Politics live: John Healey eyes another tax raid as family businesses warn they are being pushed ‘to extinction’e:

BREAKING Australian MP left with severe injuries after being struck by car outside office 1792398578.679 Live John Healey eyes another tax raid as family businesses warn they are being pushed ‘to extinction’ Stay up-to-date with all the latest political coverage from GB News below John Healey is eyeing yet another tax raid on family businesses, with experts warning it could push them "to extinction". John Healey is eyeing yet another tax raid on family businesses, with experts warning it could push them "to extinction"John Healey is eyeing yet another tax raid on family businesses, with experts warning it could push them "to extinction". The Chancellor is said to be weighing up plans that could see business owners hit with income tax when passing their companies down to the next generation. Under the proposals, the existing capital gains tax would be replaced with income tax, potentially leaving some business owners facing a significantly higher bill. Currently, families can restructure their businesses using "redeemable shares", allowing ownership to be transferred while attracting capital gains tax at a rate of up to 24 per cent. However, under the changes, such transfers could be subject to income tax instead, where the top rate stands at 45 per cent. The move would mark another blow for family-run firms after Labour's controversial inheritance tax changes, which are expected to raise more than £300million. Shadow Chancellor Andrew Griffith told The Telegraph: "This Labour Government seems determined to squeeze every part of the economy, punishing the people who take risks, create jobs and build businesses for future generations. "Not content with its Family Business Tax, Labour is once again coming after the very firms that keep our local economies running. "Family businesses are the backbone of Britain. They provide jobs, support local communities and are often built over decades through hard work, sacrifice and personal risk. "These changes are set to make it easier to sell a family business than to pass it on to your own children. That cannot be right." FOLLOW BELOW FOR LIVE UPDATES THROUGHOUT THE DAY… Sign up to the Politics Newsletter Email address Sign up I agree to receive updates and information about my account, the GB News Community, and related products and services from GB News. By signing up you agree to the Terms and Conditions and Privacy Policy and Community Rules. Thank you for signing up! See the latest from GB News here . Choose GB News on Google - add us as a preferred source Choose GB News Support GB News Champion free speech and independent journalism while unlocking exclusive benefits. Support us Follow for the LATEST UPDATES throughout the day... Passengers who blast music without headphones on buses and trains could be hit with £100 fines Passengers who play music out loud on public transport could face £100 fines in Labour's newest crackdown on antisocial behaviour. Local authorities are being encouraged to use new powers to fine people for nuisance behaviour on buses, including littering, vaping, and listening to music without headphones. A new campaign will be launched later today to remind people to use headphones on public transport, telling passengers to "share the journey, not the noise” or face fines of up to £1,000. Andy Burnham has said it is part of wider plans to "make journeys that little bit better for all of us." READ THE FULL STORY HERE. Share ​Tories: Covid led to ballooning benefits bill in previous Government The Tories have told GB News that the effects of Covid led to a dramatic surge in the welfare bill. Deputy Leader of the Conservatives Alex Burghart joined Alex Armstrong and Ellie Costello this morning, in which he declared it is "wrong to talk about the Conservative Party's record on benefits" without mentioning the pandemic. "It was a very difficult period... and of course it had consequences for the number of people out of work." Under the Conservatives' previous Government, benefit claimants rose to almost 7 million by July 2024 - a rise of more than 4.6 million people. Mr Burghart pointed to the upcoming government-commissioned review led by Alan Millburn, in which he is expected to propose major overhauls, describing the Pip system as "no longer fit for purpose," in the interim report. "The Prime Minister delayed publication until after the Budget, so they don't have to talk about the costs," he said. And when pressed on why welfare costs continued to rise under the Tories even after Covid restrictions were lifted, Mr Burghart pointed to Russia's invasion of Ukraine in 2022. "It is very, very important that we set these figures in their context," he said. He declared those leaving education should not be able to claim benefits immediately, insisting "the right thing to do" is to encourage youngsters into training, or applying for jobs. "If people are going to make an effort, they should get support. If they're not, then they shouldn't." Share Andy Burnham: Youth unemployment is economic catastrophe and a moral failure Andy Bunrham has blasted the current scale of youth unemployment as an "economic catastrophe and a moral failure". Writing in The Times, the PM said the Government has a "duty to do everything in its power" to cut the ballooning unemployment figures in those leaving education. "We face a choice. We either invest in the success of our young people or pay for failure through the benefits system," he said. "We cannot afford to do both. I choose the first." Almost one million young people are currently classed as NEET (not in employment, education, or training), according to the Office for National Statistics. Those aged 16-24 now make up almost a third of those who began receiving Personal Independence Payment (Pip) for anxiety disorders over the past two years. "This is an economic catastrophe and a moral failure. And it must change," Mr Burnham declared. A government-commissioned review led by Alan Millburn, the former cabinet minister, is expected to be published this autumn. He is expected to propose major overhauls, describing the Pip system as "no longer fit for purpose," in the interim report. Share Wes Streeting has sent his 'deepest condolences' to those mourning the deaths of loved ones Wes Streeting speaks out on devastating Canada blaze Wes Streeting has taken to social media to send his "deepest condolences" to Canada, after a devastating blaze ripped through a major military base, leaving four soldiers dead and several others injured. The Defence Secretary wrote: "My deepest condolences to all those mourning the Canadian Armed Forces personnel who tragically lost their lives at the base in Wainwright – and with those who have suffered injuries during this terrible incident. "To our Canadian friends - we stand with you and grieve with you." He joins Shadow Defence Secretary David Reed, who said: "My thoughts and prayers are with the four members of the Canadian Armed Forces who have tragically lost their lives, and with their families, friends and fellow service personnel at this incredibly difficult time." Some 19 people have been left in a critical condition after a smouldering grass fire quickly grew in the base's training area where personnel were carrying out exercises. Officials identified the dead as Sergeant Morgan Wong, Private Shaun Farrell, Private Aidan Goulding and Private Hayden Lykkemark. Prime Minister Mark Carney said the "nation is in mourning". 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