Ex-cost of living adviser Richard Walker demands ‘aggressive’ tax reform
Lord Richard Walker, the Iceland boss who advised the Sir Keir Starmer government on the cost of living, has called on Andy Burnham and John Healey to unleash “aggressive” tax reform to encourage firms to invest and hire more young people. In a paper for the Blairite think tank Progress, Walker made a series of [...]
Former cost of living adviser Richard Walker is urging Labour front-runners Andy Burnham and John Healey to implement "aggressive" tax reform ahead of the Budget. In a paper for the Blairite think tank Progress, Walker laid out a series of demands, calling for the extension of employers' national insurance contributions reliefs to all under 25-year-olds and a review of Rachel Reeves' £25bn tax hike from 2024 to make it less discouraging for hiring young people leaving benefits.
Walker also suggested reviewing Healey's plan to ease business costs for employers hiring young people "Neets," who number around 1 million according to official figures. He advocated for tiered corporation taxes based on profit above £250,000 and a tiered tax system for businesses based on investment size. Walker praised former Chancellor Jeremy Hunt's full expensing allowance for plant and machinery investments, and called for tax incentives on workforce training.
Walker also criticized the £100,000 salary threshold that discourages career progression for parents seeking childcare subsidies. His demands come after the government's approval of North Sea gas drilling, ruling out capital gains tax hikes, and the push to reform the triple lock pension after the next election.
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