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  • Mal McCallion

Labour's 'no wealth tax' pledge stirs controversy

Updated: Nov 2, 2023

Confusing at best, Labour's decision to rule out a wealth tax has sparked backlash.

Confusing at best, worrying at worst - Labour's latest U-turn, on additional taxes for property owners, suggests that trust is going to be at a premium come the next General Election.

Shadow Chancellor, Rachel Reeves, stated that a Labour government would not introduce a mansion tax on expensive properties or raise capital gains tax. This move is part of the party's efforts to demonstrate 'economic responsibility' ahead of a likely general election next year.

However, this decision has not been welcomed by everyone. Left-wing pressure group, Momentum, criticised the move, stating it favours big businesses and the 1% over ordinary people. This decision is seen as a political choice, and Momentum labelled it as "shameful."

Reeves defended the decision, stating that the route towards having more money for public services is not through taxing, but through growing. She emphasised that their policies are designed to encourage businesses, both big and small, to invest in Britain.

Despite the backlash, Labour's efforts to woo business chiefs seem to be paying off. The party's annual conference in October saw a surge of interest from the business sector, with a 50% increase in attendees at its business forum compared to the previous year.

However, a Conservative Party spokesman criticised Labour's decision, stating that their spending and borrowing plan would crash the economy and inevitably result in higher taxes for the British people.

As the controversy continues, it remains to be seen how this decision will impact Labour's standing in the upcoming general election - but it's unlikely that, whatever they promise in the manifesto, voters are going to believe that the party will honour every pledge.

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