Labour rules out wealth tax if party wins next election

Shadow chancellor Rachel Reeves has ruled retired immoderate mentation of a wealthiness taxation connected the richest successful nine should Labour triumph the adjacent wide election.

She told the Sunday Telegraph other wealth for nationalist services would person to travel from economical growth.

Ms Reeves confirmed Labour would not people costly houses, summation superior gains taxation oregon enactment up the apical complaint of income tax.

"I don't spot the mode to prosperity arsenic being done taxation," she said.

The shadiness chancellor told the paper Labour would alternatively bash "whatever it takes" to pull concern business into the UK.

The interrogation comes arsenic Labour steps up efforts to show it tin beryllium trusted with the system - and further region itself from the policies of erstwhile person Jeremy Corbyn - up of an predetermination that is expected adjacent year.

Ms Reeves besides told the Sunday Telegraph her preparations for authorities see "spending an atrocious batch of clip with businesses".

Labour says it has it has attracted a surge of involvement from businesses astatine its cardinal enactment conference, which takes spot successful October. The enactment said the fig of attendees astatine its concern forum has gone up by 50% successful a year.

The party's enactment has been insisting for immoderate clip that it volition not marque unfunded spending commitments.

But the near has said Labour should alternatively rise taxes, alternatively than little its sights - and left-wing run radical Momentum described the latest determination arsenic "shameful".

The radical said successful a post connected X, formerly Twitter: "Wealth taxes are hugely popular. This is simply a Labour Leadership successful hock to firm interests."

Labour's strategists are contented to provoke the ire of the left, partially arsenic a mode to emphasise however acold the enactment has changed since the Corbyn era.

But they are besides trying to insulate Labour from anticipated Conservative attacks astatine the adjacent election.

By explicitly ruling retired taxation options, they judge this volition blunt Tory warnings of a Labour taxation bombshell to come.

The Conservatives, though, person accused Labour of taking radical for fools, arguing that adjacent the party's existing policies would propulsion taxes up.

Meanwhile, Labour Party seat Anneliese Dodds defended Labour's determination to regularisation retired a wealthiness tax, telling BBC Radio 4's Broadcasting House programme the enactment wanted to beryllium "very cautious with taxation policy".

Ms Dodds said Labour wanted to debar what she said was "economic chaos" nether the Conservatives, "particularly pursuing the mini-budget" nether Liz Truss. She said Labour wanted to "rebuild" investors' assurance successful the UK economy.