Chancellor John Healey kills the Labour Left's hopes of a capital gains tax hike in next week's Budget
Cabinet ministers Wes Streeting and Louise Haigh had both pushed for a capital gains tax rise over the summer, and they have now been rebuffed. HMRC estimated last year that lifting the higher rate by 10% would cut receipts by £3.6bn in 2028-9. Lord O'Neill of Gately, who has advised Andy Burnham, warned a hike would send 'the wrong message to business'. The Budget is due on October 28.
Healey is reportedly eyeing family firms, with a possible £450,000 bill on a £1m handover.
Real pay growth has slumped to 0.6%, against over 2% when Labour took power.
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