Tax increase on the 1% could finance just transition away from fossil fuels, says Labour's Richard Burgon
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Labour's Richard Burgon
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BRITAIN’S richest 1 per cent could see their taxes upped in an attempt to finance a just transition away from fossil fuels if a Budget amendment at Westminster is passed by MPs.
As talks at the Glasgow Cop26 summit got under way today, Labour MP Richard Burgon submitted an amendment to the Westminster government Budget calling for an increase in taxes on high earners.
The plans would affect those earning over £150,000, who pay the “additional rate” of tax, whose rate of income tax would increase from 45 per cent to 55 per cent.
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