THE BURNHAM RECEIPTS: Arch-Blairite Andy Supported Reduction in Wealth Taxes
Andy Burnham has expressed conflicting views on tax policy throughout his career. He previously defended lower capital gains tax rates under the Blair government, arguing they encouraged investment and competitiveness. Recently, he has proposed increasing wealth taxes, including capital gains tax, which has drawn criticism from tax campaigners.
- ▪Burnham defended lower capital gains tax rates during his time as Chief Secretary to the Treasury.
- ▪He previously stated that the balance of taxing work and wealth should be corrected.
- ▪Critics argue that increasing capital gains tax would discourage investment and reduce overall tax revenue.
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Burnham has had varied views on tax policy. It’s almost as if he doesn’t know what he is talking about and will say anything… When he was Chief Secretary to the Treasury he defended the lower capital gains tax rates introduced by the Blair government. He said that Labour’s reforms represented “the right balance between encouraging enterprise & investment, maintaining the UK’s international competitiveness and delivering a modern and fair tax system.” A sound Blairite… Speaking in the Commons he said: “rates of capital gains tax in 1997 were considerably higher than they are today and higher than they will be after revisions are made. Secondly, at 18%, 18 pence in the pound, that stands good comparison with capital gains rates of taxation around the world.
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