UK's John Healey Reaffirms No Tax Comments Before First Budget Announcement
John Healey's Stance on Tax Policy Ahead of Budget
Finance Minister's Refusal to Comment
COVENTRY, England, Sept 7 (Reuters) - Britain's finance minister John Healey said he would not be commenting on tax policy ahead of his first budget due on October 28, when asked by reporters about future tax hikes after he made a speech in central England.
"If I respond to those questions, I'm only going to fuel more speculation," Healey said on Monday.
Budgetary Pressures and Government Spending Plans
Need for Increased Revenue
He faces pressure to raise billions of pounds in tax at his first budget to offset higher borrowing costs and fund Prime Minister Andy Burnham's plans for expanded social care and more defence spending.
Labour Party Manifesto Commitments
Healey on Monday repeated a pledge that the Burnham government, in power since July, was committed to the Labour Party's 2024 manifesto commitments not to raise the rates of income tax, value-added tax, corporation tax or social security contributions.
"We made very strong, very clear, very specific commitments in our manifesto in 2024 on tax. That was what the public backed. That is what we're keeping," he said.
Alternative Tax Options
Potential Areas for Tax Changes
That leaves him with a limited range of options which include changes to capital gains tax, property taxes or implementing a wealth tax.
Reporting Credits
(Reporting by Andy Bruce, writing by Sarah Young, editing by William James)
