Unleash growth or you’ll have to hike taxes even higher, FTSE 100 boss warns Healey
The government must unleash growth in the forthcoming Budget or ministers will be forced to hike taxes even higher at future fiscal events, the boss of the largest player in the UK pensions market has warned. Andy Briggs, the chief executive of Standard Life, told City AM the UK’s ageing population leaves the Chancellor John [...]
Andy Briggs, the chief executive of Standard Life, has warned that the UK government must "unleash growth" in the upcoming Budget or face the prospect of "rising tax bills" to meet spending commitments. Briggs spoke to City AM, saying that the UK's ageing population leaves Chancellor John Healey with only two options: "drive economic growth" or face a tax hike.
Healey will deliver his first Budget as Chancellor in just over a month, against a backdrop of rising borrowing costs and increasing debt. Briggs emphasized the importance of economic growth, stating, "The most important thing is driving economic growth… if you drive economic growth and you create more roles, and you scale more businesses, that’s what will make the biggest difference across the tax and welfare system as a whole."
On Monday, Healey did not rule out further tax hikes at the Budget, framing growth as the UK's "pathway out of debt." Financial services leaders have been concerned about potential revenue-raising levies, urging the government to commit to the 25% tax-free pension lump sum, currently capped at £268,275. Briggs urged against speculation, stating, "When it comes to the topic of pensions, we want to avoid lots of speculation in every budget cycle."
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
