Andy Burnham and Your Wallet: Could Labour’s Next Leader Change How Britain Taxes You?
So Andy is set to step into No 10 tomorrow, but what does his vision mean for yer money?
A recent piece in The Week suggests we could see big shifts around wealth, property, and pensions. None of these big ideas are Labour policy just yet, but they could be given the weight of Labour MPs backing Burnham....
Wealth, Homes, and the Tax Squeeze
One of the most significant changes on the tables is to shift the tax burden from income to accumulated wealth.
Burnham’s made it clear he doesn’t love the gap between Capital Gains Tax (CGT) and income tax rates. Right now, if you’re cashing in on investments, you probably pay a lot less tax than if you’re simply earning a paycheck. If those rates came closer together, investors and business owners would find themselves paying more in tax.
There’s also talk of shaking up inheritance tax. One idea: swap out parts of the current system for a broad “social care levy” on things you inherit. It’s all pretty vague at this stage, but the indicators are that people are going to paying more in tax when they hand down wealth.
And there's more....
Burnham’s long pushed for council tax reform. Some think he’d go for a land value tax, or maybe charge people yearly based on their home’s value... basically moving away from taxing house sales and more toward the property itself.
On the upside this would mean less incentive to hoard empty homes or speculate on land, more incentive to use what we have better. But if you own a home where the value has shot up in price then you might end up paying more. The people hit hardest are likely be landlords, second-home owners, and overseas investors.
(in other words, no love lost there!)
Pensions—The Next Big Target?
When it comes to pensions, the mood gets a bit gloomier. Labour says the State Pension Triple Lock is safe for now, but The Week suggests we might see changes over the longer term, especially as more and more people retire and costs keep rising.
Andy Haldane, Burnham’s economic adviser—he thinks pension funds should invest more in UK businesses and infrastructure instead of parking money overseas. The idea is simple: help drive British growth using British savings.
But critics worry this puts retirees’ nest eggs at risk just to boost the UK economy. Pension funds are supposed to deliver strong returns for savers, not double as government piggy banks or economic policy tools. There is a simpler fix: scrap Stamp Duty on UK shares to make investing at home more attractive, without telling pension funds what to do.
So What’s Next?
Britain’s been taxing work and everyday spending for ages, but the real political question is whether it’s time to put more of the burden on accumulated wealth: property, investments, and inheritances.
Will Burnham get the top job? No one knows. Even if he does, pushing through these ideas won’t be easy—homeowners, investors, and pension savers don’t give up ground without a fight. But the issues driving these proposals—an ageing population, spiralling house prices, rising inequality, and squeezed government budgets—aren’t going anywhere either!
Sources
Institute for Fiscal Studies (IFS). Capital Gains Tax and the Taxation of Wealth: https://ifs.org.uk
Mirrlees Review. Tax by Design (Institute for Fiscal Studies): https://ifs.org.uk/projects/mirrlees-review-tax-design
I was listening to The Rest is Politics talking about wealth taxes. A lot of rich people have got a lot richer lately and can afford to pay more tax. It seems governments give in to the rich and corporations, but there are more votes in the less well off. Balancing the books is never easy.
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You don't make the poor richer by making the rich poorer. Cut PIP cut the welfare payments
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In Texas, we have property tax and no income tax, other than the federal income tax.
There are problems with property tax when it comes to valuation.
There is some protection for people over age 65 who can't afford to pay the property tax. They County won't take their home while they're alive. It's considered a tax deferral. The taxes accumulate with a 5% interest rate, collectible upon their death, which typically results in judicial foreclosure of the property unless somebody pays the taxes due.
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You have downvoted so many people away for no reason
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It doesn't matter if you have people who believe anything you say for a few cents or a few pennies 😂😂😂😂
Look at your buddy oldsoulnewb 😂😂😂😂😂
Everything is documented
So the choice is yours again leave me alone and bring my rep back and I will stop sharing the truth
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Everything is documented
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Hive is not a game it might be a big game to you 🤔
It seems you love to game Hive don't you 😜
Everyone sees don't you think it's time to stop 🛑
You have shown all the real issues with Hive 😂 you have shown why real people couldn't invest in Hive and build on Hive 😂
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Do you really think no one sees what you do 🤔
You took my rep away for no reason with the help of blocktrades delegation 😂
You and themarkymark work for blocktrades or are blocktrades 😂
You are so sad doing what you do
Promoting your 💩💩💩💩💩💩
Selfvoting your 💩💩💩💩💩💩💩💩💩
You have downvoted so many people away for no reason
You really need to have a hard long look in the mirror and see what you have become
It doesn't matter if you have people who believe anything you say for a few cents or a few pennies 😂😂😂😂
Look at your buddy oldsoulnewb 😂😂😂😂😂
Everything is documented
So the choice is yours again leave me alone and bring my rep back and I will stop sharing the truth
You can call my long copy paste comments spam but it only makes you look stupid 😂
I hope you understand you are only making it worse 😂
Hive is not a game it might be a big game to you 🤔
It seems you love to game Hive don't you 😜
Everyone sees don't you think it's time to stop 🛑
You have shown all the real issues with Hive 😂 you have shown why real people couldn't invest in Hive and build on Hive 😂
You are in god mode 😂 activated 😂 you Marky Dan and others 😂😂😂😂😜
I hope you enjoyed this post or you might see in comment from 😂 which you like to call spam 😂😂😂