‘Nothing will be safe!’ Middle class tax raid fears erupt as Starmer tipped to target three major areas ahead of ‘painful’ Budget

Middle class Britons are warned “nothing will be the safe” as the Labour Government is expected to raise capital gains and inheritance tax in the October Budget as the Prime Minister warns of “short-term pain’ for long-term good”.

Higher tax payers are warned they may bare the brunt of the tax raises as Kier Starmer stated those with “the broadest shoulders should bear the heavier burden”.

In a speech in the Downing Street rose garden, the Prime Minister warned “things are worse than we ever imagined” because of a £22 billion “black hole” in the public finances.

He said: “There is a Budget coming in October, and it’s going to be painful. We have no other choice, given the situation that we’re in.”

Following the speech wealth managers are reported to have received phone calls from panicked clients, with middle class savers thought to be ready to sell off shares and properties to avoid the hikes.

Although Labour has pledged not to raise income tax, national insurance or VAT, it is likely they will find other ways to plug the £22billion black hole.

Speaking on the inevitable bad news to come, Laura Trott Shadow chief secretary said: “Starmer’s speech has made it clear. Ruinous tax rises, which he’s always planned, are on the way.

“Pensions, investments, homes – nothing will be safe. And, when introduced, he will have broken his election promise to the British people.”