Burnham Rules Out Immediate Wealth Tax Rise as £4.7 Billion Funding Gap Looms
Updated
Updated · The Guardian · Jul 15
Burnham Rules Out Immediate Wealth Tax Rise as £4.7 Billion Funding Gap Looms
3 articles · Updated · The Guardian · Jul 15
Summary
Days before entering No. 10, Andy Burnham signalled he will not raise wealth taxes immediately, saying he wants to avoid “new divisions” and easing business concerns.
That stance narrows his fiscal options as he inherits immediate funding pressures, including finding an extra £4.7 billion for defence and paying for plans to bring utilities under public control.
Burnham still left the door open to future tax changes, saying asking some people to pay more could come “another day,” while reiterating he will stick to borrowing rules and Labour’s 2024 manifesto tax pledges.
Shabana Mahmood is now seen by Burnham allies as the frontrunner for chancellor, a signal that has further disappointed supporters who had pushed wealth taxes or higher capital gains tax to fund his agenda.