Wes Streeting calls for equal tax on income and capital gains in Labour leadership pitch

Wes Streeting, a former health secretary and Labour MP, has proposed equalizing tax rates on income and capital gains as part of his pitch for Labour leadership. He argues the current system, which taxes capital gains at a lower rate than income, is unfair and penalizes work, contributing to widening wealth and opportunity gaps. Streeting suggests aligning capital gains tax bands with income tax bands, potentially raising up to £12 billion annually, while including allowances for genuine entrepreneurs. He believes this reform would create a "wealth tax that works" and address public anger over perceived inequalities. Streeting also highlighted the need to close loopholes that disguise income as capital gains.

Former British health minister Wes Streeting, a potential Labour Party leadership contender, has proposed tax changes to make the system "fairer." Speaking on Saturday, Streeting indicated he would challenge current leader Keir Starmer if a contest occurs, following his own recent resignation and call for Starmer to set a departure timetable. Streeting's proposed tax reforms include equalizing capital gains tax with income tax. He also previously stated his belief that Britain should aim to rejoin the European Union. These proposals were outlined on Thursday.