PMQs #002 - Labour's Budget: Another Tax Raid on Working People

The Peter McCormack Show

Peter McCormack

Technology, News, Politics, Money, Investing, Finance, Bitcoin

4.8 • 2.7K Ratings

🗓️ 26 November 2025

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Labour's second budget is here and it's another full-blown tax raid. They've hit workers again, squeezed savers again, blown up the welfare bill again and still delivered nothing for business, growth or the people who actually drive the economy.

If you earn, save, build or invest, Labour just came back for round two: punishing work, killing incentives and pushing the UK deeper into decline.

SHOW NOTES
› https://x.com/rachelreevesmp/status/1993575889817268537?s=48
› https://x.com/benobesejecty/status/1991933898667036730?s=48
› https://x.com/DOGE__news/status/1940926027800498248/video/1

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TIMESTAMPS:
00:00 – Budget Day Introduction
03:07 – Rachel Reeves Big Day
06:25 – What Labour Did in Their First Budget
10:00 – Breaking Manifesto Pledges
14:14 – Inflation: Why the Poor Get Poorer
16:09 – Record Borrowing - £370m per Day
20:00 – Destructive Budget Delays
23:03 – Keir Starmer is a Wet Wipe
31:00 – Post-Budget Reaction ("Trojan horse?")
37:21 – The Authoritarian Budget
47:40 – Kemi's Takedown
54:48 – Viewer Questions

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FILMED BY CURTIS TAYLOR
› https://www.curttaylor.co.uk/
› https://x.com/curttayloruk/

EDITED BY CONOR MCCORMACK
› https://x.com/ConorM04

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Transcript

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0:00.0	Hello, welcome to the Pete McCormack show.
0:09.5	I hope you're all doing well.
0:11.3	Today is Budget Day and we're making another show.
0:14.1	It's probably the most anticipated budget, I think of my lifetime.
0:18.5	I've been talking about it for weeks.
0:20.5	Lots of leaks coming out.
0:37.3	What are they going to do? Are they going to raise our taxes? Are they going to destroy our businesses? Are they going to destroy the economy more? Yeah, it's going to be an exciting day. So listen, we're making a show about it. I've got a little preamble some stuff I want to talk about. we're going to watch the budget we'll cut during that and then we're
0:39.1	going to digest the budget.
0:38.5	We'll cut during that.
0:56.7	And then we're going to digest what Rachel Reeves is going to present to the country. So yeah, very excited about this. And listen, look, this is the second PMQs we made. We made our first one the other day. It's a bit weird for me talking to the camera like this. I've done over a thousand interviews where I have a guest and we do an interview and then we go home.
0:56.7	But I am. It's a bit weird for me talking to the camera like this. I've done over a thousand interviews where I have a guest and we do an interview and then we go home.
1:01.5	But I am very frustrated with the state of our country.
1:06.8	So I made a, if you didn't check out the first one, I did about 52 minute rant.
1:09.4	And the feedback was pretty good.
1:10.5	We're happy with the feedback, right, Con. Yeah, overwhelmingly positive.
1:13.6	I think we were a bit nervous because I've never done this before.
1:18.9	I've never, I did a little rant in my car at the airport, Luton Airport and put it out there.
1:25.2	And some people were like, yeah, kind of agree with you, Pete.
1:27.8	And so Connor said, Dad, we need to do this in the studio. We need to do this properly, record it properly. And we did. And we put it out there. And I mean, I was a bit nervous, right? Took about five attempts to get going to. Yeah, about five attempts. And I was like, oh, God, they're going to savage me. No one's going to listen.
1:44.6	But actually, the show did pretty well.
1:46.3	The feedback was brilliant.
1:47.7	And it's like, well, fuck it. Let's do some more of this. Let's make some more shows where we talk directly to the camera. Obviously, I've got my boy Connor here. How you doing, mate? You're good. Doing well. Done more.
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