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Labour's Manifesto Proposes £8.5 Billion Tax Rises, 37.4% of GDP, Highest Tax Burden in History
Jun 13, 2024, 10:34 AM
Labour's manifesto outlines a fiscal plan that includes £8.5 billion in tax rises by 2028-29, leading to a tax burden of 37.4% of GDP, the highest in history. The plan includes measures such as capping corporation tax at 25%, closing non-dom tax breaks, imposing VAT and business rates on private schools, a 1% tax on foreign house purchases, and a £1.2 billion windfall tax on oil and gas companies. Additionally, the manifesto aims to raise £5.2 billion from non-doms and tax avoidance, £1.5 billion from VAT on private school fees, £565 million from carried interest, and £40 million from stamp duty on non-UK residents. The total tax rises amount to £7.3 billion overall, with £3.5 billion in borrowing to fund £9.5 billion of policy spending. This would surpass the 2022/3 burden of 36.3% and the 2023/4 burden of 36%.
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