The chancellor Rachel Reeves has seemingly all but confirmed that tax rises now need to be considered ahead of the autumn Budget, outlining there are ‘costs to what happened’ with recent votes on disability benefits, hinting that ‘as we move into the Budget for the autumn, I do want to bring people into those trade-offs’.

This in turn appears to have fuelled renewed claims that a new wealth tax in the UK would generate significant additional tax receipts. Such claims may well be viewed with some scepticism in the Treasury. Indeed, Rachel Reeves herself seemingly ruled this out earlier in the year, stating ‘I’ve been really clear about this on a number of occasions…We’re not interested in a wealth tax’.

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