Treasury has ‘got the balance right' on taxing wealthy, says Reeves

Rhyl Journal

4 days ago

The Chancellor said tax decisions would be announced at a future budget 'in the appropriate way', after former minister Anneliese Dodds said it was 'important' for the Government to consider evidence set out by the Wealth Tax Commission.
Ms Dodds, who resigned as a Foreign Office minister in February over the Government's decision to cut overseas aid to fund a defence spending boost, said the commission's work 'has changed the debate'.
Ms Reeves told the PA news agency: 'In the budget last year, we got rid of the non-domicile status in our tax system, so people who make Britain their home have to pay their taxes here.
'We introduced increased taxes on private jets, on second homes, and increased capital gains tax, so I think we've got the balance right in terms of how we tax those with the broadest shoulders, but any further decisions will be ones that are made at a budget in the normal way.'
Asked about Ms Dodds' suggestion, the Chancellor had earlier said: 'Decisions around tax are decisions that are made at a budget and we'll make those decisions in the appropriate way, but the number-one priority of this Government is to grow the economy.
'And that means bringing more investment into Britain, creating more good jobs paying decent wages here in Britain.
'We've got to get the balance right on taxation because we want that investment, we want those jobs to come here.
'That's why we're reforming the planning system, secured three trade deals in the first year of this Labour Government, cutting back on unnecessary regulation, and reforming our pension system to unlock money for businesses to be able to invest here in the UK.'
Speaking to Sky News' Electoral Dysfunction, Ms Dodds said this week that the Wealth Tax Commission 'looked at the operation of lots of different wealth tax, they looked at all of that evidence and set out how it would be possible to deliver something like that in a UK context'.
The Oxford East MP added: 'I would hope that the Treasury is considering that kind of evidence as well as other changes that have been put forward.
'We've seen the deputy leader of the Labour Party, for example, put forward suggestions. I think it's important for all of those to be considered now.'
On Ms Reeves' approach to welfare, Ms Dodds called for a 'longer-term approach' and said: 'An attempt was made to deal with a quite immediate problem, but I don't think you can, particularly via cuts, actually deliver the kind of fiscal room that is necessary.'