Labour's tax hikes, 5 things you need to know – POLITICO

1) The UK’s tax burden is at record levels

Reeves' budget raised taxes by $40 billion a year. A litany of tax increases targeting mainly businesses and Britain's wealthy will push Britain's tax burden to more than 39% of gross domestic product (GDP) by 2029, making it the highest share of any post-war economy.

That is a much higher figure than Prime Minister Keir Starmer promised during the election campaign after repeatedly saying no tax rises were needed beyond what was set out in Labor's manifesto. The government insists its financial inheritance has been much worse than expected and additional cash is needed to support Britain's struggling public services.

Most of the tax rises will come from raising national insurance premiums for employers and providing some relief to small and medium-sized businesses as an offset to Britain's smallest businesses. There will also be increases in capital gains tax on shareholders, stamp duty on second homes, passenger tax on private jets and VAT on private schools.

2) The NHS and schools win big

Reeves said tax rises were needed to prevent a second round of austerity and that Britain's creaking health service was the biggest winner. The NHS's daily budget is set to rise by $22 billion next year, the biggest real increase for the health service since 2010 (not including the Covid-19 year).

The health service will also receive billions of pounds of additional capital investment, with a number of reforms promised to reduce the NHS waiting list of almost eight million people.

This shows how politically important improving the NHS is for this government. Polls consistently show this was voters' top issue in the July election. Many in Labor believe they will win a second term in 2029 by drastically improving NHS outcomes.

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