Sam Wubs

🚨NEW: UK Government borrowing increased to £24.3 billion last month - the second-highest April figure on record

Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax He says that the current system is unfair because it penalises work Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers He says that the approach could raise £12billion a year Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry. “The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”

The UK borrowed another £24.3 billion in April, above the £20.9 billion forecast by the Office for Budget Responsibility.  The ONS said the debt interest bill rose to £10.3 billion last month – the highest on record for April, which marks the start of the new financial year. The government is paying more than £100 billion a year to service its debts. Yet a cacophony of Labour and Green pols think we should borrow even more.

Witless Wes Streeting wants to hike capital gains tax to income tax levels apparently not realizing that this would result in a large drop in tax receipts. HMRC's own calculations suggest that such an increase would lower tax receipts by over £10bn over the next 2 tax years. All the British & international evidence shows that when CGT rates are high, people don't sell assets. Any idiot could figure that out, except it seems idiots like Streeting and Burnham running for the leadership of the Labour Party.

BREAKING: Rachel Reeves announces a temporary cut in VAT for 'summer attractions' from 20% to 5% over the holidays This applies to ticket prices for adults and children It includes fairs, theme parks, zoos and museums It also includes children's tickets for cinemas, concerts, soft play and the theatre It will cut the cost of children's meals in restaurants and cafes from 20% to 5% The savings will apply from 25th June through to the 1st September Reeves brands it the Great British Summer Savings Scheme

Wes Streeting has this morning set out his tax plans - specifically bringing capital gains tax into line with income tax He says that the current system is unfair because it penalises work Higher or additional rate taxpayers will pay 24% on gains in the current financial year. Streeting said that the rates should mirror income tax bands - so 40% for higher rate taxpayers and 45% for additional rate taxpayers He says that the approach could raise £12billion a year Streeting said: “A member of my family is a cleaner in Lancashire. She pays a higher tax rate on her salary than her landlord pays for the growing value of the home she lives in. She slogs her guts out, he puts in far less effort, yet the state rewards him more than her. And we wonder why people are angry. “The system is penalising work. It’s not fair and it’s bad for our economy. We need a wealth tax that works. A pound made from simply owning assets should not be taxed less than a pound made from a hard day's work. We can do it in a way that is pro-growth, pro-entrepreneur and pro-work.”