Labour may flinch from a new top tax

Article Abstract:

The UK Labour party must decide before the next general election whether to increase to 50% the top rate of tax for people earning more than 100,000 pounds sterling a year. This would raise only just over 1 billion pounds sterling, and would affect only 0.5% of the population. It would be fully in line with the principle of progressive taxation, and would make it easier to pay for the first step towards cutting basic tax to 10 or 15%. However, party leader Tony Blair is still rather reluctant to go ahead with this tax increase, which would certainly by used as a weapon by the Conservative party.

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Sleight of hand from a would-be Chancellor

Article Abstract:

The UK Labour party's promise that it will not increase the standard rate of income tax, introduce a new top rate of tax, increase spending or widen the VAT base if it wins the forthcoming general election has attracted mixed reactions. Some observers are questioning whether it is wise to believe this commitment, and, if so, what the party is offering that will allow it to win the election. Shadow chancellor Gordon Brown has acted with caution, especially in refusing to promise to keep a large number of tax exemption reliefs and allowances which are currently contained in the revenue system.

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