A Labour MP has warned that the Tories and Reform would lead Britain down the “path to higher costs”.

Speaking on the Camilla Tominey show, Luke Murphy slammed the Conservatives’ economic policy to axe stamp duty altogether,, which the MP claimed was “unfunded”.

“What I don’t support, because I’ve heard several calls from the Conservatives, the Lib Dems and Reform to cancel the National Insurance increase that was made last year, to cancel a load of other taxes, and then to go further, to have tens of billions of pounds of cuts in spending, as well as unfunded tax cuts like scrapping Stamp Duty.

“That is a path to a higher cost of living for my constituents. It is unfunded tax cuts that led to interest rates rising.”

Yet swirling speculation has heightened ever since No10 has refused to rule out a number of tax hikes, echoing the mantra of no increases of National Insurance, VAT and income tax.

Mr Murphy said: “What my constituents are worried about, and I hear it on the door, week in, week out, I had several conversations last weekend with several constituents about the cost of living and the pressures that they’re facing, whether it’s with energy prices or food prices or anything else.

“What I want to see in the Budget, and I know what Rachel and the Government are focused on, is easing that cost of living and getting growth back in our economy.

“We are only going to be able to have the investment in the public services that we all rely on, that we need, invest in the security to protect our country, and to ensure that people have more money in their pockets if we get growth in the economy.”

MORE TO FOLLOW…

Our Standards:
The GB News Editorial Charter