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Market
Which tax rate will increase during the next UK parliamentary term?
5
Resolution / Starting Odds
Income tax increase • 33%
VAT increase • 33%
National insurance increase • 34%
Official UK government policies and announcements
Story
UK Conservatives to Maintain Income Tax Threshold Freeze Until 2028, Effective Income Tax Rise
May 30, 2024, 07:27 AM
Chancellor Jeremy Hunt has confirmed that the Conservative Party will maintain the freeze on income tax thresholds until 2028 if re-elected. This policy effectively raises income taxes as inflation pushes more people into higher tax brackets. Hunt emphasized that the Conservatives will not increase income tax, VAT, or national insurance during the next parliament. Labour has also suggested retaining the threshold freeze, citing the state of public finances they expect to inherit. Labour have now vowed the same. Both parties' positions indicate that taxes will rise due to the frozen thresholds, regardless of the election outcome.
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Similar markets
Conservatives • 33%
Labour • 33%
Other parties • 33%
No change • 25%
Increase by up to 5% • 25%
Increase by 5% to 10% • 25%
Increase by more than 10% • 25%
Yes • 50%
No • 50%
Increase by more than 5% • 25%
Increase by less than 5% • 25%
No significant change • 25%
Decrease • 25%
Less than £5 billion • 33%
Between £5 billion and £7 billion • 34%
More than £7 billion • 33%
Labour • 33%
Conservatives • 33%
Other • 34%
Increased • 50%
Remained the same • 50%