Business / NEWS UPDATE
Four ways Labour could raise money in the Budget without hiking income tax
Published · 1 min read
Chancellor John Healey may need to raise funds to restore the government's fiscal headroom, which has potentially halved due to rising interest rates.
He could consider increasing taxes on banks, levying higher taxes on electronic gaming machines, and making online marketplaces responsible for collecting VAT. These measures, however, might face opposition from stakeholders and could raise up to £3.5 billion annually. Labour is also considering reducing the welfare bill, though this could be contentious and may require upfront investment.