Left to the imagination

16 May 2017 By George Hay Follow @gfhay

Britain’s opposition party has outlined tax rises for companies and the rich to pay for higher spending. Potential payers could get around them. Yet what Labour is proposing isn’t that much more risky than the “hard Brexit” the ruling Conservative party may deliver.

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The UK’s opposition Labour party on May 16 announced 48.6 billion pounds of new spending commitments in its election manifesto, including 11.2 billion pounds abolishing university tuition fees and 6.3 billion pounds on schools.

Labour said it would pay for the plans by measures including increasing corporation tax to 26 percent by 2020-21, raising 19.4 billion pounds; income tax rises for the top 5 percent of earners, raising 6.4 billion pounds; and the extension of stamp duty reserve tax to derivatives, raising 5.6 billion pounds.

Labour also announced plans for a so-called Excessive Pay Levy, a payroll tax charged against the employer of any individual earning more than a defined limit.

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Left to the imagination

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