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Labour plans £6bn tax raid on bankers and mansions

by David Campbell on Mar 11, 2014 at 08:10

Labour plans £6bn tax raid on bankers and mansions

Labour plans to raise a further £6 billion a year from bankers and owners of prime properties via a ‘mansion tax’, an extension of windfall taxes on bank bonuses and a return to a 50% tax rate.

Shadow chancellor Ed Balls estimated that a charge against properties valued at above £2 million would raise at least £2 billion a year.

‘After the global banking crisis and with bank bonuses soaring again this year, it’s fair to pay for our jobs plan with a repeat of Labour’s tax on bank bonuses,’ said Balls.

 He also said he would limit pensions contributions relief for those earning above £150,000 to match basic rate taxpayers.

The bank bonus tax would apply during 2015/16 and would follow the one-off banking levy charged by former Labour chancellor Alistair Darling in 2009.

Balls said he would not rule out extending the charge if the banking sector does not rein in bonuses, however.

The additional revenue would be ringfenced to pay for a jobs guarantee for young unemployed.  

5 comments so far. Why not have your say?

John Eaton

Mar 11, 2014 at 08:39

The Politics of envy strikes again.................

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Once bitten twice shy

Mar 11, 2014 at 09:05

If they didn't bail banks out and instead allowed them to fail like any other business then there wouldn't be huge banker bonuses and the super rich paying millions for property. It's the fiat monetary system that is the problem, unless you change that in favour of a proper gold standard then the debt will get bigger, the bankers will get richer and the gap between rich and poor will get wider.

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Mar 11, 2014 at 09:12

This country is already overtaxed and underinvested. Labour have screwed up time and time again when in office and Balls was a prime culprit last time. It beggars belief that someone like this can parade around pretending to have answers. BLiar has gone, Gordon the Moron has gone and so should Balls.

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Anonymous 1 needed this 'off the record'

Mar 11, 2014 at 09:54

By my reckoning Labour have said that a tax on bankers bonuses will now fund around 12 of their pet projects.

At this rate Labour's banker's bonus tax will be funding the entire NHS

As for another attack on private pensions I'm not surprised when you consider that the two Eds are members of the private sector tax paying voter funded MPs final salary pension scheme

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Duncan Philp

Mar 11, 2014 at 12:24

Dinosaur politics again when are they (Labour)going to rid themselves of these prehistoric politicians and enter the 21st century. I agree with the other post that they should have let one of the banks go to the wall and the banking system for once would have areality check and that tax payers are not the protector of these pariahs who call themselves BANKERS.

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