HMT document on lost revenue to Exchequer in 2026-27 NI change: £15bn Dividend tax: £1pm Income tax: £5bn next year to +£45m in 2026 Abolition of 45% rate: £2nd Stamp duty: £1.6bn Tax free shopping: £2nd Corp tax: £18bn
One of the other consequences of not having a proper budget red book is not having a distributional analysis.
Scrapping the 45% rate on incomes over £150,000 will cost exchequer £2bn a year according to Treasury’s own estimate. The politics of how this shapes up is obvious. It is…courageous.
Reminder, we’re supposed to have a *full* budget in a few months.