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Tim Wallace Deputy Economics Editor |
A fresh wealth tax raid risks losing money for the Government and making Andy Burnham’s financial predicament worse, not better, according to the Conservatives’ analysis of Treasury figures.
The top rate of capital gains tax is already so high that further increases risk putting investors off selling their assets, such as shares and second homes, thereby reducing the amount taken by the Exchequer.
An analysis of Treasury numbers by the Conservatives indicates the tipping point for the tax, beyond which money is lost and not gained for the public purse, is 21.7 per cent.
Labour increased the rate to 24 per cent in the 2024 Budget. Now Burnham is under pressure to raise that further, potentially even matching income tax rates, meaning a top rate of 45 per cent.
Sir Mel Stride, the shadow chancellor, said that would harm the public finances and represented “open war on the people who create jobs and growth in this country”.
Any extra wealth tax would further ramp up a tax burden which is already on course to reach its highest level since the Second World War.
The finding will heighten fears that Britain is already at “peak tax” with little further capacity for the Government to squeeze more money from families and businesses, despite expensive plans to build more houses and reform social care.
This report is available only to subscribers.
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Gianni Infantino visited the construction site of PVF Stadium in Vietnam yesterday |
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Ben Rumsby Sports Investigations Reporter |
No sooner had they ended their World Cup boycott than England and other European nations opened up a new front in their fight to topple Gianni Infantino as Fifa president.
Yesterday, it emerged that Uefa was preparing a complaint for “criminal mismanagement” against Infantino over his plot to sell stakes in football’s flagship tournament.
The European game’s governing body filed applications in New York, Miami and Colorado for court orders that would force Infantino and his collaborators to disclose all material relating to the doomed project.
The court filings came three and a half weeks after Telegraph Sport revealed Uefa had threatened Infantino with legal action over his secret plan to sell stakes in the World Cup to private investors and had warned him not to destroy any evidence linked to it.
The disclosure applications have been lodged in the US, but any subsequent criminal complaint would be submitted in Switzerland, where Uefa and Fifa are both based.
The 60-page submission states that the confederation is seeking to establish “whether the $4.2bn price” agreed by the Fifa president “reflected an arm’s-length valuation of Fifa’s commercial rights or, as the public record indicates, a fraudulently off-market price promoted by Infantino for his own benefit”.
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Liz Mair They are both Left-of-centre substitutes, but will the PM learn from the former VP’s electoral flop? Continue reading ➤
Hamish de Bretton-Gordon Putin is on the brink of the abyss. He must not be allowed to take us down with him Continue reading ➤
Sherelle Jacobs Aldi refused to give me a job stacking shelves. Now I understand why young people are in despair Continue reading ➤ |
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• Hundreds of police officers from across Britain have been sent to Middlesbrough amid fears of escalating gang violence in the town. A series of suspected gang-related incidents has taken place this week.
• Older millennials are the last generation of regular drinkers. Data from almost 1.7 million people found a sharp generational divide, with those under 40 drinking less frequently and in smaller quantities.
• Andy Burnham’s welfare reforms are likely to be delayed, The Telegraph understands. A source said Burnham could sort only “one big issue at a time” and that his focus was on defence funding.
• Prisoners could be freed as early as a sixth of the way through their sentence to serve time under “house arrest”, as part of plans being considered by ministers to prevent jails running out of space.
• Nepal is at risk of a second wave after Wednesday’s deadly flood. The search for more than a thousand missing people continues, with 33 British tourists unaccounted for. Follow our live coverage here.
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The City of Dreams Mediterranean in Cyprus, with RAF Akrotiri visible in the distance |
For the super-rich who frequent its casino and swimming pools, the City of Dreams Mediterranean is nothing more than a luxury hotel, writes Rozina Sabur, our National Security Editor. Security officials, however, fear that the resort, which borders a critical British military base in Cyprus, could have harboured visitors with a deeper agenda than topping up their tans. Several intelligence and military sources said they feared the Chinese-owned hotel offered guests a bird’s-eye view over RAF Akrotiri. A spokesman for the hotel insisted that the suggestion was “entirely unfounded”. This is what I saw when I visited this month. Continue reading ➤ |
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Donald Trump expected to stroll to victory in Iran. Instead, a war he predicted would last just weeks has stumbled on for six months – with no resolution in sight. Yet in a conflict in which both sides have misread each other, Trump is changing tack. Could he finally have found a way to outlast Tehran? Continue reading ➤ |
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Monica Barbaro is allergic to the idea of being typecast, writes Guy Kelly. That’s how she ended up going from playing a naval aviator in Top Gun: Maverick to portraying Joan Baez to Oscar-nominated effect in A Complete Unknown. Now she’s singing, fighting and flirting in the summer’s big romcom, One Night Only. I met her for one lunchtime only, but it was enough to convince me she’ll be surprising us for many years to come. Continue reading ➤ |
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Lithium battery packs have become the number one safety concern for airlines and pilots, writes Greg Dickinson. Between 2024 and 2025, the number of lithium batteries dangerously malfunctioning on British flights increased from 123 to 206. I visited Warwick University to uncover the true, devastating risk of lithium devices entering “thermal runaway” at 35,000ft. Continue reading ➤ |
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New research has found that we’re ageing faster, and it’s having a serious impact on our health. Analysis of data from more than 164,000 people found that those born between 1965 and 1974 had a 23 per cent higher level of accelerated biological ageing than those born in the early 1950s. This was associated with an increased risk of developing certain cancers – including bowel, lung and womb cancer – before the age of 55. So what can we do to protect ourselves? Experts share the practical steps that can make a tangible difference to both ageing and cancer risk. Continue reading ➤ Here is another article that I hope you’ll find helpful this morning:
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Television Bookish, series two ★★★★★ What makes Bookish superior to the vats of cosy crime sloshing around the TV schedules is its bookishness. Mark Gatiss’s creation is set in an antiquarian bookshop and follows a literary detective called Gabriel Book. Book gets all of his knowledge and acumen from books, as, one suspects, Gatiss does too. As a result, Bookish is awash with historical gems, literary allusions and the wonders of words. In this age of stupid, Gatiss’s caper remains a high-class treat.
