Reeves’ Tax Hikes Spare Most of the UK’s Big Listed Companies

The majority of Britain’s biggest listed companies will together account for less than 3% of the revenue raised by Labour‘s increased payroll tax, Bloomberg analysis shows, despite Prime Minister Keir Starmer’s promise to target “those with the broadest shoulders.”

Starmer’s Labour government blamed the previous Conservative administration for a black hole in the public finances when Chancellor of the Exchequer Rachel Reeves announced more than £40 billion ($51 billion) in tax hikes at the end of October. Most of the money will come from higher employers’ national insurance contributions, raising around £24 billion to £26 billion a year.

The ...