Keir Starmer doesn't believe 'working people' have savings. So guess who he will go after, writes Chancellor JEREMY HUNT

Savers, pay attention. Labour has you in their sights. If Keir Starmer walks into Downing Street on July 5, get ready for your taxes to go up.

It is an iron law of British politics. Conservatives want to keep your taxes lower, the Labour Party will use any excuse to hike them up wherever they can.

If it wasn't obvious before when he was cosying up to Jeremy Corbyn, pledging to increase income tax and nationalise large swathes of the economy, Keir Starmer is not going to buck the trend.

You do not need a crystal ball to reveal what their tax raid will look like. Starmer has already said his definition of working people excludes anyone with savings. Now we know that's who he's going to go after first.

Independent costings have identified a £38.5billion black hole in their finances, so we know that Labour will hike taxes on families by at least £2,094 to plug the gap.

Following repeated refusals to rule out 17 different tax rises, we now know that their published spending plans aren't the 'sum total' of their tax and spend ambitions after Wes Streeting let it slip in an interview.

And today the Mail has revealed a worrying manifesto submission from a group of Labour MPs called the Tribune Group, of which Keir Starmer and many of the Shadow Cabinet are members, highlighting Labour's secret plan to raise taxes across the board.

Why won't they just be straight with people and come clean? Because they have no plan and no idea how to run the economy.

On the other hand, as Conservatives, we are the party of sound money and lower taxes.

We dealt with inflation, getting it down from 11 per cent after the global inflationary shocks of the pandemic and Putin's war in Ukraine, back to normal levels.

Inflation is one of the cruellest economic problems. It eats away at your savings. It whittles down your salary. It makes every part of your life less affordable. I get it. It's made times extremely tough.

It hits working families in their wallets, where it hurts. That is why we made tackling it our number one priority.

It may seem inevitable that we'd get it down now. But it wasn't. We have had to make tough choices, but getting inflation down always came first. We delivered it.

And now we will cut taxes. We have already cut taxes by £900 for the average worker this year, meaning taxes for the average worker are the lowest for 50 years. And we will go further.

We have shown a clear direction of travel. Our tax-cutting manifesto will get taxes down and incentivise work even more.

Every other party's published plans will see the tax burden hit record heights. But who knows how much further it can go under Labour's proposals?

We Conservatives know people can spend their own money far better than the Government can. 

Which is why it's not surprising we have the only tax-cutting manifesto. We know that now we have turned a corner with inflation, the absolute worst thing to do would be to raise taxes.

But, in a victory of ideology over common sense, Labour's proposals will shackle hardworking people with record high taxes.

This proves it. No matter how many times they try to convince people otherwise, Labour will raise your taxes. It goes to the heart of what they believe, and a leopard cannot change its spots.

We have finally turned the corner. Don't let Labour spend your cash for you.