Business
Tax wealthiest to end rip-off Britain, says Green leader Polanski
Kate WhannelPolitical reporter
Newly-elected Green Party leader Zack Polanski has told his party’s conference a tax on the wealthiest would end “rip-off Britain” and make the country “an affordable” place to live.
Addressing members in Bournemouth, he said taxing the assets of the richest 1% would enable the government to fund universal free childcare, special needs education and rural bus routes.
He also defended migrants and refugees to loud applause from the audience and accused Labour of being “handmaidens” of Reform UK adding: “When Farage says jump, Labour asks ‘how high’.”
Polanski has described himself as an “eco-populist” and is seeking to shift the party to the left to take on Sir Keir Starmer’s Labour Party.
The prime minister has sought to tighten immigration controls in recent months, in what is being seen by critics as a response to Reform leading national opinion polls.
But Sir Keir launched an attack on Reform leader Nigel Farage in his Labour conference speech this week, accusing him of sowing division and not believing in Britain – something denied by Farage.
Polanski described Farage as a “Trump-loving corporate stooge” and accused Sir Keir of jumping to his tune.
Unusually for a speech by a Green Party leader, Polanski did not focus primarily on the environment.
He told the conference: “You can not be an effective environmentalist without talking about the deep inequality in our society.”
Much of his speech centred on the problems posed by the cost of living, pointing to a rise in homelessness, tenants worried about their rent and families struggling to pay bills.
Polanski argued that the country’s problems were “rooted in an economic model built on austerity and privatisation” but that the Green Party would “break the shackles of poverty and hardship that lock so many in”.
“This is a country with so much going for it, but we have been failed time and time again by a political class poisoned by extreme wealth and you can see that poison everyday.”
“A country where a tiny few have taken our power and wealth. Things must change. It’s time to take it back.”
He said some voters might worry that they could be hit by taxes on the wealthiest being proposed by his party.
“Hairdressers and plumbers say understandably ‘I’ve worked hard all my life. Why are you taxing me? Why are you taxing my ambition?'”
However, Polanski said he was targeting people who “will make more money in one night than everyone in this room could probably earn in an entire year”.
In a 20 minute speech, Polanski told the conference his party’s “horizons” would not be “narrow” and that he would “not be silent” on “the mass slaughter in Palestine”.
“We must stop selling arms to Israel, we must stop sharing intelligence,” he said.
He also criticised what he called a “draconian crackdown on the right to protest”.
“From terrorist proscription against protesters, to banning journalists from their conference, to diving into a rushed evidence-free plan for digital IDs that are likely to discriminate against minorities – the alarm bells of authoritarianism are now ringing.”
In his defence of refugees and migrants, Polanski said it was the “economic system” that was a “threat to the places we love… not people arriving small boats”.
To loud cheers from party members he declared: “We’ll say it loud, we’ll say it clear migrants and refugees are welcome here.”
He said the Greens wanted to stop small boats crossing the Channel through “safe and legal routes”.
He also blamed “a politics that tries to divide us and points the finger at each other, instead of at billionaires”.
In a contrast with comments from Sir Keir earlier this year, who said the UK risked becoming an “island of strangers”, Polanski said: “This is a nation of neighbours.”
He said defending migration was important to him because of his own “confused and muddled” Jewish ancestry, which saw his family flee from Latvia to Ukraine to Poland and eventually to England.
Taking a moment to mark Thursday’s attack on a synagogue in Manchester, where Polanski grew up, he said “my heart is with the community.”
In the past year the Green Party has built on its success at the 2024 general election – when it won four MPs – by winning 74 seats in the local council elections.
Last month, Polanski was overwhelmingly backed by members in a leadership contest against the less combative duo of Green MPs Adrian Ramsay and Ellie Chowns.
Since the election the party says its membership has risen by 20% to an all-time high of 80,000.
Polanski, who is a member of the London Assembly but does not have a seat in Parliament, has expressed interest in working with the new party being set up by former Labour leader Jeremy Corbyn and former Labour MP Zarah Sultana.
Speaking after the leadership election, he said it was “too soon to talk about joining electoral coalitions”, but he was interested in working with “anyone who wants to challenge a failing Labour government and take on fascism and the far right”.

Business
How the wealthy are planning to cut their 2026 tax bills
The U.S. Internal Revenue Service (IRS) building stands after it was reported the IRS will lay off about 6,700 employees, a restructuring that could strain the tax-collecting agency’s resources during the critical tax-filing season, in Washington, D.C., Feb. 20, 2025.
