Bloomberg Tax
Sept. 25, 2022, 10:02 AM

UK’s Labour Would Reinstate Top Tax Rate, Keep Basic Rate Cut

Emily Ashton
Emily Ashton
Bloomberg News

The UK’s Labour party would reinstate the top 45% rate of income tax if it wins power, but keep the cut in the basic rate announced Friday by Liz Truss’s Conservative government, leader Keir Starmer said.

Blasting the Tories’ tax giveaway as a “very risky approach,” Starmer told the BBC on Sunday that he would take a different path and “grow the economy from the bottom up.”

The tax burden should be reduced “on working people,” Starmer said at the start of his party’s four-day conference in Liverpool, northwest England. He backed the basic rate of income tax being ...