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John Healey is meeting Labour's union paymasters today to hear their demands on tax and Brexit.
The Chancellor will host the party donors with just six weeks to go until a potentially pivotal Budget.
They are expected to lay out a 'wish list' including wealth taxes, raising the personal allowance, loosening fiscal rules and scrapping red lines on ties with the EU.
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They → see → EU
Storm clouds are gathering ahead of Mr Healey's fiscal package, with the Middle East crisis sending the Government's debt interest costs spiralling.
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costs → gather → package
The Treasury must also find ways of funding Andy Burnham's multi-billion pound spending commitments.
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Treasury → find → commitments
There is speculation that Mr Healey is looking towards a raid on capital gains tax in a bid to fill a black hole estimated at £10billion - something that critics have warned could backfire.
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critics → be → 10billion
Chancellor John Healey will host the party donors with just six weeks to go until a potentially pivotal Budget
Unite boss Sharon Graham has demanded massive wealth taxes to fund public services
The PM hit back at claims he is a 'tax and spend socialist' yesterday, insisting: 'That does not tell the story.
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That → host → story
He said he had proved his willingness to take 'difficult decisions' by scrapping plans for digital ID cards to free up cash to cut VAT on energy bills.
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he → say → bills
But Mr Burnham also admitted the Budget will be 'challenging'.
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Budget → admit → ?
Shadow chancellor Andrew Griffith has called for a moratorium on further tax rises, warning they are 'crushing' the economy.
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they → call → economy
Rachel Reeves became the biggest tax-raiser in history during two years in No11.
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Reeves → become → No11
Unite boss Sharon Graham has demanded massive wealth taxes to fund public services.
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Graham → demand → services
She told the BBC that Mr Healey should end the long-standing freeze on the personal allowance - which has raised huge sums for the Treasury.
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which → tell → Treasury
'We must see things happen immediately.
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things → see → ?
I told him [Burnham] that you have to make working class people believe their best days are in front of them,' Ms Graham said.
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Graham → tell → them
'That tax threshold of around £12,500 - if that hadn't been frozen for the past few years it would have moved up to over £16,000 now.
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it → freeze → 16,000
People at the lower end are paying eye-watering amounts of tax.
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People → pay → tax
The country's biggest union, Unison, wants a tax raid on large tech companies - an idea that has enraged Donald Trump.
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that → want → Trump
It is also urging Mr Healey to commission research into shifting tax from income to wealth, something Mr Burnham has previously supported.
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Burnham → urge → wealth
The GMB has reiterated calls for the Government to approve new Rosebank and Jackdaw fields in the North Sea.
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Government → reiterate → Sea
Mr Healey hailed the appointment of TUC general secretary Paul Nowak to a key role on the Bank of England yesterday.
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Healey → hail → England
Mr Nowak will be a non-executive director on the Bank's court, responsible for overseeing governance and corporate strategy.
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Nowak → oversee → governance
Union officials traditionally hold one of the NED posts at Threadneedle Street.
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officials → hold → Street
Mr Nowak has pledged to give his £20,000 a year fee to charity.
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Nowak → pledge → charity
Unison chief Andrea Egan is seen as an ally of Andy Burnham
Mr Healey hailed the appointment of TUC general secretary Paul Nowak to a key role on the Bank of England yesterday
Two former BoE chiefs have warned that the Government has failed to convince financial markets that it has a grip on the public finances.
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it → see → finances
The Bank's former deputy governor Sir Charlie Bean said markets were jittery because 'there is a question mark about whether this govt is willing to take the difficult decisions needed to maintain fiscal sustainability'.
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govt → say → sustainability
In a withering assessment Andy Haldane, former chief economist at the Bank, said the markets 'now suspect that this is a traditional tax and spend socialist government with better TikTok videos.'
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this → say → videos
Mr Haldane, a sometime adviser to Mr Burnham on the economy, added: 'The fiscal Achilles' heel of this government, thus far, has been its unwillingness and/or inability to cut public spending.
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heel → add → spending
Within financial markets, we've gone from the cautious optimism of the summer months to the studied scepticism of September.'
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we → go → September
The Aporia
