Wes Streeting pledges 'wealth tax that works' in Labour leadership bid, BBC reports
Streeting says the overhaul could raise £12 billion a year and would lower rates for genuine entrepreneurs while closing loopholes that reclassify income as gains.
- On Thursday, former Health Secretary Wes Streeting proposed a "wealth tax that works" during a BBC Political Thinking interview, reforming capital gains tax to mirror income tax bands of 20%, 40%, and 45%.
- Streeting's move follows his resignation from the cabinet last week, when he told Prime Minister Sir Keir Starmer directly he would challenge him for Labour leadership, citing lack of "definition and also direction and vision."
- Under the plan, Capital Gains Tax rates would apply to gains above a £3,000 allowance, while closing loopholes that allow people to disguise income from work as capital gains and rewarding genuine entrepreneurs.
- Triggering a leadership contest requires 81 Labour MPs' support, a threshold allies insist Streeting has secured as he faces competition from rivals including Greater Manchester Mayor Andy Burnham.
- Beyond tax policy, Streeting labeled Brexit a "catastrophic mistake" and suggested the UK should "one day" rejoin the European Union, while criticizing Lord Peter Mandelson's appointment as US ambassador.
29 Articles
29 Articles
The real reason Wes Streeting is backing a wealth tax
What is Wes Streeting up to? For years – decades, in fact – the answer to that question was always, “He wants to be prime minister”. The question itself was generally asked when Streeting was positioning himself in a manner that looked rather clever, rather strategic and rather like someone thinking not just of their current job but of their future prospects, too. Now that he is closer to that top job than ever before, though, the former health …
Wes Streeting's “battle of ideas”
While Andy Burnham fights the Makerfield by-election, Wes Streeting is beginning to fight Labour’s shadow leadership contest. The former health secretary, who resigned last week, has long been rumoured as a contender to replace Keir Starmer. Streeting has now revealed that, during the 16 minutes he spent in Downing Street ahead of his resignation last week, he informed the Prime Minister of his intention to stand, describing the government as on…
UK's Streeting, eyeing Labour leadership, wants changes to capital gains tax
LONDON: Former British health minister Wes Streeting, a potential candidate for the leadership of the Labour Party, said he backed the introduction of tax changes which would equalise capital gains tax with income tax to make the system "fairer."
Streeting, eyeing Labour leadership, wants tax change
Former British secretary of health Wes Streeting, a potential candidate for the leadership of the Labour Party, said he backed the introduction of tax changes which would equalise capital gains tax with income tax to make the system "fairer".
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