‘Rachel Reeves is in cahoots with her Bank of England pals – and we’ll all pay the price | Politics | News [Video]

Rachel Reeves dodges question over LinkedIn profile changes

Rachel Reeves is ‘in cahoots’ with the Bank of England, and taxpayers will be the ones who suffer in the long run, a financial expert has warned.

Tax consultant Bob Lyddon has outlined his concerns about the Chancellor in a blog uploaded to his website, a month after her controversial Budget, in which she unveiled plans to tax farming assets over £1 million, and increases to Employer National Insurance Contributions (NICs).

Mr Lyddon, founder of Lyddon Consulting Services, is concerned at what he sees as the cosy relationship which Labour enjoys with the Bank, accusing Ms Reeves of bending fiscal rules with the Bank of England’s assistance through a controversial change in how public debt is measured.

Reeves proposed switching from “public sector net debt excluding the Bank of England” (PSND ex BoE) to “public sector net financial liabilities” (PSNFL), effectively reducing the reported debt levels and creating additional “headroom” for borrowing – estimated at …