Labour’s John McDonnell today said Labour would keep a series of Tory tax cuts that are helping the richest people in the UK. The Shadow Chancellor revealed he will not reverse Budget plans to make Income Tax allowances more generous in April 2019. The move, unveiled by Chancellor Philip Hammond yesterday, will lift the tax-free allowance to £12,500 – saving anyone who earns more than that £130 a year. But the 40p tax rate threshold is also being raise to £50,000 – saving the richest 13% of Brits a further £730 a year. Research today by the Resolution Foundation think tank found this year’s Budget giveaways will give the rich 14 times more than the poor. And yesterday Shadow Foreign Secretary Emily Thornberry slammed the policy as “tax cuts for the rich”. But asked if he would reverse the Tories’ tax cuts, Shadow Chancellor John McDonnell said: “We will support the tax cuts at the moment on the basis that it will inject some demand into the economy. “But we put forward in the general election a fairer taxation system. “So that does mean that we will be asking the top 5% to pay a bit more in income tax…. Read full this story
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