The latest UK borrowing figures leave the Chancellor with a renewed problem – and Rachel Reeves’s dilemma shows the election changed nothing but the names of our rulers.

Borrowing for the year to March hit £151.9 billion—£15 billion more than forecast – suggesting that her tax attacks on ordinary people have been in vain.

The increased borrowing comes despite a “substantial boost” in income from taxation so, if squeezing working and middle-class taxpayers hasn’t closed the gap, is Reeves really going to claim the answer is more of the same?

I write that because, let’s be honest, the Labour government’s economic policy so far looks like nothing better than Tory rule with a rebrand.

Reeves entered office promising “stability” and “responsibility,” but what we’ve had is austerity dressed in Labour red.

Her refusal to borrow for day-to-day spending—despite rising costs, crumbling services, and sluggish growth—mirrors the Osborne playbook down to the footnotes.

But Osborne at least had the sense to know he had to vary the policy when it became unworkable.

If the numbers don’t lie, they tell a bleak story: tax revenue is up, borrowing is up, debt costs are soaring, and still, nothing changes. What comes next? Cuts to services? Another raid on household incomes? All while the rich remain untouched?

It’s not just borrowing where the illusion of change collapses. Look at Labour’s policies:

• No wealth tax: Reeves won’t touch assets, dividends, inheritance, or profits from property. Those who earn their living are squeezed; those who hoard their passive income are left alone.

• Trade and tariffs: In Washington, Reeves is scrambling to dodge US tariffs. But instead of rethinking Britain’s global role or protecting workers, she’s sticking to the same transatlantic appeasement we saw under the Tories.

• Language of austerity: “Going through every penny,” “fiscal rules,” “waste.” It’s the same tired script. There’s no ambition here—only accountancy.

The truth is stark: Labour’s economic policy is indistinguishable from the Conservatives’:

No redistribution.

No structural reform.

No bold investment in people or infrastructure.

Just spreadsheets and spin.

This wasn’t what people voted for. Reeves and Starmer promised change. But what they’re delivering is continuity—that protects wealth and punishes work.

Mel Stride, a Tory, called the borrowing figures “alarming.” But under Reeves, Labour has been pushing the same economic orthodoxy as his party—only now it’s called “fiscal discipline” instead of austerity.

So here’s the question: if taxing ordinary people didn’t work, will Reeves finally go after the real money—or just keep making the rest of us pay?

Right now, it seems the only thing that changed in July 2024 was the name on the Chancellor’s office door.

But there is another way.

A few days ago, I laid it out clearly on This Site: a smarter, fairer tax system that doesn’t punish work while protecting wealth.

By taxing capital gains like income, adding modest surcharges on unearned investment returns, and reforming the tax breaks that favour the already-rich, we could raise more than £50 billion a year.

The road map is clear:

• Equalise tax on capital gains with income tax. No more rewarding people for making money from money rather than from work. This alone could raise £12 billion a year.

• Introduce a surcharge on investment income — interest, dividends, rents — while protecting modest savers. A 15% surcharge (with allowances) could bring in another £18 billion.

• Reform pension tax relief, which disproportionately benefits high earners. Capping relief at the basic rate could raise £14.5 billion.

• VAT on financial services, largely used by the wealthy, could add another £8.7 billion.

• Update Council Tax bands and add higher tiers for luxury homes. A progressive property tax — long overdue — could reduce inequality without hitting ordinary homeowners.

That will bring in real money—enough to ease the pressure on public services, lower taxes on workers, and start rebuilding the social fabric that years of austerity have shredded.

This isn’t fantasy. These are practical, targeted policies—based on fairness—that would ask those with the broadest shoulders to finally pull their weight.

So here’s your call to action:

Tell your MP that taxing wealth is not radical — it’s necessary.

Tell them that you are done paying for crisis after crisis while the richest hoard and hide their gains.

And tell them this: if Labour won’t break from the Tory consensus, they can’t count on your silence, your support — or your vote.