Andy Burnham just revealed he’ll tax you to oblivion – big lie exposed | Personal Finance | Finance

Burnham wants more public ownership, more devolution, more state control and more infrastructure. He also wants more Ed Miliband, which will cost an arm and a leg. We’ll get more Angela Rayner too, like it or not, and more trade union powers and more workers’ rights. It’ll all cost us a fortune. What’s the point of becoming Labour PM, if you can’t spend big? Which brings me to the problem.

Burnham wants essential services such as water and energy to be publicly owned rather than run for profit. But renationalising water alone could cost up to £100billion. That’s a strange priority for a country that cannot find £28billion to defend itself from Vladimir Putin.

This is a massive problem for Burnham. Unfortunately, it will become a massive problem for the rest of us too.

Taxes are at record highs and forecast to keep rising for years. Reeves has maxed out the nation’s credit card, but still plans to borrow £140billion this year, all of which will be added to our £3trillion national debt. Still, the answer from the Left is the same: spend more. And they’ll be after Burnham’s blood if he doesn’t oblige.

So where will he find the money to fulfill his promises? If he can’t borrow more and won’t spend less, that leaves just one option. Tax. And Burnham has never sounded shy about raising it.

He’s previously backed restoring the 50p top rate of income tax. That’ll thrill the party’s left, for about 30 seconds. But it might only raise £1billion. The left want to align capital gains tax bands with income tax. The Treasury examined that idea and concluded it could cut revenues, as investors delay selling assets. It would also destroy the incentive to build businesses in Britain, destroying growth. Burnham might do it anyway.

That’s nowhere enough to fund a nation of almost 70million. To fund his spending plans, Burnham would have to raise taxes on millions of ordinary Britons. Not billionaires. Not even millionaires. Just people who work, save, own homes or invest for retirement. That’s the truth. The first Budget under Burnham will be hell, whoever delivers it.

Once politicians make promises they cannot afford, somebody always ends up paying for them. And it will be you.