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UK: Guardian-Autumn Budget Likely w/Reeves Under Pressure To Raise CGT

UK
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The Guardian is reporting that Shadow Chancellor of the Exchequer Rachel Reeves is under pressure from Labour colleagues to increase capital gains tax in a post-election autumn budget in the likely scenario that the centre-left party wins a majority in the upcoming 4 July general election. Guardian: "Labour is planning a major package of measures this autumn, according to party sources, and Reeves is looking for a “doctor’s mandate”: the state of the public finances is so bad, she will argue, it will need major surgery to correct." Labour have already ruled out increasing income taxes, national insurance contributions, and VAT, limiting the party's ability to raise revenue to a few select avenues including CGT. 

  • According to the Guardian another Labour source, "said the shadow chancellor wanted to take a “kitchen sink” approach in order to raise tax income and pursue radical reform and investment in public services. The person admitted: “That is not what they are presenting the public with right now.” “Kitchen-sinking” is a tool common in political and business circles [...] in which a new leader releases all the bad news at once, thereby justifying drastic measures."
  • The Labour party manifesto is reported to be coming out in a week on 13 May. There is likely to be significant market focus on the exact costings of Labour's plans for gov't, given that the party has made promises on public expenditure but as yet given little indication of how the funds will be raised. 
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The Guardian is reporting that Shadow Chancellor of the Exchequer Rachel Reeves is under pressure from Labour colleagues to increase capital gains tax in a post-election autumn budget in the likely scenario that the centre-left party wins a majority in the upcoming 4 July general election. Guardian: "Labour is planning a major package of measures this autumn, according to party sources, and Reeves is looking for a “doctor’s mandate”: the state of the public finances is so bad, she will argue, it will need major surgery to correct." Labour have already ruled out increasing income taxes, national insurance contributions, and VAT, limiting the party's ability to raise revenue to a few select avenues including CGT. 

  • According to the Guardian another Labour source, "said the shadow chancellor wanted to take a “kitchen sink” approach in order to raise tax income and pursue radical reform and investment in public services. The person admitted: “That is not what they are presenting the public with right now.” “Kitchen-sinking” is a tool common in political and business circles [...] in which a new leader releases all the bad news at once, thereby justifying drastic measures."
  • The Labour party manifesto is reported to be coming out in a week on 13 May. There is likely to be significant market focus on the exact costings of Labour's plans for gov't, given that the party has made promises on public expenditure but as yet given little indication of how the funds will be raised.