UK Prime Minister Keir Starmer has said that anyone who owns shares is not a “working person"
Prime Minister Keir Starmer stated that Britons earning additional income from stocks don’t fall under his definition of “working people,” hinting at a potential tax increase for investors.
When asked by Sky News whether someone who works but also receives income from shares or property counts as a working person, Starmer responded, “they wouldn’t come within my definition.” His government has repeatedly committed to not raising taxes on those he defines as working people, including maintaining current rates for income tax, employee national insurance, and value-added tax.
“People will know if they’re in that group or not—those who work hard, worry about making ends meet, and know that if something happens, they can’t just write a check to solve the problem,” Starmer clarified when pressed for specifics.
His spokesman, Dave Pares, later explained that Starmer’s comments did not apply to individuals with modest savings in stocks and shares, emphasizing that Starmer was referring to those whose income primarily comes from assets.
In preparation for the upcoming budget, Starmer’s administration has worked to show its support for wealth creation, including a recent summit aimed at attracting significant private investment to the UK. Earlier this week, Starmer reassured entrepreneurs, saying there’s “no reason” for them to leave Britain despite possible tax hikes.
Chancellor of the Exchequer Rachel Reeves has acknowledged exploring other tax avenues to balance the budget, which has led to widespread anticipation of increased employer national insurance contributions and potential hikes in capital gains and inheritance taxes. A rise in capital gains tax would likely impact individuals selling both property and shares.