UK Chancellor Raises Taxes on Savings and Property Income by Two Points While Welfare Spending Keeps Climbing, Breitbart Reports
Labour's autumn budget lifts those rates to 24%, 44% and 49% from April 2027 and doubles the tax on bank profits over 100 million pounds. Reform UK's Robert Jenrick says it 'took Britain backwards.'
Britain's Labour government is raising taxes on savings and property income rather than trimming welfare, according to Breitbart's account of Wednesday's budget.
The taxes. Chancellor John Healey told the House of Commons he would add two points to tax on income from property and savings from April 2027. That puts the rates at 24%, 44% and 49% by income band. Dividend and employment income tax is unchanged. Tax on bank profits over 100 million pounds goes from 3% to 6%.
The spending. Breitbart says Healey made no welfare cuts, and that welfare is forecast to reach 431.3 billion pounds a year by 2031, citing The Telegraph. He added 10 billion pounds in aid for Ukraine and 430 million pounds for homelessness. The Office for Budget Responsibility expects 14 billion pounds more in debt interest this year.
The giveaways. The minimum wage rises 3.9% to 13 pounds an hour. About 20 million households get a one-time 100-pound energy payment. Simon Francis of the End Fuel Poverty Coalition said the payment "will barely dent" the expected January rise.
The opposition. Reform UK's shadow chancellor, Robert Jenrick, said, "This is the budget that took Britain backwards," and that Reform had offered a 40 billion pound savings plan. He called on Healey to resign.
Note for readers: the migrant welfare cost estimates Breitbart cites come from Reform UK, a political party, and we did not check them. Dollar conversions in the original are Breitbart's.