Sir . The party has already promised to increase a small number of taxes which mostly fall on big business and the wealthiest individuals., the shadow Chancellor, have said privately that they will not put any further tax rises in their general election manifesto.Ms Reeves has announced three significant tax increases: adding VAT to private school fees, scrapping non-dom status and closing a loophole that allows private equity fund managers to pay a reduced rate of tax on their earnings.
Last year, Labour also said it wanted to hike the stamp duty surcharge paid by overseas buyers as part of its housing and planning reform.Ruling out further tax rises means that under Labour’s tight fiscal rules, which ban borrowing money to pay for day-to-day spending, the party would be unable to increase spending on public services without a significant boost to economic growth pushing up tax revenues.
He suggested reforms to skills training and the planning system would help boost economic performance and said the “central mission” of an incoming Labour government would be greater growth.programme the US Inflation Reduction Act has acted as a “magnet for investment”, while the EU has its own response.
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