Chancellor John Healey has ruled out raising capital gains tax in his first Budget, due on 28 October, GB News reports.
The decision follows warnings that a rise could drive wealthy investors abroad or lead them to hold on to assets, damaging growth. It puts him at odds with Cabinet colleagues Wes Streeting and Louise Haigh, who had both argued for an increase before Andy Burnham became Prime Minister in July. Lord O'Neill, who has advised Mr Burnham, told The Times a rise would send the wrong signal to business.
A levy on banks is expected to be the Budget's largest revenue raiser, though some experts warn it could cost the economy almost £20 billion. Conservative leader Kemi Badenoch is due to call on the government to cut spending and borrowing. The Treasury said tax decisions are set out at fiscal events.
Source: GB News