Labour's McDonnell targets tax cuts in call for 'emergency budget'

Efficiency savings to rise to £3.7bn by 2021/22

Victoria McKeever
clock • 1 min read

Labour shadow chancellor John McDonnell said he would curb corporation, capital gains and IHT tax cuts to raise an additional £17bn for public services.

In an interview with the BBC's Today Programme, McDonnell outlined what he will say in a speech today at Church House in Westminster, in which he will call for an "emergency budget" for public services which he has said are "in crisis". This comes just under a week before Chancellor Philip Hammond will deliver the Autumn Budget, on Wednesday 22 November.   McDonnell said he wanted to increase the annual spend on public services by £17bn, aiming to put more money into health, education and local government. McDonnell also said he wanted to lift the cap on public sector pay. "The gov...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Tax planning

May CGT receipts bring in £64m less than last year

May CGT receipts bring in £64m less than last year

CGT receipts reached £168m compared to £232m last year

Sophia Panayi
clock 19 June 2026 • 2 min read
IHT receipts dip again in May to £1.4bn but 'direction of travel' clear

IHT receipts dip again in May to £1.4bn but 'direction of travel' clear

More estates will fall into scope as thresholds remain frozen

Jenna Brown
clock 19 June 2026 • 2 min read
The quiet expansion of savings income tax: Why 2027 is closer, and costlier than it looks

The quiet expansion of savings income tax: Why 2027 is closer, and costlier than it looks

'This isn't a dramatic tax shock; it's a gradual squeeze'

Michael Edwards
clock 18 June 2026 • 3 min read