Unveiling his autumn budget, Chancellor Healey said that he would be increasing tax rates on income made from savings and property by two per cent starting in April to 24 per cent, 44 per cent, and 49 per cent depending on income level.
“I am increasing the rates of tax on income from property and savings by a further two percentage points from April 2027, with no change to tax on income from dividends and tax on income from employment,” he said. The Chancellor also said that he would be increasing tax on bank profits over £100 million ($133m) from three to six per cent.
Yet, Healey did not take the opportunity to slash welfare spending, which is now predicted to reach £431.3 billion ($574bn) per year by 2031, The Telegraph reported.
This comes as estimates forecast that direct welfare payments to migrants will hit £21 billion ($28.5bn) a year by 2029, and Reform UK has predicted the cumulative lifetime cost of the so-called Boriswave migrants who arrived between 2020 and 2024 will be £622.5 billion ($828bn) for British taxpayers.