John Healey rules out capital gains tax hike in Budget

John Healey has squashed speculation he will raise capital gains tax in the forthcoming Budget after reportedly rejecting calls from his cabinet colleagues. The Treasury was facing lobbying efforts from top ministers, including Louise Haigh and Wes Streeting, to raise the capital gains tax (CGT) rate from its current level of 24 per cent for higher rate taxpayers. But Healey has opted to reject those calls following concerns it would drive more higher earners to ditch the UK, according to Treasury sources. The government has faced fresh warnings over lifting CGT in the last week with former adviser to Prime Minister Andy Burnham and Goldman Sachs chief economist Lord Jim O Neill stating it would send the wrong message to business . Burnham himself has said the government must be conscious of the extent to which Labour has raised revenue in previous Budgets, which have put up taxes by £70bn. CGT is charged at a rate of 18 per cent on basic rate taxpayers and 24 per cen