Context
The Trades Union Congress has released new polling showing public support for taxes on wealth, banks, and gambling companies. The poll also found that 74% of Labour voters now leaning towards Reform support these measures.
Question
New polling by the Trades Union Congress shows that the public overwhelmingly support packages of taxes on wealth, on banks and on gambling companies. It also found that 74% of 2024 Labour voters who are now leaning towards Reform back those measures. Will the Chancellor commit to protecting working people from higher taxes on their income by ensuring that wealth pays its fair share, rather than imposing cuts and regressive measures?
Answer from The Chancellor of the Exchequer (Rachel Reeves)
In the Budget last year, we got rid of the non-dom tax status, we put up capital gains tax, we started treating carried interest as income—not as capital gains—we introduced new taxes on private jets, we put VAT and business rates on private school fees and, of course, we changed the rules around agricultural property relief so that people who have farms worth more than £3 million will pay inheritance tax, although at half the rate that everybody else does. We took a number of measures last year to ensure that the wealthy pay their fair share.
Not addressed: The Chancellor did not specifically commit to new taxes on wealth, banks and gambling companies as requested.
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