Labour urged to be transparent about potential tax plans after hinting at post-election increases

Chancellor calls for full disclosure

Labour is facing pressure to reveal any secret tax plans following hints of possible post-election tax hikes. Chancellor Jeremy Hunt has called on Rachel Reeves, his counterpart, to lay out the party's economic blueprint to voters amidst concerns of upcoming tax raids.

Details of potential tax cuts

In response, Hunt has revealed that if the Tories win the upcoming election, he plans to cut National Insurance for workers and income tax for pensioners. This announcement comes as recent polling shows a decline in support for the Conservative party among older voters.

Labour's response and potential changes

Labour's Shadow Cabinet Minister, Nick Thomas-Symonds, hinted at possible changes to their spending plans once in power, stating that the situation might be worse than anticipated. However, economists have raised doubts about using such tactics as the country's financial situation is currently transparent.

Keir Starmer's stance on tax increases

Labour leader Keir Starmer has pledged not to increase income tax, national insurance, or VAT rates. However, he has not ruled out raising capital gains tax, council tax, and fuel duty. Starmer aims to make up for any shortfalls through increased economic growth.

Proposed tax cuts by Hunt

Chancellor Hunt has outlined plans to implement tax cuts next April, including reducing NICs and abolishing stamp duty for first-time homebuyers. He also intends to exempt pensioners from income tax in an effort to regain support from this demographic.

A recent survey indicates a close race between Starmer and Rishi Sunak among 66-70-year-olds, with a significant percentage of 2019 Conservative OAP voters considering other options in the upcoming election.