Cyprus Mail

Britain’s Labour vows to reintroduce top 45% rate of income tax (Update 1)

Keir Starmer,

Britain’s main opposition party leader Keir Starmer said on Sunday he would reintroduce the top rate of income tax to 45% after the government abolished the rate in a mini-budget.

Starmer is under pressure to assert himself as the prime minister-in-waiting as he starts his campaign for power at this week’s annual Labour conference in Liverpool in northwest England.

The Labour leader said the move to cut the top rate of tax was unfair because it handed someone earning 1 million pounds ($1.09 million) a 55,000 pound tax cut.

“I would reverse the decision they made,” Labour leader Starmer told the BBC. “It is hugely risky, it is hugely divisive, and I would reverse it.”

Labour will use this week’s conference to set out dividing lines on key policy issues after the government announced large tax cuts, huge increases in borrowing and the scrapping of caps on bankers’ bonuses.

However, Starmer said a Labour government would not reverse the government’s decision to cut the basic rate of income tax to 19% from 20%.

“I’ve long made the argument that we should reduce the tax burden on working people so no we wouldn’t reverse that,” he said.

Related Posts

UK crime agency arrests ‘wealthy Russian’ over money laundering

Reuters News Service

Beijing, Shenzhen loosen more Covid curbs as China fine-tunes policy

Reuters News Service

Biden not planning to speak to Putin for now, G7 agrees oil price cap

Reuters News Service

Biden weighs reviving Trump-era immigration restrictions, officials say

Reuters News Service

France to release 5 bln euros of SDRs to vulnerable countries under G20 programme

Reuters News Service

US whistleblower Snowden gets a Russian passport

Reuters News Service