- Reeves criticizes late non-dom scrapping
- Calls government’s move a disgrace
- Labour plans further tax reforms
Rachel Reeves responded when asked why she did not commend the chancellor for adopting an idea she endorses: “Consider the positive impact that could have resulted had the chancellor and prime minister taken this action years ago… “They have exhausted their supply of ideas.
Eliminating the non-dom tax status for affluent foreign nationals, according to shadow chancellor Rachel Reeves, is “a complete disgrace for this government.”
Ms. Reeves stated that the final budget of this parliament, which has been deliberated for the past fourteen years, is being utilized to close a non-domiciliary tax exemption that has been widely known for years.
“We could have raised billions of pounds more to keep taxes low for working people” or invest in other priorities, she said, “Had they done this when we first announced it.”
In his budget for last Wednesday, Chancellor Jeremy Hunt pledged to reduce the tax status of non-doms, or individuals residing in the United Kingdom but having a permanent residence outside the country.
Non-dom-status individuals are only obligated to pay tax on earnings generated within the United Kingdom, thereby exempting their foreign earnings and assets from UK jurisdictional jurisdiction for 15 years. However, the reduction to four years by the chancellor is anticipated to generate £2.7 billion annually for tax cuts.
Ms. Reeves responded when asked why she did not commend Mr. Hunt for implementing an idea she endorses: “They could have done it years ago, and we could have reduced the waiting lists at NHS hospitals…
Consider the positive impact that could have been achieved years ago had the chancellor and prime minister taken this action.
Therefore, the fact that they are undertaking this task at this juncture is a source of disgrace. “They have exhausted their creative faculties and are rapidly running out of viable options.”
Ms. Reeves responded, “There are areas where we would do more” when asked whether Labour would adhere to the government’s expenditure plans. She added that she had already declared “a handful of targeted tax increases to provide an immediate infusion of cash into public services.”
These include the expansion of the windfall tax on oil and gas companies and the proposal to require private schools to pay VAT and business rates.
She stated that Labour has fiscal regulations that she will strictly enforce with “iron discipline” are “slightly different” from the government’s.
The objective is to “increase our long-term growth and productivity,” a critical factor that has eluded the government’s economic strategy for the past fourteen years.
“Our economy would be £140 billion larger” if we adopted the same strategy as other OECD nations, she stated.
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When asked where else she could generate funds to support the party’s priorities, Ms. Reeves said she would review the budget documents.
She stated that those commitments are steadfast. They are Labour’s and the nation’s top priorities, and we will now ensure that the funding streams are identified since every item in our manifesto will be entirely funded.
She reiterated that no further borrowing would be necessary to cover routine expenses.
I have consistently articulated the fiscal regulations necessary to reduce debt as a percentage of GDP and finance routine expenses with tax revenues; our manifesto will not contain any provisions that contravene these regulations.
