Updated
Updated · Bloomberg · Jul 20
Andy Burnham Launches Growth Plan With £1,000 Tax Allowance Pledge
Updated
Updated · Bloomberg · Jul 20

Andy Burnham Launches Growth Plan With £1,000 Tax Allowance Pledge

3 articles · Updated · Bloomberg · Jul 20

Summary

  • Andy Burnham’s economic agenda begins Monday with growth as the central test for Britain’s new prime minister after years of weak expansion.
  • A £1,000 rise in the personal income tax allowance has emerged as an early flagship measure, aimed at giving low-income workers and pensioners more breathing room.
  • The proposal would cost about £5 billion and unwind part of the squeeze from the £12,570 allowance freeze introduced in 2022, which inflation has made more painful.
  • Burnham has also signaled business-rate changes, including higher levies on warehouses to fund cuts for pubs and some high street firms, as he tries to pair cost-of-living relief with a broader growth push.

Insights

Can Burnham's personal vow to fix social care overcome a £17bn price tag and a crippling staffing crisis?
Will Burnham's tax 'breathing space' for households come at the cost of new taxes on wealth and property?