GB News star Eamonn Holmes has launched a scathing attack on Chancellor Rachel Reeves, challenging her reported need to secure £50 billion through increased taxation or reduced spending to stabilise the UK's financial position.
The People's Channel presenter expressed outrage at the prospect of substantial tax increases, insisting the government should instead eliminate expenditure on foreign assistance and migrant support programmes.
Eamonn questioned why Britain continues allocating funds to Syria and supporting migrants whilst preparing to impose higher taxes on citizens.
His intervention comes as Reeves faces mounting pressure to address a projected £40 billion deficit, with economic analysts warning she may need to implement significant fiscal measures in the forthcoming autumn budget to maintain government spending within established limits.
GB NEWS / PA
|Eamonn Holmes hit out at Rachel Reeves over potential tax hikes
On GB News, Eamonn expressed his frustration directly, stating: "We see a headline like this, 'Rachel Reeves must find £50 billion in tax rises or spending cuts to shore up Britain's battered finances'."
He continued with pointed criticism of government priorities: "No she doesn't, she just has to stop spending. Why have we got this money to give away to Syria? Why have we got this money to give away to migrants? Why have we got money to give away right, left and centre?"
The presenter concluded his remarks by accusing the government of defaulting to taxation rather than addressing expenditure: "No, they just think, 'we're going to tax you'. That's what they plan to do."
The Chancellor's fiscal predicament has intensified following economic projections from the National Institute of Economic and Social Research, which calculated that Government finances face a shortfall exceeding £40 billion due to sluggish economic expansion and inflation surpassing expectations.
GB NEWS
|Eamonn said the Government should stop spending so much on foreign aid
The think tank indicated that addressing this deficit whilst maintaining a prudent fiscal cushion would require securing approximately £51 billion through taxation, borrowing or expenditure reductions by the 2029-30 financial year.
Treasury officials have already acknowledged that taxation must increase following the administration's reversal on welfare payment restrictions, though specific measures remain unconfirmed.
The Government has previously implemented £40 billion in tax increases, pushing the national tax burden to its highest level since the post-war period, with speculation mounting that an additional £20-30 billion could be sought this autumn.
Various fiscal measures under consideration could impact millions of taxpayers, with projections indicating that 3.35 million individuals will face taxation on savings interest this year, rising from 3.06 million in 2020-21.
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Government data suggests the total number paying income tax could surge to 39.1 million by 2025-26, up from 34.5 million in 2022-23, with higher-rate taxpayers increasing by nearly 39 per cent to 7.08 million.
Speculation centres on potential measures including extending the current freeze on income tax thresholds beyond 2028 and reducing the £20,000 annual ISA allowance to encourage investment in British companies.
NIESR economists have suggested that increasing basic and higher income tax rates by 5p per pound could generate the required revenue, though broader fiscal reforms may prove necessary.