Labour plans tax rises for £80k-plus earners

Labour-Supporters-Conference-2012-700x450.jpgLabour is proposing tax rises for individuals earning more than £80,000 with the policy move expected to be signed off later this week.

The Times reports shadow chancellor John McDonnell has pledged to guarantee a five-year tax freeze for 95 per cent of voters.

Labour also plans to rule out changes or increases to national insurance and VAT.

The party has not yet said how much it expects to raise from the measure to increase taxes for the best paid 5 per cent of earners in the UK.

Options are reported to include reducing the threshold for the 45p rate of income tax from £150,000 to £80,000 and introducing a higher top rate of tax.