The Labour government, under Sir Keir Starmer, is considering implementing wealth taxes and stealth taxes to address fiscal challenges following welfare reform changes. Approximately 1.5 million higher-income taxpayers may be impacted, with potential taxes on property values, pensions, and savings affecting millions more. Starmer was questioned by Tory leader Kemi Badenoch regarding a manifesto commitment not to raise certain taxes, responding affirmatively. However, under pressure from trade unions and political opposition, he did not dismiss the idea of wealth taxes for balancing fiscal accounts.
Sir Keir Starmer has opened the door for the Labour government to unleash both wealth taxes and an extension of stealth taxes in a bid to balance the books following his welfare U-turns.
Such a move could hit 1.5 million taxpayers in the UK who currently are on the higher 40p and 45p income tax rates and while a pure wealth tax on the super rich would only hit an estimated 20,000.
The prime minister appeared to fall into a trap laid by Tory leader Kemi Badenoch during PMQs when she pressed him on concerns over the public finances.
Trade unions joined former Labour leader Lord Kinnock in demanding that the books are balanced with wealth taxes, leading to a refusal from Starmer to rule them out.
Collection
[
|
...
]