Labour in Big Trouble as Reform’s Promise Could Prevent Keir Starmer from Winning a Second Term

Kelvin MacKenzie, a commentator on GB News and former editor of The Sun newspaper, has shared his opinion that Nigel Farage’s latest policy idea is brilliant.

Farage, the leader of Reform UK, recently announced that if his party comes into power, they will abolish inheritance tax. This announcement didn’t get much attention in the media, which MacKenzie believes shows how disconnected traditional political journalism is from what really matters to people.

Scrapping inheritance tax could be a huge advantage in winning votes, especially among people over 50 who have worked hard to build up their savings and want to pass that money on to their families rather than giving it to the government.

MacKenzie thinks the Conservative Party will likely have to adopt a similar policy to stay competitive, as this issue could become a major talking point in the next election.

Farage seems to be ahead of the curve on this issue, especially as Labour, under Keir Starmer and Rachel Reeves, has introduced a controversial change to inheritance tax rules. For the first time, Labour plans to include unused pensions as part of a person’s estate for tax purposes. This change will affect around 40,000 people in its first year. Previously, unused pensions could be passed on to family members tax-free, but now they will be subject to inheritance tax.

This move by Labour could have significant financial consequences. For example, if someone owns an average-priced home in the Southeast of England, worth around £800,000, and has an unused pension of £700,000, their inheritance tax bill could skyrocket from £190,000 to £470,000. MacKenzie criticizes Labour for what he sees as their tendency to take money from people, whether they’re alive or dead, and redistribute it to what he calls “Slimy Idle Dim Socialists” (SIDS).

He acknowledges that abolishing inheritance tax would come at a cost, as it currently brings in £7.5 billion for the government. However, he suggests that Reform could balance the books by cutting the £13.5 billion spent on overseas aid in half.

MacKenzie also warns that Labour might be planning another controversial change: scrapping the seven-year rule. This rule allows people to give money to their family tax-free if they live for seven years after making the gift. If Labour removes this rule, gifts could be taxed at 40%, which would have a huge impact on the “Bank of Mum and Dad.” Many first-time homebuyers rely on financial help from their parents to get on the property ladder, and taxing these gifts could make it much harder for families to support their children in buying homes.

He points out that the average house price in the UK is £267,000 (and even higher in the South), and a 10-20% deposit can range from £26,000 to £52,000. If parents had to pay tax on this money, it could cost them around £20,000. This would be a big blow, especially since 57% of first-time buyers currently receive help from their parents.

MacKenzie believes that abolishing inheritance tax is an idea whose time has come. It would allow families to keep more of the money they’ve already paid taxes on during their lifetime, rather than seeing it go to the government.

He also supports Reform’s plan to scrap inheritance tax on farms and small businesses, arguing that farmers play a vital role in supplying 60% of the food we eat and should be a top priority for any government. He criticizes Labour for prioritizing train drivers, who he says hold the country to ransom with strikes, over farmers who are essential to our survival.

In conclusion, MacKenzie is confident that Labour’s policies will lead to their downfall in the next general election. Until then, he says, people will have to endure the pain of their decisions, but he believes change is coming.