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Lord O'Neill Urges Burnham to Prioritise London and Growth Hubs
Lord O'Neill says limited resources mean the government must back places that can lift GDP, as Burnham weighs tax rises.
- Former Conservative Treasury minister Lord Neill of Gatley warned Prime Minister Andy Burnham on Saturday that raising capital gains tax in the upcoming Budget would be a "stupid" decision that could harm Treasury revenue.
- Lord Neill asserted that raising taxes would ultimately cost the Treasury more as business owners defer selling companies or relocate money abroad to avoid the levy, particularly while businesses struggle with Brexit impacts and labour market changes.
- The peer urged the Government to reconsider its "growth in every postcode" pledge, arguing that focusing economic efforts on London and major regional hubs like Manchester, Liverpool, Sheffield, and Leeds would better boost GDP.
- While praising Burnham for creating a positive atmosphere, Neill declined a formal advisory role to avoid taking the Labour whip and warned that Parliament faces "hard choices" when it returns from recess next week.
- Lord Neill said the Northern Powerhouse could be a "national game-changer," though he cautioned that delivering growth in every postcode will prove politically "tricky" for the Government given limited resources.
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Andy Burnham warned against 'stupid' capital gains tax raid on second homes and shares
Andy Burnham warned against 'stupid' capital gains tax raid on second homes and shares . Andy Burnham has been issued a stark warning over a potential tax raid that could drive entrepreneurs out of Britain and damage the country's economic growth
·London, United Kingdom
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Total News Sources10
Leaning Left2Leaning Right2Center3Last UpdatedBias Distribution43% Center
Bias Distribution
- 43% of the sources are Center
43% Center
L 29%
C 43%
R 28%
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