An economist has challenged the ongoing debate about Labour possibly introducing wealth taxes in Britain, asserting that the country already imposes several levies on assets and capital.
Speaking to GB News, Catherine McBride argued that the UK currently operates multiple forms of wealth taxation that are often overlooked in discussions about fiscal policy.
Urging the Chancellor to implement a wealth tax in the next Budget, former shadow chancellor Anneliese Dodds hoped the Treasury were “considering” such a move.
Dodds claimed it was “important” that the Government considers “who has the broadest shoulders”.
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Catherine McBride has taken aim at Rachel Reeves’s ‘anti-wealth tax’ regime
McBride stated: “Everyone is talking about a wealth tax, but we already have wealth taxes.”
She explained: “First we have capital gains tax, you have to be relatively wealthy to have the ability to get capital gains. We also have a tax on when you buy houses.
“Almost everyone I know, if they’re looking to buy their first house or looking to go to a family house, they want to get married and have children, they’re all discovering they’ve got this massive stamp duty to pay.”
Share purchases also incur stamp duty, whilst inheritance tax represents another substantial levy on accumulated wealth, according to her analysis.
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Rachel Reeves has been urged to implement a wealth tax during the next Budget by ex-Labour minister Anneliese Dodds
McBride argued these levies are causing an exodus of affluent individuals from Britain.
She specifically criticised inheritance tax rates, stating: “We also obviously have death duties, and our death duties are driving the rich people out of the UK because they’re 40 per cent, which is incredibly high.”
The economist suggested that stamp duty on shares deters companies from choosing UK stock exchanges.
“We also have stamp duty on shares, and then we’ve got a Government wondering why people are not listing in the UK,” she said.
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McBride told GB News that Labour wants everyone ‘to be poor’
McBride drew unfavourable comparisons between British and American approaches to wealth taxation.
She noted that whilst many nations impose inheritance levies, they typically target genuinely substantial fortunes.
“A lot of countries have death duties, but they kick in at the real wealth. Ours start at £300,000 to £325,000, which is nothing. In the US they start at about $16million,” she observed.
“So the US wants people to be rich, they want people to start businesses, make money, and they know that that helps the whole economy,” she said.
She concluded with sharp criticism: “We’ve got a Government that wants everyone to be poor, and they haven’t thought that through yet.”
