Healey Rejects Tax Hike Calls

What happened

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Analysis

How it changed

1. 20 Oct

   Chancellor of the Exchequer John Healey has dismissed calls from some Labour MPs to increase Capital Gains Tax (CGT) when he hands down his first Budget.

   2 outlets · BBC

Coverage 5 articles

• 20 Oct Badenoch says Healey’s budget will be worse than Reeves’s if he doesn’t slash spending – UK politics liveIn her speech, Kemi Badenoch claims that John Healey's upcoming budget will be worse than those of his predecessor Rachel Reeves due to a lack of spending cuts. The Times reports that Healey has decided against raising capital gains tax, instead opting for a temporary package of cost-of-living support funded by a tax on banks and reducing the government’s fiscal buffer from £23bn to around £15bn. This move is seen…The Guardian
• 20 Oct Healey to reject calls to raise capital gains tax in budgetJohn Healey has decided against raising the capital gains tax in next week’s budget, despite suggestions from Labour colleagues like Louise Haigh and Wes Streeting. Treasury sources indicate that increasing this tax could lead to a loss of revenue as wealthy individuals might defer asset sales or move them abroad. Instead, Healey plans to raise taxes on banks' profits, with Britain's four largest lenders alone…The Guardian
• 20 Oct John Healey rejects calls to raise capital gains tax at the BudgetJohn Healey has rejected calls to increase the capital gains tax ahead of the upcoming Budget announcement on October 28. Prominent Labour figures have advocated for raising this tax, which applies to profits from selling assets such as houses or shares. However, Lord O’Neill of Gately argues that increasing the capital gains tax would send a negative message to businesses. Instead, the Chancellor is expected to…Evening Standard
• 20 Oct Chancellor rejects calls to raise Capital Gains Tax in BudgetChancellor John Healey rejected calls from Labour MPs to raise Capital Gains Tax (CGT) in his upcoming Budget announcement. Cabinet members Wes Streeting and Louise Haigh had previously supported increasing CGT, but Healey dismissed these proposals, citing concerns that higher rates could discourage investment and lead wealthy individuals to leave the country. He emphasized a desire for policies that bolster…BBC
• 19 Oct Healey rejects calls to raise capital gains tax at the BudgetRuth Healey, a Labour figure, has rejected calls to increase the capital gains tax during the upcoming Budget announcement on October 28. Lord O’Neill of Gately argues that raising this tax would negatively impact businesses. Instead, the Chancellor plans to raise revenue by increasing bank profits taxes and implementing cost-of-living support measures. Ipsos polling indicates that a majority of Britons (65%)…Evening Standard

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