STEPHEN GLOVER: Should we believe Shadow Chancellor Rachel Reeves when she says a Labour government would rule out all possible forms of a wealth tax if it wins the next election?
There was a good example yesterday morning. Shadow Health Secretary Wes Streeting has come up with the idea of paying GPs more in order to allow patients to see the doctor of their choice. It sounds a reasonable plan. It is also bound to cost money.
She could have said something like: 'I think the better-off already pay high tax, and I don't want to increase the burden on them.' What she in fact said was: 'I don't have any spending plans that require us to raise £12 billion. So I don't need a wealth tax or any of those things.' Labour is striving to reassure voters with the impression that it isn't wedded to high tax — hence Rachel Reeves's announcement. But the truth is that it has no ideological objection to wealth taxes.
Britain has the highest ever taxes in its peacetime history. This is an extraordinary state of affairs. I realise, of course, that more than £400 billion was spent during the pandemic. Some of that was recklessly splashed about by a Tory government that should have shown more restraint. STEPHEN GLOVER: The Chancellor, Jeremy Hunt, announced in his autumn statement in 2022 that the modest Capital Gains Tax annual allowance of £12,300 would be halved to £6,000 from April 2023, and then cut again to £3,000 from April 2024
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