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Labour’s income tax rise would hit 1.3 million high income individuals
| Press Release
Today the Labour Party has announced that if elected it would introduce a 45% income tax rate on incomes over £80,000, and a 50% rate on incomes over £123,000. A new IFS Briefing Note analyses the impact of this proposal if it were introduced UK-wide immediately.
Social care – a step forwards or a step backwards?
Yesterday, the Conservative Party proposed changes to the rules governing who is eligible for government funding for social care, and backed away from a lifetime cap on care costs. In this observation, we discuss those changes and lay out their potential effects. Taking the population of people in their 70s in England we estimate that, on becoming in need of care in their own home, 12-17% would be eligible for state support under current rules but would not be eligible under the new rules proposed by the Conservatives. Others would find they needed to use more of their own wealth to fund the costs of care in their home before the state stepped in.
Today the Office for National Statistics and HM Treasury published Public Sector Finances January 2017. We now have details of central government receipts, central government spending, public sector net investment, borrowing and debt for the first ten months of financial year 2016−17.