Supplementary Budget: Edo Assembly cuts capital expenditure by N49bn, increases recurrent spending
Edo State House of Assembly has reduced the capital expenditure in the state's approved 2026 budget by N49 billion. DAILY POST reports that the House also increased recurrent expenditure by N49 billion. The reduction in capital expenditure and the increase in recurrent expenditure followed the passage of the supplementary budget by the House on Monday, […] Supplementary Budget: Edo Assembly cuts…
Chancellor John Healey has rejected calls from Labour MPs to raise Capital Gains Tax (CGT) in his upcoming Budget, despite previous support from Cabinet ministers Wes Streeting and Louise Haigh. CGT is a tax imposed on the profit made from selling assets that have increased in value, such as shares or property. Healey's decision to maintain the current CGT rate follows warnings that it could lead to financial loss for the government if wealthy individuals leave the country or postpone asset sales.
The chancellor has long advocated for the UK to be a nation of wealth creation, emphasizing policies that boost confidence, investment, and profit. Burnham's former adviser, Lord Jim O'Neill, cautioned that raising CGT could convey a negative message to businesses. While some influential Labour figures advocated for aligning CGT with income tax rates, Healey has ruled out equalizing the two tax rates.
Defence Secretary Wes Streeting had previously called for a "wealth tax" in May, shortly after leaving his ministerial role in the former Prime Minister Sir Keir Starmer's government.
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