Wed, 03 Sep 2025

Wed, 03 Sep 2025 TUC urges chancellor to consider wealth taxes in November Budget

TUC boss Paul Nowak says the chancellor should not take "anything off the table" ahead of November Budget.

* The TUC is calling on Chancellor Rachel Reeves to consider introducing wealth taxes in November's Budget to boost investment in public services.
* The TUC wants to see a progressive tax system that includes: + A tax on online gaming companies and gambling companies + A tax on windfall profits of banks and financial institutions + Equalising capital gains tax with income tax + A wealth tax itself, similar to those in countries like Spain
* The Treasury says the government has "got the balance right" in taxing the better off, but the TUC is urging Reeves not to rule out further options.
* Unions are likely to make similar demands at the TUC's annual Congress this weekend.
* The prime minister has reiterated that Labour's financial rules are non-negotiable, making tax rises seem inevitable.
* The debate is now over who to tax and by how much.
* Charlie Nunn, chief executive of Lloyds Bank, has spoken out against potential tax rises for banks in the Budget announcement.
* Nigel Farage's party conference begins on Friday, and Mr Nowak warns Keir Starmer that if change doesn't happen, people will become disillusioned with mainstream politics and look for alternative parties.
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