Kent Nishimura | Reuters
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
For seven years, wealthy Americans faced a looming deadline to take advantage of tax provisions that were set to expire at the end of 2025. While the One Big Beautiful Bill Act alleviated much of the uncertainty by making most of the cuts permanent, lawyers and tax accountants say the ever-shifting tax code requires constant planning.
With this year’s Tax Day now behind us, here are five of the most important planning strategies wealthy investors and high earners are thinking about for next year and beyond.
1. Long-short tax-loss harvesting
Last year’s tax bill permanently raised the estate tax exemption to $15 million per person, up from $13.99 million. (It was initially set to be cut in half at the end of 2025.)
The higher threshold has prompted a shift in focus from minimizing federal estate taxes to lowering taxes on income and capital gains. Minimizing capital gains has become crucial after several years of strong market gains, according to Mitchell Drossman, head of national wealth strategies in Bank of America’s chief investment office. The S&P 500 has surged more than 75% since the beginning of 2023.
“The biggest tax story to me is a capital gains and investing story,” said Drossman. “You have lots of clients who are sitting on significant gains.”
Investors are increasingly turning to long-short tax-loss harvesting, an aggressive form of a popular strategy, in order to minimize capital gains, Drossman said. With traditional tax-loss harvesting, investors sell losing assets to offset realized gains on others. Long-short tax strategies, on the other hand, borrow against the portfolio to buy short positions expected to fall and maintain long positions expected to thrive.
“If there’s natural volatility in the markets, you have, now, a greater amount of an asset base to choose from in terms of harvesting losses,” he said. “But when you look at your overall portfolio, you’re still kind of neutral.”
2. Bonus depreciation
The 2025 tax bill renewed bonus depreciation, allowing businesses to deduct the full cost of qualifying assets like machinery, computers or vehicles the first year they are used.
Adam Ludman, head of tax strategy at J.P. Morgan Private Bank, said many clients with operating businesses are investing with bonus depreciation in mind, such as buying private jets.
Real estate developers and investors are trying to get the most bang for their buck by assessing which parts of their properties can be depreciated faster, according to Ludman. For instance, while a commercial building can take 39 years to depreciate, a parking lot can be depreciated over 15 years, allowing owners to recover costs faster.
3. Changing domiciles
A wave of blue states are considering new taxes on top earners and high-net-worth individuals in order to cover cuts in federal aid. California’s one-time billionaire tax proposal may end up on the November ballot, while Maine and Washington have recently passed millionaire taxes.
Jane Ditelberg, chief tax strategist for Northern Trust Wealth Management, said a growing number of clients are asking how to change their tax status as these proposals gain traction. Depending on their state, residents can avoid state-level taxes by creating trusts in states with favorable trust income laws like Delaware.
The most straightforward way to avoid local taxes is to change your domicile, which is easier said than done, according to Jere Doyle of BNY Wealth. The senior estate planning strategist based in Massachusetts, which imposes a millionaire tax, said he has had clients move to New Hampshire and establish residency before selling their businesses.
But clients are often loath to take the steps necessary to establish intent not to return, Doyle said. For instance, moving to Florida may not be enough to avoid Massachusetts taxes if you refuse to sell your Martha’s Vineyard home, he said.
“Everyone thinks that if they spend 183 days in another state, you’re domiciled in that state. That’s not necessarily true. Each state’s a little bit different,” he said. “You [have] got to change where you vote, where your car is registered, even where your doctors are, what clubs you belong to, golf clubs, country clubs, things like that.”
4. Bunching charitable gifts
One notable drawback of last year’s tax bill was a reduction in the tax benefits of charitable giving for top earners.
The bill limits top-earning donors in two ways. First, starting this year, donors who itemize will only be able to deduct charitable contributions in excess of 0.5% of their adjusted gross income, or AGI.
Second, taxpayers in the 37% tax bracket will have their itemized deductions reduced by 2/37th of the value. This ceiling reduces the effective tax benefit from 37% to 35%.
Ditelberg said many clients accelerated their charitable giving last year before these new rules took effect. She said she anticipates clients will continue to “bunch” their donations, by giving a larger sum in one year rather than spreading it over multiple years, so they only trigger the 0.5% haircut once, either through their foundations or donor-advised funds.
5. Opportunity zones
The tax bill also offered an incentive for business owners and real estate owners to postpone selling their assets. The bill made permanent the qualified opportunity zone program, which allows investors to defer capital gains by rolling them over into a fund that invests in a low-income community.
The opportunity zone funds created under the first Trump administration still exist, but you can only defer the taxes until the end of the year. The new opportunity zones, which have yet to be designated, come with enhanced benefits, especially for investors in rural communities. For instance, if you hold your investment in a qualified rural opportunity fund for five years, your capital gains are reduced by 30% for tax purposes.
