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Starmer's Cabinet Split Over Wealth Tax Solutions

10/7/2025

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Summary

Story summary

Sir Keir Starmer's cabinet is divided over economic policy, risking wealth exodus.
Ministers oppose abolishing non-dom status and VAT on private school fees.
A £30bn–£40bn Budget hole drives calls for efficiency over new taxes.
Some cabinet members back wealth taxes, a property tax and bank profits tax.
Experts warn wealth taxes may not close the gap.

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Story summary

Sir Keir Starmer's cabinet is divided over economic policy, risking wealth exodus.
Ministers oppose abolishing non-dom status and VAT on private school fees.
A £30bn–£40bn Budget hole drives calls for efficiency over new taxes.
Some cabinet members back wealth taxes, a property tax and bank profits tax.
Experts warn wealth taxes may not close the gap.