The budget next month is ‘going to be painful’, Prime Minister Keir Starmer warned journalists including the BBC.
“Those with the broader shoulders should bear the heavier burden,” the prime minister told an audience in the garden at 10 Downing Street.
Labour has ruled out raising taxes on “working people” including VAT, income tax and National Insurance.
In its analysis, the BBC suggested that the budget may include:
- Lower pension tax relief.
- A ‘stealth tax’ such as maintaining the tax threshold freeze introduced by the Tories.
- A capital gains tax hike, which would make the sale of assets like second homes or stocks outside of ISAs more expensive.
- Higher fuel duties, following a 10-year freeze until 2022.
- Higher inheritance tax.
The autumn statement is due on Wednesday 30 October at 12.30pm.
Many GPs will be braced for impact after accountants warned it was ‘unlikely’ that all GPs at a practice will see a 6% pay increase this year. Some GPs have also raised concerns about the availability of roles and sessions this year.
Dr Richard Fieldhouse, NASGP chair, said: “As much as many of us would love to see attention-grabbing headlines about significant increases to spending in the NHS, including at least a modest pay rise for GPs as recommended by the DDRB, that all still seems a long way away.
“The budget is still a few weeks off, but when it does arrive, although it may not be the news we’re waiting for, it’ll give us a better idea of what lies ahead, at least for the first term of our new government.
“Don’t forget, LocumDeck includes Bookkeeper, an integrated accounts package specifically designed for GPs doing any locum work.”
