UK households are facing a significant warning as Labour plans a £9.4 billion tax increase.
This announcement comes ahead of an Autumn Budget expected to feature various tax hikes. Labour has confirmed that council tax in the UK will rise by £9.4 billion, equating to a 26% increase by 2029, as ministers anticipate that council tax rates will continue to rise at the maximum allowable rate. Earlier this year, the Government indicated that local authorities would see a 2.6% increase in their spending power but did not specify how much of this would come from tax hikes. A Freedom of Information request from the Conservatives revealed that two-thirds of the increase in “spending power” is due to tax increases, which have already risen by 5% in some regions. According to council tax regulations, councils can raise rates by 5% annually, regardless of whether inflation or wage growth is lower. This week, Greater Manchester Mayor Andy Burnham urged Sir Keir Starmer to reform the council tax system, emphasizing the need to increase taxes on high-value properties in London and the South East. He stated to the Telegraph that maintaining the current council tax system is not a viable solution, especially as councils are facing significant challenges.
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Credit to : UK BULLETIN