Public finances deteriorate further
This is a news story, published by Telegraph, that relates primarily to Rachel Reeves news.
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The self-employed are going on strike. Who can blame them?
62% Informative
The public finance figures published on Friday were already poor enough.
But for anyone who took the time to dig into the statistics, a far more worrying trend emerged.
Many of the self-employed are simply giving up and they will leave a massive black hole’ in the public finances when they are gone.
A 5bn “black hole, as Rachel Reeves would no doubt describe it, has opened up.
Self-employed contribute 50bn of income annual tax receipts.
They are often among the hardest working, most entrepreneurial people in the country.
Successive chancellors have taken them for granted, assuming that their taxes can be raised without limit.
But many of them are starting to give up completely, and many more are working fewer hours .
Treasury collected significantly less tax than it expected in January .
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