How does this deeply unfair loophole work at the moment?
Firstly, the same rules have applied since 1987, despite huge economic changes.
Since then, the income fund managers receive in carried interest has been taxed at the rate of Capital Gains Tax, rather than Income Tax.
That means an additional rate taxpayer (someone earning over £150,000) is paying 28% on carried interest - rather than 45% if it was treated as regular income.
The supply chain crisis is the result of the Tories' Brexit deal and their failure to plan - together with the neglect of vital jobs and ministers' refusal to listen to those working in industry. 1/8 theguardian.com/politics/2021/…
HGV drivers are some of the many overlooked and undervalued workers who are vital to keep our economy moving. @RHANews estimate it could take up to 18 months to tackle the shortfall of HGV drivers. 2/8 rha.uk.net/News/News-Blog…
The shortages we’re seeing in our supermarkets now are only set to escalate in the run up to Christmas. The Tories have no plan to address the issues that are causing these problems - in either the short or the longer-term. 3/8
As we recover from the pandemic, we must futureproof our economy and get it firing on all cylinders.
Today, Labour launches how we would start that: by making, buying & selling more in Britain, and building the skills and jobs of the future. Thread. theguardian.com/politics/2021/…
There are three parts to this plan.
The first is to give more public contracts to British companies, big & small.
We'll do this with stretch environmental and social clauses in contracts, to spend & make more in Britain, while also raising standards as a global trading nation.
Second, we will bring the industries of the future to Britain, by reshoring more jobs here.
From green jobs in offshore wind, to fin tech, media and film, we must grow our modern industries for a long-term economy that provides good jobs and thrives.