Torridge MP Criticizes Labour Budget for Harming Hard Workers

Torridge MP Sir Geoffrey Cox has expressed strong criticism of the recent Budget presented by Chancellor Rachel Reeves on November 26, 2023. He cautioned that the measures outlined will adversely affect hard workers, savers, and business owners, declaring, “this Government is coming for you.”

Following the Budget’s earlier-than-planned online release, the Office for Budget Responsibility (OBR) projected that the UK economy would grow by 1.5% this year, an increase from the 1% forecast made in March. However, the OBR also revised its long-term growth estimates downward, predicting an average growth of 1.5% from 2026 to 2029, compared to the previous estimate of 1.8%. Additionally, inflation is forecasted to reach 2% by 2027.

The Budget includes various tax-raising initiatives and increases welfare spending by eliminating the two-child benefits cap. Sir Geoffrey, who participated in a protest against the proposed “farm family tax” aimed at increasing inheritance tax on farms, voiced his concerns about the implications of these policies.

He stated, “As I warned during the election last year, despite Labour’s promises, if you work hard and save, build businesses and provide employment, put aside for your retirement, or want to leave something to the next generation, this Government is coming for you.”

In his remarks, Sir Geoffrey criticized the government’s approach, claiming it would “punish prudence, self-reliance, and aspiration” to fund what he described as unsustainable increases in welfare spending. He emphasized that although the government knows it must control spending, it lacks the courage to take necessary actions.

The MP highlighted the economic challenges facing the UK, stating, “Today, with the economy groaning under the burdens the Chancellor has heaped on it in just 16 short months, the writing is on the wall and we have seen the future under Labour.” According to Sir Geoffrey, the OBR’s forecasts indicate declining productivity and growth over the Parliament, alongside rising inflation and spiraling taxes and debt.

“This is the Government that promised growth and change, but has delivered disappointment and disillusionment in equal measure, while the only thing it has changed is its promises,” he concluded.

The reactions to the Budget suggest a significant divide in perspectives on its potential impact on the economy and the fabric of society. As the government navigates these challenges, the voices of critics like Sir Geoffrey Cox will likely continue to resonate in public discourse.