UK Trade Union Urges Wealth Taxes in Autumn Budget

The Trades Union Congress (TUC), led by General Secretary Paul Nowak, is urging Chancellor Rachel Reeves to consider introducing a wealth tax and additional levies on banks, gambling, and capital gains in the upcoming November Budget to address growing inequality and fund public services. Nowak cited Spain's experience with a wealth tax as evidence that such measures can raise significant revenue without driving away wealthy individuals, emphasizing the need for a progressive tax system. The TUC highlighted that Britain's major banks made £46 billion in profits in one year, advocating for windfall taxes on financial institutions, which the Treasury has resisted. Reeves has maintained that recent tax measures on private jets, second homes, and capital gains strike the right balance but has not ruled out further tax changes. The TUC warns that failure to implement bolder reforms could lead to public disillusionment and a rise in support for parties like Reform UK. Meanwhile, the government insists on adhering to strict fiscal rules, making tax increases likely but sparking debate over the scope and targets of such measures.