| Your wealth is safe in Labour hands 08:28 - Aug 27 with 9440 views | DJR |
From today's Telegraph.
No wealth tax under Labour, Rachel Reeves pledges
Shadow chancellor rules out higher levies on property, capital gains and top earners as her party seeks to grab the centre ground
Rachel Reeves has ruled out any version of a wealth tax if Labour forms the next government, declaring that additional taxation will not lead to prosperity.
In an interview with The Telegraph, the shadow chancellor launches a bold bid for support from businesses and wealthier households, saying she will not introduce a levy to target wealth or expensive properties, and will not increase capital gains tax or the top rate of income tax.
Ms Reeves puts an end to speculation over the prospect of either a discrete wealth or mansion tax, or higher levies for those earning money from stocks and shares or buy-to-let properties.
She also confirms that Sir Keir’s 2020 leadership pledge to increase the top rate of income tax is now off the table – making explicit a suggestion by the party leader in June that he was no longer keen on the idea.
Ms Reeves also effectively recants remarks made in September 2021 when she said that “people who get their income through wealth should have to pay more”.
At the time she highlighted those “who get their incomes through stocks and shares and buy-to-let properties”.
Labour frontbenchers are also being told they should draw up reforms or identify schemes that can be scrapped if they want to fund new projects, as “the money is simply not going to be there”.
She added: “I don’t have any spending plans that require us to raise £12 billion worth of money. So I don’t need a wealth tax or any of those things ... We have no plans for a wealth tax.”
“We don’t have any plans to increase taxes outside of what we’ve said. I don’t see the way to prosperity as being through taxation. I want to grow the economy.” She added of the prospect of any form of wealth tax: “We won’t be doing that. It’s a denial.”
A Labour source said the denial also applied to “any form of ‘mansion tax’”, which has also been discussed by Labour in recent years. [Post edited 27 Aug 2023 8:32]
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| Your wealth is safe in Labour hands on 10:12 - Aug 31 with 298 views | DJR |
| Your wealth is safe in Labour hands on 09:26 - Aug 31 by Darth_Koont |
Both the Tories and Labour seem more focused on the interests of the rich and powerful than the interests of the country.
It’s probably just a coincidence that serving those interests pays much better and provides them with much better career opportunities. |
Even the fairly Centrist New Statesman appears to be concerned about the Labour stance on this, with this issue featuring on the front page of the latest issue.
https://www.newstatesman.com/politics/economy/2023/08/britains-great-tax-con?utm
As regards career opportunities, Kittty Ussher, once Labour Economic Secretary to the Treasury, is now Chief Economist at the Institute of Directors, which might be thought a surprising career change for a Labour MP.
EDIT: Kitty Ussher did PPE at Oxford (as well as being educated at St Paul's Girls' School), and I get the impression that some of those with such degrees or backgrounds who wish to pursue a political career (whether as adviser or politician or both) end up choosing the party which is on-the-up when embarking on their career. Maybe that explains why people at the top in New Labour were fairly supportive of David Cameron because many such people are really little different when it comes to political philosophy. [Post edited 31 Aug 2023 15:20]
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