Rachel Reeves’ tax-raising measures come after she pledged not to be a levy-hiking chancellor
Rachel Reeves was adamant: “I don’t have plans to be a big tax-raising chancellor,” she told the FT on a visit to Washington in May last year. Yet on Wednesday, the chancellor presented a Budget that will raise taxes by £40bn, the biggest single increase in a generation.
Asked on BBC Radio 4’s Today programme in March 2023 if Labour would put up CGT, she said: “I don’t have any plans to increase capital gains tax.” “There are people who have built up their own businesses who maybe at retirement want to sell that business,” she said. “We want Britain to be the best place to start and grow a business.” Reeves announced on Wednesday that CGT for most assets — such as share sales — would rise for lower-rate taxpayers from 10 per cent to 18 per cent.
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