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The TUC, a group representing trade unions in the UK, is urging Chancellor Rachel Reeves to consider implementing various wealth taxes in the upcoming November Budget to enhance investments in public services.
General secretary Paul Nowak emphasized the importance of showcasing tangible changes to the public. He proposed implementing taxes on online gaming and gambling companies, as well as windfall profits seen by banks and financial institutions.
In response, the Treasury referred to Reeves’ previous statements about the government achieving a balance in taxing the wealthier individuals, such as introducing new taxes on private jets and second homes.
During an interview, Mr. Nowak urged Reeves to explore all options, including equalizing capital gains tax with income tax and potentially implementing a wealth tax, citing its successful implementation in countries like Spain.
The debate within the Labour movement and beyond surrounds the necessity of tax hikes to meet the chancellor’s restrictions on debt and borrowing. Mr. Nowak argued for increased contributions from financial institutions, citing the record profits accrued by banks in recent times
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