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New Labour government - legislative agenda

First confirmation of what we've been expecting

'We'll have to increase taxes', says Reeves


"There’s a budget coming in October.

and it’s going to be painful.

We have no other choice given the situation that we’re in.

So those with the broadest shoulders should bear the heavier burden
.​

(Source: Sir Keir Starmer's speech on fixing the foundations of our country: 27 August 2024)

"Many high earners in top legal and private equity firms in the City expected the government to close a loophole, which means despite earning seven-figure salaries, they pay one of the lowest rates of National Insurance. It could have raised billions for the Treasury, but it never came ..."

Why Starmer chose to give rich lawyers a break in the Budget and punish everyone else


"Well-paid City lawyers and other self-employed partners at businesses including top accountancy and private equity firms have been spared the increases to national insurance contributions announced in October’s budget, in a move that will deny the Treasury “billions” of pounds of potential revenue ..."

Well-paid partners in City firms escape paying national insurance rises

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(Source: as stated in image)

"Those with the broadest shoulders should bear the heavier burden"
 
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