S8 Ep131: UK Tax Hikes Reach All-Time High, Fueling Entrepreneur Exodus and Political Turmoil for Labor Party — Simon Constable — Constable reports that the UK Labour budget under Rachel Reeves will raise the aggregate tax burden to an all-time high of 38% of GDP.

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John Batchelor

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🗓️ 27 November 2025

⏱️ 9 minutes

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Summary

UK Tax Hikes Reach All-Time High, Fueling Entrepreneur Exodus and Political Turmoil for Labor Party — Simon Constable — Constable reports that the UK Labour budget under Rachel Reeves will raise the aggregate tax burden to an all-time high of 38% of GDP. This approach is viewed as fundamentally anti-business, with over two-thirds of entrepreneurs reporting that the government lacks genuine support for wealth creation and private enterprise. Constable predicts this environment will trigger an exodus of new wealth creators and capital. Constable suggests the resulting political turmoil positions Nigel Farage as a credible contender for future UKleadership.

Transcript

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0:00.0	This is CBS Eye on the World.
0:08.5	Here's John Batchelor.
0:12.0	This is CBS, I on the world.
0:14.6	I'm John Batchel.
0:15.5	Simon Constable, my good friend in the south of France, an Englishman.
0:19.3	And we begin with English news. Actually,
0:21.5	all of Britain, but England's taking this hard. Rachel Reeves' budget raises tax take to an all-time high,
0:29.0	burden to reach 38% of GDP by end of parliament. How does the F.T. know this before the budget was
0:35.1	posted? According to an accidentally released forecast by the
0:39.6	Office for Budget Responsibility. So I'm in a very good day to you. Accidental release.
0:46.9	That is the first whopper we're going to absorb this morning. But before we go back to number
0:52.5	10 and the incoming congratulatory calls, good for you.
0:58.0	You're plunging England into a deeper hole than it already exists. We start in paradise.
1:03.8	How is the weather, Simon? You look bundled up. Good evening to you. Good evening to you, John.
1:09.3	Yes, it is a bit chilly here. Woke up to 36 Fahrenheit. That was the
1:15.7	temperature, tiny bit of snow, light frost across the garden and went up to a high, not very, very high at all,
1:23.7	43 Fahrenheit. So it's still chilly and I'm wearing, I feel like many, many layers at the moment.
1:30.3	I'm sitting outside to talk to you, but it is chilly. You're in medieval Albi and it looks
1:36.0	quite charming this morning, though prepared for winter. So we go from your expedition to into the
1:42.7	cold to the commodities that we most care about here at years end.
1:47.7	That would be iron, copper, and steel, the backbone of the data center springing up like rabbits across the country.
1:57.3	Are there any significant movement this year over year?
	...

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