John Healey Rejects Capital Gains Tax Hike in Budget

Chancellor of the Exchequer John Healey will not increase the United Kingdom's capital gains tax in the budget scheduled for next week. The tax currently stands at 24% for higher-rate payers, and a Treasury official confirmed the rate will remain unchanged.

To fund its spending plans, the Labour government intends to implement a levy on bank revenues. The decision to avoid a capital gains tax hike was first reported by the Times of London.