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Telegraph
an hour ago
- Telegraph
If Reeves isn't stopped, every inch of Britain will be the property of the state
The pitch rolling has started. The propagandists have been unleashed. We are being softened-up for the ultimate betrayal, the most obscene of broken promises, the grossest attack on private wealth in living memory. If you are a homeowner, I have grim news: Rachel Reeves has just declared war on you. You could pay even more tax, so much so that in some cases you may be forced to sell your house to pay the bill – and then to hand over yet more cash just to be allowed to say goodbye to your beloved family home. Reeves is considering several options, all abhorrent: an annual proportional wealth tax on the value of homes, large enough to replace stamp duty, council tax and more; the imposition of capital gains tax (CGT) on primary residences for the first time ever, albeit just on more expensive ones at first; an 'exit tax' as an alternative to CGT, payable on sale; and a revaluation of council tax, with even higher bands, including a mansion tax. Britain is in the midst of an epic struggle between tax-eaters and net taxpayers, between those seeking to squeeze ever more out of the private sector to keep our bankrupt welfare state going a little longer, and those desperately seeking to preserve their wealth at a time of weak GDP, stagnant real wages and rocketing costs. We have almost reached the economy's maximal taxable capacity, at least with the tools at HMRC's disposal. The bond vigilantes are circling, and Reeves has taken the UK to the brink of fiscal meltdown. Her party won't allow her to cut spending, so she is turning to the last untapped El Dorado, the final pot of cash ripe for raiding: our homes, worth trillions of pounds in total. If she goes down, she wants it to be in a blaze of Left-wing glory, taking out the forces of conservatism's last bastion and scoring the greatest victory for socialism since the glory days of Hugh Dalton and Sir Stafford Cripps. Primary residences have long been the great tax taboo, the last line of defence against predatory politicians: no government has been able to directly tax their gains in value or to impose an annual levy (a property wealth tax) over and above council tax. Slapping CGT on primary residences or an annual property wealth tax based on the value of one's home isn't some minor technocratic tweak to the tax system to make it slightly more 'efficient' or 'fair': it's an attempt at dynamiting the foundations of our society, to drastically curtail the power of the petite bourgeoisie, and to enshrine the political class's supremacy. Unlike with ISAs or pensions, whose tax-beneficial status are understood to survive at the Chancellor's discretion, primary residences are an Englishman's tax-free castles, for which we assume we have a natural right not to be taxed. This is one of the last in-built libertarian assumptions in British society, and the reason why Reeves's proposed tax 'reforms' are so pernicious. Tim Leunig, who advised Rishi Sunak and whose Left-wing ideas are also proving attractive to Reeves, is advocating for a 0.44 per cent levy on homes worth up to £500,000 to replace council tax. He simultaneously wants stamp duty to be replaced by a 0.54 per cent annual tax on homes above £500,000, with an extra 0.28 per cent supplement on values over £1m. These would be revenue-neutral, which wouldn't be good enough for Reeves: she wants to raise billions more. The rates would need to be even higher. I loathe council tax and stamp duty, but this idiot savant scheme would create Britain's first annual wealth tax, levied on a stock of illiquid assets, and would prove even worse. Property rights would be abrogated, and homeowners downgraded into leaseholders, paying the state-cum-landlord a fee for the right to keep living in our homes. The ancient tradition of the yeoman freeholder would be extinguished. Many homeowners would end up paying £7,000, £15,000 or more a year. At best, there would be no money left for holidays or school fees; at worst, total tax bills would exceed 100 per cent of annual incomes. Pensioners and the cash-poor would be forced to sell. Many would pray their house didn't increase in value, and halt repairs and enhancements. Some would tear down garages or annexes to reduce their annual tax, or allow homes and gardens to fall into disrepair to influence assessors. Entrepreneurs, rich investors and the last non-doms would flee the UK. We should scrap stamp duty, but by cutting spending, not by introducing this repulsive new form of larceny. Imposing CGT on primary residences would be almost as toxic. Like every new tax, invariably pitched to us as limited in scale and scope, it would soon be extended, in this case to ever more homes. The rates would soon be equalised to that on income. Eventually, it would become impossible to make any gains from property at all. Tax used to be only payable on real capital gains, not on inflationary increases. Labour largely ended that key protection; the Tories scrapped the last safeguards. Inflation, now at 3.8 per cent, is once again a silent thief, delivering what Milton Friedman described as 'taxation without legislation' on a grand scale. Under Reeves's plans, homeowners would pay tax on phantom inflationary gains and in many cases lose money in real terms. This would be especially true in London, where real, as opposed to nominal, property prices are often lower than they were a few years ago. It would be barely concealed theft. Buying a house would become a high-risk gamble. Homeowners who haven't kept every receipt would face tax bills for their recently completed new kitchens. More generally, there would be far fewer future home improvements and extensions as the post-tax payback would be lower. Nobody who didn't have to sell their home would do so, especially with the prospect of a Reform government reversing the raid. The housing market would implode. This war on homeowners is a bridge too far, a leap into proto-Marxist hell. Reeves is seeking to pauperise the middle classes. Taxpayers must make their fury known, write to their MPs and take to social media. This is the final battle, the fight to end all political fights: the Chancellor must be persuaded to change her mind, or else there will be no hope left for this country.
