Over 50,000 demand wealth tax as alternative to austerity in Autumn Budget
THE Labour leadership faced demands today to tax the rich instead of inflicting more painful spending cuts in its Budget on Wednesday.
Chancellor Rachel Reeves has warned that her fiscal announcement will involve “difficult decisions” because of a £22 billion “black hole” left by the Tories in the nation’s finances, which has since led her to talk of finding £40-50bn in spending cuts and tax rises.
Today Labour MP Richard Burgon presented a 50,000-strong petition in Parliament calling for wealth taxes as an alternative.
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The petition calls for a 2 per cent wealth tax on assets over £10 million, which could raise £24bn a year.
It also suggested equalising capital gains tax with income tax rates and ending state subsidies for fossil fuel giants, which could raise another £21bn.
Ms Reeves stated that the upcoming Budget will focus on “strivers,” invoking the rhetoric of austerity architect George Osborne, though a speech by Prime Minister Sir Keir Starmer today stressed Labour would raise taxes to invest in public services.
Labour MP John McDonnell tweeted: “Simple request to whoever is now running Labour’s communications strategy, drop the ‘strivers’ language as it inevitably has led in the past to reference to ‘skivers’ prefacing attacks on welfare benefit claimants and cuts in social security support.”
Over 120 charities under the End Child Poverty Coalition have called on the Chancellor to use the Budget to finally ditch the two-child benefit cap.
The coalition says that doing so would lift 300,000 children out of poverty.
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