Labour May Need to Lift Taxes on UK’s Wealthy, Economists Say

A Labourgovernment might have to increase taxes on the wealthiest Britons to get the national debt falling, according to a new analysis.

Keir Starmer has ruled out increasing income tax, corporation tax, national insurance or VAT — which together make up two thirds of all government revenue — if his opposition party wins the July 4 general election. But a weak growth outlook makes manifesto promises to stabilize debt look undeliverable unless Labour looks across the tax base, according to a Bloomberg Economics report.

“The strategy might win it more support but it significantly reduces the party’s options for ...