0:00
Rachel Reeves, scrambling around for ways to fill this financial black hole, now looking potentially at a mansion tax
0:06
So taxing people who own houses over two million pounds. That's right. Well, that's one idea. There are a whole host of ideas when it comes to property
0:14
The other idea that's been floated is whether she'll do an 8% national insurance tax on landlords
0:21
I find that actually a more reasonable tax. The problem is that the amount of money she needs keeps mounting up
0:30
So the latest is £20 billion because the OBR report is saying our productivity is now down by 0.3%
0:40
Yeah, you're right. You're right. So this is actually leading a couple of newspaper websites now
0:45
Now, Rachel Rees now faces an even bigger hole in the public finances than expected after a significant downgrade to Britain's productivity forecast
0:54
But isn't this her fault? Of course it is. And I mean, it's also we've got this Office of Budget Responsibility, the most ill-named office I've ever heard of, because they keep getting it wrong
1:07
And they're always downgrading their forecasts. and it makes life harder for the Chancellor
1:13
because she doesn't run the finances, the OBR does, which I think is fundamentally wrong
1:19
She's now in Saudi Arabia, a country she criticised the Conservatives for going as a murderous regime She there now begging for money contracts to try and find some sort of money some sort of glimmer of hope But over the weekend Mervyn King the rarest of beasts
1:38
a really effective governor of the Bank of England, summed up Rachel Reeves' performance
1:45
brilliantly as someone with no strategy, knee-jerk reacting, trying a tax here, trying a tax there
1:52
trying something there just to try and plug holes that she has created
1:57
And you can see her building up to blaming the previous government, which they always do
2:03
and now Brexit, she's going to blame it all on Brexit. Quite frankly, the British people, this won't wash with the British people
2:11
This economy as it stands at the moment is her fault, this Labour government's fault, and theirs alone
2:18
The problem is promising not to raise the big taxes, income tax, VAT and employee national insurance
2:25
And now, for the first time, there's a lot of talk about whether or not she goes for bust and then raises income tax one or two p
2:33
But are you surprised they're not going to keep their promises? They don't keep any of them. The trouble is that's the reaction
2:39
The immediate reaction is you've broken a manifesto promise. Yeah, it doesn't matter because..
2:43
But the economy has not grown in the way that we thought it was going to
2:48
It would have had no chance of growing with this ridiculous... Her previous budget said she wouldn't be back for more taxes
2:55
She's back for more taxes. You can't believe anything she says. Which is one of the reasons for the problem
