Burnham: The Raid on Your Personal Wealth
‘Middle England’ is worried…and so it should be. In his new role as our new PM, Burnham has, in his words ‘hit the ground running’ in his project to 'Manchesterise' Britain, and is looking for a new revenue generating target. His ideology requires redistribution of the UK's wealth, and since most of the UK’s private money and assets are held by this disparate and normally compliant group of electors, they are firmly in his sights….. One of the problems our new PM faces, however, is that he is constrained, as was his predecessor, by Labour’s 2024 manifesto.Without going to the country for a separate mandate of his own, he is obliged to stick to its terms. He can’t therefore raise any of the main existing tax rates without a breach. Tax thresholds are already deep-frozen, and reducing them further would cause an outcry. He also has another problem – 400 independently-minded back benchers, who already have a taste for power, and are not afraid to wield it. Many o...