Ailbhe Rea: Will Rachel Reeves Bring In a Wealth Tax?
Rachel Reeves during a business reception on the sidelines of the UK-EU summit on May 19.
Photographer: Tolga Akmen/EPAThis article is for subscribers only.
What’s going on with Rachel Reeves and rumblings about a wealth tax in the autumn? It’s been on the agenda for weeks now, as minds turn to how the Chancellor can plug the £20-25 billion or so hole in the public finances at the next budget.
Reeves has ruled out increasing the three big revenue raisers (income tax, VAT and national insurance) but quite conspicuously didn’t rule a wealth tax out when asked a few weeks ago, amid calls from the left of her party and former Labour leader Neil Kinnock to introduce an annual 2% tax on wealth above £10m.