Budget: What is a working person?

Published On Oct 28, 2024, 1:31 PM

The UK government is preparing for the upcoming Budget, promising not to raise taxes on 'working people.' Definitions of 'working people' vary among Labour officials. Sir Keir Starmer defines them as those who earn a living through traditional employment and do not rely on asset income. Chancellor Rachel Reeves describes them as 'strivers who graft.' Treasury Minister James Murray emphasizes that working people earn their income from labor. The discussion also raises concerns about whether tax increases on businesses might indirectly affect employees' wages.

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Stock Forecasts

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Given the uncertainty surrounding the definitions of 'working people' and the potential implications of a tax hike on employers, this could lead to cautious investor sentiment in the UK market. If businesses face higher costs, they may limit hiring or wage increases, affecting economic growth.

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