Row 2693

Content Data

This page contains data entry 2693 from the Axioma AXP content repository. The structured data below represents the complete record for this entry.

Raw Record

{
  "text": "House of Commons, London\n\n*April 1st 2027*\n\nChancellor Rachel Reeves today delivered her third full budget, and what is being labelled the first true Labour budget since March 2010.  Having courted businesses in the runup to the 2024 election and stood on a platform of limited tax rises and fiscal responsibility, up to now Labour has attempted to portray itself as the party of business and hasn't targeted the wealthy.  This has caused some consternation among their core vote, and they have now targeted the wealthy with grabs on inheritance tax, private schools, landlords, and those with non-domiciled tax status.  The biggest changes are outlined below:\n\n* Loopholes in inheritance tax (agricultural and business property relief) that currently allow farms and businesses to be passed down at death without their families paying the divisive 40pc charge will be closed, raising £4bn ($4.8bn).\n* Private schools will be stripped of their charitable status, allowing VAT to be charged on the fees they charge, with revenues generated expected to reach £1.7bn ($2.1bn).  This money will be used to waive tuition fees for \\~ 48,000 students undertaking teaching degrees each year, and to provide CPD and top up courses for teaching assistants to wrest the turnover in teachers leaving the profession.\n* The fuel duty freeze will cease from Monday 5th April, adding 5p duty per litre to the cost of petrol and diesel.  This is expected to raise £5.4bn ($6.6bn) per year to 2030, and will be used to finance the rollout of electric car charging points and a £7,500 scrappage scheme for motorists who buy a UK manufactured electric car.\n* Loopholes that allow properties used as holiday lets for less than 140 days without paying council tax will be closed.  The loophole allowing second homeowners to switch from paying council tax to business rates will also be closed.  The council tax on second homes will be doubled, and for homes that remain unoccupied, will increase by 100% for every year that they remain unoccupied.  Money raised will go to local authorities and not into general taxation and revenue.  Theoretically, this should increase provisions for local services, in reality it'll probably go on bloating the workforce, pay rises and pension increases for local council workers...\n* Non-domiciled tax status will be abolished, with provision put in place for genuinely temporary residents.  This is anticipated to raise £3.5bn ($4.2bn) which will subsidise a £3,000 per year pay rise for nurses and nursing associates.\n* The Digital Services Tax will increase from 2% to 6% (forecast to raise [£3bn by 2024-25](https://publications.parliament.uk/pa/cm5803/cmselect/cmpubacc/732/report.html) at 2%), raising an additional £7bn ($8.4bn)\\*\\* before rising to 12% in 2028/29.  This will finance the 'national wealth fund', through which the government will retain a share in renewable assets including gigafactories, clean steel plants and net-zero industrial clusters.\n* The above measure will offset a reductions of 25% in corporation tax for business that pay the 'real living wage' rather than the minimum wage, or a 50% reduction in corporation tax for small businesses with profits between £50,000 - £ 250,000.  \n\n\\*\\* This is assuming that a rise will prompt some businesses to shift their tax arrangements / consumer behaviour to change if prices are increased, so not a linear increase of multiplying it by a factor of 3.\n\nIn response, the Shadow Chancellor criticsed the Labour government for heaping yet more taxes upon those who work hardest.  Chris Philp told the House \"We have an unfair tax burden, one that sees only 40% of our working population pay any income tax, and just 300,000 taxpayers foot the bill for 30% of all income tax.  Treating these people as cash cows will backfire, there is only so much they can be milked before they seek new pastures.  It is time to reduce taxation, roll back the state and reducing spending, not bolster an inefficient public sector with even more shirkers and bigger departments.\"\n\nWith speculation of an election next year, the budget has been widely seen as an effort to unite Labour voters ahead of what will be a tough campaign.  The government retain a healthy lead in the polls, but focus groups are understood to have reported back to Labour HQ that the government has done too little to address inequalities and has run a near Tory-lite government.  The Chancellor is understood to be earmarking some of the money raised but not allocated above to a massive overhaul of Universal Credit that is expected to form the cornerstone of Labour's 2028 election campaign.\n\nMedia Reaction to the Publication  \n*The Guardian* \\- Labour prepare the ground for election, hiking taxes for the rich and opening the spending taps to hard pressed public services after more almost two decades of neglect.\n\n*The Telegraph* \\- Conservatives sense blood in the water as Reeves shows her true colours and goes after businesses and the wealthy ahead of anticipated 2028 election. \n\n*The Times* \\- Tax burden soars higher still, as Chancellor turns her sights on motorists and the wealthy to arrest brain drain of nurses and teachers and shore up local services.  \n*Daily Mail* \\- Workers fleeced, shirkers feast.  Chancellor robs the aspirational and wealth generators to finance scroungers and the hotel-dwelling migrant community.  \n\n*The Sun* \\- Government tighten the screw on hard working families and business owners.  Join our campaign to reverse the attack on motorists!\n\n*The Independent* \\- Poorest families, care homes, nurses and teachers to be rewarded as government finally bare their teeth and target the wealthy to fund public services.\n\n*Financial Times* \\- Reeves cautiously increases taxes, but runs the risk of scaring investors and the wealthy away at a time of Breentry uncertainty.",
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  "datetime": "2023-11-24",
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}

Entry Information

• Entry ID: 2693
• Repository: Axioma AXP
• Dataset: arrmlet/reddit_dataset_36
• Total Entries: 100,000