Healey delivers first Budget next week

Chancellor John Healey will announce his first Budget as chancellor next week, with speculation mounting about tax and spending changes he and Prime Minister Andy Burnham will make.

Inflation and borrowing costs squeeze Treasury

Inflation reached a five-month high in August, and soaring borrowing costs have made tackling the cost of living more difficult. Experts are forecasting a combination of tax rises and spending cuts.

Burnham pledges to protect headline tax rates

As prime minister, Andy Burnham has committed to Labour's two thousand twenty-four manifesto pledge not to increase the headline rate of income tax, VAT or national insurance contributions.

Healey denies Capital Gains Tax rate rise plan

John Healey has denied planning to raise Capital Gains Tax rates to match income tax. The levy is paid on gains from the sale of assets like shares and commercial property.

Income tax threshold freeze creates fiscal drag

Since two thousand twenty-one, the income tax personal allowance has been frozen at twelve thousand five hundred seventy pounds.

Burnham heard doorstep concerns on tax thresholds

Andy Burnham previously told reporters the income tax threshold issue was the thing he heard most on the doorsteps, adding that it has become lodged in his mind.

“the thing I heard the most on the doorsteps”

Inheritance tax overhaul under consideration

Speculation grew that Andy Burnham may revisit plans he drafted as health secretary in two thousand nine to radically overhaul inheritance tax.

Property tax reform options being explored

Andy Burnham previously supported a land value tax as a replacement for stamp duty. He has also called council tax highly regressive, noting that a Band H property in Blackpool can pay nearly six hundred…

“highly regressive”

Bank surcharge reversal backed by unions

John Healey is reportedly considering reversing Jeremy Hunt's two thousand twenty-three reduction of the bank surcharge from eight percent to three percent.

Finance sector warns against bank tax reversal

UK Finance, the trade body for the banking sector, says reversing the surcharge reduction would weaken competitiveness, discourage investment and job creation, and work against the government's ambition to deliver growth in every postcode.

“weaken competitiveness, discourage investment and job creation, and work against the government's ambition to deliver growth in every postcode”

Online retailer crackdown and energy bill support planned

John Healey is understood to be considering a one billion pound crackdown on online retailers like Amazon and eBay by closing a VAT loophole for overseas sellers.