Ripping Up Reeves's Stealth Tax Would Be Burnham's Most Expensive Gamble
The article analyzes UK Prime Minister Andy Burnham's consideration of reversing Rachel Reeves's stealth tax on income, which freezes tax thresholds at 2021 levels. Burnham identified the tax freeze as a major drag on living standards, hearing about it frequently on the campaign trail. The freeze is set to raise over £42bn this year and £67bn annually by 2030-31. Burnham promised families 'breathing space' but faces a fiscal challenge: every £100 increase to the tax-free allowance costs the Treasury £1bn per year. The article examines options including linking thresholds to the triple lock (costing £3bn next year) or cutting National Insurance contributions, which would be more efficient for workers. The analysis highlights the tension between Burnham's big-state spending promises and his tax-cutting hints.
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