Economics
Starmer Can Raise Taxes on Banks, Pensions Without a Big U-Turn
- Options include bank windfall tax and ending pension reliefs
- Savings also to be found from BOE’s QE program and wealth tax
Keir Starmer during the Labour party manifesto launch on June 13.
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Britain’s opposition Labour Party has ruled out a wide range of tax increases if it wins the election on July 4, but there’s leeway within that promise to increase levies in a few places.
Party leader Keir Starmer this week put into writing pledges to leave unchanged the headline rates of income tax, corporation tax, national insurance and VAT, which together account for more than two thirds of receipts. For the rest, he would only say there are “no plans.”