Close this search box.

Estimating the employment effects of Labour’s Tax Policies

Estimating the employment effects of Labour’s Tax Policies

New economic analysis suggests that, if elected, the Labour party tax policies could cost the UK over 300,000 jobs and more than £25 billion in GDP.

In The Cost of Labour, published on Monday 22 September by the Centre for Policy Studies, Head of Economic Research, Adam Memon, estimates the potential cost to the UK economy of Labour’s tax policy proposals. The report calculates that, if elected in the upcoming general election, Labour’s announced policies could result in 306,500 fewer jobs over the following four years.

The report derives this economic impact from the following ten major tax policies promised by the Labour party:

  1. Increasing the Corporation Tax rate from 20 percent to 21 percent.
  2. Increasing the top rate of Income Tax from 45 percent to 50 percent.
  3. Reintroducing a 50 percent payroll tax on bank bonuses.
  4. Increasing the levy on bank balance sheets.
  5. Introducing a tax on houses worth above £2 million.
  6. Imposing a levy on the profits of payday lenders.
  7. Reintroducing Stamp Duty Reserve Tax.
  8. Introducing a Financial Transactions Tax.
  9. Introducing a new 10 percent Income Tax rate.
  10. Cutting and freezing Business Rates.

Memon concludes, “Whilst there may be reasons to increase taxes, perhaps to improve the fiscal balance or for redistributive purposes, the consequences 

Read more

Latest News

Read More

How to hire for remote roles and succeed

15 July 2024


Receive the latest HR news and strategic content

Please note, as per the GDPR Legislation, we need to ensure you are ‘Opted In’ to receive updates from ‘theHRDIRECTOR’. We will NEVER sell, rent, share or give away your data to third parties. We only use it to send information about our products and updates within the HR space To see our Privacy Policy – click here

Latest HR Jobs

University of Cambridge – Cancer Research UK Cambridge InstituteSalary: £33,966 to £44,263

Imperial College London – President’s TeamSalary: £54,927 to £65,935 per annum

Manufacturing Experience Preferred Strong ER Skills Desirable 1 day WFH per week. Job Title: HR Director – 12m FTC Salary: £90,000 pa Location: Buckinghamshire Contract

Lead and manage a HR team, including HR Manager, HR Generalist and HR Coordinator in the UK and Singapore. We are looking for a HR

Read the latest digital issue of theHRDIRECTOR for FREE

Read the latest digital issue of theHRDIRECTOR for FREE