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Burnham plots £25bn 'war on wealth' as airline bosses tell him to 'stop taxing the s*** out of' holidaymakers before Budget

From the Newshound archive · first published 9 October 2026.

Burnham plots £25bn 'war on wealth' as airline bosses tell him to 'stop taxing the s*** out of' holidaymakers before Budget

Capital Economics is warning that Andy Burnham could impose up to £25bn in tax rises in his October 28 Budget, with pensioners and entrepreneurs set to bear the brunt. The consultancy described the expected measures as a "war on wealth", predicting substantial hikes to capital gains tax, a raid on pension pots, a £1.5bn bank levy and higher inheritance tax rates. Ruth Gregory, a former OBR economist now at Capital Economics, said the Budget "could be almost as big as the last". Burnham has previously said Britain "over-taxed labour and under-taxed" wealth.

Ryanair boss Michael O'Leary branded Burnham's premiership a 'typical Labour f***ing tax and spend government' at a Brussels roundtable of airline CEOs.

MoreFinancial TimesDrop in fiscal headroom better option than Budget tax rises, says Jim O’NeillDaily Mail NewsLabour urged to 'stop taxing the s*** out of' holidaymakers and cut flying taxes in the Budget by Ryanair boss and other airline CEOs who also take aim at Andy Burnham's 'Labour f***ing tax and spend government' and 'loony' levy on hotel staysGB NewsAndy Burnham plots £25billion tax raid on pensioners and entrepreneurs in first Budget, economists warn
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