Labour expected to seek Budget amendments to increase tax on high earners

Labour expected to seek Budget amendments to increase tax on high earners

In the last scheduled Budget before Brexit, Mr Hammond said: "We are at a turning point in our history and we must resolve to go forwards, not backwards and work together to build a Britain we can all be proud of".

Speculation was rife that the Budget had the feel of paving the way for an election manifesto, but Mrs May, speaking today in Norway, said that was not the government's intention. "Now we must pull together to build the bright, prosperous future that is within Britain's grasp, if we choose to seize it". "I think he has abandoned any idea of getting to budget balance by the mid-2020s".

Mr Hammond insisted the deficit will decline in every year of the forecast period.

The Chancellor dismissed suggestions that he had chopped down the "magic money tree" and burnt the lot.

The ministry says the tax will be "narrowly targeted" to ensure startups don't get hit with an unnecessary tax bill.

Criticised by Mr Corbyn for choosing a "tax cut for higher earners" rather than ending a benefit freeze, she replied: 'On Monday, he said cutting taxes for 32 million people was frittering money away on ideological tax cuts.

Amid pressure to back up Mrs May's recent pledge that the end of austerity is in sight, the chancellor announced a £100bn loosening of the purse strings on Monday.

The chancellor bases his Budget on figures from the Office for Budget Responsibility.




Economic experts claimed Mr Hammond had taken a gamble with the public finances and his predecessor George Osborne warned that the Tories should not seek to emulate Labour's approach to public spending.

"The scale would be very hard to predict, given the lack of precedent".

"It's clearly not sustainable, or fair, that digital platform businesses can generate substantial value in the United Kingdom without paying tax here in respect of that business", finance minister Philip Hammond said in his annual budget speech on Monday (Oct 29).

The changes had been due to come into force in 2020.

The higher rate threshold, the income at which someone becomes liable to pay the 40% tax rate, will rise to £50,000 from £46,350 at the same time.

When set against the multibillion-pound annual revenues of the "big five" tech companies - Apple, Google, Microsoft, Amazon, and Facebook - Byrne claimed that the new levy will raise a paltry amount.

The Chancellor will also use the Budget to set out plans for a £28.8 billion national roads fund for major routes, with a further £420 million for local pothole repairs, in part-funded by ring-fencing revenues from vehicle excise duty.

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