigger house, to not go on a certain type of holiday, to not do the big shop at Waitrose or M&S. So all of these things, so that they can squirrel a bit of money away for over a period of years. And now Labour's looked at that and gone, ah, it's a loophole. Oh, you've been exploiting a loophole. Yeah, you must be taxed. Well, I think this is typical of, I mean, first of all, our tax system is completely broken. And I mean, that's a separate debate. The reality is people in this country need to be able to set their alarms in the morning, go to work, and at the end of the week, feel like it was worth doing it and not just to get by. And those people that have that feeling, those few people that actually get put money away at the moment in this economy, the people I speak to in Ongo or I'm a councillor, can't even put food on the table. Our food bank has never been so busy. We set it up in COVID as a temporary thing. Here it is still busier than ever, bigger venue now. The reality is people are just about getting by. So those few people that are just about able to put some money away each month, maybe thinking about having children, maybe thinking about setting up their children, making sure that their 17-year-old can get a car and have driving lessons to free up a parent to maybe go and work a bit more. Normal people doing something that's actually quite un-extraordinary, which is being able to put a bit of money away. And the fact that the government sees that, you know, they can taste the blood, can't they? And they think that people that put money aside every month are rich. They're not rich. That is a very unambitious thing for people to do, but it's become ambitious because our economy is working against working people. That's the key word. Again, you know, I do want to stress that. I get that there'll be plenty of people watching and listening to this right now who are simply not in the position where they could even contemplate putting 12 grand into an ICE for a year, let alone the 20 that there is now. Absolutely. But there is a question here about ambition. And I don't think a lot of those people who will be working, they might be starting night shifts now, you know, who are thinking, oh gosh, you know, I couldn't send my kids to private school. I can't put 12 grand away. Yeah, but I bet they want their kids to be able to, or I bet they'd like the option to. I bet when they get a promotion, because they've worked their backsides off, they'd like to be able to do what they want with their own money. Do you not think, Nina? Well, absolutely. But let's just analyse why we are in this situation. We had 14 years of conservative disaster where they basically raped this country. They pillaged. And we were left with a £21 billion hole when Labour came into power. Now, and we were also left with the highest tax burden we'd ever had. It wasn't suddenly Labour who's put all this tax. This was accumulated over many years. And you can't, you can't, nobody could deny that the Tories did it. So you can't. I'm absolutely going to do that. I think it's an outrageous thing. It's not an outrageous thing to say. I really don't think that you can call a democratically elected government who was elected, let's say in 2010, to clean up the fiscal mess that Gordon Brown had left with a deficit that was 10% of GDP, raping the country. I think that's an outrageous thing. I actually don't think we should use that word at all, by the way. Hang on, hang on. You've both had a very good go, OK? So let me, I'll just say what I'm going to say now. Let's look at what happened during the pandemic. Look at all those contracts for mates. And not only have you mentioned Michelle Mone, there's billions that this country will never get back. It's outrageous. And all of this... What is the answer to that? No, that's what I'm saying. The answer is there has to be a way of turning this country around financially. And it will come eventually. But I don't think it's right to say that this is just a spiteful thing to do. It's not spiteful. And I don't think it's actually right to chastise or hold Rachel Reeves up to some kind of scorn, because she... You could say the same for every MP. They've probably got a house. They've probably got, you know... Show me an MP who doesn't. My point there is that they've had, depending on exactly how old they are respectively, between Rachel Reeves and Keir Starmer, probably a good 30 or 40 year crack at the whip of doing, quote unquote, the responsible thing of squirrelling a bit of money away, maybe trying to get a bit of property if you can, get a bit of land somewhere, putting certain things in trust, doing whatever. And now they're looking at people who are trying to do the same thing now, and they're going, ah, actually, I think you're a bit evil. You're rich. You can still put money away in a deposit account, can't you? And you're not taxed on that. You've got... Well, now we're reducing the cash ISA for a start. And then, of course, you've got the stocks and shares money that isn't invested. But a deposit account you can still use. If you're not... What's the interest rate on that? If you're not going to get economic growth going again, and if you're going to keep spending like a drunk sailor on surely, with no offence to sailors, you're going to keep looking at every little pot that you can find. It won't be long before they come for pensions or anything else at all. Fundamentally, you've got to choose politicians who realise that they can't spend your money as well as you can. And this is it. And it's where it's going. Again, I think time and time again, there are people in this country, plenty of people in this country, who wouldn't necessarily mind if their taxes went up a little bit, if they could see that it was actually going to the betterment of this country. But it's not, is it? It's going to people... I'm sorry, a lot of the time it's going to people who absolutely don't deserve it and shouldn't be here. That's the problem, isn't it? Where does the money get spent? Foreign aid, people that are on benefits that should and could be working. We have loads of vacancies in this country. But also the bigger picture problem here is what it does to the economy. It contracts the economy. If people have money in their pockets, they can spend it on luxury items. That gets our economy going. That gets our high streets going. There is no coincidence when you've got socialism or indeed the previous government, which I think had elements of socialism within it, that you can't actually wonder why our high streets are now being boarded up. Because when people don't have disposable incomes because they're taxed too much, they don't spend. That contracts the economy, stops growth, stops people starting businesses. And it's all... Some weird advantage of this tax on ISIS would be that people might prefer to spend their money, which would be better for the economy. But isn't it the government's right to tell you that? This is the thing, isn't it? Who is the government? Yeah, who is the government to tell you to do that? Why can't we just do what we want with our own money? But also saving is a good thing. Because again, I think it's really important that people understand how wealth works. Elon Musk doesn't have a big vault somewhere with a big pile of gold with a dragon guarding it. That's not what wealth is all about. When you save money, whether it's people at home, in ISIS, that money gets used and put to productive purposes. It's capital that goes into building businesses, to giving mortgages to people, to building the technologies of the future. That is what we need to hope for. If you invest money, that is a hope for a better future. That's what you've got to vote for. And that's perfectly good and moral to do that. Okay, all right. Well, look, I get it. I mean, it keeps coming back to me, the fact that the people rolling this out, one of them is about to be sacked and the other one's already resigned. But, you know, they just crack on regardless, don't they? But anyway.