Labour will raise taxes on top 5% of earners, companies - McDonnell

Britain's Labour Party's shadow chancellor John McDonnell arrives to appear on BBC TV's The Andrew Marr Show in London, Britain, November 3, 2019. REUTERS/Yara Nardi - Copyright YARA NARDI(Reuters)

By Reuters

Published on 03/11/2019 - 11:34•Updated 19/04/2024 - 09:45

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LONDON (Reuters) - Britain's opposition Labour Party will propose increasing income tax for the top 5% of earners to help fund increased public spending in its offer for next month's snap election, the party's finance spokesman said on Sunday.

"In terms of income tax, we've said very clearly the top 5% will pay a bit more, 95% of the earners will be protected," John McDonnell told the BBC's Andrew Marr. "We will restore some of the tax cuts that have been given away to the corporations, and we will use that for investment in schools and training."