Labour members would back tax increases on gambling, banks and wealthiest in Budget

Labour members would back tax increases on gambling, the banking sector, and the wealthiest in the Budget, exclusive polling for LabourList reveals.

Ahead of John Healey’s first Budget as Chancellor, polling conducted by Survation found that the vast majority of members would back tax rises on adult gaming centres, a windfall tax on banks and a wealth tax on those with assets worth more than £10 million.

Almost all (96 percent) of members polled backed raising gambling taxes in the Budget, while 90 percent of members backed a windfall tax on the banking sector, a measure many expect to be included in Healey’s Budget on October 28.

TUC general secretary Paul Nowak has previously called for an increase in the bank surcharge as a way to fund a cut to energy bills this winter.

More than four-fifths (84 percent) would back a wealth tax of two percent on those with wealth above £10 million, with full support from those who backed Rebecca Long-Bailey for party leader in 2020.

Amid plans to change business rates, 91 percent of Labour members said they would back a wider reform of the system, including for small businesses.

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Emma Burnell, editor of LabourList, said: “Labour members believe it is essential to fund public services and that those with the broadest shoulders should be the ones to contribute most.

“That means both the individually wealthy and those businesses who have seen record profits at precisely the time the rest of us are under more pressure.

“This offers a stark contrast to the recent offer from the Tories to protect wealth with cuts to inheritance tax and childcare giveaways to the highest earners.

“If the language of priorities is, indeed, the religion of socialism, Labour members are clear about who they prioritise here.”

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