The Institute for Fiscal Studies has launched the 'Be the Chancellor' interactive tool, developed with Nesta and aimed at assisting policymakers in understanding fiscal choices. The tool emphasizes the complexities and challenges associated with current economic decisions, allowing users to explore implications of various tax and spending strategies. Amidst this backdrop, Deputy Labour leader Angela Rayner has proposed significant tax increases, targeting higher earners and corporations, which would position her party's financial strategy in direct opposition to the chancellor's spending cut approach. The proposals, while still speculative, could raise substantial funds annually.
The tool allows anyone to explore the consequences of different choices on spending and tax. One person who may be logging on is Angela Rayner.
Angela Rayner proposed eight tax increases including reinstating the pensions lifetime allowance and changing dividend taxes, raising taxes by 3bn to 4bn a year.
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