Healey rejects capital gains tax equalisation but faces £8bn raid demands ahead of Budget
John Healey and Andy Burnham share a pint. The IFS has warned Chancellor John Healey his 28 October Budget risks becoming a "work of fiction" without credible measures to plug a £35 billion spending gap.UK banks already pay tax equivalent to 46 per cent of profits, against 28 per cent in New York, PwC figures show — as Lloyds and rivals urge John Healey to hold fire ahead of the October 28 Budget.
Chancellor John Healey has rejected calls from senior Labour figures to equalise capital gains tax with income tax rates, after warnings the move would damage Britain's appeal to investors. The Resolution Foundation is urging him to raise at least £8 billion in taxes at the October 28 Budget, warning his fiscal buffer has nearly halved from £24 billion to as little as £12 billion because of Middle East war costs.
Tesco, Sainsbury's and Marks & Spencer bosses met Healey at Number 11 on Tuesday, urging him to reverse a 20 per cent retailer tax rise imposed under Rachel Reeves.
City chiefs from UK Finance and the CBI have written to Healey warning that hiking bank taxes could drive financial services businesses out of the UK entirely.
