Sir Keir Starmer has signalled potential tax increases for individuals earning from property and shares, hinting at a possible capital gains tax hike in the forthcoming Budget. The Labour leader clarified his stance on what constitutes a 'working person', stating: "Well they wouldn't come within my definition."
Labour has committed to not raising VAT, national insurance, or income tax for working people, a promise both Starmer and Chancellor Rachel Reeves intend to keep. Despite this, there is speculation that Reeves may be considering tax rises and spending cuts totalling up to £40 billion to plug the £22 billion deficit left by the Conservatives and protect public services from further austerity.
Speaking from a Commonwealth summit in Samoa, Starmer remained guarded about specific tax policy details, telling a TV interviewer: "We're going to have to make difficult decisions in the Budget."
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When questioned about whether he would classify himself as a working person, he elaborated: "I would define a working person as somebody who goes out and earns their living, usually paid in a monthly cheque," according to the Mirror.
The Prime Minister further explained: "Who I have in my mind's eye when I make decisions as prime minister are the sorts of working people who go out, work hard, and maybe save a bit of money but don't have the wherewithal to write a check to get out of difficulties if they or their family get into difficulties.", reports Birmingham Live.
He added, "Now that's perhaps who I have in my mind's eye. People who've got that anxiety, if you like, in the bottom of their stomach that says, 'we're doing all right but should
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