Is this the moment that Rachel Reeves put ‘what works’ before dogma?
The IndependentThe best of Voices delivered to your inbox every week - from controversial columns to expert analysis Sign up for our free weekly Voices newsletter for expert opinion and columns Sign up to our free weekly Voices newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Rachel Reeves, the chancellor, is “ready to water down” her tax raid on non-doms because the Treasury fears that it may “fail to raise any money”, the Financial Times reported on Thursday. Indeed, it was pointed out as long ago as in 2015 by Ed Balls, the shadow chancellor, who explained: “It probably ends up costing Britain money, because there’ll be some people who will then leave the country.” Still, in opposition, needs must. Reeves, Balls’s successor, needed “top” sources of revenue to pay for Labour’s manifesto promises. It turns out that the simple cry of the anti-capitalists in Labour fringe meetings – “tax the billionaires” – fails to raise any revenue.
History of this topic
Labour tax U-turn? Rachel Reeves refuses to rule out more rises despite CBI pledge
The Independent
UK's new Treasury chief says previous government 'covered up' financial turmoil ahead of election
The Independent
We know the country is in a state – now Labour must fix it, not play the blame game
The Independent
Chancellor Rachel Reeves is expected to reveal £20billion hole in UK's public finances - intensifying fears that hefty Labour tax hikes are on the way
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