Labor plans UK tax rule on net worth to boost economic leverage

Britain’s opposition Labor plans to adopt “net worth” as a tax rule after the Office for National Statistics added the measure to its list of official data points this week, according to a party official.

The commitment to balance what the government owns with what it owes reflects Labor leader Keir Starmer’s determination to establish economic credibility ahead of an election likely to be held next year. The UK public sector is currently hovering around £600bn ($750bn) in deficit on the basis of net worth.