Read Benji Wilson’s full review ➤ Film I Want Your Sex ★★☆☆☆ Olivia Wilde and Cooper (son of Philip Seymour) Hoffman are the stars of this eye-popping comedy-thriller that pokes fun at the generational sex gap, though I regret to report that it left me wondering if Gen Z puritans might have a point. The promised sex is so cartoonish and preposterous that any trace of actual eroticism is drowned out by the overall hullabaloo.
Read Robbie Collin’s full review ➤ Film The Dog Stars ★★★☆☆ In Ridley Scott’s The Dog Stars, a mournful Jacob Elordi flies around Colorado in a Cessna plane, cuddles a dog, bickers with Josh Brolin at the airfield they call home, and finds his happy place at campfires, gazing at the stars. It’s oddly blissed-out for a film about catastrophic depopulation following a viral pandemic, as if the 88-year-old director of Alien and Gladiator might rather prefer a world with none of us left in it.
Read Tim Robey’s full review ➤ |
Confusion now hath made his masterpieceWhile Orlando Bird, our loyal Reader Correspondent, is away, Joe Burgis is on hand to share an off-piste topic that has brought out the best of your opinions and stories. Joe writes...
Antony and Cleopatra has been named Shakespeare’s most complex work. I have to confess to finding lots of the plays hard going. Don’t get me started on The Phoenix and the Turtle.
Readers were more generous. Ss Sceptica was smitten early: “We opened A Midsummer Night’s Dream on my first day at grammar school and I fell in love. As a child from a large council estate, it was a revelation.”
Linda Hepburn suggested that it’s harder for students today to get to grips with the Bard: “Nowadays students’ first encounter with Shakespeare’s plays is usually on the page, in a classroom. I have been lucky enough to see Sir Kenneth Branagh’s interpretation of Prospero on stage at Stratford-upon-Avon. The plot might be straightforward, but that doesn’t make The Tempest an easy play.”
David Hunter added: “Of course, Shakespeare’s plays can be very hard, but much more challenging is their production. Over the past three years, I have hosted a number of Shakespeare productions at Penlee Park Open Air Theatre in Penzance, and have seen one theatre company reduce the number of employed actors from seven to four for A Midsummer Night’s Dream, without any loss of quality.
“This is a reflection of increased costs in every area of their budget, which cannot simply be redeemed by increased ticket prices. Hard work for all concerned.”
I had to agree with Gabriel Egan about the alleged simplicity of The Comedy of Errors: “I’m surprised that this comes out as one of the least complex. Ask anybody who’s just seen it for the first time to tell you what happened, and watch their face!” That’s all from me, folks. I’ll be back tomorrow to bring you the best Telegraph talking points. In the meantime, you can contact me here.
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1833 | The Slavery Abolition Act receives Royal Assent
1939 | Clare Hollingworth discovers “nearly 1,000 tanks” on Germany’s border with Poland (we published the story on our front page the following day which you can see below)
2009 | Oasis break up after Noel Gallagher quits the band
2019 | Boris Johnson prorogues Parliament
Plus, in the news today, Arthur Conan Doyle’s descendants have won a legal battle over the rights to the name of which character?
1. Sherlock Holmes
2. Mycroft Holmes
3. Dr Watson
4. Jim Moriarty
Click one of the options to reveal the answer...
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Find as many words as you can in today’s Panagram, including the nine-letter solution. Visit Telegraph Puzzles to play a range of head-scratching games, including The 1% Club, Cogs, and Quick, Mini or Cryptic Crosswords.
Yesterday’s Panagram was CHAMELEON. Come back tomorrow for the solution to today’s puzzle. |
Please let me know what you think of this newsletter. You can email me your feedback at fromtheeditor@telegraph.co.uk.
Thank you for reading. Have a fulfilling day and I hope to see you tomorrow.
Chris Evans, Editor |
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