The newly-promoted tax minister has suggested the Chancellor will go for tens of billions in new taxes at the upcoming Budget. Do you remember what she said last time?
Exchequer Secretary to the Treasury Dan Tomlinson, who has the tax brief in HMT, told a Labour Conference IPPR panel that while he would not name specific upcoming taxes “the past is a good guide to the future” for the Winter Budget.
Tomlinson praised Reeves for her decision to raise £40 billion last time round (“make big decisions on taxation”) and said the Treasury’s approach was now to “raise taxes to fund public services.” Last time Reeves promised not to come back for more…
Turning to wealth taxation Tomlinson said Labour was “open to having those conversations” and stressed that Labour is already widely taxing wealth by, for example, hiking Inheritance Tax. He played down the prospects an annualised general asset tax but said Labour was committed to “reform” of wealth taxation. For Reeves to pull that lever would be short-sighted to the extreme…
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