To implement Labour's ambitious manifesto
, published yesterday, they would need to raise an extra £135 billion a year. A large proportion of that would be raised via taxes and tax reform
. The main corporation tax rate, cut by the Conservatives over the last few years to 19 percent (18 percent from April 2020) would be gradually raised back to the 2011 rate of 26 percent, bringing the most cash into a Labour government
's coffers at £30 billion.
As this breakdown shows, there is a strong focus on increasing contributions to the national economy from the highest earning individuals and companies. An extension of taxation on share transactions in the City (Stamp Duty Reserve Tax) is expected to raise an additional £8.8 billion, while a crackdown on tax avoidance and evasion is hoped to add £6.2 billion to the budget.