Labour's manifesto outlines a fiscal plan that includes £8.5 billion in tax rises by 2028-29, leading to a tax burden of 37.4% of GDP, the highest in history. The plan includes measures such as capping corporation tax at 25%, closing non-dom tax breaks, imposing VAT and business rates on private schools, a 1% tax on foreign house purchases, and a £1.2 billion windfall tax on oil and gas companies. Additionally, the manifesto aims to raise £5.2 billion from non-doms and tax avoidance, £1.5 billion from VAT on private school fees, £565 million from carried interest, and £40 million from stamp duty on non-UK residents. The total tax rises amount to £7.3 billion overall, with £3.5 billion in borrowing to fund £9.5 billion of policy spending. This would surpass the 2022/3 burden of 36.3% and the 2023/4 burden of 36%.
🚨 NEW: Labour's own manifesto, compared with current OBR forecasts, shows that in 2028-29, tax will stand at 37.4% of GDP. This would be the highest-ever tax burden in history [@tomhfh]
🚨 NEW: Labour's own manifesto, compared with current OBR forecasts, shows that in 2028-29, tax will stand at 37.4% of GDP. This would be the highest ever tax burden in history [tomhfh]
Labour manifesto fiscal plan funds £9.5bn of policy spending with £8.5bn of tax rises and £3.5bn of borrowing - £5.2bn non-doms & tax avoidance - £1.5bn VAT on private school fees - £565m carried interest - £40m stamp duty on non-UK residents - £1.2bn oil & gas windfall tax
Wow - Labour’s own costings document shows net tax rises of £8.5 billion in 2028-29. Add that to current OBR forecast, and tax as a share of GDP rises to 37.4%. That’s higher than 1948 record of 37.2%, 2022/3 burden of 36.3%, or 2023/4 burden of 36%. The highest in history.
Labour’s manifesto shows it plans to raise £8.5 billion a year from tax rises + crackdown on avoidance by 2028/29. Sounds like a lot but pretty modest (Lib Dems want to raise £19 bn). And a drop in the fiscal ocean vs total forecast tax take of £1,191 billion by 2028/29… https://t.co/tbfh8s3lD5
Tax policies in Labour manifesto - won’t raise income tax, NI, VAT - corporation tax capped 25% - close non-dom breaks - VAT+biz rates on private schools - 1% tax on foreign house purchases - £1.2b windfall on oil + gas - scrap carried interest break - £7.3b tax rises overall
🚨 NEW: Labour's costings in its manifesto show £7 billion in tax rises https://t.co/0GRuaztmnq