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Labour plans to reverse capital gains tax cuts to fund police

Labour claims reversing planned cuts to capital gains tax will fund 10,000 extra police.

 
Labour plans to reverse capital gains tax cuts to fund police

Labour has pledged to reverse cuts to capital gain tax (CGT) in order to recruit 10,000 extra police.

In the 2016 Budget former Conservative chancellor George Osborne set out plans to cut the rate of CGT paid by higher rate taxpayers from 28% to 20%, and the rate paid by basic rate taxpayers from 18% to 10%. 

Ahead of the general election in June Labour has said it will reverse this cut in order to fund recruitment in the police force, the Financial Times reports. According to Labour this will allow for a further 10,000 people to join the police. 

'Labour will reverse the Tories’ tax breaks for the rich, providing new money that can be used to put a bobby on the beat in every electoral ward in the country,' shadow home secretary Diane Abbot will tell an event in Southampton later today.

Documents published alongside the 2016 Budget estimated the CGT cut would cost the government £2.7 billion between 2016 and 2021. 

Conservative policing minister Brandon Lewis said Labour had already pledged to use money from scrapping the CGT tax cut elsewhere. 

22 comments so far. Why not have your say?

Ossian via mobile

May 02, 2017 at 09:58

Labour have already promised to spend the money from reversing CGT cuts on... mining, the arts, schools and I have a feeling something else. Can anyone remember the other pledge? How many times can the same money be spent?

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Alan Selwood

May 02, 2017 at 13:30

Announcement 1:

The Labour party leaders have decided that because CGT is so unpopular, they are going to voluntarily donate the £2.7bn towards improved policing from their own personal funds, rather than rely on the electorate to pay the bill. (Unintentional pun!)

Announcement 2:

The Labour party leaders have decided that they will donate the same £2.7bn towards the NHS, to show that Labour cares for patients' well-being.

Announcement 3:

The Labour party leaders have decided that they will donate the same £2.7bn towards schools, to show that Labour cares for the future of our children.

This trinity of examples of supreme financial self-sacrifice will prove once and for all to the electorate that only Labour, by leading from the front, is worthy of running the country (despite going into administration).

[Disclosure: I should have submitted this post on April 1st]

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LouisV-W4

May 02, 2017 at 17:03

I wonder if Diane Abbott got her sums right for her event in Southampton today, or if she developed a convenient migraine. This is the woman who would be responsible for our policing and security if Corbyn miraculously found himself in No 10.

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Doug Sammons

May 02, 2017 at 17:16

Did you see Diane Abbott on ITV this morning?

She was asked if she would push the nuke button several times and refused to answer, she just tried to change the subject.

Interviewers on these programmes should just say that because they could not get an answer they will assume that the answer is no and just move on.

Diane Abbott and people like her would then have to challenge that and by so doing would have to say yes or no.

Pathetic woman has never been the same since she went on holiday to Moscow with Jeremy Corbyn in his motor bike and sidecar.

Can you imagine these 2 being PM and Home Secretary.

Joining the labour party for £3 and voting for JC was the best money I have ever spent!!

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Cynical Investor2

May 02, 2017 at 17:20

When the Home Secretary in Waiting can't even do simple arithmetic, we have nothing to worry about. Talk about shooting ones self in the Foot, Diane Abbot missed and hit the Head. Anyone who believes a Labour Government would be Competent is completely deluded.

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Doug Sammons

May 02, 2017 at 17:27

I guess it could be worse......Tony Blair is making a comeback!!

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richard tomkin

May 02, 2017 at 17:43

Yes,I did hear poor old Diane Abbott this morning - and I am still laughing.Reminds me of an earlier election campaign,when Charles Kennedy,clearly the worse for wear,gallantly refused to stop digging when in a

terrible hole with taxation figures.Who ever said politicians cannot be side-

splitting?

Sorry,what was that about the police?

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Gleaner

May 02, 2017 at 19:25

Jeremy and Diane could save £2.7b just by re-organising the Police.

Presently 43 Chief Constables/Commissioners sit in 43 ivory towers, with 43 administrations, 43 HR depts, 43 Planning depts, 43 .. you get my drift.

Is it not possible to run the Police like a company, in entirety, same uniforms, cars, strategy, goals and policies. Maybe a visionary CEO, a respected Chair and board of directors.

Whoops, I forgot, 43 'teams' of federation reps. Jeremy and Diane would never disrespect a union and never ever support anything remotely corporate, no matter how efficient.

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Doug Sammons

May 02, 2017 at 19:30

A dead moth could run the police more efficently than the present set up.

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Law Man

May 02, 2017 at 20:19

Doug: I hope you, and the other non-Labour people who paid £3 for a joke vote for Corbyn, still see the funny side if we get a communist government.

They have done remarkably well in less than 2 years. Communists are dedicated, disciplined, patient and perseverant. I expect they said "It will never happen here" in Russia, China, Cuba, etc, etc.

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Doug Sammons

May 02, 2017 at 20:34

England is a Tory country and I cannot see that ever changing.

It was not a joke to vote for the idiot it was a plan to help him get elected.

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Cynical Investor2

May 02, 2017 at 20:38

5th Columnist then Doug?

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Doug Sammons

May 02, 2017 at 20:42

Too right. Anything to wipe out communists😀

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Cynical Investor2

May 02, 2017 at 20:47

Good strategy, hope they do;nt infiltrate the Conservatives. Although we may have trouble from the Bolshovics and the Internet!!

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Mickey

May 02, 2017 at 20:52

@Gleaner

Abolishing local policing has not worked for Police Scotland.

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Doug Sammons

May 02, 2017 at 20:54

They have infiltrated the BBC already.

Perhaos a big majority will allow the Gov to nationalise the Beeb.

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Cynical Investor2

May 02, 2017 at 21:00

Agree there is clear bias and something does need to be done.

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Gleaner

May 02, 2017 at 21:08

Under the stewardship of the SNP that's hardly surprising. Police need to be free of disruptive politics and politicians, not at the beck and call of media induced panics that cause knee jerk reactions.

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Bit at a Time

May 02, 2017 at 21:28

Watch the Nick Ferrari interview of Diane Abbot. You could not make it up. My 12 year old has a better grasp of maths. 10,000 more police for £80,000,000.

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Gleaner

May 02, 2017 at 22:08

Quite true- like most emergency services, when you cover 24hrs seven days a week, you need six cops. Mornings, days, afters and evenings/ nights. One on rest day and one sick/ training/ court/ leave. Works out about 40 cops per force.

Break down county boundaries and cops can move where needed.

A bit of sky blue thinking is needed, Do we really need an ambulance station, a fire station and a police station. Couldn't they all be based in one building?

All have one control system. Could an ambulance man drive a fire engine? a cop administer first aid? a fireman patrol the streets instead of being asleep in bed at £12 an hour?

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Doug Sammons

May 02, 2017 at 22:26

Socialists would prefer to create more spurious jobs to reduce the unemployment numbers......Gordon Brown and Tonly Blair as a classic example.

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richard tomkin

May 03, 2017 at 08:29

At one point in her traincrash Ms Abbott was suggesting another 250,000 policemen - about four times as many as in the army !

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