But you only have 180 days to roll over your gains, and the new opportunity zone rules don’t take effect until 2027, Ditelberg noted.
“If you’re thinking of incurring a major gain, you may want to defer it until August or September, instead of doing it in May or June, if you think you would like to take advantage of the opportunity zone deferral,” she said. “I think we’re going to see people who are incurring gains in the second half of this year.”
That said, investors are waiting to see what the new funds entail. Drossman said some clients are reluctant to invest in opportunity zones again after their previous investments underperformed.
“It’s a classic example of not letting the tax-tail wag the dog because these need to be sound investments,” he said. “Like with all investments, there is an element of risk and return.”
Business
PepsiCo earnings beat estimates as North American food business improves
Illuminated logo for Pepsi on a soda fountain in Walnut Creek, California, March 4, 2026.
Smith Collection | Gado | Archive Photos | Getty Images
PepsiCo on Thursday reported quarterly earnings and revenue that topped analysts’ expectations as its struggling North American food business reported a return to volume growth.
Here’s what the company reported compared with what Wall Street was expecting, based on a survey of analysts by LSEG:
- Earnings per share: $1.61 adjusted vs. $1.55 expected
- Revenue: $19.44 billion vs. $18.94 billion expected
Pepsi reported first-quarter net income attributable to the company of $2.32 billion, or $1.70 per share, up from $1.83 billion, or $1.33 per share, a year earlier.
Excluding items, the company earned $1.61 per share.
Net sales rose 8.5% to $19.44 billion.
Business
Bank will not rush into moving rates despite ‘big energy shock’, says Bailey
Bank of England governor Andrew Bailey has warned the global economy is set for a “very big energy shock” that will lead to surging inflation, but said policymakers would not rush to hike interest rates.
Speaking at the International Monetary Fund (IMF) spring meeting in Washington DC, Mr Bailey told the BBC the Bank is facing a “very, very difficult” decision on rates at its meeting on April 30.
The Middle East conflict has sent oil prices surging by around 60% since the start of the year, at one stage hitting nearly 120 US dollars a barrel, which is pushing up fuel and energy costs.
This is expected to feed through to wider prices, with forecasts for UK inflation to jump higher in the coming months and Britain’s growth outlook sharply downgraded.
But official figures on Thursday, which were released after Mr Bailey’s comments, showed the UK economy was far stronger than expected at the start of the year, with growth of 0.5% in February following upwardly revised expansion of 0.1% in January.
Experts said while welcome, UK activity is still set to slow sharply as higher energy prices weigh on spending and hamper growth.
Mr Bailey told the BBC: “There’s really difficult judgments to be made.
“We’re not going to rush to judgments on those things, because there are a lot of uncertainties around this, not just how it’s going to play out, but also how it’s going to pass through into the UK economy.”
The IMF’s economic outlook report earlier this week showed the UK facing the biggest downgrade to growth among the G7 group of countries, with 0.8% forecast for 2026, down sharply from the 1.3% predicted in January.
The influential financial body said the spike in energy prices caused by the war will help push UK inflation towards 4% – double the Bank of England’s target.
But the IMF cautioned central banks about making hasty decisions on interest rates.
The Bank of England had previously been expected to cut rates further this year, down from 3.75% currently, but the predicted inflation surge caused by the Iran war has led to forecasts that hikes could be on the way.
Mr Bailey said the Bank is taking the IMF’s “serious advice” into account.
On fears over supply shortages caused by the Iran war disruption and blockage of the crucial Strait of Hormuz shipping route, Mr Bailey said there is “a certain amount of resilience in the system” but that will only last so long.
He added: “The faster there is a resolution to this situation – I particularly mean in terms of the supply of energy coming out of the Gulf – the easier and better the outcome will be.
“That’s really critical at this moment.”
-
Entertainment1 week agoQueen Elizabeth II emotional message for Archie, Lilibet sparks speculation
-
Tech1 week agoAzure customers up in arms over ‘full’ UK South region | Computer Weekly
-
Tech1 week agoAs the Strait of Hormuz Reopens, Global Shipping Will Take Months to Recover
-
Fashion1 week agoCII submits 20-pt agenda to Indian govt to back firms hit by Iran war
-
Tech1 week agoThis AI Button Wearable From Ex-Apple Engineers Looks Like an iPod Shuffle
-
Politics6 days agoIndian airlines hit hardest after Dubai limits foreign flights until May 31
-
Politics6 days agoChinese, Taiwanese will unite, Xi tells Taiwan opposition leader
-
Uncategorized1 week ago
[CinePlex360] Please moderate: “Trump considers
