Tax and spending

The Labour leader, Jeremy Corbyn, has promised to raise taxes on businesses to fund an overhaul of the UK’s educational system, promising employers they would see a return on the investment, with a future workforce that would be more skilled. In an uncompromising speech, Corbyn also outlined plans for a surge of council house building funded by the removal of borrowing caps on local councils, a broad programme of public investment and a reinstatement of some trade union rights. Corbyn said he was offering “a new deal for rebuilding Britain”, including borrowing to invest billions in infrastructure, which he said would benefit businesses. However, he said, he wanted to see business play its part in return, by paying more tax to fund a proposed “national education service” – a lifelong service from preschools to adult education. “Investment in capital must include investment in human capital, the skilled workers needed to make our economy a … [Read more...] about Jeremy Corbyn vows to tax business to fund ‘national education service’

Jeremy Corbyn has pledged that the Labour party under his leadership would introduce an arts pupil premium for primary schools and reverse arts spending cuts made over the last six years. The Labour leader launched his arts strategy in Edinburgh on Friday to coincide with the last few days of the Edinburgh festival. He said: “Drawing on Britain’s rich cultural heritage, Labour under my leadership will commit to extending access and participation in the arts to all people and all communities across Britain. “There is creativity in all of us but we need to give people the opportunities for this creativity to flourish.” He said a radical, transformative vision for the arts would be central to his plans to rebuild and transform Britain. “Labour will reverse Tory cuts to arts expenditure and set out a bold and inspiring policy programme for the arts, building on our proud cultural heritage,” Corbyn said. Among his promises are: • To introduce an … [Read more...] about Jeremy Corbyn promises to reverse arts spending cuts

MSPs have voted to approve the Scottish government's income tax plans for the coming year.Finance Secretary Derek Mackay chose not to pass on a tax cut given to higher earners elsewhere in the UK.This gives the government extra money to spend but means the gap between the Scottish income tax regime and that in the rest of the UK continues to grow.The move was signed off at Holyrood by a vote of 61 to 52, with the six Green members abstaining.Mr Mackay signed off a deal with the Greens to ensure the budget passes at all stages, with the final votes in the chamber on Thursday. How much will you pay? Income tax calculator Scottish budget at a glance Brian Taylor on the income tax debate Scotland has a five-band income tax system, which sees lower earners pay slightly less in tax than those elsewhere in the UK, while higher earners pay more.Only minimal changes are being made for 2019-20 - most of the rates thresholds are to rise with inflation, but the higher rate threshold has been … [Read more...] about MSPs approve Scottish government income tax plans

BRITS could end-up shelling out more cash for their favourite snacks as the government is being urged to introduce a "calorie tax" on chocolate, cake and biscuits. Fizzy drinks have already been hit with higher prices following the introduction of the sugar tax last April, but campaigners say it isn't enough to tackle obesity. Processed snacks should be limited to how many calories they can contain per 100g or manufacturers should have to pay extra to sell them, argues campaign group Action on Sugar and Action on Salt. It wants manufacturers to be forced to change the recipes, or increase the prices for shoppers.Fat contributes more to the calories in people's diets than sugar, so manufacturers should reduce both, according to the campaigners. They suggest the tax could be based on a Mexican model that adds an 8 per cent tax if a product has more than 275 calories per 100g. This means the cost of a 400g jar of Nutella would increase from £2.90 to £3.13. By the same rule, a … [Read more...] about First the sugar tax now there might be a ‘calorie tax’ on chocolate, cake and biscuits

John McDonnell has laid out Labour’s economic plans, announcing a “radically fairer” programme that includes an independently set national living wage likely to be above £10 an hour by 2020. The shadow chancellor said the party’s tax strategy would shift the burden away from wages and towards those who hold wealth, and promised a Labour government that would actively intervene to assist business. McDonnell’s speech won a standing ovation from delegates at the Labour conference, as he concluded with the rallying cry: “That’s our vision to rebuild and transform Britain. In this party you no longer have to whisper it: it’s called socialism.” The most striking new policy in his speech to the party’s annual conference in Liverpool was the proposal for a national living wage with the amount set by a review body “at the level needed for a decent life”. “Independent forecasts suggest that this will be over … [Read more...] about John McDonnell announces £10 an hour living wage plan