Story perspectives

Fabian Society Urges Labour to Raise £12 Billion in Taxes

10/26/2025

29 7

Summary

Story summary

The Fabian Society urges Labour's Rachel Reeves to raise £12 billion by extending the two-year income tax threshold freeze.
The measure was first implemented by Rishi Sunak in 2022 and would largely affect wealthier households.
Treasury select committee chair Meg Hillier cautions against relying on untested taxes.
Labour MP Liam Byrne calls for heavier wealth taxation, including inheritance tax reforms and replacing council tax with an annual property charge.

1 of 1

Story summary

The Fabian Society urges Labour's Rachel Reeves to raise £12 billion by extending the two-year income tax threshold freeze.
The measure was first implemented by Rishi Sunak in 2022 and would largely affect wealthier households.
Treasury select committee chair Meg Hillier cautions against relying on untested taxes.
Labour MP Liam Byrne calls for heavier wealth taxation, including inheritance tax reforms and replacing council tax with an annual property charge.