BBC News
2 hours ago
- BBC News
Northern Ireland science and tech industries to receive £30m investment
Northern Ireland's science and technology industries are set to receive a boost of at least £30m from a new investment plan, the UK's minister for industry has Jones said there is "huge talent and huge expertise" in Northern Ireland's defence, innovation and manufacturing money is part of the UK's Modern Industrial Strategy, a 10-year plan by the government to increase business investment and grow the industries of the future in the comes on top of £2m of government funding for Queen's University Belfast's Cybersecurity AI Tech Hub, which was confirmed in June. The government says the strategy will make it quicker and easier for businesses to invest, and provide the certainty and stability needed for long-term investment to BBC News NI, Jones said the £30m will be delivered in partnership with the Stormont Executive."We want to work with industry as well to make sure we're doing the right things with universities, political parties and that things are funded in the right way," she set timescale was mentioned, but the minister said she would like to see the money delivered "sooner rather than later". The announcement about the new funding was made at the Harland and Wolff shipyard in east shipyard fell into administration in October last year and was saved by a deal with Spain's state-owned shipbuilder Navantia. On Wednesday, work was visibly under way to extend a large fabrication hall, which will hold new equipment to deliver the Fleet Solid Support (FSS) FSS programme, which is a contract from the Ministry of Defence, will result in Navantia UK building three Navy support ships. Apprenticeships Construction of the vessels is due to begin in 2026 but next week 35 new apprentices will start at the shipyard to support the site were some of the apprentices currently working at the iconic McCorriston and Matthew Quigley are both first year apprentices. Matthew is focusing on steel work while Keelan works on electrics on the huge yellow cranes. Both have been here since last year, when Harland and Wolff fell into administration. Matthew says there was always hope that the company would be rescued, and is positive for the future under Navantia. "The history and the people are so important," he said."It's great to be part of it."Keelan says it felt strange starting the apprenticeship as he was not sure it would continue, but was "reassured" when Navantia took over.
STV News
3 hours ago
- STV News
Edinburgh Airport's ‘pioneering' solar farm praised by deputy first minister
Scotland's deputy first minister has said an airside solar power project, which can provide more than a quarter of an airport's electricity is a 'fantastic example' of 'real and lasting change'. Kate Forbes was speaking as she officially opened an 11-acre solar farm, which is adjacent to the runway at Edinburgh Airport. Capable of generating approximately 27% of the airport's power needs, bosses said there have been times this year when the airport has operated solely on solar energy between 8.30am and 7pm. The project, which was supported with £2.1m of Scottish Government cash, is said to be the first of its kind in Scotland. PA Media Deputy First Minister Kate Forbes hailed the 'pioneering project' (Andrew Milligan/PA) It was developed as Edinburgh Airport seeks to reduce its own emissions to net zero by 2030, with the airport saying it has already reduced these by 90% from 2019. Airport chief executive Gordon Dewar said: 'Making sure we have a sustainable future is one of our most important goals, and it's important that we innovate and harness technology that can help deliver that for the airport. 'The introduction of the UK's first airfield solar farm is a key part of our Greater Good sustainability strategy, delivering almost 27% of our energy needs and diversifying our energy mix – and we are proud to be an airport that continues to look to innovative solutions to meet our goals.' Mr Dewar said the scheme 'also demonstrates how Government and the private sector can work together to help deliver a more sustainable Scotland alongside, in our case, the benefits of air travel and connectivity to the economy'. ☀️| Solar power shining on Edinburgh Airport. Deputy First Minister @_KateForbes officially opened our airside solar farm this morning. The eleven-acre airside farm is a Scottish first and can provide approximately 27% of the airport's energy needs. — Edinburgh Airport (@EDI_Airport) August 20, 2025 Forbes stressed the Scottish Government is 'committed to working with the private sector to accelerate Scotland's transition to a net zero future'. The deputy first minister said: 'Edinburgh Airport's solar farm is a fantastic example of how Government support, combined with private sector appetite and expertise, can deliver real and lasting change. 'By generating clean energy on site, this pioneering project is not only helping one of the country's most important transport hubs cut emissions but also supporting green jobs, energy resilience and sustainable economic growth. 'I am proud that Scottish Government funding has played a part in making this vision a reality and showing the kind of leadership we need on the journey to net zero.' The airport worked with solar experts AMPYR Solar Europe (ASE) to develop, fund and operate the project, which has been generating power since 2024 Tarun Agrawal, chief executive of ASE, said: 'The commitment shown by Scottish Government has critically provided certainty and confidence, and we look forward to contributing further to Scotland's energy transition.' Get all the latest news from around the country Follow STV News Scan the QR code on your mobile device for all the latest news from around the country
