Labour's Budget Promises Uncertain

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first Labour Budget

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spending cuts

Telegraph

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The five taxes Labour could target in the October Budget

Summary

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78% Informative

Sir Keir Starmer has warned his party’s first Budget “is going to be painful” He said he would have no choice but to ask people to “accept short term pain for long term good’ Labour did not commit to freezing capital gains tax.

Labour has ditched a previous pledge to reinstate the pensions lifetime allowance.

Labour has committed to maintaining the triple lock, ensuring the state pension will continue to increase by the highest of inflation, wages or 2.5pc .

Under current plans this would see it become taxable by 2028 as it will exceed the personal allowance, leaving some pensioners with a three -figure tax bill.

Labour has promised to deliver economic stability, with tough spending rules’ The party has also committed to ensuring the current budget moves into balance.

The last chancellor to face defeat was Kenneth Clarke in 1994 , when he tried to raise VAT .

Labour will also take aim at non-doms by abolishing the status once and for all’.

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semi-formal

Language

English

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not offensive