Today’s UK Budget has sparked a fierce debate as Conservative leader Rishi Sunak delivered a scathing critique of Labour’s fiscal agenda, branding the government’s measures as blanket taxation on jobs, businesses, savings, and nearly every aspect of daily life. Sunak opened with a stark assessment in Parliament: “They’re taxing your job, they’re taxing your business, they’re taxing your savings. You name it, they’ll tax it.” The opposition leader’s speech emphasised what he called “broken promises,” claiming Labour’s policies will cost households, small businesses, and aspiring homeowners alike.

The Tax Burden Across the Board

Sunak highlighted that taxes would be rising for a wide range of groups, from small business owners and energy companies to young couples saving for their first homes. He argued that Labour’s policies show a disregard for working-class families and business growth, alleging that “never in the history of our country will taxes be higher than they are under this Labour government.” He pointed to increased National Insurance rates as evidence that the government has already strayed from campaign promises, despite previous pledges not to raise taxes on working people.

Tidal Wave of Anti-Business Measures’

In his critical remarks, Sunak argued that Labour’s Budget will significantly hinder businesses across the UK, describing the policies as a “tidal wave of anti-business measures.” According to Sunak, growth projections from the Office for Budget Responsibility (OBR) have been downgraded, and business confidence has reportedly dropped as a result of the new policies. He accused Labour of saddling UK enterprises with “French-style” labour laws and tax increases that will ultimately “hobble growth.”

Borrowing, Fiscal Promises, and Economic Exposure

The Conservative leader then turned his attention to Labour’s borrowing practices, which he described as an “enormous borrowing spree.” Sunak argued that Chancellor Rachel Reeves has broken her own promise to avoid altering debt targets, which he claims she is now attempting to “cover up” by “fiddling the fiscal rules.” He contended that this approach would leave the UK economy more exposed to future financial shocks, pointing to predictions of increased inflation as a concerning outcome of Labour’s choices.

Debating Welfare Spending and Fiscal Choices

Sunak further criticised Labour’s handling of welfare spending, asserting that the Chancellor has failed to rein in public expenditure. He argued that the current welfare spending exceeds pre-pandemic levels, adding that “this is not her inheritance – they’re her choices.” He suggested that if welfare budgets were reduced to pre-2020 levels, the government would be able to maintain fiscal balance without what he describes as excessive borrowing.

Disputes Over the OBR’s Role and Economic Claims

Sunak also targeted Labour’s use of the OBR, claiming that Reeves has politicised an institution that should remain impartial. According to Sunak, Labour’s reliance on the OBR’s figures to justify the budget’s measures is a “cynical political device” and that using this approach has caused “real damage to our economy.” He challenged Labour’s framing of the economic situation, arguing that inflation has already been curbed to 2%, unemployment is low, and the UK remains one of the fastest-growing advanced economies—claims he says Labour has ignored in favour of focusing on negative projections.

Echoes of 2010 and Broken Promises

In concluding his rebuttal, Sunak accused the government of “fiddling the figures” and overextending on tax and spending promises that leave the economy weaker. He suggested that the present situation under Labour is in stark contrast to the 2010 economic conditions inherited by the Conservatives, and he emphasised the need for Labour to take responsibility for their decisions rather than framing them as inevitable outcomes of prior governments. He closed by listing Labour’s “broken promises,” energising his fellow MPs who chanted along with each critique.

As MPs continue to debate the implications of the 2024 Budget, the opposition has made clear its stance: Labour’s taxation policies, according to Sunak, will stifle economic growth, discourage business innovation, and fail to support working households as promised. With the economic landscape poised for more scrutiny, the ongoing discussions will shape public perception of the government’s fiscal path and its potential long-term impacts.