US EditionIncome Tax Threshold Freeze for Millions Left on Table by Treasury Minister
UNITED KINGDOM, JUL 13 – Labour hints at stealth taxes, wealth tax proposals, and lifting income tax threshold freezes to address fiscal challenges after warnings from the Office for Budget Responsibility.
- Last week, Transport Secretary Heidi Alexander hinted at possible tax hikes on middle-class and wealthy earners ahead of the autumn Budget, signaling a shift from Labour's manifesto promises.
- The Office for Budget Responsibility warned UK finances are unsustainable, with £5 billion lost from welfare reform U-turn, prompting ministers to consider new revenue-raising measures.
- Analysis confirms one in six earners will enter the top tax bracket as threshold freezes push more into higher rates, with Lord Kinnock’s proposed 2% levy on assets above £10 million potentially raising £10 billion annually.
- Tax rises will hit working people and businesses, with extending the threshold freeze potentially generating over £38 billion annually by 2029/30.
- Ahead of the autumn Budget, Labour left the door open to higher taxes, with reforms on pensions, inheritance tax, and National Insurance likely, amid ongoing fiscal pressures.
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UK highest income tax rate payers surpass one million
The number of UK taxpayers paying the highest income tax rate has reached 1.14 million in the 2024-25 tax year, according to UHY Hacker Young. It marks a 24% increase from the 923,000 recorded in the 2023-24 tax year. The number of “additional rate” taxpayers, paying 45% tax, is expected to rise to 1.23 million this year. During the past five years, the number of taxpayers paying the 45% rate has surged by 163%, rising from 433,000 in the 2…
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Leaning Left1Leaning Right2Center2Last UpdatedBias Distribution40% Center, 40% Right
Bias Distribution
- 40% of the sources are Center, 40% of the sources lean Right
40% Right
L 20%
C 40%
R 40%
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