Labour’s budget will apparently raise £40bn in taxes, with this mainly being funded by larger-sized employers and wealthier individuals. It includes changes to employers’ national insurance contributions, capital gains tax, inheritance tax and inherited pensions. Yet, there is a sense this could have been much worse for individuals, and Labour’s increased spending plans in areas such as health, education and housing have so far gone down well with markets.
Click here to read the full report from the investment team at Aspen.