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Work to remove business rates if resolved, says shadow chancellor | Rachel Reeves

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Workers will lift business rates and undertake the biggest adjustment of business taxation in a generation, the shadow Labor chancellor said in her speech Monday, saying the current system punishes entrepreneurs and business investment.

Rachel Reeves will also announce that the party will undertake a major overhaul of existing tax breaks, suggesting it would aim for reliefs on assets such as proceeds from purchased properties.

She said the reliefs create extra layers of complexity to navigate, and added together they cost more than our entire NHS budget.

We will look at every single tax break. If it does not give for taxpayers or for the economy, then we will remove it.

The shadow chancellor said a Labor government would raise business rates and eventually replace them with a new, yet undefined system that she said would reward investment, with a particular focus on businesses investing in decarbonisation. and green technology.

She said a new system would include more frequent revaluations and provide immediate reductions in bills when property values ​​fall. Businesses would be stimulated to move into empty environments to revive high streets and neighborhoods.

In her speech at the Labor conference, Reeves means that major road businesses have faced major difficulties last year. They are struggling now, with a rate-easing advantage coming in March.

The next Labor government will abolish business rates. We will carry out the biggest business tax adjustment in a generation, so our businesses can lead the package, not look at opportunities to go elsewhere.

Workers said the policy would mean a freeze on business rates until the next revaluation, benefiting sectors such as retail and hospitality, and raise the threshold for easing small business tariffs it would give companies. such a deduction, before undertaking a more fundamental reform.

At an event before her speech, Reeves said Labor would not balance the budget on the back of working people, in contrast to conservatives.

She suggested the government should look at raising money from private equity companies and large corporations, instead of raising national insurance, raising council fees and universal credit cuts.

It gave governments complete complacency about the UK’s recovery from the pandemic and the working people who are paying the bill for this government’s failures.

Reeves said she wanted to challenge the Conservatives on the basis of economic competence, saying she knew we would win, and praised US President Joe Biden for understanding that wealth does not just flow from the top, but is created from the bottom up and by Messiah

Speaking after Reeves in a suburban meeting, Andy Burnham, the mayor of Labor in Greater Manchester, further pursued economic policy by calling for a universal basic income for all and a good and secure home, as a right of man in law.

The Labor Party said the temporary changes could be offset by a significant increase in the digital services tax, which is currently an annual 2% tax on the tech giants’ income. Workers would raise the tax to 12% by 2022/23, Reeves said, a move that would increase $ 2.1 billion, although the party is unlikely to be in power.

The plan is further complicated because the government is currently involved in negotiations for a global corporate tax agreement, expected to be implemented in 2023, the condition of which is for countries to abolish any internal digital service taxes.

Workers are in favor of the global deal, though they would like tougher conditions, and are expected to increase additional revenue from the Treasury. However, this means that in practice the party will not be able to implement an increase in the digital services tax.

Mike Cherry, president of the Federation of Small Businesses, said the principle would be an extremely positive step for many high-end businesses. The opposition has shaken hands and we hope government ministers are listening. That’s what a small business tax policy looks like, he said.

Business rates are a regressive tax that hits firms before they have gained a pound in circulation, let alone profit, while not stimulating sustainable investment. This proposal marks a welcome call to action that would pull more small businesses out of the regressive rate system and rightly looks forward to a more fundamental reform.

Reeves, a former Bank of England economist, announced on Sunday that he would set up a Cash Office to handle government waste and introduce a set of fiscal rules, a move aimed at underscoring that Labor can be trusted. in economics.

Sources

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2/ https://www.theguardian.com/politics/2021/sep/26/labour-to-scrap-business-rates-if-elected-says-shadow-chancellor

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